Circular 53/2008 — Modifications to General Provisions for Specialized Investment Companies of Retirement Fund Societies Regarding Loans for Liquidity Needs

Tuesday, November 4, 2008 OFFICIAL GAZETTE (First Section) 1

CIRCULAR 53/2008 containing the modifications to the general provisions to which specialized investment companies of retirement fund societies must adhere when contracting loans or credits to satisfy liquidity needs.

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

CIRCULAR 53/2008

TO THE SPECIALIZED INVESTMENT COMPANIES OF RETIREMENT FUNDS:

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

The Bank of Mexico, based on Article 28 of the Political Constitution of the United Mexican States, paragraphs sixth and seventh; Articles 24 and 26 of the Bank of Mexico Law; Article 48, fraction VII of the Savings for Retirement System Law; Article 22 of the Law for Transparency and Ordering of Financial Services; paragraphs 8th, third, and sixth, Article 17, fraction I, and Article 19, fraction IX, which provide for the powers of the Bank of Mexico to issue provisions through the Central Banking Provisions Directorate and the Operations Directorate, respectively, all of the Internal Regulations of the Bank of Mexico; as well as from the Single Article of the Agreement on the Affiliation of the Administrative Units of the Bank of Mexico, fractions I and IV; in view of the letter number D00/400/5260/2008 issued by the National Commission of the Savings for Retirement System, where it proposes a clarification regarding the maximum limit of credits or loans that may be contracted by specialized investment companies of retirement fund societies administered by the same retirement fund savings administrator; and with the objective of promoting the sound development of the financial system, has resolved to modify the Second Rule of the “Rules to which specialized investment companies of retirement fund societies must adhere when contracting loans or credits to satisfy liquidity needs,” published in the Official Gazette of the Federation on October 30, 2008, to read as follows:

“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 retirement, disability, and old-age insurance, of the last three bimonthly periods, corresponding to each retirement fund administrator.

The aforementioned 30% limit is applicable to the set of specialized investment companies of retirement fund societies operated by the same retirement fund administrator, in the proportion corresponding to them of said percentage.”

TRANSITORY

SINGLE. This Circular shall enter into force the day following its publication in the Official Gazette of the Federation.

Tuesday, November 4, 2008 OFFICIAL GAZETTE (First Section) 2

Mexico, D.F., October 31, 2008.- BANK OF MEXICO: The Director of Central Banking Provisions, Fernando Luis Corvera Caraza.- Signature.- The Manager of National Operations, Carlos Pérez Verdía Canales.- Signature.

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