21 Jun ALERT – General Law of Commercial Companies.
Reform of the General Law of Commercial Companies.
On June 14, 2018, it was passed the Decree by which Articles 73 and 129 of the General Law of Commercial Companies have been added.
These articles correspond to the obligation of the mercantile companies to keep a corporate record book of partners or shareholders in which the name and address of each of them, shall be recorded, as well as the value of their equity interests or number of shares they own and the transmissions that are made.
With the approved reform, a notice must be published in the Electronic System of Publications of Commercial Companies, established by the Ministry of Economy, regarding the registration of the information of the partner or shareholder and the transfer of equity interests or shares, which have been registered in the corporate books of the entity.
In this reform, it is established that the Ministry of Economy will ensure that the name, nationality and address of the partner or shareholder, included in the notice, is kept confidential, except in cases where the information is requested by judicial or administrative authorities, in terms of the corresponding legislation.
Reform referred to above, it complies with the recommendations issued by the Financial Action Task Force on Money Laundering (FATF), of which Mexico is a part, in which it was recommended that as part of the process to ensure the existence of adequate transparency on moral persons, specifically those of a commercial nature, countries should have Public Registries with updated information, including those of their shareholders, finally identifying the final beneficiary.
This reform will be in force at the six months from the date of its publication in the Federal Official Gazette, that is on December 15th, 2018.
Partner and author: Lic. Alejandro Staines.
The content of this circular is the sole and exclusive property of Calderón and the Sierra y CIA, SC, and is protected by the laws on copyright, therefore its total or partial reproduction cannot be made without the prior written consent of its owner. This material has been prepared for informational purposes and does not constitute the issuance of a legal opinion, so it should not be understood as a proposal or suggestion to act based on the information contained herein. If you require more information or advice for a case related to the subject that is dealt with in this circular, we would appreciate getting in touch with the lawyers of the firm regarding the subject.