Region

Jurisdiction

Regulator

2003-06-27 | Circular 2/2003

Added 2026-08-24

Circular 2/2003 — Modifies Circular 1/2003

The Bank of Mexico extends the deadline for Specialized Investment Societies for Retirement Funds (SIEFORES) to submit required communications and certified copies of administrative powers to July 18, 2003, and delays the start of electronic communication from the Bank to August 4, 2003. SIEFORES must submit these documents individually, even if managed by the same administrator, though a single letter may be used if the signing officials are identical, provided it lists each SIEFORE and includes the respective certified powers.

Mexico

Banco de Mexico

CIRCULAR 2/2003 Mexico City, June 27, 2003. TO THE SPECIALIZED INVESTMENT COMPANIES FOR RETIREMENT FUNDS SUBJECT: PROVISIONS ISSUED BY THE BANK OF MEXICO DIRECTED AT THE SPECIALIZED INVESTMENT COMPANIES FOR RETIREMENT FUNDS (SIEFORES)

The Bank of Mexico, based on the provisions of Articles 24, 26, and 36 of its Law, as well as Article 48 of the Law for Retirement Savings Systems, and considering the difficulty these companies face in sending the communication provided for in the Annex of our Circular 1/2003 of June 13, 2003, and the certified copy of the deed containing the powers of attorney for acts of administration in favor of the officials who sign them, has resolved to extend the deadline for the delivery of said documentation to our Operational Processing Directorate until July 18, 2003, also extending the deadline for this Central Bank to begin sending its provisions to these companies through electronic means to August 4 of the current year.

Similarly, they are informed that in order to receive provisions issued by this Central Bank directed at these companies, each SIEFORE must send the aforementioned communication and certified copy of the powers, regardless of whether they are administered and operated by the same retirement fund administrator. Notwithstanding the foregoing, if the officials who are to sign the aforementioned communication are the same, they may send a single letter in which they indicate the name of each of said SIEFORES and must attach to it certified copies of the deeds in which the powers granted by each company to said officials are recorded.