Regulatory Alerts2019-03-08 | Circular 5/2019Added
Circular 5/2019 — Novel Models
The Bank of Mexico establishes general provisions for non-financial corporations to obtain authorization to provide routing, clearing, or settlement services using novel models. Applicants must submit detailed documentation regarding corporate structure, target audience, technological infrastructure, cybersecurity standards, and a comprehensive risk management framework. The Bank of Mexico evaluates these requests and may grant temporary authorization for a limited period, subject to specific deadlines for response and potential extensions for documentation modifications.