Recent Developments

On January 9, 2015 and December 31, 2014, the Ministry of Finance and Public Credit published in the Federal Official Gazette ("DOF") new amendments to certain financial laws, for the purpose of strengthening the Financial Reform published in the DOF on January 10, 2014, which came into effect on January 11, 2014.

Purpose of the reforms

Their purpose is to promote the competition within the financial sector, in order to obtain lower costs, better services and wider coverage of the credit facilities in Mexico.

Relevant Aspects of the reform

Affiliates of Foreign Financial Institutions

  • New rules are issued to facilitate the establishment of Affiliates of Foreign Financial Institutions in Mexico, through administrative requirements designed for financial groups and their entities.
  • The previous Rules for the Establishment of Affiliates of Foreign Financial Institutions were derogated, as well as the rules for the establishment of Affiliates of Retirement Funds Managers.

Representative Offices of Foreign Financial Institutions

  • Intends to adapt and modernize the secondary regulations applicable to Representative Offices, in order to implement the regulatory measures established by the Credit Institutions Law ("LIC") and the Securities Exchange Law ("LMV").
  • The regulations applicable to Representative Offices (that are regulated by the LIC and the LMV) are comprised into a single administrative mandate, in order to standardize and harmonize their content, while facilitating their compliance by the Representative Offices.
  • Administrative procedures are simplified for the Foreign Financial Institutions to be able to  obtain authorizations to establish one or more Representative Offices in Mexico.

Financial Groups

  • Terms and conditions are established for the organization of Managing Entities for the operation of Financial Groups.
  • New regulations are issued for the purposes of avoiding conflicts of interest among related entities of Financial Groups.
  • Corrective measures are established to prevent and/or correct issues affecting the stability or solvency of Financial Groups.
  • Establishes a procedure that must be followed in order to comply with the obligations under the Sole Responsibility Agreement undertaken by Managing Entities.

Commercial Banks

  • The LIC is amended to include additional requirements of liquidity issued by the Regulatory Committee of Banking Liquidity, which are consistent with the standards issued by the Banking Oversight Committee of Basilea.
  • It requires commercial banks to hold additional unrestricted liquid assets, with a high credit quality, to be able to comply with their obligations and liquidity requirements, even in extraordinary situations.
  • It requires that commercial banks disclose their Liquidity Coverage Ratio.
  • It is intended to increase the ability of the commercial banks to meet their obligations, as well as to promote the stability and proper operation of the Mexican financial system.

General Deposit Warehouses

  • New rules are issued in connection with the information and documentation required to establish and operate General Deposit Warehouses.
  • It grants greater legal certainty to the negotiable certificates of deposit over goods stored in deposit warehouses.

Foreign Exchange Establishments

  • New rules are issued in connection with the information and documentation required to establish and operate Foreign Exchange Establishments.


  • It establishes the obligation of evaluating the capital sufficiency in connection with credit, market and operational risks of brokerages.
  • Annual reports of capital sufficiency must be submitted to the National Banking and Securities Commission.

Investment Funds

  • Electronic negotiation mechanisms are created for the purchase and sale of shares of investment funds.