CNBV delegates authority to sanction fintech companies


The National Banking and Securities Commission (CNBV) published the agreement by which it empowers different officials of the agency to impose sanctions, this includes those companies that violate the law to Regulate Financial Technology Institutions, also known as the fintech law, including the innovative models contemplated in the same regulations.

This Wednesday at Official Gazette of the Federation (DOF)the agreement by which the governing board of the CNBV delegates to the president, legal vice president, general director of crimes and sanctions, as well as coordination of administrative infractions A, B and C of the institution, the power to impose administrative sanctions was published .

This agreement comes after the publication of the new internal regulations of the CNBV, published on February 28, and by which the structure of the institution is detailed, with emphasis on the creation of the areas in charge of supervising the financial technology sector. contemplated in the fintech law.

So now, the area in charge of monitoring the Financial Technology Institutions (collective funding, electronic payment funds and innovative models) will have the power to impose the corresponding sanctions in accordance with their supervisory work.

According to the firm C&C Compliance & Conduct Advisors, the structure of this new agreement is as follows:

  • When the total of the fine(s) imposed in a single act to the offending entity or person, due to one or various infractions, is up to 150,000 days of general minimum wage in Mexico City ( about 14.4 million pesos), the power falls to the president and legal vice president of the CNBV, indistinctly.
  • When the total of the fine(s) imposed in a single act, due to one or various infractions, is up to 100,000 days of general minimum wage (about 9.6 million pesos), the power falls in the General Director of Crimes and Sanctions of the CNBV.
  • When the total of the fine(s) imposed in a single act, due to one or various infractions, is up to 35,000 days minimum wage (3.3 million pesos), the power falls on the coordinators of Administrative Sanctions A, B or C.

In this context, the agreement emphasized that said decree covers the companies authorized to operate under the figure of innovative models in terms of the fintech law.

To date, the CNBV has issued 30 sanctions to different companies for violating the fintech law, which add up to about 60 million pesos, mainly for providing the general public with erroneous information about their business models.

Sources familiar with the CNBV processes commented that before the publication of this agreement, the sanctions for violating the fintech law were issued from the direction of Luis Bartolini Esparza, former general director of Specialized Authorizations of the CNBV, and reached the legal vice-presidency. of the body to carry out the procedure in this regard.

Recently, the CNBV appointed Víctor Manuel Carrillo Ramos as legal vice president of the organization, after obtaining the endorsement by the Legal Department of the Ministry of Finance, as well as the Bank of Mexico.

With the legal vice president and the Financial Technology area integrated into the CNBV regulations, this agreement is issued.



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