The Decree responds to various criteria issued by Mexico’s Supreme Court of Justice (the “SCJN”), which declared that several financial laws were unconstitutional. These criteria had been leveraged by participants in the financial sector to vacate fines and sanctions.
For instance, through case law P./J. 2/2020 (10a.), the SCJN found that Article 478 of the Law on Insurance and Bonding Institutions contravened the principle of legal certainty by not providing a term for the National Insurance and Bonds Commission to issue a resolution after the procedure commenced.
