Self-Regulation

New Self-Regulatory Standard for Compliance Officers

In July, the Compliance Committee detected some areas in which the duties of Compliance Officers overlapped those of internal control, the auditing committee, and other compliance-related functions.  To resolve these, it prepared a number of documents that paved the way for a new version of the self-regulatory standard for Brokerage Firm Compliance Officers.

Among these documents was an analytical table containing regulatory obligations, and identifying the various topics, bodies, or areas responsible for them, and the duties of the compliance officer under the proposed standard, meaning the way in which it would coordinate compliance by each body.  Although it must still be analyzed in detail, the document gives a general idea of all the regulations that must be met, which in the opinion of the Brokerage Firm Compliance Officers Committee believes justifies giving Compliance Officers a coordinating function.

A minute analysis was begun of the coordination efforts this area would involve for Compliance Officers, and in August, the Legal Affairs committee analyzed the comments of the Compliance Officers Committee, containing this group's viewpoints in the form of a new draft of the self-regulatory on brokerage firm Compliance Officer activities, in keeping with the Basel recommendations, the new Securities Market Act, and the Unified Brokerage Firm Bulletin.  This should lead to a greater degree of understanding on how risk prevention functions within brokerage firms, while at the same time aligning these activities with all the new regulations.

The new version of the Standard was turned over to the Compliance Committee, which will consider it within the overall self-regulatory plan it has developed.  Participants also agreed to prepare a sample work program for Compliance Officers consistent with the philosophy of the proposed new Standard.

 

Self regulatory Standard V.4 for Mutual Funds

Regarding the sources of information mentioned in Self Regulatory Rule V.4, which provides guidelines on advertising, promotional material and information published by mutual funds, AMIB's committee members asked that the sources of information for advertising material covered by the rule include MexDer (the Mexican Derivatives Market).  Pursuant to Rule Eight of the Standard itself, the Mutual Fund Managers Committee was asked its opinion on this request.  The current recognized sources are:

    • > México Analytica.
    • > Bloomberg.
    • > Infosel.
    • > Reuters.

  • Statistical information (not including advertising, paid insertions, columns or interviews) published in the newspapers El Economista, El Financiero and Reforma

  • Price Vendors, only for instruments they value or benchmarks they generate, other than mutual funds (Cetes, bank paper, etc.). >>

 

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