CNBV reorganizes its structure to supervise fintechs


Despite being stuck for a long time, the new regulations of the National Banking and Securities Commission (CNBV) were finally published in the Official Gazette of the Federation (DOF), which reorganizes its structure to fully integrate the financial technology institutions sector into its supervision and, in addition, to be more punctual in its oversight of certain segments of the financial system.

Said regulation was published in the Official Gazette of the Federation (DOF), which was stuck for several months in the National Commission for Regulatory Improvement; however, it has finally seen the light so that the CNBV has a restructuring within it, since, for example, the Inter-Institutional Committee is now recognized as part of this body, provided for in the law to Regulate Financial Technology Institutions, or fintech law, and which is fundamental for the authorizations of entities that seek to operate under this regulation.

"The National Banking and Securities Commission as a decentralized administrative body of the Ministry of Finance and Public Credit, with technical autonomy and executive powers, will exercise for the achievement of its purpose the powers conferred by its own Law, the laws related to the Mexican financial system, as well as other applicable legal ordinances", can be read in Article 1 of said regulation.

In its Article 3, it is detailed that the Inter-Institutional Committee is part of the administrative bodies that make up said commission, in addition to the presidency, vice-presidency, board of directors and general directorates of the same.

According to the fintech law, the Inter-Institutional Committee is composed of six proprietary members, two of which are representatives of the Ministry of Finance, two of the Bank of Mexico and two of the CNBV, who are appointed by the respective heads of these financial authorities.

In this context, the new CNBV regulations state: "The resolutions of the Interinstitutional Committee may be executed, within the scope of its competence, by the president (of the CNBV), the heads of the vice-presidencies and general directorates and other public servants of the Commission".

More directorates

With the new regulation that will govern the function of the CNBV from now on, there will also be more directorates within this authority. According to the document, there will now be 45 directorates in the agency, compared to 39 in the previous regulation.

Among the new directorates of the agency are the Directorate of Supervision of Popular Financial Companies B, the Directorate of Supervision of Savings and Loan Cooperative Societies B, the Directorate of Prevention of Operations with Resources of Illicit Origin C, as well as the Directorate of Supervision of Financial Technology Institutions.

Also, with this regulation, the General Directorate of Investment Management and the Supervision of Market Participant Conduct is created.

In the context of this new restructuring, the CNBV has an approved budget for this year of 1,529 million pesos, which is 2.7% more than what was initially approved for 2021. Likewise, for this year, it has approved 1,658 job positions, three less than those approved in the previous year.

The new regulation comes into effect one day after its publication in the Official Gazette of the Federation.

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