A new law aims both to prevent and to limit systemic risks in light of the country's erratic financial history. In so doing, it provides for a series of mechanisms to enable the Central Bank and the president to take drastic measures where necessary. It balances such powers by requiring these bodies to report all such actions to Congress.
Under the Banking Law, local banks alone may acquire the stock of foreign banks and financial entities. However, a new Central Bank resolution has extended the right to acquire to other financial entities.
Including: Central Bank; Legal Framework; Commercial Banking Structure; Incorporation and Minimum Capital; Foreign Bank Branches; Subsidiaries; Reserve Fund; Profit Distribution; Restrictions; Money Laundering.
Cancellation actions for non-use of trademarks are filed before the civil courts of first instance. A regulatory decree provides that the requirement of use is fulfilled when a trademark is used abroad. This provision may be invoked where a cancellation action is filed against a trademark that was registered and not used in Paraguay, but was used elsewhere in the world.
CONATEL's new regime for the interconnection of private telecommunications companies applies to providers of basic telephony services and mobile and prepaid discount cellular services. In the event of any disagreement regarding a contract's interpretation, performance or breach, either party has the right to file a petition or claim before CONATEL.
The new fixed wireless multipoint telephone service is regulated by National Telecommunications Commission (CONATEL) Resolution 30, which aims to establish provisions concerning the granting of licences for the service, among other things.
Paraguay has approved the eighth edition of the Nice Agreement through Decree 16,939. Issues raised by the new decree include the need to reclassify trademarks that have been granted already and the re-publication of trademark applications that were published under the old classification.
The Paraguayan Trademark Office has granted its first soundmark. Although the Paraguayan Trademark Law (1294/1998) does not expressly provide for the registration of soundmarks, Article 1 states that “trademarks are all signs that serve to distinguish products or services”. Therefore, any unique and distinctive sound that serves to differentiate a product or service may be considered a mark.
Including: Business Combinations; Mergers; Acquisitions; Business Establishments; Change in Legal Form; Taxation; Labour Considerations; Antitrust; Cross-border Transactions.
Including: Foreign Investment; Other Forms of Investment; Shareholder Agreements; Doing Business; Privatization; Labour Legislation.
The new Patent Law governs all aspects of patents and utility models. It complies with the most modern conventions in this field, most notably the agreement on Trade Related Aspects of Intellectual Property Rights.
The legal status of corporations and limited liability companies is acquired through registration of their bylaws in the public registries. Registration is ordered by first-instance civil and commercial judges, and the favourable legal opinion of the Treasury Office of the Ministry of Finance is required in advance.
Law 1615/2000 constitutes the principal legal framework for the privatization of state owned enterprises.
Regarding the legal status and enforceability of security documents and promissory notes, real guarantees are considered to be the most reliable for they create a privileged security interest over the mortgaged or pledged property in the creditor's favour.
The new Patent Law provides for the payment of annual taxes in order to maintain a patent's validity and the granting of compulsory licences in certain circumstances.
A new legal framework promotes the country's first assembly programmes. The programmes are designed to assist in re-directing investment towards the manufacturing sector and in upgrading existing technology.