Regulatory Alerts2016-03-02 | Circular 18/2014Added
Circular 18/2014 — Modifications to Circular 4/2014 Regarding Third-Party Contracting by Card Payment Clearing Houses
The Bank of Mexico amends the Rules for the Organization, Operation, and Functioning of Card Payment Clearing Houses to establish a new Chapter Three governing the contracting of third parties. Clearing houses must obtain prior written authorization from the Bank of Mexico before hiring third parties for services related to their object, submitting detailed documentation including draft contracts, third-party statutes, risk management procedures, and business continuity plans. The amendments also introduce specific requirements for third parties residing abroad, mandate a 90-day decision period for authorization requests, and prohibit discriminatory practices and unauthorized discounts on service fees.
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