Nicolás Malumián

A brief explanation of the current regulations of digital assets in Argentina, comparece with Brazil, Europe and United States, plus a description of the mail legal and tax issues with different legal vehicles including trusts, mutual funds and garantees.

Brief explation on carbon credits for the voluntary market and the key issues to be considered for its tokenization.

El artículo explica qué es un valor negociable (security) para el Derecho Argentino (basado en decisiones de la Corte Suprema de los Estados Unidos), los criterios para determinar si hay una oferta pública o privada, y las reglas legales aplicables a los criptoactivos en el mercado de valores negociables (con base en las opiniones de la SEC) The article explains what a security is under Argentine Law (based on US case law), the criteria to determine if an offer is public or private, and the legal rules applicable to criptoassets in the securities market (based on SEC rulings)

Brief explanation of main tax issues in relation with the US and Argentine Income Tax for Argentine resident individual that are shareholders of a US C Corp that owns operative companies in Latin America

The articles comments the Y Combinator term sheet modelo Serie A from a Latin American perspective in a comparative law analysis.

The paper explains the protection of trade secrets in Argentina and compares it with the US. It also analyses the relevance of the Non-Disclosure Agreement and the main points to be considered. Finally, a brief comment on standarization of NDAs is made.

The paper makes a full review of the case law that deals with the question if term sheets and letter of intend are binding documents, and makes a brief comparison with leading cases in India, United Kingdom and United States, with special focus in the venture capital ecosistem.

Brief comments on the restrictions to provie stockoptions in relation with Argentine companies and the main legal and tax points regarding stockopitons on US companies, in particular with Argentine employees

Brief explanation of how SPAC works and the main legal and tax issues for Argentine companies

Brief explanaton of KISS and SAFE and the problems to use them with Argentine companies

El artículo comenta los vehículos legales utilizados en la Argentina y los Estados Unidos por los fondos de venture capital, y comenta brevemente la responsabilidad de los directores nombrados por estos fondos en las empresas en que invierten.

A brief description and comparison of the English and Argentine Judicial Power

Comparison between the inheritance law in Argentina, Spain and the several regions of Spain, including forced heirship rules.

Luego de la sanción de la Ley 27.440 en mayo de 2018 la Argentina pasó a ser estandard ISDA permitiendo el close out netting de los derivados financieros. El artículo explica qué es el close out netting y sus consecuencias prácticas y legales.

Tax treatment of financial derivatives vis a vis Income Tax compared in Peru and Argentina.

Comentario al fallo de la Corte Suprema de la Argentina del 2011 en "Johnson & Johnson de Argentina S.A. CEI vs. Deutsche Bank S.A." que declara la inconstitucionalidad del Decreto 992/2002 (de pesificación de contratos de futuros y opciones argentinos). Comment to the Court Supreme case of 2011 in re "Johnson & Johnson de Argentina S.A. CEI vs Deutsche Bank S.A." that declares the unconstitutionality of Decree 992/2002 (of forced transformation to Pesos all payments due in US Dollar in relation with Argentine futures and options financial derivatives).

Breve comentario en relación con las conclusiones en materia de forwards, en particular, y de contratos derivados, en general, emergentes de la más reciente jurisprudencia en la materia The purpose of this work is to make a brief comment regarding the conclusions regarding forward contracts, in particular, and financial derivative contracts, in general, in Argentina emerging from the most case law in 2011.

Breve comentario en relación con las conclusiones en materia de contratos de forward, en particular, y de contratos derivados, en general, emergentes de la más reciente jurisprudencia en la materia en 2007. Brief comment regarding the conclusions regarding forward contracts, in particular, and derivative contracts, in general, emerging from the most recent jurisprudence on the matter in 2007.

El presente trabajo busca realizar una aproximación al concepto y funcionamiento de los swaps, la especie más utilizada a nivel mundial del género de los contratos derivados. This work seeks to approach the concept and operation of swaps in Argentina, the most widely used species in the genus of derivative contracts worldwide.

El presente trabajo explica el concepto y funcionamiento de las opciones, una de las especies del género de los contratos derivados, cuyo uso se acrecienta día a día en los mercados financieros e inmobiliarios del país. This article explain the concept and operation of options, one of the species of the genre of derivative contracts, whose use is increasing day by day in the financial and real estate markets of the country.

Spain has no trust regulations at the national level. However, there are inheritance legal schemes with similar effects. Furthermore, certain autonomous regions of Spain could enact their own inheritance law regulations and provide legal institutions that are analogous to trusts. In this article, we review these institutions from both an academic and practical point of view.

El artículo comenta y compara la sustitución fideicomisaria de España y el fideicomiso testamentario en la Argentina, con especial énfasis en la protección de personas con discapacidad. Se comenta como estas dos instituciones antagónicas han evolucionado para cumplir fines similares. The paper compares the Spanish fiduciary sustitution and the Argentine testamentary trust, with special focus in the protection of persons with special needs. It is analyzed how to legal schemes that that were seen as oposing each other evolved in order to fulfill similar needs.

In the Common Law world, there are many antecedents regarding sham trusts and a huge body of analysis. Therefore, it might be surprising to learn that the situation is completely different in the Civil Law world. The relevance of this case is that it is one of the very few in which a trust is subject to legal scrutiny and declared a sham.

This case is a leading case relating to local trusts and forced heirship. Forced heirship is a restriction to the liberty to write a will and determine the destiny of his/her future estate by the testator. It can be found in all South America (not in Latin America from Panama to México) and in most Civil Law countries in Europe, besides similar restrictions under sharia law. The way to avoid these restrictions has been the creation of a foreign trust over foreign assets. Although authors have long analyzed whether a local trust allows the avoidance of local forced heirship rules over local assets, there has been no case law in this respect (at least since the inclusion of the trust in Argentine law in 1995). In short, this is the first time a local trust over local assets has been under the scrutiny of the courts to determine if there is a violation of forced heirship.

“ Se comenta el fallo “Banco Hipotecario c/ Ciudad de Buenos Aires” que define al fideicomiso en garantía, y permite ...

Se comenta el fallo "Banco Hipotecario c/ Ciudad de Buenos Aires" que define al fideicomiso en garantía, y permite inferir que el tribunal entiende lícitos a los fideicomisos en garantía incluso cuando coincide el fiduciario con el beneficiario principal, y fundamentalmente, da la pauta de que los fiduciarios deben responder a los consumidores en el caso en que interactúen con los mismos. The paper analized the case "Banco Hipotecario vs. City of Buenos Aires" that provides a definition of trust in guarantee, and allows to infer that the court understands trusts in guarantee as lawful even if the trustee and the main beneficiary coincide, and fundamentally, establishes that fiduciaries must respond to consumers in the event that they interact with them.

En este artículo se describen los aspectos generales de la figura jurídica, se efectúan un análisis crítico del proyecto de ley, y se identifican aquellos aspectos que podrían ser mejorados a efectos de que el Fideicomiso se inserte eficazmente en la dinámica empresarial del Uruguay. This article describes the general aspects of the legal figure, makes a critical analysis of the bill, and identifies those aspects that could be improved so that the Trust is effectively inserted into business dynamics of Uruguay.

Análisis de la Ley de Fideicomiso Uruguaya promulgada en el año 2003 y su comparación con la normativa argentina Analysis of the Uruguayan Trust Law promulgated in 2003 and a comparative law study in relation with the Argentine regulations

The paper provides a summary of the main changes to the regulation of securities backed with deposit of commodities (called warrants) in Argentina

Se explica qué es la firma electrónica, qué es la firma digital, y se comenta un fallo sobre la improcedencia del procedimiento de ejecución si se carece de firma digital.

El artículo analiza la regulación legal y los principales aspectos fiscales de los proveedores de servicios de pago (Billeteras Virtuales). En particular, el tratamiento frente al Impuesto sobre los Créditos y Débitos en Cuenta Bancaria The article analyzes the legal regulation and its main fiscal aspects of virtual wallets. In particular the treatment against the Tax on Credits and Debits in Bank Account

Análisis de los efectos del "Fallo Massa" en relación con las acciones entabladas contra fondos comunes de inversión, en particular, aquellos fondos comunes de inversión cuyo activo subyacente fueran depósitos bancarios en dólares. Analysis of the effects of the "Massa" Case in relation to the actions filed against Argentine mutual funds, in particular, those funds whose underlying assets were bank deposits in US Dollars.

El artículo explica brevemente el marco legal, estructura y dinámica de los Fondos Comunes de Inversión y comenta el fallo “Klein”, entre otros. The article briefly explains the legal framework, structure and dynamics of the Argentine Mutual Funds and comments on the “Klein” ruling, among others.

The paper analyzes the Argentine Supreme Court case "Telecom" in which the Court determines that expenses related to the purchase of shares are deductible from the Argentine Income Tax

The paper analizes the Argentine Supreme Court case between the Federal Tax Authorities and the Province of San Luis (Argentina). The Federal Tax Authorties challenge a Decree of the Governor of San Luis in which the Governor acted as the application authority of a federal tax law. The Argentine Supreme Court is the competent to decide any legal discussion between the Federal Government and the Provinces, and decided in favor of the Tax Authorities.

The article comments a decision of the Argentine Federal Supreme Court in relation with the limitation to the deduction of interest in the federal income tax, The relevance is due the fact that three different points are considered: (i) the special tax regimen of the negotiable obligations, (ii) the deductibility of the interests of leverage buyouts, and (iii) the posibility that companies deduct any interest regardless of the origin of the debt.

Se analiza la jurisprudencia argentina para determinar los criterios que deben cumplirse para poder deducir gastos ante el Impuesto a las Ganancias

Argentine Tax Authorities challenged a loan and recharacterized it as a capital contribution. The Argentine Supreme Court ruled on the criteria to be considered to know if the transaction is a loan or a capital contribution for Argentine Income Tax purposes.

El artículo explica el concepto de “verdadero beneficiario” a la luz de la jurisprudencia dictada por la Corte Suprema de Justicia de la Nación. The article explains the concept of “true beneficiary” (final beneficiary) under the Supreme Court decisions

El artículo analiza desde la perspectiva formal y sustancial el pago de intereses y su tratamiento fiscal. The article analyzes from the formal and substantial perspective of the payment of interest and its tax treatment

El artículo analiza la acción de habeas data en la Provincia de Buenos Aires (Argentina). The article analyzes the action of habeas data in the province of Buenos Aires (Argentina)

El artículo explica los principales aspectos fiscales que se presentan al desarrollar un country, barrio cerrado o club de campo estructuradas como sociedades anónimas, fideicomisos ordinarios y fideicomisos financieros. The article explains the main tax aspects that arise when developing a country, closed neighborhood or country club structured as corporations, ordinary trusts and financial trusts.

Reseña de un libro de Catalina García Vizcaino. Review of a book written by Catalina García Vizcaino.

El artículo explica el tratamiento tributario de los pagos al exterior por licencias de uso de software en el país y repasa las diferentes posturas en la discusión doctrinaria y jurisprudencial. The article explains the tax treatment of payments abroad for licenses to use software in the country and reviews the different positions in the doctrinal and jurisprudential discussion.

El artículo explica los aspectos relativos al concepto de oferta pública de valores negociables en material fiscal, dada la importancia del concepto al interpretar la normativa tributaria. The article explains the aspects related to the concept of public offer of negotiable securities in fiscal material, given the importance of the concept when interpreting the tax regulations.

El artículo explica las implicancias fiscales de la figura del sale & lease back en relación con cada impuesto en particular. The article explains the tax implications of the sale & lease back figure in Argentina.

El artículo comenta el fallo "Pariani, Noemi Mabel c/ Arcore, Ellida Noemi y otros" que advierte sobre la imperiosa necesidad de contar con el asentimiento conyugal exigido por el art. 1277 del Código Civil (hoy reemplazado por el Código Civil y Comercial de la Nación) para celebrar un leasing sobre un bien ganancial registrable Case "Pariani, Noemi Mabel vs Arcore, Ellida Noemi et al." warns on the imperative need for the conjugal consent required by art. 1277 of the Argentin Civil Code (replaced in 2015 by the Argentine Civil and Commercial Code) to hold a lease on a registrable community asset.

El artículo comenta el fallo "Provincia Leasing S.A. c. Jorvis S.A.", que toca un punto neurálgico en materia de leasing inmobiliario: el fuero competente para entender en la acción ejecutiva. Se explica los aspectos generales del leasing inmobiliario, su naturaleza de operación financiera diferente de la locación y la compraventa, y las principales conclusiones que emergen del fallo bajo examen. The articles comments the case "Provincia Leasing S.A. v. Jorvis S.A.”, that deals with the key point in relation with real estate leasing: the jurisdiction competent to understand in the executive action. The article explains the general aspects of real estate leasing, its nature of financial operation different from the location and the sale and purchase, and the conclusions from the case under examination.

Reseña del Libro “Leasing, Análisis Legal, Fiscal y Contable” Review of the book “Leasing, Análisis Legal, Fiscal y Contable”

The paper reviews the case law on the legal action to collect defaulted FCEs. FCEs are digital securities issued as invoices for selling assets or rendering services, and when accepted by the debtor, they become transferable credit securities.

The paper analizes the regulations of public offer of securities under Argentine law, with a comment on the main case law and resolutions of the Argentine Securities Commission (Comisión Nacional de Valores)

Case law have been provinding a limit to the interest rate that could he established in debts in US Dollars in Argentina for decades. Since the current Civil and Commercial Code entered into force (August 1st, 2015) this jurisprudence not only this jurisprudence have been ratified, but also the power of the Judges in relation with this subject have been broaden.

La Argentina tiene una prohibición general de indexar obligaciones. El artículo explica las excepciones a esta regla.

El presente artículo explica el concepto de “Inversor Calificado” en el Mercado de Capitales Argentino, y explica la relevancia del concepto y los valores negociables que sólo pueden ser adquiridos por estos inversores This article explains the relevance of the concept of “Qualified Investor” in the Argentine Capital Market, and the financial products that could only be acquired by them

Se comenta el marco regulatorio y el funcionamiento del cheque electrónico.

Comentario del fallo "Suarez, José Victoriano y otro c/ Autopistas del Sol S.A.", sobre los certificados emitidos por Caja de Valores o entidades de depósito del exterior del país y su plena prueba sobre la legitimación del titular, la aplicación de la ley extranjera en las emisiones de obligaciones negociables de carácter internacional, y, por último, el rol del fiduciario en relación con la emisión de obligaciones negociables y la eventual ejecución de las mismas ante un incumplimiento Comment on the case "Suarez, José Victoriano et al. vs. Autopistas del Sol SA", the certificates issued by depository entities in Argentina or abroad and their full evidence on the legitimacy of the holder, the application of foreign law in the issuance of corporate bonds in international markets, and the role of the indenture trustee in the event of default.

En el artículo se comentan los principales aspectos de la reestructuración de deudas representadas en títulos emitidos en serie por medio de un Acuerdo Preventivo Extrajudicial (APE) y las principales conclusiones que emergen en esta materia del fallo "Multicanal S.A.". The article comments on the main aspects of the restructuring of debts represented in securities issued in series through an agreement to reestructure debt of a company with financial problems and the main conclusions that emerge in this matter from the ruling "Multicanal S.A.".

El artículo explica brevemente las normas relativas a la oferta pública en sus aspectos comerciales y fiscales, para luego analizar los nuevos elementos aportados por la resolución a los viejos interrogantes en la materia. The article briefly explains the norms related to the public offer in its commercial and fiscal aspects, and then analyzes the new elements contributed by the resolution to the old questions on the matter.

El artículo explica el concepto de "obligación negociable", y analiza sus formas de representación, en virtud de la relevancia que este aspecto formal tiene al momento de la ejecución de los derechos emergentes del instrumento. The article explains the concept of "negotiable obligation", and analyzes its forms of representation, by virtue of the relevance that this formal aspect has at the time of the execution of the emerging rights of the instrument.

Análisis sobre la caracterización como valores negociables públicos de los valores fiduciarios en base a dos posibles criterios: i) según sea su emisor una entidad pública o privada, o ii) según el destino de los fondos, esto es, un emprendimiento privado o el financiamiento de la actividad estatal. Analysis of the characterization of trust securities as public negotiable securities based on two possible criteria: i) according to whether their issuer is a public or private entity, or ii) according to the destination of the funds, that is, a private venture or the financing of state activity.

Análisis a la luz del régimen cambiario de la siguiente operatoria: una empresa domiciliada en la Argentina (el Deudor) toma fondos en préstamo de otra empresa del exterior (el Acreedor), los que son depositados directamente por el Acreedor a nombre del Deudor en una cuenta corriente de un banco domiciliado en el extranjero. Analysis in light of the foreign exchange regime of the following operation: a company domiciled in Argentina (the Debtor) takes funds on loan from another company abroad (the Creditor), which are deposited directly by the Creditor in the name of the Debtor in a current account of a bank domiciled abroad.

Análisis de la procedencia de medidas cautelares pedidas por un actor en un juicio frente a la reorganización societaria de la persona jurídica por el demandada. Se analizar el fallo de la Sala IV de la Cámara Contencioso Administrativo Federal 09/05/19, en autos “Battaglia, Michelle c/ EN – BCRA y Otros s/ Proceso de Conocimiento. Analysis of the admissibility of precautionary measures, requested by the plaintiff of a cause in which the defendant undergoes a reorganization. The case decided by Room IV of the Federal Administrative Litigation Chamber, May 9, 2019, in re “Battaglia, Michelle v. EN - BCRA et alies.” is analized

The paper explains the relavance of soft law (restataments, recomendations, guidelines) for the judge and the practitioner in all the fields of law.

A brief explanation of the Argentine case law on the abatement of instance due to inactivity of the plaintiff

El artículo explica sintéticamente el marco legal que afecta a los accionistas y acreedores del exterior, concluyendo con los principales aspectos fiscales, así como también se comenta un fallo dictado por la Corte Suprema de Justicia de la Nación Argentina que revoca una sentencia que desconocía el derecho de propiedad del acreedor del exterior. The article synthetically explains the legal framework that affects shareholders and creditors abroad, concluding with the main fiscal aspects, as well as commenting on a ruling issued by the Supreme Court of Justice of the Argentine Nation that reverses a judgment that did not know the right to property of the creditor from abroad.