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MEXICO - CNBV Fines Comerci

* MEXICO

CNBV Fines Comerci
The National Banking and Securities Commission sanctions derivatives management operations

For procedures related to derivative operations, the National Banking and Securities Commission (CNBV) sanctioned Controladora Comercial Mexicana, the signature retail sector firm currently undergoing a profound financial restructuring process. Considering that "neither the issuer nor the officials acted with malice or bad faith", the CNBV only applied administrative sanctions to the company, including the removal, for two years, of the administration and finance director. Comerci immediately paid the corresponding fines ($39.2 million) and complied with the requested management changes.
Nov-24-2009 04:11pm