Submission of digital documents before the Banco de México, such as data messages with electronic signatures

CIRCULAR 27/2020 addressed to financial entities and intermediaries in connection with the submission of digital documents before the Banco de México, such as data messages with electronic signatures.[1]

 

On July 15, 2020, Banco de México (Banxico) published in the Federal Official Gazzette the Circular 27/2020 (Circular) through which the use of data messages with electronic signature (Data Messages) is authorized in replacement of the messages written with a handwritten signature that are not set forth in Circular 13/2012, Digital Service Module Regulations, or in any other general provision issued by Banxico.

 

For the Data Messages to be valid, they must be subject to the following requirements:

1. They may be used for the acts enlisted in Circular 27/2020, Exhibit 1.
2. If the acts in which the Data Messages are intended to be used are not enlisted in Exhibit 1 mentioned above, the financial entities and intermediaries must consult in advance with Banco de México the feasibility of their use by sending an email to the relevant Administrative Unit, if applicable. These Administrative Units of Banxico may make notes or establish additional requirements for the Data Messages submission. It is important to mention that after a period of 10 (ten) banking days from the date in which the non-answered query was submitted by the Administrative Unit, it will be understood that the Data Messages use is not feasible for the relevant act.
3. The Data Messages electronically signed must be sent to the email of the relevant Administrative Unit.
4. Individuals using their electronic signature in the Data Messages, for which acts on behalf the relevant financial entity o intermediary are made, must have a digital certificate issued with their name which is current when the Data Message is sent, generated under the “Regulations to operate as a Registration Agency and/or Certifying Agency within the Extended Safety Infrastructure” (“Reglas para operar como Agencia Registradora y/o Agencia Certificadora en la Infraestructura Extendida de Seguridad”) contained in Telefax Circular 6/2005 of Banxico and they must subscribe the Data Messages by using the information system WebSec or DocSec granted by Banxico.
5. People using electronic signatures when generating Data Messages on behalf of the relevant financial entities and intermediaries must have the powers required in the general provisions of Banxico, which include the acts corresponding to such Data Messages. If the referred individuals do not comply with this condition before sending the Data Message, the authorization from Banxico must be requested for the Data Message to include the electronic signature of other people than those complying with the demanded requirements by the applicable provisions.
6. Data Messages with electronic signatures must be submitted as set forth in the Circular or in the regulations governing the relevant act.
7. The Circular does not release from compliance with the requirements demanded for the relevant act, for example, the deed submission requirement in which the relevant powers of the people subscribing documents on behalf of financial entities or intermediaries are recorded.
8. It is very important to mention that the documents and information sent to Banxico as Data Messages will have the same legal effects, validity, and binding force as the ones that would have been granted with a handwritten signature, pursuant to the Code of Commerce, Articles 89 Bis and 93, and the Federal Code of Civil Procedures, Article 210-A.
9. Financial entities and intermediaries must keep the Data Messages sent to Banco de México pursuant to this Circular by abiding by the Mexican Official Standard on digitalization and conservation of data messages issued by the Ministry of Economy for such purpose.
10. Using Data Messages implies the express acceptance of the financial entity or intermediary regarding the validity and binding force of the relevant act to the relevant Data Message, as well as the methods in which the data message is generated, sent, received, signed, conserved, and filed; therefore, the financial entity or intermediary may not object the act for matters related to its electronic nature.

 

This Circular enters into force on July 16, 2020.

 

 

[1] This is a summary of Circular 27/2020 addressed to the general bonded warehouses; clearing houses; stock exchanges; exchange houses; central counterparties; companies providing funds transfer services; companies providing remittance services; investment funds; credit institutions; bonding institutions; crowdfunding institutions; electronic payment funds institutions; insurance institutions; intermediaries part of financial groups; participants of the derivative contract market enlisted in the stock exchange; legal entities interested in obtaining the authorization from Banco de México to provide routing, compensation, or liquidation services, or any combination of these through new models; savings and loans corporations; credit information corporations; investment corporations specialized in retirement funds; multiple purpose financial corporations; financial cooperative associations; credit unions; and the National Financial Institution for Livestock, Rural, Forestry, and Fishery Development (Financiera Nacional de Desarrollo Agropecuario, Rural, Forestal y Pesquero) regarding the digital document submission to Banco de México, such as data messages with electronic signatures. For further reference, this can be consulted on: https://www.dof.gob.mx/nota_detalle.php?codigo=5596774&fecha=15/07/2020