On November 27, 2024, the Senate passed a constitutional reform with a qualified majority to expand the list of crimes eligible for mandatory pretrial detention. Originally proposed by former President López Obrador on February 5, 2024, the initiative had already been approved by the Chamber of Deputies.

On November 15, 2024, the Secre­tary of Finance and Public Credit, Rogelio Ramírez de la O, presented to the Chamber of Deputies the long-awaited Economic Package for fis­cal year 2025. This document, in ad­dition to reflecting the projections and strategies of the federal government for the coming year, establishes a frame­work for the management of public finances, posing challenges and oppor­tunities.

On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) finalized the rule for Personal Financial Data Rights, bringing the U.S. closer to adopting a robust open bank-ing framework. This new regulation is designed to empower consumers by allowing them to authorize third-party providers to access their financial information. The final rule aims to boost competition in the banking, credit, and payment markets by making it easier for con-sumers to switch between providers without losing access to essential financial information.

On October 31, 2024, the Decree amending, adding, and repealing various provisions of Articles 25, 27, and 28 of the Political Constitution of the United Mexican States regarding certain strategic areas and companies (the “Decree”) was published. This Decree modifies the aforementioned articles of the Political Constitution of the United Mexican States (the “Constitution”).

On October 29, 2024, Mexican Senator Javier Corral of the dominant party’s bench presented a bill proposal for extensive reforms to the Federal Law for the Prevention and Identification of Operations with Illicit Proceeds (LFPIORPI, for its acronym in Spanish) and the Federal Penal Code (CPF, for its acronym in Spanish). This initiative is part of Mexico’s ongoing effort to align its financial regulations with the recommendations of the Financial Action Task Force (FATF), particularly in preparation for the upcoming 2025 mutual evaluations.

On September 11, 2024, the Energy Regulatory Commission issued Accord No. A/108/2024 (“Provisions”), establishing general administrative provisions on electromobility for integrating electric vehicles and plug-in hybrid vehicle charging infrastructure into the National Electric System as part of a Smart Electric Grid. This regulation marks a significant advancement for Mexico in this sector, aiming to standardize and improve charging infrastructure and thereby boost the hybrid and electric vehicle markets, which are expected to see substantial growth opportunities.

Toronto Dominion Bank (TD Bank) will pay approximately $3 billion in fines for failures in its anti-money laundering (AML) controls.

On October 1st, 2024, the Decree amending, supplementing, and repealing various provisions of Article 2 of the Political Constitution of the United Mexican States, concerning Indigenous and Afro-Mexican Peoples and Communities (the “Decree”), came into effect.

Recently, our tax litigation department obtained a favorable ruling from the Specialized Chamber for Substantive Resolution Matters of the Federal Court of Administrative Justice, which declared the complete nullification of a resolution in which the tax authorities had denied the deductibility of expenditures made by one of our clients in the real estate sector for income tax purposes, specifically related to urbanization and infrastructure expenses.

Today, September 30, 2024, the Decree amending section VII of article 74 of the Federal Labor Law, establishing October 1 (formerly December 1), every six years, as a mandatory day off when it corresponds to the transfer of Federal Executive Power, was published in the Official Gazette of the Federation (“DOF”).