The Central Bank of Mexico has opened a public consultation on proposed rules for trust operations that would differentiate requirements according to the importance and risk of fiduciary activities while strengthening protection of trust assets. The proposed framework responds to the growth and increasing complexity of these operations. It would cover credit institutions, brokerage firms and investment fund managers. Insurers, surety institutions and multipurpose financial companies would also be subject to the rules. The proposal would strengthen requirements for internal controls, risk management and operational capacity in managing trust assets, alongside obligations to administer and safeguard those assets. It would also regulate the engagement and oversight of administrators and master administrators. Further measures would improve transparency and clarify the scope of fiduciary responsibility.
Central Bank of Mexico launches consultation on stronger risk controls and asset protection for trust operations
The Central Bank of Mexico is consulting on a framework that would tailor rules for trust operations to the importance and risk of fiduciary activities. The proposal would strengthen internal controls, risk management and protection of trust assets. It would also regulate the engagement and oversight of administrators and master administrators, improve transparency and clarify fiduciary responsibility.