Circular 13/2016 — Modifications to Circulares 3/2016 and 4/2016 (SPID Reforms)

(Third Section) OFFICIAL GAZETTE Friday, November 11, 2016 BANCO DE MEXICO CIRCULAR 13/2016, addressed to Credit Institutions that offer foreign currency deposit accounts to legal entities with residence in national territory, as well as to participants in the SPID, regarding Modifications to Circulares 3/2016 and 4/2016 (Reforms to SPID).

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

CIRCULAR 13/2016 TO THE CREDIT INSTITUTIONS THAT OFFER FOREIGN CURRENCY DEPOSIT ACCOUNTS TO LEGAL ENTITIES WITH RESIDENCE IN NATIONAL TERRITORY, AS WELL AS TO THE PARTICIPANTS IN THE SPID:

SUBJECT: MODIFICATIONS TO CIRCULARES 3/2016 AND 4/2016 (SP ID REFORMS)

The Bank of Mexico, with the purpose of continuing to promote the sound development of the financial system and the proper functioning of the payment systems, has considered it convenient to clarify certain terms of the “General Provisions applicable to credit institutions intending to participate in the interbank payment systems for dollar fund transfers”, as well as the “Rules of the Interbank Payment System in Dollars”, contained in Circulares 3/2016 and 4/2016, respectively, of the Bank of Mexico, published in the Official Gazette of the Federation on March 11, 2011 and its modifications published in said dissemination organ on November 3, 2016.

For the above, based on articles 28, paragraphs sixth and seventh, of the Political Constitution of the United Mexican States, 2, 3, fraction I, 24, 31 and 35 Bis, of the Bank of Mexico Law, 2, fractions I, IV and VIII, and 6, 10 and 19, of the Payment Systems Law, 22 of the Law for Transparency and Ordering of Financial Services, 4, first paragraph, 8, paragraphs fourth and seventh, 10, first paragraph, 17, fraction I, 20, fraction XI, and 25 Bis 1, fraction IV, of the Internal Regulations of the Bank of Mexico, which grant it the authority to issue provisions through the Directorate of Central Bank Provisions, the Directorate of Payment Systems and the Directorate of Regulation and Supervision, respectively, as well as Second, fractions I, VIII and X, of the Agreement on the Affiliation of the Administrative Units of the Bank of Mexico, has resolved the following:

FIRST. The credit institutions that offer foreign currency deposit accounts to legal entities with residence in national territory will be obliged to comply, starting from May 31, 2017, with what is established in fractions XII Ter and XII Quater of the 13th of the “General Provisions applicable to credit institutions intending to participate in the interbank payment systems for dollar fund transfers”, issued through Circular 3/2016, published in the Official Gazette of the Federation on March 11, 2016 and modified through Circular 10/2016, published in the same dissemination medium on November 3 of this year.

SECOND. Those individuals who, prior to the entry into force of Circular 11/2016 issued by this Bank of Mexico and published in the Official Gazette of the Federation on November 3, 2016, have been designated by the Participants as responsible for the regulatory compliance of the SPID, in terms of Rule 43a of the “Rules of the Interbank Payment System in Dollars”, issued through Circular 4/2016, will maintain said status without, for this purpose, having to comply with the requirement established in the second paragraph added to Rule 43a cited through the aforementioned Circular 11/2016.

THIRD. The second paragraph of the First Transitory Article of Circular 11/2016 cited in the operative part of the Second preceding is repealed.

TRANSITORY

SINGLE. This Circular will enter into force on the next banking day following its publication in the Official Gazette of the Federation.

Mexico City, November 9, 2016.- The Director of Regulation and Supervision, Viviana Garza Salazar.- Initials.- The Director of Central Bank Provisions, Mario Ladislao Tamez López Negrete.- Initials.- The Director of Payment Systems, Miguel Ángel Díaz Díaz.- Initials.

Friday, November 11, 2016 OFFICIAL GAZETTE (Third Section) For any queries regarding the content of this Circular, please contact the Department of Authorizations, Queries and Legal Control, at the phones (55) 5237-2308, (55) 5237-2317 or (55) 5237-2000 Ext. 3200.