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the Stock Market, such as the presentation of continuous reports regarding corporateactions; quarterly reports on the financial statements; annual reports covering the annualfinancial statements and reports prepared by the chairman of the corporate practicescommittee, as well as reports on any corporate restructuring.We consider that in order for the SAPIB to really become an investment vehicle, effectivelysparking the growth of venture capital in our country, it will be indispensable thatit be allowed a tax exemption that stimulates investment in this type of company. Otherwise,notwithstanding the incentives being granted by the Mexican Stock Exchange toencourage investment in SAPIBs, the above-noted objective will not be achieved.4. Stock Market Corporation (Sociedad Anónima Bursátil, SAB)318C H A P T E R X I XThe new Securities Market Law incorporates a new type of stock corporation previouslyknown as an “issuer,” to which the name Stock Market Corporation (Sociedad AnónimaBursátil, SAB) is given.The SAB is subject to both the new Securities Market Law and the LGSM in matters notprovided for in the former.The novelties existing with respect to the SAB are significant, given that on the one handthe structure of their corporate governing bodies is changed (corporate governance) andon the other hand the duties of the managers of such companies is regulated in detail.Moreover, the principle of consolidated application of the new law to all the companiescontrolled by the SAB is recognized, as was inevitable from a legal point of view.With respect to the restructuring of corporate bodies of the SAB, the following shouldbe mentioned:a) Before the new Securities Market Law, the management and oversight of the companieslisted on the Stock Exchange was conferred to two corporate bodies: theboard of directors and the examiner.In practice, such a dualistic regulatory regime was inoperative since, on the onehand, the board of directors, meeting quarterly, in reality could not manage thecompany, but rather only issued general instructions for its operation, and on theother hand, it was, practically speaking, impossible for the examiner to haveunlimited oversight of the company, as was required of each body within theirrespective competencies by the LGSM, as the supplemental regulation of the priorSecurities Market Law.In view of the above, the new Securities Market Law adopted the monist corporateorganization, according to which the management and the oversight of theSAB was unified in a single corporate body.Thus in the corporate governance of the SAB, the figure of the examiner is eliminated,however the examiner’s functions do not disappear but rather they are