Welcome to our Virtual Global Trade Conference, a virtual offering for all our clients and friends worldwide. Baker McKenzie’s international trade compliance lawyers from around the world discussed the major developments impacting international trade. The sessions include trade policy, exports, sanctions, customs, China trade developments and trade developments.
The Office of the Superintendent of Banking Sector Institutions issued Resolution No. 001.21 of 4 January 2021 to regulate the financial technology (fintech) services. The Resolution entered into force on 17 June 2021.
The National Executive issued Decree No. 4,619 of 1 June 2021,which establishes an exemption of the payment for the Value Added Tax, Customs Duties and Customs Service Tariff for Determination of the Customs Regime to imports of various goods and merchandise of certain economic sectors.
The National Executive issued the Decree No. 4,619 of 1 June 2021 (“Decree”) which establishes the exemption of the payment for the Value Added Tax (VAT), Customs Duties and Customs Service Tariff for Determination of the Customs Regime to imports of various goods and merchandise of certain economic sectors.
In brief On 19 January 2020, the Central Bank of Venezuela (BCV) issued new rules on the constitution…
The Office of the National Superintendent of Securities (SUNAVAL) has authorized the Decentralized Stock Exchange of Venezuela, S.A. (BDVE) to act as a decentralized stock exchange as of 19 January 2021 (“Guidelines”),1 after the trial period of 90 days under Guidelines No. 146.
On 21 January 2021, the Office of the National Superintendent for Banking Sector Institutions (SUDEBAN) issued a notice that prohibits banking institutions from carrying out credit operations using foreign currency, without prior authorization from SUDEBAN and the Central Bank of Venezuela (“BCV”) (“Notice”).1
In brief The Ministry of Popular Power for Ecosocialism (“Ministry”) issued Resolution No. 0191 (“Resolution”)1, by which it…
The Governor of the Carabobo state issued Decree No. 1,557 (“Decree”), whereby it set the value of the Special Tax Amount (“ITE”) in 0.00015 Petros (“PTR”), which will have as reference the value of the Sovereign Crypto asset Petro.  That equals to VES 8,833.41.  The previous value, set on 27 July 2020, was VES 1,500.00. The ITE must be paid in its equivalent only in VES, according to the final value of the immediately preceding business day indicated by the Central Bank of Venezuela.
The Decree entered into force on 1 December 2020.
As Latin American countries continue to struggle with the impact of the pandemic, new regulations are helping to shape the region’s economies. The new rules could have serious consequences for US wealth and asset management firms doing business in Latin America, with fines and anti-money laundering violations possible for those…