A PYMNTS Company

Mexico: Invex, Citibanco, HSBC and Monex, fined for gun-jumping

By  |  June 5, 2017

Mexico’s Federal Competition Authority (Cofece) set fines for $365 thousand pesos ($19,000 US) each against Mexico Multifamily Fund VIII (MMF), Invex, Citibanco, HSBC and Monex, over their role in closing and formalizing a concentration of investment funds for which they did not have the approval of the competition authority. The sanction also hit Notary Public number 151 of Mexico City, who was fined eight million 545 thousand pesos ($450,000 US, approximately), marking the first such sanction on the individual functionary who approved the flawed merger.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    Subscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    “The failure to notify a concentration when by law it should be done, prevents the Commission from exercising its preventive functions, which are of great importance to effectively protect against undue concentrations in the markets,” explained the institution chaired by Alejandra Palacios.

    In accordance with Article 86 of Mexico’s competition law, concentrations must be notified to the Commission whenever the amount of the transaction exceeds 18 million times the daily minimum wage.

    Full Content: Proceso

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.