Latin America: What happened in 2018 and significant events in 2019
Public-Private Partnership bid: Within the framework of the Public-Private Partnership (“PPP”) Law enacted in 2016, five consortia were awarded the design, construction and operation of six road corridors within Argentina’s “Highways and Safe Roads Network – Stage 1” program.
Corporate Criminal Liability Regulation: After the enactment of the Corporate Criminal Liability Law No. 27,401 in November 2017, the law’s regulatory decree No. 277/2018 was enacted in April 2018. Following the decree’s terms and guidelines, and in the context of widespread anti-corruption investigations involving key business people and certain government officials of the Kirchner administration, the Anti-Corruption Office approved the integrity guidelines in October 2018. These guidelines aimed at implementing certain aspects of the Corporate Criminal Liability Law, in particular, on the establishment of an “Integrity Program” by all legal entities.
Antitrust Law: In May, both a new Antitrust Law No. 27,442 and its regulatory decree No. 480/2018 were enacted. These rules have introduced several modifications to the previous antitrust regime, including mandatory pre-closing antitrust clearance (subject to exceptions), changes in amounts and caps applicable to economic concentrations, the description of certain anti-competitive practices and the implementation of a leniency program.
Productive Financing Law: In May, the Productive Financing Law No. 27,440 was enacted, introducing relevant amendments to the Capital Markets Law No. 26,831 and other regulations of the securities market. The aim was to promote the development of Argentina’s capital markets. Among these amendments, the law introduced a close-out netting regime for derivatives transactions, a long-awaited reform to the Argentine bankruptcy regime.Market Classification Review: In 2018, Morgan Stanley Capital International announced the reclassification of the MSCI Argentina Index from Frontier Markets to Emerging Markets with effect from May/June 2019.