Banking & FinanceEnglishSin categoría

THE MINISTRY OF FINANCE (SECRETARÍA DE HACIENDA Y CRÉDITO PÚBLICO) (“SHCP”) AND THE NATIONAL COMMISSION FOR THE PENSION SYSTEM (COMISIÓN NACIONAL DEL SISTEMA DEL AHORRO PARA EL RETIRO) (“CONSAR”) ISSUE SECONDARY PROVISIONS TO OPERATE INNOVATIVE MODELS REFERRED TO IN THE LAW TO REGULATE FINANCIAL TECHNOLOGY INSTITUTIONS (LEY PARA REGULAR LAS INSTITUCIONES DE TECNOLOGÍA FINANCIERA).

SHCP and CONSAR

On March 8,2019, the Ministry of Finance and the National Commission for the PensionSystem published through the Federal Official Gazette (Diario Oficial de la Federación) the general provisions regarding Authorized Companies to operate innovative models referred to in the Law to Regulate Financial Technology Institutions.

An authorized company is the legal entity incorporated in accordance with Mexican laws (Authorized Company), other than financial technology institutions (FTI), financial entities and other entities supervised by CONSAR.

Those interested in obtaining authorization as an Authorized Company must submit their application, which must include, among other points, the following:

  • i. Public deed stating the legal representation of the interested party;
  • ii. Draft by laws or their modifications;
  • iii. Main domicile of the Authorized Company;
  • iv. Federal Taxpayers Registry (RFC) with personal code (homoclave);
  • v. If applicable, commercial name to be used when offering said services;
  • vi. List of people who will have participation in the capital stock of the possibly AuthorizedCompany;
  • vii. Regarding the description of the innovative model;
    • a. Reasons as to why it is considered as an innovative model;
    • b. Business model;
    • c. Description of technological infrastructure;
    • d. Evidence that the innovative model can be put into operation immediately; and
    • e. Period required for the operation of the innovative model.

Likewise, the additional criteria and conditions for the granting of the authorization are contemplated, as well as the requirements for registration and periodic reports for those interested in operating as an Authorized Company.

SHCP

On the other hand, on March 11, 2019, the SHCP published in the Federal OfficialGazette the general provisions applicable to innovative models referred to in the Law to Regulate Financial Technology Institutions.

Those interested in obtaining temporary authorization must accompany the request with the following information and documentation, among others:

  • i. Public deed stating the legal representation of the interested party;
  • ii. Draft by laws or their modifications;
  • iii. Main domicile of the Authorized Company;
  • iv. Certificate issued by the Tax Administration Service (SAT) that contains the RFC with a personal code (homoclave), of the interested parties and of the possible authorized company; and
  • v. When applicable, brands, logos or commercial names that will be used when offering said services to the general public, among others.

Complementary to the above, these general provisions also include the criteria, conditions, registrations, inscriptions, annotations and reports that companies wishing to obtain the temporary authorization to operate with innovative models must follow.

Lawyers from the banking and financial practice of our Firm will be delighted to provide you with further information regarding the content of this informative note.

SINCERELY,

Miguel Angel Peralta  peralta@basham.com.mx
Pedro Said  psaid@basham.com.mx
Patrick Stockdale  pstockdale@basham.com.mx

Mexico City, March 13th, 2019.

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