Circular 12/2026 — Modifications to Securities Lending Rules

96 OFFICIAL GAZETTE Tuesday, October 13, 2026
BANCO DE MEXICO
CIRCULAR 12/2026 addressed to credit institutions, brokerage houses, investment funds, specialized investment societies for retirement funds, insurance institutions, surety institutions, and the National Financial Development Institution for Agriculture, Rural, Forestry and Fisheries, regarding the Modifications to the Rules to which credit institutions, brokerage houses, investment funds, specialized investment societies for retirement funds, insurance institutions, surety institutions, and the National Financial Development Institution for Agriculture, Rural, Forestry and Fisheries must adhere in their securities lending operations.

There is a logo at the margin, which says: Bank of Mexico.- "2026, Year of Margarita Maza Parada".

CIRCULAR 12/2026
TO CREDIT INSTITUTIONS, BROKERAGE HOUSES,
INVESTMENT FUNDS, SPECIALIZED INVESTMENT
SOCieties FOR RETIREMENT FUNDS,
INSURANCE INSTITUTIONS,
SURETY INSTITUTIONS AND THE NATIONAL FINANCIAL DEVELOPMENT INSTITUTION FOR AGRICULTURE, RURAL, FORESTRY AND FISHERIES:

SUBJECT: MODIFICATIONS TO THE RULES TO WHICH
CREDIT INSTITUTIONS, BROKERAGE HOUSES, INVESTMENT FUNDS, SPECIALIZED INVESTMENT SOCIETIES FOR RETIREMENT FUNDS, INSURANCE INSTITUTIONS, SURETY INSTITUTIONS AND THE NATIONAL FINANCIAL DEVELOPMENT INSTITUTION FOR AGRICULTURE, RURAL, FORESTRY AND FISHERIES MUST ADHERE IN THEIR SECURITIES LENDING OPERATIONS.

The Bank of Mexico, with the purpose of continuing to promote the sound development of the financial system, as well as to foster the proper functioning of payment systems and the protection of public interests, has considered it necessary to update the regulatory framework applicable to securities lending operations carried out by financial entities in the local financial market, so that they comply with best practices and international standards.

For this reason, based on articles 28, paragraphs seventh and eighth, of the Political Constitution of the United Mexican States; 24, 26, and 36 of the Bank of Mexico Law; 22 of the Law for Transparency and Ordering of Financial Services; 81, paragraph second, of the Credit Institutions Law; 176, paragraph first, of the Securities Market Law; 15, paragraph second, of the Investment Funds Law; 48, section VI, of the Savings for Retirement Law; 132 and 157 of the Insurance and Surety Institutions Law; 4, paragraph first, 8, paragraphs fourth and eighth, 10, paragraph first, 12, paragraph first, in relation to 19 Bis, section V, 12 Bis, paragraph first, in relation to 20 Quáter, section IV, 14 Bis, paragraph first, in relation to 17, section I, 14 Bis 1, paragraph first, in relation to 25 Bis 1, section IV, and 25 Bis, section VII, of the Internal Regulations of the Bank of Mexico, which grant the authority to issue provisions through the General Directorate of Central Banking Operations, the General Directorate of Payment Systems and Market Infrastructures, the General Legal Directorate, the General Directorate of Affairs of the Financial System, and the Directorate of Information of the Financial System, respectively; as well as Second, sections I, IV, VI, X and XVII, of the Agreement on the Affiliation of the Administrative Units of the Bank of Mexico, has resolved to modify numeral 1, paragraph first, and the definitions of “Stock Exchange”, “Certificates”, “Institutional Investors”, “Securities”, “Structured Securities” and “Foreign Securities”, 2.1, 2.2, paragraph first, 2.5, 3, 3.1, 4.2, 5, 5.1, 8.1, paragraphs first, second, third, fourth, fifth, seventh, subsections i), ii), iii) and iv), and paragraph eleventh, 8.2, paragraphs first, second and third, 9.1, 10.1, 10.8 and 11.1; add the definitions of “LEI Code” and “Credit Rating Agencies” to numeral 1, numerals 2.6, 2.7, 2.8, 3.5, 5.3, the thirteenth paragraph to numeral 8.1, renumbering the subsequent paragraphs of said numeral in order, and numerals 13, 13.1, 13.2, 13.3 and 13.4; as well as repeal the definition of “Authorities” contained in numeral 1, and numerals 11.2, 12 and 12.1, of the “Rules to which credit institutions, brokerage houses, investment funds, specialized investment societies for retirement funds, insurance institutions, surety institutions, and the National Financial Development Institution for Agriculture, Rural, Forestry and Fisheries must adhere in their securities lending operations”, as amended, to remain in the following terms:

Tuesday, October 13, 2026 OFFICIAL GAZETTE 97
RULES TO WHICH CREDIT INSTITUTIONS, BROKERAGE HOUSES, INVESTMENT FUNDS, SPECIALIZED INVESTMENT SOCIETIES FOR RETIREMENT FUNDS, INSURANCE INSTITUTIONS, SURETY INSTITUTIONS AND THE NATIONAL FINANCIAL DEVELOPMENT INSTITUTION FOR AGRICULTURE, RURAL, FORESTRY AND FISHERIES MUST ADHERE IN THEIR SECURITIES LENDING OPERATIONS

“1. DEFINITIONS
For the purposes of these Rules, the terms used herein, in singular or plural, shall have the meanings indicated below, without prejudice to any different treatment given to similar terms in other regulations:

…
Authorities: Repealed.
Stock Exchange: the concessioned anonymous company organized and operating under such character, in terms of the Securities Market Law, as well as stock exchanges located in Reference Countries that are authorized and regulated in accordance with the legislation applicable in the corresponding jurisdiction.
…
Certificates: the real estate fiduciary exchange-traded certificates indexed, referred to in sections II and III of article 63 Bis 1 of the Securities Market Law. For the purposes of these Rules, real estate fiduciary exchange-traded certificates must, at the time of the celebration of the respective Securities Lending operation, have at least one calendar year of quotation on any Stock Exchange constituted in accordance with the Securities Market Law and, individually, a market capitalization of at least five billion pesos. LEI Code: the code referred to in the “Rules applicable to the Legal Entity Identifier Code (LEI Code)” of the Bank of Mexico, issued through Circular 14/2015, as amended. … Credit Rating Agencies: the anonymous companies authorized by the National Banking and Securities Commission to act as such, in terms of what is provided by the Securities Market Law, as well as their controlling and subsidiary companies abroad, that grant credit ratings to the securities subject to Securities Lending in accordance with these Rules. … Institutional Investors: persons who have such character in terms of what is provided in the Securities Market Law. … Securities: any debt security with a secondary market that: a) is registered in the National Securities Register referred to in the Securities Market Law, or, when issued abroad, is registered, authorized or regulated for sale to the general public by the securities commissions or equivalent bodies of the Reference Countries; b) is not included in any of the other definitions of these Rules; c) according to its term, has assigned, at the start of the operation, at least by two Credit Rating Agencies, a rating corresponding to any of those comprised in levels N1 to N13 of Annex 1, N1mx to N10mx of Annex 2, Ni to Niii of Annex 3, as well as Nimx to Niiimx of Annex 4, of Circular 39/2020 of the Bank of Mexico, as amended, and d) does not correspond to (i) a subordinated obligation; (ii) another debt title subordinated to the payment of obligations with higher priority, or (iii) any Structured Security. Regarding the Securities referred to in the previous paragraph, in the event that they do not have a credit rating in the local scale, the equivalent rating of the security in the global scale, if applicable, may be considered instead, in accordance with the aforementioned Circular. In default thereof, the local scale credit rating corresponding to the issuer of the Security may be considered, or, in the absence thereof, the global scale. This is subject to the condition that such rating corresponds to any of the levels mentioned in the previous paragraph and has been issued by at least two Credit Rating Agencies.

98 OFFICIAL GAZETTE Tuesday, October 13, 2026
If the security and its issuer do not have a credit rating as established in this definition, it will not be considered as a Security for the purposes of these Rules. Without prejudice to the foregoing, the Bank of Mexico may, exceptionally, authorize certain unrated securities to be considered as Securities, upon request by the relevant Entity.
…
Structured Securities: securities, other than Government Securities, whose yield is determined based on variations observed in the prices of financial assets or derivatives transactions on financial assets, including structured bank securities provided for in Title Two, Chapter I, Sections I, Subsection G, and III, Subsection E, of the “Provisions applicable to the operations of credit institutions, multiple-object financial societies regulated that maintain patrimonial links with credit institutions and the National Financial Development Institution for Agriculture, Rural, Forestry and Fisheries” issued by the Bank of Mexico through Circular 3/2012, as amended. … Foreign Securities: debt securities with a secondary market, except subordinated obligations, other subordinated titles and Structured Securities, that are issued, accepted, guaranteed or secured by international financial organisms, central banks and governments of Reference Countries other than Mexico and Foreign Financial Entities, as well as debt securities listed in the International Quotation System. Furthermore, such securities must be registered, authorized or regulated for sale to the general public by the competent authorities of the Reference Countries in which they were issued. Likewise, according to their term, they must have assigned, at the start of the operation, at least by two Credit Rating Agencies, a rating corresponding to any of those comprised in levels N1 to N13 of Annex 1, N1mx to N10mx of Annex 2, Ni to Niii of Annex 3, as well as Nimx to Niiimx of Annex 4, of Circular 39/2020 of the Bank of Mexico, as amended. Regarding the securities referred to in the previous paragraph, in the event that they do not have a credit rating in the local scale, the equivalent rating of the security in the global scale, if applicable, may be considered instead, in accordance with the aforementioned Circular. In default thereof, the local scale credit rating corresponding to the issuer of the security may be considered, or, in the absence thereof, the global scale. This is subject to the condition that such rating corresponds to any of the levels mentioned in the previous paragraph and has been issued by at least two Credit Rating Agencies. If the security and its issuer do not have a credit rating as established in this definition, it will not be considered as a Foreign Security for the purposes of these Rules. Without prejudice to the foregoing, the Bank of Mexico may, exceptionally, authorize certain unrated securities to be considered as Foreign Securities, upon request by the relevant Entity. …”

“2.1 Credit Institutions, Brokerage Houses and FND may enter into Securities Loans for their own account with any person.
Credit Institutions that enter into Securities Loans with Shares and Securities may conduct such loans without the intermediation of Brokerage Houses.
Securities Loans with Foreign Securities that are not registered in the National Securities Register provided for in the Securities Market Law shall be subject, in terms of intermediation, to the provisions that are applicable.”

“2.2 Investment Funds may enter into Securities Loans, in their capacity as borrowers or lenders, only with Credit Institutions, Brokerage Houses or Foreign Financial Entities.
…”

“2.5 Entities may hire Credit Institutions, Brokerage Houses or Foreign Financial Entities that are established in any of the Reference Countries, as a securities lending agent (Securities Lending Agent), with the object of providing them, among others, services related to the negotiation, celebration and administration of Securities Lending operations, in the name and on behalf of the Entity that hires such services and subject to the guidelines agreed upon by the counterparties of such operations. These services may consist of:
i) Entering into Securities Loans, as well as carrying out counterparty management, negotiation of rates, terms and types of collateral, among other conditions of the operations, as well as credit risk management, through the analysis and monitoring of said risk, to cover the exposure of one party of the Securities Loan with respect to the other, among others.

Tuesday, October 13, 2026 OFFICIAL GAZETTE 99 ii) Issuing instructions, preparing and communicating reports, among others, regarding the administration and status of the Shares and Securities subject to the Securities Lending operation and, if applicable, the corresponding collateral, as well as other aspects related to the administration of the lifecycle of the Securities Lending operation. iii) Instructing, coordinating and verifying that the transfer and custody of the Shares and Securities subject to Securities Lending operations and, if applicable, the corresponding collateral, take place. iv) Instructing and verifying that the determination of the market value of the Shares and Securities subject to the Securities Lending operation and, if applicable, the corresponding collateral, takes place, in terms of what is established in numeral 8.1 of these Rules. v) Instructing and verifying that the determination of the amount of collateral that counterparties must constitute to cover the exposure of one party of the Securities Loan with respect to the other, in accordance with the master contract referred to in numeral 8.1 of these Rules, takes place. vi) Instructing, coordinating and verifying that the substitution of the Shares and Securities subject to the Securities Lending operation and, if applicable, the corresponding collateral takes place, as well as the return of the excesses of said collateral, in accordance with what was agreed between the parties, in conformity with numeral 3.5 of these Rules. vii) Acting on behalf of the Entities in the investment of cash constituted as collateral, subject to the guidelines established by the counterparties in the master contract in which the Securities Lending operation is instrumented. viii) Instructing, coordinating and verifying that the settlement of Securities Loans takes place in the terms established in these Rules and in accordance with what was agreed between the parties of the respective Securities Lending operation. ix) Instructing, coordinating and verifying that processes for the management of defaults by the parties of the Securities Loan take place. The activities indicated shall be performed by the securities lending agent on behalf of the Entity that hires it, in accordance with the terms and conditions of the contract celebrated for such effect, and subject in each operation to the Securities Loan contract in question. In the contracts that Entities celebrate with those persons who provide them with the services referred to in this numeral, said Entities must refrain from incorporating clauses by virtue of which said service providers are allowed to grant credit or financing to the parties of the Securities Loan.

“2.6 Entities may hire Credit Institutions, Brokerage Houses, Securities Depositories or Foreign Financial Entities that are established in any of the Reference Countries, as a tri-party agent, with the purpose of providing them, among others, services related to the custody and administration of the Shares and Securities subject to Securities Lending operations and of administration of the collateral that must be constituted in terms of numeral 8.1 of these Rules. These services may consist of:
i) Processing Securities Loans after they have been celebrated by the Entities in terms of the master contract referred to in numeral 8.1 of these Rules. ii) Confirming the instructions received from counterparties with respect to the Securities Loans in which they intervene. iii) Custodying in segregated accounts of the tri-party agent’s own assets, the Shares and Securities subject to Securities Lending operations and, if applicable, the corresponding collateral. iv) Transferring the Shares and Securities subject to Securities Lending operations and, if applicable, the corresponding collateral, between the lender’s and borrower’s accounts, in accordance with the instructions granted by them. v) Determining the market value of the Shares and Securities subject to the Securities Lending operation and, if applicable, the corresponding collateral, in terms of what is established in numeral 8.1 of these Rules.

100 OFFICIAL GAZETTE Tuesday, October 13, 2026 vi) Determining the amount of collateral that Entities must constitute to cover the exposure of one party of the Securities Loan with respect to the other, in accordance with what is established in the master contract referred to in numeral 8.1 of these Rules. vii) Carrying out the substitution of the Shares and Securities subject to the Securities Lending operation and, if applicable, the corresponding collateral, as well as the return of the excesses of said collateral, in accordance with what was agreed between the parties in conformity with numeral 3.5 of these Rules. viii) Carrying out the bilateral offsetting of the obligations assumed by the lender and the borrower in the Securities Loans in which they intervene. ix) Performing the settlement of Securities Loans in the terms established in these Rules. x) Having processes for the management of defaults by the parties of the Securities Loan. In the contracts that Entities celebrate with those persons who provide them with the services referred to in this numeral, said Entities must refrain from incorporating clauses by virtue of which said service providers are allowed to participate in the negotiation of the contracts through which Securities Loans are instrumented, guarantee the obligations of the parties in case of any default in the Securities Loans they have celebrated, or grant credit or financing to the parties of the Securities Loan.”

“2.7 Each Entity may carry out the hiring of the services referred to in numerals 2.5 and 2.6 jointly or separately. Such hiring does not confer the character of counterparty in the Securities Lending operation to the agents provided for in said numerals. The aforementioned hiring may be made with one or more Credit Institutions, Brokerage Houses, or Foreign Financial Entities for both services, or with Securities Depositories, only, in the case of the services referred to in numeral 2.6. Each Entity may hire obtaining credits or financings to ensure the settlement of its Securities Lending operations, subject to the condition that said credits or financings are formalized in instruments independent from those of the hiring of the services provided for in numerals 2.5 and 2.6.”

“2.8 Entities obliged to comply with the “Rules applicable to the legal entity identifier code for legal persons and trusts (LEI Code)”, contained in Circular 14/2015, as amended, must have the LEI Codes issued in their name, which must be valid during the entire validity period of the respective Securities Lending operations.
Additionally, Entities, prior to the celebration of a Securities Loan with any of the counterparties indicated below, must obtain from them their corresponding valid LEI Code at the time of such celebration and must verify that said identifier maintains such character during the entire validity period of the Securities Lending operation:
i) Other Entities obliged to comply with the “Rules applicable to the legal entity identifier code for legal persons and trusts (LEI Code)”, contained in Circular 14/2015, as amended, multiple-object financial societies regulated and unregulated, credit unions, development organisms and Foreign Financial Entities. ii) Trusts, as well as legal persons other than those indicated in subsection i) above, in case that the notional amount of said Securities Loan, added to those others of the remaining active Securities Loans at the time of the referenced celebration that, if applicable, that same counterparty has celebrated, as lender or as borrower, with the trust or legal person in question, exceeds an amount equivalent in national currency to 3 million UDIS, calculated based on the value of the UDI of the day that corresponds.”

“3. SHARES AND SECURITIES SUBJECT TO SECURITIES LENDING”

“3.1 Credit Institutions, Brokerage Houses and FND may enter into Securities Loans on Shares and Securities. Likewise, Credit Institutions, Brokerage Houses and FND may only enter into Securities Loans in which they expressly agree that the Shares and Securities whose ownership the borrower is obligated to transfer to the lender, within the agreed term and in accordance with the agreed conditions, correspond to those to which the same “quotation key” or “issuance key” has been assigned, as applicable, in the respective stock exchange or securities market. In those cases where the substitution of Securities or Shares is carried out in terms of numeral 3.5 of these Rules, the “quotation key” or “issuance key” must correspond to the Shares and Securities delivered in the substitution.”

"3.5 The Entities may agree, in the master contracts referred to in paragraph 8.1, on the possibility of carrying out the substitution of the Shares and Securities subject to the Securities Lending operation, and, where applicable, of the corresponding guarantees, as well as the return of any excess from said guarantees during the term of the operation. To this effect, the aforementioned contracts must establish, at least, the following:

i) The manner and deadlines by which the lender may request the borrower to substitute the Shares and Securities, and, where applicable, the manner and deadlines by which the borrower may request the substitution of the corresponding guarantees, including the manner and deadlines in which the relevant counterparty expresses its consent.

ii) The manner in which the borrower will deliver the substituted Shares and Securities and in which the lender will deliver the substitute Shares and Securities. These deliveries must be simultaneous; that is, under a delivery-versus-payment scheme. Likewise, the manner in which the borrower will deliver the substituted guarantees, as well as the manner in which the lender will carry out the return of the excesses of said guarantees, must be indicated.

iii) The characteristics of the Shares and Securities that may be subject to substitution. For these instruments, the guidelines set forth in paragraph 8.1 must be followed, as well as all other terms of the Securities Lending operation."

"4.2 The term of the Securities Lending entered into by Entities over Securities, including any extensions, must expire no later than the Banking Business Day preceding the maturity date of the Securities subject to the Securities Lending in question. However, in the contract instrumenting the Securities Lending, it may be agreed that Securities be delivered with terms shorter than the maturity of the Securities Lending, provided that such contract establishes that, pursuant to paragraph 3.5, the Securities subject to the operation in question will be substituted no later than one Banking Business Day before the maturity date of said Securities."

"5. SETTLEMENT OF OPERATIONS"

"5.1 Entities may settle their Securities Lending operations through a Securities Depository, a Central Counterparty for Securities, or one of the entities referred to in the first paragraph of paragraph 2.6 of these Rules.

For the purposes of the provision in the immediately preceding paragraph, Entities must send the necessary information regarding the Securities Lending agreements made, on the same day of their celebration, to the Securities Depository, the Central Counterparty for Securities, or the entities referred to in paragraph 2.6, that have been contracted to settle their operations.

The transfer of the Shares and Securities subject to the Securities Lending by the lender to the borrower must take place against the delivery of the guarantee on the agreed settlement date, which must correspond, no later than, to the fourth Banking Business Day immediately following the date on which the Securities Lending was agreed upon.

Upon maturity of the Securities Lending, the transfer of the Shares and Securities must take place on the same day of maturity, against the return of the guarantee and the delivery of the agreed premium."

"5.3 Entities may agree on procedures for the case of non-compliance with what is stated in paragraphs three and four of paragraph 5.1 of these provisions, subject to the condition that such procedures comply with what is stipulated in the master contract referred to in the first paragraph of paragraph 8.1 and do not contravene these Rules and other applicable provisions. This is without prejudice to the sanctions that, if applicable, arise under the applicable regulatory framework."

"8.1 The Securities Lending that Entities enter into with other Entities or with Institutional Investors must be carried out under the master contract, for such operations, jointly approved by the Mexican Bank Association, A.C., the Mexican Stock Exchange Association, A.C., and the Mexican Association of Pension Fund Administrators, A.C.

The aforementioned master contract must contain, insofar as it does not contravene applicable national provisions, the guidelines and directives established in the contract models approved for this type of operations by the association constituted in the United States of America, named 'Securities Industry and Financial Markets Association' (SIFMA) or the 'International Securities Lending Association' (ISLA). It must likewise include the procedure to be followed in case the listing on the Stock Exchange of the Shares or Securities subject to the Securities Lending or granted as guarantee is suspended.

Likewise, Entities must agree in the Securities Lending they enter into with the persons mentioned in the first paragraph of this numeral, on the obligation of the borrower to constitute a guarantee that covers, at all times, the market value of the Securities or Shares given in Securities Lending, as well as the accrued premium up to the calculation date. The Shares or Securities granted as guarantee will incorporate the adjustment factor determined in accordance with the procedure and guidelines described in this numeral. The initial guarantee must be constituted on the same settlement date as the transfer of the Shares or Securities subject to the Securities Lending.

The guarantee, determined in accordance with what is stated in the preceding paragraph, which the borrower must provide if applicable, may be constituted through pledge, stock pledge, guarantee trust, administration and payment trust, or pledge over a bank deposit of money or any other cash guarantee constituted in accordance with applicable provisions. Entities may agree with their counterparties on the substitution of guarantees, in which case they must comply, at all times, with the guidelines provided in this numeral.

Entities, for the determination of the adjustment factors in the value of the Shares or Securities granted as guarantee, must consider those resulting from the application of the methodology that, for such purposes, the Mexican Bank Association, A.C., and the Mexican Stock Exchange Association, A.C., agree upon, complying with the minimum guidelines described in items i) to iv) of this numeral.

The aforementioned methodology and the updated adjustment factors must be approved by the Bank of Mexico annually. To this effect, the aforementioned associations must send the documentation indicated to the Central Banking Authorizations and Consultations Department of the Bank of Mexico, for approval, at least thirty Banking Business Days in advance of the date on which they intend to begin using the aforementioned adjustment factor table. If no request is made by the Bank of Mexico after this period has elapsed, the adjustment factor table will be deemed authorized.

...

Entities, for the determination of the aforementioned adjustment factor, for each Share or Security granted as guarantee, must observe fluctuations in the price of such Shares or Securities, and must consider, at least, the following elements:

i) A historical period of five years. The period mentioned in this item must consist of: (a) a fixed period that considers events occurring during the 12-month period between August 2008 and July 2009, as well as the 12-month period between January and December 2013, and (b) a rolling period that considers events from the last three calendar years prior to the determination of the adjustment factor;

ii) Employ a measure of expected loss conditioned on it being greater than or equal to the ninety-seven point fifth percentile of the tail of the distribution corresponding to losses due to value fluctuations, also known as conditional value-at-risk;

iii) Consider the credit risk of the respective Shares or Securities taking into account potential losses these could generate due to credit deterioration, and

iv) Incorporate, if applicable, an additional charge to the adjustment factor that considers the case in which there is a significant positive correlation between the credit risk of the Securities subject to the Securities Lending and the credit risk of the borrower.

...

The Securities Lending that Entities enter into with counterparties other than those mentioned in the first and ninth paragraphs of this numeral must be carried out under master contracts agreed upon with them, in which the obligation of the borrower to guarantee the Securities Lending must be foreseen, as well as the procedure to be followed in case the listing on the Stock Exchange of the Shares or Securities granted in loan or as guarantee is suspended. The aforementioned guarantee must be constituted on the same settlement date as the transfer of the Shares or Securities subject to the operation. Said guarantees may be constituted through pledge, stock pledge, guarantee trust, administration and payment trust, or the constitution of a bank deposit of money or any other cash guarantee constituted in accordance with applicable provisions.

...

In the event that the guarantee is constituted with cash, the parties may agree that this may be invested by the lender, without prejudice to the obligation that the latter has, according to the applicable legal framework, to restore the guarantee to the borrower when appropriate. The terms and conditions applicable to such investment, including returns, redemption fees, costs, and risks derived from the investment, as well as the agreement regarding the transmission of ownership of the cash, must be contemplated in the guidelines established in the master contract instrumenting the Securities Lending operation, pursuant to this numeral. …"

Martes 13 de octubre de 2026 DIARIO OFICIAL 103

"8.2 In the case of Securities Lending between Entities, with Foreign Financial Entities, or with Institutional Investors, it must be confirmed on the same day it is agreed upon through some means that leaves documentary evidence, even in electronic media, of the celebration of the corresponding operation. In the event that Securities Lending between Entities is settled through Securities Depositories, the records of the operation will serve as documentary evidence of the confirmation. In case the operation is settled through a Central Counterparty for Securities, the confirmation issued by the Central Counterparty for Securities as a result of the novation of the operation will be considered as confirmation. When the operation is confirmed through the services provided by the entities referred to in paragraph 2.6, first paragraph, the confirmation will be that generated by said entities as documentary evidence for such purposes.

Regarding Securities Lending carried out with persons other than those mentioned in the preceding paragraph, it must be confirmed on the same day it is agreed upon through some means that leaves documentary evidence, even in electronic media, of the realization of the corresponding operation, evidence that must be kept available for the client or sent to them in case they request it.

In said confirmation or the respective receipt, the lender, the borrower, the premium, the dates of agreement and start of the operation, the LEI Code of the lender and the borrower, if applicable, and the term of the Securities Lending must be indicated, as well as the specific characteristics of the Shares or Securities subject thereto, such as: issuer; issuance key; par value; type, and guarantor, acceptor, or surety as applicable.
…"

"9.1 Credit Institutions and Brokerage Houses may enter into Securities Lending on behalf of third parties with any person. Credit Institutions may enter into these operations without the intermediation of Brokerage Houses."

"10.1 Entities may not act as lenders or borrowers on their own account for the Shares or Securities that such Entities or related persons regarding such Entities issue, accept, guarantee, or secure. For the purposes of the provision in this numeral, related persons are understood to be those considered as such, in accordance with the legislation and general provisions applicable to the Entity in question or, failing that, what is stipulated in article 73 of the Credit Institutions Law."

"10.8 Entities must refrain from carrying out Securities Lending under conditions and terms contrary to their internal policies or that do not align with market conditions at the time of their celebration."

"11.1 Entities must provide the Bank of Mexico with information regarding the Securities Lending they enter into, in the form and deadlines requested by it. When providing the aforementioned information, Entities must indicate their LEI Code, as well as that of their counterparties, which they have obtained in compliance with what is stipulated in paragraph 2.8 of these Rules. Likewise, said Entities must inform the Bank of Mexico of any modification made to their LEI Code, as well as to that of their counterparties of which they have knowledge, no later than within ten Banking Business Days following the date on which the modification to their respective LEI Code took effect or they became aware of the modification to the LEI Code of the relevant counterparty."

"11.2 Repealed."

"12. Repealed"

"12.1 Repealed."

"13. SPECIAL MODALITIES OF SECURITIES LENDING"

"13.1 The Securities Lending whose modalities are enumerated in this section must be subject to the provisions provided in the preceding paragraphs insofar as they do not oppose the particular aspects established below."

"13.2 Entities may enter into Securities Lending known as open loans without establishing a specific maturity term, these Securities Lending being able to be matured by either party on any Banking Business Day, prior notice being delivered to the other party with the advance notice and in the terms agreed upon in the respective contract.

Without prejudice to the foregoing, open Securities Lending must be settled through the delivery of the Shares or Securities subject to the Securities Lending, as well as the return of the guarantees granted and the payment of the agreed premium, no later than, three hundred sixty-five days following the date on which the Securities Lending was agreed upon. In the celebration of these operations, the parties must adhere to the methodology and guidelines established in paragraph 8.1 and may establish the possibility of carrying out the substitution of the Shares or Securities subject to the Securities Lending operation, and, where applicable, of the corresponding guarantees, as well as the return of the excesses of said guarantees, in terms of paragraph 3.5.

Regarding the Securities Lending referred to in this numeral, the transfer of the Shares or Securities subject to Securities Lending may only take place at the beginning and at the maturity of the Securities Lending, without prejudice to the possibility of carrying out their substitution in terms of these Rules."

"13.3 Entities may enter into Securities Lending known as evergreen loans, whose term they may freely agree upon, and in which it is established that such operations will be automatically extended, so that they always maintain the same agreed term at the start of the operation, allowing either party to give notice to the other party with the advance notice and in the terms established in the respective contract, of their intention to terminate early or not to continue extending the referenced Securities Lending.

Likewise, in the celebration of these operations, the parties must adhere to the methodology and guidelines established in paragraph 8.1 and may establish the possibility of carrying out the substitution of the Shares or Securities subject to the Securities Lending operation and, where applicable, of the corresponding guarantees, as well as the return of the excesses of said guarantees, in terms of paragraph 3.5.

Regarding the Securities Lending referred to in this numeral, the transfer of the Shares and Securities subject to Securities Lending may take place only at the beginning and at the maturity of the Securities Lending, with neither party being obligated to carry out such transfer due to the extensions of the operation in question."

"13.4 Credit Institutions, Brokerage Houses, and Investment Funds may enter into Securities Lending known as forward starting loans, in which the transfer of the Shares or Securities takes place on a date subsequent to the fourth Banking Business Day immediately following the date on which the Securities Lending in question was agreed upon. To this effect, Credit Institutions and Brokerage Houses must previously obtain authorization from the Bank of Mexico, in terms of paragraph 3.4 of the Rules for the Conduct of Derivative Operations, issued by this Central Institute through Circular 4/2012, as amended.

With respect to Siefores, these must hold the authorization from the Bank of Mexico referred to in item l) of the definition of Underlyings of the Rules to which specialized investment societies for retirement funds must adhere in the conduct of derivative operations, issued by this Central Institute through Circular 6/2013, as amended. Likewise, they must obtain a no-objection from the National Commission for the Retirement Savings System, in accordance with applicable provisions."

TRANSITORIES

FIRST.- This Circular will enter into force ninety natural days following its publication in the Official Journal of the Federation, except for what is provided in the following transitional provision.

SECOND.- Entities must comply, no later than, July 8, 2027, with the obligations provided in paragraphs 2.8, 8.2, third paragraph, and 11.1, related to the use of the LEI Code in Securities Lending operations.

Mexico City, October 5, 2026.- BANK OF MEXICO: Director General of Central Banking Operations, Gerardo Israel García López.- Initials.- Director General of Payment Systems and Market Infrastructures, Othón Martino Moreno González.- Initials.- Director General Legal, Erik Mauricio Sánchez Medina.- Initials.- Director General of Financial System Affairs, José Luis Negrín Muñoz.- Initials.- Director of Financial System Information, Juan Fernando Avila Embriz.- Initials.

For any inquiries regarding the content of this Circular, the Bank of Mexico stands ready to assist through the Central Banking Authorizations and Sanctions Directorate at phone number (55) 5237-2000 extension 3200.