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On March 27, 2012, the Argentine Executive Branch filed a draft
bill for amendment and unification of the Civil and Commercial
Codes which was prepared by an amendment committee created for such
purpose in 2011, composed of Messrs. Ricardo Lorenzetti, Elena
Highton de Nolasco and Aida Kemelmajer de Carlucci.
Some of the most significant amendments and repealed provisions
are as follows:
1. Repeal of current provisions of the Civil
and Commercial Codes; Law No. 11,357 (on women's legal
capacity); Section 31 of Law No. 11,723 (protection of photo
portraits); Law No. 13,512 (on horizontal property); Law No. 14,394
(on minors and family); Law No. 18,248 (on persons' names); Law
No. 19,724 (on intended horizontal property); Law No. 19,836 (on
foundations); Law No. 23,091 (on urban leases), Sections 1 to 26 of
Law No. 24,441 (on trusts); Law No. 25,509 (on forest surface); Law
No. 25,248 (on leases with option to purchase); Law No. 26,005 (on
consortiums); and Law No. 26,356 (on timeshare properties). A large
portion of the contents of these laws have been included in the
draft bill.
2. Unification of civil and commercial
obligations.
3. Substantial replacement of the general
provisions of Law No. 19,550 (Companies' Law) and inclusion of
single member companies.
4. Inclusion of business cooperation contracts,
such as: agency, concession, franchise and banking and financial
contracts, such as factoring.
5. Amendments regarding civil liability
regarding property damage as a prerequisite for liability,
elimination of pain and suffering as a separate notion, inclusion
of "dissuasive monetary penalties" and consideration of
the threat of damage as damage per se.
6. Acknowledgement of the existence of a person
as from implantation of the embryo in a womb in cases of assisted
reproduction.
7. Regulation and acknowledgement of anonymous
donation of gametes and embryos, surrogate maternity and
post-mortem insemination.
8. Amendments to the marriage system,
including, among others: (i) acknowledgement and regulation of
unmarried cohabitants' unions; (ii) inclusion of prenuptial
agreements to regulate the economic relationship among spouses,
allowing spouses to opt for such system or for the community
property system currently in force; (iii) elimination of the duty
of marital fidelity among spouses – spouses having only
the duties of support and alimony-; (iv) inclusion of the right of
any spouse to file for divorce without stating any grounds; and (v)
elimination of the notion of legal separation as grounds for
dissolution of marriage.
9. Inclusion of surface rights (not only forest
surface rights), indigenous community property, private cemetery
and real estate groups.
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guide to the subject matter. Specialist advice should be sought
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On July 12, 2010, the Brazilian Securities and Exchange Commission ("Comissão de Valores Mobiliários" – CVM) announced the new rules applied to the securities analysts ("analistas de valores mobiliários") established by CVM Instruction No. 483, dated July 6, 2010, which will become valid as of October 1st, 2010.
For the second time this year, by
means of Decree No. 7698, of March 9, 2012 (Decree 7698/2012),
published in the Official Gazette of the Union of March 12, 2012,
the Brazilian Federal Government decided to increase from three to
five years the term of the foreign currency loans which are subject
to the tax on exchange transactions (IOF) at the rate of 6%.
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