Regulatory Alerts2021-11-19 | Circular 8/2021Added · Updated
Circular 8/2021 — Modifying Circular 36/2010 (Commission Registration)
The Bank of Mexico modifies the Commission Registration regulations to require electronic submission of commission data, harmonize obligations for electronic payment fund institutions and collective financing institutions with credit institutions, and introduce a taxonomy for commission categories to improve transparency. The amendment defines 'Financial Entities' to include these new institution types, establishes a 'Commission Registration System' for online submissions, and sets specific deadlines for registration, confirmation, and vetting processes. Transitional provisions grant electronic payment fund and collective financing institutions 90 business days to submit their initial commission registrations using the legacy SAIF-WEB system before the new rules fully take effect.
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