CUBA SANCTIONS EASED FURTHER: MORE OPPORTUNITIES FOR US BUSINESS?

Introduction

In advance of President Obama's historic visit to Havana, the Obama administration recently announced the easing of yet another set of sanctions on Cuba. The changes to the existing sanctions policy became effective on March 16 2016 through regulatory amendments to the Cuban Assets Control Regulations(administered by the US Department of the Treasury's Office of Foreign Assets Control (OFAC)) and the Export Administration Regulations (administered by the US Department of Commerce's Bureau of Industry and Security (BIS)), along with additional explanatory material including the joint BIS/OFAC fact sheet,OFAC FAQs and BIS FAQs.

This marks the fourth set of amendments to the Cuban Assets Control Regulations and the Export Administration Regulations since Obama began efforts to normalise relations with Cuba in December 2014. For example, previous amendments to the Cuban Assets Control Regulations took effect in January 2015, September 2015 and January 2016. Touted as a further step by the administration to "engage and empower" the Cuban people, the latest amendments will:

• facilitate authorised travel to Cuba by persons subject to US jurisdiction;
• reduce barriers to financial transactions by Cuban nationals; and
• increase the flow of information to, from and within Cuba.

Prior amendments to the Cuban Assets Control Regulations and the Export Administration Regulations introduced changes in a number of sectors, i

Cuba sanctions eased further: more opportunities for US businesses?

. Today's amendments constitute additional, modest changes in most of these sectors.

Travel and travel-related restrictions lifted

"People to people" educational travelIndividuals are now authorised to travel to Cuba for individual "people to people" educational travel. In the past, a general licence was applicable for educational trips only where such trips were planned through a US organisation and travellers were accompanied by a representative of a sponsoring organisation. The scope of the general licence has been broadened, but an individual must still engage in a full-time schedule of educational exchange activities designed to enhance contact with the Cuban people and result in meaningful interaction between the traveller and individuals in Cuba. US persons continue to be prohibited from travelling to Cuba as tourists.

Salary payments in the United States - Restrictions have also been lifted for non-immigrant Cuban nationals in the United States – such as Cuban athletes, artists or performers – to earn a salary or compensation, provided that the recipient is not subject to any special tax assessments in Cuba and that no additional payments are made to the Cuban government.

Cuban merchandiseOFAC now authorises transactions involving US persons purchasing Cuban-origin merchandise for personal consumption in a third country or receiving travel-related services from Cuba or Cuban parties in a third country.

Restrictions on banking and financial services eased

U-turn payments through the US financial systemUS banking institutions can now process U-turn transactions in which Cuban parties have an interest. This will allow fund transfers from a bank outside the United States to pass through US financial institutions before being transferred to a bank outside the United States, where neither the originator nor the beneficiary is subject to US jurisdiction.

Processing of US dollar instrumentsUS banking institutions can now process US dollar monetary instruments, including cash and travellers' cheques, presented indirectly by Cuban financial institutions. Correspondent accounts at third-country financial institutions used for such transactions may be denominated in US dollars.

US bank accounts for Cuban nationalsUS banks can now open and maintain US bank accounts for Cuban nationals in Cuba who receive payments in the United States for authorised or exempt transactions and wish to remit such payments back to Cuba.

Expansion of trade and commercial opportunities

Physical and banking presenceThe revised regulations authorise a 'physical presence' in Cuba (through an office, retail outlet or warehouse) for:

• entities involved in authorised humanitarian projects or non-commercial activities intended to provide support for the Cuban people; and
• private foundations or research or educational institutes engaging in certain authorised activities.

Further, the regulations authorise a business presence in Cuba (through subsidiaries, joint venture, branches or franchises) to facilitate authorised transactions for:

• exporters of goods that are authorised for export or re-export to Cuba;
• exempt entities providing mail or parcel transmission services or cargo transportation services; and
• providers of carrier and travel services.

The physical and business presence authorisations permit exporters and re-exporters of authorised or exempt goods to assemble such goods in Cuba. They do not authorise the incorporation of Cuban-origin goods into items assembled pursuant to the relevant section of the regulations or the processing of raw materials into finished goods in Cuba.

Importation of softwareIn addition to Cuban-origin mobile apps, imports of Cuban-origin software to the United States are now allowed.

Shipping services to the United StatesVessels are permitted to transport authorised cargo from the United States to Cuba and then travel to other countries with any remaining cargo that was on-loaded in the United States.

Exports and re-exports from Cuban private sectorThe BIS will conduct a case-by-case review to determine whether to issue licences for the export and re-export of items that would enable or facilitate exports from Cuba of items produced by the Cuban private sector.

Grants and awards for education and humanitarian projectsOFAC has authorised grants and awards that enable US support for educational projects in Cuba and US participation in philanthropic efforts.

Business opportunities for US companies

While the intended beneficiaries of the Obama administration's change in policy continue to be the "Cuban people", the cumulative effect of the amendments will be to increase business opportunities for US companies hoping to trade with or invest in Cuba.

Providers of airline and transport servicesIn January 2015 OFAC authorised through general licences 12 categories of travel that had previously been permitted only by specific licences. Although tourist-related and other unauthorised travel remains generally prohibited even after today's amendments, the recent inclusion of "people to people" educational travel serves to increase the potential for cheaper and less cumbersome travel by US citizens to Cuba. For instance, US persons can now book educational trips on their own.

The most immediate beneficiaries of these changes are providers of airline and transport-related travel services. OFAC had already published general licences to authorise US carriers to provide carrier services by vessel or aircraft in connection with authorised travel. Entry into blocked space, code-sharing or leasing agreements to facilitate the provision of carrier services by air is also now authorised. Further, travel carriers may now set up a business presence in Cuba. These changes, coupled with thearrangement recently announced by the Departments of State and Transportation allowing up to 20 daily, scheduled round-trip flights for each country, will significantly increase the ability of US citizens to travel to Cuba. A number of US carriers have already applied for an allocation of the new opportunities to provide scheduled passenger and cargo flights.

Banks and financial institutionsA second major class of beneficiaries is US banks and other financial institutions. US financial institutions can now participate in many more activities as a result of the amendments: U-turn transactions, the processing of US dollar-based instruments and the opening of US-based accounts for Cuban nationals. Previous amendments increased the value of remittances that can be sent to Cuba and permitted authorised US travellers to use their US-issued credit and debit cards while travelling in Cuba.

Greater commercial opportunities with Cuba and Cuban parties also open up possibilities for funding transactions. Banks are also now authorised to finance certain transactions involving US exports and re-exports of 100% US-origin items from a third country (other than agricultural items or commodities).

Telecommunications US companies providing telecommunications and internet-based services, express courier services and travel and carrier services can now set up a business in Cuba, through subsidiaries or joint ventures, and employ Cuban nationals and US persons in Cuba. More generally, US companies can also export or re-export items that do not incorporate Cuban-origin goods or process raw materials into finished goods in Cuba. The BIS policy to consider on a case-by-case basis items produced by the Cuban private sector may expand the business opportunities for US companies interested in Cuban exports.

Telecom and internet businesses based in Cuba may seek to create more synergies with Cuban software and mobile companies that can now export to the United States; express courier companies based in Cuba may now provide greater after-sale and customer-care services through access to internet and telecommunications services.

EducationThe emphasis on educational services and exchanges, through educational grants and de-restrictions on educational travel, may well improve the collaboration between Cuban and US educational institutions, lead to research that can be commercially exploited and encourage the demand for US-based education services among Cuban students.

EntertainmentThe amendments make it possible for US sports, media and entertainment companies to sponsor and compensate athletes, performers and entertainers who have been granted visas to the United States. In their joint fact sheet, the BIS and OFAC explain that Cuban nationals who can secure legal non-immigrant status in the United States will be authorised to earn a salary or compensation (ie, in excess of basic living expenses) consistent with the terms of the particular visa, provided that the recipient is not subject to any special tax assessments in Cuba which would presumably cause any US-sourced compensation to pass to the Cuban government, thereby undermining US policy.

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For further information on this topic please contact Jan Yves N Remy, Andrew W Shoyer orRobert Torresen at Sidley Austin LLP's Washington DC office by telephone (+1 202 736 8000) or email (jremy@sidley.com, ashoyer@sidley.com or rtorresen@sidley.com). Alternatively, contact Carlos A Rodriguez at Sidley Austin's New York office by telephone (+1 212 839 5300) or email (crodriguez@sidley.com). The Sidley Austin website can be accessed at www.sidley.com.

COMPLIANCE E ÉTICA PROFISSIONAL

Situado no âmbito do direito empresarial “Compliance” é a denominação que se dá ao conjunto de atividades de suporte a Instituições e Empresas visando o efetivo cumprimento das normas legais, regulamentos e políticas aplicáveis e/ou estabelecidas para a boa estruturação da atividade empresarial, detectando e combatendo o qualquer desvio ou inconformidade que possa ocorrer na execução de seus objetivos institucionais e corporativos. 

O termo compliance tem origem no verbo em inglês “to comply” que significa agir de acordo com uma regra, uma instrução interna, uma ordem de comando ou requerimento. 

Trata-se de uma ciência recente, que vem se solidificando em razão do incremento da adoção de suas práticas por novas empresas. 

Sua origem remonta ao aguerrido mercado financeiro, como resultado da demanda criada por conta de instituições financeiras que não puderam honrar seus compromissos comerciais que deixaram de observar a regulamentação do mercado. 

Em meados da década de 90, organizações públicas e privadas incrementaram a adoção do Compliance como uma de suas regras institucionais, com foco na garantia de transparência de suas atividades, fortemente demandada por seus sócios-quotistas, controladores e investidores. 

No mundo corporativo, principalmente após a crise financeira mundial, ficou evidente a necessidade da disposição dos valores e limites a serem adotados na disputa pelo mercado, com a adoção de uma postura preventiva de governança. 

A Austrália partiu na frente dos demais países e instituiu a primeira Norma Pública regulamentando a atividade de compliance, denominada AS 3806:2006, que dispõe uma série de regras a serem observadas pelas empresas aderentes a um programa de compliance, tais como a manutenção de uma estrutura de fiscalização independente, integrando com a área financeira, recursos humanos, qualidade, meio ambiente e saúde e sistemas de gestão de segurança e seus requisitos e procedimentos operacionais. 

O “Programa de Compliance” quando imposto a toda a organização irá resulta em uma organização capacitada a demonstrar o seu pleno compromisso com o cumprimento das leis, padrões organizacionais, bem como padrões de boa governança corporativa e ética. Um fato positivo que foi notado entre empresas que estabeleceram um “Programa de Compliance” (bem sucedido) foi que este resultou em efetivos ganhos financeiros a empresa, além de uma severa redução no pagamento de multas e uma menor incidência de casos de corrupção e fraude. 

Empresas norte-americanas e multinacionais sujeitas a legislação americana FCPA(“Foreign Corrupt Practices Act” - Lei Contra Práticas de Corrupção no Exterior) passaram a adotar “Manuais de Boas Práticas em Controles Internos”, “Códigos de Ética e Compliance” ou ainda “Regras de Conduta Profissional”, vinculadas a sua atividade e principalmente regulamentando a conduta de seus empregados e colaboradores, visando proteger-se de investigações e punições por conta de atividades ilegais exercidas pelas empresas no exterior. 

Mas não se trata apenas de reduzir perdas financeiras nas operações, vez que, nos Estados Unidos, a adoção de “Programa de Compliance” colabora para a redução significativa de penas, em especial se ficar demonstrado que a empresa possuía um “Programa de Compliance” e adotou as medidas possíveis a evitar um ato ilícito. 

Este avanço, entretanto, não impede a ocorrência de fraudes, atos de corrupção, escândalos econômico-financeiros e de crises, como a de 2008. É que além de regras a serem cumpridas existe um elemento intangível que tem de ser observado – a ética nas relações mercantis e no desenvolvimento individual do trabalho profissional. 

Isto se dá em razão que o simples cumprimento da lei não ser suficiente para a efetiva proteção de valores importantes a empresa, como a sua imagem, seus valores e seu bom nome comercial, muitas vezes maculado por práticas imorais e antiéticas de colaboradores em todos os níveis hierárquicos da organização. 

O caminho a ser adotado por empresas que buscam estabelecer um “Programa de Compliance” se dá mediante a contratação de um profissional experiente com formação em direito, capaz de relaciona as questões das regras jurídicas ao negócio, desenvolver politicas internas e códigos de ética, gerir (fiscalizar e punir) colaboradores e suas atitudes e impor as diversas áreas o cumprimento das regras. 

Este profissional deverá ser preferencialmente independente, não empregado da organização, contando com livre trânsito ao meio, podendo auditar contas, analisar situações excepcionais e justificar-se ante a alta direção da empresa. 

De modo sistemático, caberá ao Compliance Officer mitigar os riscos de complianceatravés das seguintes práticas:

Fomentar bons controles internos e a melhorias de políticas, processos e sistemas; 

Gerenciar as atividades de risco (operacional, mercado, crédito, outros); 

Prestar esclarecimentos aos colaboradores em relação aos assuntos regulatórios e promover continuamente a cultura de Compliance; 

Dar suporte às áreas comerciais, nas questões relativas à adequação da instituição aos mais elevados padrões; 

Efetuar e aplicar a gestão do conflito de interesses, da segregação de funções e da movimentação de informações sensíveis, internas e de terceiros, na instituição para prevenir o uso abusivo de informações privilegiadas, através da criação de áreas de confidencialidade; 

Assegurar a direção da empresa, assim como os gerentes, colaboradores e parceiros que atuem de acordo com os interesses de clientes e investidores; 

Evitar práticas que possam afetar ou prejudicar a imagem da empresa, através de conduta indevida, decorrente do desconhecimento ou não entendimento das regulamentações e leis vigentes; 

Propagar o entendimento das políticas de Ética e Compliance que norteiam as atividades desta Instituição. 

Dúvidas acerca da instituição de uma Política de Compliance, estuturação de Normas e Regulamentos Corporativos poderão ser obtidas em http://www.advogasse.com.br/