Fintech: General regulations regarding companies authorized to operate innovative models

 Professional related: Ignacio Armida   |      March 8th, 2019

On March 8, 2019, the General regulations regarding companies authorized to operate innovative models pursuant to in the Financial Technology Institutions Law.

On March 8, 2019, the General regulations regarding companies authorized to operate innovative models pursuant to in the Financial Technology Institutions Law (Disposiciones de carácter general relativas a las sociedades autorizadas para operar modelos novedosos a que hace referencia la para Regular las Instituciones de Tecnología Financiera) (the “Regulations”) were published in the O?ficial Gazette of the Federation (the "O?ficial Gazette") issued by the Ministry of Finance and Public Credit (Secretaría de Hacienda y Crédito Público), through the National Commission of the Retirement Savings System (Comisión Nacional del Sistema de Ahorro para Retiro), which seek to regulate certain provisions of the Financial Technology Institutions Law (the "Fintech Law"), in connection with the temporary authorization for the operation of innovative models. The Regulations will enter into force 30 days a?ter the date of their publication in the O?ficial Gazette. Pursuant to the Fintech Law, an Innovative Model is one that for the provision of financial services uses tools or technological means with modalities di?ferent from those existing in the market at the moment in which the temporary authorization is granted in terms of the Fintech Law and the Regulations. In this regard, legal entities incorporated in accordance with Mexican commercial laws, other than Financial Technology Institutions, financial entities and other entities supervised by a supervisory commission under the Fintech Law or by the Bank of Mexico, must obtain authorization in order to carry out certain activities through an Innovative Model, that normally require an authorization, registration or concession in accordance with the Fintech Law or by another financial law. In light of the above, in addition to the requirements established in articles 82 and 83 of the Fintech Law, the Regulations establish (i) additional requirements and information to obtain authorization to operate Innovative Models, (ii) additional information and documentation that certifies the compliance with the criteria and conditions for the granting of the temporary authorization for the operation of Innovative Models, (iii) additional aspects in connection to the registration of authorized Innovative Models and their respective inscriptions and annotations, as well as (iv) additional aspects in relation to the periodic reports of information regarding the activities to be performed once the Innovative Model has been authorized.

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