New Financial Services Regulation

September 17, 2010
New Financial Services Regulation

On August 19, 2010, the National Commission for the Protection and Defense of Financial Services Users (CONDUSEF) published newregulations applicable to financial and lending institutions in regard to the requirements that form adhesion contracts must include, alongwith account statements, transaction receipts, commissions and the form and terms of advertising financial services and transactions,among others. The new provisions establish detailed information on the requirements that must be included in such items, including thepurpose of the transaction, the parties, commissions, interest, term and other specific data. Similarly, the regulations detail requirementsthat account statements issued by financial statements must include when sent to their customers. The regulations enable CONDUSEF tohalt advertising and publicity campaigns of such financial institutions if found to be in violation of the law. Financial institutions willhave 120 days following publication of the new regulations to amend their form agreements, advertising and publicity, accountstatements and transactional receipts. It is recommended that financial institutions review these new provisions, not only to ensurecompliance, but also to provide better customer service.

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