Regulatory Alerts2008-02-19 | Circular 5/2008Added
Circular 5/2008 — Modifies Circular 1/2006
The Bank of Mexico modifies the rules governing participants in the Interbank Electronic Payments System (SPEI) to allow the participation of additional financial entities, including Popular Savings and Credit Entities and Multiple-Object Financial Societies. The document updates the definition of Participant, establishes a ten-minute deadline for credit institutions to send payment orders after client acceptance, and introduces new contingency procedures for operations with CLS Bank International. It also revises the SPEI tariff schedule, setting the 2008 annual fee at zero and adjusting per-transaction fees based on time of day and transaction type, with new tariffs to be incorporated into contracts by May 30, 2008.
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