Mexico Wins With Lower House Approval of Securities Market Law Initiative

MEXICO CITY, Dec. 7 /PRNewswire/ -- Grupo Salinas, a group of dynamic, fast growing and technologically advanced companies deeply committed to the modernization of Mexico, announced today that it welcomes the approval of the initiative to enact a new Mexican Securities Law by the Chamber of Deputies.

Grupo Salinas stated that Mexico wins with the approval, as the legislation is expected to enhance transparency and accountability of Mexican corporations. This translates into increased confidence to invest in Mexico, which generates larger capital inflows to the securities market. The initiative aims to protect minority rights, a measure that is welcome when it is consistent with the protection of majority rights.

A more robust securities market, as a consequence of the initiative's approval, will contribute to economic growth and labor productivity, and will also enhance the creation of more and better jobs and higher standards of living.

During the legislative process, all interested parties were free to propose modifications to enhance the document, and many did it either directly or through third parties. The participation of the Mexican private sector, led by Grupo Salinas, was instrumental in the process, providing congressmen with private sector insights to improve the proposed regulatory framework. From the original text, 47 modifications were accepted by the Lower House, while two proposed amendments remained unchanged.

Grupo Salinas believes that the positive outcome from the dialogue between the private sector and lawmakers reflects respect, openness and understanding of divergent points of view, and sets a standard for future legislative processes.

Grupo Salinas believes the legislation still has room for additional improvement, and is strongly committed to continue contributing to further enhancement of the document.

Grupo Salinas Profile

Grupo Salinas provides management services and strategic guidance to the companies in which Ricardo B. Salinas and his family hold significant interests. Grupo Salinas also provides a forum for the exchange of ideas and best practices between the different management groups of these companies. The firms include TV Azteca, Azteca America, Grupo Elektra, Banco Azteca, Afore Azteca, Seguros Azteca, Iusacell, Unefon, Movil@ccess, Todito.com, and Telecosmo.