Regulatory Alerts2024-01-24 | DOF 5715032Added
Decree reforming, adding, and repealing various financial laws regarding administrative procedures
This Decree amends the administrative sanctioning procedures for financial entities under the Law for Transparency and Ordering of Financial Services, the Law for Protection and Defense of Financial Services Users, the Credit Institutions Law, the Securities Market Law, and the Law for Regulating Financial Groups. It establishes a five-year statute of limitations for imposing administrative sanctions, which is interrupted by the notification of the right to a hearing and suspended for up to two years if the entity's registered address is incorrect or if the entity contests the sanctioning acts. The reforms standardize procedural timelines, granting a ten-day period for the alleged infringer to present defenses and evidence, followed by a sixty-day period for the authority to review evidence, a five-day period for final arguments, and a maximum of one hundred eighty days for the authority to issue a final resolution. Additionally, it introduces specific provisions for the revocation of concessions and authorizations, requiring publication in the Official Journal and registration in the Public Commerce Registry.
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