Circular 15/2008 — Modifies Circular 1/2006

"2008, Year of Physical Education and Sports"
CIRCULAR 15/2008
Mexico, D.F., May 2, 2008.
TO THE ADMINISTRATORS OF RETIREMENT FUNDS;
BROKERAGE HOUSES; EXCHANGE HOUSES;
POPULAR SAVINGS AND CREDIT ENTITIES;
CREDIT INSTITUTIONS;
INSURANCE INSTITUTIONS;
DISTRIBUTING COMPANIES OF SHARES OF INVESTMENT COMPANIES; LIMITED OBJECT FINANCIAL COMPANIES; MULTIPLE OBJECT FINANCIAL COMPANIES, AND OPERATING COMPANIES OF INVESTMENT COMPANIES. SUBJECT: MODIFICATIONS TO CIRCULAR 1/2006. The Bank of Mexico, based on Articles 28 of the Political Constitution of the United Mexican States, sixth and seventh paragraphs; 2°, 3° fraction I, 24, 31 and 36 of the Bank of Mexico Law; 22 of the Law for Transparency and Ordering of Financial Services, as well as 8° third and fourth paragraphs, 10, 17 fraction I, which provides for the attribution of the Central Banking Provisions Directorate to participate in the issuance of provisions, and 20 fractions IV and VI, which provide for the attribution of the Operations and Payments Systems Directorate to participate in the issuance of provisions and to design, elaborate and implement systems and policies related to the development and promotion of payment systems, respectively, all of them of the Internal Regulations of the Bank of Mexico published in the Official Journal of the Federation on September 30, 1994, whose last modification was published in the aforementioned Official Journal on April 26, 2007, as well as in the Sole Article, fraction IV of the Agreement on the Adscription of the Administrative Units of the Bank of Mexico; with the object of promoting the good functioning of the payment systems, and considering that recently the operating hours of the Interbank Electronic Payments System (SPEI) were extended, it is convenient to make clarifications in the regulation of said system regarding: i) the timeframe in which Participating Credit Institutions must credit both the amount of Payment Orders requested by their clients and the returns, and ii) the obligation of Participants to provide the Bank of Mexico with information on the

2 operations they carry out in the SPEI, as well as any other related to their participation in this System; has resolved to modify the numerals 3.3, second paragraph; 3.6, first paragraph, and 8., all of Circular 1/2006 issued on May 19, 2006, which contains the "Rules to which administrators of retirement funds; brokerage houses; exchange houses; popular savings and credit entities; credit institutions; insurance institutions; distributing companies of shares of investment companies; limited object financial companies; multiple object financial companies, and operating companies of investment companies, that participate in the Interbank Electronic Payments System (SPEI)" must be subject, to remain in the terms following:
3. SENDING AND PROCESSING OF PAYMENT ORDERS.
"3.3 . . .
In the event that both signatures are found to be authentic, the receiving Participant must consider the Payment Order as valid. Regarding Payment Orders whose beneficiaries are clients of Participating Credit Institutions, these must credit the amount of said Payment Orders in the accounts of such clients, within ten minutes following the receipt of the Liquidation Notice. This timeframe will not be mandatory for Payment Orders that Participating Credit Institutions receive between the SPEI opening time specified in the MANUAL and 08:29:59 hours, regarding which their amount must be credited in the accounts of the clients in question, at the latest by 8:40:00 hours, Mexico City time. . . ." "3.6 The receiving Participant of a Payment Order must return to the issuing Participant the amount of said Payment Order within twenty minutes following the receipt of the corresponding Liquidation Notice, when: i) it cannot validate any of the numerical data indicated in the MANUAL as indispensable for the type of payment in question, or ii) in the case of Credit Institutions, for any other cause not attributable to the receiving Participant itself, it cannot make the respective resources available to the beneficiary. This timeframe will not be mandatory for Payment Orders that Participating Credit Institutions receive between the SPEI opening time specified in the MANUAL and 08:29:59 hours, regarding which their amount must be returned to the issuing Participant in question, at the latest by 8:50:00 hours, Mexico City time. To carry out said

3 return, the receiving Participant must send a new Payment Order adjusting to the procedure specified in the MANUAL. The expenses generated by the return of Payment Orders in the SPEI, will be borne by the issuing Participant of the original Payment Order. . . ." "8. INFORMATION. Participants must provide the Bank of Mexico with information on the operations they carry out in the SPEI, as well as any other information related to their participation in this System, in the form and timeframes that it requires of them." TRANSITIONAL PROVISION SOLE.- This Circular will enter into force on May 7, 2008.