ARTICLE
29 October 2020

Final Update On The Elimination Of Public Trusts In Mexico

O
OLIVARES

Contributor

Our mission is to provide innovative solutions and highly specialized legal advice for clients facing the most complicated legal and business challenges in Mexico. OLIVARES is continuously at the forefront of new practice areas concerning copyright, litigation, regulatory, anti-counterfeiting, plant varieties, domain names, digital rights, and internet-related matters, and the firm has been responsible for precedent-setting decisions in patents, copyrights, and trademarks. Our firm is committed to developing the strongest group of legal professionals to manage the level of complexity and interdisciplinary orientation that clients require. During the first decade of the 21st century, the team successfully led efforts to reshape IP laws and change regulatory authorizations procedures in Mexico, not only through thought leadership and lobbying efforts, but the firm has also won several landmark and precedent-setting cases at the Mexican Federal and Supreme Courts levels, including in constitutional matters.
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)...
Mexico Corporate/Commercial Law

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.

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