Circular 17/2023 — Modifications to the Rules for Derivatives Operations in Circular 4/2012 (Initial and Variation Margin Exchange)

Wednesday, December 13, 2023 OFFICIAL GAZETTE 1 BANK OF MEXICO CIRCULAR 17/2023, addressed to credit institutions, brokerage houses, investment funds, multi-purpose financial societies that have equity links with Multiple Banking Institutions, General Deposit Warehouses, Insurance Companies, and the National Financial Development Agency for Agriculture, Rural, Forestry and Fisheries, regarding the Modifications to the Rules for the Conduct of Derivative Operations, contained in Circular 4/2012 (Exchange of Initial and Variation Margins).

A logo appears at the margin, which says: Bank of Mexico.- “2023, Year of Francisco Villa, the revolutionary of the people”.

CIRCULAR 17/2023
TO CREDIT INSTITUTIONS, BROKERAGE HOUSES, INVESTMENT FUNDS, MULTI-PURPOSE FINANCIAL SOCIETIES THAT HAVE EQUITY LINKS WITH MULTIPLE BANKING INSTITUTIONS, GENERAL DEPOSIT WAREHOUSES, INSURANCE COMPANIES AND THE NATIONAL FINANCIAL DEVELOPMENT AGENCY FOR AGRICULTURE, RURAL, FORESTRY AND FISHERIES:

SUBJECT: MODIFICATIONS TO THE RULES FOR THE CONDUCT OF DERIVATIVE OPERATIONS, CONTAINED IN CIRCULAR 4/2012 (EXCHANGE OF INITIAL AND VARIATION MARGINS)

The Bank of Mexico, with the purpose of continuing to promote the sound development and stability of the financial system, considers it convenient to modify some guidelines used in the determination of bilateral initial and variation margin requirements for non-centrally cleared derivative operations, with the objective of harmonizing their treatment with international practices, as well as to provide greater clarity and certainty regarding the application of certain elements of the rule; without submitting these modifications to public consultation, since their purpose is to facilitate the implementation of the guidelines established by the Bank of Mexico for the determination of margin requirements in derivative operations, which makes it necessary for entities subject to regulation to know as soon as possible the definitive elements that will be established in the regulation.

For the above reason, based on articles 28, paragraphs sixth and seventh of the Political Constitution of the United Mexican States; 24, 26, 27 and 36 of the Bank of Mexico Law; 46, section XXV, and 46 Bis 5, section II, of the Credit Institutions Law; 176, first paragraph, of the Securities Market Law; 15, second paragraph, of the Investment Funds Law; 11 Bis 2, section XII, and 87-D, fourth paragraph, of the General Law of Organizations and Auxiliary Activities of Credit; 9, second paragraph, of the Organic Law of Nacional Financiera; 6 of the Organic Law of Federal Mortgage Society; 9 of the Organic Law of the Bank of Well-being; 9 of the Organic Law of the National Foreign Trade Bank; 10 of the Organic Law of the National Bank of Public Works and Services; 8 of the Organic Law of the National Bank of the Army, Air Force and Navy; 22 of the Law for Transparency and Ordering of Financial Services; 4th, first paragraph, 8th, fourth and eighth paragraphs, 10, first paragraph, 12, first paragraph, in relation to 19 Bis, section V, 14, first paragraph, in relation to 25 Bis, section VII, 14 Bis 1, first paragraph, in relation to article 25 Bis 1, section IV, 17, section I, and 20 Quáter, section IV, of the Internal Regulations of the Bank of Mexico, which grant it the authority to issue provisions through the General Directorate of Central Banking Operations, the General Directorate of Financial Stability, the General Directorate of Affairs of the Financial System, the Directorate of Central Banking Provisions and the Management of Policy and Surveillance of Payment Systems and Market Infrastructures, respectively, Second sections I, IV, VI, X, and XVII of the Agreement on the Assignment of Administrative Units of the Bank of Mexico, as well as numeral 13, section IV, of the Policies for public consultation of general provisions issued by the Bank of Mexico, has resolved to modify numerals 6.2.2, subsection a), 6.2.4, first paragraph, 6.2.5.4, second paragraph, subsection b), first paragraph, sub-subsection i), as well as the sixth paragraph, 6.2.6, first paragraph, 6.2.6.1, 6.2.9.4, 6.2.9.5, and Annex 5, as well as adding a subsection f), to numeral 6.2.5.5, of the

2 OFFICIAL GAZETTE Wednesday, December 13, 2023 “Rules for the conduct of derivative operations”, contained in Circular 4/2012, to remain in the following terms:

RULES FOR THE CONDUCT OF DERIVATIVE OPERATIONS … “6.2.2 Entities and Investment Funds shall not be obliged to agree with any of the following counterparties on the exchange of Margins referred to in the previous numeral:
a) the Mexican Federal Government, with the exception of state productive companies and development banking institutions; b) the Bank of Mexico; c) the Institute for the Protection of Bank Savings; d) governments or central banks of foreign countries that have ratings, in their capacity as issuers of long-term debt securities, granted by at least two securities rating agencies authorized by the CNBV in accordance with applicable provisions, greater than or equal to the N4 rating level of the “Long-Term Global Scale Credit Ratings Table”, included in Annex 1 of Circular 39/2020 of the Bank of Mexico, published in the Official Journal of the Federation on October 12, 2020, as modified by subsequent resolutions; e) the International Monetary Fund; f) the International Bank for Reconstruction and Development, member of the World Bank Group; g) the International Finance Corporation, member of the World Bank Group; h) the Bank for International Settlements; i) the Inter-American Development Bank, and j) multilateral development or promotion organizations, other than those indicated in the preceding subsections, that the Bank of Mexico authorizes to be exempted, provided that such organizations, as well as more than half of the governments or central banks that integrate them, have ratings, in their capacity as issuers of long-term debt securities, granted by at least two securities rating agencies authorized by the CNBV in accordance with applicable provisions, greater than or equal to the N4 rating level of the “Long-Term Global Scale Credit Ratings Table”, included in Annex 1 of Circular 39/2020 of the Bank of Mexico, published in the Official Journal of the Federation on October 12, 2020, as modified by subsequent resolutions.” … “6.2.4 Entities and Investment Funds must carry out the administration or custody of assets received as collateral in connection with the exchange of Initial Margins in the celebration of Non-Centrally Cleared Over-the-Counter Derivative Operations, through: i) a clearing house authorized in accordance with the “Rules to which participants in the derivatives contract market must adhere”, issued jointly by the Bank of Mexico, the SHCP and the CNBV; ii) foreign institutions acting as central counterparties in derivatives exchanges and/or foreign over-the-counter markets, and that have been recognized by the Bank of Mexico as such, in accordance with numeral 7.6; iii) a foreign financial market infrastructure; iv) a Foreign Financial Entity acting as administrator or custodian of assets; v) any Entity, or vi) the parties to the Non-Centrally Cleared Over-the-Counter Derivative Operation in question.

Entities and Investment Funds, to carry out the contracting of the subjects referred to in subsections iii) and iv) of the previous paragraph that provide them with the services of administration or custody of the assets they receive as collateral in connection with the exchange of Initial Margins in the celebration of Non-Centrally Cleared Over-the-Counter Derivative Operations, must have the approval of their respective risk committees, based on an independent legal review carried out by an independent expert with knowledge of the regulation applicable in the jurisdiction where the foreign financial market infrastructure or the Foreign Financial Entity in question is located, in which it must be stated that the administration and custody of guarantees for Initial Margin purposes complies with the requirements established in numeral 6.2.9.2 of these Rules.

The aforementioned legal review, regarding the subjects referred to in subsection iii) of this numeral, must additionally state that the foreign financial market infrastructure in question adheres to the “Principles applicable to financial market infrastructures”, issued by the Committee on

Wednesday, December 13, 2023 OFFICIAL GAZETTE 3 Payment Systems and Settlement and the Technical Committee of the International Organization of Securities Commissions.

An examination will be considered independent and, therefore, in accordance with what is provided in the first paragraph of this numeral, that legal examination that the Asociación de Bancos de México, A.C., or the Asociación Mexicana de Instituciones Bursátiles, A.C. have requested to be prepared for such purpose. For this effect, the legal examination in question must comply with the requirements established in the second and third paragraphs of this numeral and be submitted to the consideration of the respective risk committee of the corresponding Entity or Investment Fund.

In any case, Entities and Investment Funds must verify that the assets pledged as collateral are segregated in special accounts that allow their transfer in an agile manner so as to facilitate their immediate recovery upon the declaration of insolvency of their counterparties.”
…
“6.2.5.4 Internal Model
The Entity or Investment Fund that is obliged to post or receive an Initial Margin in accordance with these Rules may calculate the Initial Margin Amount for one or more Non-Centrally Cleared Over-the-Counter Derivative Operations concluded with the same counterparty, by using an internal model, prior authorization from the Bank of Mexico, in accordance with what is provided in this numeral. The request for authorization of the internal model referred to in this numeral may be presented by the Entity or Investment Fund in question, or alternatively, through the Asociación de Bancos de México, A.C., or the Asociación Mexicana de Instituciones Bursátiles, A.C.

For the purposes of what is provided in this numeral, the authorization requests indicated in the previous paragraph must be presented in writing to the Management and accompanied by the following documentation:
a) The list of identified risk sources that could result in future credit exposure regarding each type of Derivative Operation to which the internal model will apply, as well as the justification for considering said risk sources. For this effect, in the preparation of the aforementioned list, they must take into account at least:
i. the movements in the market value of all Derivative Operations that the Entity or Investment Fund has celebrated, as well as high volatility events;
ii. the credit quality of the issuers of the underlying assets that affect the value of the Derivative Operations, when applicable, and
iii. the risk associated with Derivative Operations that contemplate that their settlement will be in kind.
b) Methodology to measure its exposure to the identified risk sources for each type of Underlying, elaborated with information from a minimum historical period of three years and no more than five years that incorporates:
i. a minimum period of 9 months that considers events occurred during the 24-month period comprised between 2008 and 2009, or alternatively, a different period, prior authorization from the Bank of Mexico. For this effect, they must include in their request a description of the selected period, as well as evidence showing the reasonableness of said period to reflect financial stress conditions, for which it must include statistics related to the identified risk sources.
ii. a rolling period of minimum one and maximum three years immediately preceding the moment of carrying out the measurement in question.

Likewise, the methodology referred to in this subsection b) must:
i. Determine the potential future exposure of the Non-Centrally Cleared Over-the-Counter Derivative Operations included, if applicable, in the same Set of Compensable Operations in question, as the estimation of the confidence level at a single tail of 99 percent for the increase in the value of a Non-Centrally Cleared Over-the-Counter Derivative Operation or the Set of Compensable Operations derived from the instantaneous shock in its respective value or values, equivalent to a movement in the most relevant risk factors, including stock indices and interest rates, during a time period equivalent to the lesser of between the time horizon for the closure of positions with respect to the Non-Centrally Cleared Over-the-Counter Derivative Operation or the Set of Compensable Operations in question or its maturity.
ii. Determine and justify the risk factors associated with each of the identified risk sources in accordance with subsection a) above. For this effect, Entities and Investment Funds must determine a time horizon for the closure of positions of ten Business Days. Without prejudice to the foregoing, Entities and Investment Funds may consider a longer time horizon for each Derivative Operation, which must be consistent with their operational and processing capabilities for managing defaults.
iii. Model the integration resulting from the most relevant combinations of the main risk factors to estimate the potential future exposures of the Derivative Operations in question.
iv. Recognize, if applicable, the compensation between Derivative Operations concluded with the same counterparty, provided that these have been carried out under the same Master Netting Agreement, as well as that the Derivative Operations in question have been classified by type of Underlying.
v. Establish criteria for classifying Derivative Operations based on the type of Underlying, which must ensure that those Derivative Operations on more than one type of Underlying are classified only in one category. In any case, said criteria may establish the conditions under which a Derivative Operation could change classification. Such classification will not limit the identification of the risk factors referred to in sub-subsection i) above.
c) Documentation demonstrating the performance or verification, as well as the results, at least every twelve months, of:
i. Evaluations on the reasonableness of the internal model to be authorized by the Bank of Mexico, in accordance with these Rules;
ii. Reviews of the information used in the calibration of the internal model, and
iii. Back-testing and adjustment tests of the factors and risk sources reflected in the internal model, as well as the assumptions used in the design of the internal model to be authorized.

The tests referred to in this subsection must be carried out through mechanisms, such as back-testing performance and sensitivity analysis, in order to evaluate whether the internal model reflects the confidence level referred to in subsection b), second paragraph, sub-subsection i) of this numeral, and if it reflects an Initial Margin amount for Non-Centrally Cleared Over-the-Counter Derivative Operations consistent with the identified risk levels and limits.

For this effect, the characteristics of the Non-Centrally Cleared Over-the-Counter Derivative Operations concluded, the reliability of the information used in the internal model to be authorized and the reasonableness of the period used in the calibration for each type of Underlying must be considered, as well as the adequacy and effectiveness of the duration of the time horizon for the closure of positions referred to in subsection b) of this numeral.

The results of the tests referred to in this subsection must be documented and the risk levels and limits associated with those risks identified through their Initial Margin internal model must be evaluated. d) Evaluation of the internal model to be authorized carried out by an internal audit, external audit, or by independent experts from the risk areas and the risk-taking areas, provided that they demonstrate professional experience in these topics related to market, credit (counterparty), liquidity and operational risks.

The Bank of Mexico, through the Management, may require additional documentation and information that it considers relevant for the determination it should make.

In the event that the Bank of Mexico does not respond to the authorization request within a period of thirty Business Days, counted from the date of its presentation, it will be understood that the resolution was negative towards the applicant.

Wednesday, December 13, 2023 OFFICIAL GAZETTE 5 For the case where the Bank of Mexico authorizes an internal model requested by one of the associations mentioned in the first paragraph of this numeral, each Entity wishing to adhere to said model must indicate it through a written communication to the Management.

Entities and Investment Funds that use an internal model authorized by the Bank of Mexico to determine the Initial Margin requirements for Non-Centrally Cleared Over-the-Counter Derivative Operations must send to the Management, during the month of March of each year, the following documentation:
i. Results of the back-testing performance and sensitivity analysis referred to in subsection c) above.
ii. Opinion approved by the risk committee or equivalent body, through which it is certified that the framework for comprehensive internal risk management complies with all and each of the aspects described in subsections a) to d) above.
iii. Rules and procedures for obtaining information, in a timely manner, considering the availability of reliable data, to discard erroneous data and identify missing values.
iv. Internal control policies and procedures approved by its audit committee and presented to the Board of Directors or the Governing Council, or equivalent bodies or whoever performs the functions accordingly, which must consider the verification of the performance, at least every twelve months, of evaluations on the reasonableness of the internal model authorized by the Bank of Mexico, in accordance with these Rules.
v. Policies and processes to document and disseminate the results of the tests performed, as well as, if applicable, the adjustments that need to be made, in accordance with subsection c), sub-subsection iii) of this numeral, to executives and other governing bodies responsible for decision-making. Likewise, they must establish the policies, processes and means of dissemination, regarding the adjustments that result necessary in accordance with what is stated in said subsection c), sub-subsection iii), to their counterparties.
vi. Procedures to determine if the resources available to cover the Initial Margins for Non-Centrally Cleared Over-the-Counter Derivative Operations under the assumptions of the internal model are sufficient.

Subsequent to the first submission of the aforementioned documentation, the documentation regarding numerals iii) to vi) above must be sent annually, only when there are updates regarding the documentation sent in the previous period.

In case that the back-testing performance tests do not reflect the confidence level referred to in subsection b), second paragraph, sub-subsection i) of this numeral, of the internal model authorized by the Bank of Mexico, the areas responsible for performing the evaluations, reviews and tests mentioned above must inform, no later than the next Business Day, of such situation to the audit committee or equivalent body, which must give its consent regarding the work plan that the areas responsible for the development and maintenance of the internal model present to it, to remedy the detected deficiencies, within a period that will not exceed six months counted from the date of realization of the mentioned evaluations, reviews and tests. Until the detected deficiencies are corrected, the Initial Margins for Non-Centrally Cleared Over-the-Counter Derivative Operations determined with the internal model must be increased by an amount equivalent to the percentage, determined by the Risk Committee or equivalent body of the Entity or Investment Fund, with respect to the Initial Margins for Non-Centrally Cleared Over-the-Counter Derivative Operations that would be obtained under the standardized model referred to in numeral 6.2.5.3. This measure must be reported to the Bank of Mexico no later than ten Business Days after the date in which the deficiencies in the performance of the model, indicated in this paragraph, were detected.

In case that the back-testing performance tests do not reflect the confidence level referred to in subsection b), second paragraph, sub-subsection i), of this numeral, and these are not remedied within the previously mentioned period, the Bank of Mexico will revoke the authorization to use the internal model from Entities and Investment Funds, and they must calculate the Initial Margins for Non-Centrally Cleared Over-the-Counter Derivative Operations in accordance with the standardized model referred to in numeral 6.2.5.3.

6 DIARIO OFICIAL Wednesday, December 13, 2023

Banxico may revoke the authorization to use an internal model when it ceases to comply with what is established in these Rules, or when the results of the retrospective performance tests referred to in the preceding subsection c) repeatedly do not conform to what is indicated in this section.

Entities and Investment Funds that have Banxico's authorization to calculate their Initial Margins for Non-Centrally Cleared Over-the-Counter Derivatives using an internal model, must use the latter for a period of at least twelve months counted from the date of the most recent authorization.”

“6.2.5.5 Non-Centrally Cleared Over-the-Counter Derivatives Exempted from Initial Margin Exchange

Entities and Investment Funds will not be obligated to exchange Initial Margins regarding the following Non-Centrally Cleared Over-the-Counter Derivatives:

a) Option transactions in which the Entity or Investment Fund in question is the party making the payment of the respective premium to guarantee the execution of said Derivative Transaction. In this case, the referred Entity or Investment Fund will not be obligated to provide Initial Margins for these operations, without prejudice to its obligation to receive from the counterparty the Initial Margins that correspond.

b) Forward transactions on Currencies, provided that the settlement of such transactions is in kind.

c) In the case of Swap transactions on Currencies, whose contract establishes the exchange of notional amounts, the exemption applies only with respect to the settlement associated with said exchange and provided that the calculation of the Initial Margin Amount is carried out through the use of an internal model.

d) Non-Centrally Cleared Over-the-Counter Derivatives entered into with other Entities or Investment Funds of the same financial groups in Mexico to which they belong and with which they have entered into the Derivative Transactions in question, or with Foreign Financial Entities belonging to the Financial Consortia to which the referred Entities and Investment Funds belong, provided that, such Entities and Investment Funds present to Banxico and it approves that the Derivative Transactions in question: i) are subject to adequate and centralized procedures for risk evaluation, measurement, and control; ii) are included in a consolidation scheme at the level of the financial group in Mexico, or the Financial Consortium, and iii) if applicable, Banxico has determined that the jurisdiction in which the Foreign Financial Entity belonging to the same Financial Consortium is located has an equivalent regulatory regime regarding the exchange of Margins due to the celebration of Derivative Transactions.

e) Credit Default Derivatives in which the Entity or Investment Fund in question intervenes as buyer. In this case, the referred Entity or Investment Fund will not be obligated to provide Initial Margins, without prejudice to its obligation to require from the counterparty the Initial Margins that correspond.

f) Non-Centrally Cleared Over-the-Counter Derivatives whose counterparty is a national or foreign non-financial entity, which have the purpose of covering risks inherent to said counterparty.

In addition to what is provided above in this section, when Entities and Investment Funds enter into Non-Centrally Cleared Over-the-Counter Derivatives with the same counterparty, which are of the same type of operation, type of Underlying, residual term, denomination and settlement currency, and whose economic effects result in the reduction of the net exposure associated with variations in market conditions, the Initial Margin requirement for said Derivative Transactions may be calculated on the net notional amount with that counterparty with respect to the Derivative Transactions themselves. The referred calculation may be made independently of the benefits associated with the recognition of the Master Netting Agreements indicated in section 6.2.7 of these Rules.”

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“6.2.6 VARIATION MARGINS

Wednesday, December 13, 2023 DIARIO OFICIAL 7

The Entity or Investment Fund that enters into a Non-Centrally Cleared Over-the-Counter Derivative Transaction must receive from counterparties that have the status of Entity, Investment Fund, or Foreign Financial Entity, the Variation Margin, equivalent to the amount calculated daily in accordance with this section, in case said amount is positive, or provide to said counterparty the Variation Margin in case the referred Variation Margin amount is negative. Likewise, regarding national or foreign non-financial entities, Entities and Investment Funds must receive or provide the corresponding Variation Margin in accordance with what is provided in this section, only in cases where such counterparties are subject to the exchange of Initial Margins, in terms of what is provided in section 6.2.5.1, subsection c), of these Rules.

The amount of the Variation Margin that must be exchanged in accordance with the preceding paragraph, will be that determined in accordance with the following:

Where:

= amount of the Variation Margin that must be exchanged on the corresponding calculation date.

= market value of the Non-Centrally Cleared Over-the-Counter Derivative Transaction “i” with counterparty “j”, included in a Set of Nettable Transactions, valid on the corresponding calculation date “t”.

= value of all Variation Margin previously received from counterparty “j”.

= value of the Variation Margin previously provided to counterparty “j”.

Regarding Non-Centrally Cleared Over-the-Counter Derivative Transactions entered into with the same counterparty under the same Master Netting Agreement, Entities and Investment Funds may recognize said agreement in the determination of the amount of the Variation Margin that corresponds to said operations, in accordance with what is indicated in the preceding paragraph.”

“6.2.6.1 Non-Centrally Cleared Over-the-Counter Derivatives Exempted from Variation Margin Exchange

Entities and Investment Funds will not be obligated to exchange Variation Margins regarding the operations indicated in section 6.2.5.5, subsections b), d) and f) of these Rules.”

…

“6.2.9.4 Entities and Investment Funds must exchange the assets subject to the Margins referred to in these Rules such that assets other than cash exchanged as Initial Margin are segregated as follows:

a) When the party receiving the assets subject to the respective Initial Margin maintains them as owner, said assets must be segregated from the rest of the assets that are property of said party;

b) When the party constituting the respective Initial Margin maintains the corresponding assets without having owner status, these must be segregated from the rest of the assets that are property of said party, and

c) When the assets subject to the guarantee are maintained under the custody of an administrator or asset custodian, in their respective accounting and records, these must be segregated from the assets that are property of the same.”

“6.2.9.5 Entities and Investment Funds that enter into Non-Centrally Cleared Over-the-Counter Derivative Transactions must agree to exchange the assets corresponding to Initial Margins subject to the obligation of the receiving party to abstain from giving said assets in the subsequent constitution of any guarantee of any type, as well as to use them in any other manner during the validity of said Margins. However, Entities and Investment Funds may use the assets they receive as Variation Margin for the constitution of subsequent guarantees.”

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“ANNEX 5
MINIMUM HAIRCUTS APPLICABLE BY TYPE OF ADMISSIBLE ASSET AS COLLATERAL, FOR THE CONSTITUTION OF MARGINS

Percent

The following presents the haircuts applicable depending on the characteristics of the admissible asset as collateral, for the exchange of Margins. To determine the credit rating level by term, one must consult Circular 39/2020 of Banxico, published in the Diario Oficial de la Federación on October 12, 2020, as modified by subsequent resolutions.

Asset in Collateral Haircut
Credit Rating Level by Term

Remaining Term Foreign Sovereigns Other Issuers Long Term Global Scale Long Term Local Scale Short Term Global Scale Short Term Local Scale

N1
N2
N3
N4
Ni Nimx
Less than or equal to 1 year 0.5 1
From 1 to 5 years 2 4
Greater than 5 years 4 8

N5
N6
N7
N8
N9
N10
N1mx
N2mx
N3mx
N4mx
Nii
Niii
Niimx
Niiimx
Less than or equal to 1 year 1 2
From 1 to 5 years 3 6
Greater than 5 years 6 12

Bonds issued by the Mexican Federal Government, Banxico, or IPAB (government values) Less than or equal to 1 year 0.5 From 1 to 5 years 2 Greater than 5 years 4

Shares and convertible titles included in main indices 15

Cash 0

Additional haircut applicable when the asset in collateral and the settlement of the Derivative Transaction are denominated in different Currencies (except for Variation Margins constituted through cash deposits) 8

In case there are several ratings for any admissible asset as collateral, it will be considered: (i) the lowest of the ratings granted to said values in case only two ratings have been granted, or (ii) the lowest rating among the two highest that have been granted, in case three or more ratings have been granted.”

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TRANSITORY

UNIQUE.- What is provided in this Circular will enter into force on the Business Day following its publication in the Diario Oficial de la Federación.

Mexico City, December 5, 2023.- BANXICO: Director General of Central Banking Operations, Gerardo Israel García López.- Signature.- Director General of Financial Stability, Fabrizio López Gallo Dey.- Signature.- Director General of Financial System Affairs, José Luis Negrín Muñoz.-

Wednesday, December 13, 2023 DIARIO OFICIAL 9

Signature.- Director of Central Banking Provisions, María Teresa Muñoz Arámburu.- Signature.- Manager of Payment Systems and Market Infrastructures Policy and Surveillance, Daniel Garrido Delgadillo.-

Signature.

For any inquiries regarding the content of this Circular, Banxico is at your disposal through the Central Banking Authorizations and Sanctions Directorate at telephone (55) 5237-2000 extension 3200.