Circular 1/2013 — Modification to Circular 3/2012

Friday, September 13, 2013 OFFICIAL GAZETTE (First Section)

BANCO DE MEXICO

CIRCULAR 1/2013 addressed to credit institutions and the Rural Financial Institution, regarding the Modification to Circular 3/2012.

At the margin a logo, which says: Bank of Mexico.

CIRCULAR 1/2013

TO CREDIT INSTITUTIONS
AND TO THE RURAL FINANCIAL INSTITUTION:

SUBJECT: MODIFICATION TO CIRCULAR 3/2012

The Bank of Mexico, with the purpose of promoting the sound development of the financial system and of protecting the interests of depositors, considers it convenient to reduce the maximum amount for which bearer checks may be issued, in order to contribute to the prevention of illicit activities through the use of this type of check.

For the above reason, based on Article 28 of the Political Constitution of the United Mexican States, sixth and seventh paragraphs; Articles 24 and 26 of the Bank of Mexico Law; Article 179, second paragraph, of the General Law of Negotiable Instruments and Credit Operations; Article 48 of the Credit Institutions Law; Article 22 of the Law for Transparency and Orderly Regulation of Financial Services; Article 4, first paragraph, Article 8, fourth and seventh paragraphs, Article 10, first paragraph, Article 12 Bis in relation with Article 20, fraction XI, and Article 14 Bis in relation with Article 17, fraction I, of the Internal Regulations of the Bank of Mexico, which grant it the authority to issue provisions through the General Directorate of Strategy, Risks and Payment Systems and the General Legal Directorate, respectively, as well as under Article 2, fractions IX and XI of the Agreement on the Assignment of Administrative Units of the Bank of Mexico; it has resolved to modify Article 22 of the Provisions applicable to the operations of credit institutions and the Rural Financial Institution contained in Circular 3/2012, to read as follows:

PROVISIONS APPLICABLE TO THE OPERATIONS
OF CREDIT INSTITUTIONS AND OF THE RURAL FINANCIAL INSTITUTION

SECOND TITLE

OPERATIONS WITH THE PUBLIC

CHAPTER I

PASSIVE OPERATIONS

Section I

Passive operations in national currency

Subsection B

Demand Deposits

Amount of nominative checks

“Article 22.- Checks issued for amounts exceeding five thousand pesos must always be nominative.”

TRANSITORY

SINGLE. This Circular shall enter into force on January 2, 2014.

Mexico City, September 12, 2013.- BANK OF MEXICO: The General Director of Strategy, Risks and Payment Systems, Lorenza Martínez Trigueros.- Signature.- The General Legal Director, Luis Urrutia Corral.- Signature.

(First Section) OFFICIAL GAZETTE Friday, September 13, 2013

For any inquiries regarding the content of this Circular, please contact the Management of Authorizations, Consultations and Legal Control, at the phone numbers (55) 5237-2308, (55) 5237-2317 or (55) 5237-2000, extension 3200.