Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 87

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 4
Chunk 87
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 or “CNBV”) and the Mexican Central Bank (“BANXICO”), where CNBV issues prudential regulation and BANXICO regulates banking transactions, including financial and deposit products. In addition, the Financial Services Transparency (LTOSF) and Regulation Law contains provisions regarding transparency and consumer protection.
Furthermore, Banking Deposit Insurance Law (IPAB Law) governs the creation, organization, and functions of IPAB, the Mexican bank deposit protection agency. The IPAB provides financial support to banks to safeguard customer deposits. Deposit insurance is paid upon a bank’s liquidation. 
Finally, the Law for the Protection and Defense of Financial Services Users aims to protect and defend the rights and interests of users of financial services. It establishes the CONDUSEF, an autonomous agency with broad authority to safeguard user rights, including the power to impose fines. Banks are required to maintain an internal unit dedicated to resolving disputes submitted by clients.
Capital Markets 
The regulatory framework for capital markets includes specific regulations designed to develop the stock market in an equitable, efficient and transparent manner, protect the interests of investors and promote competition, and minimize systemic risk.
Asset Management 
Regarding asset management, regulation encourages the creation and development of investment companies and promotes the strengthening and the decentralization of the stock market by facilitating the access of small and medium investors. It also establishes the rules for the organization and operation of investment funds, the intermediation of their shares in the stock market, and the organization and operation of the people who provide asset management services.
Anti-Money Laundering (AML) Regulations 
The primary AML regulations applicable to credit institutions are issued by the Ministry of Finance and Public Credit (Secretaría de Hacienda y Crédito Público or “SHCP”) and are set forth in the general provisions referred to in Article 115 of the Mexican Banking Law. These provisions impose obligations on financial institutions, including customer due diligence, transaction monitoring, suspicious activity reporting, and risk-based compliance programs. The CNBV and SHCP enforce AML regulations and impose severe penalties for non-compliance. 
Recent Developments in Regulation 
On September 15, 2024, a constitutional reform regarding the Judiciary System was published in Mexico’s Federal Official Gazette. The reform primarily establishes the popular election of federal judges, including Supreme Court justices (SCJN), federal magistrates and judges, as well as magistrates of the Electoral Tribunal and the creation of a Judicial Discipline Tribunal (TDJ) to oversee judiciary performance. The TDJ has the power to investigate