Circular 25/2009 — Modification of Rules for Specialized Investment Companies Holding Retirement Fund Assets Regarding Derivative Financial Operations

Friday, October 30, 2009 OFFICIAL GAZETTE (First Section) 83

CIRCULAR 25/2009 Rules to which specialized investment companies holding retirement fund assets must adhere in the celebration of financial operations known as derivatives.

A logo appears at the margin, stating: Bank of Mexico.

CIRCULAR 25/2009

TO THE SPECIALIZED INVESTMENT COMPANIES HOLDING RETIREMENT FUND ASSETS:

SUBJECT: MODIFICATIONS TO THE RULES TO WHICH SPECIALIZED INVESTMENT COMPANIES HOLDING RETIREMENT FUND ASSETS MUST ADHERE IN THE CELEBRATION OF FINANCIAL OPERATIONS KNOWN AS DERIVATIVES.

The Bank of Mexico, based on Articles 28 of the Political Constitution of the United Mexican States, sixth and seventh paragraphs; Article 24 of the Bank of Mexico Law; Article 48, section IX, of the Savings for Retirement System Law; as well as Articles 8th, third and sixth paragraphs, 10, 17, section I, and 19, section IX, of the Internal Regulations of the Bank of Mexico, which provide for the powers of the Bank of Mexico to issue provisions through the Central Banking Provisions Directorate and the Operations Directorate, respectively; as well as the Single Agreement on the Attachment of Administrative Units of the Bank of Mexico, sections I and IV; considering the various modifications that the National Commission of the Savings for Retirement System has recently made to the general rules establishing the investment regime to which specialized investment companies holding retirement fund assets must adhere, and with the object of promoting the sound development of the financial system, has resolved to expand the range of underlyings regarding which those companies may celebrate financial operations known as derivatives; modifying the definition of “Underlying”, subsections d) and e) of Rule First, as well as adding subsection f), to read as follows:

RULES TO WHICH SPECIALIZED INVESTMENT COMPANIES HOLDING RETIREMENT FUND ASSETS MUST ADHERE IN THE CELEBRATION OF FINANCIAL OPERATIONS KNOWN AS DERIVATIVES

“FIRST.- For the purposes of these Rules, the following shall be understood by:

Underlying(s): a) to c) . . . d) Unit Investment Funds (UDIs); e) Shares, a group or basket of shares, or securities referenced to shares, that trade on a stock exchange, from those provided for in the provisions that establish the investment regime of the Companies, issued by the CONSAR, and f) Price indices on shares that trade on a stock exchange, from those provided for in the provisions that establish the investment regime of the Companies, issued by the CONSAR.”

TRANSITORY SINGLE. This Circular shall enter into force on November 3, 2009.

Mexico City, October 28, 2009.- BANK OF MEXICO: The Director of Operations, Francisco Javier Duclaud González de Castilla.- Signature.- The Director of Central Banking Provisions, Fernando Luis Corvera Caraza.- Signature.

For any inquiries regarding the content of this Circular, please contact the Authorization, Consultations and Legal Control Department, located at Avenida 5 de Mayo number 2, sixth floor, Centro Neighborhood, Mexico City, D.F., C.P. 06059, or by telephone at 5237.2308, 5237.2317 or 52372000 Ext. 3200.

Friday, October 30, 2009 OFFICIAL GAZETTE (First Section) 84