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316C H A P T E R X I Xregulatory exceptions to the LGSM in regard to capital, voting rights and minority rights,and which may eventually and voluntarily adopt the SAPIB regulatory regime, which isanalyzed below.From a strictly commercial law point of view, we consider that there is a possibilitythat the SAPI will become a much used sub-type of company due to its flexibility andmodernity, in contrast to the rigidity of the traditional stock corporation. We considerthat for certain co-investment agreements, strategic alliances, or joint ventures, the SAPIcan be very useful.Furthermore, it should be emphasized that in practice it is very common to see theexecution of contracts among shareholders and other types of covenants seeking toestablish precisely the types of agreements that now the new Securities Market Law regulatesfor the SAPI, with the risk that in the case of disputes, the validity of such contractsor agreements executed by the shareholders of a stock corporation could be questionedby the courts under the argument that they had been executed at the margin or in violationof the LGSM. As we have already mentioned, from the entrance in force of the newSecurities Market Law the validity of such agreements of the SAPI will be recognized,which will make them more attractive that other types of companies for certaininvestors.3. Stock Market Investment Promotion Corporation(Sociedad Anónima Promotora de Inversión Bursátil, SAPIB)In contrast to the SAPI, the stock market investment promotion corporations (sociedadesanónimas promotoras de Inversión Bursátil, SAPIBs) can request the registration of theirshares or negotiable instruments representing them (such as certificates of participation[certificados de participación ordinarios] and stock market certificates [certificadosbursátiles]) in the National Securities Registry. It should be pointed out that such stockor instruments representing them can only be acquired by institutional investors, qualifiedinvestors, and investors that know and expressly assume the risk of investing inthese types of companies.For purposes of adopting the stock market form, the SAPI must change its corporatename in order to add the word “Bursátil” or its abreviation “B.”Furthermore, the shareholders meeting of the SAPI that intends to adopt the stock marketform must:a) Resolve the adoption of the regulatory regime of the Stock Market Corporationwithin a maximum term of three years from when the registration in the NationalSecurities Registry (Registro Nacional de Valores, RNV) of its shares or instrumentsrepresenting them becomes effective;