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In light of a landmark energy reform that overhauled Mexico’s energy sector, the National Pension System Commission (CONSAR) has consistently amended its regulations, including the sole financial guidelines, in an effort to increase investments carried out by Mexican pension funds (AFORES or Administradoras de Fondos de Ahorro para el Retiro) in other asset classes, such as CERPIs.

CERPIs are certificates offered through the Mexican Stock Exchange by means of a Mexican issuing trust to finance or invest in certain projects in Mexico.  These are a new breed of asset class created as an alternative to the existing certificates for capital development or CKDs. Only institutional and qualified investors under Mexican law can purchase CERPIs.

Posted by Reinaldo Ravelli, Pedro Cafaro and Bruno Dreifus (Associates from Trench, Rossi e Watanabe*) *In cooperation with Baker & McKenzie Amidst economic deterioration, political uncertainty, currency devaluation and weak markets at home, the Brazilian Federal Revenue issued Normative Ruling # 1.585 on August 31, 2015 to consolidate and update the tax rules applicable to investments in the Brazilian capital and financial markets. Normative Ruling # 1.585 permits share investment funds (FIAs), whose net…

Motivations for undertaking a cross border listing can be both financial and non financial. In some instances, regulatory restrictions in a domestic market necessitates listing overseas. In other cases, issuers seek to obtain enhanced benefits, such as access to deeper capital pools. Regardless of the driver, the decision to undertake a cross border IPO needs to be considered as part of a broader capital markets business strategy. It is important to factor future trends as…

The United States Securities & Exchange Commission (the SEC or the Commission) recently held its annual “SEC Speaks” conference in Washington, DC on February 20 and 21, 2015, which recapped the SEC’s prior year and emphasized SEC regulation and enforcement priorities for the coming year. Chair Mary Jo White and other SEC commissioners highlighted various topics that have and will continue to impact the securities market and various market participants, including issuer registrants. We have…