Mexico Issues New Rules Relating to Representation Offices of Foreign Companies

In order to facilitate and better organize the process of authorizing a representation office or establishment in Mexico of companies basedabroad, an amendment to the Law of Credit Institutions (Ley de Instituciones de Crédito) was published establishing that the MexicanNational Banking and Securities Commission (Comisión Nacional Bancaria y de Valores or CNBV) is the competent authority to reviewand authorize representation offices in Mexico, instead of the Mexican Department of Finance and Public Credit (Secretaria de Hacienda yCrédito Publico) making the CNBV and the Mexican Central Bank, Banco de México, responsible for regulating such representationoffices. The amendment will enter into force 120 days following its publication.