|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 UpdatesCacheaux, Cavazos & Newton is pleased to inform readers and friends of the CCN MexicoReport™ that the Customs Compliance Conference held this past month in Houston, Texas was a success. Specifically, CCN wishes to extend a special thank you to the following: · Each of the more than 200 attendees from Mexico and the Unites States. · Over 150 transnational companies representing various... [Read More]
- A popular topic nowadays is that of minors who have to work in order to help support their families and, as a consequence, have to miss school and academic preparation. Mexico’s labor authorities have taken action regarding this issue in order to protect the rights of minors, so that they may have the opportunity to have access to basic education and in an attempt to eradicate child labor. Pursuant to the foregoing, companies that have a need to hire minors should be aware of... [Read More]
- Clients often ask their attorneys whether it is possible to agree that the rent to be paid for real property located in Mexico may be paid in foreign currency (most often U.S. Dollars). At first the answer seems easy, that yes it is possible; however, there are various aspects to consider. Foreign currency does not constitute legal tender in Mexico and, for such reason, Mexico’s Monetary Law and Provisions of the Bank of Mexico that authorize the debtor to pay in foreign currency... [Read More]
- The Federal Civil Code states that “a purchase and sale shall occur when one of the contracting parties agrees to transfer ownership of an item or a right, and the other agrees to pay for such, a given monetary price.” With respect to such matter, the Supreme Court of Justice of the Nation has published legal opinion number XXI/2014 (10ª) titled "Purchase and sale agreements. Obligation to pay a given monetary price," issued by the First Chamber. According... [Read More]
- Three months ago, the most important constitutional reform on energy in Mexico in several decades was published in the Official Journal of the Federation. This reform intends to implement radical changes by promoting competition in a sector that has been historically characterized by the concentration of productive activities in the hands of the Mexican government since the 1930s, which began to open up to private investment just two decades ago. The same holds true for the hydrocarbon... [Read More]
- Cacheaux, Cavazos & Newton is pleased to announce that José María Lujambio-Irazábal is joining our firm in June 2014. Mr. Lujambio-Irazábal served as General Counsel of the Mexican Federal Energy Regulatory Commission from 2009 through 2012. Previously, he worked in the office of the Legal Advisor to the President of the Republic of Mexico from 2005 until 2009. Mr. Lujambio-Irazábal received his law degree from the... [Read More]
The following are economic indicators as of March 31, 2014:
Peso/Dollar Exchange Rate: $13.0549 pesos per dollar.
Mexican Stock Exchange: The Mexican Stock Exchange (BMV) closed at 40,394.32 points.
Interest Rates: The Average Interbank Interest Rate (TIIE) for a 28-day period was at 3.8150 %.
- As a result of the Pact for Mexico, which generated many significant and long awaited reforms, including major energy and tax reforms, among others, Mexico’s Congress is now faced with the task of drafting the regulations that will support the recent constitutional amendments. This task requires consensus and political control in order for the negotiations to yield positive results. This seems difficult at the moment, considering that it requires not only a common agreement... [Read More]
Business & Politics OutlookOn March 4, 2014, Mexico’s new Federal Code of Criminal Procedure was issued, which replaces the codes of criminal procedure of Mexico’s 32 states and the previous Federal Code of Criminal Procedure. This innovation to the federal penal system will have a significant impact on the Mexican criminal justice system. Starting in 2008, Mexico embarked on a criminal law reform aimed at guaranteeing human rights provided for in the Mexican Constitution and International Treaties... [Read More]