Financial entities must update their financial credentials and institutional keys before the CONDUSEF

On October 14, 2022, the CONDUSEF (the public financial protector regulator) published new provisions regarding registrations before said regulator applicable to all financial entities (including Fintech and SOFOM), which became effective on October 17, 2022. In general terms, the result of these provisions is a repeal of various provisions and regulations that exist in a scattered manner to concentrate them in a "single document" and standardizing reporting obligations of financial institutions. However, new obligations and reporting to financial institutions were included.

In particular, financial entities must secure the new CONDUSEF Identity Key (CIC) and the new CONDUSEF Institutional Identity Key (CICI) to access the new CONDUSEF portal (PUR), which will replace other portals such as RECA, REUNE, RECO, REDECO, etc. with PUR, before October 28, 2022, otherwise they may fail to submit and file regulatory reporting.

Authored by Federico De Noriega and Manuel Valdez.