RegAlertRule · BANXICO · 15 Jun 2010 · Circular 18/2010
Circular 18/2010 — Modification to the General Rules for Credit Institutions Receiving Demand Deposits in Foreign Currency
This circular adds a second paragraph to the General Rules governing credit institutions receiving demand deposits with or without checkbooks in foreign currency. It mandates that any constitution or increase of such deposits made through the delivery of US dollars in cash must comply with the General Provisions referenced in Article 115 of the Credit Institutions Law, as issued by the Ministry of Finance and Public Credit. The regulation applies specifically to credit institutions handling these types of foreign currency deposits. The circular enters into force on the fourth banking business day following its publication in the Official Gazette of the Federation.
CIRCULAR 18/2010
Mexico City, June 15, 2010
TO CREDIT INSTITUTIONS:
SUBJECT: MODIFICATION TO THE GENERAL RULES THAT CREDIT INSTITUTIONS MUST COMPLY WITH FOR RECEIVING DEMAND DEPOSITS WITH OR WITHOUT CHECKBOOKS IN FOREIGN CURRENCY
The Bank of Mexico, based on what is provided in Articles 28 of the Political Constitution of the United Mexican States, paragraphs sixth and seventh; 24, 26 and 32 of the Bank of Mexico Law; 48 of the Credit Institutions Law; 22 of the Law for Transparency and Orderly Management of Financial Services; 8th paragraphs third and sixth, 10 first paragraph, 14 first paragraph in relation to 25 fraction II and 25 Bis 1 fraction V, and 17 fraction I of the Internal Regulations of the Bank of Mexico, which grant it the authority to issue provisions through the General Directorate of Analysis of the Financial System and the Directorate of Central Banking Provisions, respectively, as well as the Single Provision of the Agreement on the Attachment of Administrative Units of the Bank of Mexico, fractions III and IV, and considering the modifications to the "General Provisions referred to in Article 115 of the Credit Institutions Law" carried out by the Ministry of Finance and Public Credit, has resolved to add a second paragraph to the Second of the "General Rules that credit institutions must comply with for receiving demand deposits with or without checkbooks in foreign currency", to remain in the following terms:
2
GENERAL RULES THAT CREDIT INSTITUTIONS MUST COMPLY WITH FOR RECEIVING DEMAND DEPOSITS WITH OR WITHOUT CHECKBOOKS IN FOREIGN CURRENCY
"SECOND.- . . .
The constitution or increase of the aforementioned deposits that is carried out through the delivery of US dollars in cash shall be subject to what is provided in the "General Provisions referred to in Article 115 of the Credit Institutions Law" issued by the Ministry of Finance and Public Credit."
TRANSITIONAL PROVISION
SINGLE. This Circular shall enter into force on the fourth banking business day immediately following its publication in the Official Gazette of the Federation.
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