Country Manual Credits – Mexico – BRP Update 2024
BRP has updated its Country Manual Credits for Mexico out of bank’s country of establishment (DEF, RS, BT and RT)
| Source of changes | Answers |
|---|---|
| Law / Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | No |
Regulatory Template
Material changes
The Country Manual has been updated to the new format and entirely reviewed to ensure that the content of the document remains accurate and in line with the evolving interpretation of the current legal and regulatory framework.
Please note that with respect with advertising a slightly more restrictive approach has been taken following consultation with our local counsel in Mexico. Credit services by foreign credit institutions unlicensed in Mexico to the general public is not a common practice in Mexico. A cautious approach is therefore recommended in this regard since advertising credit services to the general public in Mexico – in addition to having to comply with a number of provisions such as the advertising being truthful, accurate and objective – might contribute to the understanding that the foreign credit institution is undertaking placement of Financing Means to the public in Mexico.
Non-material changes
Some answers have been re-worded, additional information has been provided and comments adapted in order to provide more clarity, without implying any material changes.
Behavior Template
The answers in the BT have been aligned to those contained in the RT.
Definitions and Concepts
The document Definitions and Concepts now includes a Concordance Table. This Table is designed to help the users of the Country Manual Credits easily recognize existing or potential interactions between the rules of different types of credits.
For more information, please contact us: info@brpsa.com
Geneva, March 21st 2024