Regulatory Alerts2010-04-13 | Circular 12/2010Added
Circular 12/2010 — Suspension of the Validity of Circular 47/2008
The Bank of Mexico suspends the validity of Circular 47/2008, which governed the sale of United States dollars through auctions, effective April 13, 2010. This measure applies to credit institutions and is implemented pursuant to an agreement of the Exchange Commission announced on April 9, 2010.
CIRCULAR 12/2010 Mexico, D.F., April 13, 2010. TO CREDIT INSTITUTIONS: SUBJECT: SUSPENSION OF THE VALIDITY OF CIRCULAR 47/2008
The Bank of Mexico, based on the provisions of Article 28, paragraphs sixth and seventh, of the Political Constitution of the United Mexican States; Articles 24 and 26 of the Bank of Mexico Law; Article 22 of the Law for Transparency and Ordering of Financial Services; paragraphs third and sixth of Article 8, fraction I of Article 17, and fraction IX of Article 19 of the Internal Regulations of the Bank of Mexico, which provide for the attribution of the Central Bank, through the Central Bank Dispositions Directorate and the Operations Directorate, respectively, to issue provisions; the Single Article of the Agreement on the Affiliation of the Administrative Units of the Bank of Mexico, fractions I and IV; and in compliance with the agreement of the Exchange Commission made known through a press release on April 9 of the current year, has resolved to suspend the validity of Circular 47/2008 regarding the auctions for the sale of United States dollars.
TRANSITORY SINGLE. This Circular enters into force on April 13, 2010.
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