Circular 18/2022 — Modifications to Circular 4/2022 (Transitional Rules)

Tuesday, December 13, 2022 OFFICIAL GAZETTE 1

BANK OF MEXICO

CIRCULAR 18/2022 addressed to credit institutions, regulated multiple-object financial societies that maintain equity links with credit institutions and the National Financial Institution for Agricultural, Rural, Forestry and Fisheries Development, regarding Modifications to Circular 4/2022 (Transitional Rules).

A logo appears at the margin, stating: Bank of Mexico.- “2022, Year of Ricardo Flores Magón”.

CIRCULAR 18/2022

TO CREDIT INSTITUTIONS, REGULATED MULTIPLE-OBJECT FINANCIAL SOCIETIES THAT MAINTAIN EQUITY LINKS WITH CREDIT INSTITUTIONS AND THE NATIONAL FINANCIAL INSTITUTION FOR AGRICULTURAL, RURAL, FORESTRY AND FISHERIES DEVELOPMENT:

SUBJECT: MODIFICATIONS TO CIRCULAR 4/2022 (TRANSITIONAL RULES)

The Bank of Mexico, with the purpose of continuing to promote the proper functioning of payment systems, as well as promoting the healthy development of the financial system and the protection of public interests, with the commitment to continue providing the population with digital payment services in a secure and efficient environment for innovation, has resolved to modify Circular 4/2022, in order to defer the entry into force dates provided for in the Transitional Rules of Circular 4/2022 relating to the obligations that institutions participating in any system for electronic fund transfers executed on the same banking business day of operation, between deposit accounts at sight, must observe in relation to the sending of fund transfers identifying the beneficiary only with the ten digits of the account holder's mobile phone number.

For the above reason, based on articles 28, paragraphs sixth and seventh, of the Political Constitution of the United Mexican States, 24 and 26 of the Bank of Mexico Law, 48 of the Credit Institutions Law, 87-D, paragraph fourth, of the General Law of Organizations and Auxiliary Credit Activities, 22 of the Law for Transparency and Ordering of Financial Services, 4, paragraph first, 8, paragraphs fourth and eighth, 10, paragraph first, 14 Bis, paragraph first, in relation to 17, fraction I, and 20 Quáter, fraction IV, of the Internal Regulations of the Bank of Mexico, which grant it the authority to issue provisions through the General Legal Directorate and the Directorate of Policy and Studies of Payment Systems and Market Infrastructures, respectively, as well as Second, fractions X and XVII, of the Agreement on the Assignment of Administrative Units of the Bank of Mexico, has resolved to modify the fifth transitional provision of Circular 4/2022, published in the Official Gazette of the Federation on March 23, 2022, to read as follows:

“TRANSITIONAL

...

FIFTH.- The additions to article 17 Ter, paragraph second of subsection (i), paragraph third of subsection (ii), and paragraph sixth of subsection (iii) of fraction III, shall enter into force on February 23, 2023.”

TRANSITIONAL

UNIQUE.- This Circular shall enter into force on the Banking Business Day following its publication in the Official Gazette of the Federation.

2 OFFICIAL GAZETTE Tuesday, December 13, 2022

Mexico City, December 1, 2022.- BANK OF MEXICO: General Legal Director, Luis Urrutia Corral.- Signature.- Director of Policy and Studies of Payment Systems and Market Infrastructures, Othón Martino Moreno González.- Signature.

For any inquiries regarding the content of this Circular, the Bank of Mexico is at your disposal through the Directorate of Central Bank Authorizations and Sanctions at telephone (55) 5237-2000 extension 3200.