THE MINISTRY OF FINANCE (SECRETARÍA DE HACIENDA Y CRÉDITO PÚBLICO) (“SHCP”) AND THE MEXICAN CENTRAL BANK (BANCO DE MÉXICO) (“BANXICO”) PRESENT A PLAN TO BOOST THE MEXICAN FINANCIAL SECTOR.
On January 8, 2019, the Ministry of Finance and the Mexican Central Bank presented a plan focused on boosting the financial sector in Mexico. Similarly, the plan presented by both agencies seeks to deepen the banking sector and the securities market, establish more efficient means of payment for the population and streamline the collection and promotion of savings and channel it through to productive investment.
The proposals by Banxico include, among others, the creation of a payment platform through mobile devices and the regulation of repurchase agreements and securities lending. On the other hand, the proposals by the SHCP include, among others, more flexibility to financial intermediaries and to the investment regime in the Retirement Funds Administrators (AFOREs).
Lawyers from the banking and financial practice of our Firm will be delighted to provide you with further information regarding the content of this informative note.
|Lic. Miguel Ángel Peralta
|Lic. Patrick Stockdale
|Lic. Pedro Said
Mexico City, January 14th, 2019