Circular 12-45

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 Mexico City, June 17, 2003.
CIRCULAR 12-45
TO INVESTMENT COMPANIES:

The Bank of Mexico, through letter S04/088-2003 dated June 13, 2003, forwarded to this Commission its Circular 3/2003 issued on the same day, which is transcribed below for your knowledge and compliance:

DISPOSITIONS ISSUED BY THE BANK OF MEXICO DIRECTED TO INVESTMENT COMPANIES.
The Bank of Mexico, based on the provisions of articles 24, 26, and 36 of its Law, as well as article 15 of the Investment Companies Law, with the objective of establishing a direct communication link with said investment companies to make the dissemination of dispositions issued directed at them more efficient and expeditious, has resolved that, starting from July 14, 2003, the dispositions issued by the Bank of Mexico will be made known to these investment companies directly through fax and email to the numbers and electronic addresses provided by the investment companies themselves for this purpose, these being the official means of information for the dispositions issued in this matter by the Central Bank. To ensure the integrity of the dispositions transmitted through email and to simultaneously verify the identity of the signatories, said dispositions will be signed by competent officials through electronic signatures that will be generated based on a system designed and administered by the Bank of Mexico. The document describing the characteristics and functions of the components of the IES, as well as the user manuals and the directory for handling inquiries, are found on the electronic page on the worldwide network (Internet) identified by the domain name:
[URL omitted in source]
To be able to access the dispositions sent to them by email, as well as to verify their authenticity, it will be necessary for those investment companies to install [software/system omitted in source] on their equipment, which is also found on the aforementioned page.

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 For the purpose of receiving dispositions through the aforementioned means, investment companies must send to the Bank of Mexico a communication prepared based on the format attached as an Annex, signed by officials who hold powers for acts of administration, no later than June 30, 2003, to the Operational Processing Directorate, located at Avenida 5 de Mayo No. 2, Col. Centro, in this City. Finally, in order to verify the authority of the officials who will sign the communication contained in the Annex of this Circular, investment companies must attach to it a certified copy of the deed in which the powers for acts of administration in favor of the officials signing them are recorded. Sincerely, NATIONAL BANKING AND SECURITIES COMMISSION

Lic. María Teresa Fernández Labardini
Vice President of Regulation
Lic. Jorge Familiar Calderón
Vice President of Stock Market Supervision