Following the passage of Mexico’s Law to Regulate Financial Technology Institutions (the “Fintech Law”) in March last year, the National Commission for the Protection and Defence of Financial Services Users (“CONDUSEF”) has published several secondary provisions (the “Provisions”) relating to transparency and best practices that will be applicable for participants in the Fintech sector in Mexico. The Provisions, which will come into force 180 days after their 9 July 2019 publication date, aim to govern the way that Fintech institutions operate in Mexico by regulating sign-up agreements, terms and conditions for platform usage, transparency for commission and penalties for the Fintech institutions in violation.
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