RegAlertRule · CNBV · 9 Mar 2018
Law to Regulate Financial Technology Institutions
This law establishes the regulatory framework for Financial Technology Institutions (ITFs) in Mexico, specifically crowdfunding and electronic payment fund institutions, under the supervision of the National Banking and Securities Commission (CNBV) and the Bank of Mexico. It mandates authorization procedures, operational obligations, and risk disclosure requirements, while explicitly stating that the Federal Government does not guarantee client funds. The legislation defines key terms, sets administrative resolution timelines, and introduces temporary authorizations for innovative models and virtual asset operations.
For internal use
LAW TO REGULATE FINANCIAL TECHNOLOGY INSTITUTIONS
Published in the Official Gazette of the Federation on March 9, 2018, Updated with reforms published in the same Gazette on May 20, 2021; January 24, 2024, and November 14, 2025.
For internal use
LAW TO REGULATE FINANCIAL TECHNOLOGY INSTITUTIONS
INDEX
TITLE I
Preliminary Provisions
TITLE II
On ITFs and Their Operations
CHAPTER I
On Collective Financing Institutions
CHAPTER II
On Electronic Payment Fund Institutions
CHAPTER III
On Operations with Virtual Assets
TITLE III
General Provisions
CHAPTER I
On Authorization
CHAPTER II
On the Operation of ITFs
CHAPTER III
On the Suspension and Revocation of Authorization to Operate as an ITF
CHAPTER IV
On Inspection, Surveillance, and Information Exchange
CHAPTER V
Trade Associations
TITLE IV
On Temporary Authorizations and Operations with Virtual Assets
CHAPTER I
On Authorization of Novel Models
CHAPTER II
On Novel Models in Regulated Entities
CHAPTER III
On the Operation of Financial Entities with Virtual Assets
CHAPTER IV
Other Obligations and on the Revocation of Temporary Authorizations
TITLE V
Financial Innovation Group
TITLE VI
Sanctions and Crimes
For internal use
CHAPTER I
Administrative Sanctions
CHAPTER II
On Crimes
First Section
On the Requirement of Proceedibility and Prescription
Second Section
Crimes for the Protection of the Assets of ITF Clients and of Societies Authorized to Operate with Novel Models
Third Section
Crimes against the Adequate Operation of ITFs, or of Companies Authorized to Operate with Novel Models
Fourth Section
Crimes for the Protection of the Assets of ITFs and of Societies Authorized to Operate with Novel Models
TITLE VII
On Notifications
TRANSITORY PROVISIONS
EXPOSICIÓN DE MOTIVOS (Statement of Motives)
For internal use
THE LAW TO REGULATE FINANCIAL TECHNOLOGY INSTITUTIONS IS ENACTED, AND VARIOUS PROVISIONS OF THE LAW OF CREDIT INSTITUTIONS, THE SECURITIES MARKET LAW, THE GENERAL LAW OF ORGANIZATIONS AND CREDIT AUXILIARY ACTIVITIES, THE LAW FOR TRANSPARENCY AND ORDERING OF FINANCIAL SERVICES, THE LAW TO REGULATE CREDIT INFORMATION COMPANIES, THE LAW FOR THE PROTECTION AND DEFENSE OF USERS OF FINANCIAL SERVICES, THE LAW TO REGULATE FINANCIAL GROUPS, THE LAW OF THE NATIONAL BANKING AND SECURITIES COMMISSION, AND THE FEDERAL LAW FOR THE PREVENTION AND IDENTIFICATION OF OPERATIONS WITH RESOURCES OF ILICIT ORIGIN ARE REFORMED AND ADDED.
ARTICLE ONE. - The LAW TO REGULATE FINANCIAL TECHNOLOGY INSTITUTIONS is hereby enacted:
LAW TO REGULATE FINANCIAL TECHNOLOGY INSTITUTIONS
TITLE I
Preliminary Provisions
Article 1. - This Law is of public order and of general observance in the United Mexican States and aims to regulate the financial services provided by financial technology institutions, as well as their organization, operation, and functioning, and the financial services subject to special regulations that are offered or carried out by innovative means.
Article 2. - This Law is based on the principles of financial inclusion and innovation, promotion of competition, consumer protection, preservation of financial stability, prevention of illicit operations, and technological neutrality. These principles must be respected by all subjects obligated by this Law, regarding their operation, as well as by the Financial Authorities when exercising their powers.
Article 3. - Supervision of compliance with the provisions of this Law and the provisions emanating from it corresponds to the National Banking and Securities Commission (CNBV) and the Bank of Mexico, within the scope of their respective competencies, in accordance with this Law and other applicable legal provisions.
The National Insurance and Surety Commission, the National Retirement Savings System Commission, and the National Commission for the Protection and Defense of Users of Financial Services shall have the powers conferred upon them by this Law and other applicable legal provisions within the scope of their respective competencies.
The Federal Executive, through the Ministry of Finance and Public Credit, may interpret the provisions of this Law for administrative purposes.
Article 4. - For the purposes of this Law, singular or plural, the following shall be understood:
I. Financial Authority, any of the Supervisory Commissions, the Bank of Mexico, or the Ministry, according to their scope of competence;
II. Client, the natural or legal person who contracts or carries out any Operation with an ITF, as well as the one who contracts or uses the services of Financial Entities provided for in this Law or of societies authorized to operate with Novel Models;
III. CNBV, the National Banking and Securities Commission;
IV. CNSF, the National Insurance and Surety Commission;
V. Supervisory Commissions, the CNBV, CONSAR, CNSF, and CONDUSEF, regarding their scopes of competence;
VI. Interinstitutional Committee, the collegiate body integrated by public servants of the Ministry, the Bank of Mexico, and the CNBV referred to in this Law;
VII. CONDUSEF, the National Commission for the Protection and Defense of Users of Financial Services;
VIII. CONSAR, the National Retirement Savings System Commission;
IX. Consortium, the set of legal persons linked by one or more natural persons who, integrating a Group of Persons, have Control of the former;
X. Control, the capacity to impose, directly or indirectly, decisions in the general meetings of shareholders, partners, or equivalent bodies, or to appoint or dismiss the majority of directors, administrators, or their equivalents of a legal person; or to maintain the ownership of rights that allow, directly or indirectly, to exercise voting rights regarding more than fifty percent of the social capital of the company, or to direct, directly or indirectly, the administration, strategy, or main policies of the company, whether through the ownership of Securities or by any other legal act;
XI. Relevant Executive, the General Director of ITFs, as well as natural persons who, holding an employment, position, or commission in those or in legal persons that have Control of said ITFs or that are controlled by the latter, adopt decisions that significantly transcend the administrative, financial, operational, or legal situation of the ITF itself or of the Business Group to which it belongs, without the directors of ITFs being included within this definition;
XII. Financial Entities, controlling and sub-controlling companies of financial groups, credit institutions, stockbrokers, stock exchanges, investment fund operating companies, investment fund distribution companies, credit unions, credit auxiliary organizations, exchange houses, multiple-object financial companies, popular financial companies, community financial companies with operations levels I to IV, rural financial integration agencies, savings and loan cooperative societies with operations levels I to IV, securities depository institutions, securities central counterparties, securities rating agencies, credit information companies, insurance institutions, surety institutions, mutual insurance societies, retirement fund administrators, as well as other institutions and public trusts that carry out activities regarding which the CNBV, CNSF, or CONSAR exercise supervision powers;
XIII. Group of Persons, persons who have agreements, of any nature, to make decisions in the same sense. It is presumed, unless proof to the contrary is provided, that they constitute a Group of Persons:
a) Persons who have kinship by blood, affinity, or civil law up to the fourth degree, spouses, concubines, and concubarians, and b) Companies that are part of the same Consortium or Business Group and the person or group of persons that have Control of said companies;
XIV. Business Group, the set of legal persons organized under schemes of direct or indirect participation of social capital, in which the same company maintains Control of said legal persons, including financial groups constituted in accordance with the Law to Regulate Financial Groups;
XV. Technological Infrastructure, the computing infrastructure, telecommunications networks, operating systems, databases, software, and applications used by ITFs, societies authorized to operate with Novel Models, and financial entities to support their operations;
XVI. ITF, financial technology institutions regulated in this Law, which are collective financing institutions and electronic payment fund institutions;
XVII. Novel Model, one that for the provision of financial services uses tools or technological means with modalities different from those existing in the market at the time the temporary authorization is granted in accordance with this Law;
XVIII. Operations, financial or payment acts referred to in this Law, which an ITF may offer or carry out to the public or, which are carried out through them between Clients, in accordance with this Law;
XIX. Related Persons, persons who, with respect to an ITF, fall under any of the following circumstances:
a) Natural or legal persons who maintain, directly or indirectly, ownership of one percent or more of the share certificates representing the capital of an ITF, according to the most recent register of partners kept by the respective ITF; b) The sole administrator or members of the board of directors of the ITF, as well as auditors or auditors (comisarios), their officials or employees, or persons other than these who by their signature can bind the ITF in question; c) Spouses and persons who have kinship up to the second degree with the persons indicated in the previous subsections; d) Legal persons, as well as their directors and officials, regarding which the ITF maintains, directly or indirectly, ownership of ten percent or more of the share certificates representing their capital; e) Legal persons in which any of the persons indicated in the previous subsections, as well as officials, employees, external auditors, and auditors (comisarios) of the ITF, ascendants and descendants in the first degree, as well as their spouses, maintain, directly or indirectly, ownership of ten percent or more of the share certificates representing their capital, and f) Legal persons regarding which officials, external auditors, members of the audit committee, and auditors (comisarios) of ITFs are directors or administrators or occupy any of the first three hierarchical levels in said legal persons;
XX. Power of Command, the factual capacity to decisively influence the agreements adopted in meetings of shareholders or partners or sessions of the board of directors or directors or in the management, conduct, and execution of the business of the ITF or of the legal persons that it has Control. It is presumed that they have Power of Command in an ITF, unless proof to the contrary is provided, persons who fall under any of the following circumstances:
a) Shareholders who have Control; b) Natural persons who have links with the ITF or the legal persons that make up the Business Group or Consortium to which it belongs, through lifetime, honorary positions, or with any other title analogous or similar to the aforementioned; c) Persons who have transferred Control of the ITF under any title and gratuitously or at a value lower than market or accounting value, in favor of persons with whom they have kinship by blood, affinity, or civil law up to the fourth degree, the spouse, concubine, or concubarian, and d) Persons who instruct directors or Relevant Executives of the ITF to make decisions or execute operations in the ITF itself or in the legal persons that it has Control;
XXI. Ministry, the Ministry of Finance and Public Credit;
XXII. UMA, the Measurement and Update Unit whose equivalent value in pesos is determined in accordance with the Law to Determine the Value of the Measurement and Update Unit, and
XXIII. Securities, shares, social parts, bonds, optional certificates, promissory notes, bills of exchange, and other credit instruments, named or unnamed, issued in series or in mass and representing the social capital of a legal person or a part thereof, an aliquot part of a good, or participation in a collective credit or any individual credit right, in accordance with applicable national or foreign laws.
Article 5. - Financial Authorities shall have a period that may not exceed ninety days to resolve the procedures referred to in this Law, unless there is an express provision establishing another period. Upon expiration of the applicable period, resolutions shall be understood to be negative to the petitioner, unless the applicable provisions provide otherwise. At the request of the interested party, a certificate of such circumstance must be issued within two business days following the presentation of the respective request to the competent Financial Authority that should have resolved. The same certificate must be issued when specific provisions provide that, upon expiration of the applicable period, the resolution should be understood to be positive. Failure to issue these certificates within the stated period shall be a cause of administrative responsibility in accordance with applicable legal provisions.
When the initial document does not contain the data or does not meet the requirements provided for in the applicable legal provisions, the Financial Authority must notify the interested party, in writing and only once, to remedy the omission within a period that may not be less than ten business days. Unless specific provisions establish another period, such notification must be made no later than within half of the Financial Authority's response period.
Once the notification is received, the period for Financial Authorities to resolve shall be suspended and shall resume from the next business day following the day on which the interested party addresses the notification. In the event that the notification is not addressed within the stated term, Financial Authorities shall dismiss the initial document.
If Financial Authorities do not make the information request within the corresponding period, they cannot reject the initial document as incomplete.
The periods for Financial Authorities to respond shall begin to run on the next business day following the presentation of the corresponding document, unless there is an express provision to the contrary.
Article 6. - The period referred to in the first paragraph of the previous article shall not apply to promotions that, by express provision of this Law, Financial Authorities must obtain the opinion of other authorities or require the agreement of the Interinstitutional Committee. In these cases, the period for Financial Authorities to resolve what corresponds may not exceed one hundred eighty days.
The opinions referred to in the previous paragraph must be requested by the respective Financial Authority no later than three days following the day on which it receives the complete documentation of the matter subject to the opinion. The corresponding authorities must issue their opinion within a period of one hundred fifty days from the day of receipt of said documentation. In the event that the opinion is not issued within the stated period, the Financial Authority that requested it shall resolve what corresponds with the records in the file, without the need to consider the aforementioned opinion.
Competent Financial Authorities, at the request of the interested party, may extend the periods established in this Law, provided that such extension does not exceed, in any case, half of the period originally provided in the applicable legal provisions, when the matter so requires and they have no knowledge that third parties' rights are prejudiced.
Article 7. - Financial Authorities, within the scope of their competence, may issue general provisions to simplify procedures and establish simpler forms of compliance with the requirements provided for in this Law, provided that unjustified risks are not incurred.
The procedures and forms of compliance referred to in this article must be reviewed annually, except in cases where the average resolution time of all authorization procedures of the immediate previous year did not exceed ninety days.
Article 8. - Articles 5, 6, and 7 of this Law shall not apply to Supervisory Commissions and the Bank of Mexico when they exercise their supervision powers in compliance with the provisions of this Law and the provisions emanating from it.
Article 9. - For the purposes of this Law, periods fixed in days shall be understood as calendar days, unless it is expressly stated that they are business days. When a period expires on an invalid day, the period shall expire on the next valid business day.
Article 10. - In matters not provided for in this Law, the respective special laws applicable to the Financial Entities in question, commercial laws, banking, stock market, and commercial usages and practices, federal civil legislation, federal criminal legislation, as well as the Federal Tax Code regarding the updating of fines, shall apply, according to their nature and subsidiarily.
TITLE II
On ITFs and Their Operations
Article 11. - To organize and operate as an ITF, it is required to obtain an authorization that will be granted by the CNBV, prior to the agreement of the Interinstitutional Committee, in accordance with Chapter I of Title III of this Law.
ITFs, in addition to complying with the obligations established in this Law and the provisions emanating from it, must take measures to prevent false or misleading information from being disseminated through them. Additionally, ITFs must disseminate information that allows their Clients to identify the risks of the Operations they enter into with or through them, in accordance with the provisions of this Law.
Neither the Federal Government nor entities of the para-statal public administration may be held responsible for or guarantee the resources of Clients that are used in Operations entered into with ITFs or with others, nor assume any responsibility for obligations contracted by ITFs or by a Client with another, by virtue of the Operations they enter into. ITFs must explicitly state the aforementioned in their respective websites, in messages displayed through computer applications or transmitted by electronic or digital communication means used for the offering and carrying out of their Operations, as well as in advertising and contracts entered into with their Clients.
Article 12. - The ITF that obtains an authorization to organize and operate with such status, in accordance with this Law, is obligated to add the words “collective financing institution” or “electronic payment fund institution” to its name, as applicable. Likewise, ITFs are obligated to prominently disseminate through the means by which they contact their Clients that they are authorized, regulated, and supervised by Financial Authorities.
The expressions “financial technology institution”, “ITF”, “collective financing institution”, “electronic payment fund institution”, or other expressions conveying similar ideas in any language, referring to such concepts or to brands and products corresponding to them, from which the performance of activities characteristic of the aforementioned entities can be inferred, may not be used in the name, denomination, trade name, or advertising of persons and establishments, interfaces, computer applications, websites, or any other electronic or digital communication medium, other than ITFs authorized in accordance with this Law.
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Associations that group authorized ITFs are exempt from the provisions of the preceding paragraph.
Article 13.- The shares representing the social capital of ITFs shall be freely subscribable.
Credit institutions, brokerage houses, regulated multiple-object financial companies, popular financial companies, savings and loan cooperatives with operation levels I to IV, credit unions, and insurance and surety institutions, as an exception to the provisions of their respective regulating laws, may invest, directly or indirectly, in the social capital of ITFs, subject to the prior authorization of their Supervisory Commission or the Secretariat, in the latter case with respect to development banking. Such authorization must be granted under the same procedures and conditions applicable to investment in the social capital of other Financial Entities referred to in the respective financial laws. In the case of credit institutions, the total amount of investments in the capital of ITFs referred to in the preceding paragraph, together with the investments indicated in Article 89 of the Credit Institutions Law, may not exceed the lesser of the equivalent to fifty percent (50%) of the basic part of the institution's net capital, or the excess of the basic part of the institution's net capital over the minimum capital. Financial Entities that invest in ITFs are prohibited from using the personnel and promotion channels of their own operations to carry out the corresponding promotion of ITFs. Without prejudice to the provisions of the preceding paragraph, ITFs, in the cases and under the conditions that the CNBV establishes through general provisions issued for this purpose, may agree with the Financial Entities that acquire shares representing their social capital that such Entities provide their respective Technological Infrastructures and auxiliary services to support the operations of the ITFs, provided that they obtain the authorization granted for this purpose by the CNBV and enter into a service contract that clearly establishes transfer prices. The contracting of the services referred to in this article shall not exempt ITFs, nor their directors, employees, and other persons holding employment, position, or commission therein, from the obligation to observe what is established in this Law and in the general provisions emanating from it.
Article 14.- The account statements regarding Operations related to credits, loans, or mutuels that ITFs enter into with their Clients or that are entered into between their Clients through them, certified by the public accountant authorized by the corresponding ITF, shall be executive titles, without the need for signature recognition or any other requirement.
The account statement certified by the accountant referred to in this article shall serve as proof, unless proven otherwise, in the respective trials for the determination of the resulting balances owed by the Clients of the ITFs.
The certified account statement referred to in this article must contain the Client's name, the date of celebration of the contract related to the Operation in question, and the characteristics of this.
Likewise, it must comprise the transactions carried out from one year prior counted from the moment when the last payment default is verified.
CHAPTER I
Of Crowdfunding Institutions
Article 15.- Activities aimed at connecting members of the general public, with the intent that they grant financing among themselves through any of the Operations indicated in the following article, carried out habitually and professionally, through computer applications, interfaces, internet pages, or any other electronic or digital communication medium, may only be carried out by legal entities authorized by the CNBV, prior agreement of the Interinstitutional Committee, as crowdfunding institutions.
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Article 16.- The Clients of a crowdfunding institution who intervene in the activities provided for in the previous article shall be referred to as investors and applicants. Investors are considered to be natural or legal persons who contribute resources to the applicants. Applicants are considered to be natural or legal persons who have requested such resources through the crowdfunding institution.
The Clients of a crowdfunding institution may carry out the following Operations among themselves and through said institution:
I. Collective debt financing, with the intent that investors grant loans, credits, mutuels, or any other financing causing a direct or contingent liability to the applicants;
II. Collective equity financing, with the intent that investors purchase or acquire shares representing the social capital of legal entities acting as applicants, and
III. Collective co-ownership or royalty financing, with the intent that investors and applicants enter into participation associations or any other type of agreement whereby the investor acquires an aliquot part or participation in a present or future asset or in the income, profits, royalties, or losses obtained from the realization of one or more activities or from the projects of an applicant.
The legal acts carried out for the celebration of the Operations referred to in this article shall be deemed commercial acts.
The Operations referred to in this article shall be denominated in national currency. Likewise, crowdfunding institutions may carry out the aforementioned Operations in foreign currency or with virtual assets, in the cases and subject to the terms and conditions that the Bank of Mexico establishes through general provisions issued for this purpose.
The titles offered through these institutions may not be registered in the National Securities Registry.
Likewise, crowdfunding institutions may carry out those activities to facilitate the sale or acquisition of the rights or titles exchanged that document the Operations referred to in fractions I to III of this article. The CNBV, with the objective of protecting investors, shall establish general provisions for this purpose.
Article 17.- Crowdfunding institutions may act as agents or commission agents of their Clients for the realization of activities related to the Operations, among others, for operational matters, under the terms determined by the CNBV in the general provisions issued for this purpose.
Article 18.- Crowdfunding institutions must comply with the following obligations:
I. Establish and make known to potential investors in a clear and unequivocal manner, through the means they use to operate with them, the criteria for the selection of applicants and projects subject to financing; the information and documentation analyzed for such purposes; and the activities carried out, if any, to verify the veracity of said information and documentation, including whether they have obtained other collective financing in the same or another crowdfunding institution. The CNBV must establish, through general provisions issued for this purpose, the requirements to comply with these obligations.
Crowdfunding institutions are prohibited from offering projects that are being offered at that same moment in another crowdfunding institution. For the compliance with the foregoing, said institutions may, prior to obtaining the consent of the applicants, exchange information;
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II. Analyze and inform potential investors, in a simple and clear manner, about the risk of the applicants and the projects, including general indicators regarding their payment behavior and performance, among others. Such risk must be determined through methodologies for the evaluation and rating of applicants and projects, which must be revealed to the investors. Crowdfunding institutions must ensure that the methodologies are applied consistently and updated as necessary. The CNBV shall establish, through general provisions issued for this purpose, the minimum elements that such methodologies will contain;
III. Obtain from investors an electronic certificate that they are aware of the risks to which their investment in the institution is subject. The minimum characteristics of such certificates shall be determined by the CNBV in general provisions issued for this purpose;
IV. Once any Operation has been carried out, have available to the investors participating in it, information regarding the applicant's payment behavior, performance, or any other information relevant to them. The CNBV shall establish, through general provisions issued for this purpose, the requirements to comply with this obligation;
V. Provide Clients with the necessary means to achieve the formalization of the Operations;
VI. Be users of at least one credit information society, providing information on financing applicants periodically, under the terms provided in the Law to Regulate Credit Information Societies. This obligation shall only apply to debt crowdfunding institutions;
VII. Deliver the investors' resources to the applicants selected by the investors themselves and, prior to such delivery, allow the investor to withdraw their resources destined for the investment in question, without restriction or charge. The terms and conditions of the financing may not be modified once consent regarding its selection has been manifested;
VIII. Establish schemes to share with investors the risks of collective debt financing Operations, which must include the agreement to collect a proportion of commissions, subject to the condition that the total settlement of the financing or the performance of the project is carried out under the terms offered, or any other scheme that allows the alignment of incentives between the ITF and the investors. Such schemes must be presented with the application for authorization to act as an ITF.
Commissions charged regarding delinquent financings may in no case exceed those charged for current financings;
IX. Have the necessary mechanisms to segregate each type of Operation so that investors can distinguish unequivocally the type of Operations in question, when two or more types of collective financing Operations are celebrated, or the sale or acquisition of exchanged titles or acquired rights is carried out through them, and
X. Those established for crowdfunding institutions provided for in this Law and the provisions emanating from it.
Crowdfunding institutions shall be liable for damages and losses caused to their Clients due to non-compliance with what is provided in this article.
Article 19.- Crowdfunding institutions, in addition to their own activities, may only carry out the following:
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I. Receive and publish applications for collective financing Operations from applicants and their projects through the interface, internet page, or electronic or digital communication medium they use to carry out their activities;
II. Facilitate that potential investors know the characteristics of the collective financing Operation applications from applicants and their projects through the interface, internet page, or electronic or digital communication medium they use to carry out their activities;
III. Enable and allow the use of electronic communication channels through which investors and applicants can relate to each other through the interface, internet page, or electronic or digital communication medium they use to carry out their activities;
IV. Obtain loans and credits from any person, national or foreign, destined for the fulfillment of their corporate purpose. Such loans and credits may not be destined to establish schemes that allow sharing with investors the risks of the projects provided for in this Law, unless they obtain authorization from the CNBV in terms of the general provisions issued for this purpose. In no case may loans and credits be obtained from an undetermined person or through mass communication media, nor in a habitual or professional manner;
V. Issue Securities on their own account. The resources obtained from the placement of debt Securities in public offering may not be destined to establish schemes that allow sharing with investors the risks of the projects;
VI. Acquire or lease the movable and immovable assets necessary for the realization of their purpose and alienate them when appropriate;
VII. Establish deposits in financial entities authorized to do so;
VIII. Establish the trusts that result necessary for the fulfillment of their corporate purpose in terms of what is provided in this Law;
IX. Make permanent investments in other companies, provided that they provide auxiliary, complementary, or real estate services;
X. Carry out extrajudicial or judicial collection of credits granted to applicants on behalf of investors, as well as renegotiate the terms and conditions of said credits, and
XI. Carry out the acts necessary for the achievement of their corporate purpose.
Article 20.- Crowdfunding institutions are prohibited from guaranteeing returns or yields on the investment made or guaranteeing the result or success of the investments.
Article 21.- The following persons may not be applicants for financing through crowdfunding institutions:
I. The ITF itself, and
II. Related Persons and persons who have Management Power in the ITF.
ITFs may only participate as investors in the Operations published through them or acquire the rights of the respective projects, when it comes to schemes to share with investors the risks of the projects in terms of this Law.
Credit institutions, brokerage houses, credit unions, regulated multiple-object financial companies, popular financial companies, community financial companies, and savings and loan cooperatives with operation levels I to IV may be investors through crowdfunding institutions, subject to the rules established for this purpose by the CNBV.
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Crowdfunding institutions must abstain from alienating or transferring to Related Persons and persons who have Management Power in the respective crowdfunding institutions, under any title, the credits, loans, mutuels, or other financings celebrated between the respective Clients through said institutions. Likewise, Financial Entities must abstain from alienating or transferring under any title, through crowdfunding institutions, the credits, loans, mutuels, or other financings that said Financial Entities have previously granted to their respective clients.
CHAPTER II
Of Electronic Payment Fund Institutions
Article 22.- Services provided to the public in a habitual and professional manner, consisting of the issuance, administration, redemption, and transmission of electronic payment funds, through the acts indicated below, through computer applications, interfaces, internet pages, or any other electronic or digital communication medium, may only be provided by legal entities authorized by the CNBV, prior agreement of the Interinstitutional Committee, as electronic payment fund institutions:
I. Open and maintain one or more electronic payment fund accounts for each Client, in which records of credits equivalent to the amount of electronic payment funds issued against the receipt of an amount of money, in national or foreign currency, or of determined virtual assets, are made;
II. Carry out transfers of electronic payment funds between their Clients through the respective credits and debits in the corresponding accounts referred to in fraction I of this article;
III. Carry out transfers of determined amounts of money in national currency or, subject to the prior authorization of the Bank of Mexico, in foreign currency or virtual assets, through the respective credits and debits in the corresponding accounts referred to in fraction I of this article, between their Clients and those of another electronic payment fund institution, as well as account holders or users of other Financial Entities or foreign entities authorized to carry out Operations similar to those referred to in this article;
IV. Deliver an amount of money or virtual assets equivalent to the same amount of electronic payment funds in an electronic payment fund account, through the respective debit in said account, and
V. Keep updated the register of accounts referred to in fraction I of this article, as well as modify it in relation to the entry, transfer, and withdrawal of electronic payment funds, in accordance with what is indicated in fractions I, II, III, and IV of this article, as appropriate.
Article 23.- For the purposes of this Law, electronic payment funds shall be considered those funds that are accounted for in an electronic register of transactional accounts that, for this purpose, an electronic payment fund institution maintains and that:
I. Are referred to:
a) A monetary value equivalent to a determined amount of money, in national currency or, prior authorization of the Bank of Mexico, foreign currency, or b) A determined number of units of a virtual asset determined by the Bank of Mexico, in accordance with what is established in Chapter III of Title II of this Law;
II. Correspond to a payment obligation on the part of their issuer, for the same amount of money or units of virtual assets referred to in fraction I of this article;
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III. Are issued against the receipt of the amount of money or virtual assets referred to in fraction I of this article, with the purpose of crediting, transferring, or withdrawing said funds, totally or partially, through the instruction that, for these purposes, the respective holder of the electronic payment funds gives, and
IV. Are accepted by a third party as receipt of the respective amount of money or virtual assets.
Article 24.- The following shall not be considered electronic payment funds:
I. The rights derived from loyalty or reward programs offered by legal entities to their clients that can only be accepted by said legal entities or by societies affiliated with such programs in exchange for goods, services, or benefits, provided that they cannot be converted into legal tender in national territory or in any other jurisdiction. At no time may the affiliated societies indicated in this fraction exceed twenty percent (20%) of the total of establishments or businesses enabled to receive electronic payments through card operations referred to in the Law for the Transparency and Ordering of Financial Services. The supervision of what is established in this fraction shall correspond to the Bank of Mexico;
II. The amounts for advance payment of the acquisition of goods or services that can only be accepted by the issuer or any of the societies belonging to the same Consortium or Business Group of the issuer, in exchange for goods, services, or benefits, provided that they cannot be converted into legal tender in national territory or in any other jurisdiction;
III. The amounts subject to irregular money deposits that Financial Entities receive in accordance with the respective laws that expressly authorize carrying out said operations, and
IV. The resources subject to money transmission that Financial Entities or money transmitters referred to in the General Law of Organizations and Auxiliary Credit Activities carry out in accordance with the respective laws that expressly authorize them to carry out said operation.
Article 25.- Electronic payment fund institutions, in addition to the Operations and activities referred to in this Law, may only carry out, in accordance with what is provided in this ordinance, the following:
I. Issue, market, or administer instruments for the disposal of electronic payment funds;
II. Provide the money transmission service referred to in Article 81-A Bis of the General Law of Organizations and Auxiliary Credit Activities;
III. Provide services related to the networks of disposal means referred to in the Law for the Transparency and Ordering of Financial Services;
IV. Process information related to payment services corresponding to electronic payment funds or any other means of payment;
V. Grant credits or loans, in the form of overdrafts in the accounts they administer in accordance with this Law, derived solely from the transmission of electronic payment funds, subject to the conditions established in this Law;
VI. Carry out operations with virtual assets, in terms of what is provided in this Law;
VII. Obtain loans and credits from any person, national or foreign, destined for the fulfillment of their corporate purpose, except for the issuance of electronic payment funds or the
For internal use granting of credit in accordance with fraction V of this article. Such loans and credits cannot be obtained from an unspecified person or through mass media nor in a habitual or professional manner;
VIII. Issue Securities on their own account. The resources obtained from the placement of debt Securities may
not be used to issue electronic payment funds or to grant credit in accordance with fraction V of this article;
IX. Establish demand or time deposits in financial entities authorized to receive them;
X. Acquire or lease the movable and immovable property necessary for the fulfillment of its corporate purpose and
dispose of them when appropriate;
XI. Connect third parties with the aim of facilitating the purchase, sale or any other
transmission of virtual assets, subject to the provisions of this Law;
XII. Buy, sell or, in general, transmit virtual assets on their own account or on behalf of their Clients, and
XIII. Perform the acts necessary for the achievement of its corporate purpose.
The instruments for the disposition of electronic payment funds issued by electronic payment fund institutions will be considered means of disposition, for the purposes of the Law for Transparency and Order of Financial Services, only in the event that the processing of the operations carried out with these instruments is done through the networks of means of disposition referred to in the same Law.
Article 26.- The characteristics of the Operations carried out by electronic payment fund institutions, as well as the activities linked to payment systems, will be subject to the general provisions issued for such effect by the Bank of Mexico.
Likewise, electronic payment fund institutions may issue electronic payment funds referred to foreign currency or virtual assets, as well as provide the money transmission service referred to in the previous article, in foreign currency, provided that they have the prior authorization of the Bank of Mexico and observe the terms and conditions that this establishes regarding said Operations through general provisions issued for such effect.
Article 27.- Electronic payment fund institutions may only grant credits and loans for overdrafts under the following conditions:
I. They cannot be granted against the funds or virtual assets received or held on behalf of their Clients;
II. They cannot charge interest, other accessories or commissions for said credits or loans;
III. The balance of the credit or loan corresponding to the amount owed by a Client must be collected at the moment the electronic payment fund institution receives resources, funds or virtual assets whose ownership corresponds to the respective debtor Client, up to the amount equivalent to that which covers said balance, and
IV. The amount of the credit or loan must not exceed the limit determined by the Bank of Mexico through general provisions issued for such effect.
Article 28.- The amounts corresponding to electronic payment funds referred to amounts of money and registered in the Client's account that the electronic payment fund institution keeps in accordance with this Chapter and that during three years have not had movement by credits, redemption, transmission or balance inquiry, must be credited to a global account that each institution will keep for these purposes. The institution must give written notice of this situation, either physically or electronically, to the Client ninety days in advance. For the purposes of this article, movements related to the collection of commissions carried out by electronic payment fund institutions will not be considered movements. The electronic payment fund institution cannot make charges to the global account for the concept of commissions.
When the Client carries out an Operation subsequent to the transfer of the balance to the global account, the electronic payment fund institution must withdraw the total amount from the global account, in order to credit it to the respective account or deliver it to the Client.
The rights derived from the resources without movement during the course of three years counted from the moment the latter are deposited in the global account, whose amount does not exceed per account the equivalent to three hundred UMA, will prescribe in favor of the public charity patrimony.
The rights derived from the resources without movement during the course of seven years counted from the moment the latter are deposited in the global account, whose amount exceeds per account the equivalent to three hundred UMA, will prescribe in favor of the public charity patrimony.
Electronic payment fund institutions are obliged to pay the resources corresponding to public charity within a maximum period of fifteen days counted from December 31 of the year in which the assumption provided for in this article is fulfilled.
Electronic payment fund institutions are obliged to notify the CNBV about the compliance with this article within the first two months of each year.
Article 29.- Electronic payment fund institutions cannot pay their Clients interest or any other monetary return or benefit for the balance that they accumulate over time or maintain at a given moment. Without prejudice to the foregoing, the Bank of Mexico may allow electronic payment fund institutions to offer their Clients non-monetary benefits, subject to the terms and conditions established in general provisions issued for such effect.
The resources that electronic payment fund institutions receive for the issuance of electronic payment funds will in no case be considered bank deposits of money, but rather the electronic payment funds will be issued at the same moment of their delivery, except for the cases provided for in this article.
In the event that the electronic payment fund institution, subject to the authorization of the CNBV referred to in article 45 of this Law, agrees with a third party to carry out the receipt of the referred resources through this, such institution must issue the respective electronic payment funds in terms of what is provided in the general provisions referred to in article 54 of this Law. As an exception to what is provided in the second paragraph of this article, the electronic payment fund institution may issue electronic payment funds on a date prior to that on which the resources relative to the Client become available to the institution itself, provided that the referred delivery of resources for the issuance of said funds (i) is carried out as a result of acquiring or payment aggregation services with means of disposition, provided through a card operations network, or (ii) the corresponding resources are subject to operations with institutions located outside the national territory that carry out operations similar to those of electronic payment fund institutions. Electronic payment fund institutions, in carrying out the operations indicated in this paragraph, must issue the corresponding electronic payment funds no later than on the date when the respective resources become available to them. In the cases provided for in the previous paragraph, the electronic payment fund institution must have the referred funds available no later than on the fifth business day following that on which it issues the respective electronic payment funds. The electronic payment fund institution must be able to refund the respective Client, when so requested, the amount of national currency or, in its case, virtual assets equivalent to the value of the electronic payment funds issued of which said Client has available in the respective records, provided that such electronic payment funds are not part of an executing payment order and subject to the terms of the contract with the Client.
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The Client of electronic payment fund institutions must designate beneficiaries and may at any time substitute them, as well as modify, if applicable, the percentage corresponding to each of them.
In the event of the Client's death, the electronic payment fund institution will deliver the corresponding amount of the electronic payment funds to those whom the Client himself had designated as beneficiaries, expressly and in writing, in the percentage stipulated for each of them.
If no beneficiaries had been designated, the amount corresponding to the electronic payment funds must be delivered in the terms provided for in common legislation.
CHAPTER III
Of Operations with Virtual Assets
Article 30.- For the purposes of this Law, a virtual asset is considered the electronically registered representation of value used among the public as a means of payment for all types of legal acts and whose transfer can only be carried out through electronic means. In no case will legal tender currency in national territory, foreign exchange, or any other asset denominated in legal tender currency or foreign exchange be understood as a virtual asset.
ITFs may only operate with virtual assets that are determined by the Bank of Mexico through general provisions. In said provisions, the Bank of Mexico may establish deadlines, terms and conditions that ITFs must observe for the cases in which the virtual assets determined by it are transformed into other types or modify their characteristics.
To carry out operations with the virtual assets referred to in the previous paragraph, ITFs must have the prior authorization of the Bank of Mexico.
The Bank of Mexico, for the determination of virtual assets, will take into account, among other aspects, the use that the public gives to digital units as a means of exchange and storage of value as well as, if applicable, unit of account; the treatment that other jurisdictions give to particular digital units as virtual assets, as well as the agreements, mechanisms, rules or protocols that allow generating, identifying, fragmenting and controlling the replication of said units.
Article 31.- ITFs that operate with virtual assets must be able to deliver to the respective Client, when requested, the amount of virtual assets of which he is the owner, or the amount in national currency corresponding to the payment received from the alienation of the virtual assets that correspond to him. These operations must be settled in the terms and subject to the conditions that, for such effect, the Bank of Mexico establishes through general provisions.
In the Operations of purchase and sale or alienation of virtual assets that ITFs carry out with their Clients or on their behalf, the counter value must be delivered at the same act in which said Operations are carried out, and must be settled in the terms and subject to the conditions that, for such effect, the Bank of Mexico establishes through general provisions.
ITFs that receive amounts of money for the celebration of Operations to purchase virtual assets must return said amounts to the respective Clients, in accordance with the general provisions issued for such effect by the Bank of Mexico, in the event that the referred Operations are not carried out within the deadlines indicated in said provisions.
Article 32.- The Bank of Mexico will define the characteristics of the virtual assets referred to in this Chapter, as well as the conditions and restrictions of the Operations and other acts that can be carried out with said assets, through general provisions issued for such effect.
Likewise, the Bank of Mexico will establish the measures to which ITFs must be subject for the custody and control they exercise over virtual assets when carrying out such Operations and acts.
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For the purposes of this Chapter, custody and control of virtual assets will be understood as the possession of the signatures, keys or authorizations that are sufficient to execute the Operations referred to in this Law.
Article 33.- ITFs are prohibited from selling, ceding or transferring their ownership, lending or guaranteeing or affecting the use, enjoyment or benefit of the virtual assets they custody and control on behalf of their Clients, except when it is a matter of the sale, transfer or assignment of said assets by order of their Clients.
ITFs may only participate in the operation, design or commercialization of financial derivative instruments that have virtual assets as underlying, in the cases, conditions and subject to the requirements and authorizations that the Bank of Mexico establishes in general provisions.
Article 34.- ITFs that operate with virtual assets must disclose to their Clients, in addition to what is provided in this Law, the risks that exist for carrying out operations with said assets, which must include, at a minimum, informing them in a simple and clear manner on their website or medium used to provide their service, the following:
I. The virtual asset is not legal tender and is not backed by the Federal Government, nor by the Bank of Mexico;
II. The impossibility of reversing operations once executed, if applicable;
III. The volatility of the value of the virtual asset, and
IV. The technological, cybernetic and fraud risks inherent to virtual assets.
TITLE III
General Provisions
CHAPTER I
Of Authorization
Article 35.- Persons who intend to carry out the activities attributed to crowdfunding financing institutions or electronic payment fund institutions in Title II of this Law in national territory must request their authorization as an ITF before the CNBV, who will grant it when in its judgment the legal and regulatory requirements are adequately fulfilled, prior agreement of the Interinstitutional Committee.
The Interinstitutional Committee will be composed of six permanent members, two of whom will be representatives of the Secretariat, two from the Bank of Mexico and two from the CNBV, designated by the respective heads of said Financial Authorities. For each permanent member, a substitute will be designated. One of the CNBV representatives designated as such by its head will serve as president of the Interinstitutional Committee and, in their absences, the other CNBV member. For its functioning, the Interinstitutional Committee will have a secretary and a substitute, who will be designated from among the public servants of the CNBV. The Interinstitutional Committee will meet upon prior call by its president or secretary. There will be a quorum with the presence of at least three members and subject to all Financial Authorities that make up the Interinstitutional Committee being represented. Resolutions will be taken by simple majority of votes of those present and the president will have a casting vote in case of a tie. Regarding resolutions to grant authorizations to operate as an ITF, the favorable vote of at least one representative of each of the Financial Authorities represented in the Interinstitutional Committee will be required. The Interinstitutional Committee will approve the rules that govern its organization and functioning, and will be subject to what is provided in this Law and the provisions emanating from it.
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Article 36.- Interested parties in obtaining authorization to act as an ITF must be anonymous societies constituted or intending to be constituted as such in accordance with Mexican legislation and that in their bylaws:
I. Include in their corporate purpose the habitual or professional performance of any of the activities provided for in this Law;
II. Expressly provide that, in the performance of their corporate purpose, they must comply with what is provided in this Law and in the applicable general provisions;
III. Establish their domicile in national territory, and
IV. Fix a minimum capital necessary to carry out their activities in accordance with what is provided in the general provisions issued for such effect by the CNBV, which may be differentiated based on the type of activities carried out and risks faced. Prior to the issuance of said provisions, the agreement of the Interinstitutional Committee is required.
Article 37.- The CNBV must specifically mention in the authorization granted the type of ITF that corresponds to said authorization, as well as the specific Operations that it may carry out in accordance with what is provided in this Law. ITFs that have obtained authorization to carry out some type of Operation and subsequently intend to carry out another type of Operation within those permitted for each particular ITF, must request a new authorization and, to obtain it, must demonstrate compliance with the following:
I. That the Operations in question are expressly indicated in their bylaws in terms of this Law;
II. That they have, if applicable, the governing bodies and corporate structure to carry out the operations they intend to carry out, in accordance with what is established in this Law and in the general provisions issued for such effect by the CNBV;
III. That they have the infrastructure and internal controls necessary to carry out the operations they intend to carry out, such as operational, accounting and security systems, offices, as well as the respective manuals, in accordance with the applicable general provisions in terms of this Law, and
IV. That they are up to date in the payment of sanctions imposed for non-compliance with this Law that have become final, as well as in the compliance with the observations and corrective actions that, in the exercise of their functions, the CNBV or the Bank of Mexico has issued.
All of the foregoing, without prejudice to the power of the Bank of Mexico to authorize ITFs to carry out their respective Operations with virtual assets and foreign currency, which are subject to the general provisions issued for such effect by the Bank of Mexico.
Article 38.- The CNBV must publish in the Official Gazette of the Federation the authorizations it grants in accordance with this Law.
Article 39.- The applications to obtain the CNBV authorizations provided for in this Chapter must be accompanied by the following:
I. The instrument duly notarized before a public official authorized to grant sufficient powers to the representatives of the respective applicants who present the corresponding application, if applicable;
II. The draft of social bylaws, or modification to them, that complies with the requirements indicated in this Law;
III. The business plan;
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IV. The account separation policies, in terms of what is established in article 46 of this Law;
V. The risk disclosure policies and responsibilities for carrying out Operations in the ITF, including the necessary information for adequate decision-making in simple and clear language, which must include the concepts and amounts of all commissions that it will charge its Clients and any other charge or retention, as well as the disclosure on the interface, website or electronic or digital communication medium used by the ITF, of the warnings relative to the use of said interface, website or electronic or digital communication medium, complying with what is established in the general provisions issued for such effect by the CNBV, prior agreement of the Interinstitutional Committee;
VI. The measures and policies in matters of operational risk control, as well as information security, including confidentiality policies, with evidence that they have a secure, reliable and precise technological support for their Clients and with the minimum security standards that ensure the confidentiality, availability and integrity of information and prevention of fraud and cyberattacks, in accordance with what is established in the applicable general provisions;
VII. The operational and control processes for the identification of their Clients, which establish precise and consistent criteria for the evaluation and selection of Clients;
VIII. The policies for the resolution of possible conflicts of interest in the performance of their activities;
IX. The policies for the prevention of fraud and prevention of operations with resources of illicit origin and financing of terrorism;
X. The list of agreements or contracts with other ITFs or technology service providers necessary for the performance of key business processes, database management and Technological Infrastructure for the performance of their activities;
XI. The list and information of persons who directly or indirectly hold or intend to hold a participation in the share capital of the legal entity, and which must contain the amount of share capital that each of them will subscribe and the origin of the resources they will use for such effect, as well as information on their financial situation, in the case of natural persons, or financial statements, in the case of legal entities, in both cases for the last three years, in addition to any other information that allows verifying that they have honorability and satisfactory credit and business history, in accordance with the general provisions issued for such effect by the CNBV;
XII. The list and information of the administrator or board members of the legal entity or those who intend to occupy said positions, and which must contain the information that allows verifying that they have honorability and satisfactory credit and business history, in accordance with the general provisions issued for such effect by the CNBV;
XIII. The necessary information to verify that the ITF or its Business Group is the owner or has the right to use the interface, website or electronic or digital communication medium;
XIV. The designation of a domicile in national territory to hear and receive notifications and of, at least, one representative;
XV. The information regarding the scheme to be adopted for the alignment of incentives, in the case of applications to act as crowdfunding financing institutions, and
XVI. The rest of the documentation and information related that is required in accordance with the general provisions issued by the CNBV with the opinion of the Interinstitutional Committee.
Already constituted societies that request authorization to carry out activities as an ITF, must accompany the corresponding application with the information and documentation that is applicable, as well as
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the project of agreement of its governing body, which includes the corresponding modification of its bylaws.
The CNBV must make available to the members of the Interinstitutional Committee all documentation and information it receives as part of the requests referred to in this article.
Article 40.- The ITF that receives the authorization under the terms of this Chapter must certify to the CNBV, at least thirty business days in advance of the start of operations, compliance with the following requirements:
I. The company is duly incorporated, providing the registration data in the Public Commerce Registry;
II. It has the minimum subscribed and paid-up capital corresponding to it;
III. Its directors and executives meet the requirements established in this Law and the general provisions issued for such effect by the CNBV, and
IV. It has the Technological Infrastructure, necessary internal controls to carry out its activities and provide its services, as well as the policies, procedures, manuals, and other documentation that, in accordance with this Law and the provisions emanating from it, it must have.
The CNBV may conduct inspection visits it deems necessary to verify compliance with the requirements referred to in this article. In the case of electronic payment fund institutions, the inspection visits must be carried out by the CNBV and the Bank of Mexico to verify compliance with the provisions of this article, within the scope of their respective competencies.
The CNBV may deny the partial or total start of operations when compliance with the provisions of this article is not certified.
Article 41.- The acquisition or granting in guarantee, through one or more simultaneous or successive operations, of securities representing the share capital of an ITF, by a person or Group of Persons, is subject to the authorizations that the CNBV is competent to grant and compliance with the requirements established in the general provisions issued for such effect by the CNBV itself.
Article 42.- ITFs shall refrain, where applicable, from registering in the registry referred to in Articles 128 and 129 of the General Law of Commercial Companies the transfers of shares carried out in contravention of the provisions of the preceding articles, and must inform such circumstance to the CNBV, within five business days following the date on which they become aware of it.
When the acquisitions and other legal acts through which direct or indirect ownership of shares representing the share capital of an ITF is obtained are carried out without obtaining the authorization of the CNBV in contravention of the provisions of this Law, or when there are indications that the shareholders of the ITFs ceased to comply with the applicable requirements under this Law and the provisions emanating from it, the patrimonial and corporate rights inherent to the corresponding shares of the company shall be suspended and therefore cannot be exercised, until the CNBV orders the lifting of such suspension in cases where the acquisition is regularized or the indicated indications are disproven.
Likewise, persons who participate in a transfer of shares without obtaining prior authorization from the CNBV under the preceding article, shall be sanctioned by the CNBV with a fine of fifty percent of the value of said shares up to one hundred and fifty percent of the value of said shares.
The CNBV, after hearing the interested party in advance, may determine that the shares acquired without prior authorization under this Law be sold to the ITF itself when the shareholder has been sentenced in a criminal process for an intentional crime punishable by imprisonment of more than one year of
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imprisonment or when, having been authorized by the CNBV, subsequent to such authorization, the shareholder incurs the situation indicated. The sale shall be carried out at fifty percent of the lower of the following values:
I. The book value of said shares, according to the last financial statement approved by the board of directors, and reviewed by the CNBV, and
II. The market value of those shares.
The sale referred to in the preceding paragraph must be carried out within ten business days following the date on which the CNBV so requires. The shares thus refunded must be converted into treasury shares.
The foregoing, without prejudice to the disqualification of natural persons applicable under this or other laws.
Article 43.- The CNBV or the Bank of Mexico, according to their competence, may verify the truthfulness of the documentation and information provided with the authorization request and, in such virtue, the departments and entities of the Federal Public Administration, as well as other federal instances, including bodies with constitutional autonomy, shall deliver the related information, including that containing personal data. Likewise, for the same purposes, the CNBV or the Bank of Mexico may request foreign bodies with similar supervision or regulatory functions to corroborate the information provided to them for that effect.
CHAPTER II
Of the Operation of ITFs
Article 44.- The CNBV, with respect to crowdfunding institutions, and the Bank of Mexico, with respect to electronic payment fund institutions, prior to the opinion of the Interinstitutional Committee, must establish through general provisions the limits of resources that the respective ITFs may maintain in the name of their Clients or that a Client may dispose of through said ITFs.
The limits may be differentiated by type of Client, type of project, if applicable, transaction, or ITF, among others, and in establishing them, the CNBV or the Bank of Mexico must take into account at least the regulation of other figures in the financial system subject to compliance with the principles established in this Law and the protection of investors' interests. In the issuance of the aforementioned provisions, said authorities must promote the development of ITFs.
Article 45.- ITFs shall only receive resources from their Clients that come directly from deposit accounts opened in a Financial Entity authorized to receive such deposits in accordance with the regulations applicable to them. Likewise, ITFs are obligated to deliver resources to their Clients through credits or transfers to the respective accounts they maintain open in Financial Entities and designate for such effect. As an exception to the foregoing, the CNBV may authorize ITFs to receive or deliver cash amounts to Clients, as well as transfers of resources from or to deposit accounts opened in foreign financial entities or other entities in foreign territory authorized to carry out operations similar to those referred to in this Law, in the cases and with the limits established through general provisions.
Article 46.- ITFs, with respect to the amounts of money they receive from their Clients for the performance of the contracted Operations, are obligated to keep their own resources segregated from those of their Clients, as well as keep the latter identified by each Client. In any case, while ITFs maintain such amounts under their disposal without having delivered them to the beneficiary or recipient, or transferred them to another entity authorized to participate in payment services where applicable, they must deposit such amounts, no later than the end of the day on which they received them, in money deposit accounts at sight opened in the name of the institution in question in a Financial Entity authorized to receive money deposits, which must be different from those where
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the own resources of the ITF's operation are maintained, or used in repo operations only with Securities issued by the Federal Government or the Bank of Mexico, concluded with credit institutions for a one-day term renewable as agreed for that effect, or affected in an administration trust constituted for such purpose, which only carries out the aforementioned repo operations.
Regarding electronic payment fund institutions, the total amount that each of them may maintain in one or more money deposit accounts at sight, with respect to the money they receive from their Clients, may in no case exceed the equivalent of the maximum between one million UDIS and the equivalent of double the highest amount of electronic payment funds that said institution has redeemed for its Clients in 24 consecutive hours included in the last three hundred and sixty-five days.
The resources that Clients of crowdfunding institutions deliver to them to celebrate or fulfill the respective Operations, in no case may be considered as a direct or contingent liability for said institutions and may not be disposed of until the conditions agreed upon to release them are met.
Regarding operations with foreign exchange, ITFs are subject to the provisions of Article 32 of the Bank of Mexico Law, and the latter, in turn, is subject to the provisions of Article 22, fraction II of said Law.
ITFs as well as other persons carrying out operations with Financial Entities shall not be subject to discrimination under the Law for Transparency and Order of Financial Services.
Article 47.- Each ITF must keep a register of accounts on transactional movements that allows identifying each holder of the resources and the balances resulting from such movements, maintained with the ITF itself, including electronic payment funds and virtual assets of each Client of electronic payment fund institutions that correspond.
ITFs must make available to their Clients, through their platforms, proofs of each operation performed or statements that validate, among others, the collection rights of which they are holders and the instructions granted, electronically.
The holders of the respective resources maintained in ITFs without having been delivered to any beneficiary or recipient shall enjoy the right of separation over the accounts and assets of the respective ITF, in accordance with bankruptcy regulations, in relation to possible claims by other creditors of the ITF.
The Secretariat may authorize ITFs to carry out analogous, connected, or complementary operations to those authorized to them, hearing the opinion of the CNBV and the Bank of Mexico.
Article 48.- The CNBV must issue general provisions aimed at preserving the stability and correct functioning of ITFs in matters of internal controls and risk management to which they must be subject in the performance of Operations, segregation of functions regarding the types of Operations they carry out and other services they offer, prevention of conflicts of interest, identification of their Clients, corporate and audit practices, accounting, information disclosure, transparency, and equity in activities and services related to the activity in question. Likewise, regarding crowdfunding institutions, it may issue general provisions on information security, including confidentiality policies, use of electronic, optical, or any other technology, automated data processing systems, and telecommunications networks, whether private or public, and operational continuity.
Regarding electronic payment fund institutions, the CNBV and the Bank of Mexico shall jointly issue general provisions on information security, including confidentiality policies and registers of accounts on transactional movements, the use of
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electronic, optical, or any other technology, automated data processing systems, and telecommunications networks, whether private or public, and operational continuity.
ITFs must keep original proofs of their Operations for a minimum period of ten years, duly archived, and in printed format, or in electronic, optical, or any other technology media, provided that, in the latter media, the official Mexican standard on digitization and preservation of data messages applicable is observed, in such a way that they can be related to said Operations and to the record made thereof.
Electronic payment fund institutions must, in accordance with the general provisions jointly issued by the CNBV and the Bank of Mexico for such effect, evaluate with the frequency indicated by said provisions, through independent third parties, compliance with the information security requirements, use of electronic media, and operational continuity that said institutions must observe in accordance with the aforementioned provisions.
Likewise, ITFs and credit institutions must evaluate, through the independent third parties indicated in this article, compliance with the general provisions issued by the Bank of Mexico in the exercise of the powers granted to it by this Law.
In the provisions referred to in the preceding paragraph, the corresponding Financial Authorities shall establish the characteristics and requirements that independent third parties must meet, the legal entity through which they provide the respective services, as well as those related to the professional or business relationships they provide or maintain with the ITFs they audit or evaluate, as applicable.
Likewise, the Financial Authorities referred to in the preceding paragraph shall have the same supervision and surveillance powers regarding the independent third parties indicated in this article as those granted to the CNBV for external auditors referred to in this Chapter.
Article 49.- The annual financial statements of ITFs must be audited by an independent external auditor, who shall be appointed directly by its administrative body. The CNBV, through general provisions that ensure the transparency and reliability of the financial information of ITFs, shall indicate the requirements to which the approval of the financial statements by the administrators of ITFs will be subject.
Likewise, the CNBV may establish through general provisions the characteristics and requirements that independent external auditors, the legal entity of which they are partners, as well as the persons who are part of the audit team, must meet; determine the content of the opinions and other reports that independent external auditors must submit; issue measures to ensure adequate rotation of said auditors in ITFs, as well as indicate quality control requirements, and in general, the professional or business relationships they provide or maintain with the ITFs they audit or evaluate, as applicable.
Article 50.- The CNBV shall have inspection and surveillance powers regarding legal entities that provide external audit services to ITFs under this Law, including partners or employees of those that are part of the audit team, in order to verify compliance with this Law and the general provisions emanating from it. For this purpose, the CNBV shall have the following powers:
I. Request any kind of information and documentation related to the provision of audit services;
II. Conduct inspection visits;
III. Require the appearance of partners, representatives, and other employees of legal entities that provide external audit services, and
IV. Issue or recognize audit standards and procedures that legal entities providing external audit services must observe when auditing or issuing opinions regarding the financial statements of ITFs.
The exercise of the powers referred to in this article shall be limited to the opinions, evaluations, opinions, and audit practices, under this Law, practiced by legal entities providing external audit services, as well as their partners or employees.
Article 51.- ITFs must comply with the provisions of the preceding articles regarding the requirements that the legal entity providing them with external audit services, as well as the external auditor who signs the opinion and other reports corresponding to the financial statements or elements they audit or evaluate, must meet, as applicable.
Article 52.- The external auditor, as well as the legal entity of which he is a partner, are obligated to keep the documentation, information, and other elements used to prepare their opinion, evaluation, report, or opinion, for a period of at least five years. For such purposes, automated or digitized means may be used.
Likewise, the external auditors in question must provide the CNBV, as applicable, the reports and other elements of judgment on which their opinions, evaluations, and conclusions are based.
If during the practice or as a result of the audit they find irregularities that put the operation and functioning of the ITFs they provide audit services at risk, they must, where applicable, submit to the audit committee or the auditor of the company, and to the CNBV, or the Bank of Mexico, as applicable, a detailed report on the observed situation. Without prejudice to the foregoing, external auditors shall be liable for damages and losses caused to the ITF that hires them, when:
I. Through inexcusable negligence, the opinion or opinion they provide contains flaws or omissions that, by reason of their profession or office, should be part of the analysis, evaluation, or study that gave rise to the opinion or opinion, or
II. Intentionally, in the opinion or opinion:
a) Omit relevant information of which they have knowledge, when it should be contained in their opinion or opinion; b) Incorporate false or misleading information, or adjust the result in order to appear as a situation different from what corresponds to reality; c) Recommend the celebration of any operation, choosing among the existing alternatives, that one which generates patrimonial effects notably detrimental to the institution, or d) Suggest, accept, facilitate, or propose that a certain transaction be registered in contravention of the applicable accounting regulations.
Article 53.- The legal entity providing external audit services, as well as the external auditor who signs the opinion or evaluation and other reports corresponding to the financial statements or elements to be audited or evaluated, as applicable, shall not incur liability for damages or losses caused, derived from the services or opinions they issue, when acting in good faith and without actual intent updating the following:
I. Submit their opinion or opinion based on the information provided to them by the ITF that hired them, and
II. Submit their opinion or opinion in accordance with the standards, procedures, and methodologies that must be applied to carry out the analysis, evaluation, or study corresponding to their profession or office.
Article 54.- ITFs may agree with third parties, located in the national territory or abroad, the provision of services necessary for their operation, in accordance with the general provisions issued for such effect by the CNBV regarding crowdfunding institutions and jointly with the Bank of Mexico regarding electronic payment fund institutions.
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Such Financial Authorities may specify in these provisions the type of services that will require authorization.
The contracting of the services referred to in this article shall not exempt ITFs, nor their directors, employees, and other persons holding an employment, position, or commission therein, from the obligation to observe what is established in this legal framework and in the general provisions emanating from it.
The CNBV, with respect to the provisions it is responsible for issuing individually, as well as the provisions it issues jointly with the Bank of Mexico in accordance with this Law, and the Bank of Mexico, with respect to the other provisions it issues under this Law, shall be empowered at all times to carry out supervisory acts on the service providers contracted by ITFs under the first paragraph of this article, or to order ITFs to conduct audits of said third parties, with ITFs being obligated to submit a report to the CNBV or the Bank of Mexico. The CNBV or the Bank of Mexico must specify the object of the inspections or audits, which must be limited to the matter of the contracted service and compliance with what is provided in this Law and the provisions emanating from it. To this effect, ITFs must stipulate in the contracts formalizing the provision of these services, the express provision that the contracted third party agrees to adhere to what is established in this article.
Article 55.- ITFs must maintain a net capital expressed through an index in relation to operational risk and others incurred in their operation, which may not be less than the amount resulting from summing the capital requirements for each type of risk, in terms of the general provisions issued for this purpose by the CNBV, prior to the agreement of the Interinstitutional Committee.
Regarding electronic payment fund institutions, capital requirements may refer to the following:
I. The average balance of electronic payment funds issued during the period established by the CNBV in the provisions referred to in the first paragraph of this article;
II. The number and amount of electronic payment fund transmissions carried out during the period established by the CNBV in the provisions referred to in the first paragraph of this article, and
III. The number and amount of resource inflows carried out during the period established by the CNBV in the provisions referred to in the first paragraph of this article.
The capital requirements established by the CNBV shall aim to safeguard the financial stability and solvency of ITFs, as well as protect the interests of the public user.
Net capital shall consist of capital contributions, as well as retained earnings and capital reserves, without prejudice to the CNBV allowing the inclusion or deduction of other equity concepts in said net capital, subject to the terms and conditions established by the CNBV in the general provisions referred to in the first paragraph of this article.
The CNBV, in the provisions referred to in this article, shall establish the procedure for calculating the required net capital, as well as the information regarding each ITF that may be made public.
When the CNBV, in exercise of its supervisory powers, requires ITFs as a corrective measure to make adjustments to accounting records related to their capital, which in turn may result in modifications to their net capital, it must carry out the necessary actions to ensure the calculation of said capital is performed in accordance with what is provided in this article and the general provisions referred to in this article, in which case it must previously hear the affected ITF and resolve within a period not exceeding three business days.
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The calculation of the required net capital, in terms of this article, resulting from the adjustments required by the CNBV, shall be used for all legal effects.
Article 56.- ITFs may use equipment, electronic or optical media, or any other technology, automated data processing systems, and telecommunications networks, whether private or public, to provide their services, and may allow the use of advanced electronic signature or any other form of authentication to give access to their Clients to their Technological Infrastructure, contract their products and services, or carry out Operations.
The functioning and use of such equipment, media, and forms of authentication shall be subject to the requirements established in the general provisions issued for this purpose by the CNBV, with respect to crowdfunding institutions, or by the CNBV and the Bank of Mexico jointly, with respect to electronic payment fund institutions.
Such forms of authentication shall produce the same effects as those granted by laws to documents signed with a handwritten signature and, consequently, shall have the same probative value, provided they comply with the provisions referred to in this article.
What is provided in this article shall apply without prejudice to those other powers held by the Bank of Mexico to regulate the operations carried out by ITFs related to the characteristics of the Operations of these institutions, as well as their activities linked to payment systems.
Article 57.- ITFs must report to the CNBV, the CONDUSEF, and the Bank of Mexico, within the scope of their respective competencies, information related to their activities and Operations determined by the corresponding Financial Authority in general provisions, with the frequency indicated in said provisions.
Article 58.- ITFs are obligated, in accordance with what is established by the general provisions issued by the Secretariat, prior to the opinion of the CNBV, to the following:
I. Establish measures and procedures to prevent and detect acts, omissions, or operations that could fall under the circumstances of Articles 139 Quater or 400 Bis of the Federal Penal Code.
The measures and procedures referred to in the preceding paragraph must be contained and developed in a document to be submitted to the CNBV, in the form and terms determined in the general provisions referred to in this article.
For the development of the measures and procedures, ITFs must establish a methodology, designed and implemented, to carry out an evaluation of the risks by which they could be used to carry out the acts, omissions, or operations referred to in the first paragraph of this subsection, derived from the products, services, practices, or technologies with which they operate.
All information related to the methodology, including the results, must be available to the Secretariat and the CNBV, with the latter being able to order ITFs to adopt the modifications or additions it deems pertinent, and
II. Submit to the Secretariat, through the CNBV, reports on:
a) The acts, Operations, and services carried out with their Clients and the Operations between them, as applicable, relating to the previous subsection, and b) Any act, operation, or service carried out by members of the board of directors, executives, officials, employees, agents, and representatives, that could fall under the circumstance provided in subsection I of this article or, if applicable, could contravene or undermine the proper application of the general provisions referred to in this article.
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The reports referred to in subsection II of this article, in accordance with the general provisions provided in this article, shall be prepared and submitted taking into consideration, at least, the modalities referred to in said provisions; the characteristics that acts, Operations, and services referred to in this article must meet to be reported, taking into account their amounts, frequency, and nature, the monetary and financial instruments with which they are carried out, and the commercial practices observed, as well as the frequency and systems through which the information shall be transmitted. The reports must refer at least to Operations defined by the general provisions as relevant, internally concerning, and unusual, those related to international transfers, and cash operations carried out in foreign currency.
Likewise, the Secretariat, considering the characteristics of the Operations and activities carried out by ITFs, in the general provisions referred to in this article, shall issue guidelines on the procedure and criteria, as well as the cases, form, terms, and deadlines that ITFs must observe regarding:
I. The adequate knowledge of their Clients, for which ITFs must consider the background, specific conditions, economic or professional activity, and geographic zones in which they operate;
II. The information and documentation that ITFs must collect to celebrate the Operations and services they provide and which fully accredit the identity of their Clients;
III. The manner in which ITFs must safeguard and guarantee the security of the information and documentation related to the identification of their Clients or those who have been, as well as that of the acts, Operations, and services reported in accordance with this article;
IV. The terms to provide internal training within ITFs on the subject matter of this article;
V. The use of automated systems that contribute to compliance with the measures and procedures established in the general provisions referred to in this article;
VI. The establishment of a communication and control committee, as well as the designation of a compliance officer with functions and obligations in the matter referred to in this article within each ITF, and
VII. The review that must be carried out annually by the internal audit area or by an independent third party on the effectiveness of compliance with the general provisions referred to in this article.
ITFs must conserve, for at least ten years, the information and documentation referred to in subsection III of the preceding paragraph, without prejudice to what is established in other applicable legal provisions.
To this effect, both the compliance officer referred to in subsection VI of the third paragraph of this article, and the auditor or independent third party responsible for the review indicated in subsection VII of said paragraph, must obtain the certification provided in Article 4, subsection X of the Law of the National Banking and Securities Commission.
The Secretariat is empowered to request and collect, through the CNBV, information and documentation related to the acts, Operations, and services referred to in this article. ITFs are obligated to provide such information and documentation. Likewise, the Secretariat is empowered to obtain additional information from other persons for the same purpose and to provide information to competent authorities.
ITFs must immediately suspend the carrying out of acts, Operations, or services with Clients that the Secretariat informs them of through a list of blocked persons, which shall have confidential character. The list of blocked persons aims to prevent and detect acts, omissions, or Operations that could fall under the circumstances provided in subsection I of the first paragraph of this article.
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The obligation of suspension referred to in the preceding paragraph shall cease to have effect when the Secretariat removes the Client in question from the list of blocked persons.
The Secretariat shall establish, in the general provisions referred to in this article, the parameters for determining the inclusion or removal of persons in the list of blocked persons.
The general provisions referred to in this article must be observed by ITFs, as well as by their members of the board of directors, executives, officials, employees, agents, and respective representatives; therefore, both ITFs and the aforementioned persons shall be responsible for the strict compliance with the obligations established through said provisions.
ITFs may exchange information among themselves and with other entities of the Mexican financial system, including exchange centers, money transmitters, and investment advisors, authorized for this purpose in the respective financial laws, as well as with foreign financial entities, in terms of the general provisions referred to in this article, with the aim of strengthening measures and procedures to prevent and detect acts, omissions, or operations that could fall under the circumstances of Articles 139 Quater or 400 Bis of the Federal Penal Code, or those to prevent and detect acts, omissions, or operations that may favor, assist, aid, or cooperate in any manner for the commission of crimes against their Clients or the entities themselves.
In the general provisions referred to in this article, the Secretariat shall establish the cases, form, and terms in which ITFs comply with the obligations contained in this article and the other obligations provided in said provisions, as well as the deadlines and means through which they will communicate or submit to the Secretariat, through the CNBV, or to the latter, as applicable, the information and documentation that so accredits.
Compliance with the obligations and the exchange of information referred to in this article shall not imply any transgression of the confidentiality obligation imposed on ITFs regarding their Clients and the Operations they carry out, nor shall it constitute a violation of information disclosure restrictions established contractually.
Public servants of the Secretariat and the CNBV, ITFs, members of their board of directors, executives, officials, employees, agents, and representatives, must refrain from giving notice of the reports and other documentation and information referred to in this article to persons or authorities other than those expressly authorized by the relevant regulations to request, receive, or conserve such documentation and information. Violation of these obligations shall be sanctioned in accordance with the corresponding laws.
Article 59.- The CNBV, in general provisions, shall determine those ITFs that, considering the number of Operations or Clients they have, business models, intermediated assets, or level of net capital, must have a board of directors and a general manager.
For the purposes of the preceding paragraph, the board of directors must be composed of a maximum of nine principal directors, of whom at least twenty percent must be independent. For each principal director, a substitute may be designated. Likewise, substitute directors of independent directors must have the same independent status.
Article 60.- Under no circumstances may the following be directors of ITFs:
I. Officials and employees of the ITF, with the exception of the general manager and officials of the company holding positions with two administrative hierarchical levels immediately below that of the latter;
II. The spouse, concubine, or concubine of any of the persons referred to in the previous subsection;
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III. Persons related by blood or affinity up to the second degree, or civilly, with more than two directors;
IV. Persons who have pending litigation with the ITF;
V. Persons sentenced for property crimes, those disqualified from exercising commerce or holding an employment, position, or commission in public service, or in the Mexican financial system;
VI. Bankrupt persons who have not been rehabilitated;
VII. Those who perform regulation and supervision functions of ITFs, and
VIII. Those who participate in the board of directors of another ITF of the same type or of a controlling company of a financial group to which that institution belongs.
A person to be appointed as a director of an ITF and who is a director of a financial entity must reveal this circumstance to the shareholders' assembly of said institution at the time of their appointment.
Persons falling under the circumstances indicated in subsections IV to VIII of this article cannot be appointed as sole administrators of an ITF.
Article 61.- An independent director shall be understood as a person who is external to the administration of an ITF, under no circumstances may they be:
I. Employees or executives of the ITF;
II. Persons who have Command Power in the ITF;
III. Clients, suppliers, service providers, debtors, creditors, partners, directors, or employees of a company that is a client, supplier, service provider, debtor, or important creditor of the ITF or of companies belonging to the same Business Group of which it is part.
A client, supplier, or service provider is considered important when the services they provide to the institution or the sales they make to it represent more than ten percent of the total services or sales of the client, supplier, or service provider, respectively. Likewise, a debtor or creditor is considered important when the amount of the respective operation is greater than fifteen percent of the assets of the company or its counterparty;
IV. Employees of a foundation, association, or civil society that receives important donations from the ITF.
Important donations are those that represent more than fifteen percent of the total donations received by the foundation, association, or civil society in question;
V. General managers or employees of companies belonging to the financial group to which the ITF itself belongs;
VI. Spouses, concubines, or concubines, as well as relatives by blood, affinity, or civil up to the first degree, of any of the persons mentioned in subsections III to V of this article, or up to the third degree of any of those indicated in subsections I, II, VII, and VIII of this article;
VII. Directors or employees of companies in which the shareholders of the ITF exercise Control;
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VIII. Those who have conflicts of interest or may be influenced by personal, property, or economic interests of any of the persons maintaining Control of the ITF or the Consortium or Business Group to which the institution belongs, or Command Power in any of these, and
IX. Those who have been included in any of the circumstances referred to in the previous subsections, during the year prior to the moment when their appointment is intended.
Article 62.- The CNBV, prior to the agreement of the Interinstitutional Committee, may at all times determine that administrators, members of the board of directors, or the general manager of ITFs be removed or disqualified, for a period of three months to five years, or suspend the aforementioned persons for the same period, when it considers that they do not possess technical quality, honorability, satisfactory credit history for the performance of their functions, do not meet the requirements established for their appointment, or commit serious or repeated infractions of this Law or the general provisions emanating from it.
For the purposes of the preceding paragraph, the CNBV, before issuing the corresponding resolution, must hear the interested party and the ITF in question.
The CNBV may order the removal of independent external auditors of ITFs, as well as suspend or disqualify such persons for a period of three months to five years, when they commit serious or repeated infractions of this Law or the general provisions emanating from it, or provide opinions or reports containing false information, regardless of the sanctions to which they may be subject.
For the purposes of this article, it shall be understood by:
I. Suspension, as the temporary interruption in the performance of the functions that the offender had within the ITF at the time the infraction was committed or detected; they may perform functions different from those that gave rise to the sanction, provided they are not directly or indirectly related to the position or activity that gave rise to the suspension;
II. Removal, as the separation of the offender from the employment, position, or commission they held in the ITF at the time the infraction was committed or detected, and
III. Disqualification, as the temporary impediment to hold an employment, position, or commission within the Mexican financial system.
Article 63.- The CNBV, in general provisions, shall determine those ITFs that, considering the number of Operations or Clients they have, business models, intermediated assets, or level of net capital, must have an audit committee with a consultative character that supports the board of directors. The CNBV shall establish in said provisions, the minimum functions that the audit committee must perform, as well as the rules regarding its integration and functioning.
Article 64.- The CNBV and the Bank of Mexico, for the regulation that corresponds to them to issue, may consider, in addition to the activities that ITFs are authorized to carry out in accordance with what is provided in this Law, and differentiate, when deemed appropriate, such regulation taking into account the number or amount of Operations, the number of Clients they have, business models, intermediated assets, or level of net capital, among others.
Article 65.- The powers granted by ITFs shall not require other insertions than those related to the authorization of the granting of the power, to the faculties granted in the deed or statutes regarding the matter, and to the verification of the appointment of the directors.
Article 66.- The merger of an ITF as the merged entity shall render void the authorization granted to it to organize and operate as such, without the need for an express declaration by the CNBV.
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Article 67.- In the case of a spin-off of an ITF, the spun-off company shall not be understood to be authorized to organize and operate as an ITF, and the surviving spin-off company that remains shall retain the authorization granted to it for those purposes.
In the event that the spin-off results in the extinction of the spin-off ITF, the authorization granted to organize and operate as such shall become void, without the need for an express declaration by the CNBV.
CHAPTER III
On the Suspension and Revocation of Authorization to operate as an ITF
Article 68.- The CNBV, following the procedure provided for in Article 98, fractions I and II of this Law, may suspend or partially limit ITFs from carrying out their activities or conducting Operations, when they fall under any of the following circumstances:
I. They do not have the necessary infrastructure or controls to carry out their activities and provide their services, without prejudice to what is provided in the second paragraph of this article;
II. They fail to meet the necessary requirements to conduct the Operations or activities or provide the services established in this Law or in the provisions emanating from it, and
III. They carry out activities or provide services that imply conflicts of interest to the detriment of their Clients or participate in activities that are prohibited in this Law or in the provisions emanating from it.
The Bank of Mexico, following the procedure provided for in Article 98, fractions I and II of this Law, may suspend or partially limit payment fund institutions from carrying out their Operations or activities when they fail to comply with the general provisions issued by the Bank of Mexico itself in terms of this Law, in cases where, in the opinion of said central bank, this non-compliance has the following consequences:
a) Affecting their activities or the provision of their services; b) Putting Client resources at risk, or c) Endangering the functioning of the financial system.
The order of suspension or partial limitation of their activities or Operations referred to in this article shall be imposed without prejudice to the sanctions that may be applicable in terms of what is provided in this Law and other applicable provisions.
(2) Article 69.- The CNBV, after hearing the affected ITF, and with the approval of the Interinstitutional Committee, may declare the revocation of the authorization it has granted to said ITF, in the following cases:
I. If it does not maintain the minimum or net capital necessary to carry out its activities in accordance with what is provided in this Law and the general provisions issued for such effect;
II. If it suspends or abandons its activities for a period longer than one calendar year;
III. If it enters a process of dissolution, liquidation, or bankruptcy;
IV. If it does not maintain the necessary requirements for its authorization or, in addition, seriously or repeatedly violates the terms of the granted authorization;
V. If the ITF does not carry out the activities for which it obtained authorization;
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VI. If the ITF does not begin its operations within a period of six months counted from the notification of the authorization to organize and operate as an ITF;
VII. If, despite the observations and corrective actions carried out or ordered by the CNBV or the Bank of Mexico, there is a recurrence of non-compliance with what is established in this Law or in the general provisions emanating from it.
For the purposes of the provision in this fraction, a person shall be considered a recidivist who has committed an infraction that has been sanctioned and, in addition to that, commits the same infraction within the two immediate years following the date on which the corresponding resolution has become final;
VIII. Commit any of the conduct classified as serious in this Law, and
IX. If the ITF in question, through its legal representative, so requests, provided that there are no pending Operations to liquidate among its Clients or, in case of pending Operations, that it has transferred its administration, complying with the applicable legal and contractual provisions. In this case, the company must modify its bylaws to not contemplate its operation as an ITF.
(3) The Commission shall grant the right to a hearing to the interested ITF so that, within a period of ten business days, counted from the business day following that on which the corresponding notification takes effect, it may express in writing what is in its interest and offer evidence. The Commission, at the request of a party, may extend once the period referred to in this paragraph, for the same period, taking into account the particular circumstances of the case. Notifications shall take effect on the business day following that on which they are carried out.
(3) Once the period referred to in the previous paragraph and, if applicable, its extension has concluded, the Commission shall have a period of up to sixty business days to resolve the evidence. Once the evidence has been resolved, the Commission shall notify the ITF of the opening of a five business day period to formulate arguments. The Commission may make such notification by posting on the court docket or by any other means it determines.
(3) On the business day following the expiration of the period to formulate arguments, the instruction shall be considered closed and the respective Commission shall have a period of no more than one hundred eighty business days to obtain the approval of the Interinstitutional Committee and issue and notify the resolution that ends the administrative revocation proceedings referred to in this article.
(3) The declaration of revocation shall be published in the Official Gazette of the Federation and must be registered in the Public Commerce Registry corresponding to the social domicile of the ITF in question, for which the Registry shall only require prior notification from the CNBV.
(2) The revocation shall incapacitate the ITF from conducting new Operations from the date on which the corresponding resolution is notified and, except for the case established in fraction IX of this article, shall put the company in a state of dissolution and liquidation, without the need for a shareholders' meeting agreement.
CHAPTER IV
On Inspection, Surveillance and Information Exchange
Article 70.- ITFs shall be obligated to provide the CNBV and the Bank of Mexico, within the scope of their respective competencies, the information that said Financial Authorities require regarding their Operations and those carried out between their Clients, even regarding one or some of them individually, the data that allow estimating their financial situation and, in general, that which is useful to the CNBV or the Bank of Mexico to ensure the adequate fulfillment of their functions, in the form and terms determined by said Authorities themselves.
The fulfillment of the obligations indicated in this article shall not imply any breach of the legal obligation of confidentiality, nor constitute a violation of the restrictions on the disclosure of information established by contractual means.
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Article 71.- The supervision of ITF compliance with the provisions of this Law, as well as the provisions emanating from it, shall be the responsibility of the CNBV, which shall carry it out subject to what is provided in its Law, in the respective regulations and in other applicable provisions. The CNBV may conduct inspection visits to ITFs in order to review, verify, check, and evaluate the activities they carry out.
Likewise, the Bank of Mexico shall be empowered to supervise ITF compliance with the provisions it issues individually in terms of this Law, for which the Bank of Mexico itself may exercise the powers granted to it in terms of supervision by the Bank of Mexico Law. For the purposes referred to in this paragraph, ITFs shall be included among the financial intermediaries referred to in the Bank of Mexico Law.
Likewise, the CNBV, in accordance with what is established in this article, may investigate facts, acts, or omissions from which a violation of this Law and other provisions emanating from it may be presumed.
The CNBV inspection visits referred to in this article may be ordinary, special, or investigative.
Ordinary visits are those carried out in accordance with the annual program established for such effect by the CNBV.
Special visits are those not included in the annual program referred to in the previous paragraph, carried out in any of the following circumstances:
I. To examine and, if applicable, correct special operational situations;
II. To follow up on the results obtained in an inspection visit;
III. When changes or modifications occur in the accounting, legal, economic, financial, or administrative situation of an ITF, or
IV. When they derive from international cooperation.
Investigative visits shall always be carried out whenever the CNBV has indications from which it may be inferred that some conduct presumably contrary to what is provided in this Law and other general provisions emanating from it has been carried out.
ITFs that are subject to an inspection visit in terms of this Law and other applicable legal provisions shall be obligated to allow the personnel designated by the CNBV immediate access to the place or places subject to the visit, to their offices, premises, and other facilities, including unrestricted access to the documentation and other sources of information that said personnel deems necessary for the fulfillment of their functions, as well as providing the necessary physical space for the development of the inspection visit and making available the computer, office, and communication equipment required for such effect.
The documentation referred to in the previous paragraph includes, in an illustrative but not limiting manner, general or specific information contained in reports, records, minutes books, auxiliary records, correspondence, Technological Infrastructure, processing and storage of data, including any other technical procedures established for that purpose, whether magnetic files or digitized or recorded documents and optical procedures for their consultation or of any other nature.
The CNBV and the Bank of Mexico, in the exercise of their respective supervision powers, may request and exercise the enforcement measures referred to in the next article.
When, in the exercise of the function provided for in this article, the CNBV or Bank of Mexico so requires, it may hire the services of auditors and other professionals who assist it in said function.
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In the event that the CNBV or the Bank of Mexico, in the exercise of their respective powers, detects acts or omissions by ITFs or Financial Entities that could imply infractions of the provisions applicable to them in terms of this Law, it shall bring it to the knowledge of the other authority. For the purposes of the foregoing, the CNBV and the Bank of Mexico shall enter into a collaboration agreement by which they establish the form and terms for informing each other of what is provided in this paragraph, as well as the measures they adopt in the exercise of their powers.
Article 72.- The CNBV and the Bank of Mexico, in the exercise of the powers referred to in this Law, shall specify the form and terms in which compliance with their requirements must be given.
Likewise, the CNBV and the Bank of Mexico, to enforce their determinations regarding persons subject to this Law, may apply indistinctly the following enforcement measures:
I. Reprimand with warning;
II. Fine of 2,000 to 5,000 UMA;
III. Additional fine of 50 to 100 UMA for each day the infraction persists, and
IV. The assistance of the public force.
In the event that the enforcement measure is insufficient, the competent authority may be requested to proceed against the rebel for disobedience to a legitimate mandate of a competent authority.
For the purposes of this article, federal judicial or ministerial authorities and federal or local security or police forces shall provide the support requested by the CNBV or the Bank of Mexico, in the exercise of their respective powers, in an expeditious manner.
In the case of public security bodies of the federative entities or municipalities, the support shall be requested in accordance with the regulations regulating public security or, if applicable, in conformity with the administrative collaboration agreements that have been entered into with the Federation.
Article 73.- The information and documentation regarding the activities and services provided by ITFs in accordance with this Law and the Operations carried out through them, shall have the character of confidentiality, so that ITFs, in protection of the right to privacy of their Clients established in this article, may in no case give news or information about the activities, Operations, or services, except to the Client themselves, their legal representatives, or those who have been granted power to dispose of or intervene in the Operation or service.
As an exception to the provision in the previous paragraph, ITFs shall be obligated to provide the news or information referred to in said paragraph, when requested by the judicial authority by virtue of a ruling issued in a lawsuit in which the Client is a party or accused. For the purposes of this paragraph, the judicial authority may formulate its request directly to the ITF, or through the CNBV.
Likewise, ITFs shall be exempt from the prohibition provided for in the first paragraph of this article and, therefore, obligated to provide the news or information mentioned, in cases where they are requested by the following authorities:
(1) I. The Attorney General of the Republic or the public official in whom powers are delegated to request information, in order to gather indications for the clarification of the facts and, if applicable, obtain evidence data to support the exercise of criminal action, the accusation against the defendant, and the reparation of damage;
II. The General Attorneys of Justice or General Prosecutors of the federative entities or the public officials in whom they delegate powers to request information, in terms of the provisions referred to in the last paragraph of this article, in order to gather indications for the clarification of the facts and, if applicable, obtain evidence data to support the exercise of criminal action, the accusation against the defendant, and the reparation of damage;
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III. The Attorney General of Military Justice, in order to gather indications for the clarification of the facts and, if applicable, obtain evidence data to support the exercise of criminal action, the accusation against the defendant, and the reparation of damage;
IV. Federal and state tax authorities, for tax purposes;
V. The Secretariat, for the purposes of what is provided in Article 58 of this Law;
VI. The Treasurer of the Federation or the public official in whom powers are delegated to request information, in terms of the provisions referred to in the last paragraph of this article, when the act of surveillance so warrants, to request account statements and any other information regarding the personal accounts of public officials, auxiliaries, and, if applicable, private individuals related to the investigation in question;
VII. The Superior Audit Office of the Federation or its counterparts in the federative entities, in the exercise of their powers of review and audit of the Federal or Local Public Account and regarding accounts or contracts through which public resources are administered or exercised;
VIII. The investigative authorities referred to in the General Law of Administrative Responsibilities, or their counterparts in the federative entities, for the clarification of the facts, provided that the respective information is related to the commission of infractions referred to in said Law, and
IX. The Technical Audit Unit of the National Electoral Institute, for the exercise of its legal powers, in the terms established in the General Law of Institutions and Electoral Procedures. The electoral authorities of the federative entities shall request and obtain the information necessary for the exercise of their legal powers through the Technical Audit Unit of the National Electoral Institute.
The authorities mentioned in the fractions above shall request the news or information referred to in this article in the exercise of their powers and in accordance with the legal provisions applicable to them.
The requests referred to in the third paragraph of this article shall be formulated with due foundation and motivation, and through the CNBV. The public officials and institutions indicated in fractions I and VII of the third paragraph of this article, and the Technical Audit Unit referred to in fraction IX of said paragraph, may opt to request the judicial authority to issue the corresponding order, in order for the ITF to deliver the requested information, provided that said public officials or authorities specify the name of the ITF, the account number or Client identification number, the Client's name, and other data and elements that allow full identification, in accordance with the Operation in question.
In the case of facts that presumably endanger the life, freedom, or integrity of persons, the authorities mentioned in fractions I and II of the third paragraph of this article may request the necessary information or documentation to act immediately, in accordance with the emergency agreements or protocols established for such effect between said authorities, government agencies involved in combating this type of crime, the CNBV, and ITFs.
Employees and officials of ITFs shall be responsible, in terms of the applicable legal provisions, for violation of the secrecy established, and ITFs shall be obligated, in case of undue revelation of the secret, to repair the damages and losses caused.
The documents and data provided by ITFs as a consequence of the exceptions to the first paragraph of this article may only be used in the proceedings corresponding in terms of law and, with respect to those, the strictest confidentiality must be observed, even if the public official in question leaves office. The public official who unduly breaches the confidentiality of the proceedings, provides a copy of the same or of the documents related to them, or who reveals information contained therein in any other way, shall be subject to the corresponding administrative, civil, and criminal responsibilities.
The foregoing does not affect the obligation of ITFs to provide the CNBV with all kinds of information and documents that, in the exercise of their inspection and surveillance functions, they request regarding the Operations and other acts they carry out and the services they provide, nor the obligation to provide the information requested by other Financial Authorities, in terms of the applicable legal provisions.
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ITFs must respond to the requests made by the CNBV by virtue of the petitions of the authorities indicated in this article, within the time limits and conditions determined by it. The CNBV may sanction ITFs that do not comply with the time limits and conditions established in such requests, in accordance with what is provided in the provisions of Title VI of this Law.
The CNBV shall sanction ITFs with an administrative fine of 1 to 15,000 UMA for not responding within the time limits granted in this article to attend to the requests for information, documentation, account securing, account unlocking, fund transfer, or fund status formulated by the competent authorities indicated.
The CNBV shall issue general provisions in which it establishes the formalities and requirements that requests or information requests made by the authorities referred to in this article must meet, in order for the requested ITFs to be able to identify, locate, and provide the news or information requested by said authorities.
Article 74.- In order to preserve financial stability, avoid interruptions or alterations in the functioning of the financial system or payment system, and to facilitate the adequate fulfillment of their functions, the Secretariat, the Supervisory Commissions, and the Bank of Mexico may exchange information they possess having obtained it:
I. In the exercise of their powers;
II. As a result of their action in coordination with other entities, persons, or authorities, and
III. Directly from other authorities.
The power mentioned in the previous paragraph shall not be subject to restrictions regarding reserved or confidential information in terms of applicable legal provisions. Whoever receives the information referred to in this article shall be administratively and criminally responsible, in terms of applicable legislation, for the dissemination to third parties of confidential or reserved information.
For the purposes of what is provided in this article, the Financial Authorities indicated must enter into information exchange agreements in which they specify the information subject to exchange and determine the terms and conditions to which they must be subject thereto. Likewise, such agreements must define the degree of confidentiality or reservation of the information, as well as the respective control instances to which cases where the delivery of information is denied or delivered outside the established time limits will be reported.
Article 75.- The Secretariat, the Supervisory Commissions, and the Bank of Mexico, within the scope of their competencies, shall be empowered to provide foreign financial authorities with all kinds of information they deem appropriate to attend to the requests made to them, such as documents, records, registers, declarations, and other evidence that said Financial Authorities possess having obtained it in the exercise of their powers.
For the purposes of what is provided in the previous paragraph, the Financial Authorities must have a signed information exchange agreement with the foreign financial authorities in question, which contemplates the principle of reciprocity.
For internal use
The CNBV and the Bank of Mexico, within the scope of their respective attributes, shall be authorized to deliver to foreign financial authorities the information protected by confidentiality provisions that is in their possession having been obtained in the exercise of their powers, acting in coordination with other entities, persons, or authorities or directly from other authorities.
In any case, the CNBV and the Bank of Mexico may refrain from providing the information referred to in the preceding paragraph, when the intended use is different from that for which it was requested, is contrary to public order, national security, or the terms agreed upon in the respective information exchange agreement.
The Secretariat, the CNBV, CONDUSEF, and the Bank of Mexico shall establish coordination mechanisms for the purposes of delivering the information referred to in this article to foreign financial authorities.
Article 76.- Financial Entities, money transmitters, credit reporting agencies, clearing houses referred to in the Law for the Transparency and Ordering of Financial Services, FTIs, and authorized societies to operate with Novel Models shall be obliged to establish standardized computer application programming interfaces that enable the connectivity and access of other interfaces developed or administered by the same subjects referred to in this article and specialized third parties in information technologies, with the aim of sharing the following data and information:
I. Open financial data: those generated by the entities mentioned in the first paragraph of this article that do not contain confidential information, such as information on products and services they offer to the general public, the location of their offices and branches, ATMs, or other access points to their products and services, among others, as applicable;
II. Aggregated data: those relating to any type of statistical information related to operations carried out by or through the entities mentioned in the first paragraph of this article, without containing a level of disaggregation such that personal data or transactions of a person can be identified.
Only persons who have the authentication mechanisms established by the Supervisory Commissions, or the Bank of Mexico in the case of clearing houses and credit reporting agencies referred to in the first paragraph of this article, through general provisions issued for such effect, shall have access to aggregated data, and
III. Transactional data: those related to the use of a product or service, including deposit accounts, loans, and means of disposition contracted in the name of the clients of the entities mentioned in the first paragraph of this article, among other information related to transactions that clients have carried out or attempted to carry out in their Technological Infrastructure. These data, in their character as personal data of clients, may only be shared with the prior express authorization of said clients.
The information mentioned in the preceding paragraph may only be used for the purposes strictly authorized by the client. The entities mentioned in the first paragraph of this article shall interrupt information access as soon as the holder withdraws their consent, there are vulnerabilities that put client information at risk, or the third party fails to comply with the terms and conditions agreed upon for the exchange of information. Such interruption shall be notified within a period not exceeding two hours from its detection to the Supervisory Commissions or the Bank of Mexico, as applicable, and said authorities, within the scope of their competence, may order the restoration of access to the information, in cases where it is determined that the interruption was unjustified, regardless of the administrative sanctions that correspond.
The exchange of data and information that may be shared in terms of this article shall be subject to the general provisions issued by the Supervisory Commission, or the Bank of Mexico in the case of credit reporting agencies and clearing houses referred to in the first paragraph of this article, in which the necessary standards for the interoperability of application programming interfaces; the design, development, maintenance, and security mechanisms of these interfaces for the access, sending, or obtaining of data and information; the information considered critical for the proper functioning of applications that require the use of these interfaces; as well as the mechanisms by which client consent will be obtained, may be established.
For the access to information through standardized computer application programming interfaces by the persons mentioned in this article, prior authorization from the Supervisory Commissions or the Bank of Mexico in the case of credit reporting agencies and clearing houses shall be required. The authorizations granted in accordance with this article will allow the holder to access the available interfaces of the type of entity from which access is requested.
The Supervisory Commission or, as applicable, the Bank of Mexico, shall authorize the consideration charged by the entities mentioned in the first paragraph of this article for the exchange of data and information, which shall be equitable and transparent to all individuals involved so that in no case do they constitute entry barriers, formal, regulatory, economic, or practical.
For the purposes of the above, the referred entities shall register with the Supervisory Commissions or the Bank of Mexico, as applicable, the consideration indicated, as well as their respective modifications. Such registration shall be made at least thirty calendar days in advance of its entry into force for new consideration or when it implies an increase.
In the case of a reduction in the amount of such consideration, the registration shall be made at least two calendar days in advance of its entry into force.
The foregoing shall be carried out in the form and terms that the Supervisory Commissions or the Bank of Mexico, as applicable, indicate in general provisions.
The Supervisory Commissions or the Bank of Mexico, as applicable, shall have the power to formulate observations on the application of such consideration when they are new or imply an increase, within fifteen business days following the day on which said entities make them known. Before exercising said power, the competent Financial Authority shall hear the entity in question. The Supervisory Commissions or the Bank of Mexico, as applicable, shall make public the observations they formulate in accordance with this paragraph. In the event that the competent Financial Authority has formulated and published observations regarding the creation or increase of consideration, and the entities referred to in the first paragraph of this article decide to apply the new consideration or the observed increase, said Financial Authority may veto it, in which case they may not charge such consideration without being exempt from complying with the obligation referred to in this article. If there are no observations, the consideration shall enter into force.
In no case may the entities referred to in this article charge differentiated consideration for access to their information.
The entities mentioned in the first paragraph of this article, under their responsibility, may allow information and data requesters to propose and prove the introduction of new products and services before offering them to the public, temporarily exchanging such information and data with them during the testing stage, provided they comply with the requirements and conditions established for such effect by the Supervisory Commission or the Bank of Mexico, as applicable.
The Supervisory Commission or, as applicable, the Bank of Mexico, prior to the right of hearing granted to the entities mentioned in the first paragraph of this article, may order the partial or total, temporary or definitive, suspension of the exchange of information and data that takes place, when the general provisions referred to in this article for the protection of public interests are violated. The foregoing, unless the Supervisory Commission, or the Bank of Mexico in the case of credit reporting agencies and clearing houses referred to in the first paragraph of this article, approves a regularization program that meets the requirements established in said general provisions.
The Supervisory Commission or the Bank of Mexico in the case of credit reporting agencies and clearing houses referred to in the first paragraph of this article may require the entities mentioned in the first paragraph of this article and, through them, those with whom they exchange data and information in terms of this article, records, documents, data, reports, and generally, the information deemed necessary to verify compliance with this article and the provisions emanating from it, in the form and terms indicated in the general provisions issued for such effect.
The Supervisory Commission or, as applicable, the Bank of Mexico, shall directly formulate to the entities mentioned in the first paragraph of this article the information requests and, as applicable, the observations and corrective measures derived from the supervision carried out in relation to this article to ensure the integrity of the information and adherence to what is established in this Law. Likewise, the Supervisory Commission or, as applicable, the Bank of Mexico, shall be authorized at all times to carry out supervision, inspection, and monitoring acts regarding third parties with whom the entities mentioned in the first paragraph of this article exchange data and information in terms of this article, as well as conduct inspections of said third parties regarding the exchange of information and data, or order the entities mentioned in the first paragraph of this article to conduct audits of said third parties, with the entity itself being obliged to submit a report thereon to the Supervisory Commission or the Bank of Mexico, as applicable.
The Supervisory Commission, or the Bank of Mexico in the case of credit reporting agencies and clearing houses referred to in the first paragraph of this article, shall specify the object of the inspections or audits, which shall be limited to the matter of the contracted service and compliance with what is provided in this Law and the provisions emanating from it. To this effect, entities shall agree in the contracts through which the exchange of data and information is formalized, the express stipulation by the contracted third party that they agree to adhere to what is established in this article.
Article 77.- The exchange of information referred to in the preceding article shall not be understood as a violation of the confidentiality obligations imposed on the entities mentioned in said article, in this and other applicable laws.
CHAPTER V
Trade Associations
Article 78.- FTIs may group themselves into trade associations, which may carry out, among other functions, the development and implementation of conduct and operation standards that their members must comply with, in order to contribute to the healthy development of said institutions.
The trade associations referred to in this Chapter, in terms of their statutes, may issue, among others, norms to regulate the following:
I. The requirements for admission, exclusion, and separation of their members;
II. The process for the adoption of best practices, as well as conduct and operation standards and the verification of their compliance, and
III. Standards and policies for adequate compliance with the provisions of this Law and the provisions emanating from it.
Article 79.- Trade associations may carry out periodic evaluations of their members regarding compliance with best practices as well as conduct and operation standards they issue. When, from the results of said evaluations, they become aware of non-compliance with what is established in this Law and the general provisions emanating from it, said associations shall inform the CNBV, without prejudice to the powers that correspond to the CNBV itself. Likewise, said associations shall keep a record of the corrective and disciplinary measures they apply to their members, which shall be available to the CNBV.
The best practices issued in terms of what is provided in this article may not contravene or exempt what is established in this Law and other applicable legal provisions.
TITLE IV
Of Temporary Authorizations and Operation with Virtual Assets
CHAPTER I
Of the Authorization of Novel Models
Article 80.- Legal entities constituted in accordance with Mexican commercial legislation, other than FTIs, Financial Entities, and other subjects supervised by any Supervisory Commission or by the Bank of Mexico, shall obtain authorization so that through Novel Models they carry out any activity whose realization requires an authorization, registration, or concession in accordance with this Law or another financial law.
For the operation of Novel Models, Financial Authorities according to their scope of competence, at their discretion, prior to reviewing compliance with the criteria and conditions established in Article 82 of this Law, may grant or deny, with due justification and motivation, a temporary authorization conditioned to the interested societies wishing to provide financial services through these Models. Such authorization shall have a duration commensurate with the services to be provided and may not exceed two years.
Regarding the Supervisory Commissions, prior agreement of the respective Board of Directors shall be required for the granting of the authorizations referred to in this article.
In the case of activities whose authorization, registration, or concession corresponds to be granted by the Secretariat or the Bank of Mexico, the temporary authorizations shall be issued considering the administrative acts provided for in the laws regulating said activities for their authorization, registration, or concession. In the event that it corresponds to the Secretariat to grant the mentioned authorizations, the Supervisory Commissions shall be competent to supervise the activities of societies authorized to operate with Novel Models that carry out the same activities reserved for Financial Entities or subjects supervised by said Supervisory Commissions.
The corresponding society shall carry out the necessary actions to obtain the definitive authorization, registration, or concession during the term of the temporary authorization, in accordance with the financial laws that regulate said acts. When it does not carry out said actions, it shall carry out the exit procedure referred to in fraction X of Article 83 of this Law. In the event that the authorized society is carrying out the necessary actions to obtain the definitive authorization, registration, or concession in accordance with the financial laws that regulate said acts, the competent Financial Authority, at its discretion, may extend the temporary authorization for up to one more year, a period during which all necessary actions shall be carried out to obtain said definitive authorization, registration, or concession and initiate the corresponding operations.
In the authorization granted in accordance with this article, Financial Authorities shall establish, based on the corresponding Novel Model, the exceptions and conditions to the compliance with the requirements and obligations established in the respective financial laws, as well as the terms and conditions for the provision of the services in question. In the case of extensions, said exceptions, conditions, terms, and conditions may be reviewed so that the viability of the authorized society to operate with Novel Models continues.
Article 81.- In the event that two or more Supervisory Commissions have powers to know the matters referred to in this Chapter, or that the activities in question are also subject to the authorization of the Bank of Mexico or the Secretariat, the authorization requests shall be presented to the Financial Authority whose powers are related to the predominant activity that, according to the Novel Model, the society seeking to be authorized will carry out. Said Authority shall be obliged to forward the respective file to the other competent Financial Authorities to resolve it jointly.
Article 82.- For the granting of the temporary authorization referred to in Article 80 of this Law, Financial Authorities will evaluate, among other aspects, compliance with the following criteria and conditions:
I. That the proposal is a Novel Model;
II. The product to be offered or the service to be provided to the public must require testing in a controlled medium, in terms of this Chapter;
III. The way in which the reserved activity is intended to be developed must represent a benefit to the Client of the product or service in question with respect to what exists in the market;
IV. The project must be at a stage where the start of operations can be immediate;
V. The project must be able to be tested with a limited number of Clients, and
VI. Others that, as applicable, are determined by the competent Financial Authorities through general provisions.
Article 83.- In the temporary authorization request, societies intending to operate with Novel Models shall include the following:
I. The draft articles of incorporation, which shall contemplate the following:
a) The habitual or professional performance, in its corporate purpose, of the activities it intends to carry out, and
b) Establish its corporate domicile in national territory;
II. The description of the Novel Model, all the operations or activities it intends to carry out through this Model, and the detail of each of them, justifying the need to operate with said Novel Model;
III. Risk analysis policies, including those policies to be followed in matters of security in the Technological Infrastructure and information security;
IV. The legal provisions regulating the reserved activity that they consider hinder the development of products or services through the Novel Model;
V. The potential benefits for the Clients of the service or product in question with respect to what exists in the market;
VI. The target market or maximum number of Clients to whom the product or service in question would be offered, specifying, as applicable, the respective geographic location and the maximum amount of resources that may be received from each Client, as well as the maximum total amount that may be received during the validity of their temporary authorization;
VII. The way in which damages and losses that, as applicable, it generates for its Clients due to the provision of the services it grants during the development period shall be compensated, which shall be agreed upon in the contracts celebrated for such effect;
VIII. The way in which it intends to inform and obtain the consent of its Clients regarding that they will carry out operations with societies authorized to operate with Novel Models, as well as the risks to which they are subject thereby;
For internal use only
IX. The form, method, and deadlines for complying with the requirements to obtain final authorization, registration, or concession in accordance with the financial laws regulating the service to be provided;
X. The exit procedure to be carried out in the event that the Financial Authorities do not grant the final authorization, registration, or concession, or if the validity of the temporary authorization or its extension expires, as applicable, and
XI. The other documentation and information that the competent Financial Authorities require for this purpose.
The submission of the authorization application referred to in this Chapter must be approved by the governing body of the company seeking authorization.
Each Financial Authority must publish the temporary authorizations it grants in accordance with this Chapter in a registry that will be public, providing dissemination on its website and containing annotations regarding each company authorized to operate a Novel Model, which may include, among others, the revocation of the authorization. Each Financial Authority may establish, through general provisions, the basis for the organization and functioning of this registry, as well as any additional annotations it must include.
Article 84.- The CONDUSEF, in accordance with the Law for the Protection and Defense of Financial Services Users, shall have the powers granted by said Law to resolve disputes between companies authorized to operate a Novel Model and their Clients.
Article 85.- The provisions of Titles I and VII and Chapter IV of Title III of this Law, as well as Articles 48, third paragraph, and 58 of this statute, shall apply to companies authorized to operate with Novel Models. The powers granted to the CNBV in the aforementioned provisions shall be understood as granted to the other Financial Authorities within the scope of their competencies.
CHAPTER II
Of Novel Models in Regulated Entities
Article 86.- Financial Authorities may discretely authorize, with due justification and motivation, Financial Entities, ITFs, or other persons subject to their supervision, to temporarily carry out operations or activities of their corporate purpose through Novel Models when their implementation requires exceptions or conditions to the general provisions issued by said Authorities.
The temporary authorizations referred to in this article must be granted prior to agreement by the Board of Government of the respective Supervisory Commissions. In the case of activities regulated by general provisions issued by the Secretariat or the Bank of Mexico, the temporary authorizations shall be granted by said Authorities.
In the temporary authorization granted, the Financial Authority responsible for resolving the matter shall establish the exceptions, conditions, terms, and conditions for the products to be offered or the provision of services in question.
Temporary authorizations may not have a validity greater than one year, extendable only once for another year.
Article 87.- To grant the authorization referred to in this Chapter, interested parties must submit their application accompanied by the following documentation and information:
I. The description of the Novel Model, all operations or activities intended to be carried out through this Model, and the detail of each of them, justifying the need to obtain the temporary authorization to operate with said Novel Model;
For internal use only
II. Risk analysis policies, including those policies to be followed regarding security in Technological Infrastructure and information security;
III. The legal provisions regulating the activity that they consider hinder the development of products or services through the Novel Model;
IV. The potential benefits that the service or product has for Clients compared to what exists in the market;
V. The target market or maximum number of Clients to whom the operation or activity in question would be offered or impact, specifying, if applicable, the respective geographic location and the maximum amount of resources that may be received from each Client, as well as the maximum total amount that may be received during the validity of their temporary authorization;
VI. Information accrediting that the performance of the corresponding operation or activity does not put at risk the stability or solvency of the Financial Entity or the operability of the person in question;
VII. The manner in which damages and losses generated for their Clients by the performance of the operations or activities carried out will be compensated, which must be agreed upon in the contracts concluded for this purpose;
VIII. The means by which they will inform their Clients of the risks to which they are exposed;
IX. The actions to be taken once the term of the temporary authorization has expired, and
X. The other documentation and information that the competent Financial Authorities require for this purpose.
The submission of the authorization application referred to in this Chapter must be approved by the board of directors of the Financial Entity or person subject to supervision by the competent Financial Authority.
CHAPTER III
Of the Operation of Financial Entities with Virtual Assets
Article 88.- Credit institutions may, with prior authorization from the Bank of Mexico, conduct operations with virtual assets that are determined by the Bank of Mexico itself through general provisions, among those that meet the characteristics mentioned in the last paragraph of Article 30 of this Law. Such operations shall be subject, regarding their conditions and restrictions, to the general provisions issued for this purpose by the Bank of Mexico.
CHAPTER IV
Other Obligations and of the Revocation of Temporary Authorizations
Article 89.- Companies authorized to operate with Novel Models, ITFs, Financial Entities, and other persons subject to the supervision of Financial Authorities that obtain the temporary authorization referred to in this Title must prepare and deliver to the Financial Authorities a report at the frequency determined by them, during the validity of the authorization, which shall contain the following:
I. The number of operations carried out during the reported period;
II. The number of Clients or users they have as of the date of the report;
III. The risk situations that have arisen, and
For internal use only
IV. The other information that the Financial Authorities require for this purpose in accordance with the general provisions they issue.
Additionally, companies authorized to operate with Novel Models, ITFs, Financial Entities, and other persons subject to the supervision of Financial Authorities that obtain the temporary authorization referred to in this Title must deliver to said Financial Authorities a final report no later than thirty days after the expiration of the validity of the temporary authorization, in which the total figures regarding the information provided in the preceding sections are described, as well as any other information that the Financial Authorities determine in the temporary authorization or in general provisions issued for this purpose.
Article 90.- Financial Authorities may make public the information reported by the obligated subjects referred to in this Title if they consider it pertinent for the knowledge of Clients, provided that it does not concern confidential information.
Article 91.- Financial Authorities may verify the veracity of the information provided by companies authorized to operate with Novel Models, ITFs, Financial Entities, and other persons subject to their supervision when offering products or providing services in accordance with this Title IV, and in such virtue, the departments and entities of the Federal Public Administration, as well as other federal instances, will deliver the related information. Likewise, Financial Authorities may request foreign bodies with similar supervision or regulation functions to corroborate the information provided for this purpose.
Article 92.- Supervisory Commissions, with the agreement of their Board of Government, the Bank of Mexico, or the Secretariat, as applicable, may revoke the temporary authorizations referred to in this Title, prior to a hearing of the interested party, in the following cases:
I. Failure to comply with any of the requirements applicable to them in accordance with this Title or the general provisions issued for this purpose, or those other specified in the temporary authorization in question;
II. In the event that there are unexpected risks for Clients;
III. When they fail to deliver any of the reports to which they are obligated in accordance with this Chapter;
IV. If they carry out operations, activities, or services different from those contemplated in their temporary authorization, and
V. If so requested, provided that there are no pending liquidation operations between their Clients.
(3) The Supervisory Commissions shall grant the hearing right provided for in this article to the interested company, so that within a period of ten business days, counted from the next business day following that on which the corresponding notification takes effect, they may express in writing what is in their interest and offer evidence. At the request of the party, said Authorities may extend once the period referred to in this paragraph, for the same duration, taking into account the particular circumstances of the case. Notifications take effect on the next business day following that on which they are carried out. (3) Upon expiration of the period referred to in the preceding paragraph, and in the case of its extension, the Supervisory Commissions shall have a period of up to sixty business days to resolve the evidence. Upon expiration of the period for resolving evidence, the Supervisory Commission shall notify the ITF in question of the opening of a five-business-day period to formulate arguments. The respective Commission may make such notification by posting or by any other means it determines. (3) On the next business day following the expiration of the period to formulate arguments, the instruction shall be considered closed, and the Supervisory Commission shall have a period not greater than one hundred eighty business days to issue and notify the resolution ending the administrative revocation procedures referred to in this article.
For internal use only
(3) The revocation of temporary authorizations granted in accordance with Article 80 of this Law must be recorded in the Registry provided for by Article 83, and shall incapacitate the company whose authorization was revoked from continuing to carry out the activities or operations whose implementation requires an authorization, registration, or concession in accordance with this Law or another financial law, from the date on which the corresponding resolution is notified.
TITLE V
Financial Innovation Group
Article 93.- The Financial Innovation Group is the consultation, advice, and coordination body whose objective is to establish a space for the exchange of opinions, ideas, and knowledge between the public and private sectors to understand innovations in financial technology and plan their orderly development and regulation.
Article 94.- The Financial Innovation Group shall be composed of up to twelve full members, one of whom shall be from the Secretariat, one from each of the Supervisory Commissions, and one from the Bank of Mexico, designated by their respective heads. The remaining members shall be representatives of the private sector, who shall be designated, upon prior invitation, by the Secretariat. For these purposes, the Secretariat must ensure that the members of the private sector are representative of the ITF guild, as well as other Financial Entities. The representative of the Secretariat shall serve as President of the Financial Innovation Group, and in their absence, the representative of the CNBV.
Article 95.- The Financial Innovation Group must meet at least once a year, and extraordinary meetings may be convened as required. Sessions must be held with the presence of the majority of its members, and the agreements of the Financial Innovation Group shall be taken by majority vote of the members present. The presiding officer shall have a casting vote in case of a tie.
If the nature of the matters to be discussed so requires, representatives of the departments and entities of the Federal Public Administration or of organizations, public or private, may be invited to participate in the sessions of the Financial Innovation Group, with voice but without vote.
TITLE VI
Sanctions and Crimes
CHAPTER I
Administrative Sanctions
Article 96.- Legal acts celebrated in contravention of what is established in this Law or the provisions emanating from it, as well as the conditions specifically indicated in the authorizations to operate as an ITF or temporary authorizations referred to in Title IV of this statute and in other administrative acts, shall give rise to the imposition of corresponding administrative and criminal sanctions, without such contraventions producing the nullity of the acts, in protection of third parties in good faith, unless this Law expressly states otherwise.
Article 97.- Fines imposed administratively by the Supervisory Commissions or the Bank of Mexico on Financial Entities, ITFs, or companies authorized to operate with Novel Models shall be collected by the Secretariat or the Bank of Mexico, as applicable, once they have become final. The fines referred to in this article shall have the character of tax credits in accordance with the Federal Tax Code.
The fines referred to in this Law must be paid within fifteen business days following the date of their notification.
In the event that the offender pays within the fifteen days referred to in the preceding paragraph, a reduction of twenty percent of the amount shall be applied to the fines imposed in their respective scopes of competence by the Supervisory Commissions or the Bank of Mexico, provided that they express in writing their agreement with the imposed fine.
The sanctions that, in terms of this Law, correspond to be imposed by the CONDUSEF, shall follow the procedure established in the Law for the Protection and Defense of Financial Services Users. Against such fines, the offender may file the review appeal provided for in the Law for the Protection and Defense of Financial Services Users.
Article 98.- The Supervisory Commissions or the Bank of Mexico, in imposing administrative sanctions referred to in this Law, shall be subject to the following:
(2) I. A hearing shall be granted to the alleged offender, who within a period of ten business days counted from the next business day following that on which the corresponding notification takes effect, must express in writing what is in their interest and offer evidence. The Supervisory Commissions or the Bank of Mexico, at the request of the party, may extend once the period referred to in this section, for the same duration, for which they will consider the particular circumstances of the case. Notifications take effect on the next business day following that on which they are carried out;
II. In the event that the alleged offender does not use the hearing right referred to in the preceding section within the granted period, or, having exercised it, fails to refute the imputations indicated against them, the imputed infractions shall be considered proven, and the corresponding administrative sanction shall be imposed;
III. For the imposition of sanctions, the following shall be taken into account, if applicable:
a) The impact on third parties or the financial system that the infraction has produced or may produce; b) Recidivism, the causes that originated it, and, if applicable, the corrective actions applied by the alleged offender. A person shall be considered a recidivist who has committed an infraction that has been sanctioned, and, in addition to that, commits the same infraction within the two years immediately following the date on which the corresponding resolution became final. Recidivism may be sanctioned with a fine equivalent to up to double the originally provided amount; c) The amount of the operation; d) The economic condition of the offender, so that the sanction is not excessive, and e) The nature of the infraction committed;
IV. Regarding conduct classified by this Law as serious, in addition to what is established in section III of this article, any of the following aspects may be taken into account:
a) The amount of the property damage or loss caused; b) The profit obtained; c) Lack of honorability, on the part of the offender, in accordance with what is provided in this Law and the general provisions emanating from it; d) Inexcusable negligence or intent with which the act was carried out; e) That the infringing conduct referred to in the administrative process may constitute a crime; f) The duration of the non-compliance; g) The risks from the celebration of the Operations that gave rise to the corresponding sanction, and
For internal use only
h) The other circumstances that the Supervisory Commissions or the Bank of Mexico deems applicable for such purposes.
(4) … (Repealed)
(3) Upon expiration of the period referred to in section I of this article, and in the case of its extension, the Supervisory Commissions or the Bank of Mexico, as applicable, shall have a period of up to sixty business days to resolve the evidence.
(3) Once the evidence admitted to the alleged offender has been resolved, the corresponding authority from those indicated in the preceding paragraph shall notify the same of the opening of a five-business-day period to formulate arguments. The respective Authority may make such notification by posting or by any other means, in cases so determined. On the next business day following the expiration of the period to formulate arguments, the instruction shall be considered closed, and the Supervisory Commissions or the Bank of Mexico, as applicable, shall have a period not greater than one hundred eighty business days to issue and notify the resolution ending the sanctioning procedure, imposing, if applicable, the sanctions that proceed in accordance with the law.
Article 99.- The Supervisory Commissions or the Bank of Mexico shall consider as mitigating factors in the imposition of administrative sanctions, when the alleged offender proves that they have compensated the damage caused, as well as the fact that they provide information that contributes to the exercise of the powers of the Supervisory Commissions or the Bank of Mexico in matters of inspection and surveillance, to clarify responsibilities.
Article 100.- The procedures for the imposition of administrative sanctions referred to in this Law shall begin independently of the opinion of the crime, if any, issued by the Financial Authority in terms of this Law.
Article 101.- The fines referred to in this Chapter may be imposed on Financial Entities, ITFs, and companies authorized to operate with Novel Models, as well as members of the board of directors or equivalent bodies, general managers, executives, officials, employees, or persons holding a position, mandate, commission, or any other legal title that such companies grant them to carry out their activities, when they have directly incurred or ordered the conduct that is the subject of the infraction.
Article 102.- In the administrative proceedings provided for in this Law, relevant evidence subject to the procedure shall be admitted, provided that they are offered within the period for resolving the hearing guarantee. In the case of confessions by authorities, it must be resolved in writing.
Once the hearing right referred to in Article 98 of this Law has been resolved, or the written document through which the review appeal provided for in this Law is filed, only subsequent evidence shall be admitted, provided that the corresponding resolution has not yet been issued.
(5) The Supervisory Commissions and the Bank of Mexico may obtain the means of evidence they consider necessary, as well as agree on the admissibility of the evidence offered. Evidence provided by interested parties may only be rejected when it is not offered in accordance with the law, has no relation to the substance of the matter, is inappropriate, unnecessary, or contrary to morality or the law. The valuation of evidence shall be made in accordance with what is established in the National Code of Civil and Family Procedures.
Article 103.- The fines provided for in this Law that the CNBV is responsible for imposing are the following:
I. A fine of 1,000 to 5,000 UMA for persons other than those authorized who, in their name, denomination, trade name, establishments, interfaces, websites, or any other electronic or digital communication medium, use the words ITF, financial technology institution, crowdfunding institution, electronic payment fund institution, or other
For internal use
that express similar ideas in any language, from which the performance of activities reserved for ITFs can be inferred, except those exempted under this Law;
II. A fine of 3,000 to 15,000 UMA on ITFs or societies authorized to operate with Novel Models that fail to comply with the obligations set forth in articles 13 and 48, third paragraph, of this Law;
III. A fine of 1,000 to 150,000 UMA for failing to meet in a timely manner the requirements formulated by the Financial Authorities or any other competent authority, in accordance with this Law;
IV. A fine of 30,000 to 150,000 UMA for the following:
a) Failing to include transactional information in the account registers they must maintain in accordance with this Law, and b) Failing to comply with the security and operational continuity requirements for the account registers referred to in article 48 of this Law;
V. A fine of 30,000 to 150,000 UMA for the following:
a) ITFs, Financial Entities, or societies authorized to operate with Novel Models for performing unauthorized activities under this Law; b) Disseminating false or misleading information, or information that induces error, through ITFs, societies authorized to operate with Novel Models, or in any other manner for the performance of the Operations referred to in this Law; c) Omitting the disclosure of information established by this Law; d) Regarding crowdfunding institutions, for failing to obtain the risk awareness certificate for investors mentioned in article 18, fraction III, of this Law, or for failing to provide the necessary means to formalize the Operations for their Clients as indicated in article 18, fraction V, of this Law; e) Regarding crowdfunding institutions, for disseminating any type of advertising or information regarding projects or services in terms different from those specified in the general provisions referred to in article 18, fraction II, of this Law, and f) Failing to maintain the registers referred to in article 47 of this Law;
VI. A fine of 20,000 to 100,000 UMA on ITFs that begin their activities without accrediting to the CNBV compliance with the requirements set forth in article 40 of this Law;
VII. A fine of 15,000 to 100,000 UMA on ITFs that:
a) Fail to comply with the provisions of articles 41 and 46 of this Law, as well as the general provisions referred to in said article 41; b) Fail to comply with the provisions of article 55 of this Law, as well as the general provisions referred to in said provision; c) Divert their Clients' resources for any purpose other than that agreed upon; d) Exceed the limits specified in article 44 of this Law or in the provisions referred to in said article regarding crowdfunding institutions, and e) Oppose or hinder the exercise of powers that this Law and other applicable legal provisions confer upon the Financial Authorities;
For internal use
VIII. A fine of 10,000 to 100,000 UMA on independent external auditors who omit providing the CNBV with the reports, opinions, and other elements of judgment supporting their rulings and conclusions in contravention of what is established in article 52, second paragraph, of this Law;
IX. A fine of 1 to 15,000 UMA that the CNBV will impose on ITFs for failing to respond within the granted deadlines for the attention of information, documentation, assurance, account unlocking, transfer, or fund status requests formulated by the competent authorities indicated;
X. A fine of 15,000 to 75,000 UMA on Financial Entities and ITFs that fail to establish application programming interfaces (APIs) for the purpose of sharing and transacting data with those Financial Entities, ITFs, or societies authorized to operate with Novel Models that comply with the general provisions issued by the Financial Authorities in accordance with articles 76 and 77 of this legislation;
XI. A fine of 25,000 to 100,000 UMA on Financial Entities, ITFs, or societies authorized to operate with Novel Models that use for purposes other than those contractually agreed with other ITFs or Financial Entities, or, in the case of transactional data, other than those authorized by their Clients, the information and data exchanged through application programming interfaces with a Financial Entity or another ITF;
XII. A fine of 2,000 to 15,000 UMA on societies authorized to operate with Novel Models and Financial Entities that, under article 89 of this Law, omit or deliver the report late;
XIII. A fine of 1,000 to 150,000 UMA on ITFs, money transmitters, and Financial Entities when they interrupt access to information in terms different from those referred to in article 76 of this Law or fail to notify the Supervisory Commissions of the interruption. The same sanction may be imposed by the CNSF and the CONSAR within the scope of their respective competencies, and
XIV. A fine of 2,000 to 10,000 UMA for violations of any of the norms of this Law, as well as the general provisions issued by the CNBV or jointly with the Bank of Mexico, in accordance with this Law, and that do not have a sanction expressly specified in this legislation.
In the event that any of the infractions contained in this article generate property damage or a benefit, the corresponding sanction may be imposed by adding up to one and a half times the equivalent of said damage or the benefit obtained by the infractor, whichever is greater. Benefit shall be understood as the gain obtained or the loss avoided for oneself or for a third party.
Article 104.- The fines provided for in this Law that correspond to the Bank of Mexico to impose are the following:
I. A fine of 30,000 to 150,000 UMA for performing operations with virtual assets or currencies without prior authorization from the Bank of Mexico, or for performing Operations with virtual assets other than those determined by the Bank of Mexico;
II. A fine of 15,000 to 100,000 UMA on electronic payment fund institutions for exceeding the operational limits to which they are subject under article 44 of this Law, in accordance with the general provisions issued by the Bank of Mexico;
III. A fine of 1,000 to 15,000 UMA on electronic payment fund institutions for failing to comply with the general provisions issued by the Bank of Mexico to establish the characteristics of the Operations they may perform;
IV. A fine of 1,000 to 150,000 UMA on credit information societies or clearing houses referred to in the Law for Transparency and Orderliness of Financial Services that interrupt access to information in terms different from those referred to in article 76 of this Law or fail to notify the Bank of Mexico of the interruption, and
For internal use
V. A fine of 1,000 to 10,000 UMA for violating any of the general provisions issued by the Bank of Mexico that do not have a specially specified sanction in this legislation.
In the event that any of the infractions contained in this article generate property damage or a benefit, the corresponding sanction may be imposed by adding up to one and a half times the equivalent of said damage or the benefit obtained by the infractor, whichever is greater. Benefit shall be understood as the gain obtained or the loss avoided for oneself or for a third party.
Article 105.- The violation of the obligations referred to in article 58 of this Law or the provisions issued thereon shall be sanctioned by the Supervisory Commission in accordance with the procedure provided for in this Law, with a fine equivalent to 10% to 100% of the amount of the act, Operation, or service performed with a Client who has been informed that they are on the blocked persons list; with a fine equivalent to 10% to 100% of the amount of the unreported unusual Operation, or in its case, of the series of Operations related to each other of the same Client that should have been reported as unusual Operations; or, alternatively, with a fine equivalent in national currency of ten to one hundred thousand times the value of the UMA, in the case of any other non-compliance with said provision and the provisions emanating from it.
The sanctions referred to in the preceding paragraph may be imposed on ITFs and societies authorized to operate with Novel Models, as well as, if applicable, on their board members, administrators, executives, officials, employees, agents, and attorneys, and on natural and legal persons who, by reason of their acts, have caused or intervened to cause such societies to incur the irregularity or be responsible for it. Without prejudice to the foregoing, the CNBV, regarding ITFs, may proceed in accordance with what is provided in article 62 of this Law, in the cases that apply.
The Supervisory Commissions and the Bank of Mexico may refrain from sanctioning ITFs, Financial Entities, and societies authorized to operate with Novel Models, provided that the cause of such abstention is justified in accordance with the guidelines issued by such Financial Authorities for such purposes, and refer to facts, acts, or omissions that are not serious, there is no recidivism, there are no elements demonstrating that the interests of third parties or the financial system are affected, and they do not constitute a crime.
Serious conduct shall be considered:
I. Providing false information to the authority or Clients that intentionally induces error by concealment or omission;
II. Using Clients' money, electronic payment funds, or virtual assets for purposes other than those agreed upon;
III. Performing unauthorized activities and Operations;
IV. Omitting to submit the document establishing measures and procedures, under article 58, fraction I, of this Law;
V. Failing to report acts, Operations, or services, or omitting to submit any report to the Secretariat, through the CNBV, under article 58, fraction II, of this Law;
VI. Failing to have automated systems, or omitting to establish the communication and control committee, or omitting to designate a compliance officer, as established in article 58, third paragraph, fractions V and VI;
VII. Performing Operations with any Client who is on the blocked persons list referred to in article 58 of this Law;
VIII. Exceeding the operational limits to which ITFs are subject under this Law, and
For internal use
IX. Failing to comply with what is stated in article 55 of this Law when capital requirements are not met.
(2) Article 106.- The powers of the Supervisory Commissions and the Bank of Mexico to impose the administrative sanctions provided for in this Law, as well as in the provisions emanating from it, shall expire within a period of five years, counted from the next business day following that on which the conduct was performed or the infraction condition was met. In the case of continuous conduct, the aforementioned period shall be calculated from when the infringing conduct ceased. Regarding continuous conduct, the aforementioned period shall run from when the last conduct was consummated.
The expiration referred to in the preceding paragraph shall be interrupted from the notification to the alleged infractor of the official document granting the right to a hearing.
The expiration period specified in the immediate preceding paragraph shall be interrupted upon the initiation of the relevant procedures. It shall be understood that the procedure in question has started from the notification to the alleged infractor of the official document granting the right to a hearing.
Furthermore, the five-year period provided by this article shall be suspended:
I. For up to two years, when the Financial Entity: is not located at the registered address with the respective Authority without having submitted the corresponding change notice, or has indicated an incorrect address.
The aforementioned period shall resume from the date the Authority becomes aware of the current address.
II. When the Financial Entity has contested any of the acts related to the sanction imposition process. Such suspension shall be calculated from the date of filing the defense mechanism until the date the corresponding final resolution is issued.
Article 107.- The Supervisory Commissions and the Bank of Mexico may, in addition to imposing the corresponding sanction, reprimand the infractor, or merely reprimand them, considering their personal background, the seriousness of the conduct, that there are no elements demonstrating that third-party or financial system interests are affected, that if damage was caused it has been repaired, as well as the existence of mitigating factors.
Article 108.- To safeguard the exercise of the right of access to government public information, the Supervisory Commissions and the Bank of Mexico, adhering to the guidelines they issue, must make known to the general public, through their internet portal, the sanctions imposed for violations of this Law or the provisions emanating from it, for which they must indicate:
I. The name, trade name, or corporate name of the infractor;
II. The infringed provision, the type of sanction imposed, amount or term, as applicable, and the infringing conduct, and
III. The status of the resolution, indicating whether it is final or if it is subject to challenge, and in the latter case, whether any defense mechanism has been filed and its type, when such circumstance is known due to proper notification by the competent authority.
In all cases, if the imposed sanction is rendered void by a competent authority, such circumstance must also be published.
The aforementioned information shall not be considered reserved or confidential.
For internal use
Article 109.- The CONDUSEF shall impose a fine of 200 to 1,000 UMA on ITFs that fail to comply with any provision provided for in this Law or the general provisions emanating from it, the supervision, oversight, or compliance of which is the competence of said Commission.
Article 110.- When the CNBV presumes that a natural or legal person is acting as an ITF without the corresponding authorization, it may appoint an inspector and necessary assistants to review the accounting and other documentation of the society, in order to verify if it is indeed operating as such in violation of the provisions of this Law, in which case the CNBV may order the immediate suspension of Operations or proceed to the closure of the negotiation, company, or establishment in question.
The inspection and suspension of Operations procedures referred to in the preceding paragraph are of public interest.
The use of the expressions “financial technology institution”, “ITF”, “crowdfunding institution”, “electronic payment fund institution”, or other similar ideas in any language, referring to such concepts or brands and products corresponding to them, by persons other than those authorized to do so, from which the performance of activities proper to such entities can be inferred, regardless of the corresponding criminal and administrative sanctions, shall be punished by the CNBV with a fine of 2,000 to 20,000 UMA, and the respective society, negotiation, company, or establishment may be administratively closed by the CNBV until its use is changed.
Article 111.- Those affected by the acts of the Financial Authority that terminate authorization procedures, suspension of operations, or the imposition of administrative sanctions may defend their interests by filing a review appeal, the filing of which is optional.
The review appeal must be filed in writing within fifteen business days following the date on which the notification of the respective act takes effect, and must be presented to the Governing Board of the Supervisory Commission, when the act has been issued by said Board or by the President of the Supervisory Commission, or to the latter when it concerns acts performed by other public servants.
The document by which the review appeal is filed must contain:
I. The name, trade name, or corporate name of the appellant;
II. Address for hearing and receiving all kinds of citations and notifications, which must be located within national territory;
III. Documents accrediting the personality of the promoter;
IV. The act being appealed and the date of its notification;
V. The grievances caused by the act indicated in fraction IV of this article, and
VI. The evidence offered, which must have an immediate and direct relationship with the challenged act.
When the appellant fails to comply with any of the requirements referred to in fractions I to VI of this article, the Financial Authority responsible for resolving the matter shall warn them in writing and only once, to rectify the warned omission within the three business days following the date on which the notification of such warning takes effect, and in case the omission is not rectified within the period specified in this paragraph, the Financial Authority shall consider it not filed. If evidence is omitted, it shall be considered not offered.
Regarding sanctions imposed by the Bank of Mexico, the reconsideration appeal provided for in the Bank of Mexico Law shall apply, so the procedure for its filing shall be regulated in accordance with what is provided in said Law.
Article 112.- The filing of the review appeal shall suspend the effects of the challenged act when it concerns fines.
Article 113.- The Financial Authority responsible for resolving the review appeal may:
I. Dismiss it as inadmissible;
II. Dismiss it in the following cases:
a) By express withdrawal of the appellant; b) By the occurrence of a cause of inadmissibility; c) By the cessation of the effects of the challenged act, and d) The others provided for by law.
III. Confirm the challenged act;
IV. Revoke the challenged act in whole or in part, and
V. Modify or order the reinstatement of the challenged act or dictate or order the issuance of a new act that substitutes it.
Administrative acts not challenged by the appellant cannot be revoked or modified.
The Financial Authority responsible for resolving the review appeal must attend to it without the intervention of the public servant who has issued the administrative sanction that gave rise to the corresponding appeal.
Article 114.- The resolution of review appeals by Financial Authorities other than the Bank of Mexico must be issued within a period not exceeding ninety business days following the date the appeal was filed, when it must be resolved by the President of the Supervisory Commission, nor one hundred twenty business days when it concerns appeals that are the competence of the Governing Board of the Supervisory Commission.
Article 115.- Financial Entities, ITFs, societies authorized to operate with Novel Models, or other persons subject to the supervision of the Supervisory Commissions, through their general director or equivalent and with the opinion of the person exercising the oversight functions in the society, may submit to the authorization of the Supervisory Commissions or the Bank of Mexico, as applicable, a self-correction program when they detect irregularities or non-compliance with what is provided in this Law and other applicable legal provisions, including the authorizations referred to in this Law.
The following may not be the subject of a self-correction program under the terms of this article:
I. Irregularities or non-compliance detected by the Supervisory Commissions or the Bank of Mexico in the exercise of their inspection and oversight powers before the presentation by the Financial Entity, ITF, society authorized to operate with Novel Models, or other persons subject to the supervision of such Authorities, of the respective self-correction program.
It shall be understood that the irregularity was previously detected by the Financial Authorities in the case of oversight powers, when the irregularity has been notified to the Financial Entity, ITF, societies authorized to operate with Novel Models, or other persons
For internal use subject to the supervision of the Supervisory Commissions or the Bank of Mexico, and in the case of inspection powers, when it has been detected during the course of the inspection visit, or corrected after a request has been made during the course of the visit;
II. When the violation of the applicable standard corresponds to any of the crimes contemplated in this Law, and
III. When it concerns any of the infractions considered as serious under this Law.
Article 116.- The self-correction programs referred to in the preceding article shall be subject to the general provisions issued by the Supervisory Commissions or the Bank of Mexico. Likewise, they must be signed by the person or area exercising supervisory functions in the Financial Entity, ITF, authorized society to operate with Novel Models or other persons subject to the supervision of the Supervisory Commissions or the Bank of Mexico and be presented to the board of directors or equivalent body in the session immediately following the authorization request submitted to the Supervisory Commissions or the Bank of Mexico. Such self-correction programs must contain the irregularities or non-compliance committed, indicating the provisions considered to have been violated, the circumstances that originated the irregularity or non-compliance committed, as well as the actions adopted or intended to be adopted by the Financial Entity, ITF, authorized society to operate with Novel Models or other persons subject to the supervision of the Supervisory Commissions or the Bank of Mexico to correct the irregularity or non-compliance that motivated this program.
In the event that the Financial Entity, ITF, authorized society to operate with Novel Models or other persons subject to the supervision of the Supervisory Commissions or the Bank of Mexico require a period to remedy the irregularity or non-compliance committed, the self-correction program must include a detailed schedule of activities to be carried out for such effect.
If the Supervisory Commissions or the Bank of Mexico do not order the Financial Entity, ITF, authorized society to operate with Novel Models or other persons subject to their supervision, modifications or corrections to the self-correction program within twenty business days following its presentation, the presented self-correction program shall be deemed authorized in its terms. When the Supervisory Commissions or the Bank of Mexico order the Financial Entity, ITF, authorized society to operate with Novel Models or other persons subject to their supervision, modifications or corrections with the purpose that the self-correction program complies with what is established in this article and other applicable legal provisions, they shall have a period of five business days counted from the respective notification to remedy such deficiencies. This period may be extended only once for up to five business days, with prior authorization from said Financial Authorities. If the deficiencies referred to in the preceding paragraph are not remedied, the self-correction program shall be deemed not presented and, consequently, the irregularities or non-compliance committed cannot be subject to another self-correction program.
Article 117.- During the validity of the self-correction programs authorized by the Supervisory Commissions or the Bank of Mexico in accordance with the preceding articles, said Financial Authorities shall refrain from imposing the sanctions provided for in this Law for the irregularities or non-compliance whose correction such programs contemplate. Likewise, during such period, the statute of limitations for imposing sanctions shall be interrupted, resuming until it is determined that the irregularities or non-compliance subject to the self-correction program were not remedied.
Whoever exercises supervisory functions in Financial Entities, ITFs, authorized societies to operate with Novel Models or other persons subject to the supervision of the Supervisory Commissions or the Bank of Mexico shall be obligated to follow up on the implementation of the authorized self-correction program and report its progress to the respective Financial Authority, as well as to the board of directors and the general manager or equivalent bodies or persons of the Financial Entity, ITF, authorized society to operate with Novel Models or other persons subject to the supervision of the Supervisory Commissions or the Bank of Mexico, in the manner and terms established by each Financial Authority in the general provisions referred to in this Law. The foregoing, regardless of the power of said Authorities to supervise, at any time, the degree of progress and compliance with the self-correction program. If, as a result of the reports from whoever exercises supervisory functions in Financial Entities, ITFs, authorized societies to operate with Novel Models and other persons indicated or of the inspection and supervision activities of the Supervisory Commissions or the Bank of Mexico, they determine that the irregularities or non-compliance subject to the self-correction program were not remedied within the established period, they shall impose the corresponding sanction increasing the amount of the sanction by up to forty percent, said amount being adjustable in accordance with the applicable tax provisions.
CHAPTER II
Of Crimes
First Section
Of the Requirement of Proceedibility and Prescription
Article 118.- To proceed criminally for the crimes provided for in this Chapter, it is necessary that the Secretariat formulate a request, prior opinion of the CNBV; proceedings shall also take place at the request of the persons regulated in this Law or whoever has a legal interest. The crimes contained in this Law only admit intentional commission. The criminal action in the cases provided for in this Law prosecutable by request of the Secretariat, by the persons regulated in this Law or by whoever has a legal interest, shall prescribe in three years counted from the day in which said Secretariat, the person regulated in this Law or whoever has a legal interest have knowledge of the crime and the probable responsible party, and, if they do not have that knowledge, in five years which shall be computed in accordance with what is established in article 102 of the Federal Penal Code. Once the requirement of proceedibility is met, the prescription shall continue to run according to the rules of the Federal Penal Code.
When proceedings have taken place by request of the Secretariat in accordance with this article, it shall have the status of victim or offended party in criminal proceedings and trials related to the crimes provided for in this Law. The tax lawyers designated by the petitioner may act as legal advisors within said proceedings and trials.
In criminal proceedings in which the Secretariat has the status of a party, the provisions of the guidelines issued by it regarding the application of alternative solutions and forms of early termination of the process provided for in the National Code of Criminal Procedures and other applicable laws, with respect to the crimes provided for in this Law, shall apply.
Second Section
Crimes for the Protection of the Assets of ITF Clients and of Authorized Societies to Operate with Novel Models.
Article 119.- Whoever improperly uses, obtains, transfers or in any other way disposes of the resources, electronic payment funds or virtual assets of ITF Clients, of authorized societies to operate with Novel Models or of the resources, electronic payment funds or virtual assets of these, shall be sanctioned with imprisonment of three to nine years and a fine of 5,000 to 150,000 UMA.
If the person performing the conduct provided for in the preceding paragraph is a shareholder, partner, director, official, executive, administrator, employee or provider of an ITF, an authorized society to operate with Novel Models or is a third party external but with authorized access by these to their own systems, they shall be sanctioned with imprisonment of six to eighteen years and a fine of 10,000 to 300,000 UMA.
For internal use
Article 120.- Whoever is authorized to dispose of the resources held by an ITF or a society, Financial Entity or other subject supervised by a Supervisory Commission or by the Bank of Mexico, authorized to operate with Novel Models, and does not return them to their clients, being obligated to do so or refuses without justified cause, shall be sanctioned with imprisonment of three to nine years and a fine of 5,000 to 150,000 UMA.
Article 121.- Shareholders, partners, directors, officials, executives, administrators, employees or providers of an ITF or of a society or Financial Entity or other subject supervised by a Supervisory Commission or by the Bank of Mexico, authorized to operate with Novel Models, who divert the resources, payment funds or virtual assets of their Clients or of the ITFs themselves, for any purpose other than that agreed upon, shall be sanctioned with imprisonment of three to nine years and a fine of 5,000 to 150,000 UMA.
When the diversion contemplated in the preceding paragraph results in the damage or prejudice of the ITF or of a society or Financial Entity or other subject supervised by a Supervisory Commission or by the Bank of Mexico, authorized to operate with Novel Models, the following sanctions shall be imposed:
I. When the amount of the damage or patrimonial prejudice, as applicable, exceeds 2,200 UMA and does not exceed 57,000 UMA; they shall be sanctioned with imprisonment of four to ten years and a fine of 7,000 to 170,000 UMA.
II. When the amount of the damage or patrimonial prejudice, as applicable, exceeds 57,000, but does not exceed 400,000 UMA, they shall be sanctioned with imprisonment of five to eleven years and a fine of 9,000 to 200,000 UMA.
III. When the amount of the damage or patrimonial prejudice, as applicable, exceeds 400,000 UMA, they shall be sanctioned with imprisonment of six to twelve years and a fine of 10,000 to 250,000 UMA.
Article 122.- Whoever uses or discloses the financial or confidential information of Clients for any purpose other than the performance of the Operations, without prior and express authorization from the Client, shall be sanctioned with imprisonment of two to six years and a fine of 1,000 to 50,000 UMA.
Third Section
Crimes against the proper operation of ITFs, or of Authorized Companies to Operate with Novel Models.
Article 123.- Whoever, having been removed or suspended, by final resolution of the CNBV, in accordance with what is provided in article 62 of this Law, continues to perform the functions regarding which they were removed or suspended or occupies a job, position or commission, within the Mexican financial system, despite being suspended from doing so, shall be sanctioned with imprisonment of two to seven years and a fine of 5,000 to 150,000 UMA.
Article 124.- Whoever:
I. Carries out operations or activities reserved for ITFs or for societies or Financial Entities or other subjects supervised by a Supervisory Commission or by the Bank of Mexico, authorized to operate novel models, without having the authorization provided for in this Law, and
II. Having been authorized to operate as an ITF, carries out activities with virtual assets or currencies, without having the authorization referred to in article 30 or, in the case of credit institutions, without the authorization referred to in article 88,
shall be sanctioned with imprisonment of seven to fifteen years and a fine of 5,000 to 150,000 UMA.
Article 125.- Whoever, to obtain authorization to operate as an ITF or with Novel Models or with virtual assets, provides false information to the corresponding financial authority, shall be sanctioned with imprisonment of seven to fifteen years and a fine of 5,000 to 150,000 UMA.
For internal use
Article 126.- Whoever provides false information to the corresponding Financial Authorities regarding their accounting, financial, economic and legal situation, as required by this Law, shall be sanctioned with imprisonment of two to ten years and a fine of 5,000 to 150,000 UMA.
Article 127.- Whoever, personally or through a third party, disseminates, publishes or provides to the public of the ITF or authorized society to operate with Novel Models, false or altered information or information that induces error, shall be sanctioned with imprisonment of two to ten years and a fine of 5,000 to 150,000 UMA.
The same sanction shall apply to crowdfunding applicants or to members of the board of directors, executives, officials or employees of said applicants, who fall under the assumption of the preceding paragraph by providing false or misleading information to the ITF or authorized society to operate with Novel Models.
Article 128.- Whoever destroys, modifies totally or partially, the systems or accounting records or the documentation that gives rise to the accounting entries of an ITF or authorized society to operate with Novel Models, prior to the expiration of the legal conservation periods, shall be sanctioned with imprisonment of two to ten years and a fine of 5,000 to 150,000 UMA.
Article 129.- Whoever presents themselves to the general public as an ITF or society or Financial Entity or other subject supervised by a Supervisory Commission or by the Bank of Mexico, authorized to operate with Novel Models under this Law, without having the corresponding authorization, shall be sanctioned with imprisonment of one to six years, and a fine of 5,000 to 150,000 UMA.
Fourth Section
Crimes for the Protection of the Assets of ITFs and of Authorized Societies to Operate with Novel Models.
Article 130.- Whoever, using any physical, documentary, electronic, optical, magnetic, sound, audiovisual, computer or any other class of technology means, impersonates the identity, representation or personality of any of the Financial Authorities or any of their administrative units or areas or of a public official, of ITFs or authorized societies to operate with Novel Models or of any of their executives, directors, employees, officials, dependents or legal representatives, shall be sanctioned with imprisonment of three to nine years and a fine of 5,000 to 150,000 UMA.
Whoever carries out the criminal assumption provided for in the preceding paragraph and obtains a benefit for themselves or for a third party, shall be sanctioned with imprisonment of six to twelve years and a fine of 10,000 to 250,000 UMA.
Article 131.- Whoever uses, performs or obtains, personally or through an intermediary, any service, Operation or product provided by any of the ITFs or society or Financial Entity or other subject supervised by a Supervisory Commission or by the Bank of Mexico, authorized to operate with Novel Models provided for in this Law, under a false or impersonated identity, shall be sanctioned with imprisonment of three to nine years and a fine of 5,000 to 150,000 UMA.
Article 132.- Whoever, without legitimate cause or without the consent of whoever is authorized to do so, accesses the electronic, optical, computer or any other technology equipment of ITFs or authorized societies to operate with Novel Models, shall be sanctioned with imprisonment of three to nine years and a fine of 5,000 to 150,000 UMA.
Article 133.- Whoever, without authorization, obtains, extracts or diverts resources, electronic payment funds or virtual assets through the systems or computer equipment of ITFs or of societies or Financial Entities or other subjects supervised by a Supervisory Commission or by the Bank of Mexico, authorized to operate with Novel Models, shall be subject to the following sanctions:
I. When the amount of the resources or the value of the electronic payment funds or virtual assets at the time the conduct referred to in this article is committed, as applicable, exceeds 2,200 and does not exceed 57,000 UMA; they shall be sanctioned with imprisonment of four to ten years and a fine of 7,000 to 170,000 UMA.
For internal use
II. When the amount of the resources or the value of the electronic payment funds or virtual assets at the time the conduct referred to in this article is committed, as applicable, exceeds 57,000, but does not exceed 400,000 UMA, they shall be sanctioned with imprisonment of five to eleven years and a fine of 9,000 to 200,000 UMA.
III. When the amount of the resources or the value of the electronic payment funds or virtual assets at the time the conduct referred to in this article is committed, as applicable, exceeds 400,000 UMA, they shall be sanctioned with imprisonment of six to twelve years and a fine of 10,000 to 250,000 UMA.
TITLE VII
Of Notifications
Article 134.- Notifications of requirements, inspection visits, precautionary measures, requests for information and documentation, summons, citations, resolutions imposing administrative sanctions or any act that ends the suspension procedures, revocation of authorization referred to in this Law, as well as acts that deny the authorizations referred to in this Law and administrative resolutions that apply to the review appeals filed in accordance with the applicable laws, may be carried out in the following ways:
I. Personally, in accordance with the following:
a) In the offices of the Financial Authorities, in accordance with what is provided in article 136 of this Law; b) At the domicile of the interested party or their representative, in accordance with what is provided in articles 137 and 140 of this Law, and c) In any place where the interested party or their representative is located, in the circumstances established in article 138 of this Law;
II. By official letter delivered by messenger or by certified mail, both with acknowledgment of receipt;
III. By edicts, in the circumstances indicated in article 141 of this Law, and
IV. By electronic means, in the circumstance provided for in article 142 of this Law.
Regarding the information and documentation that must be exhibited to CNBV inspectors under an inspection visit, the provisions of the regulation issued by the Federal Executive in matters of supervision, in accordance with article 5, first paragraph of the Law of the National Banking and Securities Commission, shall be observed.
Article 135.- Authorizations, revocations of authorizations requested by the interested party or their representative, acts resulting from procedures promoted at the request of the interested party and other acts different from those indicated in the preceding article of this Law, may be notified by delivering the official letter in which the corresponding act is stated, in the offices of the authority making the notification, obtaining a copy of said official letter with the signature and name of the person receiving it.
Likewise, Financial Authorities may make such notifications by ordinary mail, electronic mail or messenger when the interested party or their representative requests it in writing indicating the necessary data to receive the notification, leaving a record in the respective file of the date and time in which it was carried out.
Without prejudice to the foregoing, the acts referred to in the first paragraph of this article may be notified by any of the notification methods indicated in the preceding article.
Article 136.- Personal notifications may be made in the offices of the Financial Authorities only when the interested party or their representative goes to them and manifests their
For internal use
consent to receive notifications; for which the person making the notification will draw up a duplicate record that complies with the regulation applicable to this type of act.
Article 137.- Personal notifications may be served on the interested party or their representative, at the last address they have provided to the corresponding Financial Authority or at the last address they have indicated before said Authority in the administrative proceeding in question, for which a record shall be drawn up in the terms referred to in the penultimate paragraph of this article.
In the event that the interested party or their representative is not found at the aforementioned address, the person carrying out the notification will deliver a summons to the person attending the diligence, so that the interested party or their representative waits at a fixed time on the next business day, and in such summons, the cited person will be warned that if they do not appear at the fixed time and day, the notification will be served on the person attending to them or, in case the address is found closed or if they refuse to receive the respective notification, it will be made via instructional notice as provided in Article 140 of this Law. The person making the notification will draw up a record in the terms provided in the penultimate paragraph of this article.
The summons referred to in the preceding paragraph must be drawn up in duplicate and addressed to the interested party or their representative, indicating the place and date of issuance, the fixed date and time at which they must wait for the notifier, who must record their name, position, and signature on said summons, the purpose of the appearance and the respective warning, as well as the name and signature of the person receiving it. In the event that the latter refuses to sign, this circumstance shall be recorded in the summons, without affecting its validity.
On the day and time fixed for carrying out the diligence subject of the summons, the person in charge of performing the diligence will appear at the corresponding address, and if the cited person is present, they will proceed to draw up a record in the terms referred to in the penultimate paragraph of this article.
In the event that the cited person does not appear, the notification will be considered served on any person found at the address where the diligence is being carried out; for such purposes, a record shall be drawn up in the terms of this article.
In all cases, the person carrying out the notification will draw up a duplicate record in which they will state, in addition to the circumstances mentioned above, their name, position, and signature, that they verified they constituted themselves and appeared at the searched address, that they notified the interested party, their representative, or the person who attended the diligence, after identifying such persons, the document in which the administrative act to be notified is stated, they will also state the designation of the witnesses, the place, time, and date when it is drawn up, identification data of the mentioned document, the identification means exhibited, name of the interested party, legal representative or person who attended the diligence, and of the designated witnesses. If the persons involved refuse to sign or receive the notification record, this circumstance shall be recorded in the record, without this affecting its validity.
For the designation of witnesses, the person making the notification will request the interested party, their representative, or the person attending the diligence to designate them; in case of refusal or if the designated witnesses do not accept the designation, the notifier themselves will make the designation.
Article 138.- In the event that the person in charge of making the notification searches for the interested party or their representative at the address referred to in the first paragraph of the previous article of this Law, and the person with whom the diligence is understood denies that it is the address of said interested party or their representative, the person performing the diligence will draw up a record to state such circumstance. Such record must meet, insofar as applicable, the requirements provided in the penultimate paragraph of the previous article.
In the case provided for in this article, the person making the notification may carry out personal notification at any place where the interested party or their representative is found. For the purposes of this notification, the person making it will draw up a record stating that the notified person is personally known to them or has been identified by two witnesses, in addition to recording, insofar as applicable, what is provided in the penultimate paragraph of the aforementioned previous article, or alternatively, stating the diligence before a public notary.
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Article 139.- Notifications made via document delivered by messenger or certified mail, with receipt acknowledgment, will take effect on the next business day after the date of receipt indicated in said acknowledgment.
Article 140.- In the event that on the day and time indicated in the summons left in accordance with Article 137 of this Law, the person making the notification finds the corresponding address closed or the interested party, their representative, or the person attending the diligence refuses to receive the document subject to notification, they will enforce the warning indicated in said summons. For such purposes, they will carry out the notification via an instructional notice that they will affix in a visible place at the address, attaching the document in which the act to be notified is stated, in the presence of two witnesses designated for this purpose.
The aforementioned instructional notice will be drawn up in duplicate and addressed to the interested party or their representative. In said instructional notice, the circumstances that made it necessary to carry out the notification by this means, place and date of issuance, the name, position, and signature of the person drawing up the instructional notice, the name, identification data, and signature of the witnesses, the mention that the person making the notification verified they constituted themselves and appeared at the searched address, and the identification data of the document in which the administrative act to be notified is stated, will be recorded.
The instructional notice will serve as proof of the existence of the acts, facts, or omissions recorded in it.
Article 141.- Notifications by edicts will be carried out in the event that the interested party has disappeared, has died, their address is unknown or there is impossibility of accessing it, and they do not have a known representative or address in national territory or are abroad without having left a representative.
For such purposes, a summary of the respective document will be published three consecutive times in a newspaper of national circulation, without prejudice to the Financial Authority making the notification disseminating the edict on the electronic page of the worldwide network known as the internet corresponding to the Financial Authority making the notification; indicating that the original document is available at the address also indicated in said edict.
Article 142.- Notifications by electronic means, with receipt acknowledgment, may be carried out provided that the interested party or their representative has expressly accepted or requested it in writing to the Financial Authorities through the automated systems and security mechanisms that each of them establishes within the scope of their respective competencies.
Article 143.- Notifications that are not carried out in accordance with this Title will be considered legally made and will take effect on the next business day after which the interested party or their representative become aware of their content.
Article 144.- For the purposes of this Law, the last address provided to the Financial Authorities or in the administrative proceeding in question will be considered the address for hearing and receiving notifications.
In the cases indicated in the preceding paragraph, the notification may be served on any person found at the aforementioned address.
Article 145.- The notifications referred to in this Title will take effect on the next business day after:
I. They have been carried out personally;
II. The respective document has been delivered in the cases provided for in Articles 135 and 140;
III. The last publication referred to in Article 141 has been carried out, and
IV. It has been carried out by ordinary mail, electronic medium, or messenger.
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TRANSITIONAL PROVISIONS
FIRST.- This Law will enter into force the day following its publication in the Official Gazette of the Federation.
SECOND.- The Ministry of Finance and Public Credit will have a period of six months counted from the entry into force of this Law to issue the general provisions referred to in Article 58 of this Law.
Likewise, it will have a period of twelve months to issue the general provisions referred to in Article 82, fraction VI of this Law.
THIRD.- The National Banking and Securities Commission will have the periods indicated below counted from the entry into force of this Law, to issue the following general provisions:
I. Six months to issue the general provisions referred to in Articles 18, fraction I; 36, fraction IV; 39, fractions VI, XI, XII and XVI; 44; 45; 48, first paragraph, for the rules related to accounting and business continuity plan;
II. Twelve months to issue the general provisions referred to in Articles 18, fraction IV; 54; 56, second paragraph; 57; 73; 82, fraction VI; 89, fraction IV and 116 of this Law, and
III. Twenty-four months to issue the general provisions referred to in Articles 55 and 76 of this Law.
FOURTH.- The National Commission for the Protection and Defense of Financial Services Users will have a period of twelve months counted from the entry into force of this Law for the issuance of the general provisions referred to in Article 57 of this Law.
Likewise, it will have a period of twelve months to issue the general provisions referred to in Article 82, fraction VI of this Law.
FIFTH.- The National Retirement Savings System Commission and the National Insurance and Bonds Commission will have the periods indicated below counted from the entry into force of this Law, to issue the following general provisions:
I. Twelve months to issue the general provisions referred to in Articles 82, fraction VI and 116 of this Law, and
II. Twenty-four months to issue the general provisions referred to in Article 76 of this Law.
SIXTH.- The Bank of Mexico will have the periods indicated below counted from the entry into force of this Law to issue the following general provisions:
I. Six months to issue the general provisions referred to in Articles 26 and 44 of this Law;
II. Twelve months to issue the general provisions referred to in Articles 30; 32; 46; 57; 82, fraction VI and 116 of this Law, and
III. Twenty-four months to issue the general provisions referred to in Article 76 of this Law.
SEVENTH.- The National Banking and Securities Commission and the Bank of Mexico will have a period of twelve months for the joint issuance of the provisions referred to in Articles 48, 54, 56,
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second paragraph of this Law, as well as for celebrating the agreement provided for in Article 71 of this regulation.
EIGHTH.- Persons who, at the entry into force of this regulation, are carrying out the activities regulated in this Law must comply with the obligation to request their authorization from the National Banking and Securities Commission in the terms established in the general provisions issued for this purpose, within a period not exceeding twelve months counted from the entry into force of these provisions. Such persons may continue carrying out such activities until the National Banking and Securities Commission resolves their application, but until they receive the respective authorization, they must publish on their website or medium they use that the authorization to carry out said activity is in process and therefore is not a supervised activity by Mexican authorities. The National Banking and Securities Commission will deny the authorization when the respective persons fail to comply with the publication obligation indicated in this paragraph.
In the event that the persons referred to in the preceding paragraph do not request their authorization within the twelve-month period provided in said paragraph or do not obtain it once requested, they must refrain from continuing to provide their services for the celebration of new Operations and must carry out only acts aimed at the conclusion or transfer of existing Operations regulated in this Law, notifying their Clients of this circumstance and the manner in which the Operations will be concluded or transferred.
Competent authorities will ensure that warnings are issued on the websites of societies that do not obtain or do not have the corresponding authorization, alerting Clients to the risks of operating with said entities and will seek to prevent their offer in national territory, except as provided in the first paragraph of this article.
NINTH.- Persons who are obliged to establish standardized application programming interfaces must comply with this obligation in the terms established in the general provisions to be issued, within a period not exceeding twelve months counted from the entry into force of said provisions.
TENTH.- At the proposal of the Ministry of Finance and Public Credit, the Chamber of Deputies must allocate resources in the Expenditure Budget of the Federation for the development of the powers that the National Banking and Securities Commission and the National Commission for the Protection and Defense of Financial Services Users must exercise in accordance with this Law, for the establishment of the area in charge of preparing and implementing the program and guidelines for societies authorized to operate with Novel Models regulated in this Law.
ELEVENTH.- The Financial Innovation Group must hold its first session during the first six months following the entry into force of this Law. In said session, the rules governing its organization and functioning must be approved.
TRANSITIONAL PROVISIONS
(Decree by which the Law of the Attorney General's Office is issued, the Organic Law of the Attorney General's Office is repealed, and various provisions of different legal instruments are reformed, added, and repealed, published in the Official Gazette of the Federation on May 20, 2021)
First. This Decree will enter into force the day following its publication in the Official Gazette of the Federation and is issued in compliance with the Tenth Transitory Article of the Decree by which the Organic Law of the Attorney General's Office was issued.
Second. The Organic Law of the Attorney General's Office is repealed.
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All normative references to the Attorney General's Office or the Attorney General of the Republic, shall be understood as references to the Attorney General's Office or its head, respectively, in accordance with their current constitutional functions.
Third. The appointments, nominations, and ongoing processes for designation, carried out in accordance with constitutional and legal provisions, regarding the head of the Attorney General's Office, the Specialized Prosecutor's Offices, the Internal Control Body, and other heads of administrative units, decentralized bodies, and bodies within the scope of the Attorney General's Office, as well as the persons comprising the Citizen Council of the Attorney General's Office, will remain in effect for the period for which they were designated or until the conclusion of the exercise of the function or, in their case, until the termination of the pending process.
Fourth. The head of the Attorney General's Office will have a term of ninety natural days following the entry into force of this Decree to issue the Organic Statute of the Attorney General's Office and one hundred eighty natural days, counted from its issuance, to issue the Statute of the Professional Career Service.
Until the Statutes and regulations are issued, the norms and legal acts that have been applied will continue to apply, insofar as they do not oppose this Decree.
Legal instruments, agreements, inter-institutional accords, contracts, or equivalent acts, celebrated or issued by the Attorney General's Office or the Attorney General's Office, shall be understood as in force and will bind the Institution in their terms, insofar as they do not oppose this Decree, without prejudice to the right of the parties to ratify, modify, or rescind them subsequently or, in their case, to be repealed or abrogated.
Fifth. From the entry into force of this Decree, the decentralized body known as the National Institute of Penal Sciences will be detached from the Federal Public Administration and will become a body with legal personality and its own assets, which will enjoy technical and management autonomy, within the scope of the Attorney General's Office.
Public servants who are currently providing services to the National Institute of Penal Sciences will have the right to participate in the evaluation process to transition to the professional career service.
To access the professional career service, personnel wishing to continue providing services to the National Institute of Penal Sciences must be subject to the evaluation process as provided in the Statute of the Professional Career Service, with the employment relationship of those public servants who do not undergo or do not pass the evaluation process being terminated.
The National Institute of Penal Sciences must terminate its labor relations with its workers once the professional career service is installed, in accordance with the personnel severance program authorized by the Board of Directors; until this happens, labor relations will subsist.
Upon the entry into force of this Decree, the members of the Board of Directors of the National Institute of Penal Sciences belonging to the Federal Public Administration will leave their positions, and their places will be occupied by the persons determined by the head of the Attorney General's Office.
Within the sixty natural days following the entry into force of this Decree, the Board of Directors will issue a new Organic Statute and establish a professional career service, as well as a personnel severance program for those who, for any reason, do not transition to the installed professional career service.
The material, financial, and budgetary resources, including movable assets, with which the Institute is equipped at the entry into force of this Decree, will pass to the National Institute of Penal Sciences of the Attorney General's Office in accordance with the Eleventh Transitory Article of this Decree.
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Sixth. The knowledge and resolution of matters that are in process upon the entry into force of this Decree or that are initiated thereafter shall correspond to the competent units, in terms of the applicable regulations or those that, in accordance with the powers granted to them by this Decree, assume their knowledge, until such time as the Statutes and other regulations derived from this Decree are issued.
Seventh. The personnel who, on the date of entry into force of this Decree, have an appointment or a Unique Personnel Format issued by the then Attorney General's Office of the Republic, shall retain the rights they have acquired by virtue of their status as public servants, regardless of the denomination corresponding to their activities or the nature of the position they hold. To access the career civil service, personnel who wish to continue providing their services to the Attorney General's Office of the Republic must submit to the evaluation process as provided by the Career Civil Service Statute. The employment relationship shall be terminated for those public servants who do not undergo or do not accredit the evaluation process.
Personnel hired by the Attorney General's Office of the Republic shall be subject to the validity of their appointment, in accordance with Guidelines L/001/19 and L/003/19, which regulate the hiring of transition personnel, as well as personnel assigned to the then Attorney General's Office of the Republic who continue in the Attorney General's Office of the Republic, as well as for transition personnel.
Eighth. Public servants who have an appointment or Unique Personnel Format issued by the then Attorney General's Office of the Republic on the date of entry into force of this Decree and who, for any reason, do not transition to the career civil service must adhere to the liquidation programs issued for such purposes.
Ninth. The head of the General Secretariat shall have a period of ninety natural days to constitute the Trust named "Fund for the Improvement of Justice Prosecution" or modify the object of any existing legal instrument of equal, similar, or analogous nature.
Tenth. The head of the General Secretariat shall issue guidelines for the transfer of human, material, financial, or budgetary resources, including furniture, with which the Attorney General's Office of the Republic has at the time of entry into force of this Decree, as well as for the settlement of liabilities and other obligations that are pending regarding the extinction of the Attorney General's Office of the Republic.
The Strategic Transition Plan established in the Ninth Transitory Article of the Organic Law of the Attorney General's Office of the Republic, which is repealed through this Decree, is hereby rendered ineffective.
Eleventh. The real estate properties that are owned by the Attorney General's Office of the Republic, or by the organs within its scope or by the Federation, which, on the date of entry into force of this Decree, are assigned or destined to the Attorney General's Office of the Republic, shall become part of its assets.
Movable property and other material, financial, or budgetary resources, which have been assigned or destined to the Attorney General's Office of the Republic, shall become part of its assets upon the entry into force of this Decree.
Twelfth. The head of the Attorney General's Office of the Republic shall have a period of one year from the publication of this Decree to issue the Strategic Plan for Justice Prosecution of the Attorney General's Office of the Republic, with which the substantive work of the Institution shall be conducted in accordance with the obligation referred to in Article 88 of this Decree. This must be presented by the head of the Attorney General's Office of the Republic in terms of the third paragraph of Article 88 of this Decree.
The Strategic Plan for Justice Prosecution shall be presented before the Senate of the Republic, during the second ordinary session period, if applicable, six months after the entry into force of this Decree.
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For the issuance of the Strategic Plan for Justice Prosecution, the Attorney General's Office of the Republic shall have the opinion of the Citizen Council. The failure to install said Citizen Council shall not prevent the presentation of the Strategic Plan for Justice Prosecution.
Thirteenth. The administrative units of the Attorney General's Office of the Republic that, on the date of entry into force of this Decree, are responsible for procedures regarding the administrative responsibilities of public servants of the Attorney General's Office of the Republic, shall have a period of ninety natural days to remit them to the Internal Control Body, so that it may take charge of their knowledge and resolution, attending to the competence provided in this Decree.
Fourteenth. Regarding the audit of the National Institute of Penal Sciences, it shall correspond to the Internal Control Body of the Attorney General's Office of the Republic, upon the entry into force of this Decree, without prejudice to the powers corresponding to the Superior Audit Office of the Federation.
The files initiated and pending processing upon the entry into force of this Decree shall be resolved by the Secretariat of Public Function.
With respect to the organizational structure, as well as the material, financial, or budgetary resources of the Internal Control Body in the National Institute of Penal Sciences, they shall pass to the Internal Control Body of the Attorney General's Office of the Republic.
Fifteenth. The assets that have been secured by the Attorney General's Office of the Republic or the Attorney General's Office of the Republic, prior to the entry into force of this Decree, which are susceptible to administration or whose legal destination is determined, shall be made available to the Institute to Return to the People what was Stolen, in accordance with applicable legislation.
Sixteenth. All provisions that oppose this Decree are hereby repealed.
TRANSITORY PROVISIONS OF THE DECREE
(Decree reforming, adding, and repealing various financial laws in administrative procedure matters, published in the Official Gazette of the Federation on January 24, 2024)
First. This Decree shall enter into force the day following its publication in the Official Gazette of the Federation.
Second. Sanctioning administrative procedures that, on the date of entry into force of this Decree, have been initiated must continue until their conclusion, in accordance with the procedure in force at the time of notification to the alleged offender.
Third. Resolutions that end revocation administrative procedures that have been initiated through the notification of the act by which the right to a hearing is granted, prior to the entry into force of this Decree, must continue until their conclusion, in accordance with the procedure in force at the time of notification to the corresponding institution or entity.
Fourth. The processing and resolution of sanctioning procedures that, on the date of entry into force of this Decree, have been initiated by the Bank of Mexico shall be governed by the provisions of the Supervision Rules, Self-Correction Programs, and Sanctioning Procedure, in force on the same date of entry into force of this Decree.
TRANSITORY PROVISIONS OF THE DECREE
(Decree reforming various provisions of various legal instruments, regarding normative homologation relative to the National Code of Civil and Family Procedures, published in the Official Gazette of the Federation on November 14, 2025)
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First. This Decree shall enter into force the day following its publication in the Official Gazette of the Federation.
Second. The application of the provisions of this Decree shall enter into force in each of the federative entities at the same time as the Declaration of gradual application issued by the Local Congresses for the purpose of the entry into force of the National Code of Civil and Family Procedures, in accordance with the Second Transitory Article of the Decree published in the Official Gazette of the Federation on June 7, 2023.
At the federal level, the application of the provisions of this Decree shall enter into force in accordance with the Declaration of gradual application, indistinctly and successively, carried out for the National Code of Civil and Family Procedures by the Chambers of Deputies and Senators that make up the Congress of the Union.
In all cases, upon expiration of the term without the respective Declaration having been issued, the entry into force of what is provided in this Decree shall be automatic from April 1, 2027.
Third. Procedures that are in process upon the entry into force of this Decree in accordance with the provisions of the previous article, shall continue their processing with the legislation applicable at the time of their initiation, unless the parties jointly opt for the regulation of the content of the National Code of Civil and Family Procedures.
The accumulation of processes shall not proceed when one of them is processed in accordance with the National Code of Civil and Family Procedures and the other process in accordance with an repealed Code.
Fourth. Article Forty-One of this Decree shall remain in force until such time as the Federal Telecommunications and Broadcasting Law is repealed, in accordance with the provisions of the Sixth Transitory Article of the Decree by which the Law in Matters of Telecommunications and Broadcasting is issued and the Federal Telecommunications and Broadcasting Law is repealed, published in the Official Gazette of the Federation on July 16, 2025.
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EXPLANATORY MEMORANDUM
(Decree of March 9, 2018)
Based on Article 71, fraction I of the Political Constitution of the United Mexican States, I permit myself to submit, through its dignified channel, before that Honorable Assembly, the present Initiative of decree by which the Law to Regulate Financial Technology Institutions is issued and various provisions of the Credit Institutions Law, the Securities Market Law, the General Law of Organizations and Credit Auxiliary Activities, the Law for Transparency and Order of Financial Services, the Law to Regulate Credit Information Societies, the Law for Protection and Defense of Users of Financial Services, the Law to Regulate Financial Groupings, the Law of the National Banking and Securities Commission, and the Federal Law for the Prevention and Identification of Operations with Resources of Illicit Origin are reformed, added, and repealed.
In recent decades, technology has radically transformed the way commerce of goods and services is carried out globally. This revolution of innovation, driven by the widespread availability of technology, has had a very important impact on the financial services sector.
The impact of technology has transformed the provision of traditional banking and credit services, through innovations that have generated a significant reduction in the use of branches for the provision of financial services.
This type of technology has been developed in recent years in harmony with the legislation applicable to regulated and supervised financial entities, but likewise, during this period, other technological innovations and business models have emerged that do not have regulation and supervision by the authorities over the operations they carry out with their clients, making it necessary to include them within the regulated and supervised sector of the financial system.
In addition to the above, it is foreseeable to think about new technologies that promote the decentralization of systems such as blockchain technology (Blockchain in English), as well as the proliferation of the collaborative economy and peer-to-peer financial services, which will further modify the landscape regarding the way financial services are provided in the coming years.
The capacity for expansion of financial services through new technologies is enormous. According to the Fourth Quarterly Statistical Report 2016 prepared by the Federal Telecommunications Institute, as of December 2016, the number of mobile phone subscriptions in Mexico reached 111.7 million, while the number of mobile broadband subscriptions was 74.5 million.
In view of the foregoing, this Initiative aims to provide a regulatory space so that innovation through technology, of financial services, can develop and flourish. The foregoing with the purpose of placing Mexico at the forefront in the development of financial services capable of increasing the level of financial inclusion throughout the country and improving competition conditions in the Mexican financial system.
The initiative proposes creating a new Law to be called "Law to Regulate Financial Technology Institutions," which aims to regulate Financial Technology Institutions (FTI) and establish the conditions for regulated financial entities by this and other financial laws to develop technological innovations in secure regulatory spaces.
With the presentation of the Initiative, the need is recognized that such a dynamic sector as technological innovation requires a regulatory framework that allows authorities to mitigate risks and allow its expansion in a competitive environment. It is for this reason that the Law to Regulate Financial Technology Institutions is a law that establishes principles, so that from these, the different competent financial authorities issue secondary regulation in accordance with the dynamism inherent to said sector.
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The Law to Regulate Financial Technology Institutions is based on the principles of financial inclusion and innovation, consumer protection, preservation of financial stability, promotion of fair competition, and prevention of money laundering and terrorist financing.
With the principle of financial inclusion, the aim is to bring financial services closer to people and sectors that have traditionally not been part of the financial system, promoting greater financial education and advice on these new alternatives. Likewise, complementing financial inclusion, is the principle of innovation, which seeks to provide tools to increase the use of the mentioned services.
The principle of consumer protection aims to protect the client by establishing defense mechanisms and verification of minimum standards, as well as granting regulatory and supervisory powers to financial authorities. Likewise, guidelines for the protection of personal data are established, as well as the obligation of complete disclosure to clients and investors of the operation model and risk factors that the FTI might represent.
With respect to the principle of preservation of financial stability, what is sought is to establish a general framework of authorized and supervised operation for FTIs, imposing prudential rules proportional to the risks they represent in various matters, such as financial, operational, market, technological (cyber-security), corporate governance, and accounting rules. Likewise, it is sought that the financial technology market develops with limits and maximum operation amounts in order to avoid regulatory inequality with other financial sectors, seeking a level playing field and fair and balanced competition.
Fair competition is one of the key factors to be promoted and cared for, in virtue of the fact that the Financial Technology industry will allow greater diversity and new channels for the distribution of financial services, as well as the reduction of costs and improvement in the provision of such services.
A concern that has been the cause of the creation of standards, controls, and regulation for the provision of financial services, both nationally and internationally, has been the risk of money laundering and terrorist financing. It is for this reason that the last mentioned principle seeks to prevent and mitigate said risk, seeking the correct financial functioning and its integrity, establishing the already accepted and proven regulatory framework, with minimum identification standards for the client that allow preventing such conduct.
In addition to the above, it is relevant to mention that the Law to Regulate Financial Technology Institutions is technologically neutral, that is, the technology is indifferent with respect to the service provided.
It is of utmost importance to highlight that the over-regulation of this sector could bring about a result opposite to the end pursued by this new regulation, potentially damaging the financial market and causing a disincentive in financial inclusion, in addition to creating barriers that could prove insurmountable for entrepreneurs, as well as for those who wish to operate with any of the figures recognized in the Law to Regulate Financial Technology Institutions. As a consequence of the foregoing, the Law only provides for a general regulatory framework, that is, it only intends to establish the bases and a minimum regulation that must govern FTIs, leaving the rest to be regulated in secondary provisions with the objective of having greater flexibility in its regulation, which would allow it to adapt according to the constant dynamism of this sector.
Although there must be flexibility in the regulation of FTIs, this should not be interpreted as the existence of regulatory arbitrages, since FTIs, in accordance with the Law to Regulate Financial Technology Institutions, must comply with the established requirements regarding amounts and limits just as other entities in the sector comply with their respective financial laws. However, it is also necessary to emphasize that FTIs must comply with these obligations proportionally to the risks they incur.
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Now, once the principles guiding the action of entities regulated by the Law to Regulate Financial Technology Institutions are established, and which authorities must also follow in the exercise of their powers, the Law establishes the regulation for the different types of FTIs.
FTIs will be authorized, regulated, and supervised entities by financial authorities. To operate as an FTI, the Law to Regulate Financial Technology Institutions establishes that they will require authorization from the National Banking and Securities Commission, which will be granted prior to the review of the information and documentation mentioned in said Law and prior agreement of the Interinstitutional Committee. Said Committee would be integrated by three key financial authorities, namely, the Ministry of Finance and Public Credit, the National Banking and Securities Commission, and the Bank of Mexico.
The Law to Regulate Financial Technology Institutions will recognize two types of FTIs: crowdfunding institutions and electronic payment fund institutions.
Crowdfunding institutions (crowdfunding in English) are platforms that put interested people in direct contact with those participating in debt, equity, and co-ownership or royalty schemes. These institutions provide access to new sources of financing for segments of the population that are normally not attended to by traditional financial entities, regulating three forms.
Debt crowdfunding institutions are those in which the institution puts investors in direct contact with applicants who require financing, who, subsequently, will return the resources, generally, with the payment of interest. Equity crowdfunding institutions are those that facilitate that investors contribute resources, through the institution, to obtain participations in the share capital of corporate applicants promoted by this means to subsequently participate in the profits of said corporate entities. Finally, co-ownership or royalty crowdfunding institutions are those in which investors contribute resources to a project obtaining a participation in a good or right. This figure has been regulated internationally in countries such as the United States, Canada, China, Spain, Italy, France, the United Kingdom, and New Zealand.
The proposed Law contains the regulation of electronic payment fund institutions, as a consequence of the increased use of this payment modality in commerce, as it offers security and acceptance in businesses that are affiliated.
Regarding this, Peru, Paraguay, Brazil, Colombia, Uruguay, Kenya, and the European Union, among other jurisdictions, have regulated electronic payment funds, defining them in similar terms, as the monetary value represented by a claim against its issuer, stored in an electronic or digital medium, whose value is constant, denominated in the same currency and equivalent to the funds received by the issuer against its delivery.
In the regulation proposed in the Law to Regulate Financial Technology Institutions, electronic payment fund institutions will provide services of issuance, administration, accounting, and transmission of electronic payment funds (e-money in English). Electronic payment funds shall be understood as the monetary value issued at par against the receipt of legal tender, which will serve to make payments and transfers.
Likewise, it is proposed that FTIs have the capacity to operate with virtual assets. In this sense, virtual assets are representations of a verifiable digital value, which are not issued or backed by any central bank or financial entity, that is, they do not have legal tender status, and despite this, they generate utilities for exchange due to their acceptance by the public. In recent years, the use of virtual assets, especially "Bitcoin," has increased, as well as its acceptance and value, so the regulation of institutions in which intermediation with these assets occurs has become increasingly pertinent. Additionally, it is proposed that persons who offer the purchase and sale of virtual assets within national territory be subject to the Federal Law for the Prevention and Identification of Operations with Resources of Illicit Origin.
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Considering that the speed at which technological advances occur does not allow for the adequate and timely adjustment of legal norm assumptions, and that many companies developing innovative schemes or means are of recent creation, the Initiative contemplates, in addition to Fintech Institutions (ITF), the regulation of Novel Models. To operate these models, companies must have a temporary authorization granted by the competent Supervisory Commission for the matter of innovation, with the purpose of testing their innovative business models based on technology in financial activities currently regulated by some law of the current financial system. With this, it is sought that companies operating with Novel Models provide their services to a reduced number of clients and for a limited time, allowing them to experiment and develop their innovation in the real market in a controlled and supervised manner by the authorities.
The authorization for Novel Models is being implemented in several countries, among which the United Kingdom and Singapore deserve special mention, pioneers in creating a figure known in English as Regulatory Sandbox. Additionally, the Initiative contemplates the possibility of granting temporary authorizations to Financial Entities to carry out activities contemplated in their corporate purpose through Novel Models when exceptions to general provisions applicable to them are necessary.
In matters of user protection for services offered by Fintech Institutions, their supervision will be subject to the powers of the National Commission for the Protection and Defense of Users of Financial Services, so secondary regulation related to the formalization of legal relationships and the resolution of disputes will be issued. Regarding this, the Law for the Protection and Defense of Users of Financial Services is modified and Fintech Institutions are included as financial entities in terms of the Law for Transparency and Regulation of Financial Services.
In international experience, there is a set of rules and specifications that allow technological applications to communicate with each other. These rules and specifications are called APIs (from the English acronym, which means Application Programming Interface or application programming interfaces). This Initiative proposes that financial entities and Fintech Institutions have open APIs, allowing the interconnectivity of digital financial services as long as there is prior user consent, specifically mentioning that this would not be a violation of financial secrecy. It is important to mention that to use the data shared through APIs, compliance with the general provisions issued by the competent authority is required.
The Federal Executive has sought to generate an environment of greater financial inclusion, in which the increase in well-being for the population is promoted, the movement of financial resources and the obtaining of credit and other financial services under convenient conditions for different sectors of society is incentivized, and competition is promoted, while at the same time ensuring the stability and security of the financial system, risks are mitigated, and the consumer is protected.
This Initiative continues this same trend and fosters innovation in the financial system so that it becomes a greater engine of growth for the country.
Among the National Goals established in the National Development Plan 2013-2018 is "Prosperous Mexico," whose purpose is to promote sustained growth in productivity, considering that adequate infrastructure and access to strategic inputs can foster competition and allow greater flows of capital and knowledge, in addition to providing favorable conditions for economic development, through regulation that allows healthy competition among companies and the design of a modern economic promotion policy focused on generating innovation and growth in strategic sectors.
To achieve the above, strategies and lines of action were established, among which are: maintaining the macroeconomic stability of the country, democratizing access to financing for projects with growth potential, and guaranteeing clear rules that incentivize the development of a competitive internal market.
As has been established throughout this exposition, among the objectives of the Law are the increase in the level of financial inclusion throughout the country, the increase in access to financing, and
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the improvement of competition conditions in the Mexican financial system, so the Law to Regulate Fintech Institutions will be an adequate instrument that will help in the fulfillment of the National Development Plan 2013-2018.
For the aforementioned reasons and in exercise of the power conferred upon me by Article 71, fraction I of the Political Constitution of the United Mexican States, as well as Article 73, fraction X of the same instrument, I submit to the consideration of the Honorable Congress of the Union, the following Initiative for:
STATEMENT OF MOTIVES
(Decree of May 20, 2021)
The issuance of a Law of the Attorney General's Office is necessary, which aims to establish the integration, functioning, and attributions of the Attorney General clearly and realistically, as well as the organization of the Federal Public Ministry, in accordance with the powers conferred by the Political Constitution of the United Mexican States, organizing itself as an Attorney General's Office as an autonomous public body, endowed with legal personality and its own assets.
In this sense, a series of principles that will govern the conduct of all public servants of the Attorney General's Office are considered necessary, such as: legality, objectivity, efficiency, professionalism, honesty, respect for human rights, loyalty, impartiality, specialty, and gender perspective.
Likewise, we cannot fail to observe the quality of the Public Ministry as a representative of society, through which it is incumbent upon it to act as a guarantor of access to justice for all those who have directly or indirectly seen their legally protected rights and interests violated.
In this context, it is provided that it will correspond to the Federal Public Ministry, representing the interests of society, the investigation and exercise of criminal action before the courts of crimes within its jurisdiction, the preparation and exercise of the action for the extinction of domain, as well as intervention in all matters corresponding to its constitutional functions.
Thus, in compliance with what is established in the General Constitution, in a question that attends to these circumstances, it is provided that the Public Ministry will exercise the representation of society in a punctual, efficient, and effective manner, in all matters that this or other legal provisions establish.
On the other hand, it should be noted that in accordance with the constitutional reform of March 26, 2019, through which the National Guard is recognized as a civil, disciplined, and professional public security institution, it is specified in the present project that the collaboration of the National Guard regarding the investigation of crimes will be carried out under the command and direction of the Public Ministry.
Having said the above, it is also necessary to point out that with respect to the duration of the term of the head of the Attorney General's Office, and in accordance with what is provided in Article 102, section A, paragraph three of the Political Constitution of the United Mexican States, it is established that their appointment will be for a period of nine years, and their appointment and removal must be carried out in accordance with what is provided in the constitutional text, guaranteeing the principle of gender parity referred to in Article 41 of the Constitution.
Now, with regard to the structure that is intended to be functional for the proper handling of matters within the competence of the Attorney General's Office, its integration is proposed as follows:
I. The Attorney General;
II. The Competence Control Prosecutor's Office;
III. The Regional Control Prosecutor's Office;
IV. The Specialized Prosecutor's Office for Organized Crime;
V. The Specialized Prosecutor's Office for Electoral Crimes;
VI. The Specialized Prosecutor's Office for Combating Corruption;
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VII. The Specialized Prosecutor's Office for Human Rights;
VIII. The Specialized Prosecutor's Office for Internal Affairs;
IX. Criminal Investigation Agency;
X. General Secretariat;
XI. The Internal Control Body, and
XII. The other units created by legal mandate or determined by the Attorney General in the Organic Statute.
The above is so, with the purpose of having a solid, efficient structure and in accordance with the real needs in matters of justice procurement, which allows addressing the criminal phenomenon adequately.
In this order of ideas, a series of powers and obligations corresponding to the head of the Attorney General's Office that are necessary to successfully carry out the activities of the Prosecutor's Office are listed. In this sense, in terms of obligations, we can highlight their appearance before any of the Chambers of the Congress of the Union in the cases and under the conditions established by Articles 93 and 102, Section A of the Political Constitution of the United Mexican States and the annual submission to the Congress of the Union and the Federal Executive of the activity report referred to in Article 102, Section A of our General Constitution.
With respect to absences, excuses, or temporary or definitive absences of the Attorney General, it is provided that the Organic Statute will be the instrument in which the terms to carry out the substitution must be developed, in addition to which, the duty to inform the Senate of the Republic in case of definitive absence is contemplated.
While for the case of the heads of the units that will make up the Attorney General's Office, it is provided that the exercise of their functions during their absences will be carried out by the public servant of immediate lower hierarchy who has been designated for such effect, since practice has shown that this currently happens so, nevertheless, it is necessary to formalize the exercise of actions in substitution, through the corresponding designation.
On the other hand, although it is true that in accordance with the constitutional text, the prosecution of federal crimes before the courts corresponds to the Federal Public Ministry, we cannot fail to observe that the head of the Attorney General's Office is not exempt from having the execution or participation in the execution of a crime imputed to them, and in this sense, it is foreseen that it will be the public servant who is responsible for acting as their substitute, who must know the complaint against them, taking charge of the respective investigation and resolving on the initiation of the procedure for the declaration of procedence before the Chamber of Deputies.
In addition to the above, the creation of units in charge of investigating the crime is provided, which will provide support in the tasks carried out by the Attorney General's Office. These will have technical and management autonomy regarding their internal functioning, but will be subject at all times in their organizational structure to the institutional hierarchy and legal and normative powers of each administrative unit of the Attorney General's Office.
In this sense, these units must comply with all and each of the obligations to which the public servants of the Attorney General's Office are subject without any exception.
Under this line of consideration, and for the purpose of weighing a transparent and legally compliant performance, it is considered necessary that the Organic Statute, the agreements by which the creation of units is disposed, as well as those by which powers of the Attorney General are delegated or any other act that requires that act of publicity, must be published in the Official Gazette of the Federation.
On the other hand, a list of powers that will correspond to the Attorney General's Office in its capacity as an autonomous body is provided. In virtue of the above, the Attorney General's Office may determine its policies for criminal investigation and prosecution at the federal level, coordinate with other authorities to fulfill the purposes of public security, promote the celebration of international treaties and sign the inter-institutional agreements necessary for the fulfillment of its functions, as well as submit to the
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Congress of the Union the institutional position through a technical-legal opinion on bill initiatives, constitutional or legal reforms that are presented by the Federal Executive and in the Chambers of the Congress of the Union, within their competence, just to mention some.
Likewise, for the performance of its functions, the Attorney General's Office will have investigation and litigation teams, which will have the function of organizing and managing the strategy of the Attorney General's Office of the Republic efficiently, developing investigations in accordance with congruent investigation plans, which allow the prompt determination of matters or their judicialization when the circumstances of the case so warrant.
Apart from the above, when there is concurrence of crimes or criminal phenomena, mixed investigation and litigation teams may be formed, which will be integrated with personnel from different units of the Institution as well as personnel from other Prosecutor's Offices or Procuratorates of the corresponding federal entities, for which purpose, agreements on institutional collaboration are foreseen.
We cannot fail to observe that institutional strengthening requires various challenges, especially a structural change, as society aspires to and expects adequate justice procurement.
Therefore, and with the purpose of achieving these ends in an orderly and uniform manner, the Attorney General's Office will have a Management Model for the fulfillment of its functions, applied in its various units.
Under this line of consideration, a single-window mechanism is foreseen through which matters are channeled in a timely manner for their adequate processing and attention.
Likewise, the establishment of result evaluation mechanisms is foreseen. In this way, the Attorney General's Office will have an evaluation system through which the processes of capture and collection of data generated by the processing and follow-up derived from the exercise of the powers of the Public Ministry, its auxiliaries, and the support units of the Attorney General's Office will be integrated.
The institutional result evaluation system, referred to in the previous paragraph, must generate products for the analysis of institutional activities, performance indicators, identify institutional needs and statistical products, all oriented towards decision-making and the continuous improvement of justice procurement.
Similarly, through the evaluation system, the planning, determination, and administration of systems and technological resources will be carried out, through a system useful for investigation, intelligence, development of tactical and operational strategies, and administrative decisions, guaranteeing quality and security in the information.
In matters of coordination and collaboration, the Attorney General's Office will have a regional coordination system through units that will exercise their functions in the territorial circumscriptions established by the Statute.
These units will coordinate their actions with the central areas, to ensure the unity of action and hierarchical dependence of the Public Ministry, always privileging the concentration of relevant matters in the units designated for such effect.
In this sense, it is provided that the Attorney General's Office will have managerial personnel, public prosecutors, federal ministerial police, experts, analysts, facilitators, as well as that specialized, professional technical, and administrative personnel necessary for the performance of its functions.
Apart from the above, the possibility is contemplated that the Attorney General may designate as agents of the Federal Public Ministry the heads of those units that have under their charge criminal investigations and the command of public prosecutors. This is with the object of limiting the possibility of designation in these terms and avoiding that the figure becomes corrupted, it being even necessary to point out that this power of the Attorney General will be non-delegable.
In matters of powers and with regard to operational personnel, all those powers of the agents of the Federal Public Ministry, agents of the Ministerial Federal Police, experts, analysts, and facilitators are provided, which, in accordance with their respective scope of action, will guarantee the success of the investigation, avoiding delays and weighing at all times respect for the human rights of persons accused of conduct that the law defines as a crime, as well as the rights of victims or offended parties and witnesses.
Likewise, it should be noted that it is estimated necessary to implement a system of protection measures for these public servants, due to the danger inherent in the exercise of their functions.
Similarly, a regime of obligations is established for agents of the Public Ministry, agents of the Ministerial Federal Police, experts, analysts, and facilitators, as well as a special framework of obligations for agents of the Ministerial Federal Police, experts, and analysts, by reason of the very nature of their functions, whose non-compliance will give rise to the corresponding procedures and sanctions.
In matters of collaboration and information exchange, it is foreseen that autonomous constitutional bodies, dependencies, and entities of the Federal Public Administration and their counterparts in the federal entities, parastatal entities, decentralized public bodies, majority state-owned companies, public trusts that have the character of parastatal entities, and other dependencies of the Federal Public Administration, the organs, dependencies, entities, and institutions of the federal entities and government, as well as private parties that carry out acts equivalent to those of authority in accordance with a general norm, in their respective scope of competence, will be obliged to provide the collaboration, support, and assistance requested by the Federal Public Ministry for the exercise of its functions.
These authorities will be jointly responsible for the actions and diligences that are part of the investigation or criminal process, so in their case, they must appear before the competent authorities and submit the required reports in the terms established by the applicable legal provisions.
In this sense, it is provided that non-compliance by public servants with such provisions will give rise to a request by the Public Ministry to their hierarchical superior, to initiate the responsibility or disciplinary procedures that correspond, without prejudice to the criminal responsibility that may result in their case.
Apart from the above, this proposal foresees the creation of an Interinstitutional Coordination System, through which the Attorney General's Office will design, build, and administer a national interoperable computer system, through the celebration of collaboration agreements for its functioning and execution.
This system will be fed jointly with the Procuratorates and Prosecutor's Offices of the federal entities, with the purpose of sharing information regarding investigations, criminal phenomena, recidivism cases, records and analysis of genetic profiles, relevant criminal characteristics, biological traces, ballistic fingerprint, voice analysis, biometric systems, and other elements related to criminal facts.
Now, with regard to the professional growth and development of the public servants of the Attorney General's Office, in the present proposal, the bases have been established to articulate and implement the Career Professional Service as a solid system of professionalization and human development.
In this sense, the Career Professional Service Statute will be the instrument that will develop the bases and procedures for its implementation.
The Career Professional Service will be an integral system of regulation of public employment of all personnel of the Attorney General's Office of the Republic organized with the purpose of stimulating growth and
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professional development and human growth of staff, promoting job stability and reinforcing institutional identity. It will be composed of the following stages:
I. Entry;
II. Development;
III. Termination, and
IV. Sanction.
It is necessary to point out that each of these stages involves a series of specific processes to implement the Professional Career Service in accordance with the needs of the Attorney General's Office.
Under this line of consideration, it is provided that all public servants of the institution will be part of the Professional Career Service, divided into branches: the first branch integrated by public prosecutors, agents of the Ministerial Federal Police, experts, analysts, and facilitators, while the second branch will be integrated by administrative staff.
In this context, with the aim of verifying that new entrant personnel adhere to the institutional principles according to the job profile, and that active personnel act within the framework of conduct dictated by institutional regulations, evaluation and certification processes are established.
In this way, public servants of the Attorney General's Office must undergo and approve the trust control evaluation processes, performance, and professional competencies, to enter and remain in the exercise of their functions.
The trust control evaluation process will consist of the following exams:
I. Socioeconomic;
II. Medical;
III. Psychometric and psychological;
IV. Polygraph;
V. Toxicological, and
VI. Those others established by applicable regulations.
On the other hand, the professional competencies evaluation process aims to determine that personnel have the knowledge, skills, attitudes, and aptitudes necessary for the performance of their position.
As a result of the above, public servants who pass the periodic trust control, performance, and professional competencies evaluation exams, will have the corresponding certification.
This certification aims to certify that the evaluated person meets the job profile and the required competencies for compliance with constitutional and legal principles.
Apart from the above, the need is reiterated that the Attorney General's Office must have a Professional Career Service suitable for each of the branches that integrate it, for which a series of specific entry and retention requirements are proposed in accordance with the profile of the public servant's functions, according to the substantive or administrative nature of their functions. Thus, the entry and retention requirements established consist of a generic section, applicable to all personnel, and from there, those specific to agents of the Federal Public Ministry, agents of the Ministerial Federal Police, experts, analysts, facilitators, specialized public servants, technical and administrative professionals are developed. In addition to the above, it is also worth noting that this proposal contemplates the application of an opposition exam, which will be applied to new substantive personnel with the aim of evaluating whether the applicant has the necessary knowledge and skills to perform functions.
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This exam will consist of two stages, one oral and one written, must be presented before the National Institute of Penal Sciences and will be graded by a synod composed of a public servant with a minimum level of area director, who will serve as president, and two members of the substantive branch in question, who will serve as secretary and member, respectively.
The grade of the oral exam will be determined taking into consideration the average of points that each of the synod members assigns to the examinee. In both cases, the grade will be based on a scale of 0 to 10, with 7 being the minimum passing grade.
With respect to the termination of the relationships of the Attorney General's Office with its personnel, a series of causes are listed by which the relationship may be terminated.
Likewise, it is provided that in those cases where the form of service termination is declared by final judgment as unjustified, the Attorney General's Office will be obligated to pay the corresponding indemnification, and other benefits according to the law, without in any case proceeding with the reincorporation of the public servant.
Under the same line of consideration and attending to the nature of the information handled within the Attorney General's Office, it is deemed necessary to establish from the text of the law, the duty of all its personnel to deliver all information, documentation, equipment, materials, identifications, values, or other resources that have been placed under their responsibility, custody, and safekeeping, upon concluding the legal relationship with the Attorney General's Office. In this way, public servants who are in charge of administering or handling public funds, assets, or values, the heads of units of the Attorney General's Office, as well as those determined by their hierarchical superior or, in their case, the head of the Institution, due to the nature and importance of the public service they provide, must carry out a handover-receipt act. It is not omitted to specify that this obligation will also be applicable to public servants who, by commission, substitution, assignment, or under any other figure, have remained as provisional heads of an administrative unit whose head must comply with this obligation. On the other hand, a section on sanctions is proposed, and a special regime for their application due to the administrative or substantive nature of the functions of the personnel of the Attorney General's Office. In this sense, personnel who are part of the Professional Career Service will incur administrative offenses when they fail to comply with or transgress the content of their obligations; specifying that in cases of administrative offenses attributable to personnel of the substantive branch, the Specialized Office for Internal Affairs will be in charge of imposing the corresponding sanction, in accordance with the procedure provided in this same regulation, and other normative provisions. Under this line of consideration, the sanctions that may be imposed on said personnel will consist of public or private reprimand, suspension of employment, position, or commission for up to ninety days without pay, or removal, as appropriate. While, for the case of administrative branch personnel, it is provided that the Internal Control Body will carry out the procedure and application of the sanctions to be imposed for administrative offenses, under the norms of the General Law of Administrative Responsibilities. Apart from the above, it was deemed appropriate to include a list of elements that must be taken into consideration for the application of administrative sanctions, such as the gravity of the conduct, recidivism, hierarchical level, means of execution, the amount of benefit obtained, among others. In addition to the above, a special framework of disciplinary measures is included for agents of the Ministerial Federal Police. In this sense, agents of the Ministerial Federal Police who fail to follow the chain of command or do not execute direct orders received, will be subject to a disciplinary measure, consisting of public or private
reprimand, arrest for up to twenty-four hours, or temporary suspension without pay for up to three days.
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As can be observed, the possibility of imposing arrest as a disciplinary measure for agents of the Ministerial Federal Police is contemplated, for which reason the terms and scope of the application of this measure are specified, since every arrest order must be in writing and duly founded and motivated.
Likewise, the rules for the application of disciplinary measures are included, through which it is specified that hierarchical or positional superiors will be in charge of imposing measures on their subordinates, while the head of the Unit in charge of the Ministerial Federal Police will have the authority to grade the disciplinary measure.
As for the responsibility of the head of the Attorney General's Office, in accordance with what is established in the Political Constitution of the United Mexican States, the procedures for impeachment and declaration of procedibility will be applicable to him.
This, without overlooking that both the Attorney General and the other public servants of the Attorney General's Office, regardless of the legal relationship they maintain with it, will be subject to the administrative responsibilities referred to in the General Law of Administrative Responsibilities.
Notwithstanding the above, the head of the Attorney General's Office in terms of the supreme law can only be removed by the President of the Republic for incurring any of the serious causes contemplated in Chapter II, of Title Third of the General Law of Administrative Responsibilities, for the commission of one or more crimes considered as serious, as well as for ceasing to be a Mexican citizen, acquiring total or permanent incapacity that prevents the correct exercise of their functions for more than six months, or for committing serious violations to the Constitution. In this sense, the Federal Executive must accredit before the Senate of the Republic the serious cause that motivated the removal and inform the Senate of the Republic, who will decide whether to object to it or not, in terms of article 102, Section A, fractions IV and V of the Constitution. Regarding the integration of the assets of the Attorney General's Office, in this project the sources of income, economic resources, and assets regarding which it may avail itself for the exercise of its functions are established, specifying that the assets of the Attorney General's Office are unseizable and imprescriptible, so they will not be susceptible to any judicial or administrative execution. Likewise, it is provided that the Attorney General's Office will prepare its draft annual budget of expenditures, which will be sent to the Secretariat of Finance and Public Credit, for its incorporation into the draft Budget of Expenditures of the Federation that will be sent to the Chamber of Deputies. In addition to everything stated above, this proposal contemplates the publication of the Strategic Justice Prosecution Plan, through which the strategies and objectives to be developed for efficiency and effectiveness in the investigation and prosecution of crime will be determined, prioritizing and effectively directing the exercise of criminal action, for which the functions of the institution will be developed under objective criteria and measurable goals in the short, medium, and long term, so that citizens have prompt and expeditious justice. As a result of the above, the head of the Attorney General's Office must present this Plan at the beginning of his management to the head of the Federal Executive Power, and present annually to Congress the results and modifications that it may have had. With respect to the Internal Control Body, it is provided that it will be a unit endowed with technical and management autonomy regarding its internal regime, but subject at all times in its organizational structure to the institutional hierarchy and legal and normative powers of each unit of the Attorney General's Office. The Internal Control Body will be in charge of preventing, correcting, investigating, and qualifying acts or omissions that could constitute administrative responsibilities of the public servants of the Attorney General's Office, for the purpose of sanctioning those other than those
that are the competence of the Federal Tribunal of Administrative Justice; as well as to review the entry, exit, handling, custody, and application of federal public resources. In virtue of the above, the Internal Control Body will be obligated to present complaints for facts or omissions that could be constitutive of a crime before the Specialized Office for Internal Affairs. The designation of the head of the Internal Control Body, in accordance with the constitutional text and in accordance with the autonomy of the Attorney General's Office, will correspond to the Chamber of Deputies of the Congress of the Union, by the vote of two-thirds of its members present, and in accordance with the procedure established in the Organic Law of the General Congress of the United Mexican States. It is proposed that the National Institute of Penal Sciences become a decentralized body of the Attorney General's Office, as a public research center, so from the entry into force of this Draft Decree, it will be disincorporated from the Federal Public Administration. Consequently, it is considered necessary to provide that the Internal Control Body of the Attorney General's Office of the Republic will be in charge of the auditing of the National Institute of Penal Sciences and that the organizational structure, as well as the material, financial, or budgetary resources of the Internal Control Body of said institute, will be transferred to the Internal Control Body of the Attorney General's Office. This, in virtue of the fact that it corresponds to the Internal Control Body to promote, evaluate, and strengthen the good functioning of public entities, as well as those other instances of the autonomous constitutional bodies, so it will be in charge of the procedures and the application of the sanctions that, in their case, must be imposed for administrative offenses by the public servants of the Attorney General's Office, based on the attributes provided in the General Law of Administrative Responsibilities. According to said legislation, decentralized public bodies have the character of entities, so the public servants who integrate them are subjects of administrative responsibilities, and, upon constituting the National Institute of Penal Sciences as a decentralized body of the Attorney General's Office of the Republic, it is considered an instance that must be audited by the Internal Control Body of this justice prosecution body that enjoys constitutional autonomy. Finally, it is provided that the databases, systems, records, and files that contain information, personal data, or data resulting from acts of investigation, collected as a consequence of the exercise of the attributes of the public servants of the Attorney General's Office, will be strictly reserved and can only be consulted for the purposes of investigation and prosecution of crimes. Nevertheless, access to information of a statistical nature is guaranteed. Once the above has been exposed, it is
worth noting that this proposal is the result of a series of diagnostic works on the Institution with the aim of observing various areas of opportunity and making the Attorney General's Office a more professional, effective, and efficient Institution both in its structural organization and in the investigation processes, as well as the fact that, without leaving aside recognizing the effort of creation for the elaboration of the Organic Law of the Attorney General's Office of the Republic, said Law has not proven functional nor effective to the reality of an action that requires absolute effectiveness in its activities. It is not superfluous to emphasize the fact that the Attorney General's Office of the Republic requires an administrative reorganization that allows effective decentralization and greater efficiency with respect to the attributes of the Federal Public Ministry. For all the above and in exercise of the power provided in article 71, fraction II of the Political Constitution of the United Mexican States, through its dignified conduct, I submit to the consideration of that Honorable Assembly the following:
STATEMENT OF MOTIVES
(Decree of January 24, 2024)
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The exercise of the state's ius puniendi, through the capacity to impose administrative sanctions, implies one of the most incisive actions of the Public Administration in the legal sphere of individuals; the administration orders and protects the public interest through the application of a sanction and this activity takes on particular importance when it is directed to the good functioning of the organization and public service. The sanctioning power is that faculty of the public administration to impose sanctions through an administrative procedure, understood administrative sanction as that harm inflicted on an administrative subject as a consequence of an illicit conduct, with repressive purpose, consisting in the deprivation of a good or right, or the imposition of a duty, since the public administration is barred from sanctions consisting in deprivation of liberty. An administrative sanctioning procedure is that mechanism or procedure by which the State, through administrative units, carries out functions of inspection, verification, control, and sanction, with the aim of determining responsibility or absolving for the probable infringement of the law, or for failing to comply with some obligation related to the sector in which they perform their duties. As a result of said procedure and in attention to the sanctioning power, the authority imposes a sanction or fine, which must be distinguished from the word infringement, since they do not mean the same; thus, the fine is defined as the pecuniary sanction imposed for any legal contravention, to the benefit of the State or of any official entity authorized to impose it.3 On the other hand, the term infringement is conceived as that act carried out against what is established in a legal norm or failing to comply with a commitment undertaken. The Mexican Financial System is regulated and supervised by various authorities that are in charge of ensuring that action is taken under applicable regulations and in case of the commission of any infringement, apply the corresponding sanction; however, vices of unconstitutionality have arisen due to the lack of legal certainty regarding the time to decide their legal situation. Problem Statement In recent dates, the Supreme Court of Justice of the Nation, as well as the Circuit Collegiate Tribunals through various jurisprudential criteria, declared the unconstitutionality of various legal provisions of different regulatory laws of the National Financial System, considering that they transgress the principle of legal certainty which consists of the right that an institution or financial entity subject to an administrative sanctioning procedure has to exercise its defense and be heard, with due opportunity, within a procedure which establishes a reasonable time for the competent authority to resolve, in its case, the imposition of a privative act, in consonance with what is mandated by articles 14 and 16 of the Political Constitution of the United
Mexican States. This, under the argument that, by not clearly and precisely establishing the maximum time limit for the authority to issue and notify the resolution that ends the administrative sanctioning procedure, the guarantee of due process is violated. Conscious of said problem and with the aim of avoiding the instruction of administrative sanctioning procedures that violate due process to the detriment of the legal certainty of the Financial System, an exhaustive review of all the provisions that regulate it was carried out. Therefore, this Initiative intends to resolve fundamentally the affectation to the principles of legality, legal certainty, and prompt and expeditious justice in the administrative sanctioning procedure provided for in the laws that regulate the National Financial System, by establishing the general scheme of the administrative procedure, identifying each of its stages, which adjust to the essential formalities of the procedure, recognized both by legal doctrine, the judicial interpretations supported by our Highest Tribunals, and adhering to international best practices. An example of this is found in the jurisprudential thesis 1a./J. 11/2014 (10a.), Gacette of the Judicial Weekly of the Federation. Book 3, February 2014, Volume I, page 396, which states verbatim:
"RIGHT TO DUE PROCESS. ITS CONTENT.
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Within the guarantees of due process, there exists a "hard core" that must be inexcusably observed in any jurisdictional procedure, and another set of guarantees applicable to processes involving the exercise of the State's punitive power. Thus, regarding the "hard core," the due process guarantees that apply to any procedure of a jurisdictional nature are those identified by this Supreme Court of Justice of the Nation as essential formalities of the procedure, the totality of which integrates the "guarantee of hearing," which allow those governed to exercise their defenses before authorities definitively modify their legal sphere. Regarding this, the Full Court of this Supreme Court of Justice of the Nation, in jurisprudence P./J. 47/95, published in the Semanario Judicial de la Federación y su Gaceta, Ninth Era, Volume II, December 1995, page 133, under the heading: "ESSENTIAL FORMALITIES OF THE PROCEDURE. THOSE THAT GUARANTEE AN ADEQUATE AND TIMELY PREVIOUS DEFENSE TO THE PRIVATIVE ACT," maintained that the essential formalities of the procedure are: (i) notification of the start of the procedure; (ii) the opportunity to offer and resolve the evidence on which the defense is based; (iii) the opportunity to allege; and, (iv) a resolution that settles the debated issues, the challenge of which has been considered by this First Chamber as part of this formality. Now, the other core is commonly identified with the list of minimum guarantees that every person whose legal sphere intends to be modified through the State's punitive activity must have, as occurs, for example, with criminal, immigration, tax, or administrative law, where it will be required that the guarantees be compatible with the specific subject matter of the case. Therefore, within this category of due process guarantees, two species are identified: the first, corresponding to all persons regardless of their condition, nationality, gender, age, etc., within which are, for example, the right to have a lawyer, not to testify against oneself, or to know the cause of the sanctioning procedure; and the second, which is the combination of the minimum list of guarantees with the right to equality before the law, and which protects those persons who may find themselves in a situation of disadvantage before the legal system, by belonging to some vulnerable group, for example, the right to consular notification and assistance, the right to have a translator or interpreter, the right of girls and boys to have their detention notified to those who exercise their parental authority and guardianship, among others of equal nature. Amparo en revisión 352/2012. October 10, 2012. Five votes of the Ministers Arturo Zaldívar Lelo de Larrea, José Ramón Cossío Díaz, Guillermo I. Ortiz Mayagoitia, Olga Sánchez Cordero de García Villegas, and Jorge Mario Pardo Rebolledo. Reporter: Arturo Zaldívar Lelo de Larrea. Secretary: Mario Gerardo Avante Juárez. Amparo directo en revisión 3758/2012. Maple Commercial
Finance Corp. May 29, 2013. Five votes of the Ministers Arturo Zaldívar Lelo de Larrea, José Ramón Cossío Díaz, Alfredo Gutiérrez Ortiz Mena, Olga Sánchez Cordero de García Villegas, and Jorge Mario Pardo Rebolledo. Reporter: Alfredo Gutiérrez Ortiz Mena. Secretary: David García Sarubbi. Amparo en revisión 121/2013. June 12, 2013. Five votes of the Ministers Arturo Zaldívar Lelo de Larrea, José Ramón Cossío Díaz, Alfredo Gutiérrez Ortiz Mena, Olga Sánchez Cordero de García Villegas, and Jorge Mario Pardo Rebolledo. Reporter: Alfredo Gutiérrez Ortiz Mena. Secretary: Cecilia Armengol Alonso. Amparo en revisión 150/2013. July 10, 2013. Five votes of the Ministers Arturo Zaldívar Lelo de Larrea, José Ramón Cossío Díaz, Alfredo Gutiérrez Ortiz Mena, Olga Sánchez Cordero de García Villegas, and Jorge Mario Pardo Rebolledo. Reporter: Jorge Mario Pardo Rebolledo. Secretary: Mercedes Verónica Sánchez Miguez. Amparo directo en revisión 1009/2013. October 16, 2013. Five votes of the Ministers Arturo Zaldívar Lelo de Larrea, José Ramón Cossío Díaz, Alfredo Gutiérrez Ortiz Mena, Olga Sánchez Cordero de García Villegas, and Jorge Mario Pardo Rebolledo, who reserved the right to formulate a concurrent vote. Reporter: José Ramón Cossío Díaz. Secretary: Julio Veredín Sena Velázquez. Jurisprudence Thesis 11/2014 (10th). Approved by the First Chamber of this High Court, in session dated February 7, two thousand fourteen.” (emphasis added) OBJECT OF THE INITIATIVE
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The present Initiative details in each of the financial laws, the stages of the administrative sanctioning procedure, as follows:
a) Expiration of the Sanctioning Power.
In the Initiative, the five-year term that the authority has to initiate the administrative sanctioning procedure is resumed, counted from the next business day after which the conduct was carried out or the infringement assumption was updated. This term is consistent with the national legal framework applicable to administrative procedures, which establish similar terms for the extinction of the authority's sanctioning power, in order to contribute to justiciable legal certainty. This term may be suspended for up to two years due to the non-existence of the presumed infringer's domicile or by the filing of any defense mechanism, and it will resume from the date on which the respective authority becomes aware of the domicile or when the final resolution corresponding to the defense mechanism invoked is issued. Likewise, it was considered relevant to distinguish the moment when the calculation of this term begins regarding continuous and continuing conduct, being in the first case from the moment the conduct ceases and regarding continuing conduct from the consummation of the last conduct. On the other hand, it is provided that the expiration term referenced above will be interrupted, that is, it will cease to be calculated, at the moment of notification to the presumed infringer of the start of the administrative sanctioning procedure. b) Right to hearing and offering of evidence. In the initiative, it is stated that when notifying the presumed infringer of the start of the administrative sanctioning procedure, the authorities must grant the right to hearing so that they may manifest what is in their interest and the possibility of offering evidence for a period of ten business days, which may be extended by ten additional business days at the request of the party. c) Resolution of evidence. Upon completion of the term referred to in the previous paragraph, and, if applicable, its extension, the authority will have up to sixty business days to resolve the evidence that has been offered, which is considered sufficiently broad for its preparation and resolution. d) Period for arguments and closing of instruction. Once the evidence has been resolved, the authority will notify the presumed infringer of the opening of the five-business-day period to formulate arguments. Such notification, being of an intra-procedural nature, will not require being performed personally, attending to the principle of legal interest of the presumed responsible party within the substantiation of the procedure. The day following the expiration of the term to formulate arguments, the instruction will be considered closed. e) Term for resolution. The authority will have a term that will not exceed one hundred eighty business days to issue and notify the resolution that ends the administrative sanctioning procedure, imposing, if applicable, the sanctions that result as appropriate. The foregoing provides legal certainty and security to the presumed infringers and establishes
a maximum term in which the authority must definitively resolve the existence of the infringement, as well as the imposition of the sanction, if applicable, that was due by reason of the reproachable conduct. In this sense, the inclusion of said term in the laws regulating the National Financial System surpasses the jurisprudential interpretations that motivated the presentation of the present Initiative.
For internal use
In conclusion, the instructions and financial entities will have certainty regarding the stages of the administrative sanctioning process, the duration of each, and the moment when the authority can no longer continue with legal actions to impose sanctions. Likewise, it guarantees the fundamental rights enshrined in the Political Constitution of the United Mexican States by differentiating each stage of the process, in such a way that they can assert their rights, while at the same time limiting the powers of the authority so that the legal sphere of those governed is not affected. Finally, the revocation procedures for the authorizations granted by the Ministry of Finance and Public Credit are strengthened, for the constitution, operation, and functioning, as applicable, of various entities and financial institutions, with the purpose of specifying certain aspects of the procedure and avoiding that such entities could be placed in a state of defenselessness, as well as to provide that, in these procedures, the consultation instances must issue the corresponding opinion at least thirty business days in advance before the term expires for issuing the resolution that ends the revocation procedure. In the event that any of the opinions are issued after the term provided, the Ministry of Finance and Public Credit may resolve with the records in the file, without the need to consider the opinion presented late. EXPOSITOR OF REASONS (Decree of November 14, 2025) On September 15, 2017, the Decree reforming and adding articles 16, 17, and 73 of the Political Constitution of the United Mexican States, in matters of Everyday Justice, was published in the Official Gazette of the Federation, with which powers were granted to the Congress of the Union to publish a unique procedural legislation in civil and family matters. According to the fourth transitional article of the aforementioned decree, the Congress of the Union would have a term of 180 days to draft and publish the new procedural law in civil and family matters. This term expired on March 14, 2018, without the referenced norm being published. Therefore, and following the non-compliance with the transitional articles, the Mexican Bar Association filed an amparo for the non-compliance of Congress. Thus, through a judgment on June 28, 2019, the Eighth District Judge in Civil Matters of Mexico City condemned the Congress of the Union to discuss and publish the reform. In response to the judgment, finally, the Congress of the Union discussed and approved the National Code of Civil and Family Procedures; however, despite legislative efforts, the judgment was not fully complied with, which is why an incident of non-execution was promoted, which was published on July 13, 2023. This new judgment indicates that the reform in matters of everyday justice does not end with the publication of the National Code, but it is fundamental to homologate federal and general laws so that they refer to the legal process
that is required. Thus, the present initiative aims to carry out the normative homologation referred to in the judgment so that the Law to Regulate Financial Technology Institutions is concordant with the new National Code of Civil and Family Procedures, as observed below.
For internal use
REFERENCES
(1) Reformed by Decree published in the Official Gazette of the Federation on May 20, 2021 (2) Reformed by Article Twelfth of the Decree published in the Official Gazette of the Federation on January 24, 2024.
(3) Added by Article Twelfth of the Decree published in the Official Gazette of the Federation on January 24, 2024.
(4) Repealed by Article Twelfth of the Decree published in the Official Gazette of the Federation on January 24, 2024.
(5) Reformed by Article Fifty-Sixth of the Decree published in the Official Gazette of the Federation on November 14, 2025.
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Source: Comision Nacional Bancaria y de Valores — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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