December 19, 2025
On December 16th, 2025, the resolution issued by the Governing Board of the National Banking and Securities Commission (La Junta de Gobierno de la Comisión Nacional Bancaria y de Valores, “CNBV”) was published in the Official Gazette of the Federation (Diario Oficial de la Federación ,“DOF”), pursuant to which the authorization granted to Vector Casa de Bolsa, S.A. de C.V. (“Vector”) to organize and operate as a brokerage firm, as well as the authorization to operate as an investment fund manager, was revoked.
The revocation derives from the request submitted by Vector on December 1st, 2025, which was reviewed and approved by the CNBV. On December 12th, 2025, CNBV’s Governing Board unanimously resolved to approve Vector’s request and to instruct the commencement of the institution’s liquidation process.
Background of the Revocation
On June 25th, 2025, the United States Department of the Treasury, through the Financial Crimes Enforcement Network (“FinCEN”), issued a notice against several Mexican financial institutions, including Vector, for alleged deficiencies in their internal controls that may have facilitated money laundering operations.
In response, Vector implemented an action plan that initiated a process of reorganization and the orderly transfer of its assets and client accounts. As part of this strategy, Vector entered into an agreement with Casa de Bolsa Finamex, S.A.B. de C.V. for the transfer of domestic accounts and assets, while international activities and other assets were subject to negotiations with foreign financial institutions.
Beginning of the Liquidation Process
The CNBV, pursuant to Articles 19 of the Law of the National Banking and Securities Commission (Ley de la Comisión Nacional Bancaria y de Valores) and articles 350 and 360 of the Securities Market Law (Ley de Mercado de Valores, “LMV”), notified Vector of the formal commencement of the liquidation process, requiring the delivery of the public instrument formalizing the revocation of the authorization. Likewise, Mr. Gerardo Maldonado García was appointed as liquidator.
Regulatory and Market Implications
- Reinforces the use of orderly exit mechanisms for the financial intermediaries provided for under the LMV.
- Underscores the importance of internal controls and compliance in matters of Anti-Money Laundering and Counter-Terrorist Financing, particularly in light of notices issued by foreign authorities.
- Demonstrates coordination between authorities and market participants to protect clients and ensure operational continuity through the orderly transfer of accounts and assets.
The attorneys of the Banking and Finance practice are at your disposal to address any question regarding the foregoing
Sincerely ,
Pedro Said Nader
Mariana Campos Clasing
Carlos Keigo Chávez Kubota
Law Clerk Fernando Orduña Moctezuma