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Derecho Corporativo: Enfoques,
Contenido y Evolución
Corporate Law: Approaches,
Content and Evolution
Dr. José-Manuel MARTIN CORONADO
Socio principal EMA&E
In-house Conference for Ratio juris
• Parte I: Lo Corporativo / The Corporate
• Parte II: Derecho Corporativo / Corporate
Law
• Parte III: Contenido del Derecho
Corporativo / Corporate Law Content
• Parte IV: Derecho Corporativo en Perú /
Corporate Law in Peru.
Sumario / Summary
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PARTE I: LO CORPORATIVO / THE
CORPORATE
1. What does corporate mean? (¿Qué significa
lo corporativo?)
2. The Anglo-Saxon influence (La influencia
anglosajona)
3. Lo corporativo y otras ramas del
conocimiento (Corporate and other fields of
Knowledge)
Indice/Index
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PARTE II: DERECHO CORPORATIVO /
CORPORATE LAW
4. ¿Qué es el derecho corporativo? (What is
corporate law?)
5. ¿Que le hace la economía al derecho
corporativo? (What does economics to
corporate law?)
6. La Fusión de lo Corporativo (The Fusion of
the Corporate.)
Indice/Index
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Indice/Index
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PARTE III: CONTENIDO DEL DERECHO
CORPORATIVO / CORPORATE LAW
CONTENT.
7. Ramas o alternativas al Derecho Corporativo
/ Branches or Alternatives to Corporate Law
8. Revisión del objeto de estudio del Derecho
Corporativo / A review to the objet of study
Indice/Index
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PARTE IV: DERECHO CORPORATIVO EN
PERÚ / CORPORATE LAW IN PERU
9. Marco Legal Explícito / Explicit Legal
Framework
10. Marco Legal Implícito / Implicit Legal
Framework
11. Corporaciones Públicas / Public
Corporations
Indice/Index
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12. Corporaciones Privadas / Private
Corporations.
13. Como hacer Derecho Corporativo en Perú /
How to practice Corporate Law in Peru
14. EMA&E - Corporate Law Firm
Parte I: Lo
Corporativo
Part I: The Corporate
1. What does corporate mean?
• Enfoque etimológico / Etimological Approach o Corpus / Corporatīvus / Corporatus
o Corporare
• Enfoque histórico/Historical Approach [critica]
• Enfoque linguístico RAE o "Corporativo": Perteneciente o relativo a la corporación.
o "Corporación":
Organización compuesta por personas que, como
miembros de ella, la gobiernan.
Empresa, normalmente de grandes dimensiones, en
especial si agrupa a otras menores.
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1. What does corporate mean?
• Enfoque Linguístico BRITANNICA o Corporation (S. XV)
A group of merchants or traders united in a trade guild
The municipal authorities of a town or city
A body formed and authorized by law to act as a single
person although constituted by one or more persons and
legally endowed with various rights and duties including the
capacity of succession.
An association of employers and employees in a basic
industry or of members of a profession organized as an
organ of political representation in a CORPORATIVE state
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1. What does corporate mean?
• Corporate (S. XVI)
o Formed into an association and endowed by law
with the rights and liabilities of an individual.
o INCORPORATED b: of or relating to a corporation
<a plan to reorganize the ∼ structure>
o Of, relating to, or being the large corporations of a
country or region considered as a unit <the latest
trend in ∼ America>
o having qualities (as commercialism or lack of
originality) associated with large corporations or
attributed to their influence or control <∼ rock
music> <∼ art>
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1. What does corporate mean?
• Corporate (S. XVI)
o of, relating to, or formed into a unified body of
individuals <human law arises by the ∼ action of a
people — G. H. Sabine>
o CORPORATIVE— cor·po·rate·ly adverb
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1. What does corporate mean?
• Enfoque doctrina jurídica.....
• Enfoque doctrina económica.....
• A practical Definition: HG.org Directory of
Law Firm.
o A corporation is a legal entity created under the laws
of the state it’s incorporated within. State laws,
which vary from state to state, regulate the creation,
organization and dissolution of their corporations.
o A corporation creates a legal or ―artificial person‖ or
entity that has standing to sue and be sued, enter
into contracts, and perform other duties necessary to
maintain a business, separate from its stockholders.
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1. What does corporate mean?
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• A practical Definition: HG.org Directory of
Law Firm.
o Corporations are taxable entities, which shields the
individual owners or shareholders from personal
liability for the liabilities and debts of the corporation,
with some limited exceptions – such as unpaid
taxes.
o Corporations are often used in tax structuring, as
they are taxed at a lower rate than individuals. Until
formally dissolved, a corporation has perpetual life;
the termination or deaths of officials or stockholders
does not alter the corporate structure.
1. What does corporate mean?
• A practical Definition: HG.org Directory of
Law Firm.
o States have registration laws requiring corporations
that incorporate in other states to request permission
to do in-state business.There are also federal laws
relevant to corporations.
o Corporations in certain industries are subject to
federal regulation and licensing, such as
communications and public transportation.
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2. The anglo-saxon influence
• A Company
• Company Law
• Is It the LLC fault?
• Greek/Ancient Rome VS Anglosaxon
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3. Corporate and other fields of Knowledge
• Negocios y Corporaciones (Business and
Corporations)
• Negocios Corporativos (Corporate
Business)
• Negocios y Finanzas (Business and
Finance)
• Finanzas Corporativas (Corporate
Finance)
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Parte II: Derecho
Corporativo
Part II: Corporate Law
4. What is Corporate Law?
• Law messes it all:
• + ¿Business Law
• + Corporations Law
• + Finance Law
• = Corporate Law?
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• (Ejemplo) ZARKÍN (Mexico S. XXI:
o En derecho corporativo se concibe con un método
de interpretación de las normas nacionales y
extranjeras de aplicación extraterritorial que rigen
las empresas y su contexto, incorporando la variable
ambiental a partir de las posibilidades que permiten
las ciencias jurídicas y los niveles del derecho;
otorga una nueva lectura en la interpretación de las
normas institucionales preexistentes y aquellos
creadas ex profeso en un orden legal considerado
sistemático.
4. What is Corporate Law?
5. What does Economic to Corporate
Law?
• Economics?
a. Firms
b. Investment
c. Capital.
• Isn't that Corporate?
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6. The Fusion of the Corporate
• Busines, Economics, Finance and Law
Colide. ¿What's the matter? Fusion of
branches of knowledge.
• ¿Is there a right view? No....they need
each other.
• The Corporate phenomenon
• Corporate is not only Business Law on a
"corporate" level.
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Parte III: Contenido del
Derecho Corporativo
Part III: Content of
Corporate Law
7. Branches or alternatives to
Corporate Law?
• Derecho comercial (Commerce Law)
• Derecho del mercado (Market Law)
• Derecho Mercantil (Trade Law?)
• Derecho de los negocios (Business Law)
• Derecho Empresarial (Entreprise Law)
• Derecho societario (Company Law?
• Derecho corporativo (Corporate Law)
• Derecho de las corporaciones (Corporations Law)
• Derecho de las finanzas corporativas (Corporate
Finance Law)
8. Corporate Law Definition
• A practical Definition: HG.org Directory of
Law Firm.
o (corporations law, company law) deals with the
formation and operations of corporations and is
related to commercial and contract law.
o There are also federal laws relevant to corporations.
Corporations in certain industries are subject to
federal regulation and licensing, such as
communications and public transportation.
8. Corporate Law Definition
• A practical Definition: HG.org Directory of Law
Firm. o The Securities Act of 1933, which is federal law, regulates how
corporate securities (stocks, bonds, etc.) are issued and
sold.Corporate law professionals are trained in the legal
formation of corporations.
o These attorneys also construct joint ventures, licensing
arrangements, mergers, acquisitions, and the countless other
transactions entered into by corporations.
o Other areas of practice include business formations, securities
law, venture capital financing, business agreements, internal
forms, and business tax consultations.
Corporate Law Content
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• Basics
o Articles of incorporation, bylaws
o Types or companies: LLC, LLP
o Common Shares, Equity, Stock
o Anual Report
o Liabilities
o Corporate disclosure and compliance.
o Corporate Governance: Directors, Auditors.
Corporate Law Content
• Medium
o M&A, Assets disposales
o Insolvency
o CEO, CFO
o Securities
o Remedies and enforcementes
o Financial assistance
o Company contracts
o Corporate Finance basics
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Corporate Law Content
• Advanced
o Liquidation
o Business Trusts
o International M&A (Tax Issues)
o Taxation of Corporate Operations: Transfer Pricing.
o Hostile Take Over / poison pills
o Public entreprise vs state entreprise
o Close corporations.
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Parte IV: Derecho
Corporativo en Perú
Part IV: Corporate Law
in Peru
9. Explicit Legal Framework
• Corporate / Corporativo
o Law: None
o Law Decree
o Legislative Decree: None
o Urgent Decree: None
• Corporación o Law: None
o Law Decree
o Legislative Decree: None
o Urgent Decree: None
9. Explicit Legal Framework
• Corporaciones / Corporations o Ley 643 (14/11/1907): Venta de bienes de corporaciones
o Ley 8745 (22/09/1988), Disponiendo que los inmuebles
pertenecientes a las municipalidades, establecimientos
públicos de instrucción, sociedades de beneficencia y
demás corporaciones oficiales con personalidad jurídica,
(....)
o Decreto Ley 14197 ( 31/08/1962) : Disponiendo que son
de propiedad del Estado todos los terrenos eriazos del
territorio nacional, incluyéndose los de Municipalidades,
Sociedades de Beneficencia Pública y Corporaciones
Estatales.
9. Explicit Legal Framework
• Corporaciones / Corporations
o Decreto Ley 17119 (16/11/1968) : Derogan Leyes
que adjudicaron terrenos a Concejos Municipales o
a Corporaciones Similares.
o Decreto Ley 17653 (20/05/1969): Consejo Superior
Coordinará a Corporaciones Departamentales y
Juntas de Obras Públicas.
o Ley 23339 (18/12/1981): GOBIERNO PROMULGÓ
LA LEY DE CORPORACIONES
DEPARTAMENTALES.
9. Explicit Legal Framework
• Corporaciones / Corporations
o Decreto Ley 25434 (15/04/1992): Establecen un
plazo de 90 días para culminar el proceso de
Reestructuración y Reorganización Administrativa
del Gobierno Central, de sus entidades
conformantes, de las Instituciones Públicas
Descentralizadas, Corporaciones de Desarrollo y
Proyectos Especiales.
o Decreto Ley 25693 (27/08/1992): Disponen la
distribución entre los Gobiernos Regionales y
Corporaciones de Desarrollo, los avales y fianzas
que otorgue el Banco de la Nación para la
importación de fertilizantes y plaguicidas.
9. Explicit Legal Framework
• Corporaciones / Corporations
o Decreto Ley 25710 (10/09/1992): Autorizan al
Ministerio de Salud a adquirir bienes de uso médico
a las Corporaciones Nacionales de la República
Popular China.
o Decreto Ley 25712 (10/09/1992): Autorizan al
Ministerio de Educación la adquisición de bienes a
las Corporaciones Nacionales de la República
Popular China.
10. Implicit Legal Framework
• General: Constitución Política + Código Civil
• Core / Main o Código de Comercio
o Ley General de Sociedades
o Ley del Mercado de Valores
o Ley de Titulos Valores
o Ley General del Sistema Concursal.
• Very Related o Código Tributario
o Ley General del Sistema Financiero
o Código de Protección y Defensa de los Consumidores.
10. Implicit Legal Framework
• International
o US / UK Law
o etc......
• Supranacional
o Normas Comunitarias CAN / UE etc.
11. "Public Corporations" in Peru
• Corporación Financiera de Desarrollo
(COFIDE)
• Corporación Peruana de Aeropuertos y
Aviación Comercial (CORPAC S.A.)
• "Corporación FONAFE"
• "Corporación Municipal de la MML.
12. "Private Corporations" in Peru
• Grandes (fuente: SMV)
o Corporación Aceros Arequipa S.A.
o Corporación Cerámica S.A.
o Corporación Cervesur S.A.
o Corporación Financiera de Inversiones
o Corporación Funeraria S.A:
o Corporación Helios S.A.
o Corporación Lindley S.A.
o Corporación Misti S.A:
o Corporación Miski S.A.
• Todos: Miles.
13. How to practice Corporate Law
in Peru
• Learn english terms.
• Business Background (&Corporate
Governance)
• Accounting and Finance Background
• Business economic background
• International Perspective
14. EMA&E - Corporate Law Firm
http://www.hg.org/law-firms/Corporate-Law/Peru.html
Estudio Martin Abogados Lima, Peru
Economic, Finance, Investment, Regulation, Tax, Business and
Corporate Law Firm in Peru
Phone: +51 1 4281573
The firm was created in 2008 by economist and a bachelor of law Jose
Manuel Martin and his father Dr. Jur. Reinaldo Martin Figueroa, in
seeking to implement a different approach to law, both in research
and practice of law.
Currently, the law has evolved closer to other areas of science,...
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GRACIAS
THANK YOU
Dr. José-Manuel Martin Coronado
Co-fundador y Socio Principal del Estudio Martin Abogados, Economía y Derecho por la
Universidad de Lima, especialista en Tributación, Política Económica y finanzas
internacionales, proyectos de inversión y Análisis Económico del Derecho / Derecho
Económico. Director del Portal de Economía y Derecho - PEYD. Estudios de
Postgrado, diplomaturas y Maestrías en Universidad de Lima, Universidad Peruana
de Ciencias Aplicadas, Instituto Nacional de Estadística e Informática, Universidad
Nacional de Ingeniería, Chambre de Commerce et de L'industrie de Paris (Francia),
Institut de Sciences Politiques - Sciences-Po (Francia), Centro de Estudios y
Desarrollo del Derecho en América Latina (CEDDAL) y Centro de Estudios Garrigues
(Escuela de Post-grado derecho empresarial del despacho Garrigues, España) y
Harvard Law School - Institute of Global Law and Policy (EE.UU.), Universidad
Antonio de Nebrija (España), Asociación Española de Asesores Fiscales y (c)
Chartered Institute of Taxation (Inglaterra). Ha sido jefe de Estudios Económicos en
la Consultora Asesoría y Negocios FInancieros (ASFINSA), Analista Económico
Sectorial y colaborador en área de Consultoría en Maximixe y en el área de Derecho
Administrativo Económico de Martin Consultores Abogados, asi mismo ha
colaborado como Asistente de Cátedra en Métodos Matemáticos para Economistas
en la Universidad de Lima y ha publicado diversos artículos jurídicos en las revistas
"Actualidad Jurídica", "Revista Jurídica del Perú", "Revista JUS", Revista Ratio Juris,
entre otras
EMA&E - Internship Week March 2012