Regulatory Alerts2017-06-12 | DOF 5486302Added
Notice of Authorization for UBS AG to Close its Representation Office in Mexico and Revocation of Establishment Authorization
The National Banking and Securities Commission authorized the permanent closure of UBS AG's representation office in Mexico and revoked the authorization for its establishment, which was originally granted by the Ministry of Finance and Public Credit on October 23, 1998. This decision was based on UBS AG's notifications dated February 21, April 19, and May 9, 2017, and was approved unanimously by the Board of Directors on May 29, 2017, following a favorable opinion from the Commission's Authorization Committee on May 22, 2017. The revocation is grounded in the Rules for Representation Offices of Foreign Financial Entities and relevant provisions of the National Banking and Securities Commission Law and the Credit Institutions Law.
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