Mexico's National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores or CNBV) published on June 4, 2020, in the Official Gazette of the Federation (Diario Oficial de la Federación), the general provisions related to the standardized application programming interfaces (APIs) referred to in the Law to Regulate Financial Technology (FinTech) Institutions (Ley para Regular las Instituciones de Tecnología Financiera) pursuant to article 76 of the Fintech Law, which establishes the obligation for Entities (as defined below) to offer APIs in order to share information between each other.
The Provisions are applicable to financial entities, FinTech institutions, money transmitters, credit information bureaus, clearing houses and companies authorized to operate with New Models (as defined in the FinTech Law), in order to regulate the exchange of the following data types (together referred to as Open Data) through the use of APIs:
By virtue of these Provisions, the CNBV seeks to ensure that the exchange of the Open Data, between Data Petitioners and Data Providers, (as defined below) is adequate, transparent and equitable.
Data Providers must do the following:
Data Petitioners must:
Holland & Knight has extensive experience in banking and finance law. For more information, contact the authors of this client alert or Holland & Knight's Mexico City office.
1For authorization, registration and modification, as appropriate, of the compensation amounts, data providers must submit to the CNBV, for each type of API, the method, information and variables used to determine the compensation amounts, as well as any other consideration used in such determination process.
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