_{Written by Partners  Adrián López, José Humberto Rocha and associates Mauricio López and Ma. Fernanda López.}

_{Mexico continues to be an investment friendly jurisdiction with an exceptionally large number of free trade agreements, investment protection and double taxation treaties. The Mexican legal mainframe for private equity transactions is sound and well established, and the regulation on fintech is designed to allow private and public investments in the sector.}

_{At this point in time, disruption has been more about how financial services are delivered more than about how much have such disruptive agents penetrated the market.}

_{To review the whole article on PDF, please click here.}

NHG contributed to the GTDT Fintech Q&A for Mexico, an overview to understand the legal regulatory landscape in which fintech entities operate, the financial technology regulations and the implications related to offering regulated financial services in Mexico.

Click here to download the full guide on PDF: Lexology GTDT Fintech_Mexico 2023. 

NHG contributed to the GTDT Fintech Q&A for Mexico, an overview to understand the legal regulatory landscape in which fintech entities operate, the financial technology regulations and the implications related to offering regulated financial services in Mexico.

“Fintechs in Mexico are mainly focused on payments and remittances services, followed by consumer lending, technologies for financial institutions and enterprise financial management.”

“The Mexican fintech environment has continued to develop at a fast pace, and has been labelled as ‘unstoppable’ by experts in the fintech industry.”

Click here to download the full guide: Lexology GTDT Fintech_Mexico 2022. 

You can also read it on the Lexology GTDT Fintech Plataform here.

Nuevas Disposiciones aplicables a Instituciones de Fondos de Pago Electrónico

El 28 de enero de 2021 la Comisión Nacional Bancaria y de Valores (“CNBV”) y el Banco de México expidieron disposiciones secundarias [5] (las “Disposiciones”) aplicables a instituciones de fondos de pago electrónico (“IFPEs”). Las Disposiciones entraron en vigor el 28 de abril de 2021.

El objeto de las Disposiciones es, entre otras cosas, (i) otorgar certeza y seguridad jurídica a los clientes de las IFPEs respecto a las entidades con las que contratan para adquirir servicios y productos financieros, y (ii) describir las operaciones que terceros pueden realizar a nombre y por cuenta de IFPEs.

Sujeto a la aprobación de CNBV, las IFPEs pueden celebrar comisiones mercantiles [6] (“Comisiones”) con comisionistas (los “Comisionistas”) quienes podrán actuar frente al público a nombre y por cuenta de las IFPEs únicamente respecto de las siguientes operaciones (las “Operaciones Autorizadas”):

1. Retiros de efectivo efectuados por los clientes de las IFPEs contra las e- cuentas que mantienen con las mismas.[7]
2. Recepción de efectivo de clientes de las IFPEs para abono en sus e-cuentas o en cuentas de terceros.[8]
3. Consultas de saldos y movimientos de e-cuentas.
4. Puesta en circulación de instrumentos para la disposición de fondos de pago electrónico.
5. Apertura de e-cuentas.
6. Transferencias con cargo a e-cuentas, incluidos los pagos de servicios.

Las IFPEs deberán solicitar autorización de la CNBV en caso de querer ofrecer operaciones adicionales a las Operaciones Autorizadas a través de Comisionistas.

Adicionalmente, las IFPEs podrán contratar con uno o más administradores de Comisionistas (“Administradores”), quienes a su vez podrán celebrar Comisiones con otros Comisionistas para celebrar Operaciones Autorizadas a nombre y por cuenta de las IFPEs. Los Administradores y los Comisionistas contratados por los Administradores deberán actuar frente al público a nombre y por cuenta de las IFPEs respecto a las Operaciones Autorizadas que celebren. Las Comisiones que celebren los Administradores deberán prever que los Administradores deberán vigilar que los Comisionistas contratados por éstos, cumplan con las Disposiciones.

Las entidades que se encuentren operando al amparo del Artículo Octavo Transitorio de la Ley Fintech, tendrán un plazo de seis meses a partir de obtener la autorización para operar como una IFPE para cumplir con las disposiciones del Reglamento aplicables a las Agencias.

[5] Disposiciones aplicables a las instituciones de fondos de pago electrónico a que se refieren los artículos 48, segundo párrafo, 54, primer párrafo, y 56, primer y segundo párrafos de la Ley para Regular las Instituciones de Tecnología Financiera.
[6] La comisión mercantil es un contrato regulado por el Código de Comercio en virtud del cual un comisionista se obliga realizar ciertos actos a nombre y por cuenta de un comitente de conformidad con las instrucciones de este último.
[7] Las operaciones de retiro de efectivo a través de Comisionistas no podrán exceder de un límite diario equivalente a 1,500 UDIs (aproximadamente MXN $10,185) por cada e-euenta.
[8] Las operaciones de recepción de efectivo a través de Comisionistas no podrán exceder de un límite diario equivalente a 4,000 UDIs (aproximadamente MXN $27,160) por cada e-cuenta.

For more information please contact:
Partner Gunter Schwandt
Associate Mario de la Portilla
Associate Jenny Ferrón

A Latin Lawyer’s article.

_{Written by Partners Luciano Pérez, Adrián López, Gunter Schwandt and Associates Juan Pablo Sáinz and Mario de la Portilla.}

_{Mexico continues to be an investment friendly jurisdiction with an exceptionally large number of free trade agreements, investment protection and double taxation treaties. The Mexican legal mainframe for private equity transactions is sound and well established, and the regulation on fintech is designed to allow private and public investments in the sector.}

_{At this point in time, disruption has been more about how financial services are delivered more than about how much have such disruptive agents penetrated the market.}

_{To review the whole article, please click here.}

On 10 March 2020, partner Luciano Pérez participated in C3NTRO Telecom’s “TECHTALK” on the developments, challenges and solutions facing the Fintech industry in Mexico.

The entire recording of the event can be viewed here: c3ntro zoom recording

Nader, Hayaux & Goebel has a strong reputation as one of the leading firms in Mexico that attracts a consistent stream of major, complex, multi-jurisdictional and sophisticated Fintech mandates.

The firm stands out in the market for the diversity of its client roster and for the pioneering and innovative quality of its Fintech matters, which represent the evolution of banking and finance.

This is due to its market-leading ability to advise upon regulatory implications, cross-border transactions, payments systems and cryptocurrency issues, all of which require a high level of lawyering and a pioneering attitude in often uncertain and developing regulatory terrain.

“[…]a first-rate Fintech practice with a diverse client base, encompassing international heavyweights and pioneering startups such as neo-banks, payment platforms and crypto-trading solutions”.

Chambers & Partners | FinTech 2020  (Band 1)

# # #

The Ministry of Finance published a resolution issued pursuant to the Law of Financial Technology Institutions providing the forms to be used for reporting to the Finance Ministry the appointment of the Compliance Officer, the composition of the Communication and Control Committee, and to report relevant, unusual and internal transactions for Mexican e-wallet and crowdfund institutions.

Fintech institutions must deliver the reports through the electronic system operated by the National Banking and Securities Commission (STIV); the reports related to the first two quarters of 2020 are to be filed within the first ten business days of July.

Thereafter, reports must be delivered within three business days of a transaction being characterized as reportable. For additional information regarding the foregoing, please feel free to get in touch with your usual contacts at Nader, Hayaux & Goebel.

Mexico’s Central Bank published today Regulation 2/2020 under the Law of Financial Technology Institutions with respect to the development of API’s by credit bureaus and clearing houses. Such entities should obtain prior authorization of the Central Bank to set up an API by May, 2021.

Application for authorization must include, among others, evidence that the relevant API meets the interoperability standards (set forth in the Regulation), a draft interconnection agreement, and a work plan encompassing technical, legal, corporate governance and operative measures that should be implemented with respect to the API.

Similarly, financial entities and specialized third parties should obtain prior authorization of the Central Bank to access information through the APIs. Sharing of transactional information of users will be subject to an additional authorization by the Central Bank. Rules to obtain such authorization will be forth coming.

For further information with respect to this regulation, please reach out to your regular contacts at Nader, Hayaux & Goebel or contact Adrián López G., Luciano Pérez G., or Gunter Schwandt G.

The Firm is proud to share that its Fintech practice was included in Band 1 in the recently released Chambers Guide. The emerging Fintech landscape in Mexico has been a focal point for the Firm for some time, and we are thrilled to see our efforts and work recognized.

Chambers describes our practice as follows: “For many years, Nader, Hayaux y Goebel has operated at the highest level in handling banking and finance and capital markets matters in Mexico via its team’s strong regulatory expertise. In FinTech matters, the firm reinforces its regulatory prowess with an impressive TMT offering. The result is a first-rate FinTech practice with a diverse client base, encompassing international heavyweights and pioneering startups such as neo-banks, payment platforms and crypto-trading solutions.”

“They’ve been been really helpful in assisting us to strategically navigate the market and they’ve clarified tons of questions – even those we didn’t ask.” 

Chambers – Fintech 2020

Client feedback includes: “They are very strong in their expertise. An experienced team and the right connections in the industry. They’ve been been really helpful in assisting us to strategically navigate the market and they’ve clarified tons of questions – even those we didn’t ask.”

We are particularly proud with Adrián López‘ inclusion as Notable Practitioner, individually ranked in Band 2.

He receives effusive praise:

“Adrián López has considerable experience advising leading foreign and domestic financial institutions in connection with M&A transactions, regulatory compliance and business structuring in relation to digital services and products. Clients appreciate his diligent and pragmatic approach in regulatory analysis and his solid advice in groundbreaking new areas of the financial sector such as cryptocurrencies, where the legal framework can be hazardous to navigate”.

The Mexico Chapter of this Chambers Guide can be downloaded here.