|The CCN Mexico Report™ is a monthly newsletter with coverage of Mexican political, business and legal topics from Cacheaux, Cavazos & Newton (CCN). Subscriptions to the CCN Mexico Report™ are free. The CCN Mexico Report™ features exclusive commentaries and views from CCN’s attorneys and professionals in both English and Spanish. CCN is an international law firm with offices in Texas and Mexico dedicated to serving clients doing business in the NAFTA region.|
Legal UpdatesMany commentators and publications have recently noted that 2014 marks the twentieth anniversary of the North American Free Trade Agreement ("NAFTA"). The editors of the CCN Mexico ReportTM would also like to celebrate the twentieth anniversary of our firm, Cacheaux Cavazos & Newton ("CCN") with our clients, friends and readers. As an international law firm, CCN is proud to be a part of the last 20 years of North American expansion brought about by the NAFTA. The fact that... [Read More]
- The events that unfolded in 2013 were the precursor to what lies ahead for Mexico. The constitutional and legal reforms that came into place in 2013 substantially altered the existing rules and, historically speaking, will serve as the pillars of the country's future political and economic systems. Among the reforms, the most noteworthy is the energy reform. This is true given its political and economic significance, specifically the amendments that eliminate the monopoly of Petróleos... [Read More]
- After a busy 2013, the second year of Enrique Peña Nieto's administration is fully under way. The past year was not an easy one, despite the "honeymoon" phase, which usually accompanies the beginning of new administrations. The highlight of 2013 was the ability of the party currently in power, the Institutional Revolutionary Party's (Partido Revolucionario Institucional ["PRI"]), to reach agreements which led to reforms that had been awaited in Mexico for many... [Read More]
- The following are economic indicators as of January 28, 2014:
Peso/Dollar Exchange Rate: $13.3104 pesos per dollar.
Mexican Stock Exchange: The Mexican Stock Exchange (BMV) closed at 40,660.93 points.
Interest Rates: The Average Interbank Interest Rate (TIIE) for a 28-day period was at 3.7650%.
- On December 21, 2013, the decree that reformed Articles 25, 27 and 28 of the Mexican Constitution relating to the energy, electric and hydrocarbon sectors came into effect. This decree is best known as the "Energy Reform." In addition to reforming the three constitutional articles cited above, the Energy Reform decree contains 21 transitory articles which establish, among other things, that within the following 120 days, Congress must make the necessary modifications to applicable secondary... [Read More]
- There exist many trusts in Mexico that were created in order for foreigners to acquire and own real estate in the restricted zone (a strip of 50 kilometers - approximately 31 miles - along the coast, or 100 kilometers - approximately 62 miles - from the border). In any of these situations, a foreigner contracts a Mexican bank (the "Trustee"), so that real estate is transferred to the trust and the foreigner, in his/her capacity as trust beneficiary, has the right to use and enjoy the real... [Read More]
- On December 18, 2013 the National Commission on Minimum Wages (the "Commission") approved a 3.9% increase in the minimum wage, the same which became effective on January 1, 2014. Such increase is relevant in that employees in Mexico have a right to receive wages that are not less than the general or professional minimum wages. The minimum wage is defined by the Mexican Federal Labor Law as the minimum amount to be received, in cash, by an employee for services rendered in a work shift,... [Read More]