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Paseo de los Tamarindos 400
Torre B, Pisos 7, 8 y 9
Col. Bosques de las Lomas
Mexico City
05120
Mexico
Two important legislative events have modified the legal regime applicable to Limited Scope Financial Institutions or Mexican Non-Bank Banks (Sociedades Financieras de Objeto Limitado), also known as Sofoles ("Sofoles"), Financial Leasing Companies Arrendadoras Financieras) ("Financial Leasing Companies") and Factoring Companies (Empresas de Factoraje Financiero) ("Factoring Companies").
By Yves Hayaux-du-Tilly L., Henry Capin Gally
The main purpose of the Bill is to (i) regulate mortgage credit insurance (seguro de crťdito a la vivienda) and financial guarantee insurance (seguro de garantŪa financiera); (ii) transform the legal framework currently applicable to the participation of foreign governments and foreign official entities in the capital stock of Mexican insurance companies.
By Yves Hayaux-du-Tilly L.
A new Securities Market Law (Ley del Mercado de Valores) (the "New LMV") was approved on December 6, 2005 by the House of Representatives of Mexico and on December 8, 2005 by the Senate.