Circular 1/2006 — Active Operations of SOFOLES

CIRCULAR 1/2006
Mexico City, D.F., August 10, 2006.
TO THE LIMITED PURPOSE FINANCIAL COMPANIES:
SUBJECT: ACTIVE OPERATIONS OF LIMITED PURPOSE FINANCIAL COMPANIES.

The Bank of Mexico, based on the provisions of Article 103, Section IV, of the Credit Institutions Law, as well as Articles 24 and 36 of said Law, with the objective of: i) applying uniformly to these companies and to multiple banking institutions the provisions regarding the active operations they carry out, including those regulating the characteristics of some of the credits they offer, and ii) protecting the interests of the public with measures that promote transparency in the information provided to clients regarding said credits, has resolved to issue the:

"RULES TO WHICH LIMITED PURPOSE FINANCIAL COMPANIES MUST SUBMIT THEMSELVES IN THE ACTIVE OPERATIONS THEY CARRY OUT"

For brevity, in these Rules, the following terms shall be understood in singular or plural as:
SOFOL: the limited purpose financial company referred to in Section IV of Article 103 of the Credit Institutions Law.
Foreign Currency: the United States dollar (USD), as well as any other freely transferable and immediately convertible foreign currency.

1. INTEREST RATES
   1.1 Interest rates for credits denominated in national currency, Investment Units (UDIs), or Foreign Currency.

In the legal instruments through which SOFOLES document these credits, a single interest rate must be agreed upon. Without prejudice to the foregoing, SOFOLES may divide the validity period of the credits into two or more periods and establish from the moment of the respective contract's celebration the interest rate applicable to each of said periods. Each period may not be less than three years. The interest rates applicable to each of the periods must be determined according to one of the following three options:
a) A fixed rate; b) A variable rate, which may be determined under any scheme agreed upon with the borrower, provided that in the corresponding formula, a single rate is taken as reference, chosen from among those indicated in paragraphs 1.5, 1.6, or 1.7, depending on whether the credits are denominated in national currency, UDIs, or Foreign Currency, or c) A variable rate with a fixed maximum limit.

Ordinary and overdue interest rates appearing in contracts and account statements must be expressed in simple annual terms.

In the case of credit openings where SOFOLES have not waived the right to denounce them at any time, the parties may agree in the legal instruments documenting such credit openings that the applicable interest rate will be fixed at the time each disbursement of the respective credit is made. In determining said interest rate, SOFOLES must strictly adhere to what is provided in this paragraph 1.

1.2 Modification of the interest rate and other financial accessories.
SOFOLES must refrain from agreeing in the legal instruments through which they document their credits, mechanisms to modify during the validity of the contract, the interest rate, as well as other financial accessories.
The foregoing shall not apply to programs that SOFOLES enter into with companies, pursuant to which said companies grant credits to the workers of said companies, in which it is agreed that the interest rate will increase in the event that the corresponding employment relationship ceases to exist, and the variation that the interest rate will suffer, if applicable, must be expressly agreed upon at the time the credit is contracted. What is provided in the preceding paragraphs is without prejudice to the faculty that the parties have to modify the clauses of the contracts by agreement, including those related to the interest rate and other accessories. In such a case, the consent of the borrower must be given in writing at the time the modification is agreed upon.

1.3 Applicable rate and period for interest calculation.
In the event that SOFOLES agree on the interest rate based on a reference rate, they must also agree that said reference rate must be the last one published during the period agreed upon for the determination of the interest rate, or the one resulting from the arithmetic average of said rates published during said period. This is understood to mean that the period for determining the interest rate does not necessarily have to coincide with the period in which the interests accrue.

1.4 Substitute reference rates.
SOFOLES must agree on one or more substitute reference rates, in the event that the originally agreed reference rate ceases to exist or ceases to be considered as such in terms of this paragraph 1.
SOFOLES that agree on substitute reference rates must also agree on the number of percentage points or fractions thereof that, if applicable, will be added to the corresponding substitute rate, as well as the order in which said substitute reference rates would replace the originally agreed one.
The aforementioned agreements must be clearly established from the moment the respective credit is granted and can only be modified in accordance with what is provided in paragraph 1.2.

1.5 Reference rates in national currency.
In active operations denominated in national currency, only the following may be used as a reference rate: a) the interbank equilibrium interest rate (TIIE) provided for in Annex 1 of Circular 2019/95 of the Bank of Mexico; b) the yield rate in primary placement of Certificates of the Treasury of the Federation (CETES); c) the term deposit cost of liabilities denominated in national currency that the Bank of Mexico deems representative of the set of multiple banking institutions and that it publishes in the Official Gazette of the Federation (CPP); d) the Nafin Rate (TNF) that is published in the Official Gazette of the Federation, only in credits that are subject to discount with Nacional Financiera, S.N.C., or that are granted with resources from that development banking institution; e) the interbank interest rate denominated MEXIBOR determined daily based on quotes provided by Mexican banks, calculated and disseminated by Reuters de México S.A. de C.A., or f) the rate that had been agreed upon in the instruments documenting credits received from development banking or public economic promotion trusts, only in credits that are subject to discount with such development banking institutions or trusts, or that are granted with resources from said institutions or trusts. Regarding the reference rates provided for in items a), b), and e), the term of the TIIE, CETES, or MEXIBOR to which the rate of the operations is referred must be indicated.

1.6 Reference rates in UDIs.
In active operations denominated in investment units, only the yield rate in primary placement of Federal Government Development Bonds denominated in investment units (UDIBONOS) may be used as a reference.

1.7 Reference rates in Foreign Currency.
In operations denominated in Foreign Currency, only the following may be used as a reference: a) interest rates that have a market reference, that are not unilaterally determined by a financial entity, and which may be determined by a financial authority of the country in question or by a group of financial entities within which is included the LIBOR (London Interbank Offered Rate), of which their term and the publication where they will be obtained must be clearly indicated, such publication being of public knowledge; b) the rate that had been agreed upon in the instruments documenting credits received from foreign or international financial organizations, development banking institutions, or public economic promotion trusts, only in credits that are subject to discount with such development banking institutions or trusts, or that are granted with resources from said organizations, institutions, or trusts, or c) regarding credits in United States dollars (USD), the term deposit cost of liabilities denominated in United States dollars (USD), which the Bank of Mexico calculates and publishes in the Official Gazette of the Federation (CCP-Dollars).

2. OVERDUE INTERESTS.
   What is provided in the previous paragraph 1 is without prejudice to the fact that SOFOLES may agree in the legal instruments through which they document the credits they grant, overdue interest rates; understanding that, in these cases, they must agree on a single overdue interest rate in accordance with what is provided in items a) to c) of paragraph 1.1.

3. EXCEPTIONS TO WHAT IS PROVIDED IN PARAGRAPH 1.
   SOFOLES may freely agree on the interest rates and other characteristics of the active operations they enter into when the minimum amount of the credit or irrevocable credit line granted, individually or syndicated, is equivalent to 10 million UDIs.

4. ISSUANCE OF CREDIT CARDS BASED ON CREDIT OPENING CONTRACTS IN CURRENT ACCOUNTS.
   When SOFOLES issue credit cards based on credit opening contracts in current accounts, they must comply with what is established in the "Rules to which multiple banking institutions and limited purpose financial companies must submit themselves in the issuance and operation of credit cards," published in the Official Gazette of the Federation on August 4, 2004, which are attached as Annex 1, as well as their modifications.

5. HOUSING CREDITS, AS WELL AS OTHERS LESS THAN 900,000 UDIs.
   In the contracting of these operations, SOFOLES must adhere to the terms and conditions indicated below and to the other provisions that are applicable.
   The foregoing, regardless of whether SOFOLES make the credit offer directly or through third parties.
   What is provided in this paragraph 5 is excepted for housing credits greater than 900,000 UDIs that SOFOLES grant to promoters, urbanizers, builders, and real estate developers, known as "bridge credits."
   Said paragraph 5 is also not applicable to credit lines documented in written contracts, whose amount is greater than 900,000 UDIs, regardless of the amount of the disbursements of said credit lines.

5.1 Total Annual Cost (CAT).
For the purposes of this paragraph, by Total Annual Cost (CAT) must be understood the financing cost expressed in annual percentage terms, which, for informational and comparison purposes, incorporates the total costs and expenses inherent to the credits granted by SOFOLES, which must be calculated in accordance with the components and methodology provided for in paragraphs 5.1.1 and 5.1.2. For this reason, whenever the CAT is made known, it must be accompanied by the legend "For informational and comparison purposes only."

5.1.1 Housing credits.
To calculate the CAT of credits for the acquisition, construction, remodeling, or refinancing of real estate assets intended for housing, SOFOLES must consider the components and methodology established in the "Resolution that Establishes the Components, the Calculation Methodology, and the Periodicity of the Total Annual Cost," published in the Official Gazette of the Federation on July 1, 2003, in accordance with the Transparency and Competition Promotion in Guaranteed Credit Law, as well as its modifications.

5.1.2 Other credits less than 900,000 UDIs.
To calculate the CAT of credits whose amount is less than the equivalent of 900,000 UDIs, other than those referred to in the previous paragraph, SOFOLES must consider the components and methodology provided for in Annex 2 of this Circular.

5.1.3 Information to the public.
SOFOLES must make available to the public in the branches that offer credits and through their electronic page on the worldwide network (Internet), current information on the most representative types of credits or those they grant most frequently, such as: mortgage credits, personal credits, and credit cards. This information must include: the terms and conditions, the respective CAT, the main eligibility criteria, the contracting requirements, the most relevant clauses of the documents through which the credits are instrumented, as well as the places and means of payment. In the information, advertising, and/or propaganda in which the institutions offer to the public any credit provided for in paragraph 5., which include: interest rates, commissions, prizes, cash bonuses, discounts, amounts of periodic payments, payment factors, or equivalent concepts, they must incorporate: i) in a notable form the respective CAT, based on the amounts, terms, and interest rates of the credits they intend to grant most frequently, and ii) the date of calculation of said CAT. Likewise, SOFOLES must provide interested parties in writing the terms and conditions applicable to the credit they request, including the respective CAT. Regarding credits whose interest rate is determined on a date subsequent to the request, the institutions must provide the corresponding CAT based on the minimum and maximum interest rates that could apply. Interest rates must be expressed in simple annual terms.

5.2 Instrumentation.

5.2.1 The documents through which the credits referred to in paragraph 5.1.2 that SOFOLES grant are instrumented must establish clearly and as a minimum:
a) The amount of the principal of the credit or credit line and, if applicable, the conditions under which it may be disbursed. Said amount must not include the accessories of the credit; b) The number of payments the client must make to settle the credit, as well as the deadline for making them; c) The CAT. When it comes to variable rate credits, it must be accompanied by the legend "Variable Rate." In case they refer to a denomination other than national currency, it must be accompanied by the legend "Foreign Currency," "UDIs," or "Minimum Wages," as applicable. d) The ordinary interest rate, or in its case, the reference rate, in terms of what is provided in paragraph 1 of these Rules; e) The means of payment and dates of crediting, in terms of what is provided in paragraph 6. f) The concepts, calculation method, and periodicity of any charge, commission, or expense that, if applicable, are generated by the contracting of the credit or during its validity; as well as that no charges, commissions, or expenses other than those specified will be made; g) The terms and conditions that will apply in the event of advance payments; h) If applicable, the discounts or bonuses to which the client is entitled; i) The statement of the borrower that the SOFOL made known to them before signing the contract: the content of this and all documents to be signed, the charges, commissions, or expenses that will be generated by their celebration, and, if applicable, the discounts or bonuses to which they are entitled, as well as the corresponding CAT of the credit granted; j) The form and terms in which clients can know their balance, as well as the charges and credits made; k) The overdue interest rate in simple annual terms or the charges for default that will be charged for lack of payment or for making payments after the established deadlines, as well as, if applicable, collection expenses, and l) The circumstances of default in which the contract can be rescinded, as well as those in which the borrower cannot dispose of additional resources.

5.2.2 SOFOLES must deliver to their clients a copy of the documentation through which the credits referred to in paragraph 5.1.2 are instrumented, before they can dispose of the granted credit.
Regarding credits whose amount is authorized after the signing of the aforementioned documentation, SOFOLES must inform their clients in writing of the characteristics of said credit, as well as the respective CAT, on the same date they inform them of said amount.
Likewise, they must deliver to their clients in writing the corresponding amortization table for the granted credit and the one resulting from the advance payments they make, or make available to them on the Internet simulators or tools that allow them to obtain such tables and print them. This paragraph shall not be applicable regarding revolving credits or credits with a single amortization.

5.2.3 Credit opening contracts in current accounts in national currency based on which credit cards are issued, will be adjusted to what is provided in the "Rules to which multiple banking institutions and limited purpose financial companies must submit themselves in the issuance and operation of credit cards," so what is provided in paragraphs 5.2.1; 5.2.2; 5.3; 5.5.1, and 5.5.2 shall not be applicable to them. In these cases, SOFOLES must provide their clients in writing with the respective CAT in the correspondence of delivery or sending of the credit card.

5.3 Account Statements.
SOFOLES must provide their clients with an account statement containing, among other information, the following:
a) The name of the borrower; b) The identification data of the credit; c) The payment deadline, indicating that when said date corresponds to a non-banking holiday, the payment may be made on the next banking business day; d) The period to which the account statement corresponds; e) The outstanding principal balance; the payments received in the period, including, if applicable, advance payments, the application of each payment and, if applicable, the charges made in the same period, indicating the concept; if applicable, the number of pending payments, as well as the amount of the monthly payment in the case of fixed payments, and f) The ordinary interest rate applied and, if applicable, the overdue rate, in terms of what is provided in paragraph 1. SOFOLES must send the aforementioned account statements after each payment period or, at least bimonthly, within eight natural days following the cutoff date. SOFOLES must deliver the aforementioned account statements to the addresses indicated for this purpose. The foregoing shall not be applicable when SOFOLES agree with clients that, if required, they will go to their branches to request them or that they will consult them through the Internet page of the SOFOLES themselves, which must allow printing. This paragraph shall not be applicable regarding credits with a single amortization.

5.4 Advance Payments.
SOFOLES must accept advance payments regarding the credits referred to in paragraph 5., when their amount is at least equivalent to the amount of a partial payment.
To this effect, they must, at the request of clients, inform them of the outstanding balance of their credits before they carry out advance payments.
The advance payment must be applied exclusively to the outstanding principal balance, provided that the client is up to date in the payment of: a) the principal; b) the accrued ordinary interest, as well as c) if applicable, the accrued overdue interest, insurance premiums, commissions, and agreed charges. Regarding partial advance payments, SOFOLES must inform the borrowers in writing of the new outstanding balance, in the account statements themselves or through their Internet page. SOFOLES must reduce the amount of the monthly payments, unless they agree with clients in the documents through which the credits are instrumented that, in these cases, the number of pending payments will be reduced. Regarding commissions for advance payments of credits intended for housing, SOFOLES must adhere to what is provided in Article 16 of the Transparency and Competition Promotion in Guaranteed Credit Law. What is provided in the first paragraph of this paragraph shall not be applicable regarding revolving credits.

5.5 General Provisions.
5.5.1 Interest calculation must be carried out on outstanding balances. The foregoing, except for revolving credits, in which interest calculation must be carried out on the average of daily balances of the period.
5.5.2 SOFOLES may not make charges for concepts other than those provided for in the contracts and corresponding documents. SOFOLES may only make charges for collection expenses when they have carried out actions for this concept with the borrower.
5.5.3 Offers of pre-approved or pre-qualified credits that SOFOLES make to specific persons must include the CAT.

6. CREDIT PAYMENTS AND CREDITING DATES
   In the event that any payment deadline corresponds to a non-banking holiday, SOFOLES must accept the respective payments without any charge, on the next banking business day.
   SOFOLES are obligated to receive checks and fund transfer orders for the payment of principal, interest, commissions, and expenses, for the following credits:
   a) Credit cards; b) Mortgage credits; c) Automotive credits, and e) Other credits.
   Fund transfer orders may be sent at the request of the borrower or by a third party, and the issuer may be any credit institution. Likewise, checks may be drawn by the borrower or by a third party, at the expense of any credit institution. The foregoing, provided that those who draw the checks or request the respective fund transfer orders have sufficient resources in the corresponding accounts.

To comply with the provisions of this section, SOFOLES must inform their clients, through account statements, contracts, their Internet website, or any other means of communication, of the necessary data to make payments for the aforementioned credits using checks and fund transfer orders charged to institutions.

In the event that the client agrees with the SOFOL that the payment of the credit granted to them is to be made through automatic debit charged to a checking account at any credit institution, said client must grant their authorization in writing, in which at least the following is established: a) the account in which the payment will be debited indicating the institution that holds it; b) the date on which said debit will take place; and c) the procedure to follow in the event that said account does not have sufficient funds on the agreed date to cover the respective amount.

The payment of the credits referred to in the second paragraph of this section must be credited according to the payment method used, as follows:

Payment Methods: Dates for crediting the payment:

Cash: Credited on the same day.

Check:
Delivered to the SOFOL or to third parties designated by them, other than banks:
a) Charged to a bank that holds an account for the SOFOL, it will be credited on the same banking business day. b) Charged to a bank in which the SOFOL does not have an account, it will be credited no later than the second following banking business day.
This is without prejudice to the payment reception schedules established by the respective SOFOL.

Deposited into the SOFOL's account at any bank:
a) Charged to the receiving bank, it will be credited on the same banking business day. b) Charged to another bank, deposited before 16:00 hours, it will be credited no later than the next banking business day; and after 16:00 hours, it will be credited no later than the second following banking business day.

Automatic Debit: It will be credited:
a) On the date agreed with the client, or b) On the credit's payment deadline.

Electronic Fund Transfers: On the same banking business day that the resources have been credited to the SOFOL's account.

7. INFORMATION.
   SOFOLES are obligated to supply Banco de Mexico with the information it requests regarding their operations, even regarding one or some of them individually, the data that allow estimating their financial situation, and in general, that which is useful to the Bank to ensure the adequate fulfillment of its functions.

TRANSITIONAL PROVISIONS

FIRST.- These Rules shall enter into force on November 6, 2006.

SECOND.- SOFOLES must make known to this Central Institute, no later than October 13, 2006, the names, fax numbers, and electronic addresses of the persons who will receive by these means the provisions issued by said Banco de Mexico that are applicable to them. To this end, they must send it through the Operational Processing Directorate a communication prepared based on the format attached as Annex 3 of these Rules, signed by an official with sufficient authority.

It should be noted that the equipment that SOFOLES use to receive the aforementioned provisions electronically must have the "WebSec" computer program, which is found on the electronic page on the worldwide network (Internet) of Banco de Mexico, identified by the domain name: www.banxico.org.mx. SOFOLES that do not have said program must install it no later than the date on which they send to this Central Institute the aforementioned communication.

THIRD.- Starting from September 3, 2007, Annex 2, section 1, subsection e, is modified to read as follows:

“ANNEX 2
COMPONENTS AND METHODOLOGY FOR CALCULATING THE ANNUAL TOTAL COST (CAT) OF THE CREDITS REFERRED TO IN SECTION 5.

1. Components of the Annual Total Cost (CAT)

… a. to d. … e. Insurance premiums that require the borrower to contract as a requirement for granting the credit. In the case of credits for the acquisition of automobiles, insurance premiums may be excluded, in cases where SOFOLES manifest in writing to the borrowers that they have the possibility of freely contracting said insurance with the insurance company of their choice; f. to i. …
2. to 4. …”

Sincerely,
BANCO DE MEXICO

ANNEX 1
Rules to which multiple banking institutions and limited object financial societies must adhere in the issuance and operation of credit cards.
Publication from the Official Gazette of the Federation of Wednesday, August 4, 2004, is attached.

“ANNEX 2
COMPONENTS AND METHODOLOGY FOR CALCULATING THE ANNUAL TOTAL COST (CAT) OF THE CREDITS REFERRED TO IN SECTION 5

1. Components of the Annual Total Cost (CAT)
   The CAT must include:
   a. Amount of the credit; b. Ordinary principal amortizations;
   c. Ordinary interest;
   d. Fees for analysis, granting, opening and/or administration, investigation, risk coverage, etc. e. Premiums for life, disability, or unemployment insurance that SOFOLES require the borrower to contract as a requirement for granting the credit. Automobile insurance premiums are excluded; f. Any other type of charge or expense different from the above that the borrower is obligated to cover as a condition of the process of granting, celebrating, and administering the credit even if it is not part of the contract, as well as any other amount that the client might receive in case of contracting the credit; g. The difference between the price of the good on credit and its cash price. For these purposes, cash price is understood as that which considers all discounts, bonuses, or offers for operations with cash payment in a single installment. This difference will only be included if the client must cover it. h. The value-added tax on payments that generate said tax, and
   i. Discounts, bonuses, or any other certain amount that the client will receive in case of complying with the conditions established in the contract.

2. Calculation Formula
   The CAT will be the annualized interest rate i expressed as a percentage, which fulfills the following equation:

∑ (from j=1 to M) [Aj / (1 + i)^tj] = ∑ (from k=1 to N) [Bk / (1 + i)^tk]

Where:
M = Total number of credit disbursements. j = Consecutive number identifying each credit disbursement.
Aj = Amount of the j-th credit disbursement.
N = Total number of payments. k = Consecutive number identifying each payment Bk = Amount of the k-th payment. tj = Time interval, expressed in years and fractions of years, that elapses between the date of the first credit disbursement and the date of the j-th credit disbursement. tk = Time interval, expressed in years and fractions of years, that elapses between the date of the first credit disbursement and the date of the k-th payment.

3. Amortization Table.
   With the components provided in the previous section 1, SOFOLES must create a flow table by period, commonly known as an amortization table. This table will start with the calculation of the amount to be financed (period 0), which is calculated by deducting or adding to the amount to be financed, the commissions, costs, or expenses that the consumer pays before or at the beginning of the contract's validity. Subsequently, in rows, all payments to be made by the client and credit disbursements that may exist (flows by period) must be detailed, as stipulated in the contract, starting with what will be disbursed or received on the dates closest to the granting of said credit and so on until finishing with what will be disbursed or received on the furthest date. Credit disbursements must be recorded with a negative sign and client payments with a positive sign. The final flow of each period will be calculated as the horizontal sum (considering the signs) of the payments and disbursements corresponding to the same value date. Likewise, the table must contain the application of payments and the outstanding balance at the end of each period.

4. Assumption
   To perform the CAT calculation, the assumptions described in section 4.1 must be assumed in all cases, and when applicable, the criteria described in section 4.2 must also be followed.

4.1 Assumptions that must be made in all cases:
a. The borrower fulfills their obligations promptly and will not make early payments of the credit. b. All concepts to be included are denominated in the same currency or unit.
c. It must be considered that all payments and/or disbursements are made in regular periods.
d. Fiscal deductions that the borrower might be entitled to in their case shall not be included; nor decreases in the cost of the credit due to events beyond the borrower's control. e. For the inclusion of future costs that are variable and/or linked to indices, the value current on the day the credit offer is made shall be taken as the reference value, and it will be considered that said value does not change during the life of the credit.

4.2 Additional assumptions when applicable:
f. When the cost of insurance is not known at that time, it must be estimated by the SOFOL and included in the CAT calculation. g. In credit card contracts or revolving credit lines, it is assumed that the credit amount is disbursed by the borrower in period zero for the amount of the credit limit, unless the contract specifies the dates on which disbursements must be made. Also in these credits, it is assumed that the amount paid by the credit in each of the payment periods is the minimum required by the SOFOL, established in the credit contract.

h. For credit card contracts or revolving credit lines or other credits where the maturity date is not specified, it will be the one corresponding according to principal amortizations. If the maturity exceeds 10 years, it will be assumed that the residual principal is amortized in the last period of year 10.
i. Charges, expenses, and disbursements whose payment date is not established in the contract or are made before the beginning of its validity, will be considered to have been made at the beginning of said validity.
j. When ranges of rates, costs, or commissions are established, the highest level will be assumed. k. In cases where the cost of the credit varies as a result of a future event of certain occurrence, said variation will be considered to occur on the expected date.”

ANNEX 3
MODEL OF THE COMMUNICATION REFERRED TO IN CIRCULAR 1/2006 OF BANCO DE MEXICO.
(SOFOL LETTERHEAD)
Mexico, D.F., on ___ of ____________ of 200__.
BANCO DE MEXICO
Operational Processing Directorate,
Av. 5 de Mayo number 6., 4th Floor,
Col. Centro, C.P. 06059, Mexico, D.F.
In compliance with what is stipulated in the Transitional Provision Second of circular 1/2006 dated August 10, 2006, (NAME OF THE SOFOL) states that it is aware that, from this date, Banco de Mexico will make known to this entity the provisions it issues and that are applicable to it through electronic means (fax and/or email), therefore it expresses its consent to receive them through the aforementioned means. Likewise, it accepts that the provisions received from Banco de Mexico via fax, or through email containing the electronic signatures of competent officials, will have full legal validity and produce all legal effects to which there may be grounds. For the above, it is communicated that the aforementioned provisions must be sent to any of the following electronic addresses and fax numbers:

ELECTRONIC ADDRESS RESPONSIBLE

1. ---

2. ---

3. ---

FAX NUMBER RESPONSIBLE

1. ---

2. ---

3. ---

This society undertakes to notify in writing to that Directorate immediately any change in this list, in order for it to take effect from the second banking business day following the date on which this Central Institute is made aware of it.

Additionally, this society states that the computer program named “WebSec”, necessary to access the provisions that said Central Bank disseminates through electronic means, as well as to verify the authenticity of the electronic signatures contained in said provisions, is installed on the corresponding equipment. Likewise, it undertakes to keep it in operation and updated. Sincerely, (NAME OF THE SOFOL) (NAMES OF AUTHORIZED OFFICIALS) (TITLES)