2024-11-09 00:23:00
Hoy 21:23
The new Private Initiative and Large Investment Incentive System (RIGI) is the outcome of the Argentinian Law on Liberal Bases and Starting Points and their respective regulatory decrees, although they regulatory shieldis reached by provisions that form part of the Argentine legal system.
It is within this framework that the Integrity Program is set out in the Integrity Program. Law No. 27,401The criminal liability of legal entities, as a tool in the fight against corruption, is necessary in the preliminary scaffolding proposed by the new legislation and is in line with the principle of transparency enunciated in Law No. 27,742, as a basis for the reform of the State’s management of public finances.
Law No. 27,401 on the Criminal Liability of Legal Entities establishes the Integrity Program as a tool for commercial organizations to implement promotional actions and procedures; and for Prevent, detect and avoid violations Offenses related to corrupt practices, imposing sanctions on desirable entities and extending liability to cases of transformation, merger, absorption, spin-off or any other corporate change. These regulations cover the new private initiative regime and RIGI.
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First, according to Law No. 27,401, the implementation of the Integrity Program is a condition of entering into a contract with the State within the framework of the contract, which, due to the amount of the contract, must be approved by a competent authority of no lower level. and contained in Article 4 of Authorizing Decree No. 1023/01 (Purchase and sale, supplies, services, locations, consultations, leases with options to purchase, exchanges, concessions for the use of public and private properties of the nation-state), by which Applicable jurisdictions and entities and all contracts not expressly excluded (section 5°); public worksPublic Works Concessions, Public Service Concessions and Licenses); and/or governed by Law No. 13,064 (National Public Works), Law No. 17,520 (Public Works and Infrastructure and Public Service Concessions), for construction , the protection or development of public works or infrastructure, and the provision of public services through the collection of fees, tolls or other remuneration), 27,328 (public-private participation contracts) and public service concession or license contracts. Pursuant to National Decree No. 666/2024, amending the Annex to Article 9 of the Regulation on the Contracting System of the State Administration approved by Decree No. 1030/16, a public or private tender and/or competition for the amount of fifty thousand (50,000) modules, and simply allocate (thirty thousand) 30,000 modules, determining the total value of the modules to be forty thousand pesos ($40,000).
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Therefore, although there are no specific regulations that specifically integrate the requirements set out in the introduction of private initiative projects, it is important to consider the provisions of Law No. 27,401 concerning Enforcement of Integrity Programsconditions arising from the legal and risk analysis required by sections e) and k) of Decree No. 713/24.
Secondly, Large Investment Incentive System (RIGI)Although the participation in the Single Project Unit (VPU) does not constitute a condition for the implementation of the above-mentioned plans, compliance with the regulatory requirements of the Argentine legal system does. The risks associated with the project’s objectives, activities, expansion and guaranteed stability lead us back to the concept of financial management transparency, which is central due to the abandonment of the specificity of financial management principles. tax credits.
In this sense, the management of integrity, ethics and transparency through integrity programs is crucial for both investors and local suppliers. The reason for this is not only to prove Criminal behavior will not be tolerated Due diligence on internal controls of companies and their respective value chains with a view to ultimately mitigating or exempting penalties; but as long as they are consistent with the now measurable values of good corporate governance, this is required for horizontal risks given the development and sustainable growth of the country Adequate internal management.
*Lawyer, economic criminal law and compliance expert
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**Interview with Florencia Marquez Bonino on Argentina’s RIGI Legislation**
**Interviewer:** Thank you for joining us today, Florencia. Let’s dive into the recent implementation of Argentina’s Incentive Regime for Large Investments (RIGI). Could you explain the main objectives behind this new legislation?
**Florencia Marquez Bonino:** Thank you for having me! The primary goal of RIGI, which was established by Law No. 27,742, is to attract large-scale investments in Argentina. This framework aims to provide incentives for businesses to engage in significant capital projects, thereby boosting economic growth, creating jobs, and enhancing the overall investment climate in the country.
**Interviewer:** That sounds promising for the Argentine economy. How does the Integrity Program associated with RIGI enhance transparency and ethical practices in business dealings?
**Florencia Marquez Bonino:** The Integrity Program is crucial. Under Law No. 27,401, it aims to prevent and detect corruption within private organizations contracting with the state. By requiring companies to implement integrity measures, the law fosters a culture of transparency and accountability. This is especially important when it comes to managing public finances and ensuring that large investments are not only lucrative but also ethically sound.
**Interviewer:** Given the emphasis on corruption prevention, how does this law interact with existing legal frameworks concerning corporate responsibility?
**Florencia Marquez Bonino:** Good question! RIGI works alongside existing laws, particularly Law No. 27,401, which holds corporations accountable for corrupt practices. It expands liability to various corporate transformations and insists on compliance with integrity measures. This integration is designed to create a robust legal environment that supports ethical business while encouraging large investments.
**Interviewer:** Some critics might be concerned about the potential for bureaucratic delays in the approval process. How does the government plan to streamline this while maintaining oversight?
**Florencia Marquez Bonino:** The government recognizes the need for efficiency within the regulatory framework. As outlined in the associated decrees, clear procedures and guidelines have been established to facilitate quicker approvals for large contracts. By delegating authority to competent levels, the aim is to ensure thoroughness without unnecessary delays, benefiting both investors and the public sector.
**Interviewer:** Before we wrap up, what has been the initial response from the business community regarding RIGI?
**Florencia Marquez Bonino:** The response has been largely positive. Businesses see RIGI as a significant step towards revitalizing the investment landscape in Argentina. Many are eager to engage and explore new opportunities under this more favorable regime. Furthermore, local governments, such as in Cordoba, are enthusiastic about joining this initiative, indicating a collective push for growth.
**Interviewer:** Thank you for sharing your insights, Florencia. It seems that RIGI could mark a transformative shift in Argentina’s investment strategy.
**Florencia Marquez Bonino:** Absolutely! It’s an exciting time for Argentina, and I look forward to seeing how this initiative unfolds. Thank you for having me!