MEXICO

On November 24, Andrés Manuel López Obrador (AMLO) announced that the Undersecretary of Expenditures of the Treasury and Public Credit, Victoria Rodríguez Ceja, will be his nominee for the position of Governor of the Bank of Mexico (BANXICO). It is expected that the Executive Branch will formally send the proposal to Congress for ratification in the short term. On the other hand, the National Commission for the Protection and Defense of Financial Services Users (CONDUSEF in Spanish), through the National Commission for Regulatory Improvement (CONAMER in Spanish), published a public consultation regarding the registration of financial entities before the entity. The consultation will remain open until at least December 22, and interested parties may send their comments through the following link.

In his announcement, AMLO justified his decision by stating that this is a person with experience, and that it is “thanks to her that we have financial stability” due to her role in the Secretariat of Finance and Public Credit, which is why he has “absolute confidence” in her. The proposal comes after it became known on November 23 that AMLO had discarded his original nomination for the position, which was for Arturo Herrera, former Secretary of Finance and Public Credit.

Rodríguez Ceja holds a degree in Economics from Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM) and a Master’s degree in Economics from Colegio de México (COLMEX). She has worked in the area of public finance, with special emphasis on budgetary, financial and debt issues. Currently, she holds the position of Undersecretary of Expenditures of the Treasury and Public Credit, where she was in charge of directing and controlling the planning in terms of programming and budgeting of the agencies and entities of the federal public administration.

The draft bill proposes to unify in a single regulatory body the different obligations that financial entities have before CONDUSEF regarding registrations. Likewise, the text establishes that the entity will grant a CONDUSEF identity code (CIC), which will be the means by which individuals may comply with their obligations, specifying the documentation that must be submitted by individuals for such purpose.