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Macquarie Infrastructure Corp. decision has little import for municipal securities
On April 12, 2024, in the Macquarie decision, SCOTUS unanimously ruled that a pure omission does not provide the basis for a securities fraud claim.
In Mexico, foreign direct investments (FDI) are regulated by the Foreign Investment Law (FIL). Under the FIL, as a general rule, foreign investors are afforded the same rights, obligations and remedies available to Mexican nationals.
However, forcing investors are required to obtain approval from the National Commission of Foreign Investment (Commission) if they wish to obtain an equity stake of more than 49 percent of the shares of a Mexican company with assets whose aggregate value at the time of the acquisition exceeds the threshold determined annually by the Commission (currently about USD$1 million) and which is active in any of the following sectors:
To obtain approval, foreign investors must file a questionnaire detailing the origin of their investment and pay a nominal fee. The Commission has 45 business days to issue its approval.
In addition, Article 27 of the Mexican Constitution provides that foreigners are not permitted to acquire direct domain over lands and waters within one hundred kilometers from the national borders inland or fifty kilometers from the seashore. Also, foreign capital is capped at 49 percent in certain strategic sectors, including: shipping, broadcasting, air transportation, and port administration.
Like other jurisdictions, throughout 2020 Mexico was very active in issuing administrative resolutions, decrees and recommendations to mitigate, contain and address the COVID-19 pandemic. However, no such resolutions, decrees or recommendations were specifically directed towards FDI, rather, all such resolutions were (and in some cases continue to be) applicable to private investment in general.
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On April 12, 2024, in the Macquarie decision, SCOTUS unanimously ruled that a pure omission does not provide the basis for a securities fraud claim.
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The CMS released its annual proposed rulemaking for the Medicare Inpatient Prospective Payment System for fiscal year 2025.
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The DOJ Criminal Division’s Pilot Program on Voluntary Self-Disclosure for Individuals aims to encourage individuals with potential criminal exposure to voluntarily disclose corporate criminal conduct in exchange for discretionary grants of immunity.
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