Circular 51/2008 — Rules for Specialized Investment Companies for Retirement Funds Contracting Loans or Credits to Satisfy Liquidity Needs

Thursday, October 30, 2008 OFFICIAL GAZETTE (First Section) 1

CIRCULAR 51/2008 containing the Rules to which Specialized Investment Companies for Retirement Funds must adhere when contracting loans or credits to satisfy liquidity needs.

At the margin, a logo that says: Bank of Mexico.

CIRCULAR 51/2008

TO THE SPECIALIZED INVESTMENT COMPANIES FOR RETIREMENT FUNDS.

SUBJECT: GENERAL PROVISIONS TO WHICH SPECIALIZED INVESTMENT COMPANIES FOR RETIREMENT FUNDS MUST ADHERE WHEN CONTRACTING LOANS OR CREDITS TO SATISFY LIQUIDITY NEEDS

The Bank of Mexico, based on Articles 28 of the Political Constitution of the United Mexican States, sixth and seventh paragraphs; 24 and 26 of the Bank of Mexico Law; 48, fraction VII of the Savings for Retirement Systems Law; 22 of the Law for Transparency and Ordering of Financial Services; 8th, third and sixth paragraphs, 17, fraction I and 19, fraction IX of the Internal Regulations of the Bank of Mexico, which provide for the powers of the Bank of Mexico to issue provisions through the Central Banking Provisions Directorate and the Operations Directorate, respectively; as well as from the Single Article of the Agreement on the Attachment of Administrative Units of the Bank of Mexico, fractions I and IV; in view of the proposal from the National Commission of the Savings for Retirement Systems via official letter number D00/100/100/2008; with the object of promoting the sound development of the financial system and considering the convenience that specialized investment companies for retirement funds be able to obtain financing to satisfy liquidity needs in their operation, has resolved to issue the following:

RULES TO WHICH SPECIALIZED INVESTMENT COMPANIES FOR RETIREMENT FUNDS MUST ADHERE WHEN CONTRACTING LOANS OR CREDITS TO SATISFY LIQUIDITY NEEDS

FIRST.- Specialized Investment Companies for Retirement Funds (SIEFORES) may contract loans or credits in national currency, in accordance with what is established in the Savings for Retirement Systems Law, in these Rules, and in other applicable provisions.

SECOND.- The maximum amount of outstanding credits or loans shall be up to the equivalent of 30% of the average bimonthly collection of contributions and payments destined for the retirement, old-age, and disability insurance, from the last three bimesters, corresponding to each retirement fund administrator.

THIRD.- SIEFORES may receive the aforementioned loans or credits from domestic credit institutions with which they do not have ownership links or are related.

Such loans or credits must be in writing, and it shall be the responsibility of the SIEFORES that such operations strictly adhere to these Rules and other applicable provisions.

FOURTH.- SIEFORES that contract the aforementioned loans or credits must amortize them with the resources from contributions and payments destined for the retirement, old-age, and disability insurance that they receive in the bimonthly period immediately following the contracting of the respective loan or credit.

For this purpose, SIEFORES must issue the necessary instructions so that the amortization of the total amount of said loans or credits is carried out against the resources mentioned in the previous paragraph, under the terms that, if applicable, are determined by the National Commission of the Savings for Retirement Systems.

TRANSITORY PROVISIONS

FIRST. This Circular enters into force the day following its publication in the Official Gazette of the Federation.

SECOND. These Rules shall have a validity of six months counted from their entry into force.

Thursday, October 30, 2008 OFFICIAL GAZETTE (First Section) 2

Mexico, D.F., October 28, 2008.- BANK OF MEXICO: The Director of Operations, Francisco Javier Duclaud González de Castilla.- Rubric.- The Director of Central Banking Provisions, Fernando Luis Corvera Caraza.- Rubric.

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