Mexico

The Ministry of Economy in Mexico recently published the Institutional Program 2026–2030 of the Federal Consumer Protection Agency (PROFECO) in the Official Gazette of the Federation. The Program establishes the objectives and strategies that will guide PROFECO's actions over the next five years. In accordance with the Program, PROFECO will intensify its regulatory and oversight activity, directing its resources toward correcting commercial practices that it considers structurally harmful to consumers in Mexico. In practical terms, the Program anticipates a more active regulatory environment with higher compliance expectations for suppliers operating in Mexico – particularly in terms of advertising, e-commerce, adhesion contracts, labeling, product quality, and handling of consumer complaints. Strengthening PROFECO's oversight and sanctioning powers will likely involve increased scrutiny of business practices and internal compliance programs over the next few years. For companies that offer goods or services in the Mexican market, the Program is a reference point for regulatory priorities and expectations in the consumer-protection compliance environment. Companies that do not implement this new regulatory approach could face more frequent verification procedures, harsher penalties, and increased public scrutiny of their business practices. Context and assessment of the problems identified by PROFECO PROFECO identified five structural problems in consumer relations that are directly relevant to suppliers’ operations in Mexico: Misleading advertising and marketing of unsafe or poor-quality products Abusive business practices Informational inconsistencies in contracts and contracting processes Inadequate access to information for responsible consumption Low trust in public institutions Strategic objectives and implications for suppliers The Program is structured around five strategic objectives that have a direct impact on the regulatory obligations and risks of suppliers. Ensure access to clear information on goods, products, services, and consumer rights Action plans for information access include the following: Preparation of quality studies on goods and products Evaluation of goods and products through technical analysis and standardized testing methods Dissemination of information on goods, products, and services that could represent risks to the life, health, or integrity of consumers Identification of misleading advertising in mass media and digital platforms Strengthening of the "Who's Who" programs Promote fair consumer relations by suppliers of goods, services, and products The Program lists the following action steps for promoting fair consumer relations: Review compliance with Official Mexican Standards applicable to labeling and commercial information Execute verification and surveillance actions, especially during high-consumption seasons Disseminate information on the behavior of suppliers through the PROFECO Commercial Bureau Promote responsible fair-trade practices and trade information Supervise compliance with obligations related to commercial promotions Strengthen the imposition and execution of administrative sanctions through the Administrative Enforcement Procedure, in its capacity as a tax authority Strengthen mechanisms for the defense of consumer rights In the Program, PROFECO puts forward the following approaches for defending consumer rights: Strengthening digital mechanisms for dispute resolution Modernizing face-to-face and remote conciliation and arbitration systems Promoting the use of class actions and their legal representation Strengthening the processes for registering, reviewing, and approving adhesion contracts Developing additional protection mechanisms derived from the increase in electronic commerce Implementing special projects related to the use of artificial intelligence (AI) and algorithms in digital platforms Promote a culture of responsible and sustainable consumption Action plans for promoting responsible consumption consider: Dissemination of didactic and informative materials on goods and services through physical and digital media Holding of educational sessions on consumer rights in the Consumer Protection Offices Strengthening of institutional mechanisms for the promotion of responsible consumption, including the Consumer Advisory Council Strengthen the institutional performance of PROFECO Among the main actions planned for PROFECO are: Promoting adjustments to the Federal Consumer Protection Law (LFPC), its regulations, and other applicable provisions – particularly in terms of electronic commerce, AI, and algorithms in commercial platforms Promoting inclusive and accessible care mechanisms for groups in vulnerable situations Strengthening the dissemination of PROFECO's functions and the quality of its advisory, conciliation, arbitration, and opinion processes Regulatory exposure and mitigation for suppliers Against this backdrop, suppliers operating in the Mexican market are encouraged to adopt a proactive compliance approach – aligned not only with applicable legislation, but also with the regulatory specifications and supervisory criteria announced by PROFECO in the Program. In the area of adhesion contracts, the Program anticipates a simplification of registration processes, accompanied by more intensive supervision of existing contracts. The review will likely focus on verifying that the content, language, and structure of such regulatory records are accessible to the average consumer. The systematic monitoring of advertising will be one of the regulatory priorities during the period of validity of the Program. Consequently, suppliers must check that all commercial messages – including those disseminated on social networks and digital platforms – are truthful, verifiable, and do not omit information that could lead to error. Likewise, the strengthening of internal compliance programs in consumer protection will be increasingly relevant, not only for the adequate handling of claims and procedures before PROFECO, but also from a reputational perspective – particularly in the face of the public information available in the Commercial Bureau of the authority. Finally, in terms of product labeling and quality, companies are encouraged to ensure that the commercial information accurately reflects the composition and characteristics of the goods and that they comply with the applicable Official Mexican Standards. How DLA Piper can help DLA Piper’s Mexico-based team has extensive experience in consumer protection; regulatory compliance before PROFECO; defense in conciliation proceedings; arbitration, verification, and infringement of the LFPC; design of trade compliance programs; and strategic advice in the face of evolving regulatory environments. We are available to our clients to analyze their specific exposure to the new Program and strategize mitigation measures adapted to each sector and business model.

DLA Piper advised Grupo Cox (Cox), a leading Spanish multinational water and energy company, on the closing of its US$4.2 billion acquisition of Iberdrola’s Mexico assets and related financing – one of the energy sector’s most significant cross-border transactions of 2025. The deal closed on the terms, timeline, and structure announced to the market last July, when Cox and Iberdrola first signed the agreement. The landmark transaction incorporates a generation platform with 2,600 MW of installed operating capacity, a pipeline of approximately 12,000 MW of renewable projects at various stages of development, and the largest private power supplier in Mexico, with more than 25 percent market share, 20 TWh of commercialization, and 500-plus large corporate customers. Cox secured bank financing totaling US$2.65 billion for the acquisition, structured as a syndicated facility with seven top-tier financial institutions (Citi, Barclays, BBVA, Deutsche Bank, Goldman Sachs, Scotiabank, and Santander). The tranche not covered by bank financing was supplemented by capital contributed by Cox, together with financing from institutional investors such as Allianz Global Investors, Gramercy, and GMO. The DLA Piper team, co-led by attorneys in the United States and Mexico, supported Cox across all workstreams of the transaction. This included corporate, regulatory, financing, and corporate governance matters, working in close coordination with the international lenders and investors that backed the transaction. "The closing of this acquisition is a milestone for Cox and for the energy sector across the region,” said Francisco J. Cerezo, Chair of the US-Latin America and Ibero-American practices, who co-led the deal team. “It has been a privilege for us to accompany Cox in a transaction of this complexity and scale, combining highly sophisticated regulatory, financial, and cross-border components. We are grateful for the trust placed in us by the Cox team and proud of the result achieved.” “This transaction reaffirms Mexico’s strategic role as a long-term investment destination in the energy and water sectors,” said Mauricio Valdespino, US-Latin America Practice Group Regional Co-Leader – Corporate M&A and Private Equity, who co-led the M&A deal alongside Cerezo. “Supporting Cox in the integration of a platform of this magnitude – fully aligned with the country’s public policy priorities – has been an extraordinary opportunity for our team and reflects the depth of our practice across the region,” said Edgar Romo, US-Latin America Practice Group Regional Co-Leader – Finance, who co-led the financing transaction along with Rob da Silva Ashley, Global Co-Chair of the firm’s Energy and Natural Resources sector. In addition to Cerezo, Ashley (both Miami), Romo, and Valdespino (both Mexico City), the broader cross-border team of more than 75 attorneys included Partners Guillermo Aguayo, Roberto Ríos (both Mexico City), Joseline Rodriguez (Miami), Michael McGuinness, Amadeu Ribeiro, Jamie Knox, and Frank Mugabi (all New York). In Europe, the team was led by Yoko Takagi (Madrid) in collaboration with Richard Normington (London) and Xavier Guzman (Luxembourg). With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 15 consecutive years, according to Mergermarket, and ranked as number one in VC, PE, and M&A in combined global deal volume, according to PitchBook. DLA Piper advises on all aspects of financing across borders, sectors, and financial products. The firm’s lawyers advise issuers, underwriters, selling shareholders, sponsors, arrangers, lead managers, originators, dealers, trustees, and depositaries on a broad range of capital markets offerings, including equity, equity-linked and debt securities, structured and project financings, and securitizations. DLA Piper's Latin America team offers full-service business legal counsel to domestic and multinational companies with interests in and operations throughout the region. Our integrated approach to serving clients combines local knowledge with the resources of the DLA Piper global platform. With more than 400 lawyers practicing throughout Argentina, Brazil, Chile, Mexico, Peru, and Puerto Rico, in addition to our US-based cross-border attorneys, our teams frequently work with our professionals throughout the LatAm region, the Iberian Peninsula, and around the globe. DLA Piper’s global platform of 90+ offices in more than 40 countries enables us to serve all our clients’ legal and business needs, whether they are based in Latin America or wish to do business there. For more information, visit Latin America | DLA Piper.

By: Daniela Vargas Mendoza The recent announcement of a critical minerals cooperation plan between Mexico and the United States is a particularly relevant development for the mining industry. Far from being a merely declarative instrument, this agreement reflects a structural change in the way mineral resources are conceived, not only as productive inputs, but as strategic assets linked to energy security, industrial competitiveness and the resilience of supply chains. The concept of critical minerals encompasses resources such as lithium, copper and nickel, the demand for which has intensified as a result of the energy transition, electromobility and technological progress. In this context, the United States has promoted the consolidation of more resilient and regionalized supply chains, reducing its dependence on external markets. Mexico, on its end, has significant geological potential and a privileged geographic position that positions it as a natural partner in this strategy. This plan, expressly aligned with the Treaty between Mexico, the United States and Canada (T-MEC), comes at a key moment, less than a year before its formal revision. Its content reveals a logic that transcends traditional trade. The possibility of implementing schemes such as minimum border prices, the coordination of trade policies and the identification of strategic minerals of common interest are evidence of a shift towards mechanisms aimed at stabilizing and strengthening regional supply chains in the face of an increasingly volatile and concentrated international market. Mexico is not a peripheral player in this framework. Its geological potential, geographic proximity and trade integration place it at the center of the U.S. strategy; however, its participation is not without its challenges. Recent mining policy has emphasized the strengthening of state control over natural resources, particularly in the case of lithium, as well as the introduction of greater restrictions on concessions. This approach, although it responds to a sovereignty logic, may generate tensions given the need to provide certainty to foreign investment and to align with increasingly demanding regional standards. For the mining industry, this scenario implies a profound transformation. It is no longer just a matter of producing and exporting minerals, but of integrating into strategic value chains ranging from exploration, processing, manufacturing and even exporting. At the same time, greater regulatory pressure is anticipated, both in terms of sustainability and compliance to international standards, as well as a possible reconfiguration of economic incentives derived from mechanisms such as minimum prices or preferential financing schemes for projects considered strategic. Therefore, the review of T-MEC in 2026 acquires a completely different dimension. Far from being a merely technical exercise, it is emerging as a space in which the rules of the game for key sectors such as mining could be redefined. Although the treaty does not expressly contemplate critical minerals, its institutional framework could be used to incorporate new instruments aimed at strengthening regional security of supply, facilitating investment in strategic projects or even establishing common regulatory parameters.  

1) Cancellation of 1,126 Mining Concessions in Mexico 2) U.S. - Mexico Critical Minerals Action Plan 3) Mexico - Canada Strategic Action Plan (February 2026 Trade Mission) By: Joel Antonio González Labrado February 2026 marked a significant inflection point for Mexico’s mining policy environment within the broader North American geopolitical and trade architecture. Three concurrent developments: (i) the recent cancellation of 1,126 mining concessions, (ii) the announcement of a U.S. - Mexico Critical Minerals Action Plan, and (iii) the launch of a Mexico - Canada strategic economic minerals focused action plan; collectively signal a structural reordering of regulatory enforcement, supply chain policy, and continental investment alignment. This article provides a detailed legal, economic, and strategic analysis of these developments, evaluating implications for operators, investors, financiers, and cross-border stakeholders. The convergence of stricter domestic enforcement and heightened continental supply - chain diplomacy creates both heightened compliance risk and strategic opportunity for well-positioned projects. Chapter 1:  Cancellation of 1,126 Mining Concessions in Mexico 1.1 Regulatory Context On February 12, 2026, Mexican President Claudia Sheinbaum announced the cancellation (“recovery”) of 1,126 mining concessions covering approximately 889,000 hectares. The measure was publicly framed as an enforcement action targeting non-payment of mining duties, failure to comply with reporting obligations, and overlaps with Protected Natural Areas (ANPs). This development must be interpreted within the broader reform trajectory of Mexico’s mining legislation since 2023 - 2024, including strengthened environmental oversight, enhanced state discretion in concession administration, and political emphasis on territorial sovereignty. 1.2 Legal Grounds and Administrative Mechanisms Under Mexican mining law, concessions may be cancelled for failure to pay duties, failure to submit annual expenditure work and statistical reports, or other material non-compliance. The February 2026 announcement demonstrates an assertive application of these statutory tools at scale. Notably, the public communication highlighted that 713 concessions overlapped with Protected Natural Areas, underscoring the integration of environmental policy with title administration. While overlap does not automatically invalidate title rights, it increases regulatory scrutiny and operational uncertainty. Each cancellation procedure should be analyzed independently considering the specifics of each particular case, in order to determine the best action or legal defense to secure or recover the concessions from the cancellation procedure, and if possible, remedy the non-compliance that motivated such disciplinary proceedings. 1.3 M&A and Financing Implications The cancellation wave materially shifts due diligence standards in mining transactions. Investors and lenders should now treat compliance documentation (payment receipts, report filings, and regulatory acknowledgments) as closing-critical deliverables. Enhanced representations and warranties related to concession standing, duty payments, and reporting compliance are expected to become standard in financing agreements and acquisition documentation. 1.4 Strategic Risk Assessment Increased enforcement unpredictability. Elevated political sensitivity for projects near protected areas. Greater administrative discretion in title validation. Potential chilling effect on speculative land banking. Chapter 2: U.S.–Mexico Critical Minerals Action Plan 2.1 Strategic Objectives Announced February 4, 2026, by U.S. Trade Representative Ambassador and Mexico´s Secretary of Economy, the U.S. - Mexico Critical Minerals Action Plan seeks to strengthen continental supply chains by identifying priority minerals, aligning geological cooperation, and evaluating trade-policy tools such as border-adjusted price floors. The plan must be understood within the context of geopolitical competition over rare earths, lithium, graphite, copper, silver and other inputs essential to clean energy, defense, semiconductors, and advanced manufacturing. 2.2 Trade Policy Dimensions The potential exploration of price floors represents a notable shift toward active trade intervention to stabilize domestic and allied mineral supply chains. If implemented, such measures could materially influence offtake contracts, project valuation models, and cross-border pricing mechanisms. 2.3 Industry Perspective - CAMIMEX CAMIMEX characterizes the Action Plan as a strategic opportunity for Mexico to consolidate its industrial role in North America. The association highlights Mexico’s production of at least a dozen strategic minerals critical to electromobility, digitalization, and renewable energy. However, CAMIMEX emphasizes that realizing this opportunity requires enabling conditions that strengthen competitiveness and regulatory certainty. The industry estimates potential investments exceeding USD 43 billion over six years if such conditions are satisfied. CAMIMEX: Enabling Conditions Condition Strategic Implication Responsible investment incentives Enhance capital attraction while preserving ESG compliance Counter unfair foreign competition Strengthen continental competitiveness Improved regional security Reduce operational disruption risks Expanded exploration investment Ensure long-term resource sustainability Clear and predictable permitting Increase investor confidence Modernized legal framework Provide durable legal certainty 2.4 Strategic Assessment The success of the Action Plan depends not only on bilateral diplomacy but on Mexico’s internal regulatory coherence. Without permitting predictability and security stabilization, supply chain integration goals may remain aspirational. Chapter 3: Mexico - Canada Strategic Action Plan (February 2026 Trade Mission) 3.1 Diplomatic Context The Team Canada Trade Mission in mid-February 2026 coincided with announcements of a forthcoming bilateral action plan aimed at expanding trade, reducing regulatory obstacles, and facilitating investment in minerals and infrastructure. 3.2 Economic and Investment Dimensions Given Canada’s significant footprint in Mexico’s mining sector, the proposed action plan may streamline investment corridors and reduce administrative bottlenecks affecting Canadian issuers. 3.3 Forward-Looking Outlook Potential structured government facilitation mechanisms. Alignment of ESG standards across jurisdictions. Integration of port and logistics infrastructure into mineral strategy. Enhanced continental positioning ahead of USMCA review. Convergence of Enforcement and Geopolitics Mexico’s cancellation of concessions, combined with enhanced continental critical mineral diplomacy, reflects a dual-track evolution: stricter domestic regulatory enforcement alongside intensified North American strategic coordination. For sophisticated operators and investors, this environment presents heightened compliance demands but also significant strategic upside for projects aligned with critical mineral priorities and continental supply chain integration.