Mexico Advances Regulation Update For Sofomes
Emanuel González, the newly appointed national president of Asofom, highlighted collaboration with authorities on proposals for secondary regulation changes. This includes transitioning Sofomes from a Non-Regulated Entity to a Non-Binding Entity.
Jesús De la Fuente, president of the National Banking and Securities Commission (CNBV), emphasized the rapid progress in revising drafts for secondary provisions of the regulation governing Sofomes under the General Law of Organizations and Auxiliary Credit Activities. The CNBV is prioritizing these modifications, recognizing the sector’s importance.
González, succeeding Enrique Presburguer as Asofom’s president, is focusing on working closely with regulatory bodies. He noted significant progress with the CNBV and mentioned ongoing discussions with the Banking and Securities Unit of the Ministry of Finance on a bill announced in September 2023. This bill aims to establish specific regulations for Sofomes, separate from existing laws.
Asofom’s efforts also align with integrating Sofomes within the framework of the Law to Regulate Financial Technology Institutions, known as the Fintech Law. González pointed out that Sofomes are essentially fintech entities, given their digital client integration processes. This alignment is part of Asofom’s broader goal to modernize and streamline the regulatory landscape for Sofomes in Mexico, ensuring their operations are efficient, compliant, and in line with contemporary fintech models.
