Circular 17/2008 — Amending Circular 115/2002

"2008, Year of Physical Education and Sport" CIRCULAR 17/2008 Mexico, D.F., May 5, 2008. TO STOCK EXCHANGES: SUBJECT: AMENDMENTS TO CIRCULAR 115/2002. The Bank of Mexico, based on the provisions of Article 28 of the Political Constitution of the United Mexican States, sixth and seventh paragraphs; Articles 3, fraction I, 7, fraction I, 24, and 31 of the Bank of Mexico Law; Article 22 of the Law for Transparency and Regulation of Financial Services; Article 8, third and fourth paragraphs, 10, 12, first paragraph, in relation with Article 19, fractions II and IX, which provide the Directorate of Operations with the authority to carry out necessary acts for the placement, purchase, sale, and redemption of government securities and to participate in the issuance of provisions, respectively; and Article 20, fractions IV and VI, which provide the Directorate of Operating and Payment Systems with the authority to participate in the issuance of provisions and to elaborate policies related to the development and promotion of payment systems, respectively; as well as Article 17, fraction I, which provides the Directorate of Central Bank Provisions with the authority to participate in the issuance of provisions, all of the Internal Regulations of the Bank of Mexico published in the Official Gazette of the Federation on September 30, 1994, whose last modification was published in said Official Gazette on April 26, 2007; with the objective of continuing to promote the proper functioning of our country's payment systems, considering that it is convenient to modify the schedules of operations related to said systems to make them more efficient and adapt them to the needs of these stock exchanges; has resolved to modify section CB.5.4.3.3, first paragraph, of Circular 115/2002, to read as follows:

CB.5 PLACEMENT OF GOVERNMENT SECURITIES. CB.5.4 BIDS. CB.5.4.3 SUBMISSION OF BIDS.

“CB.5.4.3.3 Bids must be submitted on the second banking business day immediately preceding the placement date of the SECURITIES to be auctioned, no later than 11:00:00 hours. …”

2 TRANSITORY PROVISION SINGLE.- This Circular shall enter into force on May 9, 2008.