Regulatory Alerts2017-09-19 | Circular 19/2017Added
Circular 19/2017 — Exemptions for Force Majeure Cases Occurring on September 19, 2017
The Bank of Mexico suspends the calculation of time limits for administrative sanction procedures and information requests for entities under its supervision, due to force majeure resulting from the earthquake on September 19, 2017. These suspended periods resume on September 25, 2017. This measure applies to entities subject to the Bank of Mexico's supervision and enters into force on the date of publication.
Friday, September 22, 2017 OFFICIAL GAZETTE (First Section) 107 BANK OF MEXICO CIRCULAR 19/2017 addressed to entities subject to the supervision of the Bank of Mexico regarding exemptions for force majeure cases occurring on September 19, 2017.
A logo appears at the margin, stating: Bank of Mexico.
CIRCULAR 19/2017 TO ENTITIES SUBJECT TO THE SUPERVISION OF THE BANK OF MEXICO: SUBJECT: EXEMPTIONS FOR FORCE MAJEURE CASES OCCURRING ON SEPTEMBER 19, 2017.
The Bank of Mexico, with the purpose of continuing to promote the proper functioning of payment systems and the sound development of the financial system, and in order to provide legal certainty to entities subject to its supervision regarding force majeure cases resulting from the earthquake registered in the federal entities of the country's central zone on the 19th day of the current month, has decided to suspend the calculation of the time limits corresponding to proceedings and actions regarding administrative sanction imposition procedures, as well as those related to information requests, so that such time limits begin to be calculated again from September 25, 2017.
The foregoing, based on Articles 28, paragraphs sixth and seventh, of the Political Constitution of the United Mexican States; Article 24 of the Bank of Mexico Law; Article 22 of the Law for Transparency and Ordering of Financial Services; Articles 4, first paragraph, 8, paragraphs fourth and seventh, 10, first paragraph, 17, fraction I, and 25 Bis 1, fraction IV, of the Internal Regulations of the Bank of Mexico, which grant it the authority to issue provisions through the Directorate of Central Bank Provisions and the Directorate of Regulation and Supervision, respectively; as well as Article Second, fractions I and X, of the Agreement on the Assignment of Administrative Units of the Bank of Mexico.
TRANSITORY SINGLE.- This Circular shall enter into force on the date of its publication.
Mexico City, September 20, 2017.- The Director of Regulation and Supervision, Viviana Garza Salazar.- Initials.- The Director of Central Bank Provisions, Mario Ladislao Tamez López Negrete.- Initials.
108 (First Section) OFFICIAL GAZETTE Friday, September 22, 2017 For any inquiries regarding the content of this Circular, please contact the Management of Authorizations, Consultations and Legal Control, at the phones (55) 5237-2308, (55) 5237-2317 or (55) 5237-2000 Ext. 3200.
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