Amending Resolution to the Resolution Modifying the General Provisions Establishing Accounting Criteria for Participants in the Derivatives Contracts Market, Published January 4, 2018

DOF: 09/11/2020

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

A seal with the National Emblem appears on the margin, which reads: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.

The National Banking and Securities Commission, based on the provisions of 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 National Banking and Securities Commission Law, and

CONSIDERING

That on January 4, 2018, the Resolution modifying 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 purpose of incorporating certain Financial Information Standards issued by the Mexican Council of Financial Information Standards, A.C., into the accounting standards applicable to clearing houses and liquidating members participating in the markets for exchange-traded derivatives contracts;

That on November 15, 2018, and November 4, 2019, the aforementioned resolution was modified, with the purpose of extending the entry into force of the application of certain accounting standards incorporated in the resolution of January 4, 2018, so that clearing houses and liquidating members would be able to adjust their accounting information systems; and

That as a result of the current situation in which participants in the derivatives contracts market have reduced their operational capacity and human resources due to the health measures adopted in response to the health contingency caused by the disease generated by the virus known as COVID-19, without it being feasible to specify the times in which human and technical resources can be allocated to implement the entry into force of the Financial Information Standards referred to in the first paragraph of these considerations, it 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

SINGLE.

The SINGLE TRANSITORY ARTICLE 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 by resolutions published in said dissemination medium on November 15, 2018, and November 4, 2019, is REFORMED, to read as follows:

"SINGLE.- 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 for collecting 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 Information Standards, A.C., and referred to in paragraph 3 of Criterion A-2 "Application of particular standards" of Annexes 1 and 2 that are modified by this instrument, will enter into force on January 1, 2023."

TRANSITORY.

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

Respectfully,

Mexico City, October 28, 2020. - The President of the National Banking and Securities Commission, Juan Pablo Graf Noriega.- Signature.

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