Mexico:
Final Update On The Elimination Of Public Trusts In Mexico
To print this article, all you need is to be registered or login on Mondaq.com.
The Senate on Wednesday, October 21, 2020, approved the
elimination of the 109 public trusts (related to science,
technology, environment, culture, health, human rights, and
Fidecine among others), after almost fourteen hours of discussion,
with 64 votes in favor and 39 against. The Senate ratified
the bill that the lower house of Congress had already approved
to eliminate the 109 trusts, with a joint value of more than 68,
000 million pesos (approximately 3.1 billion dollars), which
modifies 18 laws and does away with two more.
The President on the same day commented that it has ordered
“an extensive audit of all funds and trusts, financial,
administrative and technical audits” that must be completed
“within three months.” The decision by the Senate only
contemplates that the amounts of all the trusts should be
centralized within 30 days after its entry into force.
The next step for the Senate will be to send the approved bill
to Presidency for publication in the Official Gazette of the
Federation, per the requirements of the Constitution.
The President is still expected to provide continuity to the
budgetary program: “Promotion of Mexican Cinema” in
terms of the possible attributions that will be granted to IMCINE
and the initiative to reform the Federal Law of Cinematography.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Corporate/Commercial Law from Mexico
Mergers & Acquisitions 2024
Chevez Ruiz Zamarripa
En México, las leyes y regulación que rigen las fusiones y adquisiciones (M&A) están diseñadas para fomentar la inversión y mantener la competencia en el mercado, no obstante, es esencial contar con asesoría legal especializada para cumplir con los requisitos legales y llevar a cabo transacciones exitosas en México.
When Do You Need A Legal Representative In Mexico?
Biz Latin Hub Group
One of the first steps to establish a company in Mexico is to appoint a legal representative. A legal representative acts as an "official face" on behalf of your company before government...
Register A Business In Brazil In 7 Simple Steps
Biz Latin Hub Group
It's actually very simple to register a business in Brazil, the process can be completed in just seven steps. Starting a business in Brazil means you access the biggest market in Latin America!
The Guide To Corporate Compliance
Chevez Ruiz Zamarripa
Te invitamos a consultar el artículo "Rapidly Expanding Fintech Industry Brings Unique Compliance Challenges To Mexico" que escribieron nuestros(as) socios(as) Valentin Ibarra Melero y Ana Sofía Ríos Artigas, ...
Corporate Governance In Family Businesses
Vivanco & Vivanco Corporate Services LLC
Corporate Governance in a company is a concept relatively easy to define. It is the system formed by the relations between shareholders, organs of administration and of executive management...