Regulatory Alerts2011-11-29 | Circular 23/2011Added
Circular 23/2011 — Modification of Circular 47/2008
The Bank of Mexico will conduct daily US dollar sales auctions starting November 30, 2011, in accordance with Circular 47/2008. The document amends the submission window for bids under that circular to three specific five-minute periods: 9:00–9:05, 12:00–12:05, and 15:00–15:05 hours on auction days. Additionally, Circular 12/2010 is repealed upon the effective date.
CIRCULAR 23/2011 Mexico City, November 29, 2011. TO CREDIT INSTITUTIONS: SUBJECT: AUCTIONS FOR THE SALE OF UNITED STATES DOLLARS
The Bank of Mexico, based on what is provided in Article 28 of the Political Constitution of the United Mexican States, sixth and seventh paragraphs; Articles 14 and 24 of the Bank of Mexico Law; Article 22 of the Law for Transparency and Ordering of Financial Services; Articles 4°, 8th paragraph fourth and seventh, 12 in relation to Article 19 fraction VII and 14 Bis in relation to Article 17 fraction I of the Internal Regulations of the Bank of Mexico, which provide for the attribution of the Central Bank through the General Directorate of Central Banking Operations and the General Legal Directorate, respectively, to issue provisions; Second fractions VII and XI of the Agreement on the Affiliation of Administrative Units of the Bank of Mexico, and in compliance with the Agreement of the Exchange Commission made known through a press release on November 29 of this year, has resolved that starting November 30, 2011, it will hold auctions for the sale of United States dollars, in terms of what is established in Circular 47/2008. Additionally, starting from said date, the first paragraph of section 4 of the aforementioned Circular is reformed, to read as follows:
“4. SUBMISSION OF BIDS Interested institutions may submit their bids through the Dollar Auction Module of the Account Holder Attention System of the Bank of Mexico or through any other electronic, computing, or telecommunications medium authorized for this purpose by the Bank of Mexico, in one or more of the following periods: from 9:00:00 to 9:05:00 hours for the first auction; from 12:00:00 to 12:05:00 hours for the second auction, and from 15:00:00 to 15:05:00 hours for the third auction, on the day they are held. . . .”
TRANSITIONAL PROVISIONS FIRST. This Circular shall enter into force on November 30, 2011. SECOND. Starting from the entry into force of this Circular, Circular 12/2010, dated April 13, 2010, is hereby repealed.
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