Pursuant to the publication in the Official Gazette of the Federation (DOF) of the Decree amending, adding and repealing several provisions of the General Law of Credit Instruments and Operations (LGTOC) and the General Law of Credit Organizations and Auxiliary Activities (LGOAAC), on March 26, 2024, it was approved to authorize the issuance of debt instruments through electronic, optical or any other technology.

With these amendments, a greater inclusion of information technology, electronic media and digital signature is generated, as well as an information system that will allow the efficient use of negotiable instruments, their transmission, reception, and delivery, by identifying them as «data messages», in terms of article 5 of the LGTOC and 89 of the Commercial Code.

Among its main aspects, we find that negotiable instruments (following the respective process), regardless of whether they are issued by written or electronic means, will continue to be enforceable, may be endorsed, and will maintain the presumption of «full and available», as long as they can be consulted in an electronic, optical or any other technology information system, in a complete and unaltered form and their circulation is traceable in the data information system.

Likewise, when the signature of a person is required, this requirement will be deemed to be met for negotiable instruments issued in electronic, optical, or any other technology, provided that it is attributable to such person per the Commercial Code.

However, certain aspects of the certificates of deposit are specified: these will be issued exclusively in electronic, optical or any other technology means and only by the cryptographic system(s) of deposit certificates of the authorized General Warehouses of Deposit. Likewise, they must be registered in the Sole Registry of Certificates, Warehouses and Merchandise, in accordance with the LGOAAC.

Similarly, the prohibition of issuing multiple certificates covering identical goods or merchandise and the repeal of the articles related to the pledge bond are also highlighted.

Finally, the amendment establishes the obligation of the National Banking and Securities Commission to issue general rules that determine the requirements and characteristics that the system used by the general depository warehouse for the issuance of its certificates must comply with, as well as the cryptographic systems with the minimum security standards they must have, to guarantee the confidentiality, availability, and integrity of the information and the prevention of fraud and cyber-attacks, which compliance will be the responsibility of the issuing general depository warehouse.

To learn more about this reform, its implications, and the best way to adapt your organization to these recent changes, do not hesitate to contact our team of experts, who will help you understand and achieve successful and efficient compliance with the new regulations.

Autores:
Adrián Bueno
Legal Sevices Lead Partner

Emily Acosta
Legal Manager