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The National Banking and Securities Commission is reorganizing the structure to oversee fintech companies

August 20, 2020

In Mexico, the National Banking and Securities Commission (CNBV) will issue a new regulation to reorganize its structure. Apparently, he’ll be highlighting his work on monitoring fintechs there. This was reported by El Economista on August 18 in an article signed by Fernando Gutiérrez.

“”According to the document in the National Commission for the Improvement of Legislation (Conamer), the new structure of the regulator of the Mexican financial system would consist of the 10 current Vice-Presidents as well as 45 Directorates-General instead of the 39 empowered the current regulation, which has been in force since November 12, 2014 and was enacted by former President Enrique Peña Nieto“, detailed the article in El Economista.

In addition, according to this publication, the following can be read in the document in Conamer: “The National Banking and Securities Commission, as the decentralized administrative body of the Ministry of Finance and Public Loans, with technical autonomy and executive powers, will exercise the powers conferred by its own right, the Mexican Financial System Laws, to achieve its purpose. as well as the other applicable legal systems”.

The National Banking and Securities Commission is reorganizing the structure to oversee fintech companiesThe National Banking and Securities Commission is reorganizing the structure to oversee fintech companies

On the other hand, the publication showed that Among the new general guidelines that the panel would have in its regulations, the oversight of financial technology institutions, ie platforms that operate under the fintech law, stands out.

“Currently, the CNBV operates a general direction for the supervision of financial technology institutions under the direction of Ernesto Calero. This does not appear in the current regulations of the Commission,” Gutiérrez clarified.

“One of the novelties in the new CNBV regulation is the immersion in the Interinstitutional Committee, which is provided for in the FinTech Act and has the task of validating the files of the companies that are to operate under this regulation,” he then added .

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