State of the Market Discussion - Mexico

The Digital Environment: Regulation of Technology Companies and Disruptive Services


There is a growing tension in the relationship between old brick-and-mortar businesses and new digital-based operations. The context of this tension is far from clear. For example, are newly developed companies even competitors of traditional businesses, and should web-based businesses be treated differently?

Some industries have quickly addressed the arena of technology-based participants and new legislation has been issued in key sectors – a good example of this being Fintech. Other industries are still operating under a flexible laisser-faire environment. The purpose of this session will be to hear the views of different players on the clash between these two models in different industries, and also have input from the regulators. 


Esta sesión se realizará en español




Víctor Manuel Frías
Greenberg Traurig

The practice of Víctor Manuel Frías is focused on commercial law, including competition, mergers and acquisitions and arbitration. On the competition side, Mr. Frías has represented clients in numerous cartel investigations before the Competition Commission in different industries for over 20 years. He frequently represents clients in pre-merger filings and often appears before Mexico’s Federal Specialized Courts in Competition and Telecommunications matters.

He has represented acquirors (both Mexican and foreign), targets, and investment funds in a large number of acquisitions, takeovers, and joint ventures. He also counsels clients on a broad range of corporate and business-related matters, including corporate governance, corporate compliance matters and internal investigations. Mr. Frías has had substantial transactional involvement in numerous industries, including health care, information technology, retail, and the food industry.

Mr. Frías’s experience in commercial arbitration includes disputes involving contracts, construction, and corporate law.



Alejandro Faya Rodríguez
Comisión Federal de Competencia Económica (COFECE)

Mr Faya Rodríguez is a Lawyer from Universidad Iberoamericana in Mexico City, Magister Juris from Oxford University and Master in Public Policy from the Latin American Institute for Social Sciences. 

At the Ministry of Economy he served as Adjunct Director-General for International Affairs, senior legal advisor, Director-General for Foreign Investment and Head of the Unit for Competition and Regulatory Policy. At the Federal Economic Competition Commission (COFECE), he was Head of the Planning, Institutional Relations and International Affairs Unit and, as of March 20, 2017, by Presidential nomination and upon ratification by the Senate, he serves as Commissioner.

In the private sector he has worked for prestigious law firms and as an independent consultant he has advised think-tanks, consulting firms, the Federal Congress and international organizations such as the United Nations Conference for Trade and Development (UNCTAD) and the Asia Pacific Economic Cooperation (APEC).   

In the academic sector he has been professor of law at Universidad Iberoamericana and Universidad Nacional Autónoma de México. He is also professor of the diplomate on regulation of the Centro de Investigación y Docencia Económicas (CIDE). He is regularly invited to deliver competition modules in several postgraduate courses. He has been a speaker at multiple seminars in Mexico and abroad regarding competition, regulation and investment policy issues.

He has authored several books and publications. He has been columnist in the El Economista newspaper and currently writes for the Business Section of Reforma.


Gilberto Arturo Pérez Hernández
Director of Regulatory Developments

Gilberto Pérez participated in the development of the law to regulate the financial technology institutions of Mexico (FinTech Law) from his position as financial regulator in the National Banking and Securities Commission (CNBV), as well as in the recently published provisions to strengthen information security (cybersecurity) in the banking sector. Among other projects within the CNBV, he has contributed to the development of the secondary regulation applicable to card payment networks, as well as the provisions to mitigate identity theft in the banking sector.

Currently, he is the General Director of Regulatory Development at the CNBV and works on the implementation of secondary regulation derived from FinTech Law (APIs, electronic media, information security, remote onboarding, outsourcing, etc.), alignment with international standards and in the regulation of the stock market.

Previously, in the private initiative, Gilberto was a key piece in the launch of new credit products in both Banco Azteca and Banco Santander. Gilberto has a degree in Economics from ITAM and a postgraduate in Statistics at the same institution and at the University of Warwick, United Kingdom.


Maria Andrea Valles
Senior Counsel

María Andrea Valles Ibáñez has a Law Degree from the Pan American University and a Masters in International Business Law from the University of Leuven in Belgium, in addition to having studied Intellectual Property Law at the Pan American University. Her area of expertise has focused on the information technology sector, previously serving as Legal Director of Yahoo! Mexico and since 2013 leads the legal area as Senior Counsel in Google Mexico 


Sergio Romero
Legal Director (Mexico, Central America and the Andean Region)