Following the 2006 post-electoral crisis, important changes were made to the Constitution and several ordinary laws in Mexico. Authorities touted that electoral reform as a major triumph for the country's democracy. However, this essay documents at least four serious drawbacks: (1) weakened electoral institutions, (2) solidified hegemony of party bosses within their parties, (3) reduced freedom of speech during campaigns to protect the parties' reputations, and (4) monopolized political communication in the hands of parties. These problems are analyzed, based on a detailed reading of the new law, scrutiny of legislative opinions, a review of the public debate, and interviews with top officials in charge of implementation. The essay argues that Mexico illustrates two risks that other third-wave democracies may be facing, too: democratic backsliding and partyarchy.