The National Banking and Securities Commission is preparing its initial recommendations to the Law to Regulate Financial Technology Institutions.
Pursuant to Articles 18, 36, 44 and 48 of the Financial Technology Institutions Law ("Fintech Law"), which became effective on March 12, 2018, the National Banking and Securities Commission ("CNBV") must issue general provisions regulating certain matters of the Fintech Law within six (6) months following the entry into force of such Law. On July 9, 2018, the CNBV prepared its initial recommendations in that regard, in which the following stand out: (a) the capital limits to be maintained by Financial Technology Institutions (crowdfunding), as follows: (i) the minimum for the Collective Financing Institutions is equivalent to 210,000 Investment Units ("UDIs") (approximately MXN$1,266,000.00 or EUA$65,000.00), while the maximum is equivalent to 630,000 UDIs (approximately MXN$3,800,000.00 or EUA$195,000.00); and (ii) the minimum for the Electronic Payment Fund Institutions (electronic wallets) is equivalent to 1,000,000 UDIs (approximately MXN$6,000,000.00 or EUA$307,000.00), while the maximum is equivalent to 3,250,000 UDIs (approximately MXN$19,600,000.00 or EUA$1,005,000.00); and (b) the risks that they must inform their potential investors, highlighting the obligation of Financial Technology Institutions to obtain the written consent of their investors. The proposed recommendations are expected to be included in the general provisions to be published in September 2018-from that date, Financial Technology Institutions will have a period of twelve (12) months to comply with the applicable provisions.
|Miguel Ángel Peraltaemail@example.com|
Mexico City, July 10, 2018