October 18, 2022 / Finance and Banking / by Daniela Alejandra Lobato and Beatriz Reyes
Newsletter
On October 14, 2022, the regulation on Registries before the National Commission for the Protection and Defense of Users of Financial Services (“CONDUSEF”), hereinafter the (“Regulation”), was published in the Official Gazette of the Federation (“DOF”), which became effective on Monday, October 17, 2022.
This Regulation is the result of the homologation of the general provisions regarding the compliance of obligations before the following portals: SIPRES, RECA, RECO, REDECO, BURO, REUS, SINE, AND SIGE. It provides substantial changes in several obligations that Financial Entities must comply with according to the dates and deadlines.
From October 17 to 28, 2022, Financial Entities must apply for the CONDUSEF Institutional Identity Key (CICI) to obtain access to the Single Portal Registries (PUR).
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CICI application
Therefore, it is essential to consider that, to apply for the CICI, the legal representative of the Financial Entities must have the following:
- Valid official identification of the legal representative.
- A public instrument containing the individual powers of attorney in force for acts of administration, lawsuits, and collections.
- Advanced Electronic Signature in force of the legal representative.
- Contact information of the legal representative.
- Legible copy of the Unique Population Registry Code (CURP).
Deadlines
Likewise, we remind you that the following deadlines must be observed, considering whether or not the respective Financial Entity currently has access codes to SINE and SIGE:
Financial Entity that DOES have keys for SINE and SIGE | |
December 1, 2022 | Maximum deadline for CONDUSEF to deliver the CICI |
December 2 to 8, 2022 | Activation of the CICI in the PUR by the Financial Entity |
30 calendar days from the activation of the CICI | Deadline for Financial Entities to request CONDUSEF Identity Keys (CIC) |
December 31, 2022 | Maximum deadline for CONDUSEF to deliver the requested CIC(s) |
January 2 to 6, 2023 | Activation of CICs in the PUR by the Financial Entity |
Financial Entity that does NOT have keys for SINE and SIGE | |
November 18, 2022 | Maximum deadline for CONDUSEF to deliver the CICI |
November 22 to 28, 2022 | Activation of the CICI in the PUR by the Financial Entity |
30 calendar days from the activation of the CICI | Deadline for Financial Entities to request CICs |
December 31, 2022 | Maximum deadline for CONDUSEF to deliver the requested CIC(s) |
January 2 to 6, 2023 | Activation of CICs in the PUR by the Financial Entitya |
Considerations
Following the application for the CICI and the CIC(s), Financial Entities must take into consideration the following deadlines and terms to comply with the other obligations of the Regulation in a staggered manner:
- As of November 30, 2022,SINE, SIGE, and REDECO ATTENTION OF COMPLAINTS will be implemented.
- Concerning REDECO, please be informed that, as of November 30, the deadline for responding to complaints shall not exceed 10 (ten) business days.
- As of November 30, it will be mandatory for all Financial Entities to use the SINE and SIGE portals.
- As of January 1, 2023, the obligations of SIPRES, REUNE, RECA, RECAS, RESBA, RECO, BURO, Registry of Public Offers and Report, and REDECO (without attention of complaints), and REUS (except for articles 158 and 161, which will enter into force on April 1, 2023) will be implemented.
- As of January 1, 2023, the institutional passwords for SIPRES, REUNE, REDECO, IFIT, and RECO will be disabled.
- As of November 30, 2022, the SINE Rules will be repealed, and the Collaboration Agreements entered into Electronic Management will no longer be in effect.
- As of January 1, 2023, the DCG Regulations issued for REDECO, Arbitration System, Article 36 of the DCG regarding transparency for Credit Entities and SOFOM ER; RECA, RECAS, SIPRES, RECO, REUNE, REUS, BEF, and disclosure of sanctions will be repealed .
- As of October 17th, the above NOT mentioned will be repealed .
On the other hand, compliance with the obligations related to the REUNE and REDECO portal will be carried out through the API enabled by CONDUSEF for such purposes, for which the following deadlines must be considered:
- CONDUSEF shall make such API available to Financial Entities between October 17, 2022, to October 17, 2023.
- The SOFOM must implement the API between October 17, 2023, and January 10, 2024; except for those Financial Entities that, due to their infrastructure, economic capacity, and geographic location, are unable to do so must request CONDUSEF’s authorization not no enable it.
- While the API is being implemented and made available to exchange information in REUNE and REDECO, compliance with the respective obligations will be carried out directly in REUNE and REDECO.
Finally, for information purposes, we inform you that, in the case of Credit Institutions and SOFOM ER, the account statements issued in current account credits associated with credit cards must be adjusted by the Sixteenth Transitory Article of the Regulation, within a maximum period of October 17, 2022 to October 16, 2024.
For mor information about Finance and Banking Law contact us:
alobato@bgbg.mx and mgallardo@bgbg.mx