Regulatory Alerts2016-07-18 | DOF 5444965Added
Notice revoking the authorization for New York Life México Investments, S.A. de C.V. to operate as an investment fund operating company
The National Banking and Securities Commission (CNBV) revokes the authorization granted to New York Life México Investments, S.A. de C.V. to operate as an investment fund operating company because the entity failed to commence operations within the statutory 180-day period, including any granted extensions. The Commission rejected the entity's request for voluntary revocation under Article 81 Bis 4 of the Investment Funds Law, ruling that this provision applies only to entities that have already commenced operations. Additionally, the return of the $10,000,000.00 deposit bond is denied, as the deposit serves as a guarantee of seriousness for the authorization procedure, which remains binding until operations begin or the authorization is revoked for cause.
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