Provisions of General Nature applicable to Novel Models
In relation to the project published by the National Regulatory Improvement Commission (CONAMER) on January 25, 2019 regarding the GENERAL PROVISIONS APPLICABLE TO NEW MODELS TO WHICH REFERENCE IS REQUIRED TO REGULATE INSTITUTIONS OF FINANCIAL TECHNOLOGY.
The aforementioned provisions contemplate among the most relevant, which in a summary manner is explained below, in addition to expressly determining the Ministry of Finance and Public Credit as the authority responsible for carrying out the authorization, registration, surveillance of institutions that operate as a novel model:
From the additional information to obtain authorization
In order to obtain temporary authorization in addition to the information requested pursuant to article 83 of the Law to Regulate Financial Technology Institutions, the following is also required:
- Testimony or certified copy of the representative / legal representative of the interested party, as well as current official identification with photograph and signature.
- Project / amendment of the bylaws, must indicate the following:
(If they are already constituted, they must present a certified copy of the constitution and the current statutes, in addition to the registration data in the Public Registry of Commerce).
- Federal Taxpayers Registry
- A list must be made of the persons who will have a direct or indirect participation in the share capital, if the company is authorized, which must at least indicate the following for each case:
5. Regarding the Organizational Structure, the Company must send at least the following information:
a. Federal Taxpayer Registry with homoclave
b. Unique Population Registry Code
c. Copy of official identification
d. Curriculum vitae
e. Corresponding Protest letter
Regarding the people that make up the following structure:
- They must indicate the contact data through which the Customer may communicate, as well as the means by which the user will be informed about the product to be offered or the service to be provided, the location of their establishments (if applicable). the case), said data include, but are not limited to, the following:
- Email.
- Telephone number.
- Interfaces.
- Address of the Internet page.
- Computer applications and / or any other means of electronic or digital communication.
- Regarding the Description of the Novel Model, the following should be indicated:
- They should describe which legal provisions are considered to hinder the development of products or services through the Novel Model, for which they must specify each and every one of the applicable provisions and explain the reasons why they are considered this way.
- The type of entity or the regime to be adopted must also be specified at the end of the validity of the authorization, indicating the form, method and terms in which they will have to fulfill the requirements to obtain the definitive authorization or registration within the period of validity of the temporary authorization to operate the Novel Model.
- Regarding the exit procedure to be adopted by the Company in case of not obtaining the temporary authorization or definitive registration, it must at least contemplate the following:
- The manner and means in which the Clients will be notified of said situation and / or that the validity of the temporary authorization ended.
- The procedures and terms that the Company will have to return the resources, assets or assets that it maintains from its Clients; as well as being the case, the way in which it will compensate the damages and losses generated, according to what is stipulated in the contracts signed for this purpose with its Clients.
- It must be stated if the operation of the Novel Model will use any programming interface for computer applications and, if so, explain how it will comply.
If the Company, once authorized, requires to modify some information and / or documentation, with the purpose of expanding, updating or improving the scope of its Novel Model, it may be done as long as authorization is obtained from the Ministry of Finance and Public Credit.
Of the additional criteria and conditions for granting authorization
The Company must prove that it complies with the following requirements in order to obtain temporary authorization:
From the registry, its registrations and annotations
The SHCP, once it grants the temporary authorization to the Company that operates the Novel Model, must make the registration of the authorization in the Registry, which will be broadcast on its website.
Such inscription may be canceled in the registry when:
I. The temporary authorization is revoked.
II. The validity of the temporary authorization ends.
III. The authorization, registration or definitive concession is obtained.
As regards the Registry, it will be carried out by means of the assignment of a Record Folio by Authorized Society, in which it will record the Inscriptions and Annotations, in order to generate a chronological and complete history of the Company.
Such registry must contain at least the following information of the Company:
I. Denomination or company name.
II. Date of incorporation and, if applicable, number of public instrument and name of the notary public before whom the incorporation is formalized, as well as registration data in the Public Registry of Commerce.
III. The operations or activities you intend to carry out and the details of each of them.
IV. Target market or maximum number of Clients to which the product or service will be offered, specifying where appropriate, the respective geographic location and the maximum amount of resources that may be received from each Client, as well as the total maximum amount that may be received during the validity of the temporary authorization.
V. Validity of the temporary authorization granted and, where appropriate, the extension.
From the periodic reports of activity information
The Authorized Companies must prepare and deliver to the SHCP a Report during the first fifteen calendar days of January, April, July and October of each year, which must contain the following:
Such information must be the same as that contained in the Final Report that must be submitted no later than 30 days after the end of the validity of the temporary authorization, but with full data of the development of the Novel Model.
In the case of the refusal of the temporary authorization, information regarding the exit procedure must also be included.
We are waiting for any questions or comments that may arise.
Legal & Compliance Advisors