Presidential Decree No. 449 dated July 12, 2018 – Production Sharing Contracts are back in Ecuador’s Petroleum Industry
Changes in the Regulations for Application of the Law Amending the Hydrocarbons Law In the recently enacted Presidential Decree No. 449, the President of Ecuador states that oil and gas investments have been almost non-existent in recent years, and therefore recognizes the need to attract private investment. For this reason, the government has decided […]
The Organic Administrative Code is now in force in Ecuador
The Organic Administrative Code (OAC) is fully effective from July 8, 2018, twelve months after its publication in the Official Register. The OAC will apply to: Warning: This newsletter by Pérez Bustamante & Ponce is not and cannot be used as legal advice or opinion since it is merely of an informative nature.
Superintendency Issues Regulations for insurance and reinsurance related parties in Ecuador
The Superintendency of Companies, Securities and Insurance (the “Superintendency”) issued regulations for the activities of insurance brokers, reinsurance brokers and insurance adjusters. The resolution establishes that: The Resolution establishes the obligations and duties for each line of business indicated. It also states that if the regulations are violated, the Superintendency will impose administrative sanctions according […]