Regulatory Alerts2012-10-10 | Circular 15/2012Added
Circular 15/2012 — Operations Conducted by Multiple Banking Institutions with Persons Having Relevant Links
Multiple banking institutions must obtain prior authorization from the Bank of Mexico for cession contracts or legal acts involving persons with relevant links if the amount exceeds 25 percent of the institution's basic capital. Requests must be submitted at least twenty banking days in advance, accompanied by a transfer pricing study and other specific documentation. For the remainder of 2012, this authorization threshold is temporarily reduced to 6.25 percent of basic capital. Institutions must also notify the Bank of Mexico at least five banking days prior to executing such contracts that do not exceed the applicable limit.
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