Circular 3/2026 — Modifications to Circular 3/2012 (Characteristics of Open Market Operations)

Wednesday, January 7, 2026 OFFICIAL GAZETTE 209 CIRCULAR 3/2026 addressed to credit institutions, regulated multiple-object financial societies that maintain equity links with credit institutions and the National Financial Institution for Agricultural, Rural, Forestry and Fisheries Development, regarding the Modifications to Circular 3/2012 (characteristics of open market operations).

A logo appears at the margin, stating: Bank of Mexico.- "2025, Year of the Indigenous Woman".

CIRCULAR 3/2026
TO CREDIT INSTITUTIONS, REGULATED MULTIPLE-OBJECT FINANCIAL SOCIETIES THAT MAINTAIN EQUITY LINKS WITH CREDIT INSTITUTIONS AND THE NATIONAL FINANCIAL INSTITUTION FOR AGRICULTURAL, RURAL, FORESTRY AND FISHERIES DEVELOPMENT:

SUBJECT: MODIFICATIONS TO CIRCULAR 3/2012 (CHARACTERISTICS OF OPEN MARKET OPERATIONS)

The Bank of Mexico, with the purpose of continuing to promote the sound development of the financial system and to continue strengthening the implementation of monetary policy, considers it convenient to expand the catalog of eligible securities to be subject to repos or special guarantees in open market operations and in those carried out to guarantee overdrafts in the single account of credit institutions, as well as to modify some additional characteristics of said operations, with the objective of promoting a more efficient management of liquidity.

For the above, based on articles 28, paragraphs seventh and eighth, of the Political Constitution of the United Mexican States, 7, fractions I, II and V, 8, second paragraph, 14, 24 and 26 of the Bank of Mexico Law, 48 of the Credit Institutions Law, 87-D, fourth paragraph, of the General Law of Organizations and Auxiliary Credit Activities, 22 of the Law for Transparency and Ordering of Financial Services, 1, 4, first paragraph, 8, fourth and eighth paragraphs, 10, first paragraph, 14 Bis, first paragraph, in relation to 17, fraction I, 19 Bis 1, fraction XI, 20 Bis, fraction XII, and 25, fraction VII, of the Internal Regulations of the Bank of Mexico, which grant it the authority to issue provisions through the General Legal Directorate, the Operations Support Directorate, the Risk Management Directorate and the Financial Stability Directorate, respectively, as well as Second, fractions II, IV, VI and X, of the Agreement on the Assignment of Administrative Units of the Bank of Mexico, has resolved to modify the definitions of "Foreign Exchange Risk Position", "SAGAPL", "SIAC-BANXICO", "SICAM", "SPEI", "SPID" and "UDIBONOS" contained in article 2, as well as articles 115 Bis 1, 115 Bis 2, fractions I, II, III, IV, V and VI, as well as third, fourth and last paragraphs, 115 Bis 3, second, fourth and seventh paragraphs, 176, 184, 186, 187, first and second paragraphs, 188, fractions I, II, III, IV, V, second paragraph, VI, items c) and d), and VII, as well as last paragraph, 189, fractions IV, first and penultimate paragraphs, and VI Bis, as well as second and third paragraphs, 190, 191, 192, third paragraph, 194, fraction I and second paragraph, 195 Bis 4, third paragraph, 195 Bis 5, first paragraph, as well as fractions I and II, 195 Bis 6, 195 Bis 7, first paragraph, 195 Bis 8 and Annexes 5 Bis 2, 7, 10, 12 Bis 1, 12 Bis 2, 12 Bis 3 and 12 Bis 4, as well as add the definitions of "Debt Securities Custodied Abroad", "Debt Securities of Development Banking" and "Debt Securities Issued by the US Treasury" to article 2, the second paragraph of fraction IV and the fifth paragraph of 115 Bis 2, the second paragraph of fraction II of 115 Bis 3, the second paragraph of fraction IV and the fourth paragraph of 189, fractions III and IV of 194, 194 Bis, the second and third paragraphs of fraction I of 195 Bis 5, the second, third, fourth, fifth, sixth and seventh paragraphs of 195 Bis 6, as well as Annex 12 Bis 8, all of these of the "Provisions applicable to the operations of credit institutions, regulated multiple-object financial societies that maintain equity links with credit institutions and the National Financial Institution for Agricultural, Rural, Forestry and Fisheries Development",

210 OFFICIAL GAZETTE Wednesday, January 7, 2026 contained in Circular 3/2012, as modified by subsequent circulars, to remain as follows:

PROVISIONS APPLICABLE TO THE OPERATIONS OF CREDIT INSTITUTIONS, REGULATED MULTIPLE-OBJECT FINANCIAL SOCIETIES THAT MAINTAIN EQUITY LINKS WITH CREDIT INSTITUTIONS AND THE NATIONAL FINANCIAL INSTITUTION FOR AGRICULTURAL, RURAL, FORESTRY AND FISHERIES DEVELOPMENT

"INDEX
...
Article 115 Bis.- Characteristics of overdrafts in the Single Account guaranteed with the deposit of monetary regulation
Article 115 Bis 1.- Contract for the celebration of repos to guarantee the overdraft of the Single Account
Article 115 Bis 2.- Characteristics of repos
Article 115 Bis 3.- Formalization of repos
Article 115 Bis 4.- Determination of deposits in the special deposit account for the overdraft of the Single Account
Article 115 Bis 5.- Characteristics of special deposits
...
Article 194 Bis.- Exceptions to the provisions of this Chapter
...
Article 195 Bis 3.- Obligation to constitute Special Guarantees
Article 195 Bis 4.- Determination of the value of the Special Guarantees to be constituted by the Institutions
Article 195 Bis 5.- Constitution of Special Guarantees
Article 195 Bis 6.- Procedure for substitution of Special Guarantees
Article 195 Bis 7.- Withdrawal of excess Special Guarantees
Article 195 Bis 8.- Credit of accessories
Article 195 Bis 9.- Procedure for non-compliance in delivery of Special Guarantees
...
Annex 5 Bis 2 Model of request for the formalization of repo operations with the Bank of Mexico, in accordance with articles 115 Bis 2, fraction III, item ii), and 115 Bis 3 of the Provisions applicable to the operations of credit institutions, regulated multiple-object financial societies that maintain equity links with credit institutions and the National Financial Institution for Agricultural, Rural, Forestry and Fisheries Development, issued by the Bank of Mexico through Circular 3/2012
...
Annex 12 Bis 1 Model of request for substitution of deposits delivered in pledge or securities delivered in stock pledge that constitute the Special Guarantees
Annex 12 Bis 2 Model of request for return of excess Special Guarantees constituted with securities
Annex 12 Bis 3 Model of request for return of excess Special Guarantees constituted with deposits
...

Wednesday, January 7, 2026 OFFICIAL GAZETTE 211
Annex 12 Bis 8 Model of notice of transfer of the securities subject to the repos referred to in articles 115 Bis 3, 189, 195 Bis 5 and 195 Bis 6 of the Provisions applicable to the operations of credit institutions, regulated multiple-object financial societies that maintain equity links with credit institutions and the National Financial Institution for Agricultural, Rural, Forestry and Fisheries Development, issued by the Bank of Mexico through Circular 3/2012, to the Bank of Mexico's foreign securities custody account
..."

"Definitions
Article 2º.- ...
...
Short Position: ...
Foreign Exchange Risk Position: the difference between the Long Position and the Short Position.
Long Position: ...
...
SAGAPL: the Bank of Mexico's Guarantee and Repo Management System.
...
Electronic Funds Transfer Service:
...
SIAC-BANXICO: the Bank of Mexico Account Holder Attention System.
SICAM: the subsystem of the SIAC-BANXICO through which the net balances derived from the Compensation of both Documents and the operations carried out through the Electronic Funds Transfer Service, the Receipt Collection Service and the Cash Exchange and Compensation Service are determined, and the credits required to settle the referred balances of the Compensation of the Documents or the referred operations are calculated. SOFOM E.R. Linked: ... SPEI: the Interbank Electronic Payment System. SPID: the payment system called "Interbank Payment System in Dollars" that allows the sending, processing and settlement of Interbank Transfer Orders, in order to transfer, through electronic means, determined amounts in Dollars to demand deposit accounts denominated in that currency, with or without a checkbook, payable in the Mexican Republic, opened only in the name of legal entities that have their domicile in national territory. Deposit Auctions: ... ... Bank Securities: ... Debt Securities Custodied Abroad:
BONOS UMS, Debt Securities of Development Banking and Debt Securities Issued by the US Treasury, that are custodied abroad.

212 OFFICIAL GAZETTE Wednesday, January 7, 2026 Debt Securities of Development Banking:
debt securities registered in the National Securities Registry referred to in the Securities Market Law, issued by Development Banking Institutions, as well as debt securities denominated in Foreign Currencies, issued by said institutions.
Debt Securities Issued by the US Treasury:
"Treasury Bills", "Treasury Notes", "Treasury Bonds", "Treasury Inflation-Protected Securities" or "Floating Rate Notes" issued by the government of the United States of America.
UDIBONOS: BONDES denominated in UDIS.
..."

"Contract for the celebration of repos to guarantee the overdraft of the Single Account
Article 115 Bis 1.- Institutions must celebrate a contract with the Bank of Mexico that documents the repo operations with BREMS and with the securities referred to in the following article 115 Bis 2, as well as for the constitution of deposits in national currency that will be granted in pledge to guarantee the overdraft of the Single Account, in accordance with what is provided in article 115 Bis of these Provisions. For these purposes, Institutions must present to the Operations Instrumentation Management, located at Avenida 5 de Mayo, number 18, Centro neighborhood, Cuauhtémoc Territorial Demarcation, Mexico City, postal code 06000, certified and simple copies of the deeds in which the granting of representation powers to exercise acts of dominion by whoever intends to sign it is expressly stated. Additionally, Institutions must present to said Management, a simple copy of the official identification of whoever intends to sign the referred contract.
The presentation of the documentation referred to in the previous paragraph must be made, at least, with fifteen Banking Business Days in advance of the date on which they intend the referred contract to enter into force. In any case, the Institution in question must sign the corresponding contract, at least, with five Banking Business Days in advance of said date."

"Characteristics of repos
Article 115 Bis 2.- ...
I. Repo Provider: The Bank of Mexico.
II. Repo Recipient: The Institution in question.
III. Term: i) One Banking Business Day, in case the repos are formalized through the SAGAPL or any other electronic, computing or telecommunications medium authorized for such purpose by the Central Bank itself and made known to Institutions, or ii) the term determined by the Bank of Mexico at the time of formalization of the operation, in case the SAGAPL or the means authorized by the Bank itself referred to in item i) above are not available and Institutions present a request prepared in terms of Annex 5 Bis 2 of these Provisions. The writing referred to in item ii) above must show knowledge of signatures, so said signatures must be previously registered at the Bank of Mexico.
One-day repos must consider the number of natural days that elapse from, and including, the Banking Business Day corresponding to the date of formalization of the operation or that corresponding to, in its case, the renewal in question and up to, but excluding, the immediate next Banking Business Day.
IV. Securities subject to the repo: a) BONDES; b) BONOS UMS; c) BREMS that form the monetary regulation deposit in terms of what is provided by Circulars 9/2014 and 10/2014 of the Bank of Mexico; d) CETES, excluding SPECIAL CETES; e) Segregated Coupons; f) Debt Securities of Development Banking; g) Debt Securities Issued by the US Treasury, and h) IPAB Securities, that are property of the corresponding Institution.
In any case, the Bank of Mexico, in attention to the date of issuance and placement of the securities and to the depth and conditions prevailing in the market where said securities are negotiated, may not accept these securities in repo operations, as well as those that do not have an updated reference valuation.

Wednesday, January 7, 2026 OFFICIAL GAZETTE 213
V. Price: The nominal value of the BREMS and the market value of the BONDES, BONOS UMS, CETES, Segregated Coupons, Debt Securities of Development Banking, Debt Securities Issued by the US Treasury and IPAB Securities, adjusted by the discount factor that the Bank of Mexico establishes depending on the type of Government Security in question, which is made known on the internet site <http://webdgobc>.
VI. Rate: The one-day interbank interest rate that the Bank of Mexico's Board of Governors has determined as the target rate for monetary policy purposes, made known by the Bank of Mexico on the Banking Business Day prior to the formalization of the repo, through its electronic page on the Internet identified with the domain name: www.banxico.org.mx or through any other electronic, computing or telecommunications medium authorized for this purpose by the Bank of Mexico itself.
VII. ...
...
Likewise, the value of the securities subject to the repo determined in accordance with what is provided in the following paragraph must be equal to the amount intended to be constituted in the deposit referred to in article 115 Bis 4 of these Provisions, in addition to any other expense agreed upon at the charge of the Institution.
The value of the securities subject to the repo will be: a) the nominal value of the BREMS and b) the market value of the BONDES, BONOS UMS, CETES, Segregated Coupons, Debt Securities of Development Banking, Debt Securities Issued by the US Treasury and IPAB Securities, adjusted by the discount factor that the Bank of Mexico establishes depending on the type of security in question, which is made known on the internet site <http://webdgobc>. The value of the securities subject to the repo will be determined taking as a base the procedure described in Annex 7, adjusting it according to the type of security in question applying the parameters that are made known through the SAGAPL, in accordance with what is provided in the SAGAPL manual. The Bank of Mexico will formalize an independent repo for each type of security subject to the repo that it acquires as repo provider."

"Formalization of repos
Article 115 Bis 3.- ...
I. and II. ...
For the case of Debt Securities Custodied Abroad, Institutions must inform the Bank of Mexico about the intention to transfer the corresponding securities, through the SAGAPL or any other electronic, computing or telecommunications medium authorized for such purpose by the Bank itself and made known to Institutions. Additionally, said Institutions must transfer the securities subject to the repo that they have indicated to the Central Bank in accordance with the foregoing to the account of the Bank of Mexico that, for such effects, it has opened in a custodian abroad and that it indicates to them, in terms of what is established in the contract celebrated for such effect, in accordance with article 115 Bis 1 of these Provisions, through direct instruction to the foreign securities custodian they have contracted. If the SAGAPL or the referred electronic means were not available, Institutions must give the aforementioned notice to the Bank of Mexico in terms of Annex 12 Bis 8, on the International Banking Business Day on which they intend to instruct the transfer of the securities subject to the repo, informing the types of securities to be transferred, as well as the amount of each of them. The writing referred to in this paragraph must show knowledge of signatures, so said signatures must be previously registered at this Central Institute. The Bank of Mexico, if applicable, will inform Institutions, through the same means, the lack of receipt of the Debt Securities Custodied Abroad, as well as errors or inconsistencies in the information presented and the securities delivered. Once the total amount of the securities subject to the repo has been credited in the account that some institution for the deposit of securities or foreign securities custody keeps for the Bank of Mexico, as applicable, it will make the credit of the corresponding resources for an amount equivalent to the nominal value of the securities mentioned in the previous fraction II in the Single Account of the Institution. ... The referred repos that have been formalized through the SAGAPL or by any other electronic, computing or telecommunications medium authorized for such purpose by the Central Bank itself, may be renewed with the same characteristics initially determined by the Bank of Mexico, except in the case where

214 OFFICIAL GAZETTE Wednesday, January 7, 2026

that the Institution requests, on the Banking Business Day prior to the date on which it wishes the repurchase agreement (reporto) to mature, through the SAGAPL, under the terms and deadlines provided for in these Provisions and in the manual of the SAGAPL itself, that the securities subject to the repurchase agreement be returned. In the event that the SAGAPL is not available, the request shall be made by any other electronic, computing, or telecommunications means authorized for such purpose by the Central Bank itself. In both cases, the repurchase agreement for those securities that the Institution has requested shall mature, which shall be returned to the securities account that the securities depository institution carries for the respective Institution, prior to the closing of operations of said securities depository institution. The Debt Securities Custodied Abroad shall remain in the Bank of Mexico's account until the Institutions indicate the withdrawal of the securities. The Bank of Mexico shall instruct the foreign securities custodian that has been contracted to return said securities to the securities custody account of the Institution that this has indicated to the Bank of Mexico, in terms of what is established in the contract celebrated for this effect in accordance with Article 115 Bis 1 of these Provisions, no later than, the next International Banking Business Day following that on which it received the request in question. … The interest in national currency that, if any, the securities subject to the repurchase agreement pay during the validity of the operations, shall be credited by the Bank of Mexico in the Single Account that it carries for the reported party, on the Banking Business Day on which they have been paid by the issuer. In the case of interest denominated in Foreign Currency, the Bank of Mexico shall instruct its correspondent, no later than, the next International Banking Business Day following that on which they have been paid by the issuer, that said resources be credited in the correspondent's account that the reported party has indicated to the Bank of Mexico, in terms of what is established in the contract celebrated for this effect in accordance with Article 115 bis 1 of these Provisions.”

“Instrumentation of Liquidity Auctions
Article 176.- To be able to participate in the Liquidity Auctions, Institutions must previously celebrate a contract with the Bank of Mexico in which, on the one hand, they agree to be subject to the terms and conditions applicable to the Liquidity Auctions celebrated in accordance with these Provisions and, on the other hand, establish the constitution of guarantees in terms of the process provided for in Chapter VIII, of Title Third of these Provisions. For the purposes of the foregoing, the Institutions must present to the Operations Instrumentation Management, located at Avenida 5 de Mayo number 18, Centro neighborhood, postal code 06000, Cuauhtémoc Territorial Demarcation, Mexico City, a certified and simple copy of the deed(s) in which the granting of the following representation powers is expressly stated:
I. To exercise acts of dominion.
II. …
III. To designate those who shall act as operators in the payment systems administered by the Bank of Mexico.
Additionally, the Institutions must present to said Management, a simple copy of the official identification of the person intending to sign the referred contract. Likewise, the Institutions must present to the Operations Management Management, located at Avenida 5 de Mayo, number 6, Centro neighborhood, postal code 06000, Cuauhtémoc Territorial Demarcation, Mexico City, a mandate granted in favor of the Bank of Mexico in terms of Annex 10 of these Provisions, signed by the person who has the powers mentioned in fraction I of this article. The Institutions must send an original copy of said mandate to the securities depository institution. The presentation of the documentation referred to in the previous paragraph must be made, at least, ten Banking Business Days in advance of the date on which they intend to begin participating in the Liquidity Auctions. In any case, the Institution in question must sign the corresponding contract, at least, five Banking Business Days in advance of said date.”

“Power of the Bank of Mexico to declare an auction void or to reject bids
Article 184.- The Bank of Mexico reserves the right to declare the respective auction void or reject bids when it considers that:
I. The bids do not adequately represent market conditions, could produce undesirable effects in the same, or go against sound market practices, or
II. The participation of the Institution in the auction in question or the possibility that said Institution receives an allocation could generate, in the judgment of the Bank of Mexico, a risk for the monetary or exchange policy

Wednesday, January 7, 2026 OFFICIAL GAZETTE 215 monetary or exchange policy, the sound development of the financial system, the proper functioning of the payment systems or the protection of the interests of the public.”

“Schedules
Article 186.- The Bank of Mexico will carry out the necessary management and acts to formalize the allocations for each Liquidity Auction, subject to compliance with the applicable conditions, in the schedules defined in the SAGAPL manual, which can be consulted through the SAGAPL.”

“Order of formalization
Article 187.- For each Liquidity Auction, participant, and allocated amount, the order in which the Bank of Mexico will carry out the management and necessary acts to formalize each operation will be as follows:
I. and II. …
In all cases, for each allocated bid, the management and necessary acts will be carried out to formalize first through credit operations and, if necessary, through repurchase agreements (reportos).”

“Characteristics of credits
Article 188.- …
I. Lender: The Bank of Mexico.
II. Borrower: The Institution that has received the allocation.
III. Term: That established by the Bank of Mexico in the call for the corresponding auction.
IV. Amount: The amount of resources allocated by the Bank of Mexico that is guaranteed with the same type of deposit provided for in the following fraction VI.
V. …
In the event that, from the Banking Business Day of the execution of the credit and until the agreed date of its maturity, the one-day interbank interest rate that the Governing Board of the Bank of Mexico has determined as the target rate for monetary policy purposes is modified by decision of said Board, the interest rate referred to in the previous paragraph shall be adjusted by the same number of basis points in which said target rate has been modified, for each of the Days from that on which the new rate is applicable and until the agreed date of maturity of the credit term. Each time the referred target rate is modified, if any, during the validity of the credit, the applicable interest rate shall be adjusted in accordance with what is provided for in this paragraph. V Bis. …
VI. …
a) and b) … c) The deposits constituted in accordance with the Deposit Auctions, or d) The Dollar deposits that the credited Institution maintains in the respective account at the Bank of Mexico.
VII. Special Guarantee: Securities granted in stock pledge and deposits granted in pledge to cover the losses of the Dollar Deposits, in accordance with what is provided for in Chapter VIII, Title Third, of these Provisions.
…
In the event that the SAGAPL is not available, Institutions wishing to formalize the allocations through credit operations must send a request to the Bank of Mexico in terms of Annex 12 Bis, no later than 14:00:00 hours on the Banking Business Day on which they intend to formalize the guarantee, in which they indicate the types of deposits with which they intend to constitute said guarantee, as well as the amount of each of them. In this case, the Bank of Mexico will verify the availability of the deposits to constitute the guarantee. The document referred to in this paragraph must show knowledge of signatures, so said signatures must be previously registered at the Bank of Mexico.”

216 OFFICIAL GAZETTE Wednesday, January 7, 2026

“Characteristics of repurchase agreements (reportos)
Article 189.- …
I. to III. …
IV. Securities subject to the repurchase agreement: a) BONDES; b) BONOS UMS; c) BREMS; d) CETES, excluding SPECIAL CETES; e) Segregated Coupons; f) Debt Securities of the Development Banking; g) Debt Securities Issued by the US Treasury, and h) IPAB Securities, which are property of the corresponding Institution.
In any case, the Bank of Mexico, taking into account the date of issuance and placement of the securities and the depth and conditions prevailing in the market in which said securities are traded, may not accept these securities in repurchase agreement operations, as well as those that do not have an updated reference valuation.
…
Likewise, the value of the securities subject to the repurchase agreement determined in accordance with what is provided in the following paragraph, must be equal to or greater than the sum of the price plus the estimated premium of the operation, calculated in accordance with the following fraction VI Ter, in addition to any other expense agreed to be borne by the Institution. …
V. and VI. …
VI Bis. Interest Rate: The rate corresponding to the bid allocated to each Institution.
…
VI Ter and VII. …
The Bank of Mexico will formalize an independent repurchase agreement for each type of security subject to the repurchase agreement that it acquires as the repo seller.
To formalize the repurchase agreements, the Institutions must transfer the securities subject to the repurchase agreement to the securities deposit account that the securities depository institution carries for the Bank of Mexico or, in the case of Debt Securities Custodied Abroad, to the foreign securities custody account that this Central Institute indicates to them, in terms of what is established in the contract celebrated for this effect in accordance with Article 176 of these Provisions. In the case of securities custodied in national territory, the Institutions must instruct said transfer through the SAGAPL or any other electronic, computing, or telecommunications means authorized for such purpose by the Bank itself and made known to the Institutions, to the Bank of Mexico's account that, for such effects, it has opened in some securities depository institution. If the SAGAPL or said electronic means are not available, the Institutions must send a request to the Bank of Mexico in terms of Annex 12 Bis 4, no later than 16:00:00 hours on the Banking Business Day on which they intend to transfer the securities subject to the repurchase agreement, in which they indicate the types of securities to be transferred, as well as the amount of each of them. The document referred to in this paragraph must show knowledge of signatures, so said signatures must be previously registered at the Bank of Mexico. In the case of Debt Securities Custodied Abroad, the Institutions must inform the Bank of Mexico about the intention to transfer the corresponding securities, through the SAGAPL or any other electronic, computing, or telecommunications means authorized for such purpose by the Bank itself and made known to the Institutions. Additionally, said Institutions must transfer the securities subject to the repurchase agreement that they have indicated to the Central Bank in accordance with the foregoing to the Bank of Mexico's account that, for such effects, it has opened in a custodian abroad, provided for in the previous paragraph, through direct instruction to the foreign securities custodian that they have contracted. If the SAGAPL or said electronic means are not available, the Institutions must give the referred notice to the Bank of Mexico in terms of Annex 12 Bis 8, on the International Banking Business Day on which they intend to instruct the transfer of the securities subject to the repurchase agreement, with the respective information on the types of securities to be transferred, as well as the amount of each of them. The Bank of Mexico, if applicable, will inform the

Wednesday, January 7, 2026 OFFICIAL GAZETTE 217 Institutions, through the same means, the lack of receipt of the Debt Securities Custodied Abroad, as well as errors or inconsistencies in the information presented or the securities delivered.”

“Additional characteristics of repurchase agreements (reportos)
Article 190.- Once the Bank of Mexico has credited the total of said securities in its account in some securities depository institution or foreign securities custodian, as applicable, it will formalize the repurchase agreement operations and credit the corresponding resources in the Single Account of the Institution in question. The repurchase agreements will be registered in ascending order of the maturity term of the securities.
The Institutions may recover the securities that they have transferred to the Bank of Mexico's account in some securities depository institution or foreign securities custodian, as applicable, and that have not been used to formalize repurchase agreements, in which case they will be understood to be deposited in custody. For such purposes, the Institutions must request it through the SAGAPL, in the terms and deadlines provided for in these Provisions and in the SAGAPL manual. The securities custodied in national territory will be returned to the securities accounts of the respective Institutions in the securities depository institution itself on the same Banking Business Day, if the Institutions request it within the time provided in said Manual. The Bank of Mexico shall instruct the foreign securities custodian that has been contracted to return said securities to the securities custody account of the respective Institution, no later than, the next International Banking Business Day following that on which it received the request in question. Additionally, the Bank of Mexico may return the securities that have not been used to formalize repurchase agreements without the request of the Institution in question. The interest that, if any, the securities subject to the repurchase agreement pay during the validity of the operations, shall be credited by the Bank of Mexico in the Single Account that it carries for the reported party, on the Banking Business Day on which they have been paid by the issuer. In the case of interest denominated in Foreign Currency, the Bank of Mexico shall instruct its correspondent, no later than, the next International Banking Business Day following that on which they have been paid by the issuer, that said resources be credited in the correspondent's account that the reported party has indicated to the Bank of Mexico, in terms of what is established in the contract celebrated for this effect in accordance with Article 176 of these Provisions. On the maturity date of the repurchase agreements, no later than 17:55:00 hours, the Bank of Mexico will charge in the Single Account that it carries for the reported party the amount of the price and premium corresponding. In the event that the reported party does not have sufficient resources in its Single Account to settle the repurchase agreements in their entirety, the Bank of Mexico, at its discretion, may carry out, on behalf of the Institution, new repurchase agreements through the SAGAPL, which will mature at the closing of operations of the next Banking Business Day and whose other characteristics will be the same as those of the previous repurchase agreements. Likewise, the Bank of Mexico will charge in the Single Account of the reported party, at the opening of the Banking Business Day following the date of celebration of the new repurchase agreements, the amount resulting from multiplying the base amount by two times the “Banked Funding Weighted Rate” made known by the
Bank of Mexico on the Banking Business Day on which the new repurchase agreements were celebrated, dividing the obtained result by 360. The base amount will be that resulting from subtracting the positive balance of the Single Account at closing from the amount of the new repurchase agreements. If the result is zero or negative, the charge provided for here will not be applied. In the event that the balance in the Single Account at the closing of operations is negative, the base amount will be the amount of the new repurchase agreements. Without prejudice to the foregoing, in the event that the reported party does not have sufficient resources in its Single Account to settle the repurchase agreements in their entirety, the Bank of Mexico may abstain from carrying out, on behalf of the Institution, new repurchase agreements and dispose of the securities subject to the unpaid matured repurchase agreements.”

“Early maturity of credit operations or repurchase agreements (reportos)
Article 191.- The Bank of Mexico will allow Institutions to early mature the credit or repurchase agreement operations they have celebrated, subject to them carrying out new credit and/or repurchase agreement operations, as applicable. In any case, the new operations must be celebrated for the amount of the operation early matured and will have the same interest rate or premium, as well as the same maturity date.
In the event of early maturity of a repurchase agreement, the Bank of Mexico will make available to the reported party the securities subject to the repurchase agreement that are released and will charge its Single Account for the amount relative to the price and premium, which corresponds to that date. In the case of Debt Securities Custodied Abroad, the Institutions must inform the Bank of Mexico, through the SAGAPL, if they request the

218 OFFICIAL GAZETTE Wednesday, January 7, 2026 return of said securities or wish to keep them in custody of the Bank of Mexico to celebrate future repurchase agreement operations. In the event that the reported party requests the return, the Bank of Mexico shall instruct the foreign securities custodian that has been contracted to return said securities to the foreign securities custody account of the respective Institution, no later than, the next International Banking Business Day following that on which the early maturity is verified.”

“Formalization of allocations in Deposit Auctions
Article 192.- …
During the validity of the deposits, the Institution may instruct through the SAGAPL that the deposit or the part of it that is not guaranteeing an overdraft of those mentioned in the previous paragraph, be used to guarantee the Liquidity Auctions provided for in Chapter VI of Title Third of these Provisions. When the SAGAPL is not available, the Institutions must send a request to the Bank of Mexico in terms of Annex 12 Bis. The document referred to in this paragraph must show knowledge of signatures, so said signatures must be previously registered at the Bank of Mexico. …”

“Suspension or limit of Liquidity Auctions and Deposit Auctions
Article 194.- …
I. Fail to comply with what is stipulated in the contract referred to in Article 176 of these Provisions.
II. …
III. The Bank of Mexico, in terms of Article 190, fourth paragraph, of these provisions, has carried out a new repurchase agreement on behalf of the Institution, in the event that the reported party did not have sufficient resources in its Single Account to settle the repurchase agreements in their entirety, or
IV. The participation of the Institution in the auction in question represents, in the judgment of the Bank of Mexico, a risk for the monetary or exchange policy, the sound development of the financial system, the proper functioning of the payment systems or the protection of the interests of the public.
In this case, the Bank of Mexico, without the need for a judicial declaration, may rescind the respective operation for the amount for which it could not be formalized, so on the next Banking Business Day it will carry out a charge in the Single Account of the non-compliant Institution, for the amount resulting from applying to said amount the interest rate at which the bidder received the allocation corresponding to one day, multiplied by 1.5. …”

“Exceptions to the provisions of this Chapter
Article 194 Bis.- The Bank of Mexico, with prior approval of its Governing Board, in terms of Article 46, fraction V, of the Bank of Mexico Law, may determine the application of policies, criteria, or characteristics different from those established in this Chapter, in protection of the monetary or exchange policy, the sound development of the financial system, the proper functioning of the payment systems or the protection of the interests of the public.”

“Determination of the value of the Special Guarantees that must be constituted by the Institutions
Article 195 Bis 4.- …
I. and II. …
…
The Special Guarantees that the Institution constitutes must cover, at all times, at least the added value of the losses that all Dollar deposits and securities subject to repurchase agreements constituted as the object of the credits and repurchase agreement operations celebrated by said Institution with the Bank of Mexico, respectively, have had since the moment of their constitution, in the guarantee fund.”

“Constitution of Special Guarantees

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Wednesday, January 7, 2026 OFFICIAL GAZETTE 219
Article 195 Bis 5.- Each Banking Business Day, the Bank of Mexico will inform each of the Institutions, through the SAGAPL or any other electronic, computing, or telecommunications medium authorized for such purpose by the Bank of Mexico and made known to the Institutions, of the total value of the Special Guarantees that must be constituted, for the guarantee fund to cover the value that has resulted as a charge to the Institution.
…
I. With respect to: a) BONDES; b) UMS BONDS; c) BREMS; d) CETES, excluding SPECIAL CETES; e) Segregated Coupons; f) Debt Titles of the Development Banking; g) Debt Titles Issued by the U.S. Treasury, and h) IPAB Values, the Institutions must constitute the Special Guarantee through a stock pledge with transfer of ownership under the terms and conditions provided in the contract celebrated for such effect in accordance with article 176 of these Provisions. For the case of titles custodied in national territory, the Institutions must deposit the titles subject to such Special Guarantee, through a transfer they instruct through the SAGAPL or through any other electronic, computing, or telecommunications medium authorized for such purpose by the Bank itself and made known to the Institutions, into the Bank of Mexico account that, for such effects, it has opened in some institution for the deposit of values. For the foregoing, the Institutions must present to the Operations Management Department, located at 5 de Mayo Avenue number 6, Centro neighborhood, postal code 06000, Cuauhtémoc Territorial Demarcation, Mexico City, a mandate granted in favor of the Bank of Mexico under the terms of Annex 10 of these Provisions, signed by whoever has representation powers to exercise acts of domain. For these effects, the Institutions must present to the Operations Instrumentation Department, located at 5 de Mayo Avenue number 18, Centro neighborhood, postal code 06000, Cuauhtémoc Territorial Demarcation, Mexico City, a simple and certified copy of the deed(s) in which the granting of such powers is expressly stated. The Institutions must send an original copy of said mandate to the corresponding deposit institution. The Institutions must carry out the title deposits, before the time established in the SAGAPL manual, on the Banking Business Day on which the Bank of Mexico has made known to them the amount of the respective Special Guarantees. If the SAGAPL is not available, the Institutions must send a request to the Bank of Mexico under the terms of Annex 12 Bis 5, no later than 16:00:00 hours on the Banking Business Day on which they intend to constitute the Special Guarantee, in which they indicate the types of values with which they intend to constitute said Special Guarantee, as well as the amount of each of them. The document referred to in this paragraph must show the knowledge of signatures, so these signatures must be previously registered at the Bank of Mexico.
For the case of Debt Titles Custodied in Foreign Countries, the Institutions must inform the Bank of Mexico about the intention to transfer the titles subject to such Special Guarantee, through the SAGAPL or any other electronic, computing, or telecommunications medium authorized for such purpose by the Bank itself and made known to the Institutions. Additionally, these Institutions must transfer the titles subject to the Special Guarantee that they have indicated to the Bank of Mexico account at the custodian in the foreign country that the Bank indicates to them, under the terms of what is established in the contract celebrated for such effect, in accordance with article 176 of these Provisions, through direct instruction to the securities custodian in the foreign country that they have contracted. If the SAGAPL or the aforementioned electronic means are not available, the Institutions must give the aforementioned notice to the Bank of Mexico under the terms of Annex 12 Bis 8, on the International Banking Business Day on which they intend to transfer the titles subject to the Special Guarantee, with the respective information on the types of titles to be transferred, as well as the amount of each of them. The Bank of Mexico, if applicable, will inform the Institutions, through the same means, of the lack of receipt of the Debt Titles Custodied in Foreign Countries, as well as errors or inconsistencies in the information presented and the titles delivered. The Institutions may constitute Special Guarantees with Debt Titles Custodied in Foreign Countries once the Bank of Mexico has fully accredited the aforementioned titles in the securities custody account in the foreign country that it has indicated to them, under the terms of what is established in the contract celebrated for such effect in accordance with article 176 of these Provisions.

220 OFFICIAL GAZETTE Wednesday, January 7, 2026
II. With respect to any of the following deposits: a) monetary regulation deposits that the accredited institution maintains at the Bank of Mexico; b) constituted in accordance with the Deposit Auctions, in accordance with the procedure described in article 192, and c) in Dollars that the accredited Institution maintains at the Bank of Mexico, the Institutions must adhere to what is established below:
i) Regarding Special Guarantees that are intended to be constituted through a pledge with the deposits referred to in this fraction, they must instruct through the SAGAPL system or through any other electronic, computing, or telecommunications medium authorized for such purpose by the Bank of Mexico and made known to the Institutions, the type of deposit with which the Special Guarantee is intended to be constituted, as well as the amount of each of them, before the time defined in the SAGAPL manual, or if this system is not available, the Institutions must send a request to the Bank of Mexico under the terms of Annex 12 Bis, no later than 16:00:00 hours on the Banking Business Day on which they intend to constitute the Special Guarantee, in which they indicate the types of deposits with which they intend to constitute said Special Guarantee, as well as the amount of each of them. In this case, the Bank of Mexico will verify the availability of the deposits to constitute the Special Guarantee. The document referred to in this paragraph must show the knowledge of signatures, so these signatures must be previously registered at the Bank of Mexico. ii) Additionally, regarding Special Guarantees that are intended to be constituted through a pledge with the Dollar deposits referred to in subsection d) of this fraction, the Institutions must request that, for such effects, they be segregated in the deposit account for guarantees that the Bank of Mexico holds for them. The Institutions must carry out this request through the SIAC-BANXICO, during the hours of 08:30:00 to 16:30:00, or through any other electronic, computing, or telecommunications medium authorized for such purpose by the Bank of Mexico and made known to the Institutions, or when these are not available, in requests they prepare under the terms of Annex 5 of these Provisions, which must show the knowledge of signatures, so these signatures must be previously registered at the Bank of Mexico.”

“Procedure for Substitution of Special Guarantees
Article 195 Bis 6.- The Institutions may substitute the deposits or titles that they have granted as Special Guarantee in accordance with what is provided in the previous article, for which they must request the Bank of Mexico, through the SAGAPL or through any other electronic, computing, or telecommunications medium authorized for such purpose by the Bank of Mexico and made known to the Institutions, the substitution they intend to carry out, before the time defined in the SAGAPL manual. When these means are not available, the Institutions must send a request to the Bank of Mexico under the terms of Annex 12 Bis 1 of these Provisions, no later than 16:00:00 hours on the Banking Business Day on which they intend to carry out the substitution of Special Guarantees or, for the case of Debt Titles Custodied in Foreign Countries, no later than 16:00:00 hours on the International Banking Business Day immediately preceding that on which they intend to carry out said substitution, in which they indicate the deposits or titles to be substituted and the new deposits or titles they intend to deliver to the Bank of Mexico. The substitution will be carried out subject to the amounts resulting from the valuation corresponding to said new deposits or titles being sufficient to cover the amount of Special Guarantees that must be constituted, in accordance with what the Bank of Mexico has made known to them based on article 195 Bis 5. In all cases, the Bank of Mexico reserves the right to reject or accept the requests provided for in this article.
In case of accepting the request, the Bank of Mexico will instruct the carrying out of the corresponding charges and credits for the substitution of deposits or titles custodied in national territory.
For the case that the Bank of Mexico communicates to the Institution in question the acceptance of the substitution of deposits or titles custodied in national territory or Debt Titles Custodied in Foreign Countries, that it has granted as Special Guarantee in exchange for Debt Titles Custodied in Foreign Countries, said Institution must inform the Bank of Mexico about the intention to transfer the titles subject to such substitution, through the SAGAPL or any other electronic, computing, or telecommunications medium authorized for such purpose by the Bank itself and made known to the Institutions. Additionally, these Institutions must transfer the titles subject to the substitution that they have indicated to the Central Bank in accordance with the foregoing to the Bank of Mexico account that, for such effects, it has opened in a custodian in the foreign country and that it indicates to them, under the terms of what is established in the contract celebrated for such effect, in accordance with article 176 of these Provisions, through direct instruction to the securities custodian in the foreign country that they have contracted. If the SAGAPL or the aforementioned electronic means are not available, the Institutions must give the aforementioned notice to the Bank of Mexico under the terms of Annex 12 Bis 8, on the International Banking Business Day on which they intend to transfer the titles subject to the substitution, with the respective information on the types of titles to be transferred, as well as the amount of each of them. The Bank of Mexico, if applicable, will inform the Institutions, through the same means, of the lack of receipt of the Debt Titles Custodied in Foreign Countries, as well as errors or inconsistencies in the information presented and the titles delivered. Once the procedure indicated in the previous paragraph has been carried out, the Institution must instruct the Bank of Mexico, through the SAGAPL or any other electronic, computing, or telecommunications medium authorized for such purpose by the Bank itself and made known to the Institutions, the substitution of the corresponding deposits or titles, indicating the Debt Titles Custodied in Foreign Countries that correspond. The Institution may instruct the Bank of Mexico, through the SAGAPL or any other electronic, computing, or telecommunications medium authorized for such purpose by the Bank itself and made known to the Institutions, the return of the titles originally granted as Special Guarantee to the securities custody account of the respective Institution. In the event that the Bank of Mexico receives the instruction for the return of the titles originally granted as Special Guarantee and that have been substituted, this Central Institute will instruct the securities custodian in the foreign country that it has contracted, the return of said titles to the securities custody account of the respective Institution, no later than, the International Banking Business
Day following that on which the Bank of Mexico has received the instruction for the return. The document referred to in the first paragraph of this article must show the knowledge of signatures, so these signatures must be previously registered at the Bank of Mexico.”

“Withdrawal of Excess Special Guarantees
Article 195 Bis 7.- In the event that the amount corresponding to the valuation of the deposits and titles subject to the Special Guarantees constituted by an Institution in accordance with what is provided in article 195 Bis 5, is higher than the total value of the Special Guarantees that the Institution must constitute in accordance with what is provided in article 195 Bis 4, the Institution may request the Bank of Mexico for the return of the titles or the termination of the Special Guarantee constituted on the amounts of the deposits referred to in said article for the excess amount that corresponds, through the SAGAPL or through any other electronic, computing, or telecommunications medium authorized for such purpose by the Bank of Mexico and made known to the Institutions, before the time defined in the SAGAPL manual or, in case that these means are not available, through communication under the terms of Annex 12 Bis 2 or Annex 12 Bis 3 of these Provisions, as applicable, presented no later than 16:00:00 hours on the Banking Business Day on which it requests to receive said deposits and titles. Regarding Debt Titles Custodied in Foreign Countries, the Institutions may request the Bank, through the SAGAPL, for the return of said titles, no later than 16:00:00 hours on the International Banking Business Day immediately preceding that on which they intend for the Bank of Mexico to instruct its custodian in the foreign country, the transfer of said titles to the securities custody account in the foreign country that the Institution has indicated to the Bank of Mexico, under the terms of what is established in the contract celebrated for such effect in accordance with article 176 of these Provisions. In the event that the Bank of Mexico receives the aforementioned request after the time indicated in this paragraph, it will carry out the return of the amounts of the deposits and titles respective on the immediate next Banking Business Day or, for the case of Debt Titles Custodied in Foreign Countries, the Bank of Mexico will instruct the custodian in the foreign country that it has contracted, the return of said titles, no later than, within two International Banking Business Days following, subject to the valuation of the referred amounts of the deposits and titles that is carried out on the Banking Business Day or International Banking Business Day following, as applicable, in accordance with these Provisions.
…”

“Crediting of Accessories

222 OFFICIAL GAZETTE Wednesday, January 7, 2026
Article 195 Bis 8.- In case that the Bank of Mexico obtains any payment corresponding to any accessory right, such as payment of coupons or interest, derived from the titles or from the amounts of the deposits given as Special Guarantee in terms of article 195 Bis 5 of these Provisions, the Bank of Mexico itself will credit the respective amount in the Single Account of the Institution that has constituted the Special Guarantee in question. In the case that the Bank of Mexico obtains any payment corresponding to any accessory right denominated in Foreign Currencies, this will be credited in the correspondent account of the Institution that has constituted the Special Guarantee in question and that it has indicated to the Bank of Mexico in terms of what is established in the contract they have celebrated in accordance with article 176 of these Provisions.
The Bank of Mexico will carry out the credit in national currency in the Single Account of the Institution that has constituted the Special Guarantee in question on the same Banking Business Day on which it has received the payment of the referred accessory rights, subject to said reception taking place, no later than 16:00:00 hours of that day or, in the case of accessories denominated in Foreign Currencies, the Bank of Mexico will instruct its correspondent or custodian in the foreign country the transfer of the corresponding credit, no later than, the International Banking Business Day following that on which it has received the payment of the referred accessories, subject to said reception taking place no later than 16:00:00 hours of that day. In case that the Bank of Mexico receives the referred payment after the indicated time, it will carry out the credit in the Single Account of the corresponding Institution on the immediate next Banking Business Day or, in the case of accessories denominated in Foreign Currencies, the Bank of Mexico will instruct its correspondent or custodian in the foreign country the transfer of the corresponding credit within two International Banking Business Days following.”

“ANNEX 5 BIS 2
Model of request for the formalization of repo operations with the Bank of Mexico, in accordance with articles 115 Bis 2, fraction III, subsection ii) and 115 Bis 3 of the Provisions applicable to the operations of credit institutions, multiple-object financial societies regulated that maintain patrimonial links with credit institutions and the National Financial Development Society for Agriculture, Rural, Forest and Fisheries, issued by the Bank of Mexico through Circular 3/2012 (INSTITUTION OF CREDIT LETTERHEAD PAPER) Mexico City, ___ of _________ of 20__. BANK OF MEXICO Operations Management Department 5 de Mayo Avenue number 6, Centro Neighborhood, postal code 06000, Cuauhtémoc Territorial Demarcation, Mexico City Present. Through this, for the effects of what is established in articles 115 Bis 2, fraction III, subsection ii), and 115 Bis 3 of the “Provisions applicable to the operations of credit institutions, multiple-object financial societies regulated that maintain patrimonial links with credit institutions and the National Financial Development Society for Agriculture, Rural, Forest and Fisheries”, issued by that Bank of Mexico through Circular 3/2012, as it has been modified through subsequent circulars, I request the Bank of Mexico on behalf of (Full denomination of the credit institution including, if applicable, the financial group to which it belongs), that it carry out the actions that result necessary to carry out the formalization of the repo operations in accordance with what is established in the cited articles with the titles and characteristics indicated below:
Repo Term: ___________ day(s)
[For each of the titles considered indicate the following fields]

Wednesday, January 7, 2026 OFFICIAL GAZETTE 223 ISIN* NUMBER TITLES* VALUE NOMINAL* TYPE OF TITLE ISSUER SERIES* CURRENCY MATURITY DATE SETTLEMENT LOCATION *Mandatory fields.
Sincerely,
(Institution Denomination)
(Name and signature of persons with signatures previously registered at Bank of Mexico) C.c.p.: Operations Support Department Sub-department of Operations Management with Account Holders This communication must be directed to the following email account:
operacion-sagapl@banxico.org.mx”

“ANNEX 7
Valuation of titles or values

1. General valuation procedure.
   The Bank of Mexico will carry out the valuation of the instruments indicated in the catalog that the deposit institution sends it daily using the valuation prices that are sent to it daily by the Price Providers (Providers) with which it has signed the respective agreement. With the purpose of determining the value of the instruments that will be used to celebrate repo operations to provide liquidity to the payment systems, formalize Liquidity Auctions, guarantee overdrafts to the Single Account, as well as for the constitution of Special Guarantees of said operations with the Bank of Mexico, in accordance with what is provided in these Provisions, this Central Institute may apply to each instrument a discount factor on the valuation price obtained in accordance with the procedure described in this Annex. If applicable, the referred factors will be made known to those institutions by the Central Bank itself. The valuation of eligible instruments will be carried out by calculating a weighted average of the prices of the Providers, using random weights. The weights are generated from a uniform distribution and subsequently normalized to ensure that the Bank of Mexico's valuation price is between the lowest and highest prices calculated by the Providers. In case that the valuation prices of the Providers are denominated in Foreign Currencies other than the Dollar, the equivalent price in Dollars will be determined in accordance with the methodology established by each Provider. For the determination in national currency of the price in Dollars, both of instruments originally denominated in Dollars and those denominated in other Currencies, whose value has been determined in Dollars in accordance with the previous paragraph, the applicable exchange rate will be that determined by the Bank of Mexico, in accordance with Title Third, Chapter V, of these Provisions, which it makes known on the same day it determines it, through its Internet page, as the “FIX exchange rate” that, in turn, is published in the Official Gazette of the Federation on the immediate next Banking Business Day, and which corresponds to the last available on said Internet page on the day that the valuation prices of the Providers were received. For each current issuance, its dirty and clean prices will be determined.
   1.1 Set of instruments that will be valued in accordance with the procedure provided for in this numeral (Price Vector).
   The valuation will be carried out for the following instruments:

• CETES;

224 OFFICIAL GAZETTE Wednesday, January 7, 2026

• BONOS;
• BONDES;
• UDIBONOS;
• IPAB Securities;
• BREMS;
• UMS Bonds;
• Debt Securities of Development Banks, and
• Debt Securities Issued by the U.S. Treasury.

1.2 Calculation of the Price Vector
Valuation prices will be calculated as follows 1:
a) If for instrument x on the valuation date t there are at least 2 valuations from the Providers, the Bank of Mexico will determine the clean valuation price of that instrument according to the following equation:
Where:
: is the clean price of the i-th Provider.
: is the i-th random weight with values between 0 and 1, generated with a uniform distribution Where:
For each instrument, on each valuation date, new weights must be determined. The dirty prices in this case will be calculated using the same weights as for the clean prices. b) If for instrument x on the valuation date t there is information only from the i-th Provider, the clean valuation price that the Bank of Mexico will determine for that instrument will consider the clean price of that single Provider, modified according to the following equation:
Where:
: is the percentage noise added to the clean price provided by the Provider, which is generated with a uniform distribution whose parameters depend on the characteristics of each instrument in accordance with the following:
The parameter is defined as:

Wednesday, January 7, 2026 OFFICIAL GAZETTE 225 Where:
are the highest and lowest clean prices, respectively, provided by the Providers for instrument x on date t-1.
The dirty prices in this case will be calculated according to the following equation:
Where:
must be the same as that generated for the clean price. c) If on the valuation date there is no information from any Provider for instrument x, the Bank of Mexico will determine the clean and dirty valuation prices of that instrument by repeating the value from the previous day.

2. Procedure to value Government Securities and monetary regulation bonds at their first placement.
   When there are no valuation prices from the Providers, the Bank of Mexico will value Government Securities and monetary regulation bonds at their first placement using the unique prices or rates or the weighted average rates or prices resulting from the respective auction.
   1 The Bank of Mexico may use same-day, 24-hour, or 48-hour prices.”

“ANNEX 10
Model of mandate in favor of the Bank of Mexico to make charges and credits in the accounts kept by any institution for the deposit of securities (INSTITUTION LETTERHEAD) Mexico City, on ___ of _________ of 20__.
BANK OF MEXICO
Operations Management Department,
5 de Mayo Avenue number 6,
Centro Neighborhood, postal code 06000,
Cuauhtémoc Territorial Demarcation,
Mexico City
Present.
(Full name of the credit institution including, if applicable, the financial group to which it belongs) hereby grants a special and irrevocable power of attorney to the Bank of Mexico to, on its behalf, instruct (Full name of the institution for the deposit of securities), to make all charges and credits in the accounts that said institution for the deposit of securities keeps for my represented entity, in connection with repo operations that are celebrated: a) in the Liquidity Auctions; b) in the procedure to be followed in case of insufficient resources to settle the amount of securities, c) to constitute special deposits to guarantee overdrafts in the Single Account of my represented entity and d) to constitute Special Guarantees. To these effects, the Bank of Mexico must send the aforementioned instructions to the aforementioned institution for the deposit of securities. This credit institution will be responsible for the charge and credit requests that the Bank of Mexico sends to the aforementioned institution for the deposit of securities. Sincerely, (Name, signature and position of the official or officials of the institution with authority to exercise acts of dominion, as well as to designate operators in the systems administered by the Bank of Mexico) C.c.p.: (Full name of the corresponding institution for the deposit of securities). For your information. Direction of Operation and Continuity of Payment Systems and Market Infrastructures”

“ANNEX 12 BIS 1
Model of request for substitution of deposits delivered in pledge or securities delivered in stock pledge that constitute Special Guarantees (INSTITUTION LETTERHEAD) Mexico City, on ___ of _________ 20__.
BANK OF MEXICO
Operations Management Department,
5 de Mayo Avenue number 6,
Centro Neighborhood, postal code 06000,
Cuauhtémoc Territorial Demarcation,
Mexico City
Present.
By means of this document, for the purposes of what is established in article 195 Bis 6 of the “Provisions applicable to the operations of credit institutions, multiple-object financial societies regulated that maintain patrimonial links with credit institutions and the National Financial Development Company for Agriculture, Rural, Forest and Fisheries” issued by that Bank of Mexico through Circular 3/2012, as it has been modified by subsequent circulars, on behalf and for the account of my represented entity, (Full name of the credit institution, including, if applicable, the financial group to which it belongs), I communicate to you the request to carry out the substitution of the deposits or titles that this Institution gave in pledge or in stock pledge, in order to constitute the Special Guarantees of the obligations at its charge under the credits and repos, celebrated as a result of the assignment of the bids presented by this same Institution in the auctions carried out in accordance with Chapter VI of Title Three, of the cited Provisions.

Wednesday, January 7, 2026 OFFICIAL GAZETTE 227 To this effect, the securities delivered in stock pledge that this Institution requests to be returned are the following:
[For each of the securities considered indicate the following fields] ISIN* NUMBER OF SECURITIES* NOMINAL VALUE* TYPE OF SECURITY ISSUER SERIES* CURRENCY MATURITY DATE SETTLEMENT LOCATION Mandatory fields.
The securities to be delivered in stock pledge, in substitution, are the following:
ISIN NUMBER OF SECURITIES* NOMINAL VALUE* TYPE OF SECURITY ISSUER SERIES* CURRENCY MATURITY DATE CREDIT RATING LAST AVAILABLE PRICE OR VALUATION SETTLEMENT LOCATION *Mandatory fields.
The deposits delivered in pledge that this Institution requests to be returned are the following:
TYPE OF DEPOSIT AMOUNT
Monetary regulation deposits that my represented entity maintains at the Bank of Mexico:
$___________________________
Deposits constituted in accordance with the Deposit Auctions:
$___________________________
Dollar deposits that my represented entity maintains in its Dollar Account:
$___________________________
The deposits to be delivered in pledge, in substitution, are the following:
TYPE OF DEPOSIT AMOUNT

228 OFFICIAL GAZETTE Wednesday, January 7, 2026 Monetary regulation deposits that my represented entity maintains at the Bank of Mexico:
$___________________________
Deposits constituted in accordance with the Deposit Auctions:
$___________________________
Dollar deposits that my represented entity maintains in its Dollar Account:
$___________________________
Institution account data: ________________________________________ Sincerely, (Name of the Assigned Institution) (Name and signature of persons with signatures previously registered at the Bank of Mexico) This communication must be directed to the following email account:
operacion-sagapl@banxico.org.mx”

“ANNEX 12 BIS 2
Model of request for return of excess Special Guarantees constituted with securities (INSTITUTION LETTERHEAD) Mexico City, on ___ of _________ 20__.
BANK OF MEXICO
Operations Management Department,
5 de Mayo Avenue number 6,
Centro Neighborhood, postal code 06000,
Cuauhtémoc Territorial Demarcation,
Mexico City
Present.
By means of this document, for the purposes of what is established in article 195 Bis 7 of the “Provisions applicable to the operations of credit institutions, multiple-object financial societies regulated that maintain patrimonial links with credit institutions and the National Financial Development Company for Agriculture, Rural, Forest and Fisheries” issued by that Bank of Mexico through Circular 3/2012, as it has been modified by subsequent circulars, on behalf and for the account of my represented entity, (Full name of the credit institution, including, if applicable, the financial group to which it belongs), I communicate to you the request that those securities that this Institution gave in stock pledge to constitute the Special Guarantees of the obligations at its charge, celebrated as a result of the assignment of the bids presented by this same Institution in the auctions carried out in accordance with what is provided in Chapter VI of Title Three of the cited Provisions and that correspond to the excess amount of that referred to the Special Guarantees, calculated in accordance with those same Provisions, be returned. Securities for which their return is requested:
[For each of the securities considered indicate the following fields] ISIN* NUMBER OF SECURITIES* NOMINAL VALUE* TYPE OF SECURITY ISSUER SERIES* CURRENCY MATURITY DATE SETTLEMENT LOCATION *Mandatory fields.
Institution account data: ________________________________________ Sincerely, (Name of the Assigned Institution) (Name and signature of persons with signatures previously registered at the Bank of Mexico) This communication must be directed to the following email account:
operacion-sagapl@banxico.org.mx”

“ANNEX 12 BIS 3
Model of request for return of excess Special Guarantees constituted with deposits (INSTITUTION LETTERHEAD) Mexico City, on ___ of _________ 20__.
BANK OF MEXICO
Operations Management Department,
5 de Mayo Avenue number 6,
Centro Neighborhood, postal code 06000,
Cuauhtémoc Territorial Demarcation,
Mexico City
Present.
By means of this document, for the purposes of what is established in article 195 Bis 7 of the “Provisions applicable to the operations of credit institutions, multiple-object financial societies regulated that maintain patrimonial links with credit institutions and the National Financial Development Company for Agriculture, Rural, Forest and Fisheries” issued by that Bank of Mexico through Circular 3/2012, as it has been modified by subsequent circulars, I request the Bank of Mexico on behalf of (Full name of the credit institution, including, if applicable, the financial group to which it belongs), to carry out the actions that result necessary for the termination of the pledge constituted with the Deposits indicated below and that integrate the guarantee fund in terms of what is provided in Chapter VIII of Title Three of the cited Circular.

230 OFFICIAL GAZETTE Wednesday, January 7, 2026 TYPE OF DEPOSIT AMOUNT Monetary regulation deposits that my represented entity maintains at the Bank of Mexico:
$___________________________
Deposits constituted in accordance with the Deposit Auctions:
$___________________________
Dollar deposits that my represented entity maintains in its Dollar Account:
$___________________________
Sincerely,
(Name of the Assigned Institution)
(Name and signature of persons with signatures previously registered at the Bank of Mexico) This communication must be directed to the following email account:
operacion-sagapl@banxico.org.mx”

“ANNEX 12 BIS 4
Model of request to transfer the securities subject to the repos referred to in article 189 of Circular 3/2012 to the deposit account of securities that the institution for the deposit of securities keeps at the Bank of Mexico (INSTITUTION LETTERHEAD) Mexico City, on ___ of _________ 20__.
BANK OF MEXICO
Operations Management Department,
5 de Mayo Avenue number 6,
Centro Neighborhood, postal code 06000,
Cuauhtémoc Territorial Demarcation,
Mexico City
Present.

Wednesday, January 7, 2026 OFFICIAL GAZETTE 231 By means of this document, for the purposes of what is established in article 189 of the “Provisions applicable to the operations of credit institutions, multiple-object financial societies regulated that maintain patrimonial links with credit institutions and the National Financial Development Company for Agriculture, Rural, Forest and Fisheries” issued by that Bank of Mexico through Circular 3/2012, as it has been modified by subsequent circulars, I request the Bank of Mexico on behalf of (Full name of the credit institution, including, if applicable, the financial group to which it belongs), to carry out the actions that result necessary to formalize the repo operations celebrated in the procedure for the assignment of Liquidity Auctions in accordance with what is established in the aforementioned article 189 of Circular 3/2012 with the securities indicated below:
[For each of the securities considered indicate the following fields] ISIN* NUMBER OF SECURITIES* NOMINAL VALUE* TYPE OF SECURITY ISSUER SERIES* CURRENCY MATURITY DATE SETTLEMENT LOCATION *Mandatory fields.
Sincerely,
(Name of the Assigned Institution)
(Name and signature of persons with signatures previously registered at the Bank of Mexico) This communication must be directed to the following email account:
operacion-sagapl@banxico.org.mx”

“ANNEX 12 BIS 8
Model of notice of transfer of the securities subject to the repos referred to in articles 115 Bis 3, 189, 195 Bis 5 and 195 Bis 6 of the Provisions applicable to the operations of credit institutions, multiple-object financial societies regulated that maintain patrimonial links with credit institutions and the National Financial Development Company for Agriculture, Rural, Forest and Fisheries, issued by the Bank of Mexico through Circular 3/2012, to the Bank of Mexico’s foreign securities custody account (INSTITUTION LETTERHEAD) Mexico City, on ___ of _________ 20__. BANK OF MEXICO Operations Management Department, 5 de Mayo Avenue number 6, Centro Neighborhood, postal code 06000, Cuauhtémoc Territorial Demarcation, Mexico City Present. By means of this document, for the purposes of what is established in articles 115 Bis 3, 189, 195 Bis 5 or 195 Bis 6 of the “Provisions applicable to the operations of credit institutions, multiple-object financial societies regulated that maintain patrimonial links with credit institutions and the National Financial Development Company for Agriculture, Rural, Forest and Fisheries” issued by that Bank of Mexico through Circular 3/2012, as it has been modified by subsequent circulars, I inform the Bank of Mexico, on behalf of (Full name of the credit institution, including, if applicable, the financial group to which it belongs), that my represented entity will carry out the necessary actions to formalize the repo operations in accordance with what is established in the cited articles, for which it will transfer to the Bank of Mexico’s foreign securities custody account the securities indicated below:
[For each of the securities considered indicate the following fields] ISIN* NUMBER OF SECURITIES* NOMINAL VALUE* TYPE OF SECURITY ISSUER SERIES* CURRENCY MATURITY DATE SETTLEMENT LOCATION *Mandatory fields.
Sincerely,
(Name of the Assigned Institution)
(Name and signature of persons with signatures previously registered at the Bank of Mexico) This communication must be directed to the following email account:
operacion-sagapl@banxico.org.mx”

TRANSITIONAL PROVISIONS
FIRST.- This Circular will enter into force on April 1, 2026, with the exception of the following SECOND transitional provision, which will enter into force on the Banking Business Day following its publication in the Official Gazette of the Federation.
SECOND.- Institutions that intend to participate in the Liquidity Auctions or in repo operations to guarantee the overdraft of the Single Account must celebrate the contracts referred to in articles 115 Bis 1 and 176 of the “Provisions applicable to the operations of credit institutions, multiple-object financial societies regulated that maintain patrimonial links with credit institutions and the National Financial Development Company for Agriculture, Rural, Forest and Fisheries”, and must present the mandate granted in favor of the Bank of Mexico provided for in Annex 10 of said provisions, in accordance with the new terms provided for in this Circular, no later than March 31, 2026. To this effect, said Institutions must present to the Bank of Mexico the documentation mentioned in the cited articles, as modified in accordance with this Circular, within twenty Banking Business Days following its publication in said Gazette. Mexico City, December 30, 2025.- BANK OF MEXICO: General Legal Director, Erik Mauricio Sánchez Medina.- Signature.- Director of Operations Support, Joaquín Rodrigo Cano Jauregui Segura Millan.- Signature.- Director of Risk Management, Francisco Chamú Morales.- Signature.- Director of Financial Stability, Jorge Luis García Ramírez.- Signature. For any queries regarding the content of this Circular, the Bank of Mexico is at your disposal through the Direction of Authorizations and Sanctions of Central Banking at telephone (55) 5237-2000 extension 3200.