Update: General provisions relating to the standardized application programming interfaces referred to in the Law to Regulate Financial Technology Institutions

Update: General provisions relating to the standardized application programming interfaces referred to in the Law to Regulate Financial Technology Institutions

On June 4, 2020, the National Banking and Securities Commission (the “CNBV”), through the Ministry of Finance and Public Credit, published in the Official Gazette of the Federation (the “DOF”) the “General provisions relating to the standardized application programming interfaces referred to in the Law to Regulate Financial Technology Institutions” (the “Provisions”).

The Provisions set forth the applicable rules for the establishment of standardized application programming interfaces (“API”), for the purpose of sharing data and information, for those parties bound under the terms of article 76 of the Law to Regulate Financial Technology Institutions, except for clearing houses and credit information companies, which will be governed by the provisions issued for that purpose by the Bank of Mexico. The Provisions define (i) who are the bound parties that must obtain authorization from the CNBV for the establishment and operation of the APIs, whether because they request access to the information (“Data Requesters”) or grant such access to the requesters (“Data Providers”); (ii) the requirements they must meet in order to obtain authorization from the CNBV for the establishment and operation of the APIs; (iii) the procedure for the authorization and registration of the consideration payable for the use of the APIs to obtain data and information; and (iv) the regularization programs applicable to the parties that fail to comply with the Provisions. Finally, it is important to note that the Provisions only regulate the exchange of non-confidential information, and that the data referred to are those defined in the Law as Open Financial Data, which contain only information on products and services offered to the general public, such as the location of offices and branches, as well as information on ATMs, among others. The Provisions entered into force on June 5, 2020. At Von Wobeser y Sierra, S.C., we have specialized attorneys with extensive knowledge of the legislation applicable to the FinTech sector, and we are therefore at your service should you have any questions or concerns regarding these or other matters. For additional information, please contact our experts: Luis Burgueño, Partner: +52 (55) 5258 1003 | lburgueno@vwys.com.mx Santiago Barraza, Associate: +52 (55) 5258 1027 | sbarraza@vwys.com.mx

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