This post was translated by Regulatory.News for informational purposes only; the content below is not an official translation from the regulator. See the content in its original language here.
Updating of considerations regarding the authorization process of Financial Technology Institutions
- The authorization process for Financial Technology Institutions (ITF) continues to advance in accordance with the deadlines set forth in the Law to Regulate Financial Technology Institutions (Fintech Law).
- In recent days, authorizations subject to compliance or observance of any condition. This same circumstance could be applicable to other authorizations about to be issued.
- The Bank of Mexico, the Ministry of Finance and Public Credit, and the National Banking and Securities Commission, which participate in this authorization process, at all times act with the utmost diligence in the exercise of their powers, specifically in the authorization of ITF.
The CNBV informs that in recent days authorizations have been granted to Financial Technology Institutions subject to the fulfillment or observance of any condition to achieve their effectiveness; since most of the requests correspond to companies that are currently in operation under the Eighth Transitory Provision of the Fintech Law. This same condition could be applicable to authorizations about to be issued. The CNBV reserves the publication of the names of the companies, until the conditions established to grant the authorization are fulfilled.
Among the conditions that some of the companies would have to meet are, for example: the constitution of new subsidiary companies and the respective registration in the Public Registry of Commerce; the celebration of corporate acts that entail increases in its capital stock; share redistributions; splits, mergers and modification of operating and management contracts. The foregoing to prove that its organization and operation is in accordance with the provisions of the applicable regulations.
As soon as there are no conditions pending compliance, the authorizations will be published in the Official Gazette of the Federation, and on the Commission’s own page, joining the Register of Supervised Entities (PES) available on the CNBV’s internet portal. , in the league https://www.cnbv.gob.mx/Paginas/PADR%C3%93N-DE-ENTIDADES-SUPERVISADAS.aspx.
Additionally, regarding the ITF authorization process, it is specified that:
- The deadlines for resolution are carried out in accordance with the applicable regulations. For an applicant company to be authorized as ITF it is essential that they comply with all the established requirements.
- Given that various companies have requested extensions to meet requirements, to date, the authorization times correspond in themselves to the particular case of each entity, with the understanding that the review and analysis of the files is done in the order of their reception and integration
- The Ministry of Finance and Public Credit, the Bank of Mexico and the National Banking and Securities Commission, as participants in this authorization process in their capacity as members of the Inter-institutional Committee provided for in the Fintech Law, act with the utmost diligence at all times in the exercise of its powers, specifically in the authorization of the ITF.
Although most of the companies that applied are currently operating, with the authorization of the ITF, greater certainty is achieved, and it seeks to promote financial inclusion and technological innovation by providing the public with a broader offer of financial services, with the objective that the Financial System in Mexico remains at the forefront in the development of the services it offers and that competition conditions be improved.
The CNBV reaffirms its commitment to the construction of an efficient, inclusive and open to competition financial system, which provides a greater range of products and services according to the needs of the population.