This Wednesday the Confederation of Associations of Specialized Financial Institutions (CAIFE) was presented in the Senate of the Republic, the body will bring together eight associations of non-banking financial institutions that will seek to promote financial inclusion in addition to the penetration of credit in Mexico, through the strengthening and collaboration of these entities.
The confederation will be chaired by Enrique Presburger Cherem, who is also president of the Mexican Association of Multiple Purpose Financial Companies (Asofom). One of the main objectives of the body will be the adequacy of the regulations that govern these entities so that they differ from other institutions such as banks.
“The reality currently is that many of the measures that are being taken and those that have been discussed are unilateral issues, where we have not been consulted for the development of the rules, the decision is announced to us and then non-banking entities arrive at the end, when we should be at the beginning of the decision-making process,” Presburger said.
As mentioned, changes will be proposed in the laws that govern these sectors and in the regulations where they have points in common, with the purpose that the operation of these entities is regulated and the necessary certainty is granted to the users.
“CAIFE will search with the Ministry of Finance and with the legislators what are the common issues from the fiscal point of view. On the other hand, individual issues will be worked on at the association level”, said Fernando Padilla, President of the Association of Collective Funding Platforms.
In this sense, Diana Ferrer, secretary of the CAIFE council, mentioned that some of the regulations where changes will be proposed will be the Law for the Protection and Defense of Financial Services Users and the General Law on Auxiliary Credit Organizations and Activities. In addition, changes will be promoted for tax regulation and specialization in the prevention of money laundering.
