Regulatory Alerts2021-05-11 | Circular 4/2021Added · Updated
Circular 4/2021 — Maintenance of Foreign Currency and Operations with Such Currency by Federal Public Administration Dependencies and Entities That Are Not Financial Intermediaries
Circular 4/2021 establishes the terms and conditions for federal public administration dependencies and entities that are not financial intermediaries regarding the maintenance of foreign currency and operations involving such currency. It authorizes these obligated subjects to sell foreign currency to authorized financial institutions, including currency resulting from legal processes such as forfeiture or extinction of domain, provided specific legal conditions are met. Obligated subjects must report each sale operation to the Bank of Mexico via electronic communication within five banking days following the transaction date, providing details such as the institution, amount, currency, exchange rate, and dates. The Bank of Mexico retains the authority to request additional information and issue guidelines if operations are deemed to potentially affect the foreign exchange market.
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