Regulatory Alerts2022-12-13 | Circular 19/2022Added · Updated
Circular 19/2022 — Rules Applicable to the Unique Product Identifier (UPI) and Unique Transaction Identifier (UTI) in Over-the-Counter Derivative Transactions
Banco de México mandates that Credit Institutions, Brokerage Houses, Investment Funds, and other specified financial entities must use Unique Product Identifiers (UPI) and Unique Transaction Identifiers (UTI) for all over-the-counter derivative transactions. Entities are required to generate, include in confirmations, and report these identifiers to the central bank, adhering to specific structural standards and delegation rules. Non-compliance, including the omission of identifiers or failure to maintain records, subjects entities to sanctions under applicable laws. Existing identifiers generated prior to the rules' entry into force remain valid until December 1, 2023, after which full compliance is required.
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