Amending Resolution to the Resolution Modifying General Provisions Establishing Accounting Criteria for Participants in the Derivatives Contracts Market

DOF: 04/11/2019

AMENDING RESOLUTION TO THE RESOLUTION THAT MODIFIES THE GENERAL PROVISIONS ESTABLISHING THE ACCOUNTING CRITERIA TO WHICH PARTICIPANTS IN THE DERIVATIVES CONTRACTS MARKET WILL BE SUBJECT, PUBLISHED ON JANUARY 4, 2018

At the margin, a seal with the National Coat of Arms, which says: United Mexican States.- GOVERNMENT OF MEXICO.-

TREASURY.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.

The National Banking and Securities Commission, based on what is provided by the Fourteenth,

first paragraph of the Rules to which participants in the derivatives contracts market must be subject, as well as Articles 4, fractions III, IV, XXXVI and XXXVIII and 16, fraction I of the Law of the National Banking and Securities Commission, and

CONSIDERING

That on January 4, 2018, the Resolution that modifies the General Provisions establishing the accounting criteria to which participants in the derivatives contracts market will be subject was published in the Official Gazette of the Federation, with the aim of incorporating certain Financial Information Standards issued by the Mexican Council of Financial Reporting Standards, A.C., into the accounting standards applicable to clearing houses and liquidating members participating in exchange-traded derivatives markets, and

That on November 15, 2018, the aforementioned resolution was modified, with the purpose of extending the entry into force of the application of some accounting standards incorporated in the resolution of January 4, 2018, and that, in order for clearing houses and liquidating members to be able to adjust their accounting information systems, it is convenient to further extend the deadline for their application, has resolved to issue the following:

AMENDING RESOLUTION TO THE "RESOLUTION THAT MODIFIES THE GENERAL PROVISIONS ESTABLISHING THE ACCOUNTING CRITERIA TO WHICH PARTICIPANTS IN THE DERIVATIVES CONTRACTS MARKET WILL BE SUBJECT", PUBLISHED IN THE OFFICIAL GAZETTE OF THE FEDERATION ON JANUARY 4, 2018

SOLE.- Article SOLE TRANSITORY of the "Resolution that modifies the General Provisions establishing the accounting criteria to which participants in the derivatives contracts market will be subject", published in the Official Gazette of the Federation on January 4, 2018, and modified through the "Amending Resolution to the Resolution that modifies the General Provisions establishing the accounting criteria to which participants in the derivatives contracts market will be subject", published in said media on November 15, 2018, is REFORMED, to read as follows:

"SOLE.- The Financial Information Standards B-17 'Determination of fair value', C-3 'Accounts receivable', C-9 'Provisions, contingencies and commitments', C-16 'Impairment of financial instruments for collection', C-19 'Financial instruments for payment', C-20 'Financial instruments to collect principal and interest', D-1 'Revenue from contracts with customers', D-2 'Costs from contracts with customers' and D-5 'Leases', issued by the Mexican Council of Financial Reporting Standards, A.C., and referred to in paragraphs 3 of Criteria A-2 'Application of particular standards' of Annexes 1 and 2 that are modified through this instrument, will enter into force on January 1, 2021."

TRANSITORY

SOLE.- This Resolution will enter into force the day following its publication in the Official Gazette of the Federation.

Respectfully,

Mexico City, October 25, 2019.- President of the National Banking and Securities Commission, Adalberto Palma Gómez.- Signature.

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