Adquisición de ArchDaily por Architonic-NZZ destaca en mayo (Diario Financiero)

11 June, 2020

Diario Financiero highlights the aquisition of ArchDaily by Architonic-NZZ, the approval of the sale of Cornershop and the acquisition of TodoVa, all operations advised by DLA Piper Chile. Diario Financiero

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Legal Alert: Law establishing the limitation of liability for loss, theft or fraud

1 June, 2020

June 1, 2020 / By Paulo Larrain, Ricardo López y Felipe Riedel On May 29, 2020, Law No. 21,234 (hereinafter the ”Law”) was published in the Official Gazette, which amended Law No. 20,009, changing the name of the latter to “Establishment of a regime of limitation of liability for holders or users of payment cards and electronic transactions in case of loss, theft, robbery or fraud” and replacing articles 1 to 5 of the Law. Modifications introduced by the Law are the following: 1. Title I: scope and general rules: This Law regulates the liability regime applicable in cases of loss, theft, robbery or fraud of credit cards, debit cards, payment cards with provision of funds, or any other similar system, hereinafter jointly referred to as “payment cards”, issued and operated by entities subject to the supervision of the Financial Market Commission and the regulation of the Central Bank of Chile. It also regulates the liability regime in cases of loss, theft, robbery or fraud of payment cards issued and operated by entities not subject to the supervision and regulation of the aforementioned entities, unless expressly provided otherwise. It will also apply to fraud in electronic transactions. For the purposes of this Act, payment cards and electronic transaction systems may be designated jointly as “means of payment”. Holders or users of means of payment, as well as holders of other accounts or similar systems enabling electronic transactions (referred to as ”users”) may limit their liability in the event of theft, robbery, loss or fraud, to the extent that timely notice is given to the issuer. The issuer or provider of the financial service (referred to jointly as ”issuers”) must provide qualified and free channels, available 24 hours a day and permanently, that allows the making and recording of notices to users, providing a reception and identification code. Once the notice has been received, the issuer must immediately block the means of payment to carry out transactions. In addition, the user must be sent a communication that includes the number, reception code or tracking identifier, and the date and time of the notice. For operations carried out after the notice: The issuer will be responsible. With respect to operations carried out prior to the notice: Users can claim from the issuer, within a period of 30 days, those operations with respect to which users do not know they had granted his authorization or consent. The claim may include operations carried out in the 120 calendar days prior to the date of the notice given by the user. In relation to unauthorised operations, special consideration will be given to the fact that the issuer has sent a fraud alert to the user, identifying suspicious operations, and that there is proof of receipt by the user, in accordance with the service provision contract. In cases were users do not know that they had authorised an operation, it will be up to the issuer to prove that the operation was authorised by the user and that it is registered under his name. The registration of transactions alone will not necessarily suffice to prove that the […]

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Legal Alert: Ministry of Health introduces e-commerce in medicines

8 May, 2020

May 8, 2020 / By Paulo Larraín y Tomás Muñoz On May 7, 2020, it was published in the Official Gazette Decree No. 58 of 2019 of the Ministry of Health, which entered into inmediate force. This regulation introduces electronic commerce of drugs and allows pharmacies to sell them through electronic means, complying with the requirements established for such purpose, i.e. the provisions that regulates authorization of these activities, home delivery, information to patients, data protection and permitted advertising. Amendments introduced to Decree 466/1984 of the Ministry of Health (Regulations on Pharmacies, Drugstores, Pharmaceutical Stores, First Aid Kits and Authorized Warehouses), please note the following: Sale of drugs by electronic means: The Institute of Public Health must authorize the sale of drugs by electronic means. Authorization requirements: In order to authorize the abovementioned sale, the Institute of Public Health will verify that the applicant: (i) is authorize to operate, (ii) has a website that allows the marketing of the products and, (iii) has a delivery service (direct or by third party). Commercialization conditions: This is related to the prescription some drugs require prior to sale. Direct sale does not require the exhibit of prescription; however, “simple prescription” and “retained prescription” must exhibit the prescription when purchasing, in digital form. At the time of delivery, the prescription will be checked and retained, if applicable. Medications requiring a “receta cheque” cannot be issued by e-commerce. Bioequivalent drugs: All e-commerce of pharmaceutical products must provide alternatives to bioequivalent products. Delivery of drugs: Must fulfill security requirements such as correct sealing and labelling, certain basic information of the customer and, provide certainty that the product will not be damaged or altered. Third parties may provide delivery services to authorized establishments for e-commerce, but all liability will be allocated in the latter. Return: Return of products must be informed according to the Consumer Protection Law. Information of the drugs: The Decree indicates the information that must be available to the public in the website regarding the products it markets (i.e, photograph of the product, international common denomination, price, among others). Additionally, the website must promote the rational use of drugs and other warnings. Data Protection: The prescription, laboratory tests, clinical information and services related to health information will be confidential and considered “sensible data” according to Law No.19,628, of Data Protection. Advertising and presentation of the products: The general rules are maintained in accordance with the provisions of the Health Code and other applicable regulations. Amendments to Decree 405/1983 of the Ministry of Health (Psychotropic Regulations) and Decree 404/1983 of the Ministry of Health (Narcotics Regulations). Sale by electronic means of drugs that require a “retained prescription” are regulated by Title IV bis of Decree No. 466, which introduces the aforementioned regulation. Contacts For more information, please contact: Paulo Larrain Partner * This report provides general information on certain legal or commercial matters in Chile, and not intended to analyze in detail the matters contained in it, not is it intended to provide a particular legal advice on them. It is suggested to the reader to look for legal assistance before making a decision […]

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Legal Alert Covid-19: Chilean banking and credit measures in the context of Coronavirus

16 April, 2020

April 16, 2020 / By Mauricio Halpern y Vicente Vergara The financial tensions originated as a result of the recent worldwide outbreak of the coronavirus (also known as COVID-19), has motivated the Chilean Government, in conjunction with the Central Bank (“BC”) and the  Financial Market Commission (“CMF”), to put into effect an “Emergency Economic Plan”, which seeks to provide support to the most vulnerable workers, companies and families in the country, and will permit to grant new loans in the amount of up to USD 24,000 million and complement the capitalization of the Small Business Guarantee Fund (FOGAPE), a state-run fund to support small entrepreneurs. As part of the contingency plan, the following measures have been adopted and/or announced to date: Capitalization of Banco Estado: an extraordinary capitalization of Banco Estado (the most important public banking institution of the country) for USD 500 million within a period of 12 months was approved, which will increase the capacity of Banco Estado to grant loans, reaching USD 4,400 million (Law No. 21,225). CMF Measures: to safeguard the solvency and liquidity of its audited entities, the CMF, among other measures, has announced: Facilities for the Payment of Mortgage Loans. For the borrowers who were in compliance at the time of the state of emergency was ruled, it was agreed to allow the rescheduling of the payment of up to 3 installments to dates after to the original maturity of the loan, without being treated as renegotiations for banking provision purposes. Softening the Payment of Consumer Loans: For individuals and PYMES (acronym for “pequeñas y medianas empresas”, which is small and medium businesses), the payment dates are extended in up to 6 months, without being treated as renegotiations for banking provision purposes. Extend the Term of Disposal of Goods Received in Payment. The term for banks to dispose of the assets they receive in payment of past due debts is extended to 18 months, to prevent such assets from being sold at prices lower than the regular prices in the market (CMF Resolution No. 2432, as of March 25) Central Bank Measures: On April 8, the Central Bank of Chile announced a package of measures to provide liquidity and supporting to the flow of credit, whose main cornerstone is the granting of credit facilities for banks in order to motivate them to continue financing and refinancing loans to individuals and companies. The measures are the following: Creation of a Credit Line Conditioned to the Increase of Placements (“FCIC” for its initials in Spanish): consists on a special facility destined for banking entities that have commercial and/or consumer loans placed, for an amount corresponding to 3% of the base portfolio. Creation of a Liquidity Credit Line (“LCL”): consists on a credit line in Chilean pesos, limited to the average reserve requirement in pesos of each bank. The access and use of the LCL will be subject to the same conditions associated with the increase in the placements established for the FCIC. The initial amount of the FCIC and LCL lines is equivalent to USD 4,800 million. Creation of an Additional Credit Line: the initial amount […]

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Legal Alert: Law that modifies Law No. 19,983 that regulates the transfer and grants executive merit to the copy of the invoice

7 April, 2020

April 7, 2020 / By Macarena Iturra, Ricardo López, Manola Quiroz, Luis Parada, Felipe Riedel, Ignacio Schwerter, Claudio Sepúlveda and Andrea de la Vega. In this legal alert prepared in the framework of the Coronavirus in Chile, you can find information about (I) law N°21,217 that modifies law N°19,983 that regulates the transfer and grants executive merit to the copy of the invoice; (II) the law that establishes an exceptional legal regime for judicial proceedings and about (III) the crime of fraudulent obtaining of benefits from the unemployment insurance and criminal liability of the legal entity. I. Law No. 21,217 that modifies Law No. 19,983 that regulates the transfer and grants executive merit to the copy of the invoice On April 3, Law No. 21,217 was published in the Official Gazette, amending Law No. 19,983, which regulates the transfer and grants executive merit to a copy of the invoice, in order to limit exceptional payment term agreements in cases of smaller companies issuing invoices (hereinafter the “Law”). In summary, the Law -which amends Article 2 of Law 19,983 and which will enter into force 60 days from its publication, except for the public nature of the registry of agreements maintained by the Ministry of Economy indicated below, which will enter into force from its publication- prevents the possibility of the parties from agreeing to exceed the maximum term of 30 days for the payment of invoices in the event that a smaller company (defined in Law No. 20,416) participates as a seller or service provider and, as buyer or beneficiary of the good or service, a company that exceeds the highest value of the annual income indicated in Law No. 20,416, unless the longer term is for the benefit of the smaller creditor company, and in those cases that contemplate tests, advance payments, partial payments or advance payments. In addition, this Law grants the character of public to certain information of the registry maintained by the Ministry of Economy, and in which the agreements that extend by common agreement the term for the payment of the invoices must be registered. On the other hand, the Law establishes as a new clause that does not produce effect, whatever the term stipulated by the parties, those that have the purpose of delaying the term of payment of the invoice, establishing partial payments, except for the cases mentioned above (that the longer term be in benefit of the smaller creditor company, and in those cases that contemplate tests, advance payments, partial payments or payments in advance). Finally, the Law states that the stipulations regarding the payment term contained in the agreements concluded between smaller companies, such as sellers or lenders, and the companies that exceed the highest value of the annual income indicated in Law No. 20. 416, as purchasers or beneficiaries of the good or service, registered prior to the entry into force of the law in the registry of agreements maintained by the Ministry of Economy, and that are not in the exceptional cases of the Law mentioned above (that the greater term is in benefit of the smaller creditor company, […]

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Legal Alert: CMF authorizes corporations under its control to use electronic signature for board of directors meetings minutes

26 February, 2020

February 25, 2020 / By Matías Zegers and M. del Pilar Paredes On February 13, 2020, the Commission for the Financial Market (“CMF”) issued General Rule No. 434 (“NCG 434”) that authorizes corporations that are under its control, the use of electronic signature for the subscription of minutes of board of directors meetings. The NCG 434 permanently authorizes the use of electronic signature for the subscription of board of directors meeting minutes of corporations under its control, which, to date, according with the provisions of the final paragraph of Article 48 of Law No 18,046 on Corporations, was not allowed, and was optional for the CMF to do so. The CMF establishes in NCG 434 that the use of the electronic signature must be carried out through mechanisms that comply with the conditions set forth in Law No 19,799 on Electronic Documents, Electronic Signature and Certification Services of said Signature. Therefore, in accordance with the provisions of Article 2 letter f) of said Law, any electronic sound, symbol or process that allows the recipient of any electronic document to at least formally identify its author, will be sufficient. NCG 434 is clear, and in order to avoid doubts about the verification of the identity of the director who electronically signed the minutes, it expressly states that, in those cases in which no advanced electronic signature is used, the sounds, symbols or electronic processes that are employed for this purposes, must be previously agreed by the board. Additionally, states that the general manager, or who offices as secretary in the respective session, must record in the minutes the fact that said electronic signature corresponds to the director who appears subscribing it. Contacts We hope you find this information helpful: Matías Zegers Partner * This report provides general information on certain legal or commercial matters in Chile, and not intended to analyze in detail the matters contained in it, not is it intended to provide a particular legal advice on them. It is suggested to the reader to look for legal assistance before making a decision regarding the matters contained in this report. This report may not be reproduced by any means or in any part, without the prior consent of DLA Piper BAZ | NLD SpA 2020.

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American Tower compra más de 3.200 antenas a Entel (Lex Latin)

9 January, 2020

The U.S. wireless infrastructure company American Tower Corporation (ATC) purchased more than 3,000 telecommunication towers from Grupo Entel in Peru and Chile for US$772 million. In total, ATC acquired 3,242 towers, 1,262 located in Peru and 1,980 in Chile. DLA Piper Chile and DLA Piper Peru advised American Tower in the operation. Lex Latin

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Waterlogic makes its first direct acquisition in Latin America with Aquafree (Lex Latin)

28 October, 2019

Waterlogic was advised by DLA Piper Chile and and the lawyers who participated in the transaction were: Paulo Larrain, Manola Quiroz, M. del Pilar Paredes, M. Isabel Izquierdo. Lex Latin

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