Regulatory Alerts2020-07-13 | Circular 27/2020Added
Circular 27/2020 — Submission to the Bank of Mexico of Digital Documents as Data Messages with Electronic Signatures
Circular 27/2020 authorizes financial entities and intermediaries subject to Bank of Mexico regulations to substitute handwritten signatures with electronic data messages for specific administrative acts listed in Annex 1. For acts not included in this list, entities must consult the Bank of Mexico via email, with silence after ten banking days constituting a denial of viability. The circular establishes that electronic data messages with valid digital certificates and authorized signatories carry the same legal validity and binding force as handwritten documents, provided they are sent to the appropriate administrative unit and retained according to official Mexican standards.
Wednesday, July 15, 2020 OFFICIAL GAZETTE 1 BANCO DE MEXICO CIRCULAR 27/2020 addressed to general warehouses, clearing houses, brokerage houses, exchange houses, central securities counterparties, companies that professionally provide fund transfer services, companies that provide remittance services, investment funds, credit institutions, guarantee institutions, crowdfunding institutions, electronic payment fund institutions, insurance institutions, intermediaries that are part of financial groups, participants in the listed derivatives contracts market, legal entities interested in obtaining authorization from the Bank of Mexico to carry out routing, clearing, or settlement services or any combination thereof through novel models, savings and loan cooperative societies, credit information societies, investment societies specialized in retirement funds, multiple-object financial societies, popular financial societies, credit unions, and the National Agricultural, Rural, Forestry and Fisheries Development Financial Institution, regarding the submission to the Bank of Mexico of digital documents as data messages with electronic signatures.
At the margin, a logo that says: Bank of Mexico.- "2020, Year of Leona Vicario, Meritorious Mother of the Fatherland".
CIRCULAR 27/2020 TO GENERAL WAREHOUSES, CLEARING HOUSES, BROKERAGE HOUSES, EXCHANGE HOUSES, CENTRAL SECURITIES COUNTERPARTIES, COMPANIES THAT PROVIDE PROFESSIONALLY THE FUND TRANSFER SERVICE, COMPANIES THAT PROVIDE THE REMITTANCE SERVICE, INVESTMENT FUNDS, CREDIT INSTITUTIONS, GUARANTEE INSTITUTIONS, CROWDFUNDING INSTITUTIONS, ELECTRONIC PAYMENT FUND INSTITUTIONS, INSURANCE INSTITUTIONS, INTERMEDIARIES THAT ARE PART OF FINANCIAL GROUPS, PARTICIPANTS IN THE LISTED DERIVATIVES CONTRACTS MARKET, LEGAL ENTITIES INTERESTED IN OBTAINING AUTHORIZATION FROM THE BANK OF MEXICO TO CARRY OUT ROUTING, CLEARING OR SETTLEMENT SERVICES OR ANY COMBINATION THEREOF THROUGH NOVEL MODELS, SAVINGS AND LOAN COOPERATIVE SOCIETIES, CREDIT INFORMATION SOCIETIES, INVESTMENT SOCIETIES SPECIALIZED IN RETIREMENT FUNDS, MULTIPLE-OBJECT FINANCIAL SOCIETIES, POPULAR FINANCIAL SOCIETIES, CREDIT UNIONS AND THE NATIONAL AGRICULTURAL, RURAL, FORESTRY AND FISHERIES DEVELOPMENT FINANCIAL INSTITUTION:
SUBJECT: SUBMISSION TO THE BANK OF MEXICO OF DIGITAL DOCUMENTS AS DATA MESSAGES WITH ELECTRONIC SIGNATURES.
The Bank of Mexico, with the purpose of continuing to promote the sound development of the financial system and to foster the proper functioning of payment systems, in order to provide legal certainty to entities and financial intermediaries subject to the regulations of the Bank of Mexico itself in the presentation of documents on behalf of the aforementioned entities and intermediaries in the performance of procedures and other acts provided for in said regulations, has resolved to authorize the use of data messages with electronic signature, in substitution of written documents with handwritten signature, which are not provided for in the Rules of the Electronic Attention Module, issued by the Bank of Mexico through Circular 13/2012, published in the Official Gazette of the Federation on September 17, 2012, or in any other specific general provision issued by the Bank of Mexico for their digital presentation, in accordance with the following requirements:
2 OFFICIAL GAZETTE Wednesday, July 15, 2020 i. Financial entities and intermediaries may use data messages with electronic signature in substitution of documents with handwritten signature for the acts listed in Annex 1 of this Circular.
ii. Regarding acts not provided for in Annex 1 of this Circular, financial entities and intermediaries must previously consult with the Bank of Mexico regarding the viability of using data messages with electronic signature for the type of act in question, via email addressed to the electronic address of the corresponding Administrative Unit: a. General Directorate of Payment Systems and Market Infrastructures: << casp@banxico.org.mx >> b. Directorate of Regulation and Supervision: << seguimientoespecial@banxico.org.mx >> c. Directorate of Authorizations and Sanctions of Central Banking: << autorizaciones@banxico.org.mx >>
In its responses, the Administrative Units of the Bank of Mexico may indicate clarifications or establish additional requirements for the presentation of the electronically signed data message depending on the type of act in question. In the event that the corresponding Administrative Unit referred to in this item ii does not respond to the consultation made by the entity or financial intermediary in question in accordance with this same item ii, once the period of ten banking days has elapsed counted from the day on which said consultation is presented, it will be understood that the use of data messages with electronic signature for the corresponding act is not viable, so the entity or financial intermediary must comply with the formality provided for in the applicable regulations for said act.
For the purposes of what is established in this Circular, banking business days shall be understood as the days on which credit institutions are not obliged to close their doors or suspend operations, in terms of the general provisions that, for such effect, are issued by the National Banking and Securities Commission.
iii. Data messages signed electronically must be sent to the email address of the corresponding Administrative Unit of the Bank of Mexico, among those provided for in item ii of this Circular.
iv. Natural persons who use their electronic signature in the respective data messages, for which acts are carried out on behalf of the entity or financial intermediary in question, must have a digital certificate issued in their name valid at the time of sending the data message, generated in terms of the "Rules to operate as a Registrar Agency and/or Certification Agency in the Extended Security Infrastructure", contained in Circular-Telefax 6/2005 of the Bank of Mexico, or those that, if applicable, replace them, and must sign the data messages using the information system called WebSec or DocSec, which the Bank of Mexico provides for such purposes through the following sites on its internet portal located, respectively, at: << https://www.banxico.org.mx/servicios/firma-electronica-autenticaci.html >> and << https://www.banxico.org.mx/conociendo-banxico/contrataciones-publicas-insti.html >>
v. Persons who use electronic signatures in the generation of data messages on behalf of the respective financial entities and intermediaries must have the powers required in the general provisions of the Bank of Mexico that contemplate the acts corresponding to said data messages. In the event that the referred persons do not meet this condition, prior to sending the data message with electronic signature, the entity or financial intermediary in question must communicate such situation to the Bank of Mexico and request authorization for the data message to contain the electronic signature of persons other than those who meet the requirements established by the applicable provisions, via email addressed to the Directorate of Authorizations and Sanctions of Central Banking at the address << autorizaciones@banxico.org.mx >>. Financial entities and intermediaries may carry out the foregoing, so that the Bank of Mexico evaluates the particular circumstances of the situation and, if applicable, grants the respective authorization. In the event that the Bank of Mexico does not respond to the authorization request presented by the entity or financial intermediary in accordance with this item
Wednesday, July 15, 2020 OFFICIAL GAZETTE 3 v, once the period of ten banking days has elapsed counted from the day on which said request is presented, it will be understood as denied, so the entity or financial intermediary must comply with the formality provided for in the applicable regulations for said act.
vi. Except for what is provided in this Circular, data messages with electronic signatures must be presented in the form and terms provided for in the Circular or regulation that governs the act corresponding.
vii. This Circular does not exempt from compliance with requirements required for the act in question, among others, the requirement of submission to the Bank of Mexico of the deed in which the respective powers of the persons who sign documents on behalf of the entities or financial intermediaries in question are recorded, for those acts that so require the applicable dispositions, unless said deed has already been sent previously to the Bank of Mexico and the powers related to it have not been revoked.
viii. Documents and information sent to the Bank of Mexico as data messages with electronic signatures will have the same legal effects, validity and binding force as those that would have been granted with handwritten signature, in accordance with what is provided in articles 89 Bis and 93 of the Commercial Code and 210-A of the Federal Code of Civil Procedures.
ix. Financial entities and intermediaries must conserve the data messages they send to the Bank of Mexico in accordance with this Circular, subject to what is established in the official Mexican standard on digitization and conservation of data messages that, for such effect, is issued by the Ministry of Economy, in accordance with what is provided in articles 46 bis and 49 of the Commercial Code.
x. The use of data messages with electronic signature in accordance with what is provided in this Circular implies the express acceptance of the respective entity or financial intermediary regarding the validity and binding force of the act corresponding to the data message in question, as well as of the methods in which the data message is generated, sent, received, signed, conserved and archived. In virtue of this, the entity or financial intermediary may not object to the act regarding aspects related to its electronic nature.
The Bank of Mexico issues this Circular based on articles 28, paragraphs sixth and seventh, of the Political Constitution of the United Mexican States, 24 and 36, of the Bank of Mexico Law, 106 of the Commercial Code, Fourth Transitory of the Decree by which Various Provisions of the Commercial Code are Reformed and Added in Matters of Electronic Signature, published in the Official Gazette of the Federation on August 29, 2003, 22 of the Law for Transparency and Ordering of Financial Services, 4, first paragraph, 8, paragraphs fourth and eighth, 10, first paragraph, 12 Bis, first paragraph, in relation to 20 Quáter, fraction IV, 14, first paragraph, in relation to 25, fraction VII, and with 25 Bis, fraction VII, 14 Bis, first paragraph, in relation to 17, fraction I, 14 Bis 1, in relation to 25 Bis 1, fraction IV, with 25 Bis 2, fraction II, and with 25 Bis 3, fraction II, 15 Bis 1, in relation to 29 Bis, fraction VIII, 19, fraction VI, 19 Bis, fraction V, and 19 Bis 1, fraction XI, of the Internal Regulation of the Bank of Mexico, which grant it the attribution to issue provisions through the General Directorate of Payment Systems and Market Infrastructures, the General Directorate of Financial Stability, the General Legal Directorate, the General Directorate of Affairs of the Financial System, the General Directorate of Information Technologies, the Directorate of International Operations, the Directorate of National Operations and the Directorate of Support to Operations, respectively, as well as Second, fractions I, IV, VI, IX, X and XVII, of the Agreement of Adscription of the Administrative Units of the Bank of Mexico.
ANNEX 1 Acts that may be formalized through a data message with electronic signature in substitution of the document with handwritten signature:
| REQUIREMENT OF HANDWRITTEN SIGNATURE | NORMATIVELY FRAMEWORK | SECTION OR PROVISION |
|---|---|---|
| Mandate in favor of the Bank of Mexico to liquidate operations with CLS Bank International, in accordance with the format established for it in the applicable regulations | Circular 3/2012 | Annex 6 |
4 OFFICIAL GAZETTE Wednesday, July 15, 2020
| REQUIREMENT OF HANDWRITTEN SIGNATURE | NORMATIVELY FRAMEWORK | SECTION OR PROVISION |
|---|---|---|
| Mandate in favor of the Bank of Mexico to make charges and credits in the accounts held by any institution for the deposit of securities on account of the celebration of repos to provide liquidity to the payment systems, in accordance with the format established for it in the applicable regulations | Circular 3/2012 | Annex 8 |
| Mandate in favor of the Bank of Mexico to effect national currency clearing, in accordance with the format established for it in the applicable regulations | Circular 3/2012 | Annex 17 |
| Communication by which Institutions authorize and instruct the Bank of Mexico to perform transfers from their Single Account to their SPEI Account, in accordance with the format established for it in the applicable regulations | Circular 3/2012 | Annex 27 |
| Authorized accounts to operate through the SIAC-Banxico | Service Contract of the Account Holder Attention System (SIAC-Banxico) | Annex 1 |
| Operations authorized to be carried out through the SIAC-Banxico | Service Contract of the Account Holder Attention System (SIAC-Banxico) | Annex 2 |
| SIAC-Banxico Communication Equipment | Service Contract of the Account Holder Attention System (SIAC-Banxico) | Annex 3 |
| Communication to install or deactivate a terminal in the SIAC-Banxico, in accordance with the format established for it in the applicable regulations | Service Contract of the Account Holder Attention System (SIAC-Banxico) | Annex 4 |
| Communication to register, deactivate or effect change of attributions of a person as an operator of the SIAC-Banxico, in accordance with the format established for it in the applicable regulations | Service Contract of the Account Holder Attention System (SIAC-Banxico) | Annex 5 |
| Communication to register or deactivate a responsible official of the SIAC-Banxico, in accordance with the format established for it in the applicable regulations | Service Contract of the Account Holder Attention System (SIAC-Banxico) | Annex 6 |
| Communication to register or cancel the registration of a person as an operator of the Repo Module to provide Liquidity to the Payment System (RSP), in accordance with the format established for it in the applicable regulations | Service Contract of the Account Holder Attention System (SIAC-Banxico) | Annex 7 |
| Notification on termination of the Service Contract of the Account Holder Attention System (SIAC-Banxico) (without format provided in regulations) | Service Contract of the Account Holder Attention System (SIAC-Banxico) | Clause tenth |
Wednesday, July 15, 2020 OFFICIAL GAZETTE 5
| REQUIREMENT OF HANDWRITTEN SIGNATURE | NORMATIVELY FRAMEWORK | SECTION OR PROVISION |
|---|---|---|
| Notification between the Bank of Mexico and the Account Holder regarding the Service Contract of the Account Holder Attention System (SIAC-Banxico) | Service Contract of the Account Holder Attention System (SIAC-Banxico) | Not applicable |
| Communications to request the cancellation of an operation in SIAC-Banxico (without model) | SIAC Client Operation Manual | Not applicable |
| Communication by which participants request the transfer of resources from the Single Account administered through SIAC-BANXICO to the SPEI Account, in accordance with the format established for it in the applicable regulations | SIAC Client Operation Manual | Annex III |
| Request to operate in the SIAC-Banxico on behalf of an Account Holder | SIAC Client Operation Manual | Annex III |
| Notification on termination of the contract (without model) | Interbank Electronic Payment System (SPEI) Service Contract | Clause fifteenth |
| Communications regarding aspects of the SPEI contract not provided for in regulations or stipulations | Interbank Electronic Payment System (SPEI) Service Contract | Not applicable |
| Notification on termination of the contract (without model) | Interbank Dollar Payment System (SPID) Service Contract | Clause twelfth |
| Any notification between Bank of Mexico and the Participant | Interbank Dollar Payment System (SPID) Service Contract | Not applicable |
| Notification on termination of the contract | Repo Module to provide Liquidity to the Payment System (RSP) Service Contract | Clause twelfth |
| Communications regarding aspects of the Repo Module to provide Liquidity to the Payment System (RSP) contract not provided for in regulations or stipulations | Repo Module to provide Liquidity to the Payment System (RSP) Service Contract | Not applicable |
| Irrevocable mandate in favor of the Bank of Mexico granted in accordance with item cb.2 of Circular 115/2002 and the format established for it in the applicable regulations | Circular 115/2002 | Annex 6 |
6 OFFICIAL GAZETTE Wednesday, July 15, 2020
| REQUIREMENT OF HANDWRITTEN SIGNATURE | NORMATIVELY FRAMEWORK | SECTION OR PROVISION |
|---|---|---|
| Communication of participants in the SPID to effect the registration or deactivation of their operators, in accordance with the format established for it in the applicable regulations | Circular 4/2016 – Rules of the Interbank Dollar Payment System | Annex 1 |
| Designation of SPID Regulatory Compliance Officer | Circular 4/2016 – Rules of the Interbank Dollar Payment System | 44a. |
| Semi-annual report carried out by Regulatory Compliance Officers (without model) | Circular 4/2016 – Rules of the Interbank Dollar Payment System | 51a. |
| Annual report on the result of the application carried out to the Additional Risks model of the SPID (without model) | Circular 4/2016 – Rules of the Interbank Dollar Payment System | Fraction VI of 50a. |
| Request for registration of personnel who can receive SPID information, in accordance with the format established for it in the applicable regulations | Interbank Dollar Payment System (SPID) Operation Manual | Appendix I |
| Letter of participation in optional payment types, in accordance with the format established for it in the applicable regulations | Interbank Dollar Payment System (SPID) Operation Manual | Appendix J |
| Communication to update the participant's short name, in accordance with the format established for it in the applicable regulations | Interbank Dollar Payment System (SPID) Operation Manual | Appendix L |
| Communication of confirmation of operators, in accordance with the format established for it in the applicable regulations | Interbank Dollar Payment System (SPID) Operation Manual | Appendix M |
| Communication of the "Evaluated Entity" to inform the start of the evaluation of compliance with information security and operational risk management requirements, in accordance with the format established for it in the applicable regulations | Interbank Dollar Payment System (SPID) Operation Manual | Annex D of Appendix E |
| Communication of the draft service provision contract between the "Evaluated Entity" and the Firm, in accordance with the format established for it in the applicable regulations | Interbank Dollar Payment System (SPID) Operation Manual | Annex E of Appendix E |
| Communication to present to the Bank of Mexico the compliance report of the requirements by the "Evaluated Entity" and the Firm, in accordance with the format established for it in the applicable regulations | Interbank Dollar Payment System (SPID) Operation Manual | Annex F of Appendix E |
| Request for authorization for contracting of third parties that institutions send (Without Model) | Circular 13/2017 Chapter III | 8th Provision |
| Authorization for contracting of third parties | Circular 13/2017 Chapter III | 8th Provision |
Wednesday, July 15, 2020 OFFICIAL GAZETTE 7
| REQUIREMENT OF HANDWRITTEN SIGNATURE | NORMATIVELY FRAMEWORK | SECTION OR PROVISION |
|---|---|---|
| Registration of operators and terminals, in accordance with the format established for it in the applicable regulations | Clearing House Systems | User Manual for Client Banks 2.1.1 and 2.1.2 |
| Responses to acts carried out by the Bank of Mexico, derived from its supervision and sanctions functions, including, among others, resolutions, agreements, communications, orders, and requirements | Supervision Rules, Self-Correction Programs and Sanctioning Procedure | Article 6, fraction IV |
| Self-Correction Programs | Supervision Rules, Self-Correction Programs and Sanctioning Procedure | Title Third, Article 48 |
| Communication to update the Catalog of Authorized Personnel applicable for institutions in the process of incorporation | User Manual for Transfer Database (BDT) | Appendix XIV |
| Annex 1 | ||
| Registration of personnel who can receive APLSPEI information, in accordance with the format established for it in the applicable regulations | User Manual for External Users in Applications to the Interbank Electronic Payment System (APLSPEI) | Annex 5 |
| Form to update the Catalog of Authorized Personnel applicable for institutions in the process of incorporation | Interbank Electronic Payment System (SPEI) Operation Manual | Appendix T |
| Annex 1 | ||
| Communication of registration or deactivation of Operators in the APLSPEI, in accordance with the format established for it in the applicable regulations | User Manual for External Users in Applications to the Interbank Electronic Payment System (APLSPEI) | Annex 2 |
| Any notification between Bank of Mexico and the entity/society regarding the contract/agreement | Certification Agency Contract in the IES | Not applicable |
| Any notification between Bank of Mexico and the entity/society regarding the contract/agreement | Registrar Agency Contract in the IES | Not applicable |
8 OFFICIAL GAZETTE Wednesday, July 15, 2020 TRANSITORY PROVISIONS SINGLE.- This Circular shall enter into force the day following its publication in the Official Gazette of the Federation. Mexico City, July 7, 2020.- BANK OF MEXICO: Manuel Miguel Ángel Díaz Díaz, General Director of Payment Systems and Market Infrastructures.- Signature.- Fabrizio López Gallo Dey, General Director of Financial Stability.- Signature.- Luis Urrutia Corral, General Legal Director.- Signature.- José Luis Negrín Muñoz, General Director of Financial System Affairs.- Signature.- Octavio Bergés Bastida, General Director of Information Technologies.- Signature.- Joaquín Tapia Macías, Manager of International Operations.- Signature.- Dafne Ramos Ruiz, Manager of National Market Analysis.- Signature.- Joaquín Rodrigo Cano Jauregui Segura Millan, Director of Support for Operations.- Signature. For any inquiries regarding the content of this Circular, the Bank of Mexico is available through the Central Bank Authorizations and Sanctions Directorate at telephone number (55) 5237-2000 extension 3200. (55) 5237-2000 extension 3200.
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