MEXICO Law and Practice Contributed by: Pablo Perezalonso Eguía, Isabel Ortiz-Monasterio Borbolla and Alejandro Mosqueda Pérez, Ritch, Mueller y Nicolau, S.C.
sector, even though DORA itself does not impose direct obligations. Mexican banks should stay vigilant regarding international developments to ensure alignment where cross-border operations are involved.
ing accountability and alignment with Banco de México’s standards. • Authorisation requests to Banco de México must include the proposed contract with the third party, approved by senior officials within two levels below the director general. • Authorisations granted for these contracts will be personal and non-transferable. 3. Exceptions for contract modifications: • While prior authorisation remains a gen - eral requirement for contract amendments, exceptions include changes related to fees, addresses, or representative contact details. Key Adjustments to Circular 14/2017 As the internal rules for SPEI ( Sistema de Pagos Electrónicos Interbancarios ), this Circular out - lines technical and operational requirements for system participants. The proposed changes include: 1. Refined processing times: • Criteria for processing large and low-value transfers are being updated to ensure faster settlements and improved reliability. 2. Enhanced security standards for mobile trans - actions: • New measures include mandatory encryption protocols, secure data storage, and authenti - cation processes to safeguard sensitive user information. 3. Stricter indirect participation requirements: • Indirect participants and clearinghouses must meet enhanced operational and security measures to maintain system integrity.
11. Horizon Scanning 11.1 Regulatory Developments
Banco de México has published drafts of amend - ments to Circular 13/2017 and Circular 14/2017 for public consultation, open until 4 December 2025. These drafts propose targeted adjust - ments to existing provisions, focusing on refining operational requirements, updating thresholds, and enhancing the efficient functioning of pay - ment systems. While subject to further changes, the proposed amendments indicate important regulatory developments for the banking sector in Mexico. Key Adjustments to Circular 13/2017 This Circular regulates the proper functioning of payment systems, sets requirements for fund transfer services, and establishes obligations for participants. The proposed changes include the following. 1. Increased thresholds: • The monetary threshold triggering additional requirements for fund transfers will be adjust - ed to 6,000 UDIs (approximately USD2,025), reflecting updated risk management practices while maintaining accessibility. 2. Stricter terms for third-party providers: • Contracts with third-party service providers must now explicitly prohibit subcontracting and the transfer of contractual rights, enhanc -
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