MEXICO Law and Practice Contributed by: Julián J. Garza Castañeda and Paulina Bracamontes Belmonte, Nader Hayaux & Goebel
8.7 Natural Resources No information has been provided in this jurisdiction. 8.8 Environmental, Health and Safety Laws The main environmental, health and safety laws that apply are: • the Ecological Balance and Environmental Protec- tion General Law and its regulations; • the Environmental Liability Federal Law; • the Law of the National Agency for Industrial Secu- rity and Environmental Protection for the Hydrocar- bon Sector; • the Climate Change General Law; • the National Waters Law; and • the Prevention and Comprehensive Management of Residues Law. The main regulatory bodies include: • the Ministry of Environment and Natural Resources ( Secretaría del Medio Ambiente y Recursos Natu- rales ); • the Federal Attorney Office for Protection of the Environment ( Procuraduría Federal de Protección al Medio Ambiente ); • the National Water Commission ( Comisión Nacion- al del Agua ); and • the National Natural Protected Areas Commission ( Comisión Nacional de Áreas Naturales Protegidas ).
ety of factors, including construction, operational and management risks. Project finance structures tend to be heavily collateralised. Collateral usually includes: • pledges over the equity of the borrowers; • specific liens on the project assets, achieved through security trust, pledge and mortgage col- lateral instruments; and • assignment mechanisms of receivables stemming from the operation of the respective projects. Most recently, project financings in Mexico have taken place in the infrastructure and real estate industries. In both cases, financings have occurred through bank lending and bond offerings (both private and public) via the issuance of securities in local and foreign markets. In the infrastructure market, for example, it has been possible to securitise payments under PPP agreements for the development or improvement of toll roads through complex structures that have been well received in the marketplace. As previously mentioned, there are generally no restrictions with regard to foreign lenders implement- ing security structures with Mexican parties or with assets located in Mexican territory. Mexican law is innovative and sophisticated, allowing the perfection of security liens over both movable and real estate assets.
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