Circular 23/2008 — Cheques nominativos

Tuesday, June 3, 2008 OFFICIAL GAZETTE (First Section) 1

CIRCULAR 23/2008 regarding the General Provisions referred to in Article 179 of the General Law of Negotiable Instruments and Credit Operations, to determine the amount from which checks must be nominative.

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

CIRCULAR 23/2008

TO CREDIT INSTITUTIONS:

SUBJECT: GENERAL PROVISIONS REFERRED TO IN ARTICLE 179 OF THE GENERAL LAW OF NEGOTIABLE INSTRUMENTS AND CREDIT OPERATIONS, TO DETERMINE THE AMOUNT FROM WHICH CHECKS MUST BE NOMINATIVE.

The Bank of Mexico, based on what is provided in Articles 28 of the Political Constitution of the United Mexican States, sixth and seventh paragraphs; 24 and 26 of the Bank of Mexico Law; 179 of the General Law of Negotiable Instruments and Credit Operations; 22 of the Law for Transparency and Ordering of Financial Services; as well as paragraphs 3 and 6 of Article 8, 10, 12 in relation to fraction IV of Article 20, and fraction I of Article 17, which provide for the powers of the General Directorate of Central Bank Operations, through the Directorate of Operational and Payment Systems, and the Directorate of Central Bank Provisions, respectively, 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 the aforementioned Official Gazette on May 9, 2008; with the object of promoting the proper functioning of the payment system and protecting the interests of the public, considering that:

a) On February 1, 2008, the General Law of Negotiable Instruments and Credit Operations was modified by Decree published in the Official Gazette of the Federation, in which it was established that the Bank of Mexico will determine the amount from which checks must be nominative, and

b) Reducing the amount for which bearer checks can be issued contributes to decreasing the commission of crimes through the use of such credit instruments.

It has resolved to issue the following:

GENERAL PROVISIONS REFERRED TO IN ARTICLE 179 OF THE GENERAL LAW OF NEGOTIABLE INSTRUMENTS AND CREDIT OPERATIONS, TO DETERMINE THE AMOUNT FROM WHICH CHECKS MUST BE NOMINATIVE

FIRST.- Checks for amounts equal to or greater than $20,000.00 (TWENTY THOUSAND PESOS 00/100 NATIONAL CURRENCY) must always be nominative.

SECOND.- The amount referred to in the previous Provision will remain in effect until further notice.

TRANSITIONAL PROVISION

SINGLE.- These Provisions will enter into force on January 1, 2009.

Respectfully,

Tuesday, June 3, 2008 OFFICIAL GAZETTE (First Section) 2

Mexico, D.F., May 29, 2008.- BANK OF MEXICO: The General Director of Central Bank Operations, David Aarón Margolín Schabes.- Signature.- The Director of Central Bank Provisions, Fernando Luis Corvera Caraza.- Signature.

For any inquiries regarding the content of this Circular, please contact the General Manager of Authorizations, Consultations and Legal Control, located at Avenida 5 de Mayo number 2, sixth floor, Centro Neighborhood, Mexico City, D.F., C.P. 06059, or at telephone numbers 5237.2308, 5237.3200 or 5237.2317.