Mexico

Venezuela: The Central Bank issued new regulations regarding legal reserve

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In brief On 19 January 2020, the Central Bank of Venezuela (BCV) issued new rules on the constitution of legal reserves of banking institutions ("Resolution").1  The...

Mexico: The Mexican Social Security Institute authorizes to consider Covid-19 as a professional Illness

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The Mexican Institute of Social Security (IMSS) recently issued a resolution authorizing a strategy to determine whether certain serious Covid-19 cases qualify as an occupational illness. The strategy is effective until the end of the health emergency declared by the General Health Council.The resolution could have serious implications for companies because deaths or temporary disabilities derived from Covid-19 and classified as a professional risk, or permanent partial or total disabilities, will affect the accident rate in the company. This affects, and could increase, an employer’s fees in this area of insurance.The government will deploy a training program for IMSS' medical personnel. Training will be provided based on the guidelines for the proactive qualification of professional risks due to Covid-19 published by IMSS on 31 December 2020.

Fintechfest Webinar Series

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Baker McKenzie Latin America Financial Institutions industry group's FintechFest is the first of a series of webinars that aims to provide insights on key market trends,...

Mexico: Mexico’s Covid-19 Vaccination Program – The Federal Government establishes the conditions for the...

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After having rejected initially any possibility in this regard, the Federal Ministry of Health (“MoH”) issued a Decree, published in the Official Gazette on 25 January 20211 establishing the conditions under which the local (State) governments and the private sector, can participate in the National Vaccination Program for COVID-19. Although it does not eliminate many uncertainties, it opens certain possibilities of action.

US – BIS amends Country Groups for Ukraine, Mexico, and Cyprus under the EAR

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On December 28, 2020, the US Department of Commerce’s Bureau of Industry and Security (“BIS”) issued a final rule amending the Export Administration Regulations (“EAR”) to...

Mexico: Covid-19 – Mexican government on verge of imposing new teleworking obligations on employers

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In brief Definition of teleworking (home office) Work supervised through electronic means or teleworking is a labor arrangement in which the employer supervises the employee, working...

Mexico: Covid-19 – A dive into 2021 Mexican Tax Reform

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The pandemic declared by the World Health Organization has substantially disrupted Mexico’s economic performance as many activities have been interrupted to prevent the SARS-CoV2 virus (COVID-19) from spreading. The Mexican president will direct government efforts and policies to support the most vulnerable population during this crisis. The president goes on to say that the economic and social panorama of Mexico is encouraging, and the Mexican government is committed to continue investing in projects that generate employment. These include the Mayan Train, the Felipe Ángeles International Airport, the New Dos Bocas Refinery and the Interoceanic Corridor of the Isthmus of Tehuantepec.

Mexico: COVID-19 – Mexican government on verge of imposing new teleworking obligations on employers

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Definition of teleworking (home office)Work supervised through electronic means or teleworking is a labor arrangement in which the employer supervises the employee, working from a location other than the employer’s physical workplace, through specific mechanisms. The physical presence of the employee is not required within the workplace. Teleworking is characterized by its reliance on IT equipment, and it uses information and communication technologies to facilitate contact and instruction between the employee and the employer. If the employee does not use IT equipment and is not under the employer's direct supervision, the working arrangement falls under the "home working" category.For the purposes of teleworking, information and communication technologies are understood as the set of services, infrastructure, networks, software, computer applications and devices that have the purpose of facilitating tasks and functions in the work centers.

Latin America: Offshore Cheat Sheet: How to Navigate LatAm’s New Regulatory Minefield

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As Latin American countries continue to struggle with the impact of the pandemic, new regulations are helping to shape the region's economies. The new...

Mexico: President of Mexico submits a draft bill to ban subcontracting (Outsourcing)

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On 12 November 2020, the President of Mexico, Andrés Manuel Lopez Obrador, submitted a draft bill to Congress that would prohibit the subcontracting of personnel and regulate the performance of specialized services and works. The draft bill, if passed, would reform the Federal Labor Law (FLL), the Social Security Law, the Law of the Institute of the National Workers' Housing Fund (INFONAVIT), the Federal Fiscal Code, the Income Tax Law and the Value Added Tax Law.
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