REGARDING CREDIT RATING AGENCIES
Regulation (CE) no. 1060/2009 of European Parliament and Council, of September 16, 2009, approving a new legal framework regarding credit rating agencies, has entered into force on December 7th.
Said Regulation sets forth a mandatory system of registration of the agencies which intend to issue ratings to be used by entities established in the E.U. and an endorsement regime regarding credit ratings issued in third countries.
Attached for your information is copy of our 2009 legal newsletter nr. 6 that we hope you will find of interest.
This may be more of a technical term than a legal term. When we refer to ‘contractual engineering’, we are talking about the possibility of structuring complex contractual operations without abandoning the general principles of law and without losing sight of the fact that legislation requires the contracts to be lawful, that there is agreement between the contracting parties, and that the contracts are held with the formality which the law requires.
As of December 9th, a Spanish version of Abreu Advogados' website is on line. Internet Spanish readers will be able to acess information on Abreu Advogados in addition to other legal contents.
1. Introduction
The Republic of Portugal comprises mainland Portugal and the two archipelagos of the Azores and Madeira. These archipelagos are autonomous regions with political and administrative statutes with the power to establish regional taxes and to adapt the national taxes to their specific regional interests. For the time being the archipelagos have only adapted the national income taxes to their specific regional interests and have not established any regional taxes.
The currency is the Euro (“EUR”).
In March 2009 the House of Representatives passed a reform in the area of ‘Protection Law’, which would add a bullet point to section VII, article 107 of the Mexican Constitution. (The reform is still to be approved by the Senate.)
In November 27, 2008, the European Commission requested Portugal to change its tax provisions concerning the exit of companies from its territory, granting a two months period for such change. Portuguese Law remains unchanged and the European Commission presented a claim against Portugal on the European Court of Justice based on the incompatibilities of the Portuguese Law with the freedom of establishment.
Decree-Law n.º 317/2009, of October 30, implemented Directive n.º 2007/64/EC, of the European Parliament and of the Council, of November 13, regarding the payment services in the internal market.
The referred Decree-Law establishes the rules of access to the payment services activity, as well as the conditions of access and activity of the payment institutions, which correspond to the new type of payment service providers introduced by the Directive.
This month, Miguel Neto Advogados law firm will attend two conferences in Europe; one in Lisbon, where business topics are in the agenda, and another one in Madrid, which will host IBA’s conference. In Lisbon, we will participate in a conference with partners - about 40 lawyers - to discuss about growth opportunities and businesses between Brazil and Portugal. The event will be held on October 2 at Fontana Park Hotel. In Madrid, Spain, Miguel Neto Advogados will attend the International Bar Association (IBA) annual conference.
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