Mexico: Bank regulator limits information handover to COFECE

Mexico’s financial sector regulator, the National Banking and Securities Commission (CNBV), has called on banks to limit the information they share with the Federal Economic Commission for Competition (Cofece) amid a growing dispute between regulators unleashed by a parallel investigation into possible monopoly practices in the bond market.

This measure is the latest escalation of tensions between the CNBV and Cofece, which dispute the authority to carry out the investigation. The case involves major financial institutions, possibly affecting Mexico’s sovereign debt market, where up to 100 billion pesos are traded each day.

One point of disagreement between the two institutions is the scope of banking secrecy laws, which, according to the CNBV, limits the information banks can provide to the antitrust institution, sources told Bloomberg. Cofece considers that the Federal Law on Economic Competition obliges financial institutions to provide all the necessary information to determine if there was collusion.

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