Elections matter in Latin America, campaign rhetoric less so. Policy is driven by the financial and political backers of winning candidates and the confidants to whom they entrust important postings. In some jurisdictions, the rule of law is powerful enough to counter-weight the pull of family ties, financial motivation or political debt. But in most countries, at most points of time, influence is the currency that dictates policy and the enforcement (or not) of regulations.
Investors who operate in highly regulated industries must be knowledgeable of the full political risk their projects face and remain aware of its changing dynamic to continue to mitigate all forms of political risk. Such an effort can rarely be done internally and requires the discreet intelligence gathering and reporting of experienced market intelligence professionals.