Regulatory Alerts2010-08-26 | Circular 25/2010Added
Circular 25/2010 — Modification of Circular 2019/95
The Bank of Mexico amends section M.72.33 of Circular 2019/95 to authorize same-day national currency fund transfers between 17:40 and 18:00 hours (Mexico City time) for credit operations conducted exclusively and directly between multiple banking institutions. These institutions are required to report the interest rates and terms of such operations to the National Operations Management of the Bank of Mexico in the manner specified by that department. This modification takes effect on September 3, 2010.
CIRCULAR 25/2010 Mexico, D.F., August 26, 2010. TO MULTIPLE BANKING INSTITUTIONS: SUBJECT: MODIFICATIONS TO CIRCULAR 2019/95
The Bank of Mexico, based on Articles 28 of the Political Constitution of the United Mexican States, sixth and seventh paragraphs; 3rd fraction I, 24 and 31 of the Bank of Mexico Law; 22 of the Law for Transparency and Ordering of Financial Services; as well as Article 8th, third and sixth paragraphs, 10, 12 in relation to Article 19 fraction IX and Article 20 Bis fraction XV, as well as Article 17 fraction I of the Internal Regulations of the Bank of Mexico, which grant it the authority to participate in the issuance of provisions through the General Directorate of Central Banking Operations and the Directorate of Central Banking Provisions; as well as the Sole Article of the Agreement on the Attachment of Administrative Units of the Bank of Mexico, fractions I and IV, with the objective of continuing to promote the sound development of the financial system and facilitating the proper functioning of payment systems, taking into consideration the changes in operating hours that will take place in the Interbank Electronic Payment System (SPEI) starting on September 3, 2010, in accordance with what is provided in Circular 17/2010 published in the Official Journal of the Federation on June 15 of the current year, has resolved to modify numeral M.72.33 of Circular 2019/95, to read as follows:
M.72. COMPENSATION AND TRANSFER OF FUNDS M.72.3 TRANSFER OF FUNDS IN NATIONAL CURRENCY
“M.72.33. Between 17:40:00 and 18:00:00 hours, Mexico City time, the Bank of Mexico will execute transfers of funds in national currency with a same-day value date between the accounts it holds for institutions, provided that such transfers originate from credit operations that are concluded exclusively and directly between the institutions themselves.
Institutions must inform the National Operations Management of the Bank of Mexico about the interest rates and terms under which the operations contemplated in the preceding paragraph are carried out, in the form and terms indicated by said Management.”
TRANSITORY PROVISION SINGLE. This Circular shall enter into force on September 3, 2010.
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