Regulatory Alerts2014-06-09 | Circular 10/2014Added
Circular 10/2014 — Rules for Auctions of Limited Negotiability Monetary Regulation Bonds (BREMS L) Conducted by the Bank of Mexico
Circular 10/2014 establishes the rules for auctions of Limited Negotiability Monetary Regulation Bonds (BREMS L) conducted by the Bank of Mexico, allowing credit institutions to fulfill their monetary regulation deposit obligations using resources from such deposits. The document defines eligibility, submission procedures via the SIAC-BANXICO system, fixed-price auction mechanics, pro-rata allocation criteria, and settlement processes involving charges to special deposit accounts and unique accounts. It mandates prior authorization for debits and credits, imposes a one percent penalty for settlement failures, and grants the Bank authority to modify procedures or disqualify non-compliant bidders.
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