Regulatory Alerts2020-03-31 | Circular 3/2020Added
Circular 3/2020 — Modifications to Circular 8/2009, US Dollar Credit Auctions
The Bank of Mexico modifies the Rules applicable to US Dollar Credit Auctions to update the framework for credit participation by credit institutions. The amendments introduce new definitions for eligible collateral instruments, including BONDE, Bonos UMS, BPA, BREM, CETE, UDIBONO, and US Treasury Instruments, and establish a new section 9.6 requiring daily disclosure of the total value of guarantees. The rules also clarify submission procedures for competitive and interactive auctions, mandate that guarantees cover both principal and accrued interest, and specify that all deadlines refer to Mexico City time. These modifications enter into force on April 1, 2020, while existing contracts under Circular 8/2009 remain valid.
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