Mexico: Regulators join forces to go after colluding banks

Mexico’s National Banking and Securities Commission (CNBV) has said it will look into the possibility of conducting its own investigation of financial institutions for bad practices in securities exchanges, following announcements from Competition regulator COFECE that it will investigate seven banks for absolute monopolistic practices in this area.

The president of the CNBV, Jaime González Aguadé, explained that the COFECE’s process is independent of the CNBV’s activity. “if it is the case we will do ours in due time, knowing the market, and we will reach our conclusion “.

He recalled that the Commission, a few years ago, applied sanctions to some promoters over misconduct relating to ‘M’ Bonds, with some participants being banned and individuals fined. “With these same powers and with the same supervision as we had at that time, if we find something similar here we will also act.”

Full Content: El Economista

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