Regulatory Alerts2021-12-29 | Circular 12/2021Added · Updated
Circular 12/2021 — Modifications to Circular 3/2012 (Annex 21)
The Bank of Mexico amends Article 38 and Annex 21 of Circular 3/2012 to align with global best practices for interest rate benchmarks. The amendment adds a new reference rate, TIIE for terms greater than one banking business day, and requires institutions to specify the term when using reference rates. It also updates the classification methodology for foreign currency demand deposit accounts by replacing the LIBOR benchmark with a replacement rate designated by the Bank of Mexico if LIBOR ceases publication or adequacy.
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