The Mexican government will propose modifications to the Auxiliary Credit Organizations Law over the coming months, which would apply to limited purpose financial companies (sofoles), factoring companies, financial leasing companies and general depositories
Pablo Escalante, vice president of the National Banking and Securities Commission (CNBV), said the changes would concentrate on strengthening the capitalisation levels, improving risk administration and promoting modernisation. "The legislation is very antiquated and does not include aspects such as the money laundering regulations or so-called white collar crimes," he said. He added that the Treasury and the CNBV are evaluating the option of authorising the organisations to carry out various financial activities, such as acting as Sofoles, while at the same time providing leasing and factoring services. There are 20 Factoring Companies, 35 Leasing Companies, 23 General Depositories, and 34 Sofoles in the country....
