On December 4, 2020, the Mexican National Banking and Securities Commission (the “CNBV”) issued through its website two notices1 informing the general public of the following:
I. Notice to the general public regarding authorized agents (comisionistas)
Financial entities authorized by the CNBV:
(i) May offer, promote or render financial services, directly or indirectly through third parties, if said third parties have been previously authorized as an agent (comisionista). In such cases, financial entities shall be liable for the transactions that their agents carry out on their behalf;
(ii) That render financial services through third parties without the corresponding authorization to perform such activities through an agent, shall be liable to the sanctions provided by law.
Additionally, third parties that are not a financial entity, agent or legal representative of any financial entity and that promote, offer or render financial services, by any communication or marketing means, may be subject to the sanctions provided in applicable financial laws, as such activities and services require authorization, registration or license granted by the Federal Government. In such cases, financial entities shall not be liable for these transactions, and the general public’s property may be at risk.
Authorizations or licenses granted to financial entities are non-transferable, and may not be assigned, leased, lent or shared with third parties.
II. Notice regarding entities authorized or in the authorization process
In Mexico, the only entities authorized to act as financial entities and to offer, promote or render financial services are:
(i) Financial entities that have an authorization, registration or license from the Federal Government
(ii) Entities that are in the authorization process before the CNBV to operate as a Crowdfunding Entity (Institución de Financiamiento Colectivo) or as an Electronic Payment Funds Entity (Institución de Fondos de Pago Electrónico) that started operations prior to March 10, 2018, and that have submitted their authorization request no later than September 25, 2019.
Persons other than those mentioned above who act as financial entities and offer, promote or render, directly or indirectly, financial services, shall be subject to the sanctions set out in the financial laws.
1. The general public is urged not to engage in financial transactions or contract financial services with persons that are not authorized financial entities and is encouraged to verify the list of Mexican authorized financial entities in the Registry of Supervised Entities (Padrón de Entidades Supervisadas).
2. For the engagement of financial services through digital media (i.e., Internet websites, platforms and applications, among others), the general public is encouraged to:
- Verify the Registry of Supervised Entities (Padrón de Entidades Supervisadas).
- Make sure, prior to contracting financial services with companies under the authorization process mentioned in paragraph (ii) above, that such company advises on its website or digital means that it is conducting such authorization process and that it is not a financial entity supervised by the CNBV.
- Be informed about the Services that each financial system participant may offer, since such services are limited and reserved activities and transactions.
- Keep in mind that the authorizations granted to financial entities are non-transferable and cannot be assigned, leased, lent or in any other way shared with third parties (without acting as an agent or legal representative).
1Please visit https://www.gob.mx/cnbv/articulos/aviso-sobre-entidades-autorizadas-y-en-proceso-de-autorizacion?idiom=es and https://www.gob.mx/cnbv/articulos/aviso-al-publico-sobre-los-comisionistas-autorizados?idiom=es for the full version of each publication.
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