Circular 9/2010 — Modifies Circular 8/2010

CIRCULAR 9/2010
Mexico, D.F., February 24, 2010.
TO CREDIT INSTITUTIONS:
SUBJECT: AUCTIONS FOR THE EXECUTION OF PUT OPTIONS ON UNITED STATES DOLLARS.

The Bank of Mexico, based on Articles 28 of the Political Constitution of the United Mexican States, sixth and seventh paragraphs; 7, fraction X, 8, first paragraph, 14, first paragraph, and 24 of the Bank of Mexico Law; 22 of the Law for Transparency and Order of Financial Services; as well as 8, third and sixth paragraphs, 10, 17, fraction I, and 19, fraction IX of the Internal Regulations of the Bank of Mexico, which provide for the attribution of this Central Institute, through the Directorate of Central Bank Dispositions and the Directorate of Operations, to issue provisions, Sole Article of the Agreement on the Affiliation of the Administrative Units of the Bank of Mexico, fractions I and IV, with the objective of clarifying the “Rules for the auctions of put options on United States Dollars” contained in Circular 8/2010 dated February 23, 2010, has resolved to modify numeral 9, third paragraph of the aforementioned Circular, to remain in the following terms:

“9. GENERAL PROVISIONS
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The “Rules to which multiple banking institutions, brokerage houses, investment companies, and limited-object financial societies must adhere in the execution of derivative operations” contained in Circular 4/2006 dated December 18, 2006, and numeral BD.72 of Circular 1/2006 directed at development banking institutions, shall not be applicable to the Put Option on Dollars operations provided for in these Rules.”

TRANSITORY
SINGLE. This Circular shall enter into force on February 24, 2010.