Regulatory Alerts2019-01-11 | Circular 1/2019Added
Circular 1/2019 — Modifies Circular 22/2017
Banco de Mexico modifies Annex 1 of Circular 22/2017 to update the text of the Global Code of Conduct for the foreign exchange market, aligning it with the version updated by the Global Foreign Exchange Committee on June 27, 2018. The amendment specifically revises the examples applicable to Principle 11 regarding Pre-Hedging to clarify that market participants must only engage in pre-hedging when acting as Principal, in an equitable and transparent manner, and with the intention of benefiting the client. The modifications enter into force on the next banking business day following their publication in the Official Gazette.
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