Regulatory Alerts2008-03-28 | Circular 11/2008Added
Circular 11/2008 — Amending Circular 115/2002
The Bank of Mexico amends Circular 115/2002 to establish a mechanism allowing newly created broker-dealers and those that have recently increased their paid-in capital to calculate their foreign exchange risk position limits based on their equity capital. The regulation specifies the basic capital dates to be used for these calculations depending on the timing of incorporation or capital increases, and repeals sections CB.3.3 through CB.3.3.5.2. Additionally, it introduces a procedure authorizing excesses over the risk limits for up to five days within a twelve-month period, provided a detailed corrective action report is submitted within ten business days.
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