Circular 7/2013 — Modifies Circular 48/2008

CIRCULAR 7/2013
Mexico, D.F., December 30, 2013.
TO MULTIPLE BANKING INSTITUTIONS:
SUBJECT: Modifications to Circular 48/2008

The Bank of Mexico, based on articles 28, paragraphs sixth and seventh of the Political Constitution of the United Mexican States; 7° fractions I, II and X, 8°, 14, 16 and 24 of the Bank of Mexico Law; 96 Bis of the Credit Institutions Law; 22 of the Law for Transparency and Ordering of Financial Services; 4, 8, paragraphs fourth and seventh, 10, 12, 14 Bis, 17, fraction I and 19 Bis, fraction V, of the Internal Regulations of the Bank of Mexico, which provide for the attribution of the Central Bank, through the General Directorate of Central Banking Operations and the General Legal Directorate respectively, to issue provisions; Second of the Agreement on the Assignment of Administrative Units of the Bank of Mexico, fractions VI and X, with the objective of promoting the sound development of the financial system and facilitating the proper functioning of payment systems, has resolved to modify numeral 1.2, first paragraph, fractions vii) and ix), subsection g), of the heading “Securities Subject to Reporting”, of the Rules applicable to the exercise of financing contained in Circular 48/2008, as follows:

RULES APPLICABLE TO THE EXERCISE OF FINANCING

“1.2 Repo Operations
...
Securities Subject to Repo: ...

vii) Debt securities denominated in national currency issued by multiple banking institutions other than the one reporting, with two months' advance notice to the date on which the communication referred to in Annex 1 of these Rules is presented and deposited in INDEVAL, which have at least two minimum ratings of AA or its equivalent, granted by securities rating institutions authorized by the National Banking and Securities Commission; ...

ix) ...

g. Fiduciary institutions of trusts constituted by financial companies resident in Mexico other than the one reporting or by state-owned entities or their decentralized bodies, whose assets are composed of mortgage credit portfolios.

...”

TRANSITORY

SINGLE.- These modifications shall enter into force on December 31, 2013.