Circular 12-42

Insurgentes Sur No. 1971, Plaza Inn, Col. Guadalupe Inn C.P. 01020, Delegación Álvaro Obregón, Ciudad de México. Tel.: 5255 1454-6000 www.gob.mx/cnbv México, D.F., January 22, 2002.

CIRCULAR 12-42
TO INVESTMENT COMPANIES:
The Bank of Mexico, through official letter S01/18-2002 received today, forwarded to this Commission its Circular 1/2002 issued on January 21, 2002, which is transcribed below for your knowledge and compliance:

MONETARY REGULATION BONDS AND GOVERNMENT SECURITIES.
The Bank of Mexico, based on the provisions of articles 3, fraction III, 7, fractions I and VI, 8, 10 and 17 of its Law and with the objective of expanding the primary market for Monetary Regulation Bonds (BREMS), allowing the participation in the primary placement auctions of these instruments by brokerage houses and investment companies that are registered as of 2002. For the aforementioned reason, the aforementioned Rules are attached to this Circular, as well as the model of the respective Multiple Title. Likewise, the current text of the [text cut off in source] is attached for your knowledge.

In order to participate in the aforementioned BREMS auctions and in those for Government Securities, through the Bank of Mexico's systems, investment companies regulated by the Investment Companies Law, through their respective operators, and specialized investment companies for retirement funds interested in doing so, must execute the respective contract or agreement with the Bank of Mexico.

For the purposes stated in the preceding paragraph and in order to be informed of the documentation they must present, these companies must address themselves to the Subgerencia of Legal Instrumentation of National Operations of this Central Bank, located at Avenida 5 de Mayo, number 1 (Guardiola Annex), third floor, Centro Neighborhood, Mexico D.F., 06059, telephones 5237.2312 and 5237.2313.