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.
“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.
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