Volume 6, Number 25, Page 3
RECENT DEVELOPMENTS
AGRICULTURE, MINING, & CATTLE INDUSTRIES
Peru
Debt Reconcilation Plan for Farmers to be Initiated
In response to the recent rise in Peruvian farmer indebtedness, Peru's Department of Agriculture announced that five subcommissions have been assigned to research instances where farmers are in danger of losing their land due to unpaid debts. A debt reconciliation plan will soon be indroduced by the department with the help of the Financial Development Corporation and Rural Bank, in order to help farmers who are currently unable to repay their debts. Gestión, 11/30/99, www.gestion.com.pe
ANTITRUST/ANTIDUMPING
Mexico
Chemical Products Duties Under Evaluation
The elimination of antidumping duties on certain chemical products from China will be studied according to a resolution published by SECOFI. The product entering Mexico under tariff category 2529.22.01 was previously assessed a 16 percent antidumping duty, but SECOFI will evaluate the possible effects for eliminating this duty. Diario Oficial, 11/15/99.
Further Elimination of Duties for Chinese Toys Under Investigation
Two separate petitions sent to the Department of Commerce and Industrial Development (SECOFI) request determination of the impact of eliminating antidumping duties previously assessed on toys and pencil sharpeners from China. SECOFI announced it would investigate whether the elimination of antidumping duties previously imposed in two different cases will harm national industries. Diario Oficial, 11/08/99.
Investigation Initiated into Alleged Dumping of Brazilian Transformers
An investigation over alleged dumping practices involving electric transformers from Brazil has been announced by SECOFI. On October 1, 1999 IEM, S.A. de C.V. petitioned SECOFI to investigate possible dumping practices and to apply antidumping duties to the imports of electrical transformers from Brazil. Interested parties may obtain additional information at the Unidad de Prácticas Comerciales Internacionales, located in Insurgentes Sur 1940, P.B., Col. Florida, México, D.F. 01030. Diario Oficial, 11/11/99.
Preliminary Decision Issued on Japanese Pipelines
SECOFI has issued a preliminary decision on an antidumping investigation on seamless steel pipelines from Japan. The investigation was initiated on May 13 and after several months of review, SECOFI announced it will continue its investigation while applying provisional antidumping duties of 99.9 percent to the aforementioned product. Diario Oficial, 11/12/99.
BANKING & CREDIT
Brazil
Debtor Cash Obligations Arise From Bank Credit Certificate
Brazil’s Executive Branch issued Provisional Measure No. 1925 on October 14, 1999, creating the Bank Credit Certificate (Cédula de Crédito Bancário – CCB). The CCB functions as a credit instrument to be issued by individuals and/or legal entities toward financial institutions or similar entities, representing a commitment of the issuing party to make cash payment for obligations arising from credit transactions of any nature (DOU-I of October 15, 1999). Pinheiro Neto Advogados, www.pinheironeto.com.br
Mexico
Bond Institutions Law Amended
Mexico’s Department of Treasury (SHCP) published a decree amending the Federal Law of Bond Institutions. The law regulates the organization and functioning of bond institutions, their activities and operations, as well as those of individuals operating in similar activities. Diario Oficial, 11/10/99.
Peru
IDB Supports Peruvian Finance Sector Reform
The InterAmerican Development Bank (IDB) and Peru signed an accord that would finance US$310.9 million program to reform the financial system in Peru, develop new markets, and increase the accessibility of financial services. The agreement includes US$3.5 million designated to strengthening the authority of Peru’s Banking and Securities Superintendence over national financial institutions. El Comercio, 11/16/99, www.elcomercioperu.com.pe
CUSTOMS
Mexico
List of Products Subject to Standards Amended
SECOFI published a notice amending the list of products subject to compliance with specific technical standards upon entering or leaving the country. The list includes the tariff category and standards classification number for all affected products. Diario Oficial, 11/17/99.
ENERGY
Mexico
Uniform Contract Models Approved
Several form contracts were recently published by Mexico’s Energy Regulatory Commission for use in certain agreements entered into by the Commission. These model form contracts relate to several newly approved structures that involve private industry participation in energy production. Diario Oficial, 11/09/99.
ENVIRONMENT
Peru
New Regulations for Management of Forest and Water Resource Usage Pending
Peru’s Department of Agriculture announced that a new law will be drafted regarding management of Peru's water and forest resources. This law will elaborate upon current regulations for the users union, the democratic election of their representatives, and voting procedures. The department is currently taking suggestions for the new regulations by distributing their proposal to all users. After receipt of the responses, an assembly will take place in order to finalize the document. Gestión, 11/30/99, www.gestion.com.pe
LABOR LAW
Mexico
Work Safety Standards Amended
The Department of Labor and Social Services (STyPS) announced amendments to standards related to safety equipment. Amendments to NOM-115-STPS-1994, establishing the requirements and testing methods for safety helmets, and NOM-113-STPSS-1994 establishing rules for safety shoes were published. Diario Oficial, 11/16/99 and 11/17/99.
MEDICINE & HEALTH
Argentina
Chinese Analgesic Plaster Prohibited
Two decisions have been issued by the National Administration of Medicines, Aliments, & Medical Technology prohibiting the use of two types of analgesic plaster originating from China. The commercialization and use of “Musk & Tiger Bone” and “Musk & Tiang – Chongoing” analgesic plaster products is now prohibited throughout Argentina. Boletín Ofical, Disposiciones 5286/99, 9/30/99, & 5304/99, 10/4/99
Mexico
Standards Related to Social Assistance Published
The Department of Health (SSA) published technical standards regarding governmental assistance of minors and senior citizens. NOM-167-SSA1-1997 establishes the procedures to harmonize criteria, policies and strategies to provide services and develop the activities related to the social assistance of such individuals. Diario Oficial, 11/17/99.
SECURITIES
Brazil
Registration Procedures for Multi-National Public Distribution of Securities
The Brazilian Securities Commission (Comissão de Valores Mobiliários – CVM) issued
Ruling No. 315 on September 27, 1999, setting out preliminary confidential review procedures for registration applications of publicly held companies as well as securities distribution filings. These procedures are only applicable when related to simultaneous offering of securities in Brazil and abroad, and as such are subject to registration with foreign regulatory agencies (DOU-I of September 30, 1999). Pinheiro Neto Advogados, www.pinheironeto.com.br
TAXES
Brazil
Additional Quarterly Filing Requirements on CPMF
On October 8, 1999, Brazil’s Federal Revenue Office (Secretaria da Receita Federal – SRF) issued Normative Ruling No. 122, establishing further filing requirements for the Provisional Contribution on the Movement and Transfer of Cash, Credits and Rights of a Financial Nature (Contribuição Provisória sobre Movimentação ou Transmissão de Valores, Créditos e Direitos de Natureza Financeira – CPMF). Quarterly reports must now be presented to the Federal Revenue Office, by all institutions in charge of withholding and paying such tax (DOU-I of October 13, 1999). Pinheiro Neto Advogados, www.pinheironeto.com.br
