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.
The CNBV continues with the issuance of authorizations to companies that met all the requirements of the regulatory framework for ITFs
- The CNBV continues with the issuance of authorizations to companies that complied with all the requirements of the regulatory framework for ITFs.
- To date, the Interinstitutional Committee has issued a favorable opinion regarding the authorization of twenty-six companies.
The National Banking and Securities Commission (CNBV), based on what was agreed by the Interinstitutional Committee in which it participates jointly with the Ministry of Finance and Public Credit (SCHP) and the Bank of Mexico (Banxico), has issued authorizations for Institutions of Financial Technology (ITF) with different immediate effects:
- Authorizations They are those in which the applicant companies have already complied with all the requirements set forth in the applicable regulatory framework. These authorizations have been or will be being published in the Official Gazette of the Federation (DOF), and on the website of the CNBV, joining the Register of Supervised Entities (PES), available in the league http://bit.ly/PES_CNBV. To this date, they have been granted eleven authorizations with these characteristics, of which, three are entities that were already operating under the eighth transitory article of the Law to Regulate Financial Technology Institutions (Fintech Law), and eight correspond to newly created companies, so prior to starting operations and joining the PES, they must prove compliance with the requirements set forth in article 40 of the Fintech Law.
- Authorizations subject to suspensive condition. 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 DOF, and on the CNBV website, joining the PES. To date, a total of fifteen societies. Additionally, it is reported that the CNBV took note of the compliance with the observations of one of the companies that was in suspensive condition, so its authorization was published in the DOF.
Regarding the ITF authorization process and times, it is reiterated that the deadlines for the resolution of their requests are carried out in accordance with the applicable regulations, and given that various companies have requested extensions to meet requirements, to date, the times of authorization correspond in themselves to the particular case of each entity, in the understanding that the review and analysis of the files is done in the order of their reception and integration.
The SHCP, the Banxico and the CNBV, as participants in this authorization process, in their capacity as members of the Interinstitutional Committee provided for in the Fintech Law, work with the utmost diligence in the exercise of their powers in the authorization of the ITF.