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Arnold & Porter

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Raul Herrera

Arnold & Porter


Latin America: International firms

Banking and finance

Within: Banking and finance

Arnold & Porter operates a dynamic Latin America banking and finance practice, driven by steady pipeline of regulatory and transactional engagements. Having advised many of the region’s central banks over many years, the Latin America team has outstanding regulatory framework credentials in the region, and its global financial services regulatory credentials were further reinforced by the arrival of former US Senator Christopher Dodd as senior counsel in January 2018; Dodd was a principal architect of the landmark Dodd-Frank Wall Street Reform and Consumer Protection Act. The Latin America practice has also seen growth in securitisation, derivatives and structured finance mandates since the firm merged with Kaye Scholer in 2017. Clients include a number of large and medium-size financial institutions in the region, including Itaú BBA and Itaú Unibanco, Banco do Brasil, Central Bank of Brazil, Banco Votorantim (Brazil), Banco Credit Suisse (Brazil), Bradesco, Banco de Credito del Peru and Banco de Costa Rica. It advised the Republic of El Salvador on a $99m credit agreement with Credit Suisse and also advised Grupo Energía Bogotá, the electrical power and natural gas utility company, on a $749m unsecured credit facility. Whitney Debevoise has outstanding credentials in regulatory issues and financings, having worked with a number of central banks in the region over the years; he is also increasingly active in infrastructure financings in Central America. Gregory Harrington has a fine record in Brazil where he has advised on a number of regulatory issues and continues to advise Brazilian lenders on export finance transactions. Panama native Raul Herrera has an established record in project finance transactions for multilateral and bilateral agencies, parastatal agencies and project sponsors. Neil Goodman and Arturo Caraballo are also key members of the team. All partners are based in Washington DC.

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Capital markets

Within: Capital markets

Arnold & Porter continues to stand out for its sovereign issuance expertise; it remains the primary issuer counsel to a number of sovereigns and sub-sovereigns, including Republic of Colombia, Federative Republic of Brazil, Republic of Panama, Republic of El Salvador, Republic of Costa Rica, Bolivarian Republic of Venezuela and Republic of Honduras. Moreover, its merger with Kaye Scholer in January 2017 has enabled it to expand its structured finance and securitisation practice in Latin America. Outside of the sovereign space, the firm is gaining traction in representing bondholder groups in corporate restructurings and in advising Latin America-based emerging growth companies looking to raise funds through the capital markets. In 2017, the firm advised the Republic of Colombia on a series of capital markets offerings, including three bond issuances with an aggregate value of $3.9bn. It also advised the Republic of Panama on its $3.01bn shelf registration statement. Fluent in Portuguese and Spanish, Whitney Debevoise is a leader in sovereign issuances, historically acting for the likes of Brazil, Argentina, El Salvador, Honduras, Belize and Panama; he has represented Brazil on every sovereign issuance from 1988 to 2016. Neil Goodman has a longstanding connection to Venezuela, where he has represented the state in numerous capital markets offerings, as well as state-owned entities such as the Central Bank of Venezuela, PDVSA and Banco de Desarrollo Economico y Social de Venezuela; other major sovereign clients include Colombia, which he has advised on a series of recent deals, as well as El Salvador, Costa Rica and Argentina. Gregory Harrington, Arturo Caraballo, Raul Herrera and counsel Carlos Pelaez are also important members of the team.

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Legal Developments by:
Arnold & Porter

  • The role of arbitrators in EU antitrust law

    In May 2014, it will be ten years since Regulation No 1/2003 entered into force. When the legislator of the European Union adopted this Regulation on 16 December 2002, its main objective was to decentralise the enforcement of the two main provisions of EU antitrust law, Articles 81 and 82 of the Treaty establishing the European Community (now Articles 101 and 102 of the Treaty on the Functioning of the European Union (TFEU)). Where do the arbitrators fit in this picture?

    - Arnold & Porter (UK) LLP

Legal Developments worldwide

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  • Consolidated Group (Income Tax) Rules, 2019

    On 31 May 2019, Malta published the “Consolidated Group (Income Tax) Rules". The rules will come into force as from year of assessment 2020 and the rules introduce the concept of fiscal units into Maltese tax law .
  • Renewable energy in Ukraine: green auctions launched

    In the first half of 2019 alone, renewable energy facilities with a capacity of more than 1.5 GW were connected to the Ukrainian grid, with about 96% of those being solar and wind energy facilities. In the whole of 2018, which has been a record-breaking year so far, numbers were almost half as high. The Ukrainian market also remains very attractive to foreign investors, not least because of the lucrative feed-in tariff rates, which are paid out regularly. Now, after the adoption of the so-called law on green auctions, significant changes can be expected.
  • Economic Substance Requirements - Fund Managers

    The International Tax Co-operation (Economic Substance) Law, 2018 (the “ES Law”) came into effect in the Cayman Islands on 1 January 2019, requiring in-scope entities that carry on particular activities to have demonstrable economic substance in the Cayman Islands.
  • Shipping at the spotlight of terrorism

    Is terrorism the new norm for shipping?
  • Adidas three stripe Trademark Revocation

    In a judgment of the General Court of the European Union of the 19th June 2019, Adidas saw their hopes of extending their three stripes trademark dashed, as the court ruled that there was no distinctiveness in the three stripes trademark. Furthermore, the court held that the Adidas had failed to prove that the mark had acquired distinctive character through use throughout the member states of the EU.
  • David against Goliath – Libra vs Central Banks: Who will win?

    Working in the crypto and DLT space is like being on an emotional rollercoaster with feelings which range from curiosity, excitement, euphoria, revelation, shock, disappointment, hope, wonder and determination – did I miss any?
  • UK Telecoms company fined £100K over unsolicited marketing messages

    The Information Commissioner’s Office (‘ICO’) which is the UK’s data protection supervisory authority, recently issued a fine of £100,000 to EE Limited, a telecoms company operating in the UK. The fine was issued in response to EE Limited having sent two and a half million unsolicited direct marketing messages to its customers, back in early 2018. The direct marketing messages were sent without EE Limited having first obtained the required consent to send them to its clients.
  • British Airways and Marriott International Inc. face huge fines from UK data protection authority

    British Airways (‘BA’) may be hit with what will be the highest-ever penalty which the Information Commissioner’s Office (‘ICO’), the UK’s data protection supervisory authority, has handed out.
  • UAE Tax domicile certificate

    Issued by the Ministry of Finance in the United Arab Emirates (‘UAE’), the Tax Domicile Certificate (also referred to as the Tax Residency Certificate) enables eligible government entities, companies and individuals to take advantage of double taxation avoidance agreements on income signed by the UAE.
  • The Cayman Islands Data Protection Law, 2017

    The following information relates to the enactment of The Cayman Islands Data Protection Law, 2017 (" DPL "), which was expected to come into force on 29 January 2019, will now come into force in September 2019. The DPL will regulate the future processing of all personal data in the Cayman Islands.