Regulatory Alerts2014-03-11 | Circular 4/2014Added
Circular 4/2014 — Clearing Houses for Card Payments
The Bank of Mexico establishes rules for the organization, operation, and authorization of clearing houses for card payments to foster competition and security. The document defines key terms such as acquirer, issuer, and payment card, and mandates that applicants submit detailed documentation including statutes, financial viability studies, and operational plans. It requires a board of directors with at least 25% independent members and subjects share transfers exceeding 5% of capital to regulatory approval.