Circular 10/2007 — Modifies Circular 8/2007

CIRCULAR 10/2007
Mexico, D.F., September 10, 2007.
TO CREDIT INSTITUTIONS,
BROKERAGE HOUSES, INVESTMENT COMPANIES AND SPECIALIZED INVESTMENT COMPANIES FOR RETIREMENT FUNDS:
SUBJECT: RULES FOR THE PURCHASE AUCTIONS OF MONETARY REGULATION BONDS (BREMS)

The Bank of Mexico, based on articles 28 of the Political Constitution of the United Mexican States, sixth and seventh paragraphs; 7, fraction 1, 8, 14 and 24 of the Bank of Mexico Law; 22 of the Law for Transparency and Ordering of Financial Services; as well as articles 8, 10, 17 fraction I, which establishes the authority of the Central Banking Dispositions Directorate to issue provisions, and 19 fraction IX, which provides the authority of the Operations Directorate to participate in the issuance of provisions, all of the Internal Regulations of the Bank of Mexico published in the Official Gazette of the Federation on September 30, 1994, whose last modification was published in the aforementioned Official Gazette on April 26, 2007; as well as in the Single Article, fractions I and IV of the Agreement on the Adscription of the Administrative Units of the Bank of Mexico, with the objective of promoting the sound development of the financial system, this Central Bank has resolved to modify the third paragraph of section 2 of the Rules for the Purchase Auctions of Monetary Regulation Bonds (BREMS) provided for in Circular 8/2007, to read as follows:

2. CHARACTERISTICS OF THE AUCTIONS.

" . . .
. . .
At the latest at the opening of the Auctions, the Bank of Mexico shall make known to the bidders the prices of the BREMS to be purchased, through its electronic page or through any other electronic, computing or telecommunications means that the Bank of Mexico itself determines for this purpose."

TRANSITIONAL PROVISION
SINGLE.- This Circular shall enter into force on September 11, 2007.