Today’s infrastructure financing depends more on Multilateral Agencies, and their volumes of loans have increased significantly in recent years.
Partnering with a local trusted partner that provides insight in dealing with foreign laws and regulations can prove invaluable. Citi Agency and Trust, your trusted global bank, has the biggest network presence in Latin America with presence in the entire region. The unique knowledge of local markets, the depth and breadth of our experience and the standards of a global bank are just some of the key advantages in working with Citi Agency and Trust. We provide a full suite of Corporate Trust products that can be tailored made to attend your needs.
Public Company Reporting (Series: Securities Law Made Simple (Not Really) Financial Poise
Once public, a company is subject to a continuously evolving landscape of disclosure and reporting requirements. Recent disclosure developments have addressed everything from executive compensation to cybersecurity. In addition, the prevalence of social media has made it such that a company must now consider not only the nuances of what to disclose but also how to deliver that disclosure. Is your company tweeting its earnings reports; are you using your corporate Facebook page to make Regulation FD disclosures?
In this webinar our expert panel provides you with a high-level overview of key public company reporting and disclosure requirements, including the latest developments brought about by the Dodd-Frank Act, JOBS Act, FAST Act and, most recently, the SEC’s Disclosure Effectiveness Initiative, as well as provide you with tangible examples and practical advice on how to comply with the ever-changing means of delivering that disclosure.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/public-company-reporting-2020/
Bitcoin, Block chain, Cryptocurrency, and ICO's: A Legal PerspectiveRoger Royse
A full overview of topics surrounding the emerging cryptocurrency Industry. Topics include blockchain use, crowdfunding, ICO's taxation, and federal regulations
Montello Real Estate Opportunity Fund Summary InfoMontello
The Montello Real Estate Opportunity Fund is advised by Montello Capital Advisors Limited (“Montello”), part of the Montello group, which is one of the leading real estate financiers in the UK.
The world of FATCA & CRS can be daunting. But with the KENDRIS Ultimate Guide to FATCA & CRS for Fiduciaries, we go through everything you need to know.
NCFA submission to Finance Canada March 2018 finalCraig Asano
OVERVIEW: Crowdfunding & Fintech are being held back in Canada
Canada’s crowdfunding and fintech “ecosystem” should be competitive, be in line with global trends, and enable early stage entrepreneurs to access smaller amounts of capital (ie, < $5 million) at a reasonable cost. Unfortunately it is not. There is a
‘funding gap’ in the market as many smaller companies find it very challenging to raise debt or equity financing in Canada. This means fewer innovative start-ups, fewer opportunities for investors, and constraints on economic growth (and jobs).
The National Crowdfunding & Fintech Association of Canada (NCFA) has conducted numerous stakeholder consultations which overwhelmingly tell us that the regulatory requirements are overly prescriptive, complex, and burdensome (costly). The capital markets regulators in Canada have attempted to address the market problems within their jurisdictions, but so far without much success.
Canada is falling behind international comparators such as the United Kingdom and the United States. Entrepreneurs are reluctant to start up in Canada due to the high costs (relative to a small financing), and significant ongoing regulatory burdens. Investors are inhibited by eg caps on investment and limited education about the benefits and downside risks of crowdfunding and other exempt financings. This pushes many talented entrepreneurs and investors to overseas jurisdictions that better understand (and support) innovation and the economic potential of start-ups and small businesses.
The NCFA is very concerned about this and has strongly encouraged the BCSC and OSC to work smarter (and harder) to streamline regulation across the country, and to reduce undue burdens (that are not justified by the risks).
The NCFA now asks the federal government to work with the provinces and regulators to provide the required strategic direction and leadership needed to enhance Canada’s competitiveness.
This document summarizes the state of mergers and acquisitions (M&A) activity in Paraguay in 2012 and expected trends for 2013. It notes that Paraguay has avoided significant impacts from the global financial crisis, allowing investment including M&A to continue steadily. In 2012, major M&A deals occurred in pharmaceuticals, banking, and agribusiness sectors. Looking ahead, the document expects continued M&A activity driven by growth in key sectors such as agribusiness and real estate. Industries like agribusiness, finance, and infrastructure are poised to see ongoing consolidation. International investors remain interested in Paraguay, particularly from South America and Europe. Overall the M&A environment remains positive, supported
This was a presentation to NJTC audience - a Government delegation on Financial Innovation & Supervision, with Tax Evasion, Tax Transparency and how FATCA, CRS solutions addresses tax transparency.
Public Company Reporting (Series: Securities Law Made Simple (Not Really) Financial Poise
Once public, a company is subject to a continuously evolving landscape of disclosure and reporting requirements. Recent disclosure developments have addressed everything from executive compensation to cybersecurity. In addition, the prevalence of social media has made it such that a company must now consider not only the nuances of what to disclose but also how to deliver that disclosure. Is your company tweeting its earnings reports; are you using your corporate Facebook page to make Regulation FD disclosures?
In this webinar our expert panel provides you with a high-level overview of key public company reporting and disclosure requirements, including the latest developments brought about by the Dodd-Frank Act, JOBS Act, FAST Act and, most recently, the SEC’s Disclosure Effectiveness Initiative, as well as provide you with tangible examples and practical advice on how to comply with the ever-changing means of delivering that disclosure.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/public-company-reporting-2020/
Bitcoin, Block chain, Cryptocurrency, and ICO's: A Legal PerspectiveRoger Royse
A full overview of topics surrounding the emerging cryptocurrency Industry. Topics include blockchain use, crowdfunding, ICO's taxation, and federal regulations
Montello Real Estate Opportunity Fund Summary InfoMontello
The Montello Real Estate Opportunity Fund is advised by Montello Capital Advisors Limited (“Montello”), part of the Montello group, which is one of the leading real estate financiers in the UK.
The world of FATCA & CRS can be daunting. But with the KENDRIS Ultimate Guide to FATCA & CRS for Fiduciaries, we go through everything you need to know.
NCFA submission to Finance Canada March 2018 finalCraig Asano
OVERVIEW: Crowdfunding & Fintech are being held back in Canada
Canada’s crowdfunding and fintech “ecosystem” should be competitive, be in line with global trends, and enable early stage entrepreneurs to access smaller amounts of capital (ie, < $5 million) at a reasonable cost. Unfortunately it is not. There is a
‘funding gap’ in the market as many smaller companies find it very challenging to raise debt or equity financing in Canada. This means fewer innovative start-ups, fewer opportunities for investors, and constraints on economic growth (and jobs).
The National Crowdfunding & Fintech Association of Canada (NCFA) has conducted numerous stakeholder consultations which overwhelmingly tell us that the regulatory requirements are overly prescriptive, complex, and burdensome (costly). The capital markets regulators in Canada have attempted to address the market problems within their jurisdictions, but so far without much success.
Canada is falling behind international comparators such as the United Kingdom and the United States. Entrepreneurs are reluctant to start up in Canada due to the high costs (relative to a small financing), and significant ongoing regulatory burdens. Investors are inhibited by eg caps on investment and limited education about the benefits and downside risks of crowdfunding and other exempt financings. This pushes many talented entrepreneurs and investors to overseas jurisdictions that better understand (and support) innovation and the economic potential of start-ups and small businesses.
The NCFA is very concerned about this and has strongly encouraged the BCSC and OSC to work smarter (and harder) to streamline regulation across the country, and to reduce undue burdens (that are not justified by the risks).
The NCFA now asks the federal government to work with the provinces and regulators to provide the required strategic direction and leadership needed to enhance Canada’s competitiveness.
This document summarizes the state of mergers and acquisitions (M&A) activity in Paraguay in 2012 and expected trends for 2013. It notes that Paraguay has avoided significant impacts from the global financial crisis, allowing investment including M&A to continue steadily. In 2012, major M&A deals occurred in pharmaceuticals, banking, and agribusiness sectors. Looking ahead, the document expects continued M&A activity driven by growth in key sectors such as agribusiness and real estate. Industries like agribusiness, finance, and infrastructure are poised to see ongoing consolidation. International investors remain interested in Paraguay, particularly from South America and Europe. Overall the M&A environment remains positive, supported
This was a presentation to NJTC audience - a Government delegation on Financial Innovation & Supervision, with Tax Evasion, Tax Transparency and how FATCA, CRS solutions addresses tax transparency.
Juris Capital Inc. is a new financial services company that provides loans primarily to individuals undergoing family law or estate litigation cases. The loans help clients pay for legal costs when they may not otherwise be able to access funding. Juris works closely with law firms and secures loans through clients' settlements. It aims to raise $50 million over 10 years, offering 10% annual returns to investors. The company focuses on the growing but underserved markets of family law and estate litigation funding in Western Canada and Ontario.
How to Prepare Your Startup for Venture Capital Investment - Part 1ideatoipo
The document provides an overview of key considerations for startups preparing for venture capital investment. It discusses current record levels of global VC funding and deal activity. Some of the main topics covered include preparing financial projections and pitch materials, understanding common investment instruments like SAFEs and convertible notes, evaluating potential VC firm fits, optimizing legal structure and equity considerations, and managing diligence issues. The goal is to help startups understand what VCs will evaluate and how to position the business for institutional investment.
Distressed startups legal, business, and financing strategiesRoger Royse
This document provides an overview of legal, business, and financing strategies for distressed startups. It discusses planning for economic downturns, including prioritizing protecting employees and customers, financial modeling, defending revenue, stabilizing operations, reducing costs, and pursuing opportunities. The document also covers terms investors may seek in troubled financings like resetting the cap table, pay-to-play provisions, and anti-dilution protections. M&A activity, government assistance programs, and defenses for non-performance like force majeure are additionally summarized.
Distressed Startups: Legal, Business, and Financing Strategiesideatoipo
Launching a startup - or starting a business - is challenging and is fraught with pitfalls. This is even more so in the midst of a pandemic and a global recession.
Veteran Silicon Valley attorney Roger Royse will discuss strategies for building and operating a successful business or startup during troubled times.
Roger will discuss:
1) What should you expect from your vendors, customers and financiers?
2) How can startup founders protect themselves from predatory creditors during a bad economy?
3) What will financing terms look like now?
Is startup investment capital even available?
4) What are some tax traps to avoid when working out debt obligations with investors and creditors?
5) Can startups still get federal stimulus grant money or loans?
6) What will venture capital terms look like now?
7) For existing startup companies -- how can you get venture capitalists to step up and continue funding your startup company?
8) How viable is crowdfunding and other alternative sources of funding in 2021?
9) If you lost your job or have been furloughed, how do you get started doing gig work in a gig economy?
What are the legal traps and restrictions for gig workers?
10) What other strategies and tactics should entrepreneurs deploy during a downturn?
LTI is a specialty finance company that provides equipment leasing and loans to emerging growth companies and venture-backed startups. It was founded in 1983 and has originated over $300 million in transactions. LTI targets companies that have received an A-round of funding and offers flexible financing options to help them conserve capital and fund equipment needs. While the economy has slowed, demand from venture-backed companies remains strong as they represent compelling investment opportunities, and LTI plans to expand its market share through disciplined marketing efforts and venture capital partnerships.
1. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Wall Street Reform Act) was signed into law in 2010 to comprehensively regulate the financial sector in response to the 2007-2010 financial crisis.
2. Key provisions of the Act include granting the SEC authority to establish a fiduciary standard for broker-dealers, modifying the definition of "accredited investor," permitting the SEC to restrict mandatory arbitration agreements, and bringing hedge funds and private equity funds over $150 million in assets under SEC regulation.
3. The Act also creates new regulatory bodies, studies various financial industry topics, and changes regulations regarding issues like investment advisor disclosures, insurance, and performance-based fees.
Startups, Venture Capital and Angel Funding in a Reopened Economy ideatoipo
Recorded 6/22
Covid has changed almost all aspects of our lives and the way we do business, including the startup ecosystem. As the country re-opens and companies adjust to the new normal, many startup founders have had to pivot to meet the new realities.
Join us for as discussion of how the pandemic has changed the startup landscape and how startups must do business, especially if they want to attract angel and venture capital investors.
We will cover new laws and how your startup can succeed and grow under the new rules. We will discuss:
1) How can startup protect themselves from post Covid liabilities?
2) What are best practices in the post-Covid world?
3) How has expanded government programs changed the startup world?
4) How can a startup position itself to succeed and avoid pitfalls?
5) What is new in venture capital investment terms?
For more than 100 years, CIT has steadily innovated,
providing carefully tailored financing solutions to meet
the needs of a changing global economy. Along the
way, CIT continually redefined what it means to be a
financing partner, providing ideas as well as capital to
build businesses – and relationships – that have endured
for decades.
How to Form an Angel or Venture Fund: Legal, Business and Tax Strategiesideatoipo
While large amounts of pooled capital continue to be invested in startups, the legal, tax and regulatory environment continues to evolve. Many entrepreneurs and investors pool their capital into vehicles designed to invest in startups. Others form funds to manage investments by other passive investors.
Join us as we discuss the complex web of legal, tax and regulatory requirements for forming and operating a fund.
Two Silicon Valley attorneys will discuss the nuts and bolts of forming an angel or venture fund, including:
1) Types of investment funds designed to invest in startups
2) Typical investment fund terms
3) Various ways of structuring the distribution waterfall
3) Special tax rules applicable to fund managers (and some related tax issues on the investors side)
4) The federal and state registration requirements for fund managers;
Securities law issues for funds
5) Special considerations for foreign investors in funds
6) CFIUS considerations for funds with foreign investors
and more!
How to Prepare Your Startup for Venture Capital InvestmentRoger Royse
This document discusses how startups can prepare for venture capital investment. It covers sources of startup funding like founders' savings, debt financing, government grants, friends and family investments, angels, and venture capital. When considering venture capital, startups should evaluate whether their business is a good fit in terms of scalability and market potential. The document also discusses entity choice, equity structuring, and other legal considerations important for venture fundraising.
Crowdfunding crypto - ic os march 12 2018Roger Royse
Block chain, bitcoin and other cryptocurrencies, and ICOs have dominated recent headlines. While excitement continues to grow around this rapidly expanding space, there still seems to be a lot of unanswered questions. Roger Royse, founder of the Royse Law Firm, discusses the legal issues that may determine the future of these emerging technologies.
Crowdfunding, Cryptocurrency, and ICO's 2018Roger Royse
Block chain, bitcoin and other cryptocurrencies, and ICOs have dominated recent headlines. While excitement continues to grow around this rapidly expanding space, there still seems to be a lot of unanswered questions. Roger Royse, founder of the Royse Law Firm, discusses the legal issues that may determine the future of these emerging technologies.
The document discusses the legal process for issuing corporate bonds in Tanzania. It describes the roles of regulatory institutions like the Capital Markets and Securities Authority and requirements under the Companies Act. Issuing corporate bonds in Tanzania can help companies raise capital for sectors like mining and oil/gas without relying as much on shareholders or banks. The process involves drafting an approved offer document, registering it with regulatory agencies, and obtaining necessary approvals. Local advisers can help navigate the requirements and multi-agency review.
Roger Royse discusses the most common legal mistakes made by entrepreneurs and startups. This presentation will focus on issues related to business formation, fundraising, employment, intellectual property, tax, and technology.
Everyday Capital LLC is a real estate investment fund that focuses on originating commercial mortgage notes and acquiring/managing real estate assets. It aims to provide stable returns through income, principal growth, and capital preservation. The fund is unique due to the management team's local market expertise and experience in lending/real estate. It offers higher projected returns through diversification, leverage, and well-structured deals. The management team has a track record of double-digit returns using this business model. Rents are rising nationally as the rental shortage continues. Non-bank lenders now dominate the mortgage market due to increased regulations after the financial crisis.
As INFOR enters its sixth year, we wanted to share our outlook going forward and reflect on the success we have enjoyed with our clients in our first five years. We are proud of our unwavering commitment to our clients and our role as Canada’s top-ranked independent advisory investment bank.
This document summarizes a seminar by J.P. Morgan on the Foreign Account Tax Compliance Act (FATCA). FATCA aims to identify U.S. persons invested in foreign accounts by imposing new reporting and withholding requirements on foreign financial institutions (FFIs) and non-financial foreign entities (NFFEs). FFIs must enter agreements to report U.S. account information to the IRS or face 30% withholding on U.S. payments, while NFFEs must certify they have no substantial U.S. owners or provide owner information to avoid withholding. The seminar covers key FATCA definitions, requirements, exceptions, and timeline, as well as preliminary IRS guidance that requests industry comments
How To Relocate An International Startup to Silicon Valleyideatoipo
You began your startup outside of the United States, and now you would like to relocate it to Silicon Valley. Every year many startups make the move without working through the complex legal issues. Failing to address those issues can kill your startup. San Francisco-based startup and venture capital attorney Jason Putnam Gordon of Polsinelli LLP will provide a high-level overview of the common US legal issues surrounding the move. This program will provide information on the following key issues:
· Corporate structure
· Tax consequences
· Intercompany agreements
· Immigration
· Intellectual property issues
· US employment laws
· The Committee on Foreign Investment in the United States, also known as CFIUS
· Export-control Issues
· Common pitfalls and mistakes
· And much, much more.
Trust Service Providers: Self-Regulatory ProcessesCASCouncil
1. The document outlines Ben Wilson's experience in cybersecurity standards including BS 7799 in 1995-1996 and work with CA/Browser Forum and ETSI on guidelines for EV SSL certificates and security requirements from 2005-2013.
2. It also summarizes an academic paper on the process of private rule-making, including agenda-setting, problem identification, decision-making, implementation, and evaluation.
3. Key aspects of effective self-regulation discussed are addressing problems through research and standards changes, choosing best practices, transparency, self-auditing, and cooperation between private organizations and government.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Juris Capital Inc. is a new financial services company that provides loans primarily to individuals undergoing family law or estate litigation cases. The loans help clients pay for legal costs when they may not otherwise be able to access funding. Juris works closely with law firms and secures loans through clients' settlements. It aims to raise $50 million over 10 years, offering 10% annual returns to investors. The company focuses on the growing but underserved markets of family law and estate litigation funding in Western Canada and Ontario.
How to Prepare Your Startup for Venture Capital Investment - Part 1ideatoipo
The document provides an overview of key considerations for startups preparing for venture capital investment. It discusses current record levels of global VC funding and deal activity. Some of the main topics covered include preparing financial projections and pitch materials, understanding common investment instruments like SAFEs and convertible notes, evaluating potential VC firm fits, optimizing legal structure and equity considerations, and managing diligence issues. The goal is to help startups understand what VCs will evaluate and how to position the business for institutional investment.
Distressed startups legal, business, and financing strategiesRoger Royse
This document provides an overview of legal, business, and financing strategies for distressed startups. It discusses planning for economic downturns, including prioritizing protecting employees and customers, financial modeling, defending revenue, stabilizing operations, reducing costs, and pursuing opportunities. The document also covers terms investors may seek in troubled financings like resetting the cap table, pay-to-play provisions, and anti-dilution protections. M&A activity, government assistance programs, and defenses for non-performance like force majeure are additionally summarized.
Distressed Startups: Legal, Business, and Financing Strategiesideatoipo
Launching a startup - or starting a business - is challenging and is fraught with pitfalls. This is even more so in the midst of a pandemic and a global recession.
Veteran Silicon Valley attorney Roger Royse will discuss strategies for building and operating a successful business or startup during troubled times.
Roger will discuss:
1) What should you expect from your vendors, customers and financiers?
2) How can startup founders protect themselves from predatory creditors during a bad economy?
3) What will financing terms look like now?
Is startup investment capital even available?
4) What are some tax traps to avoid when working out debt obligations with investors and creditors?
5) Can startups still get federal stimulus grant money or loans?
6) What will venture capital terms look like now?
7) For existing startup companies -- how can you get venture capitalists to step up and continue funding your startup company?
8) How viable is crowdfunding and other alternative sources of funding in 2021?
9) If you lost your job or have been furloughed, how do you get started doing gig work in a gig economy?
What are the legal traps and restrictions for gig workers?
10) What other strategies and tactics should entrepreneurs deploy during a downturn?
LTI is a specialty finance company that provides equipment leasing and loans to emerging growth companies and venture-backed startups. It was founded in 1983 and has originated over $300 million in transactions. LTI targets companies that have received an A-round of funding and offers flexible financing options to help them conserve capital and fund equipment needs. While the economy has slowed, demand from venture-backed companies remains strong as they represent compelling investment opportunities, and LTI plans to expand its market share through disciplined marketing efforts and venture capital partnerships.
1. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Wall Street Reform Act) was signed into law in 2010 to comprehensively regulate the financial sector in response to the 2007-2010 financial crisis.
2. Key provisions of the Act include granting the SEC authority to establish a fiduciary standard for broker-dealers, modifying the definition of "accredited investor," permitting the SEC to restrict mandatory arbitration agreements, and bringing hedge funds and private equity funds over $150 million in assets under SEC regulation.
3. The Act also creates new regulatory bodies, studies various financial industry topics, and changes regulations regarding issues like investment advisor disclosures, insurance, and performance-based fees.
Startups, Venture Capital and Angel Funding in a Reopened Economy ideatoipo
Recorded 6/22
Covid has changed almost all aspects of our lives and the way we do business, including the startup ecosystem. As the country re-opens and companies adjust to the new normal, many startup founders have had to pivot to meet the new realities.
Join us for as discussion of how the pandemic has changed the startup landscape and how startups must do business, especially if they want to attract angel and venture capital investors.
We will cover new laws and how your startup can succeed and grow under the new rules. We will discuss:
1) How can startup protect themselves from post Covid liabilities?
2) What are best practices in the post-Covid world?
3) How has expanded government programs changed the startup world?
4) How can a startup position itself to succeed and avoid pitfalls?
5) What is new in venture capital investment terms?
For more than 100 years, CIT has steadily innovated,
providing carefully tailored financing solutions to meet
the needs of a changing global economy. Along the
way, CIT continually redefined what it means to be a
financing partner, providing ideas as well as capital to
build businesses – and relationships – that have endured
for decades.
How to Form an Angel or Venture Fund: Legal, Business and Tax Strategiesideatoipo
While large amounts of pooled capital continue to be invested in startups, the legal, tax and regulatory environment continues to evolve. Many entrepreneurs and investors pool their capital into vehicles designed to invest in startups. Others form funds to manage investments by other passive investors.
Join us as we discuss the complex web of legal, tax and regulatory requirements for forming and operating a fund.
Two Silicon Valley attorneys will discuss the nuts and bolts of forming an angel or venture fund, including:
1) Types of investment funds designed to invest in startups
2) Typical investment fund terms
3) Various ways of structuring the distribution waterfall
3) Special tax rules applicable to fund managers (and some related tax issues on the investors side)
4) The federal and state registration requirements for fund managers;
Securities law issues for funds
5) Special considerations for foreign investors in funds
6) CFIUS considerations for funds with foreign investors
and more!
How to Prepare Your Startup for Venture Capital InvestmentRoger Royse
This document discusses how startups can prepare for venture capital investment. It covers sources of startup funding like founders' savings, debt financing, government grants, friends and family investments, angels, and venture capital. When considering venture capital, startups should evaluate whether their business is a good fit in terms of scalability and market potential. The document also discusses entity choice, equity structuring, and other legal considerations important for venture fundraising.
Crowdfunding crypto - ic os march 12 2018Roger Royse
Block chain, bitcoin and other cryptocurrencies, and ICOs have dominated recent headlines. While excitement continues to grow around this rapidly expanding space, there still seems to be a lot of unanswered questions. Roger Royse, founder of the Royse Law Firm, discusses the legal issues that may determine the future of these emerging technologies.
Crowdfunding, Cryptocurrency, and ICO's 2018Roger Royse
Block chain, bitcoin and other cryptocurrencies, and ICOs have dominated recent headlines. While excitement continues to grow around this rapidly expanding space, there still seems to be a lot of unanswered questions. Roger Royse, founder of the Royse Law Firm, discusses the legal issues that may determine the future of these emerging technologies.
The document discusses the legal process for issuing corporate bonds in Tanzania. It describes the roles of regulatory institutions like the Capital Markets and Securities Authority and requirements under the Companies Act. Issuing corporate bonds in Tanzania can help companies raise capital for sectors like mining and oil/gas without relying as much on shareholders or banks. The process involves drafting an approved offer document, registering it with regulatory agencies, and obtaining necessary approvals. Local advisers can help navigate the requirements and multi-agency review.
Roger Royse discusses the most common legal mistakes made by entrepreneurs and startups. This presentation will focus on issues related to business formation, fundraising, employment, intellectual property, tax, and technology.
Everyday Capital LLC is a real estate investment fund that focuses on originating commercial mortgage notes and acquiring/managing real estate assets. It aims to provide stable returns through income, principal growth, and capital preservation. The fund is unique due to the management team's local market expertise and experience in lending/real estate. It offers higher projected returns through diversification, leverage, and well-structured deals. The management team has a track record of double-digit returns using this business model. Rents are rising nationally as the rental shortage continues. Non-bank lenders now dominate the mortgage market due to increased regulations after the financial crisis.
As INFOR enters its sixth year, we wanted to share our outlook going forward and reflect on the success we have enjoyed with our clients in our first five years. We are proud of our unwavering commitment to our clients and our role as Canada’s top-ranked independent advisory investment bank.
This document summarizes a seminar by J.P. Morgan on the Foreign Account Tax Compliance Act (FATCA). FATCA aims to identify U.S. persons invested in foreign accounts by imposing new reporting and withholding requirements on foreign financial institutions (FFIs) and non-financial foreign entities (NFFEs). FFIs must enter agreements to report U.S. account information to the IRS or face 30% withholding on U.S. payments, while NFFEs must certify they have no substantial U.S. owners or provide owner information to avoid withholding. The seminar covers key FATCA definitions, requirements, exceptions, and timeline, as well as preliminary IRS guidance that requests industry comments
How To Relocate An International Startup to Silicon Valleyideatoipo
You began your startup outside of the United States, and now you would like to relocate it to Silicon Valley. Every year many startups make the move without working through the complex legal issues. Failing to address those issues can kill your startup. San Francisco-based startup and venture capital attorney Jason Putnam Gordon of Polsinelli LLP will provide a high-level overview of the common US legal issues surrounding the move. This program will provide information on the following key issues:
· Corporate structure
· Tax consequences
· Intercompany agreements
· Immigration
· Intellectual property issues
· US employment laws
· The Committee on Foreign Investment in the United States, also known as CFIUS
· Export-control Issues
· Common pitfalls and mistakes
· And much, much more.
Trust Service Providers: Self-Regulatory ProcessesCASCouncil
1. The document outlines Ben Wilson's experience in cybersecurity standards including BS 7799 in 1995-1996 and work with CA/Browser Forum and ETSI on guidelines for EV SSL certificates and security requirements from 2005-2013.
2. It also summarizes an academic paper on the process of private rule-making, including agenda-setting, problem identification, decision-making, implementation, and evaluation.
3. Key aspects of effective self-regulation discussed are addressing problems through research and standards changes, choosing best practices, transparency, self-auditing, and cooperation between private organizations and government.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Role of a Qualified Trust Service Provider in EuropeNamirial GmbH
The document discusses the role and requirements of qualified trust service providers (QTSPs) under the EU eIDAS regulation. Some key points:
- eIDAS ensures trust services like electronic signatures work across borders and have the same legal status as paper processes. Only QTSPs meeting eIDAS requirements can provide qualified trust services.
- To become a QTSP, a business must undergo an assessment by an accredited body to verify it meets eIDAS requirements. It then applies to a national supervisory body for approval and listing on the EU Trust List.
- Benefits of being a QTSP include only they can use the trust mark and provide services with high legal certainty and security. Nami
The document discusses the importance of taking responsibility for one's financial future and security by committing to goals and taking action. It emphasizes that financial goals are not achieved by chance, but rather through discipline and following a process. The first step is to identify the most important goals and priorities, whether that be increasing income, minimizing taxes, or growing one's net worth, and then work towards them one at a time through a planned process rather than trying to solve all financial needs at once.
Present an overview of water infrastructure market in Latin America:
- Infrastructure spending as a catalytic tool to overcome the financial-economic crisis
-Structuring the process “getting it right!”
-Strengthening the Water Sector: Confronting The Challenges
Discuss the role/participation of private sector:
- Finance projects in distressed markets
- Emerging new opportunities
Slides ini memberikan informasi tentang wirausaha dan motivasi berwirausaha, termasuk strategi untuk memulai dan mengembangkan bisnis. Beberapa contoh tokoh yang sukses dalam berwirausaha dan menyumbangkan hartanya juga diberikan.
Crowdsourcing sensor tasks to socio-geographic networks aims to gather sensor data from human sensors cheaply and quickly. It proposes upgrading social networks to socio-geographic networks by adding request, forwarding, searching, and delivering methods as well as sensor attributes and impact areas. This would allow sensor data requests to be distributed through social networks, establishing a worldwide public human sensor network. The vision is for an open, real-time, safe, and personalized system that combines human sensor data with data from authorities to provide sensor data as a significant part of everyone's decision making.
Trade marketing bertugas mengatur aktivitas pemasaran produk perusahaan ke tingkat pelanggan eceran dan strategi kategori produk, untuk mencapai pertumbuhan bisnis dan target perusahaan. Trade marketer harus mampu berkomunikasi dengan internal maupun eksternal perusahaan, serta melakukan monitoring promosi di toko untuk menjaga loyalitas pelanggan. Pengembangan produk baru dan pemilihan vendor yang tepat juga penting untuk mendukung kegiatan pemasaran.
Health insurance payers and providers—both private for-profit companies and publicly funded government entities—are under pressure to control costs, improve medical expense ratios, and slow the growth of insurance premiums so consumers and employers can afford care. To transform how care is delivered, physicians, hospitals, and health systems are increasingly measured and rewarded for quality outcomes. They must have processes and technologies in place to put more attention on patients and be more efficient with resources. Healthcare companies must supply innovative, high-quality medicines, devices, and diagnostic capabilities that improve health at a reasonable cost.
How to Make Social Media and PR Work Together Like PB&JVerticalResponse
Sarah Evans presented ways for social media and PR to work together effectively. She discussed using workhacks like running a social media editorial calendar without a spreadsheet, monitoring online news for story opportunities, and better emailing. She recommended thinking of social media as a central hub and constantly driving content to it. Evans also provided tips for small businesses and took questions. She shared several tools for social media and PR and provided her online profiles for additional resources.
Michael Brito discussed how businesses should think like media companies by focusing on creating relevant and recent content. As consumers lives are unpredictable, businesses need owned, earned, and paid media strategies to be present everywhere. A social business strategy can help businesses collaborate internally and externally to create value for all stakeholders. Businesses should define their brand pillars and narratives to determine the right content, platforms, and distribution frequency.
The document discusses various topics including technology, medicine, abortion, education, communication, the environment, and lifestyle changes. It warns that excess pill use and prioritizing technology over human contact can negatively impact people's health and psychology. The environment is also affected by issues like deforestation in Esmeraldas and Loja provinces and erosion, which damages the ozone layer.
How To Make Sure Your Brand Is Dressed To The NinesVerticalResponse
Special Guest: Jessica Berlin, Social Media Manager at American Eagle Outfitters
Managing the social presence for American Eagle Outfitters, Inc., a leading global specialty retailer with over 8 million Facebook fans, Jessica Berlin knows how to navigate the social retail space like few others do. She will share her insight into how to put your brand front and center and turn your customers into enthusiastic fans through engaging content.
icomplete CRM - The New Way To Make Small Business Grow!myleshantler
This document outlines the pricing for additional features for a business communication service. An additional user can be added for £8 per month. Extra VoIP phone numbers are £5 per month. The setup fee is £99 and includes customizing the service with the business's logos, setting up extra users, importing contacts from Outlook, and consulting on tags and fields. Email reminders are unlimited but SMS reminders are 10p each.
Pyatt Broadmark Real Estate Fund I Presentation Oct 2015Alan Chu
This document provides an overview of the Pyatt Broadmark Real Estate Lending Fund I (PBRELF I). PBRELF I invests in short-term, first lien loans secured by real estate projects in the Pacific Northwest. The goal is to provide high-yield returns while minimizing risk. PBRELF I has $136.4 million in assets under management. It offers diversification, consistent performance, and monthly distributions to investors.
FULL TITLE:
What is the Cutting Edge for Microfinance in Rural Areas and Arid and Semi-Arid Land?
ROOM: Tsavo A
Translated session: English & French
PANEL:
Chair: Mr. Wolday Amha, Executive Director, Association of Ethiopian Microfinance Institution (AEMFI), Ethiopia
Panelist: Mr. Issa Barro, Inclusive Finance Specialist, United Nations Capital Development Fund (UNCDF), Senegal
Panelist: Mr. Mwangi Githaiga, Managing Director, Kenya Women Finance Trust (KWFT), Kenya
This presentation provides an overview of Banco Latinoamericano de Comercio Exterior, S.A. (BLADEX), including:
- BLADEX's business model focuses on providing trade finance and related financial solutions in Latin America, leveraging over 40 years of experience in the region.
- The commercial portfolio is well-diversified across industries, countries, and client types, with a focus on investment grade exposures. Over half of the portfolio is comprised of loans to financial institutions.
- Treasury and funding operations maintain strong liquidity, with a liquidity coverage ratio of over 120% as of March 2020. Deposits from central bank shareholders provide stable funding.
- Financial
This document contains forward-looking statements about the Bank's performance and business outlook. It notes several factors that could cause actual results to differ from expectations, such as credit growth, interest rates, economic conditions, strategy execution, credit quality, and regulatory changes. It then provides an overview of the Bank, including its shareholder structure, ratings, business lines in financial intermediation, structuring, and treasury, regional focus in Latin America, and adherence to world-class governance and risk management standards.
Philippines must out-compete China _ The Corporate Treasurer _ August 2015_Rapha Darbellay
The Philippines finance minister Cesar Purisima outlined challenges and strategies for growth at a recent corporate treasury event. He warned that China is building rail links that could cut the Philippines out of trade routes. Purisima outlined plans to push for regional financial reforms to harmonize standards and build infrastructure that outcompetes China. Corporate treasurers and CFOs at the event supported Purisima's vision and said they were expanding operations under current stable economic conditions in the Philippines.
Bladex provides a corporate presentation summarizing its business fundamentals and positioning. It highlights Bladex's longstanding franchise in Latin America due to its unique shareholder structure and expertise in the region. Bladex's business model focuses on short-term lending to blue-chip clients in key industries. Its diversified portfolio and funding sources have supported continued growth while maintaining sound credit quality.
Bladex provides a corporate presentation summarizing its business fundamentals and positioning. It highlights Bladex's longstanding franchise in Latin America due to its regional expertise, unique shareholder structure linking it to Latin American governments, and balanced portfolio diversified across sectors and countries. Bladex also discusses its continued portfolio growth, supported by favorable market dynamics and high portfolio turnover, positioning it to leverage new opportunities in the region.
Bladex is a multinational bank that provides financing to Latin American countries. It has a resilient business model focused on short-term lending to top-tier clients in strategic industries. Bladex's portfolio is well-diversified across countries and sectors. It has strong underwriting standards and maintains high asset quality, evidenced by collecting 99% of scheduled credit maturities. Bladex is well positioned given the short-term nature of its portfolio and its focus on investment grade countries and clients.
Bladex's corporate presentation provides an overview of the bank and its business model. The bank has a longstanding franchise in Latin America supported by its unique shareholder structure and expertise in the region. Bladex focuses on lending to top-tier clients in strategic industries, maintaining a diversified portfolio across countries. The bank aims to leverage continued portfolio growth and balance sheet strength to capitalize on new opportunities while preserving sound asset quality.
Blx corporate presentation 1q17 bd conf london 3 4 may 17Bladex
1) Deutsche Bank held a conference in London on May 3-4, 2017 to discuss its Andean Region business.
2) The presentation included forward-looking statements and disclaimed risks and uncertainties that could impact Deutsche Bank's expectations.
3) Deutsche Bank has a leading franchise in the region with a solid track record, as demonstrated by various financial highlights provided from 2015 to the first quarter of 2017.
SA Home Loans is a South African company that originated home loans and funded its loan book through securitization, the process of packaging individual loans into marketable securities. The company presented on the growth of securitization globally and in South Africa. It discussed its own success using securitization to access cheaper funding than banks, allowing it to offer discounted home loans. Moving forward, it aims to expand securitization activity in South Africa through greater investor education, cross-border deals, and additional asset classes.
This corporate presentation by Banco Latinoamericano de Comercio Exterior, S.A. provides an overview of the bank and its business. Key points include:
- Banco Latinoamericano is the leading Latin American trade finance bank, providing integrated financial solutions across Latin America's foreign trade value chain. It has a unique shareholder structure of Latin American central banks.
- The bank has a strong track record, being the first Latin American bank listed on the NYSE and rated investment grade. It maintains investment-grade credit ratings from Moody's, Fitch, and S&P.
- The bank focuses on trade finance, working capital loans, and treasury services. It has a diversified
Bladex's presentation discusses its business model and financial position. It highlights Bladex's longstanding franchise in Latin America due to its expertise in the region and unique shareholder structure. Bladex's portfolio has grown, with increased lending spreads. The portfolio remains diversified across industries and countries, with continued focus on high-quality clients. Bladex maintains a strong capital and liquidity position to support further business opportunities.
PINE is a specialized Brazilian bank that provides financial solutions to corporate clients. It has four primary business lines: corporate credit, hedging desk, investment banking/wealth management, and distribution. The bank has experienced strong growth in recent years across its business lines. It focuses on long-term client relationships and customized solutions. PINE has a diversified credit portfolio across industries and regions, with strong credit quality and low non-performing loans. The bank has increasingly diversified its funding sources through international issuances.
This document provides an outline for Chapter 19 of a textbook on multinational finance. The chapter discusses the multinational finance function and how companies raise funds globally. It covers external sources like global debt and equity markets as well as internal sources through intercompany transfers. The chapter also explores foreign exchange risk management, international capital budgeting, taxation issues for multinational enterprises, and how companies finance imports and exports. An opening case study describes how Nu Skin Enterprises manages currency risk across its operations in many countries.
This corporate presentation from Banco Latinoamericano de Comercio Exterior, S.A. (BLADEX) provides the following key information:
- BLADEX operates as a trade finance bank providing integrated financial solutions across Latin America's foreign trade value chain and supporting regional economic integration.
- Over its 40+ year history, BLADEX has accumulated around $277 billion in credit disbursements to support growth and prosperity in Latin America.
- As of March 31, 2019, BLADEX's commercial portfolio totaled $3.95 billion, with diversification across countries, industries, and clients in Latin America.
- BLADEX maintains a stable funding base, with
Bank of America is one of the world's largest financial institutions, serving 57 million consumers and businesses globally. It has a long history dating back to 1764 and has grown significantly through mergers and acquisitions. The company monitors key economic indicators to predict trends and maximize revenues. It offers a range of banking products both domestically and internationally through its presence in over 140 countries. Bank of America continues investing in new technologies like mobile and online banking to better serve customers globally.
Bladex provides the following summary:
1) Bladex is a Latin American trade finance bank that provides integrated financial solutions across Latin America's foreign trade value chain and supports the region's economic integration.
2) Over its 40 years of operations, Bladex has accumulated over $280 billion in credit disbursements to support trade and growth in Latin America.
3) As of June 30, 2019, Bladex had a commercial portfolio of $4.3 billion that was well-diversified across countries, industries, and clients in Latin America.
Similar to Citi Corporate Trust Services for Multilaterals in Latin America (20)
Interpuerto Monterrey is the largest logistics platform in Mexico, created by the government of Nuevo Leon and business leaders to develop competitiveness. It provides infrastructure for better communication between Nuevo Leon and other regions via multiple transportation methods. The Interpuerto includes projects to decentralize and streamline the rail industry, promote airports, and develop an inland port to facilitate national and international trade through Nuevo Leon in a safe, secure, and efficient manner.
Siguiendo el modelo de Seúl, se propone este proyecto transformador en Ciudad de México impactando energía, transporte, medio ambiente y transformando la calidad de vida de los capitalinos
Este documento presenta información sobre la energía eólica en México. Detalla la evolución de la energía eólica en el país, incluyendo los parques eólicos actualmente en operación y los proyectos actuales y futuros. También describe los beneficios de la energía eólica para los propietarios de tierras, el marco regulatorio en México, y el panorama mundial de la energía eólica.
El documento describe cómo la globalización ha impactado la economía, la producción y el comercio internacional en el siglo 21. Esto ha llevado a la integración de cadenas de valor a escala mundial que dependen de eficientes redes de transporte y logística. La economía actual es impulsada por la información, tecnología y comunicaciones globales. Los países compiten a través de sus cadenas de valor y transporte. El comercio global creciente es posible gracias a avances en sistemas de comunicación y transporte intermodal como puert
Top Infrastructure Projects & Investment Opportunities in the biggest and more dynamic country in Latin America. A presentation prepared by Executive Office of the President (March 1st, 2011).
Governor Brewer of Arizona announced a plan to secure the southern border by increasing border security measures like increased National Guard presence, support for local law enforcement, and expanding anti-drug task forces. This was in response to what she viewed as the federal government failing to secure the border. Other states began discussing passing immigration laws similar to Arizona's controversial SB1070 law around this time. The document also discusses different visa programs that allow temporary foreign workers in the US like the H2A and H2B visas and provides information on the Migrant Attention Center in Mexico that assists with this process.
Este documento presenta el Plan de Negocios de Petróleos Mexicanos (Pemex) para el periodo 2010-2024. El plan busca lograr la sustentabilidad a largo plazo de Pemex mediante estrategias de crecimiento, eficiencia, responsabilidad corporativa y modernización de la gestión. El plan analiza cada área de negocio de Pemex e identifica retos y estrategias para exploración y producción, transformación industrial, distribución y temas transversales.
Mexico's Infrastructure Creation and Why it Matters for North American Compet...Omar Del Valle Colosio
It shows current levels of infrastructure investments, competitiveness, and it depicts where infrastructure is needed in Mexico. Finally, it discusses what would be the next steps to get programs and projects right.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
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For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
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In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
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Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
2. Agenda
Opening Remarks
Rafael Cardenas
Citi’s partnerships with Multilateral Agencies
Alan Smith
Panel Discussion: Corporate Trust Services for Multilateral Agencies in Latin America
Ernesto Sarria
Profile of the Trustee in Panama
Use of ‘CKDES’ for Infrastructure Projects in Mexico
Business Sectors Driving Growth in Argentina
Mandatory Legal Reserve for Local Currency Deposits of Foreign Financial Institutions in Peru
Tax on FX for Non-Residents - IOF in Brazil
Foreign Exchange Regulations that apply to Offshore Accounts Opened by Fideicomisos (Trusts) in
Colombia
Cross Border Capabilities
Rafael Cardenas
Issuer Services Business Head for Latam
1
4. Executive Summary
Citi is a partner of choice for Agencies and clients
– Citi has a strong global presence across Asia, Latin America, Europe, North America,
Africa and the Middle East
– Our integrated corporate banking, capital markets, and transaction services capabilities
provide our clients and Agency partners with consistent solutions globally
Continued need for Agency support in Latin American market
– Even as financial markets improve, Latin American companies are still looking to
Agencies to support their large scale capex and working capital needs
– There are numerous opportunities for investment in oil & gas, power,
telecommunications, financial institutions, mining and infrastructure sectors
Collaboration opportunities between Official agencies and Citi
– Citi continues to work with Official Agencies to financings across Latin America for both
corporates, public sector clients and financial institutions
– Citi maintains a rich pipeline of infrastructure, energy and mining projects across the
region that could benefit from Agency support
1
5. Agency Partnerships
Global presence across over 100 countries
Unparalleled agency financing expertise developed
through long relationships with over 60 agencies
globally
Leadership in the arrangement of multisource
financing with ECAs, MLAs and DFIs
Broad industry experience:
Citi’s global franchise and agency finance expertise enables Official Agencies to reach an unmatched client
base worldwide, with a consistent working partnership approach
Collaboration with Citi:
Its long and deep presence in Latin America
makes Citi an ideal partner for Official Agencies
Official Agencies can leverage Citi’s relationships
with corporates, public sector clients and financial
institutions in Latin America to facilitate business
with key players in the region
The need for large investment in infrastructure
continues to be a major focus for Latam
governments
Official Agencies may provide support through
partial credit guarantees or buyer credit
guarantees to increase the credit quality of these
transactions in order to attract a broader set of
investors
*Industry chart represents 2008 transaction for EAF Latin America.
2
6. Recent Experience with Multilateral Agencies
Peru LNG
Onshore and Offshore
Collateral Agent
Itumbiara, Ituiutaba and
Campina Verde Projects
Collateral and Depositary
Agent
Asian Development Bank
Issuing and Paying Agent
The International Bank for
Reconstruction and
Development
Issuing and Paying Agent
4
8. Agenda
Profile of the Trustee in Panama
Sheyla Soto
Use of ‘CKDES’ for Infrastructure Projects in Mexico
Manuel Paullada
Business Sectors Driving Growth in Argentina
Manuel Tristany
Mandatory Legal Reserve for Local Currency Deposits of Foreign Financial
Institutions in Peru Alejandro Espinel
Tax on FX for Non-Residents - IOF in Brazil
Andre Pina
Foreign Exchange Regulations that apply to Offshore Accounts Opened
by Fideicomisos (Trusts) in Colombia John Rojano
Cross Border Capabilities
Paul Burke
Ernesto Sarria
Moderator
1
9. Profile of the Trustee in Panama
Panamanian trusts are regulated by Law #1 and Executive Decree #16 of 1984:
– Independent trust companies, insurance companies, banks, lawyers and other natural or
juridical persons may act as trustees.
Only those trustees that conduct the trust business professionally and customarily (3 or
more p.a.) shall obtain a fiduciary license from the regulator, the Superintendence of Banks
of Panama (SBP).
– Licensed trustees shall maintain a guarantee in the amount of US$250,000 to assure the
compliance of obligations. Not less than 10% of the guarantee shall consist in restricted
deposits at any of the two Panamanian Public Banks.
– Corporate trustees shall have their stock shares issued nominally, and every transfer of
shares requires the prior approval of the SBP.
There are more than 60 licensed trust companies, and the number is growing every year,
with a total of US$8.4 billion of assets under trust.
Citi is present in Panama since 1904 and has been offering fiduciary services in this country
for more than 16 years.
Sheyla Soto
Citibank, N.A. Panama Branch
7
10. CKDES are securities recently developed by the Mexican Capital Markets oriented to:
• Enhance the infrastructure development in Mexico
• Capture part of the huge liquidity of domestic public pension funds (Afores) by offering new
asset classes in structured finance products
• Support other sectors such as Real Estate or more diversified via Private Equity investments
Use of ‘CKDES’ for Infrastructure Projects in Mexico
MAIN CHARACTERISTICS
Trade publicly in Mexican Stock Exchange
Returns linked to underlying asset/investment
Does not require principal and interest payments
Corporate Governance transparency
Investments according to a specific calendar and policies
Oriented to QIBs mainly Afores and to lesser extent Insurance
Companies and Private Pension Funds
No ratings required
Daily price valuations provided by price vendors
Assets form part of a Trust Estate and Trustee issues the CKDs
MARKET REQUIREMENTS
Attractive and sustainable Business Plan
Manager/operator with successful track-record
General Partner considerable co-investment
Anchor investor participation
Defined exit strategy
Attractive risk – reward relation
Total Assets Under Management by
AFORES (oct 10’)
$111,544 billion
Allowable funds to be invested in CKDES,
and other Structured Financial Securities
$13 billion
** Source: Consar
Note: USD Figures with an Exchange Rate of MX $12.70
Manuel Paullada
Fiduciario Banamex
5
11. Nine Closed Transactions in Last 12 months – $1.9 billion
SPECIFIC PROJECTS INFRASTRUCTURE
RCO Macquarie Wamex Atlas Discovery Nexxus Capital Promecap AMB Prudential Artha Capital
ASSETS
Toll Roads Construction
contracts/
projects
Diversified Middle
Market
Service &
Consumer
High Growth
Financial, Health,
Education &
Consumer
Airports,
Distressed
Assets & Credit
Portfolios
Industrial &
Logistics
Industrial,
Residential &
Retail
Land Developers
for Housing,
Tourism &
Commerce
$516MKT VALUE (MM)
MATURITY 28 10+2+2 10 10+1 10+1+1 10 10 10+2 10
CO-INVESTMENT
*ICA & GSIP will
Invest $160
5%
2% of the SPV
Investments
2% of the SPV
Investments
2.5% of the SPV
Investments
10% Issued amount 20% 20% or up to MX $600 5%
** Source from Purchase or Underwriting Agreements
Note: USD Figures with an Exchange Rate of MX $12.70
PRIVATE EQUITY FUNDS REAL ESTATE
$269 $59 $91 $115 $197 $260 $244 $192
INFRASTRUCTURE
Navix
Energy project
(Pemex-CFE)
MBIA
Diversified
Marhnos
Residual
Water Plants
Infraestructura
Institucional
Roads, bridges,
ports, schools,
hospitals
Protego
Water, transport,
environmental,
communications
REAL ESTATE
Vertex
Housing
Alsis
Housing
IGS
Industrial, offices,
distribution
Grupo Lar
Public social services,
water,
communications
PRIVATE EQUITY FUNDS
EMX Capital I
Diversified -
Growth
Alta Growth Capital
Consumer, Financial
Education, Healthcare,
Entertainment
Pro Equity
Education, Energy,
Healthcare
Strong Pipeline more oriented to Infrastructure
Use of ‘CKDES’ for Infrastructure Projects in Mexico
Manuel Paullada
Fiduciario Banamex
6
12. Business Sectors driving of growth in Argentina
Argentina has the sixth largest reserves of minerals in the world, behind China, Peru,
Philippines, Brazil and Chile):
– Today there are twelve mines that are currently operating, three under construction and
around 400 prospects at different stages of development
– In 2011 two projects will commence operations: Pascua-Lama (Barrick Gold) and Potasio
Rio Colorado (Vale), doubling GDP from around 2% in 2010 to around 4% by 2011
– Main exports are gold, copper, aluminum and silver, which represent around US$4.4
billion or 6.0% of total annual exports
– The key aspect why Argentina is expected to be a key player in mining is because of the
fiscal and other benefits granted to mining activities by the Mining Investments Law of
1994 and supplements
Recuperation of the international market for Biodiesel due to the price increase
– Production of Biodiesel has grown 4-fold from 660M tons in 2007 to 2.4MM tons in 2010.
– New government regulation increased the use of Biodiesel in mix of gasoline
– Advantages of Argentina as a producer of Biodiesel
Most advanced soy producer in the world (5.5% of global market)
Record soy crop with 52.7 MM tons
Manuel Tristany
Citibank, N.A. Argentina Branch
2
13. Mandatory legal reserve for Soles deposits of foreign financial institutions in Peru
Peru's Central Bank increased the mandatory legal reserve requirement for foreign banks
depositing local currency in the domestic banking system to 120% from 65% effective
September 1st:
– Central Bank has been managing the mandatory legal reserve levels as part of its
monetary policy
– Peruvian Nuevos Soles reached a two-year high in August vs. the US Dollar.
The measure seeks to deter "short-term speculative funds" from entering the Peruvian
financial system and destabilizing the currency, affecting all capital inflow even in cases
when funds are not speculative in nature.
With a strong economy based on mining, energy and fishing, and a managed budget, Peru
has become a renowned attraction for foreign investors.
Citi local expertise provides an efficient solution to foreign investors managing local projects
with structures that require to raise capital in foreign markets.
Citi Agency and Trust can structure solutions that would allow to Foreign Financial
Institutions to have Peruvian Soles as collateral for Project Finance or Collateralized
Lending transactions without having to worry about the mandatory legal reserve or its
associated cost.
Alejandro Espinel
Citibank del Perú S.A.
8
14. Brazil IOF – Tax over Financial Transaction
IOF tax is applied over a range of different financial transactions
Short Term Investments
– Tax rate decreases as the tenor of the investment increases.
– Tax doesn’t apply for investments over 30 days
– The tax applies over the earned interests
FX (Regulations & Norms: Decree No 6.306/07)
– 4 different type of FX taxes apply depending on the activity:
Export of goods and services
Import of goods and services
Inflow from financial-related deals
Outflow from financial-related deals
– Currently, most foreign exchange transactions are taxed at the rate of 0.38%
Companies which have dollars account in Brazil are waived of this fee
Andre Pina
Citibank Brasil S.A.
* This material should not be considered as a tax advice, as for the correct definition and calculation of taxes na indivudual analysis
of the transaction by customer is necessary. Banco Citibank S.A. is not authorized to perform tax advisory to its clients. Specific
cases should be evaluate by customers with their own tax specialists.
3
15. FX Regulations that apply to Offshore Accounts of Fideicomisos in Colombia
In Colombia the Central Bank is responsible for Exchange Regulations and managing,
recording and authorizing changes in foreign investment
The regulations allows Trusts (Fideicomisos) to open and administer offshore accounts (in
foreign currency) and register them as ‘Compensation’ accounts for collection of export
receivables and debt service payments
The opening, managing and closing of ‘Compensation’ accounts are subject to the reporting
requirements of the Central Bank of Colombia and the Direction of National Taxes and
Customs (DIAN, for its acronym in Spanish)
Citi has the ability to open DDA accounts in New York and register them as ‘Compensation’
accounts in order to be authorized to make payments to foreign suppliers and make
reserves and loan payments for a Project Finance transaction
Citi has the ability to make the reports for the Colombian Central Bank according the
Foreign Exchange regulation. Few fiduciaries companies in Colombia have this capability
John Rojano
Cititrust Colombia S.A.
4
17. 17
Agency & Trust is No. 1 in Service Month after Month
Agency & Trust has consistently been a top performer in DTCC’s Industry Report Card
Legend: 1 = Best 6 = Worst Latest DTCC ranking: May 2010
Rates Open at COB
P/D - 1
Late Rates after 3:00
pm Cut-off on P/D
Amended
Announcements
Amended
Announcements 30
Days + after P/D
Bank of America 4 1 6 6
Bank of New
York Mellon
6 6 4 4
Citibank 1 1 1 1
Deutsche Bank 2 4 5 5
US Bank 2 1 1 3
Wells Fargo 5 5 3 2
Current DTCC Agent Report Card
Rankings based on a percentage of an agent’s total rates
– Best three in each category highlighted in blue
10
18. Lima Airport Partners
Trustee and
Collateral Agent
Uirapuru
Collateral Agent and
Depositary Bank
Peru LNG
Onshore and Offshore
Collateral Agent
Select Latin America Transactions
ATE Project Finance
Collateral Agent
Itumbiara, Ituiutaba and
Campina Verde Projects
Collateral and Depositary
Agent
Transportadora de Gas del
Peru
Collateral Agent and
Trustee
IIRSA Norte, IIRSA Sur
Tranches 2 and 3
Trustee, Indenture Trustee,
Issuing and Paying Agent,
Registrar, Comparison
Agent
Survial
Trustee and
Verification Agent
Petrobras Revap / Refap
Collateral Agent and
Depositary Bank
Terminal de Contenedores
de Buenaventura
Collateral Agent and
Trustee
Panama Canal Railway Co.
Collateral Agent, Trustee,
Registrar and Paying Agent
Tenedora Nemak
Collateral Agent
Sociedad Minera Cerro
Verde
Onshore and Offshore
Collateral Agent
Votorantim purchase of
equipment from Sinoma
Escrow Agent
Indiana Toll Road
Trustee
1811