Regulatory Alerts2023-12-11 | Circular 18/2023Added · Updated
Circular 18/2023 — Modifies Circular 2/2023
The Bank of Mexico modifies the transitional provisions of Circular 2/2023 to adjust the implementation deadlines for bilateral initial and variation margin requirements for non-centrally cleared derivative operations. Entities and investment funds must modify their master agreements by December 31, 2024, to establish margin exchange procedures for applicable over-the-counter derivatives. For development banking institutions and non-financial entities, these obligations, including the liquidation of collateral within one business day, are deferred until September 30, 2025. These modifications take effect on the next business day following publication in the Official Gazette.
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