autofinish, the bank that finances the purchase of automobiles, received five sanctions that together amount to 5.98 million pesos. The fines established were for events that occurred in 2019, 2020 and 2021. The company exceeded the limit established for investments, delivered the 2020 annual report out of time and failed to comply with the Liquidity Coverage Ratio (CCL).
“He did not present the report with the result of the CCL calculation accompanied by an explanation of the causes that gave rise to said situation, as well as the measures that will be applied to restore his CCL”, detailed the CNBV.
In addition, Autofin did not comply with the Special Accounting Criteria issued by the regulator in 2020, when concessions were given to banks to face the COVID-19 pandemic.
For Azteca Bank, the fines were for events that occurred in 2017, when its internal protocols failed to comply with the regulations established by the regulator; the two fines amounted to 450,940 pesos.
Although it is not a bank, the CNBV also published two fines against the company Blast Furnaces of Mexico, a steel company based in Coahuila, for failing to comply in 2020 with the publication of “relevant events” to the Mexican Stock Exchange. Relevant events are those events of any nature that influence or may influence the price of a share. It also fined the firm’s CEO, Luis Zamudio Miechielsen, for omitting the information. The penalties amounted to 1.73 million pesos.
Brokerage firms break the law and receive sanctions
Mexican Securities Groupbetter known as GBM, also received sanctions for 1.61 million pesos for events in 2017. The Brokerage House failed to issue reasonable recommendations, consistent with the portfolio diversification policy, by providing an advisory investment service. Nor did it comply with the provisions applicable by the regulator.
