Circular 1/2026 — Modifies Circular 4/2012

Wednesday, January 7, 2026 OFFICIAL GAZETTE 209 BANCO DE MEXICO CIRCULAR 1/2026 addressed to credit institutions, brokerage houses, investment funds, multiple-object financial societies that have equity links with a multiple banking institution, general warehouse deposits, insurance institutions and the National Financial Development Entity for Agriculture, Rural, Forestry and Fisheries, regarding the Modifications to Circular 4/2012 (LEI Code and Margin Requirements). At the margin a logo, which says: Bank of Mexico.- "2025, Year of the Indigenous Woman". CIRCULAR 1/2026 TO CREDIT INSTITUTIONS, BROKERAGE HOUSES, INVESTMENT FUNDS, MULTIPLE-OBJECT FINANCIAL SOCIETIES THAT HAVE EQUITY LINKS WITH A MULTIPLE BANKING INSTITUTION, GENERAL WAREHOUSE DEPOSITS, INSURANCE INSTITUTIONS AND THE NATIONAL FINANCIAL DEVELOPMENT ENTITY FOR AGRICULTURE, RURAL, FORESTRY AND FISHERIES:
SUBJECT: MODIFICATIONS TO CIRCULAR 4/2012 (LEI CODE AND MARGIN REQUIREMENTS) The Bank of Mexico, with the purpose of continuing to promote the sound development of the financial system and taking into consideration the need to give continuity to the efforts carried out by the financial authorities of various jurisdictions, within the framework of the policies and recommendations promoted by our country jointly with the other countries of the Group of Twenty (G-20) and the Financial Stability Board, has decided to strengthen the identification of the entities that participate in the operations of the Mexican financial system in the derivatives market in relation to the code referred to in the "Rules applicable to the Legal Entity Identifier Code (LEI Code)" for the identification of the same and facilitate the aggregation of exposures in said system. Likewise, this Central Institute has decided to reflect the current structure of the Public Administration in the margin requirements for uncollateralized over-the-counter derivative operations. For the above, based on articles 28, paragraphs seventh and eighth, of the Political Constitution of the United Mexican States, 2, 3, fraction I, 24, 26 and 36 of the Bank of Mexico Law, 46, fraction XXV, of the Credit Institutions Law, 176, first paragraph, of the Securities Market Law, 15, second paragraph, of the Investment Funds Law, 11 Bis 2, fraction XII, and 87-D, fourth paragraph, of the General Law of Organizations and Auxiliary Credit Activities, 133 of the Insurance and Surety Institutions Law and 9, second paragraph, of the National Financiera Organic Law, 6, second paragraph, of the Federal Mortgage Society Organic Law, 9, second paragraph, of the Bienestar Bank Organic Law, 9, second paragraph, of the National Foreign Trade Bank Organic Law, 10, second paragraph, of the National Bank of Public Works and Services Organic Law, 8, second paragraph, of the National Bank of the Army, Air Force and Navy Organic Law, 22 of the Law for Transparency and Order of Financial Services, 1, 4, first paragraph, 8, paragraphs fourth and eighth, 10, first paragraph, 12 Bis, in relation to 20 Quater, fraction IV, 14 Bis, in relation to 17, fraction I, 19 Bis 1, fraction XI, 25 Bis, fraction VII, and 25 Bis 1, fraction IV, of the Internal Regulations of the Bank of Mexico, which grant it the attribution to issue provisions through the General Directorate of Payment Systems and Market Infrastructures, General Legal Directorate, Operations Support Directorate, Financial System Information Directorate and Regulation and Supervision Directorate, respectively, as well as Second, fractions I, IV, VI, X and XVII of the Agreement on the Assignment of Administrative Units of the Bank of Mexico, has resolved to modify numerals 4., first paragraph and subsection b), of the second paragraph, 5.1, fifth paragraph, and 6.2.2, subsection a), and repeal subsection c), of numeral 6.2.2, of the "Rules for the Execution of Derivative
Operations", issued by the Bank of Mexico through Circular 4/2012, to remain in the terms following:
RULES FOR THE EXECUTION OF DERIVATIVE OPERATIONS "4. AUTHORIZED COUNTERPARTIES Entities may carry out Derivative Operations with any person, except in the cases described in these Rules. Entities, Investment Funds, Sofomes, General Warehouse Deposits and Insurance Institutions must have the respective LEI Codes issued in their name, which must be valid at the time of the celebration of the Respective Derivative Operations. Additionally, Entities, Investment Funds, Sofomes, General Warehouse Deposits and Insurance Institutions, prior to the celebration of a Derivative Operation with any of the counterparties indicated below, must obtain from them their corresponding Valid LEI Code at the time of said celebration:
... b) Trusts, as well as legal entities other than those indicated in subsection a) above in case the notional amount of said Derivative Operation, added to those others of the other Derivative Operations of purchase and sale, including in a disaggregated manner the notional amounts of those that are part of a set of Derivative Operations, that are in force at the time of the celebration that, if applicable, that same counterparty has carried out with the financial institution in question and that, on the calculation date, exceed an amount equivalent in national currency to 3 million UDIS, calculated based on the value of the UDI of the day that corresponds. ..." "5. INSTRUMENTATION AND NEGOTIATION
5.1 ...
Entities, Investment Funds, General Warehouse Deposits, Insurance Institutions and Sofomes must include the corresponding UTI, as well as the respective LEI Code issued in their name and that of their counterparty, in the Confirmation of Derivative Operations they celebrate in over-the-counter markets. ..." "6.2 MARGINS
6.2.1 ...
6.2.2 Entities and Investment Funds will not be obliged to agree with any of the
following counterparties on the exchange of Margins referred to in the previous numeral:
a) the federal public administration, with the exception of state-owned enterprises, and institutions of development banking; ... c) Repealed; ..." TRANSITIONAL PROVISIONS FIRST.- The provisions of this Circular will enter into force on the next business day following its publication in the Official Gazette of the Federation. SECOND.- The provisions of numeral 4, first paragraph, of these Rules will enter into force on July 7, 2026. The provisions of the second paragraph, subsection b) of numeral 4, will enter into force on July 8, 2027. Without prejudice to what is provided in the previous paragraph, from October 8, 2026, Entities, Investment Funds, Sofomes, General Warehouse Deposits and Insurance Institutions must obtain the LEI Code of the counterparties provided for in the second paragraph, subsection b) of numeral 4 whose sum of notional amounts of the operations specified in said subsection exceeds an amount equivalent in national currency of 17 million UDIS, calculated based on the value of the UDI of the day that corresponds. THIRD.- The provisions of numeral 5, subnumeral 5.1, fifth paragraph, of these Rules will enter into force on July 8, 2027. Mexico City, December 30, 2025.- BANK OF MEXICO: General Director of Payment Systems and Market Infrastructures, Othón Martino Moreno González.- Rubric.- General Legal Director, Erik Mauricio Sánchez Medina.- Rubric.- Operations Support Director, Joaquín Rodrigo Cano Jauregui Segura Millan.- Rubric.- Financial System Information Director, Juan Fernando Avila Embriz.- Rubric.- Director of Regulation and Supervision, Viviana Garza Salazar.- Rubric.

Wednesday, January 7, 2026 OFFICIAL GAZETTE 211 For any inquiries regarding the content of this Circular, the Bank of Mexico is at your disposal through the Directorate of Authorizations and Sanctions of Central Banking at telephone (55) 5237-2000 extension 3200.