On June 12, 2015, the Ministry of Economy ("ME") published a Decree Federal Official Gazette setting forth the Electronic System for Publications of Corporations and its operation provisions (the "Decree"), enforceable as of June 15.
Such Decree sets forth a series of provisions that modify the previous publication procedure, through the creation of a consolidated electronic system that allows a more efficient and expedited publications to be made, pursuant to the General Law of Mercantile Corporations, using the following website: http://www.psm.economia.gob.mx/PSM/ (the "PSM System ").
New Publication Procedure.
Publications made at the PSM System may be requested by (i) a legal representative of the corresponding corporation, with sufficient authority duly formalized before a Mexican Notary Public; (ii) an individual authorized by the legal representative; or (iii) public officials of the ME, in the event publications are required by legal mandate or court ruling.
According to the following procedure:
- The legal representative of the corporation should access the PSM System with his or her advanced electronic signature in order to register it with its own electronic signature, corporate name and Taxpayer's ID.
- Once the corporation has been registered, the legal representative may appoint authorized users to carry out publication procedures, who must also do so with their advanced electronic signature.
- The request for publication will be made directly through the PSM System, using PDF files that do not exceed 1MB.
- If the publication contains any error, the legal representative or authorized user may request a correction of the information at any time, following the same procedure.
The Decree fails to set forth provisions regarding timing and costs for publication, but we have confirmed with the ME that the publications will be free of charge and made in real time; thus, a publication will become effective on the same day it is requested through the PSM System.