Published On: Sat, Jan 3rd, 2015

11 Regulations That Came Into Effect In Mexico With The New Year

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To avoid surprises at the beginning of the year, here are 11 changes and implementations in the financial, political and social sectors in Mexico, that take effect from the first day of 2015.

 

 1. LONG DISTANCE. From 1 January 2015 calls to mobiles and landlines anywhere in the Mexican territory will be charged as local calls. The marking of the number does not change, the change is, that service providers will not charge long distance fees; take into account that this measured only applies to calls to national numbers and rates for overseas communications and quotas for national services 01 900 numbers remain.

All phone calls in Mexican territory will be charged as local calls.

All phone calls in Mexican territory will be charged as local calls.

 

2. THE ANALOG BLACKOUT. Analog television has been discontinued in Mexico, calling it “The Analog Blackout”. The Secretariat of Communications and Transportation has already reached the Federal District (Mexico DF) Guerrero, Mexico State, Tlaxcala, Hidalgo, Puebla and Morelos. The remaining Estates of Mexico are also included in this measure and special boxes are being given to people in order to be able to process the TV signal and watch the opened channel.

 3. FINES FOR POWER CUTS. CFE and private companies will be fined if they are responsible for massive blackouts.

 

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Fines will be applied to those responsible for massive blackouts

 

 4. PAYMENTS FOR SERVICES ON MONTHS WITHOUT INTEREST. Between January 1 and March 31 the capital taxpayers may pay with points or months without interest various services such as property taxes, possession or water.

5. FINES FOR NOT HAVING CAR INSURANCE. As of January 1 fines will be applied to those who travel federal highways without, at least, liability insurance.

 6. MINIMUM WAGE. As of January the minimum wage in zone A increases to $70.10 pesos per day to and Zone B $ 66.45 pesos per day.

7. INVESTMENT FUNDS. Investment funds in Mexico no longer will run under the legal concept of “Investment Companies” but will become part of corporations, therefore shall comply with the regulations governing these types of businesses. Investment funds will have to be governed under conditions such as: comprehensive reform of statutes, independent board of directors and authorized by the National Banking and Securities Commission Compliance Officer.

 8. AFORES. From the first of January new and lower commissions will be charged to workers in all cases. The average fees for 2015 decreased from 1.20 to 1.11 percent; in the days of the month, will be published a document called “The Single Operational Circular” (CUO) which amends certain operating rules related to money transfers.

 9. BANKS. Mexican banks must comply with rules regarding liquidity levels, as of 1 January 2015 in accordance of the “Calculated Liquidity Coverage. In other words, banks must settle additional reserves as part of their claims; According to some experts, there are some expectations that at least 10 of the 45 banks currently active in Mexico will have some trouble meeting the rule, but eventually they will.

10.  DEBT COLLECTION COMPANIES. From the first day of January calls dispatches that do debt collection can only call (and basically harass people) between 7AM to 10 PM on business days only; They will not be able to collect personal reference, except in the case of a liable third party including solidarity endorsement of debt. Debt collection companies hired by banks must be registered with the REDECO (Registro de Despachos de Cobranza).

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Debt collection agencies can only call between 7AM to 10 PM on business days only

 

11. MEXICO DF UNIT OF ACCOUNT. The new “Unit Of Account of the City of Mexico” will be replacing the minimum wage as an indicator of concepts and in 2015 will be of $69.95 pesos per day, from which the salaries of officials and the capital charges, fines are determined and services in the city will be based.

 

Source: El Financiero / TYT Newsroom

 

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