Search for:

Latin America


Artificial intelligence (AI) continues to transform the workplace. Much like in countries across the globe, the benefits of new AI technology are gaining traction in Latin America. However, employers should be aware of its risks, particularly in our regions’ context

On 11 May 2023, the Argentine Central Bank issued Communication “A” 7766 extending the limitations for legal entities requesting access to the local foreign exchange market when entering certain transactions with any company related or belonging to the same economic group.

The Secretariat of Foreign Trade of the Ministry of Development, Industry and Trade and Services by means of Circular No. 12, published on 10 April 2023, set a 30-day deadline (extended for additional 30 days by means of Circular No. 14, published on 27 April 2023) to gather contributions from the civil society regarding the draft ordinance that provides for new procedures for the assessment of public interest in the context of trade defense measure.

Under Normative Rule 2,139, labor lawsuits will only need to be reported in the eSocial system starting July 2023. It may be understood that companies will not be required to include all ongoing labor lawsuits but only lawsuits with decisions no longer subject to appeal issued after the new July 2023 deadline, as well as those with impacts on employment obligations or tax, severance fund or social security payments.

Following the ruling issued on 8 June 2022, which determined that collective terminations require union involvement, Brazil’s Supreme Court has published on 25 April 2023 a new decision clarifying that such requirement applies to collective terminations implemented after 14 June 2022. The Supreme Court decision states that “prior union intervention is an essential procedural requirement for the collective termination of workers, which is not to be confused with prior authorization by the union or the signing of a collective agreement”.

On 2 May 2023, the Argentine Securities and Exchange Commission issued General Resolution No. 959/2023 in order to restrict the sale of marketable securities with settlement in foreign currency for parties that hold positions in surety bonds and/or repos, regardless of the settlement currency. Likewise, settlement and clearing agents are prohibited from granting financing to the transactions mentioned above. Finally, the term of permanence in portfolio for the sale of marketable securities with settlement in foreign currency in foreign jurisdiction is modified.

“Nearshoring” in Mexico is currently a hot topic for multinational companies considering moving business and manufacturing closer to home. COVID-19-era global supply chain disruptions and changes to the global economy are causing companies to reexamine their sourcing options and relocating to Mexico has much appeal. According to an analysis by the McKinsey Global Institute, in 2021, American investors put more money into Mexico – buying companies and financing projects – than into China.

On 4 May 2023, the Argentine Central Bank (ACB) issued Communication “A” 7759, whereby it amended the regulations applicable to Payment Service Providers Offering Payment Accounts (PSP). Under the Communication, the ACB established that PSPs shall not carry out or facilitate transactions involving digital assets (including crypto-assets) for their clients.

On 20 April 2023, a bill of law was published, approval pending, to amend the Federal Consumer Protection Law to prohibit suppliers of goods, products or services from charging a commission or additional fee to consumers when they use a debit or credit card as a payment method instead of cash. The foregoing is motivated by the fact that this practice of some suppliers is detrimental to the consumers’ economy and discourages the use of debit or credit cards as a payment method.