ACM LEGAL

Facebook

Twitter

FEDERAL LAW FOR PREVENTION AND IDENTIFICATION OF TRANSACTIONS WITH RESOURCES OF ILLEGAL ORIGIN

 On October 17, 2012 this law was published in the Federal Official Gazette (DOF); and broadcasted in the media as “Anti-Money Laundering Law”. Such regulation was inforced on July 17 and its rules of procedure will be issued in August of this year.

By means of this law several procedures were set forth in order to detect illegal transactions involving funds, which mean greater surveillance by the authority in all financial and commercial transactions which take place in Mexico.

The purpose of this law is to protect the National Financial system and economy, establishing measures and procedures to prevent and detect acts or transaction which involve resources of illegal origin.

 
THE ENFORCEMENT OF THE FEDERAL LAW OF PROTECTION OF PERSONAL DATA IN POWER OF PRIVATE ENTITIES AND ITS IMPACT UPON COMPANIES

Parting from the first question: What is personal data? Is that we shall start this brief bulletin, since pursuant to such law, personal data is any information related to individuals, for example, name, telephone number, domicile, photographs or fingerprints, as well as any other information which may be useful to identify them. This type of data allows, in addition, the interaction with one or more organizations, as well as enabling them to become subjects of rights.

What is the importance of Personal Data?In the era of communications, the management and exchange of data has become a usual practice, both for the public sector as well as for companies, which use them for the development of their day to day activities such as: 

• Sale of goods (i.e.: internet book sales or a car at a dealership)
• Hiring of services (clinical analyzes, life insurance or enrollment at a school) 
• Job offers (when presenting labor resume or filling out a work application form.)

 
THE LEGAL SITUATION OF E-COMMERCE IN MEXICO

E-Commerce summarizes itself to goods purchase or services provision. Such transactions are agreements which have a legal, specific and own regulation, same which generate rights and obligations between the contracting parties.

The main aspect to determine is if e-commerce can be treated in Mexico under the same rules and principles as the purchases carried out through other different means or if a specific regulation is necessary.

The current applicable rules for purchase agreements, as well as their preparation actions (offer and acceptance) are preliminarily, directly applicable to the purchases carried out through electronic means. The use of this technology does not alter in any manner whatsoever, the nature of the agreement or the general content of the obligations, rights and liability as generated for the parties.

 
THE IMPORTANCE OF THE POWERS OF ATTORNEY GRANTED BY THE COMPANY

A fundamental part of the proper operation of legal entities in Mexico is based on the granting of powers of attorney that these carry out in order make the commercial operations in which they are involved more fluent. 

The powers of attorney are generally granted in favor to key personnel for certain areas of the company such as sales, operations, acquisitions and all other where it is necessary to bind the company before third parties.

Now, within the operational importance of granting powers of attorney in favor of key personnel of the company, it is also of utmost importance to follow up the revocation of the powers of attorney granted to the individuals who, due to any reason cease their labor relationship with the company since due to the lack of revocation,  the company finds itself exposed to potential contingencies which may affect it, such as:

 
THE IMPORTANCE OF THE GENERAL ANNUAL SHAREHOLDERS MEETING.

A truly important activity in Commercial Entities is the holding of General Annual Shareholders´ Meeting. 

This is due to the fact that such Meeting is an event of utmost importance for the Company since it is a moment where three main aspects of the corporate and financial life of the company are discussed and if applicable approved: 

a)Discuss, approve or modify the Administrators´ Report, taking into consideration the Inspector´s Report and take the measures as deemed convenient;

b)If applicable, appoint the Sole Administrator or Board of Directors and the Inspectors;

c)Determine the Administrators and Inspectors compensation in the case such concepts are not contemplated within the Corporate By-laws.