Hungary, Mexico, Uganda, Bahamas, Maldives regulators issue circulars and notices

The Competent Authority, working with the Designated Supervisory Authorities, announces a move from regulatory forbearance to a structured enforcement approach for late filings under the Automatic Exchange of Financial Account Information Act, 2016. Financial Institutions receiving a late-filing notice must either dispute it with documentary evidence or pay the assessed penalty within fourteen days, or face further regulatory action.

The MNB's management circular formulates expectations for payment service providers regarding the establishment of channels for reporting and blocking fraudulent use of payment instruments other than cash. Expectations include a 24/7 live-voice telephone reporting option, placing the reporting menu item first in the menu system, connecting to an agent within two minutes, and providing mobile and internet banking account access restriction. The circular is not binding, but the MNB formulates its expectations based on statutory requirements and supervisory practice.

The Maldives Capital Market Development Authority (CMDA) has issued a directive to licensed securities dealers informing them that foreign investors investing in Maldivian securities under the foreign investment regulation (Regulation No. 2025/R-97) must now use the term 'Capital Market Intermediary Agent' instead of 'FI Agent' in the relevant regulation. The directive applies to parties licensed under the regulation on licensing securities dealers (brokers) that transmit orders (Regulation No. 2022/R-15).

The Bank of Mexico amends Circular 4/2012 (Rules for conducting derivative operations) to strengthen counterparty identification through the LEI Code and update margin requirements in non-centrally cleared over-the-counter derivative operations. The amendments require various financial entities to have a valid LEI Code and to obtain it from certain counterparties, as well as to include it in confirmations of over-the-counter operations, with a phased implementation schedule between 2026 and 2027.

The Bank of Mexico modifies the definitions of "Financial Entities" and "Operations", the fifth paragraph of the 6th rule, and the Single Annex of the "Rules applicable to the Legal Entity Identifier Code for Corporations and Trusts (LEI Code)" contained in Circular 14/2015. The amendment expands the catalog of entities required to have a LEI Code and to request it from their counterparties, and updates the application procedure for recognition as a Local Unit. This aims to strengthen the identification of entities participating in the operations of the Mexican financial system in the derivatives market.

The Capital Markets Authority sets out the documents required when a licensed person applies for a no objection to the appointment of a prospective chief executive officer or to a change of controller under the Collective Investment Schemes Act, Cap.65 and the CIS (COB) Regulations 2007. It also requires each licensed person to submit fit and proper information on its CEO at least once every calendar year. The notice applies to trustees, depositaries, unit trust managers and authorised corporate directors, and takes immediate effect.

The Capital Markets Authority requires CMA Licensed and Approved Persons to submit a specified set of documents when applying for a no objection to the appointment of prospective directors and employees, including fit and proper forms, tax compliance certificates, credit reports, references, and sanctions screening evidence. Approved persons must also submit annual fit and proper information for their board and executive management staff. The notice takes immediate effect.