AUGUST 2006 EDITION ARCHIVE
Legal Updates
Multiple Purpose Financial Institutions (SOFOMES) Created
On July 18th a decree amending various provisions of Mexican law was published in the Official Journal of the Federation (Diario Oficial de la Federación) establishing a new regulation for financial leasing and factoring companies, as well as creating a new form of financial entity called a multiple purpose financial institution (SOFOME). The reforms amended the General Law of Credit Instruments and Operations, the General Law of Credit Organizations and Auxiliary Activities, the Foreign Investment... [Read More]New Law Enacted on Women’s Equality
On August 2, 2006 the General Law for Equality between Women and Men was published in the Official Journal of the Federation. The new law has as its purpose the regulation and guarantee of equal treatment between men and women in all matters, whether such be federal, state or local. The new law states the necessity of developing, ensuring, promoting, furthering and contributing to equality between women and men; however, it does not establish the specific means for accomplishing these objectives... [Read More]New Environmental Regulation Issued for Hazardous Waste
On June 23, 2006 a new official Mexican norm (NOM) NOM-052-SEMARNAT-2005, was issued, which will take effect on September 21, 2006. The NOM establishes characteristics and procedures for identifying, classifying and listing all hazardous waste, notwithstanding their emission, treatment or final destination. The NOM contains a new section of definitions applicable to all environmental matters, five classification listings for hazardous waste, two tables and an exhibit. The NOM classifies hazardous... [Read More]Business & Politics Outlook
Partial Vote Recount and Post-Electoral Climate
Partial vote recount ordered by the Federal Electoral Tribunal begins; “civil resistance” mobilizations continue in favor of Andres Manuel López Obrador. The Federal Electoral Tribunal (TRIFE) by a unanimous vote ordered a new recount and computation of the votes cast at 11,839 ballot boxes, equal to 9.07 percent of the total votes cast. Around 200 federal magistrates and judges will direct the vote recount in 26 states throughout Mexico in a process that will have the participation... [Read More]Creation and Function of the Federal Electoral Tribunal
The Federal Electoral Tribunal (TRIFE) was created in 1996 through a constitutional amendment in order to provide a legal forum for determining electoral questions, without the intervention of the Mexican president serving as an absolute political referee. The TRIFE has the responsibility of resolving in a final manner, not subject to appeal, the financing of the presidential election campaign, as well as the final vote count and official declaration of the validity of the election, leading... [Read More]Foreign Investment Totals $15.381 Billion Dollars in the First Half of 2006
The Department of the Economy confirmed estimates of foreign direct investment in Mexico in the amount of $15.381 billion dollars during the first half of 2006, particularly in relation to the expansion of plants or manufacturing industries, especially those in the auto parts, electronics and services industries, and especially those related to tourism. The Secretary of Economy, Sergio Garcia de Alba, noted that these amounts exceeded expectations of the government for 2006, particularly given... [Read More]Economic Indicators
Pesos/Dollar Exchange Rate
The quoted exchange rate as of August 10, 2006 was $10.99 pesos per dollar.Mexican Stock Exchange
The Mexican Stock Exchange (BMV) closed on August 10, 2006 at 20,005.02 points.Interest Rates
On August 10, 2006, the Average Interbank Interest Rate (TIEE) for a 28-day period was at 7.30%.Feature Website
www.economia.gob.mx
We recommend our readers visit the web page of the Department of the Economy (SECON) at www.economia.gob.mx, where they may obtain information on filings, programs and statistics related to business and investment in Mexico.