Executive Branch issues circular on reference rates for financial entities and opens public consultation for AFORES
30 diciembre 2021

MEXICO

On December 29, the Bank of Mexico (Banxico in Spanish) published, through the Official Gazette of the Federation (DOF in Spanish), a resolution that amends Circular 14/2007 regarding the definition of reference interest rates by credit institutions. The text will become effective tomorrow. Also, the National Commission of the Retirement Savings System (CONSAR in Spanish) published, through the National Commission for Regulatory Improvement (CONAMER in Spanish), a public consultation that makes amendments to the General Provisions applicable to Retirement Fund Administrators (AFORES in Spanish) creating the figure of pension advisor for the performance of activities on behalf of these entities. The draft will remain under consultation until at least January 27, and interested parties may send their comments through the following link.

The first text establishes that financial institutions, when agreeing an interest rate based on a reference rate, must, at the same time, establish the date on which the rate will be set and the way in which the day on which it will be consulted will be determined. The text also adds overnight interest rates based on transactions observed in the market that comply with the principles established by the International Organization of Securities Commissions, as rates that may be used as a reference in the case of credits expressed in foreign currency.

On the other hand, the draft bill proposes the creation of the figure of the pension advisor, who will become the natural person in charge of performing, on behalf of the AFORES, marketing activities, guidance and attention to applications. In this regard, the text clarifies that those who wish to work as pension advisors must be evaluated by the evaluating institution appointed by CONSAR, which will issue, in case of approval, a certificate valid for 3 years.

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