Agreement Reforming the Rules of Operation of the Budgetary Income Stabilization Fund

DOF: 14/10/2024

AGREEMENT REFORMING THE AGREEMENT ESTABLISHING THE RULES OF OPERATION OF THE BUDGETARY INCOME STABILIZATION FUND, PUBLISHED ON APRIL 1, 2015

A seal bearing the National Coat of Arms, which reads: United Mexican States.- Finance.- Secretariat of Finance and Public Credit, is placed at the margin.

ROGELIO EDUARDO RAMÍREZ DE LA O, Secretary of Finance and Public Credit, pursuant to Articles 31 of the Organic Law of the Federal Public Administration; 19, fraction IV; 19 Bis, fraction II; 21, fraction II; 21 Bis; 23, last paragraph, and 87, fraction I, of the Federal Budget and Fiscal Responsibility Law, and 3 of the Internal Regulations of the Secretariat of Finance and Public Credit, and

CONSIDERING

That on August 11, 2014, the Decree reforming, adding, and repealing various provisions of the Federal Budget and Fiscal Responsibility Law and the General Public Debt Law was published in the Official Gazette of the Federation, through which, among other things, the establishment of the Budgetary Income Stabilization Fund was provided for;

That on October 31, 2014, the Decree reforming, adding, and repealing various provisions of the Regulations of the Federal Budget and Fiscal Responsibility Law was published in the Official Gazette of the Federation, which established in the Fourth Transitory Article that the Secretariat of Finance and Public Credit must carry out the necessary actions so that the public trust known as the Petroleum Income Stabilization Fund changes its name to the Budgetary Income Stabilization Fund, as well as adjust its rules of operation accordingly;

That in accordance with the cited Law, the Budgetary Income Stabilization Fund aims to mitigate the effect on public finances and the national economy when there are decreases in the Federal Government's revenues compared to those estimated in the Revenue Law, to promote conditions that allow covering the expenditure planned in the Expenditure Budget;

That on April 1, 2015, the Agreement establishing the Rules of Operation of the Budgetary Income Stabilization Fund was published in the Official Gazette of the Federation;

That on April 17, 2024, the Decree adding various provisions to the Federal Budget and Fiscal Responsibility Law was published in the Official Gazette of the Federation, through which Articles 21 Bis, with a fraction V Bis, and 23, with a last paragraph, were added, in order to establish additional revenue sources for the Budgetary Income Stabilization Fund;

That in the Third Transitory of said Decree, the Federal Executive was instructed, through the Secretariat of Finance and Public Credit, to make the necessary modifications to the rules of operation of the Budgetary Income Stabilization Fund and to the Trust Agreement constituted for the administration of the resources contributed to said Fund, within 90 natural days following the entry into force of the reforms to the Regulations of the Federal Budget and Fiscal Responsibility Law that, for the purposes of the referenced Decree, are carried out;

That on July 16, 2024, the Decree adding Article 12 C to the Regulations of the Federal Budget and Fiscal Responsibility Law was published in the Official Gazette of the Federation;

That the Second Transitory of the Decree cited in the previous consideration establishes that the Secretariat of Finance and Public Credit must make the necessary modifications to the rules of operation of the Budgetary Income Stabilization Fund and to the Trust Agreement constituted for the administration of the resources contributed to said fund, within ninety natural days following the entry into force of the aforementioned Decree, and

That consequently, in order to comply with the Federal Budget and Fiscal Responsibility Law and its Regulations, I have deemed it appropriate to issue the following

AGREEMENT REFORMING THE AGREEMENT ESTABLISHING THE RULES OF OPERATION OF THE BUDGETARY INCOME STABILIZATION FUND, PUBLISHED IN THE OFFICIAL GAZETTE OF THE FEDERATION ON APRIL 1, 2015

SINGLE ARTICLE. - NUMERALS 1.2.; 2.1.; 2.2.; 4.1.; 4.2.; 5.1. and 7, heading, are REFORMED, and NUMERALS 4.3.; 4.4.; 5.3. and 7, with the second, third, and fourth paragraphs, of the Agreement establishing the Rules of Operation of the Budgetary Income Stabilization Fund, published in the Official Gazette of the Federation on April 1, 2015, are ADDED, to read as follows:

1. General Provisions

1.1.

...

1.2 .

The interpretation and resolution of cases not foreseen in these Rules shall be resolved by the Undersecretariat of Finance and Public Credit, having previously heard the opinion of the Undersecretariat of Expenditures of the Secretariat.

2.

Definitions

2.1.

Committee: the Technical Committee of the Trust;

2.2.

Trust: the Irrevocable Public Administration and Payment Trust, not considered a para-state entity, named the Budgetary Income Stabilization Fund;

2.3. to 2.9. ...

3.

Purpose and operation of the Fund

...

4.

Patrimony of the Trust

4.1.

The patrimony of the Trust is integrated with the resources provided for in Articles 19, fraction IV, inciso c); 19 Bis, fraction II; 21 Bis, fraction V Bis; 23, last paragraph and 87, fraction I, of the Law, as well as by resources derived from coverage or significant risk transfer instruments that have been contracted or acquired and the financial returns obtained from the investment of said patrimony.

For the calculation of the reserve referred to in Article 19, fraction IV, of the Law, the resources provided for in Articles 19, fraction IV, inciso c); 19 Bis, fraction II; 21 Bis, fraction V Bis; 23, last paragraph and 87, fraction I, of the Law shall be considered.

4.2.

The liquid resources of the Fund, as long as they are not used, must remain deposited in the accounts established by the fiduciary institution of the Trust in the Treasury. For the investment of resources, the same criteria applied to the availability of said Treasury shall be observed.

4.3.

The credit titles and other financial assets of the Federal Government must remain in custody of the fiduciary institution of the Trust, as they form part of the Trust's patrimony, until such time as they are made liquid. Likewise, the liquid resources generated upon the maturity of the credit titles shall form part of the Trust's patrimony, and as long as they are not used, the provisions of numeral 4.2. of these Rules shall apply to them.

Government securities, referred to in numeral 4.4. of these Rules, shall also form part of the Trust's patrimony; as well as resources derived from their sale.

4.4.

The credit titles of the Federal Government, referred to in numeral 5.3. of these Rules, may be substituted by government securities when, in their case, it is necessary to have sufficient liquidity for the Trust to fulfill its purposes, prior authorization of the Committee. Likewise, the Committee shall authorize the fiduciary institution of the Trust to sell the government securities referred to in the previous paragraph, in order to make them liquid, when required.

The specific procedure to carry out the substitution and sale contemplated in this numeral shall be that determined by the Undersecretariat of Finance and Public Credit, through its competent units, in accordance with the applicable legal provisions.

5.

Contributions to the Trust

5.1.

The amount of resources that, in accordance with the Law and, if applicable, the Expenditure Budget of the Federation for the corresponding fiscal year, or other applicable regulations, are destined to the Fund, must be calculated and deposited in the Trust in accordance with the deadlines, terms, and conditions determined in the Regulations and based on the preliminary figures available to the Undersecretariat of Finance and Public Credit, which shall determine the respective procedure, through its competent units, depending on the source of said resources and in accordance with the applicable legal provisions.

5.2.

...

5.3.

The patrimonial contributions made to the Trust, through credit titles of the Federal Government, must be non-negotiable in favor of the Trust, denominated in national currency, and with a maturity of no more than six months.

6.

Application of the Trust's patrimony resources

...

7.

Transparency, auditing, and accountability measures

...

The fiduciary institution of the Trust shall attend to the information requests made by the competent authorities in matters of auditing and internal control, as well as those of transparency. Likewise, it shall provide the reports required by the Secretariat and/or competent authorities.

The Head of the Economic Planning Unit of Public Finance shall act as responsible for facilitating the auditing or transparency referred to in the previous paragraph, for which purpose, the fiduciary institution of the Trust must provide it with the information and documentation requested.

The fiduciary institution of the Trust, with prior authorization of the Committee, and charged to the Trust's patrimony, may hire the external audit firm, designated by the Ministry of Public Function, to review its operations.

TRANSITORY

SINGLE. This Agreement shall enter into force the day following its publication in the Official Gazette of the Federation.

Issued in Mexico City on the 8th day of the month of October, 2024. - The Secretary of Finance and Public Credit, Rogelio Eduardo Ramírez de la O. - Signature.

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