MEXICO

On November 26, the Executive Branch promoted several relevant initiatives for the sector. More details are provided below:

• The Senate’s Finance and Public Credit Committee approved the official notice proposing Victoria Rodriguez Ceja as governor of the Bank of Mexico (BANXICO). It is worth mentioning that this appointment was made after Arturo Herrera was removed as candidate to become the head of the entity. The proposal was sent to the full Senate to continue its treatment in the short term.

• The National Commission of the Retirement Savings System (CONSAR) opened, through the National Commission for Regulatory Improvement (CONAMER in Spanish), a public consultation to regulate the Retirement Funds Administrators (AFORES in Spanish) in matters of information storage and user registration. The draft bill establishes that these entities must store the information corresponding to at least the last 10 years of the individual accounts they manage. The public consultation will remain open until at least December 24, and interested parties may send their comments through the following link.

•  CONSAR opened, through CONAMER, a public consultation that makes modifications for the change from local currency to foreign currency by the AFORES. In this regard, the draft bill states that in order to establish the equivalence of the national currency with the US dollar, the entities must no longer be governed by the FIX exchange rate as the original law stated, but must use the closing exchange rate on the date of the transaction, published by the Bank of Mexico on its web page. The public consultation will remain open until at least December 24, and interested parties may send their comments at the following link.