MEXICO Law and Practice Contributed by: Pablo Perezalonso Eguía, Isabel Ortiz-Monasterio Borbolla and Alejandro Mosqueda Pérez, Ritch, Mueller y Nicolau, S.C.
Approval Process The process involves two key stages:
poration and operation of the bank. However, it may be forfeited if the terms of authorisa- tion are breached, such as failure to incorpo - rate within three months or commence opera - tions within six months of authorisation. 2. Minimum capital requirements: • The required capital depends on the bank’s activities. Banks conducting all permitted activities must hold a minimum of 90 mil - lion Unidades de Inversión (UDIs or indexed units), approximately USD36 million. For banks engaging in limited activities, the minimum capital may range between 36 and 54 million UDIs (approximately USD14.4–21.7 million). 3. Incorporation requirements: • The bank must be incorporated in Mexico as a sociedad anónima (corporation with limited liability) with an indefinite duration, a Mexican domicile, and at least two shareholders. 4. Operational readiness: • The application must include manuals and systems for approval, covering critical areas such as internal operations, anti-money laun - dering, risk management, credit approvals, ethics, compliance, accounting, and systems. 5. Officers and directors: • The names and résumés of directors and officers must be submitted to the CNBV for approval, ensuring they meet the required qualifications.
1. Favourable opinion (preliminary authorisation): • Once the application is filed and reviewed, the CNBV may issue a favourable opinion. This preliminary authorisation allows the entity to incorporate as a legal entity and complete required procedures with authorities and third parties but does not permit banking activities. 2. Final authorisation and operational approval: • The final authorisation is issued only after all operational aspects are approved, including the testing and inspection of systems and procedures. The bank must have established links to local and international payment systems. Without operational readiness, the Licensed banks in Mexico are limited to the scope of activities specified in their authori - sation. Any changes require CNBV approval. Ancillary activities, such as providing payment services or offering financial advice, are subject to separate approvals under applicable regula - tions. Costs and Engagement With Regulators The cost of obtaining a banking licence includes the deposit with Banco del Bienestar and opera - tional expenses associated with meeting CNBV’s rigorous requirements. Entities seeking authori - sation must maintain active engagement with the CNBV throughout the process to address any regulatory queries or adjustments. CNBV will not grant final approval. Restrictions and Ancillary Activities
376 CHAMBERS.COM
Powered by FlippingBook