Effective and Proposed Amendments to New Mexican Official Standard Pertaining to Time Share Developments.
On July 15, 2010, the Ministry of Economy (Secretaría de Economía) of Mexico published amendments to the transitory provisions of the Mexican Official Standard NOM-029-SCFI-2010 (the “New Time Share Regulations”) in the Official Gazette of the Federation (Diario Oficial de la Federación) which were originally published in May 17, 2010. The amendments published by the Ministry of Economy were the result of recommendations from members of the private sectors which felt that the New Time Share Regulations could be improved by incorporating a few changes. This document supplements our May 2010 Client alert (attached) and focuses on the changes from its original terms.
Main effects of the amendments already approved.
• The effective date of the New Time Share Regulations is postponed (from July 16, 2010 to October 14, 2010) to allow an easier adaptation.