Circular 20/2014 — Modifies Circular 17/2010

(First Section) OFFICIAL GAZETTE Friday, December 12, 2014 BANCO DE MÉXICO CIRCULAR 20/2014, addressed to participants in the Interbank Electronic Payment System (SPEI), regarding the modification to Circular 17/2010 (SPEI Rules). A logo appears at the margin, stating: Banco de México. CIRCULAR 20/2014 TO THE PARTICIPANTS IN THE INTERBANK ELECTRONIC PAYMENT SYSTEM (SPEI): SUBJECT: MODIFICATION TO CIRCULAR 17/2010 (SPEI RULES). Banco de México, considering the convenience of establishing incentives that promote and encourage greater use of the Interbank Electronic Payment System (SPEI) by persons acting as participants, which contributes to the purpose of promoting the proper functioning of payment systems, has resolved to implement a new mechanism to determine the amount of fees that those participants must pay for the use of said payment system. For the above reason, based on Articles 28, paragraphs sixth and seventh, of the Political Constitution of the United Mexican States; 2, 3, fraction I, 24, and 31 of the Banco de México Law; 6 and 10 of the Payment Systems Law; 22 of the Law for Transparency and Ordering of Financial Services; as well as Article 4, first paragraph, 8, paragraphs fourth and seventh, 10, first paragraph, 14 Bis, in relation to 17, fraction I, and 15, first paragraph, in relation to 20, fraction XI, of the Internal Regulations of Banco de México, which grant it the authority to issue provisions through the General Legal Directorate and the Payment Systems Directorate, respectively; as well as Article 2 of the Agreement on the Assignment of Administrative Units of Banco de México, fractions VIII and X, has resolved to modify section 11.4, as well as the Annex, and to add the terms “Banking Business Day” and “Calculation Period,” with their respective definitions, to section 1, and to add sections 11.4 Bis, 11.4 Bis 1, and 11.4 Bis 2, to the “Rules of the Interbank Electronic Payment System” included in Circular 17/2010, to remain in the following terms:

1. DEFINITIONS “For brevity, in singular or plural, in these Rules it shall be understood as: … Banking Business Day: the days of the calendar year other than those designated by the National Banking and Securities Commission in its general character provisions, as those on which credit institutions must close their doors and suspend operations. … Calculation Period: the period of twelve consecutive months prior to the month of November of the calendar year in question. …”

2. GENERAL PROVISIONS “11.1 to 11.3 … 11.4 The Participant shall pay Banco de México for the use of SPEI, each month, no later than the tenth Banking Business Day of the month immediately following that to which it corresponds, an amount equivalent to the fee which shall be composed of a variable monthly fee and a fixed monthly fee in accordance with these Rules. The variable monthly fee shall be determined in accordance with the amounts and operations specified in the Annex to these Rules, while the fixed monthly fee shall be determined in accordance with what is established in this section. Except for what is provided in sections 11.4 Bis and 11.4 Bis 1 of these Rules, the fixed monthly fee that each Participant, in accordance with what is provided in the preceding paragraph, must pay during the same calendar year shall be equivalent to the result of dividing by twelve the amount of the annual fixed fee corresponding to each Participant that Banco de México calculates and makes known in the prior year, in accordance with the following: a) The annual fixed fee referred to in the preceding paragraph shall be equivalent to the result of applying (i) the percentage corresponding to the relative participation of each Participant, calculated in accordance with the indication below, to (ii) the amount determined by Banco de México, based on its own criteria and forecasts, as the global cost of operation and maintenance of SPEI, plus provisions for investments in new SPEI projects and renewal of equipment and programs, for the year immediately following that in which the calculation is made. For the purposes of the preceding paragraph, Banco de México will calculate the relative participation of each Participant during the year in question, as the proportion, expressed as a percentage, that represents (i) the number of Transfer Orders sent by the corresponding Participant during the five Calculation Periods prior to the month in which the calculation is made, with respect to (ii) the total number of Transfer Orders sent through SPEI by all Participants during those same Calculation Periods. b) Banco de México will inform each Participant of the amount equivalent to the annual fixed fee applicable to it in accordance with what is provided in this section, no later than the last Banking Business Day of the month of November of the year immediately prior to that in which Participants must make the payment of the corresponding monthly fixed fees for said annual fixed fee. Each Participant shall send, no later than the last Banking Business Day of the month of November of the year immediately prior to that in which it must make the payment of the monthly fixed fees corresponding to the annual fixed fee in question, to a person authorized to receive documentation on behalf of said Participant, to the Business Operation and Continuity Management of the Payment Systems of Banco de México, located at Avenida Cinco de Mayo number 6, ground floor, Condesa Building, Centro Neighborhood, Mexico City, Federal District, C.P. 06059, with telephone number (52) 5227-8861, in order to receive the communication referred to in the preceding paragraph. In the event that two or more Participants carry out a merger between them, the Participant resulting from said merger shall pay Banco de México, from the date on which the merger takes effect and until the last day of the calendar year corresponding to it, the monthly fixed fees corresponding to each of the Participants that have merged. Banco de México will calculate the relative participation of the Participant resulting from the merger referred to in the preceding paragraph, corresponding to the year immediately following that in which the merger took effect, in accordance with what is provided in section 11.4, subsection a), second paragraph, of these Rules and for said calculation it will use the number of Transfer Orders referred to in subsection (i) of said paragraph sent by the Participants that have merged.”

“11.4 Bis In the event that a person acquires the status of Participant after the start of a calendar year, it shall pay Banco de México for the use of SPEI each month, during that year and up to, and including, the month of December immediately following the conclusion of the first Calculation Period in which such person has maintained the status of Participant, the monthly fee resulting from adding (i) the variable monthly fee that is determined in accordance with the amounts and operations specified in the Annex to these Rules, plus (ii) the monthly fee resulting from the following calculation: a) Banco de México will calculate, during the first ten Banking Business Days of each month, the relative monthly participation of said Participant in the month immediately prior, as the proportion, expressed as a percentage, that represents (i) the number of Transfer Orders sent by the corresponding Participant during the month immediately prior to that in which the calculation in question is made, with respect to (ii) the total number of Transfer Orders sent through SPEI by all Participants during that same month. b) The percentage obtained as a result of the calculation referred to in the preceding subsection shall be applied to the result of dividing by twelve the amount determined by Banco de México, based on its own criteria and forecasts, as the global cost of operation and maintenance of SPEI, plus provisions for investments in new SPEI projects and renewal of equipment and programs, for the year corresponding to that in which the calculation is made. Banco de México will inform electronically, by computing or telecommunications means that leaves a written record, which it deems convenient, the amount equivalent to the monthly fee applicable to each Participant in accordance with what is provided in this section 11.4 Bis, during the first ten Banking Business Days of the month in which it has made the calculation of said fee, and the Participant shall pay Banco de México the referred fee during the five Banking Business Days following that in which they have received the respective communication.”

(First Section) OFFICIAL GAZETTE Friday, December 12, 2014 “11.4 Bis 1 With respect to those Participants who maintain that status in SPEI during the first four Calculation Periods, they shall pay Banco de México, from the start of the year following the conclusion of the first Calculation Period during which they have maintained the status of Participant and until the month of December corresponding to the fourth Calculation Period, the monthly fee resulting from adding (i) the variable monthly fee that is determined in accordance with the amounts and operations specified in the Annex to these Rules, plus (ii) the fixed monthly fee resulting in accordance with the following calculation: a) Banco de México will calculate the relative participation of each Participant during the year in question, as the proportion, expressed as a percentage, that represents (i) the number of Transfer Orders sent by the corresponding Participant during the Calculation Periods from when they acquired the status of Participant, up to the month prior to that in which the calculation in question is made, with respect to (ii) the total number of Transfer Orders sent through SPEI by all Participants during that same period. b) The percentage obtained as a result of the calculation referred to in the preceding subsection shall be applied to the result of dividing by twelve the amount determined by Banco de México, based on its own criteria and forecasts, as the global cost of operation and maintenance of SPEI, plus provisions for investments in new SPEI projects and renewal of equipment and programs, for the year immediately following that in which the calculation is made. Banco de México will inform the amount equivalent to the annual fixed fee applicable to each Participant in accordance with what is provided in this section, in the terms provided in subsection b), of section 11.4 of these Rules.”

“11.4 Bis 2 In the event that, as a result of the calculation and payment of the fees of those Participants referred to in sections 11.4 Bis and 11.4 Bis 1, the sum of the fixed monthly fees paid by all Participants is greater than the amount referred to in section 11.4, subsection a), first paragraph, subsection (ii), of these Rules, Banco de México will deduct the corresponding excess amount from that other amount it determines under the concept of said subsection for the next Calculation Period.”

“ANNEX VARIABLE MONTHLY FEE IN SPEI Amounts and operations for the calculation of the variable monthly fee Concept Amount For Transfer Order sent to CLS: Amount in pesos, national currency equivalent to 20.00 Euros 1 For Transfer Request sent: 0.50 pesos, national currency For return received: 0.50 pesos, national currency Amount of information retransmitted at the request of the Participant: 0.01 pesos, national currency for each Byte

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1 For the determination of the amount in national currency, the following will be used: a) the equivalence of the Euro with the United States of America (U.S.A.) dollar published in the Official Gazette of the Federation in the month immediately prior to the month of the date of payment of the fee, and b) the exchange rate that Banco de México publishes in the Official Gazette of the Federation on the Banking Business Day immediately prior to that on which the payment of the fee is made.”

TRANSITIONAL SINGLE. This Circular shall enter into force on December 15, 2014. Banco de México, as an exception to what is provided in subsection b), of section 11.4, will inform Participants of the amount equivalent to the annual fixed fee corresponding to 2015 on the Banking Business Day following the date of entry into force of this Circular. Mexico City, D.F., December 10, 2014.- The General Legal Director, Luis Urrutia Corral.- Signature.- The Director of Payment Systems, Manuel Miguel Angel Díaz Díaz.- Signature. For any consultation regarding the content of this Circular, please contact the Authorizations, Consultations and Legal Control Management, at the telephone numbers (55) 5237-2308, (55) 5237-2317 or (55) 5237-2000, extension 3200.