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Tuesday, May 10, 2016

Mexico amends rules applicable to issuers of hydrocarbon-related securities

Last Friday, May 6, Mexico's Banking and Securities Commission published a resolution amending the "General Provisions Applicable to Issuers of Securities and other Market Participants".  The resolution was published in the Federal Official Gazette (Diario Oficial de la Federación), the main publication of Mexico’s federal government.   
The amendment (a) is intended to clarify certain aspects relating to the information that is to be disclosed by issuers of securities participating in one or more contracts for the exploration and extraction of hydrocarbons, (b) provides guidelines for the preparation and filing of annual reports, and (c) extends the term during issuers can submit their initial filings.
Because the resolution is already in full force and effect, issuers should contact legal counsel at their earliest convenience to understand its implications and be ready to submit the required reports in proper time and form.      
Mauricio Leon de la Barra is a business and real estate counselor and attorney at law. He is one of the few attorneys licensed to practice law in both Mexico and California, and has more than 15 years of experience handling all type of business, corporate and real estate transactions.
Rebeca Sanchez Perez has extensive experience practicing corporate and finance law. She advises Mexico and international clients on a variety of matters, including foreign investment, corporate restructuring, minority rights, mergers, acquisitions and joint ventures, data protection, and public and private financing, such as the incorporation of private equity funds.