THE MINISTRY OF FINANCE (SECRETARÍA DE HACIENDA Y CRÉDITO PÚBLICO) («SHCP») AND THE NATIONAL BANKING AND SECURITIES COMMISSION (COMISIÓN NACIONAL BANCARIA Y DE VALORES) (“CNBV”) ISSUE THE RESOLUTION AMENDING THE GENERAL PROVISIONS APPLICABLE TO CREDIT INSTITUTIONS.

Mexico City, November 8th, 2019.

 

On Friday, November 1, 2019, the CNBV and the SHCP published through the Official Gazette of the Federation (“DOF”) the Resolution amending the general provisions applicable to credit institutions where Article 218 Bis is amended, stating that the credit institutions in carrying out operations referred to in Articles 46, section IX and 54 of the Credit Institutions Law, must notify the institution for the deposit of securities in which the respective securities that are debt instruments are deposited, no later than the same day of their transaction, except in the case of purchase and sale transactions with debt instruments held with other institutions or brokerage houses, they must make the communication, as soon as technologically possible without exceeding 30 (thirty) minutes.

Similarly, the closing time of each of the transactions must be reported in accordance with the terms established in the internal regulations of each of the institutions for the deposit of securities.

Finally, the provisions of Article 218 Bis will be equally applicable for securities operated abroad.

 

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.

 

Sincerely,

 

Miguel Ángel Peralta

peralta@basham.com.mx

 

Pedro Said

psaid@basham.com.mx

 

Patrick Seaver Stockdale

pstockdale@basham.com.mx

 

Patrick Seaver Stockdale

pstockdale@basham.com.mx