FEBRUARY 2008 EDITION ARCHIVE

• • Legal Updates

    Mexico Issues New Rules Relating to Representation Offices of Foreign Companies

    In order to facilitate and better organize the process of authorizing a representation office or establishment in Mexico of companies based abroad, an amendment to the Law of Credit Institutions (Ley de Instituciones de Crédito) was published establishing that the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores or CNBV) is the competent authority to review and authorize representation offices in Mexico, instead of the Mexican Department of... [Read More]

  • New Rules Governing Fees Earned by Trustees

    Parties contributing to Mexican trusts (trustors or fideicomitentes), trustees and beneficiaries of trusts created under Mexican law should verify that such trusts do not have pending trustee fees due and owing based on recent amendments to the General Law of Credit Instruments and Transactions (Ley General de Títulos y Operaciones de Crédito) published at the beginning of this month, which authorize banking institutions serving as trustees of Mexican trusts to dissolve any trust in... [Read More]

  • Recommendations for Avoiding Suspension of Registration on Mexico’s Importers’ Registry for Defi

    On December 28, 2007 Rule 2.2.4 of the General Rules Governing Foreign Commerce (Reglas Generales en Materia de Comercio Exterior 2007) entered into force, as published by the Department of Finance and Public Credit (Secretaria de Hacienda y Crédito Publico or SHCP) in the Official Journal of the Federation (DOF) on June 27, 2007. Such rule provides changes to the causes for which one’s General Importers or Specific Sectors Importers Registry may be suspended. As a result of these amendments... [Read More]

  • Environmental Brief – Mexico and Mechanisms for Environmentally Sustainable Developments

    Prepared by Humberto Celis Aguilar, Esq., Celis Aguilar Álvarez y Asociados, S.C. Mexico, as a party to the Kyoto Protocol, has taken steps to provide incentives to the business and public sectors to take advantage of credits and income offered by the Clean Development Mechanism (Mecanismo para un Desarrollo Limpio or MDL), which could generate annual income for Mexico of up to $330 million. The Intersecretarial Commission on Mexican Climate Change (Comisión Intersecretarial Mexicana... [Read More]

  • Business & Politics Outlook

    President Felipe Calderon’s Approval Ratings Rise

    A recent national opinion poll in Mexico conducted by Ipsos-Bimsa and published in the El Universal daily newspaper shows that Mexican president Felipe Calderon’s approval rating rose from 57% in November, 2006 to 66% as of February 5, 2008. The current rating is among the highest enjoyed by President Calderon during his term and is based principally on the public’s generally more favorable view of the Mexican economy since the last quarter of 2007, when increased gas prices were announced.

  • Mexico Publishes Decree Prohibiting Future Alterations of the National Coat of Arms

    On January 21, 2008 Mexico published in the Official Journal of the Federation amendments to Articles 5 and 6 of the Law concerning the National Coat of Arms, Flag and Anthem, which prohibit any alteration or modification of the National Coat of Arms from its original format, and grants exclusive rights to use and reproduce such images on official documents to Mexican federal, state and municipal governmental entities. From the Mexican government’s point of view, the new decree rejects controversial... [Read More]

  • Mexican Administration Declines to Seek Renegotiation of NAFTA’s Agricultural Provisions

    The Legal Department of the Mexican Federal Presidential Administration stated that the Mexican government does not view as viable the possibility of renegotiating the agriculture chapter of the North American Free Trade Agreement (NAFTA). In reaching such conclusion, the Mexican administration considered the loss of confidence that Mexico could suffer with its trading partners, as well as the difficulty of reaching an agreement among Canada, the United States of America and Mexico at the congressional... [Read More]

  • Economic Indicators

    Pesos/Dollar Exchange Rate

    The quoted exchange rate as of February 7, 2008 was $10.82 pesos per dollar.

  • Mexican Stock Exchange

    The Mexican Stock Exchange (BMV) closed on February 7, 2008 at 28,088.32 points.

  • Interest Rates

    On February 7, 2008, the Average Interbank Interest Rate (TIEE) for a 28-day period was at 7.93%

  • Mexico IP Info

    Inventions Must be “Novel” to be Registered as Patents

    In addition to other legal requirements, Mexican Industrial Property Law (Ley de Propiedad Industrial) provides that a necessary requirement for obtaining a patent on a new invention is that such invention be considered “novel” and something that is not known in the “state of the industry or art,” which is defined as technical knowledge “together with other technical information that has been made public through oral or written descriptions, or by any other means of... [Read More]

  • Feature Website

    www.nafta-sec-alena.org

    This month we recommend our readers visit the webpage of the Secretariat of the North American Free Trade Agreement,
    www.nafta-sec-alena.org where they may find information concerning dispute resolution, treaty texts, and NAFTA panel decisions and reports.