영문목차
Foreword / Francisco Reyes=xix
Introduction / Boris Kozolchyk=xxiii
Chapter 1. Invigorating Micro and Small Businesses through Secured Commercial Credit in Latin America : The Need for Legal and Institutional Reform / Boris Kozolchyk ; Cristina Castañeda=3
A. Introduction : Scope and Purpose=3
B. Economic and Legal Labels : Overview of Regulatory Systems=4
C. An Economic and Business Profile of Latin America's Micro and Small Businesses=8
1. Interchangeability of Major Sources of Earnings and Employment Potential=8
a. Central America's MiPymes=9
b. Brazil=11
c. Colombia=12
d. Mexico=14
2. Unsecured Lending and MiPymes=15
a. Tandas=15
b. Individual and Joint Liability in Microfinance=16
3. Collateral and Central and South American MiPymes=16
4. Accounts Receivable and the Migration of MiPymes to Secured or Asset-Based Lending=17
D. Regulatory Models of Latin America's Business Associations Law=20
1. The French Code de Commerce of 1807 and Related Case Law : Typification, Formality and Nullity=20
a. Recent Amendments to the Code de Commerce=21
2. The German Handelsgesetzbuch(Commercial Code) of 1897=23
a. Recent Amendments to the HGB=25
b. The Commercial Registry(Handelsregister)=27
3. U.S. Law=28
a. Sources of U.S. Business Association Law : "Aggregate" and "Legal Entities"=28
b. The Sole Proprietorship : A Gender and Occupational Profile=30
c. Peculiarities of the Sole Proprietorship=31
E. Latin America's Business Associations Law : Numerus Clausus, de facto, Irregular and Other Associations and Their Nullities=32
1. Argentina=32
2. Brazil=36
a. Forms of Organization of Micro and Small Businesses=36
b. Formal Legal Requirements to Create a Business Association=36
c. Bookkeeping and Accounting Requirements=38
3. Colombia=39
4. Costa Rica=41
5. El Salvador=42
a. Forms of Organization of Micro and Small Businesses=42
b. Bookkeeping and Accounting Requirements=43
6. Mexico=44
F. Homo Homini Lupus Est(Man Is Man's Wolf) : The Battle for a Protected Legal Status : Workers v. Micro-Businesses=45
1. The Cost of a Protected Legal Status=45
2. Some Hopeful Signs of Simplification=46
G. The Road toward Secured Lending and the Unnecessary Detour of Reciprocal Guarantees=47
1. Modus Operandi=49
H. Secured Lending and MiPymes=51
1. Principal Legal Features=51
a. The Roots of the Notion of the Security Interest=52
b. Effectiveness of the Security Interest : Corollaries of the Principle of Self-Liquidation=54
I. Conclusions and Recommendations for Legislative Reform and Uniform Best Practices=59
Appendix=62
A. Case Law=62
1. Decision : Ester Navarro Salas v. Cesar Quiel Gutiérrez=62
Questions and Comments=64
2. Decision : Montero Gómez v. Nigro Boróon y otra=65
Questions and Comments=67
B. Informal Economy and MiPymes in Selected Latin American Countries : Regulatory Definitions=69
C. Starting a Business : Latin America Compared to Good-Practice Economies=73
D. NLCIFT 12 Principles of Secured Transactions Law in the Americas=73
Chapter 2. Company Law in Argentina / Raúl Aníbal Etcheverry=77
A. Forms of Companies=77
1. Overview=77
2. Regulatory Sources=80
3. Scope=80
4. Purpose of Companies=81
5. Irregular Entities and Business Formation=81
6. Regular Entities=82
7. The Case of Non-Profits=83
a. Associations=83
b. Foundations=83
8. Other Types of Organizations(Non-Business Entities)=84
9. The System in Practice ; Critical Analysis=84
B. Legal Status(Personality)=92
1. Legal Status(Personality)=92
2. Piercing the Veil=92
C. Capital and Capitalization=93
1. Overview=93
2. "Under-Capitalization"=95
3. Main Types of Paper=96
a. Shares=96
b. Preferred Shares=97
c. Dematerialized Shares=97
d. Debentures=97
e. Negotiable Bonds=97
f. Other Types of Paper=98
4. Additional Issues Pertaining to Capital Formation ; Accounting Statements=98
5. Internal Controls=100
6. External Controls=100
7. Withholding of Dividends=101
Bibliography=101
Chapter 3. Limited Liability and Lifting the Corporate Veil under Chilean Law / Elina Mereminskaya=103
Executive Summary=103
A. Corporations : Legal Personality and Limited Liability=104
1. Limiting Liability by Creating a Legal Person=104
2. Abuse of the Company's Legal Personality=105
B. Liability Based on the Abuse of Legal Personality in Chilean Case Law=107
1. Invalidity of the Corporate Agreement Due to the Lack of a Real and Licit Cause=108
2. Fraud=109
3. Actio Pauliana=110
4. Cases where Lifting the Corporate Veil Has Been Rejected=111
C. The Externalization of Risks in the Context of Economic Groups=113
1. Significance of Corporate Groups in the Chilean Economy=113
2. Legal Regulation of Groups=114
3. Case Law and the Expansion of Liability=116
D. Expansion of Liability under Chilean Labor Law=117
E. Lifting of the Corporate Veil in the Context of an Individual Limited Liability Company=120
1. Legal Personality of the ILLC and the Limitation of Liability=121
2. The Contract with Oneself=124
3. Lifting the Corporate Veil in an ILLC=124
F. Limitation of Liability in the Context of Securitization=127
G. Conclusions=128
Chapter 4. Legal Protection of Minority Shareholders of Listed Corporations in Brazil : Brief History, Legal Structure and Empirical Evidence / Bruno M. Salama ; Viviane Muller Prado=131
A. Introduction=131
B. The Protection of Minority Shareholders : A Historical Perspective=132
C. The Legal Framework Protecting Minority Shareholders=139
1. Political Rights=140
2. Economic Rights=143
3. Oversight and Information Rights=146
4. Procedural Rights=149
5. Indirect Protection=150
D. The Enforcement of Protective Mechanisms=153
E. Conclusion=157
Chapter 5. Corporate Groups in Mexico : The Phenomenon of the Controlling Company and Controlled Companies / Armando Pamplona H.=159
A. Introduction=159
B. Corporate Groups and the Absence of a Comprehensive Statutory Regime=161
C. Why Corporate Groups?=164
D. Definitions and Classifications of Corporate Groups in Mexico=165
1. The Protection of Competition and the Corporate Group as a "Financial Concentration"=166
2. The Corporate Group as the Responsible Taxpayer―Preponderance of the Business Activities Subject to Taxable Income=166
3. The Corporate Group as a Legal Person=166
4. Membership in a Corporate Group : Controlling, Holding, Minority, Affiliated and Controlled Companies(Subsidiaries, Branches and Agencies)=168
5. The Structures of Corporate Control=169
E. Relations between the Controlling and Controlled Companies=170
1. Control=170
2. Domination=171
3. Dependence=171
F. Common Corporate Group Disputes under Mexican Law=172
1. Intra-Group Contracts Whose Terms and Conditions Contain Unfair Prices or Other Terms and Conditions Imposed upon the Controlled Companies=172
2. Liability of Each Member Company vis-à-vis Third Parties=172
3. Liability of Partners or Shareholders Who Do Not Participate in the Decision of the Controlling or Controlled Company=173
G. The Legislative and Judicial Regulation of Corporate Groups=173
1. Ad Hoc Legislation : Insolvency and Bankruptcy of Corporate Groups=174
2. Attempts at Systematic Legislative Solutions=175
a. Allocation of Rights and Duties Based upon the Likely(mostly Public) Legal and Economic Effects of the Grouping=175
b. Allocation of Rights and Duties Based upon the Internal(mostly Private law) Corporate Environment of the Corporate Group=176
c. Allocation of Rights and Duties between the Corporate Group and Fully-Fledged Third Parties=176
3. Judicial Application of the Flexible, Organic or De Facto Approach=177
H. Conclusion=178
Appendix 1=181
Appendix 2=182
Appendix 3=183
Chapter 6. The Challenge of Disproportional Ownership / José Miguel Mendoza=185
Abstract=185
A. Introduction=185
B. Why Does Ownership Become Disproportional?=187
1. The Preservation of Control=189
2. Other Motivations for Separating Voting and Cash Flow Rights=192
C. The Costs and Benefits of Disproportional Ownership=196
1. Disproportional Ownership : The Downside=196
2. Disproportional Ownership : The Upside=201
3. A Few Notes on "Disproportional Lemons"=207
D. Concluding Remarks=211
Appendix=212
Chapter 7. Securities Holding Patterns and Their Impact on the Rights of Securities Holders : Lessons for Developing Nations / Marek Dubovec=213
A. Introduction=213
B. Latin American Securities Markets=216
C. Forms of Securities=217
D. Central Securities Depository and Intermediaries=219
E. Relationships and Rights in Intermediated Systems=221
1. Indirect Holding Systems=221
2. Transparent Holding Systems=223
F. Transfers=224
G. The Right to Use Securities as Collateral=226
1. Control by Book Entry=227
2. Control Agreement=228
3. Perfection by Registration=229
H. Rights of Shareholders=230
1. Non-Monetary Corporate Rights=231
2. Monetary Corporate Rights=232
I. Final Remarks=233
Chapter 8. European Private Law : A Model for Modernizing Company Law? / Jorge Feliu Rey ; Teresa Rodríguez de las Heras Ballell=237
Executive Summary=237
A. A Single Market and SMEs in Europe : A Reality or Still a Challenge?=238
B. The Proposal for a European Private Company : History of the Project, EU Agenda, and Legislative Policy Options=240
1. History of the Project and Main Milestones=240
2. The Project for a European Private Company in the EU Policy Agenda=241
3. Legislative Policy Options=241
C. The Proposal for a European Private Company : Impact Assessment and Main Expected Results=244
D. Main Legal Features of the European Private Company(SPE)=245
1. Benefits to SMEs : Adopting a Pragmatic-Utilitarian Approach=245
2. Benefits to SMEs : Business Dimension and the Minimum Capital Requirement=247
3. Benefits to SMEs : Increasing Flexibility=250
4. A Vehicle for Facilitating EU-Wide Businesses : The Cross-Border Requirement=252
5. A Vehicle for Private Companies=254
6. A New Community Company Form : European Regulation, Private Autonomy and Applicable Legislation=256
E. Concluding Remarks=258
Chapter 9. The "Limited-Liability Corporation New Enterprise" in Spain : An Unsuccessful Effort to Simplify Corporate Law / Eduardo Valpuesta Gastaminza=261
A. Introduction : The Current Position of Spanish Law Regarding Limited-Liability Companies=261
1. Joint-Stock and Limited-Liability Corporations in General=261
2. Special Joint-Stock or Limited-Liability Corporations=262
B. Simplification of Corporation Law : An Overview of Community, European and Hispano-American Law=263
C. Limited-Liability Corporation New Enterprise(SRLNE)=264
1. A First Approach to the SRLNE Figure=264
2. Objectives of the New Corporate Form=265
3. Special Features of the SRLNE, as Contrasted with the "Ordinary" SRL Regime=266
a. Facilitation of Incorporation Procedures=266
b. Simplified Bookkeeping Regime=267
c. Special Commercial-Corporation Regime=267
d. Special Features Pertaining to the Tax Regime=271
4. An Additional Amendment to the General Limited-Liability Regime=271
5. A General Critical Evaluation of the Initial Regime of the 2003 Law=272
6. Subsequent Modifications to the Legal Limited-Liability Corporation Regime and the "New Enterprise"=273
D. Failure of the Limited-Liability Corporation New Enterprise Legal Framework=274
Appendix=276
A. Judicial Precedent=276
1. Supreme Court Decision, March 6, 2009=276
Bibliography=111
Chapter 10. Mutual Funds in Spain and the United States : The Importance of Opening Fiduciary Standards / Ana Cristina Gómez Pérez=281
Executive Summary=281
A. Investment Schemes in the United States=282
B. Mutual Funds=284
C. Investment Schemes in Spain=285
D. Graphic Representation of Investment Vehicles=287
E. Common Elements in U.S. and Spanish Funds=288
F. Differences between the U.S. Mutual Fund and the Spanish FIC=289
1. Nature of the Business=291
a. Appointment and Removal of Individuals or Entities in Charge of the Governing Bodies of the Investment Vehicle=292
b. Changes to the Investment Policy=292
c. Rules for the Compensation of Individuals or Entities in Charge of Managing the Governing Bodies of the Investment Vehicle=294
2. Investors' Right to Free Investment(and the Right to Sell Their Stock)=295
3. The Fiduciary Duty of Decision Makers in the Investment Vehicle=297
a. Fiduciary Duty in the United States : The Influence of Justice Cardozo's "punctillio, the most honorable"=298
b. United States Statutory and Administrative Law=299
c. Fiduciary Duty in Spain=301
G. Conclusions=302
Chapter 11. Shareholders' Agreements and the Application of Arbitration as a Form of Resolving Corporate Conflicts / Luciano B. Timm ; Rodrigo Tellechea Silva=305
A. Introduction=305
B. Joint-Stock Companies and Shareholders' Agreements=306
C. The Definition of Shareholders' Agreement According to Article 118 of the Companies' Act=310
D. The Resolution of Corporate Conflicts through Arbitration=311
E. Shareholders' Agreements and Arbitration : Conclusions=315
Chapter 12. Arbitration and Other Alternative Dispute Resolution Mechanisms in Spain : Lessons for Corporate Remedies in Latin America / Ma Pilar Perales Viscasillas=317
A. Introduction=317
B. Arbitration=318
C. The Dispute : A Component of Arbitrability=321
D. Matters that Are Subject to Arbitration=324
1. Arbitrability Defined Based on a General Standard=324
2. Arbitrability with Respect to Corporations=325
3. Limits to Arbitrability=328
a. Public Order/Mandatory Rules=328
b. Exclusive Jurisdiction of the Courts=330
E. The Arbitration Agreement=332
F. Some Procedural Issues=334
G. Relevant Cases=336
1. STS 18 April 1998=336
a. Facts=336
b. Holding=336
c. Analysis=337
2. SAP Madrid, 31 March 2006=337
a. Facts=337
b. Holding=337
H. Judicial Remedies=338
I. Administrative Remedies=338
1. General Direction of Registries and Notaries=338
2. Securities Exchange Commission(Comisión Nacional del Mercado de Valores―CNMV)=338
Bibliography=339
Index=345
List of Charts and Tables=xi
Preface=xiii
Introduction=3
Chapter 1. The Law of Business Associations in Latin America=7
1. Corporate Law Structure in Latin America=8
2. Overview of Basic Business Entities=10
3. Partnerships(Sociedad Colectiva)=11
4. Stock Corporation(Sociedad Anónima)=13
5. Limited Liability Company(Sociedad de Responsabilidad Limitada)=14
6. Limited Partnership(Sociedad en Comandita)=15
Chapter 2. Basic Problems in Current Legislative Approaches=17
1. Codification of Company Law=17
2. Public Order Nature of Most Company Law Provisions=18
3. The Dichotomy of Company Law in Latin America=20
4. The Contractual Nature of Company Law in Latin America=21
5. Reluctance to Provide Full Enforceability to Shareholders Agreements=22
6. Exceptions to Limited Liability=23
7. Excessive Legal Formalities for Incorporation=24
8. The Commercial Registry and Its Publicity Function=29
9. Causes for Nullification=30
10. Regulatory Nature of Company Law Rules, and Restrictions to the Freedom of Contract=30
11. The Negative Impact of the Ultra Vires Theory=32
12. Rigid Regulations Regarding Capital Contributions=33
13. Judicial Control over Business Associations ; The Role of Superintendencies and Other Governmental and Administrative Agencies=34
14. Enforcement of Corporate Governance Rules=35
a. The Argentine General Inspection of Justice=42
b. The Colombian Superintendence of Companies=45
Chapter 3. Corporate Governance Reforms in Latin America=49
1. Policy Agenda for Corporate Governance Reform=49
2. Principles of Corporate Governance=50
a. The Context of Corporate Governance : Concentrated versus Dispersed Ownership=54
b. Ownership Concentration in Latin America=56
3. Strategies to Mitigate the Agency Problems Arising from Conflicts between Majority and Minority Shareholders=60
a. The Appointment Rights Strategy=60
b. The Decision Rights Strategy=61
c. The Trusteeship Strategy=62
d. The Reward, Constraints, and Affiliation Rights Strategies=62
4. OECD Recommendations=63
a. OECD White Paper on Corporate Governance in Latin America=63
b. Shareholders Voting Rights=67
c. Shareholders Activism=69
d. Equitable Treatment=70
e. Financial Reporting=71
f. Conclusions=73
5. The Modest Impact of Reforms on Corporate Governance for Listed Firms, and the Protection of Minority Rights=73
Chapter 4. Company Law Reform in Latin America : Legal and Cultural Factors=75
1. Shifting the Policy Agenda : The Closely-Held Company and Economic Development=76
2. The Appropriateness of Legal Transplants=76
3. Structural Transplants and the Good Corporate Judge=83
4. Path Dependence and Company Law Reform ; The "Selfish" Path of Controlling Shareholders=87
a. Rent-Seeking=88
b. Economic Efficiency=88
5. The Impact of Company Law on Economic Development=91
6. Proposals for Latin American Company Law Reform=93
a. Publicly-Held Corporations=93
b. Brazil's BOVESPA―A Success Story?=96
c. Closely-Held Corporations=102
d. The Model Law on Simplified Stock Corporations for Latin America=102
(1) General Aspects=103
(2) Specific Aspects=104
i. Rules on the Nature of the SAS and Legal Personality=105
ii. Incorporation and Proof of Existence of the Company=107
iii. Special Rules Regarding Capital Contributions and Shares=110
iv. Change of Control in a Corporate Shareholder=112
v. Company Organization=113
(v.i) Shareholders Assembly=114
(v.ii) Operation of the Shareholders Assembly=115
v.ii.1. Action Without a Meeting(Simultaneous or Successive Communications)=115
v.ii.2. Calling of Meetings=116
v.ii.3. Express Waiver of Notice to Meetings of Shareholders=116
v.ii.4. Implicit Waiver of Notice=117
v.ii.5. Quorum and Majorities in Assembly Meetings=117
v.ii.6. Shareholders Agreements=118
(v.iii) Board of Directors=120
(v.iv) Legal Representation=121
(v.v) Liability of SAS Managers=122
(v.vi) Corporate Auditing Bodies=123
vi. By-law Amendments and Corporate Restructurings=124
vii. Dissolution and Winding Up=126
viii. Piercing the Corporate Veil=127
Chapter 5. The Model Law on Procedural Rules for the Resolution of Conflicts in Simplified Stock Corporations=129
1. Purpose and Principles=133
2. Specialized Jurisdiction=133
3. Expeditious Filing of a Claim=133
4. Simplified Procedures=135
5. Restrictions on Admission of Evidence=136
6. Simultaneous Service of Process=137
7. Exceptional Nature of Appeals=138
8. Anticipated Judgment and Summary Decision=139
9. Abuse of Rights, Alternative Procedural Provisions and Other Rules=140
Chapter 6. The Simplified Stock Corporation : An Empirical Evaluation=143
1. Consolidated Empirical Data for the Entire Country=146
2. Comparative Analysis Regarding SASs Incorporated in Colombia's Largest Cities=150
a. Ex Novo Incorporation and Conversion into an SAS=150
b. Private Documents and Public Deeds of Incorporation=152
c. Term of Duration=153
d. Board of Directors=154
e. Internal Auditors=155
f. Common Shares of Stock vs. Other Types of Equity Securities=157
g. Business Size=159
h. Purpose Clause=161
i. Parent-Subsidiary Relationships=163
3. Criticism to Legal Reform in Latin America=164
Conclusion=169
Annex A. Model Law on the Simplified Stock Corporation=171
Annex B. Model Law on Procedural Rules for the Resolution of Conflicts in Simplified Stock Corporations=179
Annex C. Corporate Governance Legal Provisions in Major South American Jurisdictions=187
Annex D. The SAS Compared to Traditional Business Associations in Latin America=191
Bibliography=199
Index=209
1. Starting a Business : Procedures, Time, Cost, and Minimum Capital―Latin America Compared to Good-Practice Economies=27
2. Enforcing Contracts―Global Rank=34
3. Average Premium for "Well-Governed" Companies=53
4. Ownership Concentration in Latin America=56
5. Comparison between Sarbanes-Oxley Act and Brazilian Legislation=84
6. Number of Listed Corporations per Million Inhabitants in Major Latin American Jurisdictions=94
7. Corporate Governance Segments of BOVESPA=97
8. Enforcement of Contracts―Procedures, Time and Cost=130
9. Registered Companies during the First Year Following the Entry into Force of the SAS Legal Framework(as Compared to Other Types of Business Associations)=147
10. Registered Companies during the Second Year Following the Entry into Force of the SAS Legal Framework(as Compared to Other Types of
Business Associations)=147
11. Simplified Stock Corporations(SAS) Registered in Colombian Cities during 2009=149
1. Ease of Starting a Business Global Rank―Latin America Compared to Good-Practice Economies=26
2. Informal Sector as a Percentage of Total Urban Workforce=28
3. Percentage of GDP Made Up by Market Capitalization=95
4. Number of Firms Listed in Latin American Domestic Stock Exchanges=96
5. New Markets in the São Paulo Stock Exchange(BOVESPA)=98
6. Evolution of BOVESPA's Listing Segments=98
7. Corporate Governance Index vs. BOVESPA Index=99
8. New Listings in the Brazilian Stock Exchange(through September 2010)=100
9. Listing and Delistings in the Brazilian Stock Exchange(through September 2010)=100
10. Evolution in the Number of Listed Corporations in BM&FBovespa(through September 2010)=101
11. Example of a Business Conglomerate Structured through an SAS=107
12. Example of Share Classification=111
13. Example of Percentage Participation Regulated in the By-Laws=112
14. Change of Control in Shareholding Company=113
15. Example of Sale of Assets=125
16. Starting a Business in Colombia―Required Time and Procedures=144
17. Evolution of SAS(December 2008-November 2010)=148
18. SAS Incorporations and Cancellations(December 2008-May 2010)=148
19. Evolution of Company Types(2008-2010)=149
20. SAS Incorporations in Colombia's Main Cities―2010=150
21. Bogotá―Incorporations vs. Conversions=151
22. Medellín―Incorporations vs. Conversions=151
23. Bogotá―Private Document vs. Public Deed=152
24. Medellín SAS―Incorporation Mechanisms=153
25. Bogotá―Term of Duration=154
26. Medellín―Term of Duration=154
27. Bogotá―Board of Directors=155
28. Medellín―Board of Directors=155
29. Bogotá―Internal Auditors=156
30. Medellín―Internal Auditors=157
31. Bogotá―Types of Shares=158
32. Medellín―Types of Shares=158
33. Bogotá―Shares with Multiple Voting Rights=159
34. Medellín―Shares with Multiple Voting Rights=159
35. Bogotá―Business Size=161
36. Medellin―Business Size=161
37. Bogotá―Purpose Clause=162
38. Medellin―Purpose Clause=163
39. Medellin―Parent-Subsidiary Situations=164
40. Medellin―Controlling Relationship=164