Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 88

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 4
Chunk 88
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 and sanction judicial misconduct. Furthermore, the reform reduces the SCJN from 11 to nine justices and eliminates chambers, consolidating all decisions in plenary sessions. The reform took effect the day after publication, with extraordinary elections scheduled for September 2025 to elect SCJN justices, TDJ members, and half of the federal judiciary. The remaining positions will be elected in 2027. Finally, the reform imposes the obligation for each of the States to locally reform their constitution in order to implement the foregoing changes. 
A decree published on December 20, 2024 in Mexico’s Federal Official Gazette proposes the elimination of several Constitutionally Autonomous Bodies (OCAs), transferring their functions to other entities of the federal government. The National Institute of Transparency (INAI) will have its responsibilities redistributed to government agencies. The Federal Economic Competition Commission (COFECE) will be replaced by the Authority on Free Competition, a decentralized body stemming from the Federal Executive that will be in charge also of telecommunications’ antitrust matters. Additional bodies to be eliminated include the National System for Continuous Improvement in Education (which responsibilities will be transferred to the Ministry of Public Education), the National Council for the Evaluation of Social Development Policy (CONEVAL) (which responsibilities will be transferred to the National Institute of Statistics and Geography (INEGI)), the Federal Telecommunications Institute (IFT) (which responsibilities will be transferred to the Ministry of Infrastructure, Communications and Transportation (SICT)), and the Energy Regulatory Commission (CRE) and National Hydrocarbons Commission (CNH) (which responsibilities will be transferred to the Ministry of Energy (SENER)). Congress has 90 days to issue secondary legislation for most bodies and 180 days for the IFT and COFECE. 
In 2024, the CNBV introduced provisions to combat fraud, requiring clients to define transactional limits or, failing which, allowing banks to establish them, mandating enhanced authentication for large transactions, and implementing fraud management plans addressing internal and external risks. Additionally, BANXICO has proposed reforms (that are pending further discussions and publication in Mexico’s Federal Official Gazette) for payroll-associated credits (CAN), including mandatory direct debit, repayment prioritization, partial payments, and migration of existing credits to CAN terms. Finally, the CNBV has updated anti-money laundering rules, introducing new low-risk accounts with transaction limits, allowing remote opening of Level 3 accounts, and restricting Level 2 accounts to individuals with a Unique Population Registry Code (CURP).
In 2018, the Investigative Authority