This is an update to our Client Alert of June 23rd, 2022.
On July 1st, 2022, the National Commission for Regulatory Improvement (“CONAMER”) issued the Preliminary Opinion regarding the Regulatory Impact Analysis for the proposal for Regulation on Registries before CONDUSEF (the “Preliminary Opinion”).
- What is the Preliminary Opinion?
In accordance with the General Law for Regulatory Improvement (“LGMR”), the CONDUSEF proposal is subject to an established Regulatory Improvement process, prior to its publication in the Federal Register and its entry into force.
Due to the foregoing, and in accordance with the provisions of the LGMR, CONDUSEF prepared and attached to the Preliminary Draft sent to CONAMER, a form containing the Regulatory Impact Analysis (“AIR”), through which it justified the reasons for carrying out carried out the modifications proposed in the Preliminary Draft, in which the benefits of the proposal should have been pointed out, as well as the economic impact and the solution of some specific problem that, through government intervention, solves and protects the general interest.
In addition to the above, CONAMER is empowered to analyze the AIR and publish the draft regulation on its website for public opinion for at least 20 business days and, where appropriate, issue acceptance of the project or issue a Preliminary Opinion indicating the corrections that, in this case, the CONDUSEF must make so that the proposed regulation can be published.
- What is stated in the Preliminary Opinion?
Therefore, CONAMER effectively issued a Preliminary Opinion considering the AIR and the comments sent to date, so we highlight some of the most important recommendations:
- CONAMER indicated to CONDUSEF that the Preliminary Draft must clearly indicate the specific objectives and the results that are intended to be achieved through its issuance, as well as the evidence of the need for government intervention to achieve these objectives, since it is not clear from the AIR what these objectives are.
- In relation to the cost/benefit analysis, it was prepared with several fines in one month, however, this analysis must be complemented by the total number of Financial Institutions that must comply with certain pecuniary obligations, identified throughout the Preliminary Draft
- CONAMER emphasized that CONDUSEF considered not to issue the implementation of voluntary and self-regulatory schemes for Financial Institutions, so it required it to evaluate in what cases Financial Institutions again comprehensively could choose to self-regulate.
- CONAMER requested CONDUSEF to consider the comments made by the interested individuals, or to indicate why they were not considered.
- Finally, in relation to the section in the Preliminary Draft where the creation, modification and / or elimination of procedures are highlighted, the CONDUSEF failed to provide information on what these procedures are, so it is requested to send this information by each of the Financial Institutions, as well as the description of the procedures and the legal content of the obligations contained therein.
It will be relevant to follow up on the modifications requested by CONAMER, since CONDUSEF has a period of 45 daysfollowing the issuance of the Preliminary Opinion to issue comments or adjust the Preliminary Draft as indicated by CONAMER. Otherwise, the procedure for the Preliminary Draft will be discarded.
*****
Campa & Mendoza
[email protected]
This document does not constitute legal advice.
If you have any questions or comments on the matter, please contact us.
