Circular 16/2008 — Modifies Circular 2019/95

"2008, Año de la Educación Física y el Deporte" CIRCULAR 16/2008 Mexico, D.F. on May 5, 2008. TO THE INSTITUTIONS OF MULTIPLE BANKING:
SUBJECT: MODIFICATIONS TO CIRCULAR
2019/95.
The Bank of Mexico, based on what is provided in articles 28 of the Political Constitution of the United Mexican States, sixth and seventh paragraphs; 3, fraction I, 7, fraction I, 24 and 31 of the Bank of Mexico Law; 22 of the Law for Transparency and Ordering of Financial Services; 8th, third and fourth paragraphs, 10, 12 first paragraph, in relation to 19 fractions II and IX, which provide the faculty of the Operations Directorate to carry out the necessary acts for the placement, purchase, sale and redemption of government securities and to participate in the issuance of provisions, respectively, and 20 fractions IV and VI, which provide the attribution of the Directorate of Operational and Payment Systems to participate in the issuance of provisions and elaborate the policies related to the development and promotion of payment systems, respectively, as well as 17 fraction I, which provides the attribution of the Directorate of Central Bank Provisions to participate in the issuance of provisions, all 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; with the object of continuing to promote the good functioning of the payment systems of our country, considering that it is convenient to modify the schedules of the operations related to said systems to make them more efficient and adapt them to the needs of these institutions; has resolved to modify the sections M.72.31., second paragraph; M.72.33., first and third paragraphs, and 4.33., first paragraph of Annex 6, all of Circular 2019/95, to remain in the following terms:

M.72. COMPENSATION AND TRANSFER OF FUNDS.
M.72.3 TRANSFER OF FUNDS IN NATIONAL CURRENCY.

"M.72.31. …

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The fund transfer orders related to operations carried out between institutions, as well as those carried out between them and the Bank of Mexico, must be instructed through the SIAC-BANXICO during the hours of 00:00:00 to 16:30:00, time of Mexico City, and may have same-day value or next banking day value, as indicated by the institution making the transfer. …"

"M.72.33. Between 17:30:00 and 18:00:00 hours, time of Mexico City, the Bank of Mexico will execute fund transfers in national currency with same-day value between the accounts it holds for the institutions, provided that such transfers originate from credit operations that are carried out exclusively and directly between the institutions themselves. … For the purposes of this section, on all banking days from 17:15:00 hours, time of Mexico City, institutions may know through the SIAC-BANXICO, the balance of their Single Account in national currency with same-day value."

ANNEX 6
RULES FOR THE PLACEMENT OF GOVERNMENT SECURITIES
4. BIDS.
4.3 SUBMISSION OF BIDS

"4.33. Bids must be submitted on the second immediate preceding banking day to the date of placement of the SECURITIES to be auctioned, no later than 11:00:00 hours. The Bank of Mexico may announce another date or schedule for a particular auction. …"

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TRANSITORY
SINGLE.- This Circular will enter into force on May 9, 2008.