Under what regulation does Nelo operate in Mexico?
Yes, Nelo operates legally in Mexico. Its activity is governed by Mexican financial and consumer-protection law, including provisions on adhesion contracts, advertising and the prevention of operations with illicit funds.
Applicable laws and provisions
- Law for Transparency and Ordering of Financial Services (adhesion contracts, advertising, statements and operation receipts of commercial entities), published in the DOF on May 27, 2008, and its amendments.
- Federal Consumer Protection Law.
- Federal Law for the Prevention and Identification of Operations with Illicit Funds and its secondary provisions.
Who supervises Nelo?
Nelo is supervised by the Ministry of Finance (SHCP) and subject to PROFECO for consumer protection.
