Circular 8/2011 — Modifies Circular 2019/95

CIRCULAR 8/2011 Mexico, D.F., March 31, 2011. TO MULTIPLE BANKING INSTITUTIONS: SUBJECT: MODIFICATIONS TO CIRCULAR 2019/95.

The Bank of Mexico, in order to promote the sound development of the financial system, considers it convenient to update the regulation directed at these institutions regarding the information they must provide both to the Bank of Mexico itself and to the general public, relative to the charges they make for commissions and interest rates.

For the above reason, based on articles 28 of the Political Constitution of the United Mexican States, sixth and seventh paragraphs; 24 and 26 of the Bank of Mexico Law; 4 and 22 of the Law for Transparency and Ordering of Financial Services; 48 of the Credit Institutions Law; 4th first paragraph, 8th fourth and seventh paragraphs, 10th first paragraph, 12 Bis first paragraph in relation to 20 fraction XI; 14 Bis in relation to 17 fraction I, and 14 Bis 1 first paragraph in relation to 25 Bis 1 fraction IV, of the Internal Regulations of the Bank of Mexico, which provide for its attribution to issue provisions through the General Directorate of Payment Systems and Risks; the General Legal Directorate; and the General Directorate of Financial System Affairs, respectively, as well as the Single Agreement on the Affiliation of Administrative Units of the Bank of Mexico, fractions III, X and XII;

it has resolved to modify numeral M.73.54., as well as repeal numerals M.11.11.16; M.12.12.1; M.33.3; M.36.; M.36.1; M.36.2, and M.73.55.; all of Circular 2019/95, to remain in the following terms:

“M.11.11.16 Repealed.” “M.12.12.1 Repealed.” “M.33.3. Repealed.” “M.36. Repealed.” “M.36.1. Repealed.”

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“M.36.2. Repealed.” “M.73.54. REPORTS ON FEES AND COMMISSIONS

Institutions must send to the Bank of Mexico through the General Directorate of Payment Systems and Risks, as well as the Directorate of Information of the Financial System, in the form that they make known to them, the information relative to the fees and commissions they charge for the various services related to payment systems, as well as the modifications they intend to make to said fees and commissions before applying or disclosing them. The aforementioned information must be sent in the form and terms, as well as with the anticipation and periodicity that the aforementioned Directorates make known to them.”

“M.73.55. Repealed.”

TRANSITORY SINGLE. This Circular will enter into force on April 5, 2011.