year- and public-private partnerships. The registry seeks transparency of all indebtedness obtained by such public entities. However, registration is conditioned to fulfillment of all obligations imposed by the Law and other legal provisions applicable to States and municipalities. The Ministry of Finance may request to financial institutions any information relating to the financings and obligations registered with the Debt Public Registry, to compare the information received by the public entities, and in the event it finds any differences, they must be published. The Debt Public Registry must be published in the web page of the Ministry of Finance and must be updated daily. Surveillance and Penalties. The Law provides that a Federal Supervising Entity (Auditoría Superior de la Federación), depending of the General Congress, as well as, local entities performing the same tasks in the States, shall be in charge of surveilling fulfillment of all provisions of the Law. The Law also provides that public officers, individuals and/or companies that harm public finances shall be responsible for damages. As well, public officers who fail to comply with the provisions of the Law are subject to public liability, and may be removed and disqualified. Penalties and indemnities shall be deemed tax credits, and therefore, are enforceable through a special proceeding. Final Aspects. To the extent applicable, the law imposes similar obligations on municipalities. Most provisions will be in effect in 2017. The Debt Public Registry should start operating in April 2017. Benefits and Pending Matters.
year- and public-private partnerships. The registry seeks transparency of all indebtedness obtained by such public entities. However, registration is conditioned to fulfillment of all obligations imposed by the Law and other legal provisions applicable to States and municipalities. The Ministry of Finance may request to financial institutions any information relating to the financings and obligations registered with the Debt Public Registry, to compare the information received by the public entities, and in the event it finds any differences, they must be published. The Debt Public Registry must be published in the web page of the Ministry of Finance and must be updated daily. Surveillance and Penalties. The Law provides that a Federal Supervising Entity (Auditoría Superior de la Federación), depending of the General Congress, as well as, local entities performing the same tasks in the States, shall be in charge of surveilling fulfillment of all provisions of the Law. The Law also provides that public officers, individuals and/or companies that harm public finances shall be responsible for damages. As well, public officers who fail to comply with the provisions of the Law are subject to public liability, and may be removed and disqualified. Penalties and indemnities shall be deemed tax credits, and therefore, are enforceable through a special proceeding. Final Aspects. To the extent applicable, the law imposes similar obligations on municipalities. Most provisions will be in effect in 2017. The Debt Public Registry should start operating in April 2017. Benefits and Pending Matters.
18486608v1%20-%20Sovereign%20Debt%20Remedies%20in%20Mexico%20%28Rosa%20Maria%20Rojas%20Vertiz%29.DOCX