Circular 4/2015 — Modification to Circular 17/2010

(Third Section) OFFICIAL GAZETTE Friday, March 6, 2015 BANCO DE MEXICO CIRCULAR 4/2015, addressed to participants in the Interbank Electronic Payments System (SPEI), regarding the Modification to Circular 17/2010 (SPEI Rules).
At the margin, a logo stating: Bank of Mexico.
CIRCULAR 4/2015
TO THE PARTICIPANTS IN THE
INTERBANK ELECTRONIC PAYMENTS SYSTEM (SPEI):
SUBJECT: MODIFICATION TO CIRCULAR 17/2010
(SPEI RULES).
The Bank of Mexico, with the purpose of continuing to promote the proper functioning of payment systems and the sound development of the financial system, and in view of the prevailing conditions of operations related to transfer orders through mobile devices that participants in the Interbank Payments System (SPEI) must carry out in an extended schedule, as established in the reforms issued pursuant to Circular 4/2013 of December 4, 2013, considers it convenient, on the one hand, to adjust the scope of the obligation imposed on said participants to receive and process the respective transfer orders in an extended schedule, taking into consideration the number of demand deposit accounts they maintain, as well as to grant a sufficient period to allow participants to fully comply with the aforementioned obligations, and, on the other hand, to provide for the possibility for participants who so request to the Bank of Mexico to open an alternate account within the SPEI in order to process scheduled payments subject to the terms of the corresponding rules. For the above reason, based on articles 28, sixth and seventh paragraphs, of the Political Constitution of the United Mexican States, 2, 3, fraction I, 24 and 31 of the Bank of Mexico Law, 6 and 10 of the Payments Systems Law, 22 of the Law for the Transparency and Ordering of Financial Services, as well as 4th, first paragraph, 8th, fourth and seventh paragraphs, 10, first paragraph, 14 Bis, in relation to 17, fraction I, and 20, fraction XI, of the Internal Regulations of the Bank of Mexico, which grant it the authority to issue provisions through the General Legal Directorate and the Payments Systems Directorate, respectively, as well as Second, fractions VIII and X, of the Agreement on the Assignment of Administrative Units of the Bank of Mexico, has resolved to modify numerals 3.1, first paragraph, subsection c), first paragraph and sub-subsection i), subsection c Bis), 3.3, subsection a), third paragraph, 6, subsection a), 7.1, subsection e), 7.2, subsections b), c) and d Bis), 8, first paragraph, 9, last paragraph, numeral 11.1, first paragraph, numeral 11.3, second paragraph, as well as to add the terms “SPEI Alternate Account” and “Scheduled Payment”, with their respective definitions, to numeral 1, the last two paragraphs to numeral 2, a second paragraph to subsection b), and a second paragraph to numeral 3.1, subsection c Bis), a subsection e Bis) to numeral 7.1, a second paragraph to subsection b), a second paragraph to subsection d Bis), subsections d Bis 1) and d Bis2) to numeral 7.2, numeral 11.10 and numeral 11.11, of the “Rules of the Interbank Electronic Payments System” contained in Circular 17/2010, to remain in the following terms:

RULES OF THE INTERBANK ELECTRONIC PAYMENTS SYSTEM

1. DEFINITIONS
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   “SPEI Alternate Account: that which is denominated in national currency opened in the SPEI in the name of the Participant who has so requested it in order that, through it, Scheduled Payments be processed in accordance with the terms of these Rules.”
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   “Scheduled Payment: the Transfer Order that the Bank of Mexico, as Issuer Participant, sends in accordance with what is stated in these Rules to credit the respective resources to the SPEI Alternate Account

Friday, March 6, 2015 OFFICIAL GAZETTE (Third Section) specified for this effect.”
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2. CRITERIA FOR ACTING AS A PARTICIPANT
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“Likewise, Participants that are credit institutions and that are interested in processing Scheduled Payments must communicate such interest to the Payments Systems Directorate of the Bank of Mexico, as well as demonstrate, to the satisfaction of said Directorate, that they have the necessary technical elements for this purpose. Participants that demonstrate the provisions of the preceding paragraph must sign with the Bank of Mexico the agreement that documents the corresponding SPEI Alternate Account, and for this purpose, they must present to the Bank of Mexico the information and documentation referred to in the third paragraph of this numeral.”
3. REQUEST AND SEND OF TRANSFER ORDERS FROM ACCOUNT HOLDERS
3.1 …
“Participants that maintain demand deposit accounts for their clients and that, in turn, have agreed to process, as Issuer Participants, the requests to send Transfer Orders that are transmitted to them by the holders of such accounts, must allow such requests to be presented in accordance with the following:
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“b) …
The list that Participants make available to their account holders must exclude the identifiers corresponding to SPEI Alternate Accounts of Participants.”
“c) On any Banking Business Day:
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“i) During public service hours or until 17:30:00 hours, in their branches, and” … “c Bis) Regarding Transfers through Mobile Devices, Participants who have agreed with their clients to process, as Issuer Participants, the requests to send Transfer Orders that they present to them to carry out Transfers through Mobile Devices, must, directly or through clearing houses that are also Participants and with whom they so agree, receive and process the respective Transfer Order requests, 24 hours a day, every day of the year. Participants that maintain fewer than 1,500 demand deposit accounts are exempt from the schedule established in the preceding paragraph and must only receive and process the aforementioned Transfer Orders on any Banking Business Day during the hours of 06:00:00 to 17:30:00 hours. …
3.3 SEND OF TRANSFER ORDERS
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“For Transfer Orders in which they agree with their account holders that the send will be made on a date or time subsequent to the receipt of the request, the mentioned period will start from 06:00:00 hours of the established day or the agreed day and time, as the case may be, and” …
6. CREDITING OF ACCEPTED TRANSFER ORDERS
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“a) Credit the amount of Accepted Transfer Orders in the respective accounts of the beneficiaries, in accordance with the following:
I. Within thirty seconds following the receipt of the Settlement Notice of Accepted Transfer Orders, on any Banking Business Day during a schedule of 06:00:00 to 17:59:59 hours;
II. Within five seconds following the receipt of the Settlement Notice of Accepted Transfer Orders corresponding to Transfers through Mobile Devices, 24 hours a day, every day of the year.
Participants that maintain fewer than 1,500 demand deposit accounts are exempt from the schedule established in the preceding paragraph and must credit the aforementioned Settlement Notices within five seconds following the receipt of the corresponding Settlement Notice for Transfers through Mobile Devices, on any Banking Business Day during a schedule of 06:00:00 to 17:30:00 hours;
III. No later than 06:00:30 hours of the Banking Business Day corresponding to the SPEI operation date, provided that:
(i) It concerns Accepted Transfer Orders received between the opening schedule of the SPEI specified in the Manual and 05:59:59 hours of the Banking Business Day corresponding to the SPEI operation date, or (ii) It concerns Accepted Transfer Orders corresponding to Transfers through Mobile Devices, that are received by those Participants that maintain fewer than 1,500 demand deposit accounts and such orders are received between the opening schedule of the SPEI specified in the Manual and 05:59:59 hours of the Banking Business Day corresponding to the SPEI operation date.
IV. No later than 08:35:00 hours of the Banking Business Day corresponding to the SPEI operation date, provided that it concerns Accepted Transfer Orders corresponding to Scheduled Payments, received between the opening schedule of the SPEI specified in the Manual and 08:30:00 hours, or
V. For other cases different from those indicated in fractions I to IV above, the crediting of the amount of Accepted Transfer Orders must be carried out in accordance with the periods and schedules provided for this purpose in the Manual.”
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7. RETURN OF ACCEPTED TRANSFER ORDERS
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“e) Receive other types of Transfer Orders considered in the Manual as optional and with respect to which it has previously notified the Bank of Mexico its decision not to receive them; e Bis) Receive in the SPEI Alternate Account Accepted Transfer Orders that do not correspond to Scheduled Payments, except those Transfer Orders corresponding to returns of Transfer Orders sent by a Participant from its SPEI Alternate Account, or” …
7.2 …
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“b) That are received between the opening schedule of the SPEI specified in the Manual and 05:59:59 hours of the Banking Business Day corresponding to the SPEI operation date. In this case, the aforementioned Transfer Orders must be returned no later than 06:01:00 hours corresponding to said day. The schedules provided in the preceding paragraph will be applicable to Transfers through Mobile Devices that are received by Participants that maintain fewer than 1,500 demand deposit accounts; c) Refers to numeral 7.1 subsections c) and e). In these cases, the period to make the return will be the close of operations of the next Banking Business Day following its receipt; …” “d Bis) That correspond to Transfers through Mobile Devices. In this case, the period to make the return referred to in this Rule will be ten seconds counted from the receipt of the respective Settlement Notice. Regarding the Settlement Notices of Accepted Transfer Orders corresponding to Transfers through Mobile Devices that are received by Participants that maintain fewer than 1,500 demand deposit accounts, the period referred to in the preceding paragraph will be applicable only during the schedule comprised between 06:00:00 and 17:30:00 hours on Banking Business Days; d Bis 1) That correspond to Scheduled Payments. In this case, the return referred to in this Rule must be made no later than 08:35:00 hours of the Banking Business Day corresponding to the SPEI operation date. d Bis 2) Refers to numeral 7.1, subsection e Bis). In this case, the return referred to in this Rule must be made in accordance with the following:
(i) Regarding those that are received between the opening schedule of the SPEI specified in the Manual and 08:30:00 hours of each Banking Business Day, the return must be made no later than 08:35:00 hours of the Banking Business Day corresponding to the SPEI operation date, and (ii) Regarding those that are received between 08:30:01 hours of each Banking Business Day and the close of operations of the SPEI specified in the Manual, the return must be made no later than the close of operations of the SPEI, and” ...
8. BALANCES AT CLOSE OF OPERATIONS
“The balances of the SPEI Accounts of Participants that are credit institutions, as well as of Alternate Accounts, will be transferred, at the close of operations, to the accounts denominated in national currency that the Bank of Mexico itself maintains for them in accordance with article 113 of Circular 3/2012 issued by the Bank of Mexico or by that which, in its case, substitutes it.” …
9. PAYMENT OF INTERESTS

(Third Section) OFFICIAL GAZETTE Friday, March 6, 2015 … “To calculate the aforementioned interests, it must be: a) multiplied by the Weighted Bank Funding Rate, closed to four decimals, made known by the Bank of Mexico on the Banking Business Day prior to that in which the default occurs, by the amount of the Transfer Order in question, including cents; b) multiply the result by the number of minutes of delay, excluding seconds, and c) divide the obtained result by 518,400. The amount of the interests will be the result of closing to two decimals the quantity obtained from this division.”
11. GENERAL PROVISIONS
“11.1 These Rules, the Manual, the Contingency Manual of the CEP, and the Contingency Manual for Operations with CLS Bank International (CLS), constitute the internal norms of the SPEI for the effect of what is stated in the Payments Systems Law.”
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11.3 …
“Participants that are credit institutions and others that are authorized to maintain demand deposit accounts for their clients, as well as clearing houses for Transfers through Mobile Devices, are obliged to maintain their connection with the SPEI, to comply with the operating schedules established in numeral 6, subsection a), of these Rules. In case that for any circumstance, Participants lose said connection, they must apply the corresponding contingency procedure in accordance with what is provided in the Manual.” … “11.10 For the purposes of these Rules, the number of demand deposit accounts that Participants maintain open in favor of their clients will correspond to the number of accounts that said Participants register at the close of the calendar quarter in question, based on the information they report to the Bank of Mexico in response to information requests made by the Financial System Information Directorate or, in its case, those that the Bank of Mexico determines derived from the verification it carries out in exercise of its supervisory attributes. Participants that, in accordance with what is stated in the preceding paragraph, reach the number of accounts indicated in these Rules to carry out the respective actions that the rules foresee, must begin to carry out said actions no later than six months following that which corresponds to the close of the calendar quarter in question in accordance with said paragraph or that of the date on which the Bank of Mexico notifies the Participant in question of the number of accounts it has determined in accordance with what is provided in that same paragraph.
11.11 The schedules mentioned in these Rules are referenced to the time zone that governs in Mexico City.”
TRANSITORY PROVISIONS
FIRST. This Circular will enter into force on March 6, 2015, except for what is provided in the following transitory provisions.
SECOND. What is provided in numerals 3.1, subsection c Bis), first paragraph, 6, subsection a), fraction II, first paragraph, and 11.10, second paragraph, will enter into force on November 6, 2015.
THIRD. Participants must carry out the crediting of Accepted Transfer Orders, corresponding to Transfers through Mobile Devices, referred to in numeral 6, subsection a), fraction II, first paragraph, in the following terms:

Friday, March 6, 2015 OFFICIAL GAZETTE (Third Section) a) From the entry into force of this Circular and until May 7, 2015, within thirty seconds following the receipt of the Settlement Notice of Accepted Transfer Orders, corresponding to Transfers through Mobile Devices, every day of the year, during a schedule of 05:00:00 to 01:00:00 hours of the following day. In case the aforementioned Settlement Notices are received between 01:00:01 and 04:59:59 they must be credited no later than 05:00:30 hours of the corresponding calendar day. b) From May 8 and until November 5, 2015, within five seconds following the receipt of the Settlement Notice of Accepted Transfer Orders corresponding to Transfers through Mobile Devices, every day of the year, during a schedule of 05:00:00 to 01:00:00 hours of the following day. In case the aforementioned Settlement Notices are received between 01:00:01 and 04:59:59 they must be credited no later than 05:00:30 hours of the corresponding calendar day. FOURTH. Except for what is provided in the following paragraph, what is provided in numeral 6, subsection a), fraction II, second paragraph, will enter into force on May 8, 2015. From the entry into force of this Circular and until May 7, 2015, the period to carry out the crediting will be thirty seconds. FIFTH. Except for what is provided in the following paragraphs, what is provided in numeral 7.2, subsection d Bis), first paragraph, will enter into force on May 8, 2015. From the entry into force of this Circular and until May 7, the period to make the return will be sixty seconds. Without prejudice to the foregoing, from the entry into force of this Circular and until November 5, 2015, the Settlement Notices of Accepted Transfer Orders corresponding to Transfers through Mobile Devices that are received by Participants that maintain at least 1,500 demand deposit accounts, every day of the year during a schedule of 01:00:01 to 04:59:59, must be returned no later than 05:01:00 hours of the corresponding calendar day to the SPEI operation dates. SIXTH. Receiving Participants that, subsequent to the entry into force of this Circular and before November 5, 2015, report to the Bank of Mexico, In response to information requests made by the Financial System Information Directorate or, in its case, those that the Bank of Mexico determines derived from the verification it carries out in exercise of its supervisory attributes, that they have at least 1,500 demand deposit accounts, regarding Transfers through Mobile Devices, will be obliged to credit the Transfer Order requests in accordance with what is provided in numeral 6, subsection a) and when, in accordance with numeral 7.1, it is appropriate to return them, they must do so in accordance with numeral 7.2 of these Rules. SEVENTH. The reference to numeral 6, subsection a), second paragraph, contained in the Fourth Transitory of Circular 4/2013 modified by Circular 6/2014 is repealed. EIGHTH. What is provided for the
operation of Scheduled Payments contained in this Circular in numerals 1, “SPEI Alternate Account” and “Scheduled Payment”, 2, last two paragraphs, 6, subsection a), fraction IV, 7.1, subsection e Bis), and 7.2, subsections d Bis 1) and d Bis 2), will enter into force on March 17, 2015. Without prejudice to what is provided in the preceding paragraph, Participants that are interested in processing Scheduled Payments must present the communication referred to in numeral 2, penultimate paragraph, of this Circular on the Banking Business Day following the publication in the Official Gazette of the Federation of this Circular.

(Third Section) OFFICIAL GAZETTE Friday, March 6, 2015 Mexico City, D.F., March 4, 2015.- The General Legal Director, Luis Urrutia Corral.- Signature.- The Director of Payments Systems, Manuel Miguel Ángel Díaz Díaz.- Signature.
For any consultation regarding the content of this Circular, please contact the Authorization, Consultations and Legal Control Management, at the phones (55) 5237-2308, (55) 5237-2317 or (55) 5237-2000 Ext. 3200.