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06 April 2018
On March 1 2018 Congress passed the bill on the Financial Technology Institutions Law, with 265 votes in favour, nine abstentions and 61 votes against.
The Senate had unanimously approved the bill on December 5 2017, with 102 votes in favour, and sent it to Congress for analysis (for further details please see "SHCP releases first draft of Financial Technology Institutions Law"). Congress made no amendments to the bill.
On March 8 2018 the president signed and enacted the bill. The law was published the next day in its final form in the Federal Official Gazette.
The law seeks to build a regulatory framework that will:
The law recognises two types of financial technology institution (FTI) and an innovative model:
Under the law, virtual assets are account units that:
The Bank of Mexico (Banxico) will determine, through general provisions, the virtual assets that FTIs can use.
The Ministry of Finance and Public Credit (SHCP) must take the following steps:
The National Baking and Securities Commission (CNBV) must take the following steps:
The National Commission for the Protection and Defence of Financial Services Users (CONDUSEF) must take the following steps:
CONSAR and CNSF
The National Commission of the Retirement Savings System (CONSAR) and the National Insurance Commission (CNSF) must take the following steps:
Banxico must take the following steps:
CNBV and Banxico
Within 12 months of the law's issuance, the CNBV and Banxico must jointly issue:
The law provides for the formation of an inter-institutional committee, which will comprise six proprietary members. The heads of the SHCP, the CNBV and Banxico will each designate two members.
The inter-institutional committee and the CNBV will be responsible for, among other things, discretionally granting the necessary authorisations in accordance with the law to ensure that FTIs operate correctly in Mexico.
Parties that are currently carrying out the activities regulated by the law must request authorisation from the CNBV to continue doing so within 12 months from the law's issuance.
Such parties may continue to carry out such activities until the CNBV approves or denies their request. However, they must publish on their website that:
The CNBV will automatically deny any authorisation if the respective parties fail to comply with this obligation.
For further information on this topic please contact Federico de Noriega Olea, René Arce Lozano, Mayuca Salazar or Luis Dávalos at Hogan Lovells BSTL by telephone (+52 55 5091 0000) or email (email@example.com, firstname.lastname@example.org, email@example.com or firstname.lastname@example.org). The Hogan Lovells website can be accessed at www.hoganlovells.com.
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