Regulatory Alerts2023-09-13 | DOF 5701736Added · Updated
Resolution modifying the General Provisions applicable to financial entities and other persons providing investment services
The National Banking and Securities Commission modifies the General Provisions applicable to financial entities and other persons providing investment services by reforming Articles 2, 3, 5, 9, 15, 16, 21, 29, 30, 31, 38, 44, and 45, adding provisions to Articles 5 and 19, and substituting Annexes 1, 3, 4, 6, 12, 13, 14, 17, and 18. The amendments update the requirements and formats for sophisticated clients, mandate specific client and product profiling elements, impose obligations on investment advisors regarding staff training and conflict of interest disclosures, require the recording and retention of client communications for at least five years, and standardize the disclosure of commissions and account statements. These changes take effect the day following their publication in the Official Gazette of the Federation on September 14, 2023.
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