Mexico: Implemented Provisions applicable to electronic payment fund institutions under the Regulation of Financial Technology Institutions Act including location of computing facilities

On 28 April 2021, the "Provisions applicable to electronic payment fund institutions under the Law to Regulate Financial Technology Institutions" (Provisions) came into force, 90 days after their publication in the Official Journal of the Federation. The Provisions seek to implement Articles 48.2, 54.1, 56.1 and 56.2 of the Law to Regulate Financial Technology Institutions. According to Article 49, electronic payment institutions must attach documentation to the application for authorisation under Article 44 or the notification under Article 45(I) of these provisions. Paragraph IV of Article 49 states that mechanisms have to enable the electronic payment institution to keep detailed records of all transactions carried out, as well as its accounting records, either in its own technological infrastructure or in that of a third party domestically, in such a way as to ensure continuity of operations at all times. According to Article 50, this mechanism must allow the institution to count on its own infrastructure.