Legal holidays for financial institutions

On December 20 the National Banking and Securities Commission, in spanish Comisión Nacional Bancaria y de Valores (CNVB), issued in the Official Journal of the Federation, Diario Oficial de la Federación (DOF) the General Provisions that indicate the days of 2012 when financial institutions subject to the CNBV, shall remain closed and suspend operations.

Article one of the provision sates it applies to credit institutions, brokerage firms, investment companies, operating companies of investment companies, companies and financial institutions who distribute shares of investment companies, appraisers of investment companies, securities rating agencies, financial leasing companies, financial factoring companies, limited purpose finance companies, regulated multi-purpose finance companies, stock markets, futures and options exchange, institutions for the deposit of securities, CCPs, futures and options clearing houses and members, credit unions, popular financial companies, community finance companies, savings and credit cooperative societies.

All of the above should shall remain closed, suspend operations and the provision of services to the public on:

I. January 1st.

II. February 6th.

III. March 19th.

IV. April 5th and 6th.

V. May 1st.

VI. July 1st.

VII. September 16th.

VIII. November 2nd and 19th.

IX. December 1st, 12th and 25th.

X. On Saturdays and Sundays, in addition to those listed in Sections I, VI and VII above, as well as first noted in the above section IX.

General deposit warehouses and currency exchange can open doors operate and provide services to the public every day of the 2012 year, as long as they adjust to these provisions. Other financial institutions, institutions and agencies subject to the supervision of the CNBV not listed above, are not subject to these provisions.

According to article seven of the above provisions financial institutions may carry out, those operations and services that because of their nature, terms and conditions can not be suspended, such as debit card transactions or credit and ATM operations, among others.

Finally, article nine notes that the provisions apply regardless of regulations on labor matters.

Extracted from the Official Journal of the Federation dated 20/12/2011.
Online, click here

“Prohibited the partial or total reproduction. All rights reserved. Kim Quezada y Asociados, S.C. The content of this text does not constitute tax or legal advice and therefore Kim Quezada y Asociados, S.C. and/or its members do not assume any liability for the interpretation or application that the user could make of this article.”