Regulatory Alerts2010-04-12 | Circular 11/2010Added
Circular 11/2010 — Modifies Circular 1/2006
The Bank of Mexico amends the rules governing participants in the Interbank Electronic Payment System (SPEI) to authorize Telecomunicaciones de México (Telecomm) as a participant and updates operational procedures. The modifications prohibit participants from requiring minimum amounts for payment orders, mandate electronic signature verification for payment validity, and establish specific timeframes for crediting funds and processing returns, including exceptions for early morning transactions. These changes apply to retirement fund administrators, brokerage houses, exchange houses, credit and savings entities, credit institutions, insurance companies, securities depository institutions, investment society share distribution societies, limited and multiple-object financial societies, investment society operating societies, and Telecomm.
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