The Executive branch submitted on May 8th 2013 before Mexican Congress a Financial Reform Bill with purpose of broadening competition in the sector and promoting the output of accessible loans.
38 laws are intended to be amended, including the Credit Institutions Law, the Law for transparency and Organization of Financial Services, the General Law for Negotiable Instruments and Credit Operations, the Bankruptcy Law and the Commercial Code. The objective is to improve the competition conditions and the possibilities of executing and collecting loans in order to reduce counterparty risk and reduce the cost of loans.
This is a comprehensive reform of various financial laws and ambitious in its scope and objectives. Although the reform can be improved, BSTL believes that it may mean a positive step towards a better regulation of the financial sector.
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