Regulatory Alerts2013-12-27 | Circular 6/2013Added
Circular 6/2013 — Derivative Operations of SIEFORES
The Bank of Mexico updates the regulatory framework for derivative operations conducted by Specialized Investment Societies for Retirement Fund Companies (SIEFORES), explicitly authorizing futures on swaps, options on futures, and options on swaps. The rules define eligible underlying assets, restrict over-the-counter transactions to authorized financial institutions, prohibit credit derivatives and in-kind settlement for specific commodities, and mandate market-referenced pricing for cash-settled derivatives. This circular abrogates the previous rules established in Circular 1/2002 and its subsequent modifications.
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