Circular 11/2011 — Abrogation of Provisions

Wednesday, May 11, 2011 OFFICIAL GAZETTE (Third Section) 3

CIRCULAR 11/2011, addressed to Securities Dealers; Credit Institutions; Investment Societies and Specialized Investment Societies for Retirement Funds regarding the abrogation of provisions.

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

CIRCULAR 11/2011

TO SECURITIES DEALERS; CREDIT INSTITUTIONS; INVESTMENT SOCIETIES AND SPECIALIZED INVESTMENT SOCIETIES FOR RETIREMENT FUNDS:

SUBJECT: ABROGATION OF PROVISIONS

The Bank of Mexico, in order to promote the sound development of the financial system, considers it convenient to abrogate various general provisions, as well as to publish a list of other provisions that, having fulfilled the purposes for which they were issued, have become without effect.

Based on Articles 28 of the Political Constitution of the United Mexican States, sixth and seventh paragraphs; 24 of the Bank of Mexico Law; 22 of the Law for Transparency and Ordering of Financial Services, as well as Article 4, first paragraph, 8, fourth and seventh paragraphs, 10 first paragraph, 14 Bis in relation to 17 fraction I and 19 fraction VII, of the Internal Regulations of the Bank of Mexico, which grant it the authority to issue provisions through the General Legal Directorate and the Operations Directorate, respectively, as well as the Unique Article of the Agreement on the Attachment of the Administrative Units of the Bank of Mexico, fractions VII and XII, has resolved to abrogate the following provisions:

I. Circular-Telefax 3/2000 dated January 26, 2000, through which this Central Institute communicated to credit institutions that the Federal Government Development Bonds with fixed interest rate (BONOS) issued by the Federal Government on the 27th of the month and year mentioned, would be subject to the provisions contained in Circular 2019/95 and the other applicable provisions for the Federal Government Development Bonds (BONDES).

II. Circular 1/2004 dated December 22, 2004, which contains the “Rules to which specialized investment societies for retirement funds must adhere when contracting credit lines to liquidate the securities they acquire in international markets.”

III. Circular 8/2007 dated August 28, 2007, addressed to securities dealers, credit institutions, investment societies, and specialized investment societies for retirement funds, which contains the “Rules for the Auctions for the Purchase of Monetary Regulation Bonds (BREMS).”

IV. Circular 10/2007 dated September 10, 2007, addressed to securities dealers, credit institutions, investment societies, and specialized investment societies for retirement funds, issued with the objective of making modifications to the “Rules for the Auctions for the Purchase of Monetary Regulation Bonds (BREMS),” contained in Circular 8/2007.

Additionally, this Central Bank, for transparency purposes, has resolved to inform the list of provisions that have become without effect:

1. Circular-Telefax 11/98 dated March 13, 1998, addressed to credit institutions, through which the terms were established for said institutions to participate in a swap of Federal Government Development Bonds (BONOS).

2. Circular-Telefax 13/98 dated March 24, 1998, addressed to credit institutions, through which the call for participation in the BONOS swap carried out based on Circular-Telefax 11/98 was made known.

3. Circular-Telefax 14/98 dated March 26, 1998, addressed to credit institutions, through which Annex 1 of the call made known through Circular-Telefax 13/98 was replaced.

4. Circular-Telefax 33/98 dated August 27, 1998, addressed to multiple banking institutions, through which the terms were established for said entities to participate in auctions of rights to celebrate contracts for the exchange of money flows resulting from the comparison of nominal interest rates, known as interest rate swaps.

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5. Circular-Telefax 34/98 dated August 27, 1998, addressed to multiple banking institutions, through which the terms were established for such institutions to participate in auctions of rights to celebrate contracts for the exchange of money flows resulting from the comparison of interest rates, known as interest rate swaps.

6. Circular-Telefax 37/98 dated August 28, 1998, addressed to multiple banking institutions, through which those institutions were allowed to transmit the rights and obligations derived from the interest rate swap contracts, celebrated based on the auctions carried out in terms of Circulares 33/98 and 34/98.

7. Circular-Telefax 45/98 dated September 14, 1998, addressed to multiple banking institutions, through which the terms were established for said institutions to participate in auctions of rights to celebrate contracts for the exchange of money flows resulting from the comparison of nominal interest rates, known as interest rate swaps.

8. Circular-Telefax 46/98 dated September 14, 1998, addressed to multiple banking institutions, through which the terms were established for such institutions to participate in auctions of rights to celebrate contracts for the exchange of money flows resulting from the comparison of interest rates, known as interest rate swaps.

9. Circular-Telefax 47/98 dated September 18, 1998, addressed to multiple banking institutions, through which Annex 1 of Circular-Telefax 46/98 was replaced.

10. Circular-Telefax 17/2000 of April 4, 2000, addressed to credit institutions, which contains the procedure based on which a swap of Federal Government Development Bonds denominated in Investment Units was carried out.

11. Circular-Telefax 29/2002 dated August 28, 2002, addressed to credit institutions, regarding the early payment of fixed-term deposits constituted at the Bank of Mexico.

12. Circular 3/2005 dated December 7, 2005, addressed to securities dealers, credit institutions, investment societies, and specialized investment societies for retirement funds, which contains the Call for the purchase of Savings Protection Bonds (BPA'S) and makes known the letter by which the Institute for the Protection of Bank Savings establishes the terms for an auction.

13. Circular 1/2006 dated July 28, 2006, addressed to securities dealers, credit institutions, investment societies, and specialized investment societies for retirement funds, which contains the Call and the “Rules for the auctions for the purchase of Monetary Regulation Bonds (BREMS) and the sale of Federal Government Development Bonds (BONDES D).”

14. Circular 51/2008 dated October 28, 2008, which contains the “Rules to which specialized investment societies for retirement funds must adhere when contracting loans or credits to satisfy liquidity needs.”

15. Circular 53/2008 of October 31, 2008, issued with the objective of making modifications to the “Rules to which specialized investment societies for retirement funds must adhere when contracting loans or credits to satisfy liquidity needs,” contained in Circular 51/2008.

TRANSITORY SINGLE. This Circular shall enter into force the day following its publication in the Official Gazette of the Federation.

Mexico, D.F., May 10, 2011.- BANK OF MEXICO: The Director of Operations, Jaime José Cortina Morfín.- Rubric.- The General Legal Director, Héctor Reynaldo Tinoco Jaramillo.- Rubric.

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For any inquiries regarding the content of this Circular, please go to the Manager of Authorizations, Consultations and Legal Control, located at Avenida 5 de Mayo number 2, Colonia Centro, Mexico, Federal District, C.P. 06059, or to the phones 5237.2308, 5237.2317 or 52372000 Ext. 3200.