The last 13th of July of 2014 it was published in the Official Mexican Gazette, a decree that establishes amendments to the Commercial Code and the Corporations Law, investment fund law, General Law of Negotiable Instruments and Credit Transactions and the Organic Law of the Federal Public Administration, in relation to the denominated “Miscelánea en Materia Mercantil”.

This decree entered into force the next day after its publication.

Some of the highlights of the decree regarding the Code of Commerce and the General Corporations Law are:

The obligation to register in the National Register of Security Interests ("RUG"), the security interests to have effects on third parties. Some of these security interests are those related to: the pledge without transfer of possession, ordinary commercial pledge when the pledgee does not retain possession of the goods, the pledge in the lease agreements or enabling or equipment and industrial mortgage regard to movables. It also establishes that registration in the RUG is set to various legal acts that deal with personal property, among which are, leasing, financial factoring, rescission clauses and retention of title in commercial purchases.

The creation of an electronic system to operate by the Ministry of Economy, in which the obligation to make private or official publications in press is eliminated, with the aim that publications are made in the system in accordance with the commercial laws.

Provides that transfers of not endorsable credits will cause effects on third parties only after its registration in the RUG.

It is expected that in all business trials it will be recognized as evidence the information generated or communicated through digital media, or other technologies and that its probative value shall be governed as provided by the Federal Rules of Civil Procedure.

 

The term “Fedatary” will replace the term "notary" and the reference to "Policy" is added when "Scriptures" is mentioned in order to include public brokers in the acts involved in commercial corporate matters.

As in the Commercial Code, the obligations to do private or official publications in press its eliminated replacing these through the electronic system that will operate the Ministry of Economy.

Various provisions are established, by which it is anticipated that corporations can agree different arrangements, such as those envisaged for promoting investment corporations ("SAPIS").

Provides the obligation of confidence on the part of administrators with regard to information and knowledge issues having on his position in the corporation, this obligation would be in effect for the time of his order as an administrator and to a post-termination year.