Circular 24/2020 — Modifies Circular 22/2010

116 OFFICIAL GAZETTE Friday, June 5, 2020
BANCO DE MÉXICO
CIRCULAR 24/2020 addressed to credit institutions and multiple-object financial societies regulated, regarding modifications to Circular 22/2010 (deposit accounts for adolescents). At the margin a logo, which says: Bank of Mexico.- "2020, Year of Leona Vicario, Meritorious Mother of the Fatherland". CIRCULAR 24/2020 TO CREDIT INSTITUTIONS AND MULTIPLE-OBJECT FINANCIAL SOCIETIES REGULATED:
SUBJECT: MODIFICATIONS TO CIRCULAR
22/2010 (DEPOSIT ACCOUNTS
FOR ADOLESCENTS)
The Bank of Mexico, with the purpose of continuing to promote the sound development of the financial system, protect the interests of the public and foster the proper functioning of payment systems, in consideration of the reforms to the Credit Institutions Law carried out by decree published in the Official Gazette of the Federation on March 27, 2020, pursuant to which Article 59 of said Law empowers the Bank of Mexico to determine, through general provisions, the characteristics, level of transactionality, limitations, requirements, terms and conditions of accounts opened in the name of adolescents, from the age of fifteen completed, without the intervention of their representatives, has deemed it necessary to establish the characteristics and conditions that allow such persons to open and operate the aforementioned accounts in conditions adequate to the purposes recognized in the cited Law. For the above, based on Articles 28, paragraphs sixth and seventh, of the Political Constitution of the United Mexican States, 24 and 26, of the Bank of Mexico Law, 4, 4 Bis and 22, of the Law for Transparency and Ordering of Financial Services, 48, 48 Bis 2 and 59, of the Credit Institutions Law, 1, 4, paragraph first, 8, paragraphs fourth and eighth, 10, paragraph first, 12 Bis, paragraph first, in relation with 20 Quáter, fraction IV, 14 Bis, paragraph first, in relation with 17, fraction I, and 14 Bis 1, paragraph first, in relation with 25 Bis 1, fraction IV, of the Internal Regulations of the Bank of Mexico, which grant it the authority to issue provisions through the General Directorate of Payment Systems and Market Infrastructures, the General Legal Directorate and the General Directorate of Affairs of the Financial System, respectively, as well as Second, fractions I, X and XVII, of the Agreement on the Assignment of Administrative Units of the Bank of Mexico, has resolved to add numeral 2.37 to the "General Provisions Establishing Prohibitions and Limits on the Charging of Commissions", contained in Circular 22/2010, to remain in the terms set forth below:
GENERAL PROVISIONS ESTABLISHING PROHIBITIONS AND LIMITS ON THE CHARGING OF COMMISSIONS "2.37. Credit institutions that are obligated to offer Basic Payroll Accounts and Basic Accounts for the General Public exempt from the charging of Commissions, in accordance with what is provided in
Article 48 Bis 2 of the Credit Institutions Law, and that, in turn, offer to open checking deposit accounts
for adolescents, in accordance with Article 24 Bis of the Provisions applicable to the operations of Credit Institutions, Multiple-Object Financial Societies that Maintain Patrimonial Links with Credit Institutions and the National Financial Development Society for Agricultural, Rural, Forestry and Fishing Activities, issued by the Bank of Mexico through Circular 3/2012, published in the Official Gazette of the Federation on March 2, 2012, in terms of the modifications made subsequently, must allow opening such Basic Payroll Accounts and Basic Accounts for the General Public to such adolescents, without the intervention of their representatives, provided that these persons have completed, at least, fifteen years of age at the time of the celebration of the respective account opening contract. Regarding those persons who are workers of the dependencies and institutions referred to in the Federal Law of Workers Serving the State, Regulatory of
Section B) of Article 123 of the Constitution, only those who, given what is provided by Article 13 of said
Law, have more than the sixteen years of age indicated in said article may open Basic Payroll Accounts.

Friday, June 5, 2020 OFFICIAL GAZETTE 117
Payroll. For the purposes of what is provided in the present numeral, credit institutions must adhere to the
Article 24 Bis cited above.
The Basic Payroll Accounts and the Basic Accounts for the General Public referred to in the present numeral must include, among the minimum services listed in the previous numeral 2.11, access to mobile banking, internet banking and telephone banking that the credit institutions in question offer for checking deposits for natural persons in general, in terms of the General Provisions Applicable to Credit Institutions, issued by the National Banking and Securities Commission. In the event that, in accordance with Article 24 Bis cited in the first paragraph of the present numeral, the credit institution in question has opened Basic Payroll Accounts and Basic Accounts for the General Public as a consequence of the transformation of money deposit accounts opened previously in the name of the adolescent persons provided for in said article, the aforementioned basic accounts must maintain the mobile banking, internet banking and telephone banking services referred to in this paragraph during the validity of those same basic accounts." TRANSITORY UNIQUE.- This Circular shall enter into force the day following its publication in the Official Gazette of the Federation. Mexico City, May 29, 2020.- BANCO DE MÉXICO: The General Director of Payment Systems and Market Infrastructures, Manuel Miguel Ángel Díaz Díaz.- Initials.- The General Legal Director, Luis Urrutia Corral.- Initials.- The General Director of Affairs of the Financial System, José Luis Negrín Muñoz.- Initials. For any inquiries regarding the content of this Circular, please contact the Central Bank Authorizations and Consultations Management, at phones 55 5237-2308, 55 5237-2317 or 55 5237-2000 Ext. 3200.