Decree issuing the Law for the Regulation of Financial Technology Institutions and reforming various provisions of financial laws — SHCP — MX

DOF: 09/03/2018

DECRETE by which the Law for the Regulation of Financial Technology Institutions is issued and various provisions of the Law of Credit Institutions, the Securities Market Law, the General Law of Credit Auxiliary Organizations and Activities, the Law for the Transparency and Ordering of Financial Services, the Law for the Regulation of Credit Information Societies, the Law for the Protection and Defense of Users of Financial Services, the Law for the Regulation of Financial Groupings, the Law of the National Banking and Securities Commission, and the Federal Law for the Prevention and Identification of Operations with Resources of Illicit Origin are reformed and added.

At the margin is a seal with the National Coat of Arms, which says: United Mexican States.- Presidency of the Republic.

ENRIQUE PEÑA NIETO, President of the United Mexican States, to its inhabitants be it known:

That the Honorable Congress of the Union has served to address to me the following

DECRETE

"THE GENERAL CONGRESS OF THE UNITED MEXICAN STATES, DECREES:

THE LAW FOR THE REGULATION OF FINANCIAL TECHNOLOGY INSTITUTIONS IS ISSUED AND VARIOUS PROVISIONS OF THE LAW OF CREDIT INSTITUTIONS, THE SECURITIES MARKET LAW, THE GENERAL LAW OF CREDIT AUXILIARY ORGANIZATIONS AND ACTIVITIES, THE LAW FOR THE TRANSPARENCY AND ORDERING OF FINANCIAL SERVICES, THE LAW FOR THE REGULATION OF CREDIT INFORMATION SOCIETIES, THE LAW FOR THE PROTECTION AND DEFENSE OF USERS OF FINANCIAL SERVICES, THE LAW FOR THE REGULATION OF FINANCIAL GROUPINGS, THE LAW OF THE NATIONAL BANKING AND SECURITIES COMMISSION, AND THE FEDERAL LAW FOR THE PREVENTION AND IDENTIFICATION OF OPERATIONS WITH RESOURCES OF ILICIT ORIGIN ARE REFORMED AND ADDED.

ARTICLE FIRST.- THE Law for the Regulation of Financial Technology Institutions is ISSUED:

LAW FOR THE REGULATION OF FINANCIAL TECHNOLOGY INSTITUTIONS

TITLE I

Preliminary Provisions

Article 1.- This Law is of public order and general observance in the United Mexican States and aims to regulate the financial services provided by financial technology institutions, as well as their organization, operation, and functioning, and the financial services subject to special regulations that are offered or carried out by innovative means.

Article 2.- This Law is based on the principles of financial inclusion and innovation, promotion of competition, consumer protection, preservation of financial stability, prevention of illicit operations, and technological neutrality. These principles must be respected by all subjects obliged by this Law, regarding their operation, as well as by the Financial Authorities when exercising their powers.

Article 3.- The supervision of compliance with the provisions of this Law and the provisions emanating from it shall correspond to the National Banking and Securities Commission and the Bank of Mexico, within the scope of their respective competencies, in accordance with this Law and other applicable legal provisions.

The National Insurance and Bond Commission, the National Retirement Savings System Commission, and the National Commission for the Protection and Defense of Users of Financial Services shall have the powers conferred upon them by this Law and other applicable legal provisions within the scope of their respective competencies.

The Federal Executive, through the Ministry of Finance and Public Credit, may interpret the provisions of this Law for administrative purposes.

Article 4.- For the purposes of this Law, singular or plural, the following shall be understood:

Financial Authority, any of the Supervisory Commissions, the Bank of Mexico, or the Ministry, according to their scopes of competence;

II.

Client, the natural or legal person who contracts or carries out any Operation with an ITF, as well as the one who contracts or uses the services of Financial Entities provided for in this Law or of societies authorized to operate with Novel Models;

III.

CNBV, the National Banking and Securities Commission;

IV.

CNSF, the National Insurance and Bond Commission;

Supervisory Commissions, the CNBV, CONSAR, CNSF, and CONDUSEF, regarding their scopes of competence;

VI.

Inter-institutional Committee, the collegiate body integrated by public servants from the Ministry, the Bank of Mexico, and the CNBV referred to in this Law;

VII.

CONDUSEF, the National Commission for the Protection and Defense of Users of Financial Services;

VIII.

CONSAR, the National Retirement Savings System Commission;

IX.

Consortium, the set of legal persons linked to each other by one or more natural persons that, integrating a Group of Persons, have Control over the former;

Control, the capacity to impose, directly or indirectly, decisions in the general assemblies of shareholders, partners, or equivalent bodies, or to appoint or remove the majority of the directors, administrators, or their equivalents of a legal person; or to maintain the ownership of rights that allow, directly or indirectly, to exercise voting rights with respect to more than fifty percent of the social capital of the society, or to direct, directly or indirectly, the administration, strategy, or main policies of the society, whether through the ownership of Securities or by any other legal act;

XI.

Relevant Executive, the General Director of the ITFs, as well as the natural persons who, holding a job, position, or commission in them or in the legal persons that have Control over said ITFs or that are controlled by the latter, adopt decisions that significantly transcend the administrative, financial, operational, or legal situation of the ITF itself or the Business Group to which it belongs, without the directors of the ITFs being included within this definition;

XII.

Financial Entities, the holding and sub-holding companies of financial groups, credit institutions, brokerage houses, stock exchanges, investment fund operating societies, investment fund share distribution societies, credit unions, credit auxiliary organizations, exchange houses, multiple-object financial societies, popular financial societies, community financial societies with operation levels I to IV, rural financial integration bodies, savings and loan cooperative societies with operation levels I to IV, securities depository institutions, central securities counterparties, securities rating agencies, credit information societies, insurance institutions, bond institutions, mutual insurance societies, retirement fund administrators, as well as other institutions and public trusts that carry out activities regarding which the CNBV, the CNSF, or the CONSAR exercise supervisory powers;

XIII.

Group of Persons, the persons who have agreements, of any nature, to make decisions in the same sense. It is presumed, unless proven otherwise, that they constitute a Group of Persons:

Persons who have kinship by blood, affinity, or civil law up to the fourth degree, spouses, concubines, and concubines, and

Societies that are part of the same Consortium or Business Group and the person or set of persons that have Control over said societies;

XIV.

Business Group, the set of legal persons organized under schemes of direct or indirect participation of social capital, in which the same society maintains Control over said legal persons, including financial groups constituted in accordance with the Law for the Regulation of Financial Groupings;

XV.

Technological Infrastructure, the computing infrastructure, telecommunications networks, operating systems, databases, software, and applications used by ITFs, societies authorized to operate with Novel Models, and financial entities to support their operations;

XVI.

ITF, the financial technology institutions regulated in this Law, which are crowdfunding institutions and electronic payment fund institutions;

XVII.

Novel Model, that which, for the provision of financial services, uses tools or technological means with modalities different from those existing in the market at the time the temporary authorization is granted in accordance with this Law;

XVIII.

Operations, the financial or payment acts referred to in this Law, which an ITF may offer or carry out with the public, or that are carried out through them between Clients, in accordance with this Law;

XIX.

Related Persons, the persons who, with respect to an ITF, fall under any of the following circumstances:

Natural or legal persons who directly or indirectly hold ownership of one percent or more of the shares representing the capital of an ITF, according to the most recent register of partners kept by the respective ITF;

The sole administrator or the members of the board of directors of the ITF, as well as the auditors or commissioners, their officials or employees, or persons other than these who, by their signature, can bind the ITF in question;

Spouses and persons who have kinship up to the second degree with the persons indicated in the preceding subsections;

Legal persons, as well as their directors and officials, with respect to which the ITF directly or indirectly holds ownership of ten percent or more of the shares representing its capital;

Legal persons in which any of the persons indicated in the preceding subsections, as well as the officials, employees, external auditors, and commissioners of the ITF, the ascendants and descendants in the first degree, as well as their spouses, directly or indirectly hold ownership of ten percent or more of the shares representing their capital, and

Legal persons with respect to which the officials, external auditors, members of the audit committee, and commissioners of the ITFs are directors or administrators or occupy any of the first three hierarchical levels in said legal persons;

XX.

Command Power, the de facto capacity to decisively influence the agreements adopted in the assemblies of shareholders or partners or sessions of the board of directors or directors or in the management, conduct, and execution of the business of the ITF or of the legal persons that it has Control over. It is presumed that they have Command Power in an ITF, unless proven otherwise, the persons who fall under any of the following circumstances:

Shareholders who have Control;

Natural persons who have links with the ITF or the legal persons that make up the Business Group or Consortium to which it belongs, through lifetime, honorary positions, or with any other title analogous or similar to the aforementioned ones;

Persons who have transferred the Control of the ITF under any title and gratuitously or at a value lower than market or accounting value, in favor of persons with whom they have kinship by blood, affinity, or civil law up to the fourth degree, the spouse, the concubine, or the concubine, and

Persons who instruct directors or Relevant Executives of the ITF to make decisions or execute operations in the ITF itself or in the legal persons that it has Control over;

XXI.

Ministry, the Ministry of Finance and Public Credit;

XXII.

UMA, the Unit of Measure and Update whose equivalent value in pesos is determined in accordance with the Law for Determining the Value of the Unit of Measure and Update, and

XXIII.

Securities, shares, partnership interests, bonds, debentures, option certificates, certificates, promissory notes, bills of exchange, and other credit instruments, named or unnamed, that are issued in series or in bulk and represent the social capital of a legal person or a part of it, a proportional part of a good, or participation in a collective credit or any individual credit right, in accordance with the applicable national or foreign laws.

Article 5.- The Financial Authorities shall have a period that may not exceed ninety days to resolve the procedures referred to in this Law, unless there is an express provision establishing another period. Upon the expiration of the applicable period, the resolutions shall be understood to be negative to the petitioner, unless the applicable provisions provide otherwise. At the request of the interested party, a certificate of such circumstance shall be issued within two business days following the presentation of the respective application to the competent Financial Authority that should have resolved. The same certificate shall be issued when the specific provisions provide that, upon the expiration of the applicable period, the resolution shall be understood to be positive. If these certificates are not issued within the specified period, it shall be a cause of administrative responsibility in accordance with the applicable legal provisions.

When the initial document does not contain the data or does not meet the requirements provided for in the applicable legal provisions, the Financial Authority shall notify the interested party, in writing and only once, to remedy the omission within a period that may not be less than ten business days. Unless another period is established in the specific provisions, such notification must be made no later than within half of the response period of the Financial Authority.

Once the notification has been served, the period for the Financial Authorities to resolve shall be suspended and shall resume from the next business day following that on which the interested party remedies the notification. In the event that the notification is not remedied within the specified term, the Financial Authorities shall dismiss the initial document.

If the Financial Authorities do not make the information request within the corresponding period, they cannot reject the initial document as incomplete.

The periods for the Financial Authorities to respond shall begin to run on the next business day following the presentation of the corresponding document, unless expressly provided otherwise.

Article 6.- The period referred to in the first paragraph of the previous article shall not apply to promotions that, by express provision of this Law, the Financial Authorities must obtain the opinion of other authorities or require the agreement of the Inter-institutional Committee. In these cases, the period for the Financial Authorities to resolve what corresponds shall not exceed one hundred eighty days.

The opinions referred to in the previous paragraph shall be requested by the respective Financial Authority no later than three days following that on which it receives the complete documentation of the matter subject to the opinion. The corresponding authorities shall issue their opinion within a period of one hundred fifty days from the day of receipt of said documentation. In the event that the opinion is not issued within the specified period, the Financial Authority that requested it shall resolve what corresponds with the records in the file, without the need to consider the aforementioned opinion.

The competent Financial Authorities, at the request of the interested party, may extend the periods established in this Law, provided that such extension does not exceed, in any case, half of the period originally provided in the applicable legal provisions, when the matter so requires and they do not have knowledge that it prejudices the rights of third parties.

Article 7.- The Financial Authorities, within the scope of their competence, may issue general provisions to simplify procedures and establish simpler forms of compliance with the requirements provided for in this Law, provided that unjustified risks are not incurred.

The procedures and forms of compliance referred to in this article shall be reviewed annually, except in cases where the average resolution time of all authorization procedures of the immediately preceding year has not exceeded ninety days.

Article 8.- Articles 5, 6, and 7 of this Law shall not apply to the Supervisory Commissions and the Bank of Mexico when these exercise their supervisory attributes in compliance with the provisions of this Law and the provisions emanating from it.

Article 9.- For the purposes of this Law, the periods fixed in days shall be understood as natural days, unless it is expressly stated that they are business days. When a period expires on an invalid day, the period shall expire on the next business day that corresponds.

Article 10.- In what is not provided for in this Law, the respective special laws applicable to the Financial Entities in question, commercial laws, banking, stock market, and commercial usages and practices, federal civil legislation, federal penal legislation, as well as the Tax Code of the Federation regarding the update of fines, shall be applied, according to their nature and supplementarily.

TITLE II

Of ITFs and Their Operations

Article 11.- To organize and operate as an ITF, it is required to obtain an authorization that shall be granted by the CNBV, prior agreement of the Inter-institutional Committee, in accordance with Chapter I of Title III of this Law.

ITFs, in addition to complying with the obligations established in this Law and the provisions emanating from it, must take measures to prevent the dissemination of false or misleading information through them. Additionally, ITFs must disseminate information that allows their Clients to identify the risks of the Operations they enter into with or through them, in accordance with what is provided for in this Law.

Neither the Federal Government nor the entities of the para-public administration shall be responsible for or guarantee the resources of the Clients that are used in the Operations they enter into with the ITFs or with others, nor shall they assume any responsibility for the obligations contracted by the ITFs or by a Client with another, by virtue of the Operations they enter into. ITFs must expressly state the aforementioned in their respective websites, in the messages they display through computer applications or transmit by electronic or digital communication means they use for the offering and carrying out of their Operations, as well as in the advertising and contracts they enter into with their Clients.

Article 12.- The ITF that obtains an authorization to organize and operate with such character, in accordance with this Law, shall be obliged to add the words "crowdfunding institution" or "electronic payment fund institution" to its name, as the case may be. Likewise, ITFs shall be obliged to disseminate prominently through the means by which they contact their Clients that they are authorized, regulated, and supervised by the Financial Authorities.

The expressions "financial technology institution", "ITF", "crowdfunding institution", "electronic payment fund institution", or others that express similar ideas in any language, referred to said concepts or to brands and products corresponding to them, from which the carrying out of the activities proper to the referred entities can be inferred, shall not be used in the name, denomination, trade name, or advertising of persons and establishments, interfaces, computer applications, websites, or any other means of electronic or digital communication, other than the ITFs authorized in accordance with this Law.

The provisions of the preceding paragraph shall not apply to associations that group authorized ITFs in accordance with this Law.

Article 13.- The shares representing the social capital of ITFs shall be freely subscribable.

Credit institutions, brokerage houses, regulated multiple-object financial societies, popular financial societies, savings and loan cooperative societies with operation levels I to IV, credit unions, and insurance and bond institutions, as an exception to the provisions of their respective laws regulating them, may invest, directly or indirectly, in the social capital of ITFs, subject to the prior authorization of their Supervisory Commission or the Ministry, in the latter case regarding development banks. Such authorization shall be granted under the same procedures and conditions applicable for investment in the social capital of other Financial Entities referred to in the respective financial laws.

For the case of credit institutions, the total amount of investments in the capital of ITFs referred to in the preceding paragraph, together with the investments indicated in Article 89 of the Law of Credit Institutions, shall not exceed the lesser of the equivalent to fifty percent of the basic part of the net capital of the institution, or the excess of the basic part of the net capital of the institution over the minimum capital.

Financial Entities that invest in ITFs are prohibited from using the personnel and promotion channels of their own operations to carry out the corresponding promotion of ITFs.

Without prejudice to the provisions of the preceding paragraph, ITFs, in the cases and under the conditions that the CNBV establishes through general provisions issued for such effect, may agree with Financial Entities that acquire shares representing their social capital, that said Entities provide them with their respective Technological Infrastructures and auxiliary services to support the operations of the ITFs, provided that they obtain the authorization that, for this effect, is granted by the CNBV and enter into a service contract in which transfer prices are clearly established.

The contracting of the services referred to in this article shall not exempt ITFs, nor their executives, employees, and other persons who hold a job, position, or commission in them, from the obligation to observe what is established in this Law and in the general provisions emanating from it.

Article 14.- The statements of account regarding Operations related to credits, loans, or mutuals that ITFs enter into with their Clients or that are entered into through them between their Clients, certified by the public accountant authorized by the corresponding ITF, shall be executive titles, without the need for signature recognition or any other requirement.

The statement of account certified by the accountant referred to in this article shall serve as proof, unless proven otherwise, in the respective trials for the determination of the resulting balances owed by ITF Clients.

The certified statement of account referred to in this article shall contain the Client's name, the date of celebration of the contract related to the Operation in question, and the characteristics of this.

Likewise, it must include movements carried out since a previous year counted from the moment when the last payment default is verified.

CHAPTER I

Of Collective Financing Institutions

Article 15.- Activities aimed at connecting members of the general public so that they grant financing among themselves through any of the Operations indicated in the following article, carried out habitually and professionally, through computer applications, interfaces, internet pages, or any other means of electronic or digital communication, may only be conducted by legal entities authorized by the CNBV, prior agreement of the Inter-institutional Committee, as collective financing institutions.

Article 16.- The Clients of a collective financing institution who intervene in the activities foreseen in the previous article shall be called investors and applicants. Investors are considered to be natural or legal persons who contribute resources to the applicants. Applicants are considered to be natural or legal persons who have requested such resources through the collective financing institution.

Clients of a collective financing institution may carry out between themselves and through said institution the following Operations:

Collective debt financing, with the aim that investors grant loans, credits, mutuals, or any other financing resulting in a direct or contingent liability to the applicants;

II.

Collective capital financing, with the aim that investors purchase or acquire shares representing the social capital of legal entities acting as applicants, and

III.

Collective co-ownership or royalty financing, with the aim that investors and applicants enter into participation associations or any other type of agreement whereby the investor acquires an aliquot part or participation in a present or future asset or in the income, profits, royalties, or losses obtained from the realization of one or more activities or projects of an applicant.

The legal acts carried out for the celebration of the Operations referred to in this article shall be deemed commercial acts.

The Operations referred to in this article shall be denominated in national currency. Likewise, collective financing institutions may carry out the aforementioned Operations in foreign currency or with virtual assets, in the cases and subject to the terms and conditions established by the Bank of Mexico through general provisions issued for such effect.

The securities offered through these institutions may not be registered in the National Securities Registry.

Likewise, collective financing institutions may carry out those activities to facilitate the sale or acquisition of the rights or titles exchanged that document the Operations referred to in fractions I to III of this article. The CNBV, with the objective of protecting investors, will establish general provisions for such effect.

Article 17.- Collective financing institutions may act as agents or commissionaires of their Clients for the carrying out of activities related to the Operations, among others, for operational matters, under the terms determined by the CNBV in the general provisions issued for such effect.

Article 18.- Collective financing institutions must comply with the following obligations:

Establish and make known to potential investors clearly and undeniably, through the means they use to operate with them, the criteria for selecting applicants and projects subject to financing; the information and documentation analyzed for such effects and the activities carried out, if any, to verify the truthfulness of said information and documentation, including whether they have obtained other collective financing from the same or another collective financing institution. The CNBV must establish, through general provisions issued for such effect, the requirements to comply with these obligations.

Collective financing institutions are prohibited from offering projects that are being offered at that same time in another collective financing institution. For compliance with the foregoing, said institutions may, prior to obtaining the consent of the applicants, exchange information;

II.

Analyze and inform potential investors, simply and clearly, about the risk of the applicants and the projects, including general indicators regarding their payment behavior and performance, among others. Such risk must be determined through evaluation and rating methodologies of applicants and projects, which must be revealed to investors. Collective financing institutions must ensure that the methodologies are applied consistently and updated as necessary. The CNBV will establish, through general provisions issued for such effect, the minimum elements that such methodologies will contain;

III.

Obtain from investors an electronic certificate that they know the risks to which their investment in the institution is subject. The minimum characteristics of such certificates will be determined by the CNBV in general provisions issued for such effect;

IV.

Have, once some Operation has been effected, available to the investors participating in it, information regarding the applicant's payment behavior, performance, or any other that is relevant to them. The CNBV will establish, through general provisions issued for such effect, the requirements to comply with this obligation;

Provide Clients with the necessary means to achieve the formalization of the Operations;

VI.

Be users of at least one credit information society, providing periodically information on financing applicants, under the terms provided in the Law to Regulate Credit Information Societies. This obligation applies only to collective debt financing institutions;

VII.

Deliver the investors' resources to the applicants selected by the investors themselves and, prior to such delivery, allow the investor to withdraw their resources destined for the investment in question, without restriction or charge. The terms and conditions of the financing may not be modified once consent has been manifested regarding its selection;

VIII.

Establish schemes to share with investors the risks of collective debt financing operations, which must include the pact of collecting a proportion of commissions, subject to the condition that the total settlement of the financing or the performance of the project occurs under the terms offered, or any other scheme that allows alignment of incentives between the FTI and investors. Such schemes must be presented with the application for authorization to act as an FTI.

Commissions charged regarding delinquent financings may in no case exceed those charged for current financings;

IX.

Have the necessary mechanisms to segregate each type of Operation so that investors can unmistakably distinguish the type of Operations involved, when two or more types of collective financing Operations are celebrated, or the sale or acquisition of exchanged titles or acquired rights through them takes place, and

Those otherwise established for collective financing institutions provided for in this Law and the provisions emanating from it.

Collective financing institutions will be responsible for damages and losses caused to their Clients due to non-compliance with what is provided in this article.

Article 19.- Collective financing institutions, in addition to their own activities, may only carry out the following:

Receive and publish applications for collective financing operations from applicants and their projects through the interface, internet page, or electronic or digital communication medium used to carry out their activities;

II.

Facilitate that potential investors know the characteristics of the collective financing operation applications from applicants and their projects through the interface, internet page, or electronic or digital communication medium used to carry out their activities;

III.

Enable and allow the use of electronic communication channels through which investors and applicants can relate to each other through the interface, internet page, or electronic or digital communication medium used to carry out their activities;

IV.

Obtain loans and credits from any person, national or foreign, destined for the fulfillment of their corporate purpose. Such loans and credits may not be destined to establish schemes that allow sharing with investors the risks of the projects foreseen in this Law, unless they obtain authorization from the CNBV under the terms of the general provisions issued for such effect. In no case may loans and credits be obtained from an indeterminate person or through mass media nor in a habitual or professional manner;

Issue Securities on their own account. The resources obtained from the placement of debt securities in public offer may not be destined to establish schemes that allow sharing with investors the risks of the projects;

VI.

Acquire or lease movable and immovable property necessary for the fulfillment of their purpose and alienate them when appropriate;

VII.

Make deposits in financial entities authorized for such purpose;

VIII.

Constitute trusts necessary for the fulfillment of their corporate purpose under the terms provided in this Law;

IX.

Make permanent investments in other societies, provided they provide auxiliary, complementary, or real estate services;

Carry out extra-judicial or judicial collection of credits granted to applicants on behalf of investors, as well as renegotiate the terms and conditions of said credits, and

XI.

Carry out the acts necessary for the achievement of their corporate purpose.

Article 20.- Collective financing institutions are prohibited from guaranteeing returns or yields on the investment made or guaranteeing the result or success of investments.

Article 21.- The following persons may not be applicants for financing through collective financing institutions:

The FTI itself, and

II.

Related Persons and persons having Control Power in the FTI.

FTIs may only participate as investors in the Operations published through them or acquire the rights of the respective projects, when it comes to schemes for sharing with investors the risks of the projects under the terms of this Law.

Credit institutions, brokerage houses, credit unions, regulated multiple-object financial societies, popular financial societies, community financial societies, and savings and loan cooperatives with operation levels I to IV may be investors through collective financing institutions, subject to the rules established for such effect by the CNBV.

Collective financing institutions must abstain from alienating or transferring to Related Persons and persons having Control Power in the respective collective financing institutions, under any title, the credits, loans, mutuals, or other financings celebrated between the respective Clients through said institutions. Likewise, Financial Entities must abstain from alienating or transferring under any title, through collective financing institutions, the credits, loans, mutuals, or other financings that said Financial Entities have previously granted to their respective clients.

CHAPTER II

Of Electronic Payment Fund Institutions

Article 22.- Services performed with the public in a habitual and professional manner, consisting of the issuance, administration, redemption, and transmission of electronic payment funds, through the acts indicated below, through computer applications, interfaces, internet pages, or any other means of electronic or digital communication, may only be provided by legal entities authorized by the CNBV, prior agreement of the Inter-institutional Committee, as electronic payment fund institutions:

Open and maintain one or more electronic payment fund accounts for each Client, in which records of credits equivalent to the amount of electronic payment funds issued against the receipt of an amount of money, in national or foreign currency, or of determined virtual assets, are made;

II.

Carry out transfers of electronic payment funds between its Clients through the respective credits and debits in the corresponding accounts referred to in fraction I of this article;

III.

Carry out transfers of determined amounts of money in national currency or, subject to prior authorization from the Bank of Mexico, in foreign currency or virtual assets, through the respective credits and debits in the corresponding accounts referred to in fraction I of this article, between its Clients and those of another electronic payment fund institution, as well as account holders or users of other Financial Entities or foreign entities authorized to carry out Operations similar to those referred to in this article;

IV.

Deliver an amount of money or virtual assets equivalent to the same amount of electronic payment funds in an electronic payment fund account, through the respective debit in said account, and

Keep updated the register of accounts referred to in fraction I of this article, as well as modify it regarding the entry, transfer, and withdrawal of electronic payment funds, according to what is indicated in fractions I, II, III, and IV of this present article, as applicable.

Article 23.- For the purposes of this Law, electronic payment funds shall be considered those funds that are accounted for in an electronic register of transactional accounts that, for such effect, an electronic payment fund institution maintains and that:

Refer to:

A monetary value equivalent to a determined amount of money, in national currency or, prior authorization from the Bank of Mexico, foreign currency, or

A determined number of units of a virtual asset determined by the Bank of Mexico, in accordance with what is established in Chapter III of Title II of this Law;

II.

Correspond to a payment obligation on the part of its issuer, for the same amount of money or units of virtual assets referred to in fraction I of this article;

III.

Are issued against the receipt of the amount of money or virtual assets referred to in fraction I of this article, with the purpose of crediting, transferring, or withdrawing said funds, totally or partially, through the instruction that, for such effects, the respective holder of the electronic payment funds gives, and

IV.

Are accepted by a third party as receipt of the respective amount of money or virtual assets.

Article 24.- The following shall not be considered electronic payment funds:

Rights derived from loyalty or reward programs offered by legal entities to their clients that can only be accepted by said legal entities or by societies affiliated with such programs in exchange for goods, services, or benefits, provided that they cannot be converted into legal tender in national territory or in any other jurisdiction. At no time may the affiliated societies indicated in this fraction exceed twenty percent of the total establishments or businesses enabled to receive electronic payments through card operations referred to in the Law for Transparency and Ordering of Financial Services. Supervision of what is established in this fraction corresponds to the Bank of Mexico;

II.

Amounts for advance payment of the acquisition of goods or services that can only be accepted by the issuer or any of the societies belonging to the same Consortium or Business Group of the issuer, in exchange for goods, services, or benefits, provided that they cannot be converted into legal tender in national territory or in any other jurisdiction;

III.

Amounts subject to irregular money deposits that Financial Entities receive in conformity with the respective laws that expressly authorize carrying out such operations, and

IV.

Resources subject to money transmission that Financial Entities or money transmitters referred to in the General Law of Organizations and Auxiliary Activities of Credit carry out in conformity with the respective laws that expressly authorize them to carry out such operation.

Article 25.- Electronic payment fund institutions, in addition to the Operations and activities referred to in this Law, may only perform, in accordance with what is provided in this regulation, the following:

Issue, market, or administer instruments for the disposal of electronic payment funds;

II.

Provide the money transmission service referred to in Article 81-A Bis of the General Law of Organizations and Auxiliary Activities of Credit;

III.

Provide services related to the disposal medium networks referred to in the Law for Transparency and Ordering of Financial Services;

IV.

Process information related to payment services corresponding to electronic payment funds or any other means of payment;

Grant credits or loans, in the form of overdrafts in the accounts they administer in accordance with this Law, derived solely from the transmission of electronic payment funds, subject to the conditions established in this Law;

VI.

Carry out operations with virtual assets, in terms of what is provided in this Law;

VII.

Obtain loans and credits from any person, national or foreign, destined for the fulfillment of their corporate purpose, except for the issuance of electronic payment funds or granting of credit in accordance with fraction V of this article. Such loans and credits may not be obtained from an indeterminate person or through mass media nor in a habitual or professional manner;

VIII.

Issue Securities on their own account. The resources obtained from the placement of debt securities may not be destined to the issuance of electronic payment funds or granting of credit in accordance with fraction V of this article;

IX.

Make demand or term deposits in financial entities authorized to receive them;

Acquire or lease movable and immovable property necessary for the fulfillment of their purpose and alienate them when appropriate;

XI.

Connect third parties with the aim of facilitating the purchase, sale, or any other transmission of virtual assets, subject to what is provided in this Law;

XII.

Buy, sell, or generally transmit virtual assets on their own account or for their Clients, and

XIII.

Carry out the acts necessary for the achievement of their corporate purpose.

Instruments for the disposal of electronic payment funds issued by electronic payment fund institutions will be considered disposal means, for the purposes of the Law for Transparency and Ordering of Financial Services, only in case that the processing of operations carried out with these instruments is done through the disposal medium networks referred to in said Law.

Article 26.- The characteristics of the Operations carried out by electronic payment fund institutions, as well as activities linked to payment systems, will be subject to the general provisions issued for such effect by the Bank of Mexico.

Likewise, electronic payment fund institutions may issue electronic payment funds referred to foreign currency or virtual assets, as well as provide the money transmission service referred to in the previous article, in foreign currency, provided they have prior authorization from the Bank of Mexico and observe the terms and conditions that this establishes regarding said Operations through general provisions issued for such effect.

Article 27.- Electronic payment fund institutions may only grant overdraft credits and loans under the following conditions:

They may not be granted against funds or virtual assets received or maintained on behalf of their Clients;

II.

They may not charge interest, other accessories, or commissions for said credits or loans;

III.

The balance of the credit or loan corresponding to the amount owed by a Client must be collected at the moment the electronic payment fund institution receives resources, funds, or virtual assets whose ownership corresponds to the respective debtor Client, up to the amount equivalent to covering said balance, and

IV.

The amount of the credit or loan may not exceed the limit determined by the Bank of Mexico through general provisions issued for such effect.

Article 28.- Amounts corresponding to electronic payment funds referred to quantities of money and registered in the Client's account that the electronic payment fund institution maintains in accordance with this Chapter and that during a period of three years have had no movement by credits, redemption, transmission, or balance inquiry, must be credited to a global account that each institution will maintain for such effect. The institution must give written notice of this situation, either physically or electronically, to the Client with ninety days' advance notice. For the purposes of this article, movements related to the collection of commissions carried out by institutions of

electronic payment funds. The electronic payment fund institution may not charge fees to the global account for commissions.

When the Client carries out an Operation subsequent to the transfer of the balance to the global account, the electronic payment fund institution must withdraw the total amount from the global account, in order to credit it to the respective account or deliver it.

Rights derived from inactive resources over a period of three years counted from the date these are deposited in the global account, whose amount does not exceed per account the equivalent to three hundred UMA, will prescribe in favor of the public charity patrimony.

Rights derived from inactive resources over a period of seven years counted from the date these are deposited in the global account, whose amount exceeds per account the equivalent to three hundred UMA, will prescribe in favor of the public charity patrimony.

Electronic payment fund institutions are obligated to remit the corresponding resources to public charity within a maximum period of fifteen days counted from December 31 of the year in which the event provided for in this article occurs.

Electronic payment fund institutions are obligated to notify the CNBV regarding compliance with this article within the first two months of each year.

Article 29.- Electronic payment fund institutions may not pay their Clients interest or any other monetary return or benefit for the balance they accumulate over time or maintain at any given moment. Without prejudice to the foregoing, the Bank of Mexico may allow electronic payment fund institutions to offer their Clients non-monetary benefits, subject to the terms and conditions established in general provisions issued for this purpose.

The resources that electronic payment fund institutions receive for the issuance of electronic payment funds shall in no case be considered bank deposits of money, but rather the electronic payment funds shall be issued at the same time of their delivery, except for the cases provided for in this article.

In the event that the electronic payment fund institution, subject to the authorization referred to in Article 45 of this Law, agrees with a third party to carry out the receipt of the aforementioned resources through said third party, such institution must issue the respective electronic payment funds in accordance with the provisions of general provisions referred to in Article 54 of this Law.

As an exception to what is provided in the second paragraph of this article, the electronic payment fund institution may issue electronic payment funds on a date prior to that on which the resources relative to the Client become available to the institution itself, provided that the aforementioned delivery of resources for the issuance of said funds (i) is carried out as a result of acquiring or payment aggregation services with disposition means, provided through a card operations network, or (ii) the corresponding resources are subject to operations with institutions located outside national territory that carry out operations similar to those of electronic payment fund institutions. Electronic payment fund institutions, in carrying out the operations indicated in this paragraph, must issue the corresponding electronic payment funds no later than the date on which the respective resources become available to them.

In the cases provided for in the previous paragraph, the electronic payment fund institution must have the referred funds available no later than the fifth business day following that on which it issues the respective electronic payment funds.

The electronic payment fund institution must be able to reimburse the respective Client, when so requested, the amount of national currency or, where applicable, virtual assets equivalent to the value of the electronic payment funds issued that said Client has in the respective records, provided that such electronic payment funds are not part of a payment order in execution and subject to the terms of the contract with the Client.

The Client of electronic payment fund institutions must designate beneficiaries and may at any time replace them, as well as modify, where applicable, the percentage corresponding to each of them.

In the event of the Client's death, the electronic payment fund institution shall deliver the corresponding amount of the electronic payment funds to those whom the Client himself/herself had designated as beneficiaries, expressly and in writing, in the percentage stipulated for each of them.

If no beneficiaries had been designated, the corresponding amount of the electronic payment funds must be delivered in accordance with the terms provided for in common legislation.

CHAPTER III

Of Operations with Virtual Assets

Article 30.- For the purposes of this Law, a virtual asset is considered to be the electronically registered representation of value used among the public as a means of payment for all types of legal acts and whose transfer can only be carried out through electronic means. In no case shall legal tender currency in national territory, foreign exchange, or any other asset denominated in legal tender currency or foreign exchange be understood as a virtual asset.

ITFs may only operate with virtual assets that are determined by the Bank of Mexico through general provisions. In such provisions, the Bank of Mexico may establish deadlines, terms, and conditions that ITFs must observe for cases in which the virtual assets determined by it are transformed into other types or modify their characteristics.

To carry out operations with the virtual assets referred to in the previous paragraph, ITFs must have prior authorization from the Bank of Mexico.

For the determination of virtual assets, the Bank of Mexico will take into account, among other aspects, the use that the public gives to digital units as a means of exchange and value storage as well as, where applicable, unit of account; the treatment that other jurisdictions give to particular digital units as virtual assets, as well as the agreements, mechanisms, rules, or protocols that allow generating, identifying, fragmenting, and controlling the replication of said units.

Article 31.- ITFs that operate with virtual assets must be able to deliver to the respective Client, when requested, the quantity of virtual assets of which he/she is the holder, or the amount in national currency corresponding to the payment received from the alienation of the virtual assets that corresponds to him/her.

These operations must be settled in the terms and subject to the conditions that, for this purpose, the Bank of Mexico establishes through general provisions.

In the buy-sell or alienation operations of virtual assets that ITFs carry out with their Clients or on their behalf, the countervalue must be delivered at the same time that said Operations are carried out, and must be settled in the terms and subject to the conditions that, for this purpose, the Bank of Mexico establishes through general provisions.

ITFs that receive amounts of money for the celebration of virtual asset purchase Operations must return said amounts to the respective Clients, in accordance with the general provisions issued for this purpose by the Bank of Mexico, in the event that the referred Operations are not carried out within the deadlines indicated in said provisions.

Article 32.- The Bank of Mexico will define the characteristics of the virtual assets referred to in this Chapter, as well as the conditions and restrictions of the Operations and other acts that can be carried out with said assets, through general provisions issued for this purpose. Likewise, the Bank of Mexico will establish the measures to which ITFs must be subject for the custody and control they exercise over virtual assets when carrying out such Operations and acts.

For the purposes of this Chapter, custody and control of virtual assets shall be understood as the possession of the signatures, keys, or authorizations that are sufficient to execute the Operations referred to in this Law.

Article 33.- ITFs are prohibited from selling, ceding, or transferring their ownership, lending or guaranteeing, or affecting the use, enjoyment, or benefit of the virtual assets they custody and control on behalf of their Clients, except when it concerns the sale, transfer, or assignment of said assets by order of their Clients.

ITFs may only participate in the operation, design, or commercialization of financial derivative instruments that have virtual assets as an underlying asset, in the cases, conditions, and subject to the requirements and authorizations established by the Bank of Mexico in general provisions.

Article 34.- ITFs that operate with virtual assets must disclose to their Clients, in addition to what is provided in this Law, the risks that exist for carrying out operations with said assets, which must include, at a minimum, informing them in a simple and clear manner on their website or medium used to provide their service, the following:

The virtual asset is not legal tender and is not backed by the Federal Government or by the Bank of Mexico;

II.

The impossibility of reversing operations once executed, where applicable;

III.

The volatility of the value of the virtual asset, and

IV.

The technological, cybernetic, and fraud risks inherent to virtual assets.

TITLE III

General Provisions

CHAPTER I

Of Authorization

Article 35.- Persons who intend to carry out the activities attributed to collective financing institutions or electronic payment fund institutions in Title II of this Law in national territory must request their authorization as an ITF before the CNBV, who will grant it when, in its judgment, the legal and regulatory requirements are adequately met, prior agreement of the Interinstitutional Committee.

The Interinstitutional Committee will be composed of six permanent members, two of whom will be representatives of the Secretariat, two from the Bank of Mexico, and two from the CNBV, designated by the respective heads of said Financial Authorities. For each permanent member, a substitute will be designated. One of the CNBV representatives designated as such by its head will serve as president of the Interinstitutional Committee, and in his/her absences, the other CNBV member.

For its functioning, the Interinstitutional Committee will have a secretary and a substitute, who will be designated from among the public servants of the CNBV.

The Interinstitutional Committee will meet upon prior summons by its president or secretary. There will be a quorum with the presence of at least three members and subject to all Financial Authorities that make up the Interinstitutional Committee being represented. Resolutions will be taken by simple majority vote of those present, and the president will have a casting vote in case of a tie. Regarding resolutions to grant authorizations to operate as an ITF, the favorable vote of at least one representative of each of the Financial Authorities represented in the Interinstitutional Committee will be required.

The Interinstitutional Committee will approve the rules governing its organization and functioning, and will be subject to what is provided in this Law and the provisions emanating from it.

Article 36.- Interested parties seeking authorization to act as an ITF must be anonymous societies constituted or intending to be constituted in accordance with Mexican legislation and whose corporate bylaws:

Include in their corporate object the habitual or professional performance of any of the activities provided for in this Law;

II.

Expressly provide that, in the performance of their corporate object, they must adhere to what is provided in this Law and in the applicable general provisions;

III.

Establish their domicile in national territory, and

IV.

Fix a minimum capital necessary to carry out their activities in accordance with what is provided in the general provisions issued for this purpose by the CNBV, which may be differentiated based on the type of activities carried out and risks faced. Prior to the issuance of said provisions, agreement of the Interinstitutional Committee is required.

Article 37.- The CNBV must specifically mention in the authorization it grants the type of ITF corresponding to said authorization, as well as the specific Operations it may carry out in accordance with what is provided in this Law. ITFs that have obtained authorization to carry out a certain type of Operations and subsequently intend to carry out another type of Operations within those permitted for each particular ITF, must request a new authorization and, to obtain it, must demonstrate compliance with the following:

That the Operations in question are expressly stated in their corporate bylaws in terms of this Law;

II.

That they have, where applicable, the governing bodies and corporate structure to carry out the operations they intend to perform, in accordance with what is established in this Law and in the general provisions issued for this purpose by the CNBV;

III.

That they have the infrastructure and internal controls necessary to carry out the operations they intend to perform, such as operational, accounting, and security systems, offices, as well as the respective manuals, in accordance with the applicable general provisions in terms of this Law, and

IV.

That they are up to date in the payment of sanctions imposed for non-compliance with this Law that have become final, as well as in the compliance with observations and corrective actions that, in the exercise of their functions, the CNBV or the Bank of Mexico has issued.

The foregoing, without prejudice to the power of the Bank of Mexico to authorize ITFs to carry out their respective Operations with virtual assets and foreign currency, which are subject to the general provisions issued for this purpose by the Bank of Mexico.

Article 38.- The CNBV must publish in the Official Gazette of the Federation the authorizations it grants in accordance with this Law.

Article 39.- The applications to obtain the CNBV authorizations provided for in this Chapter must be accompanied by the following:

The instrument duly notarized before an authorized public notary by which sufficient powers are granted to the representatives of the respective applicants presenting the corresponding application, where applicable;

II.

The draft corporate bylaws, or modification thereto, that complies with the requirements indicated in this Law;

III.

The business plan;

IV.

The account separation policies, in terms of what is established in Article 46 of this Law;

The risk and liability disclosure policies for carrying out Operations in the ITF, including the necessary information for adequate decision-making in simple and clear language, which must include the concepts and amounts of all commissions it will charge its Clients and any other charge or retention, as well as the disclosure on the interface, website, or electronic or digital communication medium used by the ITF, of warnings relative to the use of said interface, website, or electronic or digital communication medium, complying with what is established in the general provisions issued for this purpose by the CNBV, prior agreement of the Interinstitutional Committee;

VI.

The measures and policies in matters of operational risk control, as well as information security, including confidentiality policies, with evidence that they have a secure, reliable, and precise technological support for their Clients and with the minimum security standards that ensure the confidentiality, availability, and integrity of information and prevention of fraud and cyberattacks, in accordance with what is established in the applicable general provisions;

VII.

The operational and control processes for Client identification, which establish precise and consistent criteria for the evaluation and selection of Clients;

VIII.

The policies for resolving possible conflicts of interest in the performance of their activities;

IX.

The policies for fraud prevention and prevention of operations with resources of illicit origin and terrorism financing;

The list of agreements or contracts with other ITFs or technology service providers necessary for the performance of key business processes, database management, and Technological Infrastructure for the performance of their activities;

XI.

The list and information of persons who directly or indirectly hold or intend to hold a participation in the share capital of the legal entity, and which must contain the amount of share capital that each of them will subscribe and the origin of the resources they will use for this effect, as well as information on their financial situation, in the case of natural persons, or the financial statements, in the case of legal entities, for the last three years in both cases, in addition to any other information that allows verifying that they have honorability and satisfactory credit and business history, in accordance with the general provisions issued for this purpose by the CNBV;

XII.

The list and information of the administrator or board members of the legal entity or those who intend to occupy said positions, and which must contain the information that allows verifying that they have honorability and satisfactory credit and business history, in accordance with the general provisions issued for this purpose by the CNBV;

XIII.

The necessary information to verify that the ITF or its Business Group is the owner or has the right to use the interface, website, or electronic or digital communication medium;

XIV.

The designation of a domicile in national territory to hear and receive notifications and of, at least, one representative;

XV.

The information regarding the scheme to be adopted for the alignment of incentives, in the case of applications to act as collective financing institutions, and

XVI.

The other documentation and information related that is required in accordance with the general provisions issued by the CNBV with the opinion of the Interinstitutional Committee.

Already constituted societies that request authorization to carry out activities as an ITF must accompany the corresponding application with the applicable information and documentation, as well as the draft agreement of their governing body, which includes what relates to the consequent modification of their corporate bylaws.

The CNBV must make available to the members of the Interinstitutional Committee all documentation and information it receives as part of the applications referred to in this article.

Article 40.- The ITF that receives the authorization in terms of this Chapter must demonstrate to the CNBV, at least thirty business days in advance of the start of operations, compliance with the following requirements:

The society is duly constituted, providing the registration data in the Public Commerce Registry;

II.

It has the minimum subscribed and paid capital corresponding to it;

III.

Its board members and executives comply with the requirements established in this Law and the general provisions issued for this purpose by the CNBV, and

IV.

It has the Technological Infrastructure, internal controls necessary to carry out its activities and provide its services, as well as the policies, procedures, manuals, and other documentation that in accordance with this Law and the provisions emanating from it it must have.

The CNBV may carry out inspection visits it deems necessary to verify compliance with the requirements referred to in this article. Regarding electronic payment fund institutions, the inspection visits must be carried out by the CNBV and the Bank of Mexico to verify compliance with what is provided in this article, within the scope of their respective competencies.

The CNBV may deny the partial or total start of operations when compliance with what is provided in this article is not demonstrated.

Article 41.- The acquisition or granting in guarantee, through one or several simultaneous or successive operations, of titles representing the share capital of an ITF, by a person or Group of Persons, is subject to the authorizations that compete to the CNBV and to compliance with the requirements established in the general provisions issued for this purpose by the CNBV itself.

Article 42.- ITFs shall abstain, where applicable, from registering in the registry referred to in Articles 128 and 129 of the General Law of Commercial Societies the transfers of shares that are carried out in contravention of what is provided in the previous articles, and must inform such circumstance to the CNBV, within five business days following the date on which they become aware of it.

When the acquisitions and other legal acts through which direct or indirect ownership of shares representing the share capital of an ITF is obtained, are carried out without obtaining the authorization of the CNBV in contravention of what is provided in this Law or well, there are indications that point out that the shareholders of the ITFs ceased to comply with the applicable requirements in terms of this Law and the provisions emanating from it, the patrimonial and corporate rights inherent to the corresponding shares of the society will be suspended and therefore cannot be exercised, until the CNBV orders that such suspension be lifted in cases where the acquisition is regularized or the indicated indications are disproven.

Likewise, persons who participate in a transfer of shares without obtaining prior authorization from the CNBV in terms of the preceding article, will be sanctioned by the CNBV itself with a fine for the amount of fifty percent of the value of said shares up to one hundred fifty percent of the value of said shares.

The CNBV, having previously heard the interested party, may determine that shares acquired without prior authorization under this Law be sold to the ITF itself when the shareholder has been sentenced in a criminal proceeding for an intentional crime punishable by corporal imprisonment of more than one year, or when, having been authorized by the CNBV, the shareholder subsequently falls under the aforementioned circumstance. The sale shall be carried out at fifty percent of the lower of the following values:

The book value of said shares, according to the last financial statement approved by the board of directors and reviewed by the CNBV, and

II.

The market value of those shares.

The sale referred to in the preceding paragraph must be carried out within ten business days following the date on which the CNBV so requires. The shares thus redeemed must be converted into treasury shares.

The foregoing, without prejudice to the disqualification of natural persons that, under this or other laws, may be applicable.

Article 43.- The CNBV or the Bank of Mexico, according to their respective competence, may corroborate the truthfulness of the documentation and information provided with the authorization request, and in such virtue, the departments and entities of the Federal Public Administration, as well as other federal instances, including autonomous constitutional bodies, shall deliver the related information, including that containing personal data. Likewise, for the same purposes, the CNBV or the Bank of Mexico may request foreign bodies with similar supervisory or regulatory functions to corroborate the information provided to them for this effect.

CHAPTER II

Of the Operation of ITFs

Article 44.- The CNBV, regarding crowdfunding institutions, and the Bank of Mexico, regarding electronic payment fund institutions, prior to the opinion of the Interinstitutional Committee, shall establish through general provisions the resource limits that the respective ITFs may hold on behalf of their Clients or that a Client may dispose of through said ITFs.

The limits may be differentiated by type of Client, type of project, if applicable, transaction, or ITF, among others, and in establishing them, the CNBV or the Bank of Mexico must take into consideration at least the regulation of other figures in the financial system subject to compliance with the principles established in this Law and the protection of investors' interests. In the issuance of the aforementioned provisions, said authorities must promote the development of ITFs.

Article 45.- ITFs shall only receive resources from their Clients that come directly from money deposit accounts opened in a Financial Entity authorized to receive such deposits according to the regulations applicable to them. Likewise, ITFs are obligated to deliver resources to their Clients through credits or transfers to the respective accounts that they maintain open in Financial Entities and designate for such effect. As an exception to the foregoing, the CNBV may authorize ITFs to receive or deliver cash amounts to Clients, as well as transfers of resources from or to deposit accounts opened in financial entities abroad or in other entities in foreign territory authorized to carry out operations similar to those referred to in this Law, in the cases and with the limits established by them through general provisions.

Article 46.- ITFs, regarding the money amounts they receive from their Clients for the realization of contracted Operations, are obligated to keep their own resources segregated from those of their Clients, as well as to keep the latter identified for each Client. In all cases, while ITFs keep said amounts under their disposition without having delivered them to the beneficiary or recipient, or transferred them to another entity authorized to participate in payment services as applicable, they must deposit said amounts, no later than the end of the day they received them, in money deposit accounts at sight opened in the name of the institution in question in a Financial Entity authorized to receive money deposits, which must be different from those where the ITF's own resources for the operation are kept, or use them in repo operations only with Securities issued by the Federal Government or the Bank of Mexico, carried out with credit institutions for a one-day term renewable according to what they agree to this effect, or be affected in an administration trust constituted for such purpose, which shall only carry out the aforementioned repo operations.

Regarding electronic payment fund institutions, the total amount that each of them may maintain in one or more money deposit accounts at sight, regarding the money they receive from their Clients, in no instance may exceed the equivalent of the maximum between one million UDIS and the equivalent of double the highest amount of electronic payment funds that said institution has redeemed to its Clients in periods of 24 consecutive hours comprised in the last three hundred and sixty-five days.

The resources that Clients of crowdfunding institutions deliver to them to celebrate or fulfill the respective Operations, in no instance may be considered as a direct or contingent liability for said institutions and may not be disposed of until the conditions agreed upon to release them are met.

Regarding operations with foreign exchange, ITFs shall be subject to what is established in Article 32 of the Bank of Mexico Law, and this, in turn, shall be subject to what is provided in Article 22, fraction II of said Law.

ITFs as well as other persons carrying out operations with Financial Entities shall not be subject to discrimination in terms of the Law for Transparency and Ordering of Financial Services.

Article 47.- Each ITF must keep a register of accounts on transactional movements that allows identifying each holder of the resources and the balances that, as a result of said movements, they maintain with the ITF itself, including electronic payment funds and virtual assets of each Client of electronic payment fund institutions that correspond.

ITFs must make available to their Clients, through their platforms, receipts of each operation performed or account statements that support, among others, the collection rights of which they are holders and the instructions granted, electronically.

The holders of the respective resources maintained in ITFs without having been delivered to any beneficiary or recipient shall enjoy the right of separation over the accounts and assets of the respective ITF, in accordance with bankruptcy regulations, in relation to possible claims by other creditors of the ITF.

The Secretariat may authorize ITFs to carry out analogous, connected, or complementary operations to those authorized to them, hearing the opinion of the CNBV and the Bank of Mexico.

Article 48.- The CNBV must issue general provisions oriented to preserve the stability and correct functioning of ITFs in matters of internal controls and risk management to which they must be subject in the realization of Operations, segregation of functions regarding the modalities of Operations they carry out and other services they offer, prevention of conflicts of interest, identification of their Clients, corporate and audit practices, accounting, information disclosure, transparency and equity in activities and services related to the activity in question. Likewise, regarding crowdfunding institutions, it may issue general provisions in matters of information security, including confidentiality policies, use of electronic, optical, or any other technology media, automated data processing systems, and telecommunications networks, whether private or public, and operational continuity.

Regarding electronic payment fund institutions, the CNBV and the Bank of Mexico shall jointly issue general provisions in matters of information security, including confidentiality policies and register of accounts on transactional movements, the use of electronic, optical, or any other technology media, automated data processing systems, and telecommunications networks, whether private or public, and operational continuity.

ITFs must conserve for a minimum period of ten years the original receipts of their Operations, properly archived, and in printed format, or in electronic, optical, or any other technology media, provided that, in the latter media, the official Mexican standard on digitalization and conservation of data messages applicable is observed, in such a way that they can be related to said Operations and to the record made of them.

Electronic payment fund institutions must, in accordance with the general provisions issued jointly by the CNBV and the Bank of Mexico for this effect, evaluate with the periodicity indicated by said provisions, through independent third parties, compliance with the information security requirements, use of electronic media, and operational continuity that said institutions must observe in accordance with the aforementioned provisions. Likewise, ITFs and credit institutions must evaluate through the independent third parties indicated in this article, compliance with the general provisions issued by the Bank of Mexico in exercise of the attributes conferred by this Law.

In the provisions referred to in the preceding paragraph, the corresponding Financial Authorities shall establish the characteristics and requirements that independent third parties must meet, the legal entity through which they provide the respective services, as well as those related to the professional or business relationships they provide or maintain with the ITFs they audit or evaluate, as the case may be.

Likewise, the Financial Authorities referred to in the preceding paragraph shall have the same supervisory and monitoring powers regarding the independent third parties indicated in this article, as those granted to the CNBV for external auditors referred to in this Chapter.

Article 49.- The annual financial statements of ITFs must be audited by an independent external auditor, who shall be designated directly by their administrative body. The CNBV, through general provisions that ensure the transparency and reliability of the financial information of ITFs, shall indicate the requirements to which the approval of the financial statements by the administrators of ITFs shall be subject.

Likewise, the CNBV may establish through general provisions, the characteristics and requirements that independent external auditors, the legal entity of which they are partners, as well as the persons who are part of the audit team, must meet; determine the content of the opinions and other reports that independent external auditors must render; dictate measures to ensure adequate alternation of said auditors in ITFs, as well as indicate quality control requirements and, in general, of the professional or business relationships they provide or maintain with the ITFs they audit or evaluate, as the case may be.

Article 50.- The CNBV shall have inspection and monitoring powers regarding the legal entities that provide external audit services to ITFs in terms of this Law, including partners or employees of those that are part of the audit team, in order to verify compliance with this Law and the general provisions emanating from it. For this effect, the CNBV shall have the following attributes:

Require any kind of information and documentation related to the provision of audit services;

II.

Carry out inspection visits;

III.

Require the appearance of partners, representatives, and other employees of the legal entities that provide external audit services, and

IV.

Issue or recognize audit norms and procedures that legal entities providing external audit services must observe when auditing or issuing opinions regarding the financial statements of ITFs.

The exercise of the powers referred to in this article shall be limited to the opinions, evaluations, opinions, and audit practices that, in terms of this Law, are carried out by legal entities providing external audit services, as well as their partners or employees.

Article 51.- ITFs must observe compliance with what is indicated in the previous articles regarding the requirements that the legal entity providing them with external audit services must meet, as well as the external auditor who signs the opinion and other corresponding reports on the financial statements or elements they audit or evaluate, as the case may be.

Article 52.- The external auditor, as well as the legal entity of which they are a partner, are obligated to conserve the documentation, information, and other elements used to prepare their opinion, evaluation, report, or opinion, for a period of at least five years. For such purposes, automated or digitized means may be used.

Likewise, the external auditors in question must provide to the CNBV, as the case may be, the reports and other elements of judgment on which their opinions, evaluations, and conclusions are based. If during the practice or as a result of the audit they find irregularities that put at risk the operation and functioning of the ITFs to which they provide external audit services, they must present, as the case may be, to the audit committee or the statutory auditor of the company, and to the CNBV, or the Bank of Mexico, as applicable, a detailed report on the observed situation. Without prejudice to the foregoing, external auditors shall be liable for damages and losses they cause to the ITF that hires them, when:

Due to inexcusable negligence, the opinion or opinion they provide contains flaws or omissions that, by reason of their profession or trade, should have been part of the analysis, evaluation, or study that gave rise to the opinion or opinion, or

II.

Intentionally, in the opinion or opinion:

Omit relevant information of which they have knowledge, when it should be contained in their opinion or opinion;

Incorporate false or misleading information, or adjust the result in order to appear a situation different from what corresponds to reality;

Recommend the celebration of any operation, choosing among the existing alternatives, that which generates patrimonial effects notably detrimental to the institution, or

Suggest, accept, facilitate, or propose that a certain transaction be registered in contravention of the applicable accounting regulations.

Article 53.- The legal entity providing external audit services, as well as the external auditor who signs the opinion or evaluation and other reports corresponding to the financial statements or elements to be audited or evaluated, as the case may be, shall not incur liability for damages or losses caused, derived from the services or opinions they issue, when acting in good faith and without intent, they update the following:

Render their opinion or opinion based on the information provided to them by the ITF that hired them, and

II.

Render their opinion or opinion in accordance with the norms, procedures, and methodologies that must be applied to carry out the analysis, evaluation, or study that corresponds to their profession or trade.

Article 54.- ITFs may agree with third parties, located in national or foreign territory, the provision of services necessary for their operation, in accordance with the general provisions issued for this effect by the CNBV regarding crowdfunding institutions and jointly with the Bank of Mexico regarding electronic payment fund institutions. These Financial Authorities may indicate in these provisions the type of services that will require authorization.

The contracting of the services referred to in this article does not exempt ITFs, nor their directors, employees, and other persons occupying an employment, position, or commission in them, from the obligation to observe what is established in this legal order and in the general provisions emanating from it.

The CNBV, with respect to the provisions it is responsible for issuing individually, as well as the provisions it issues jointly with the Bank of Mexico in accordance with this Law, and the Bank of Mexico, with respect to the other provisions it issues in terms of this Law, shall be empowered at all times to carry out supervision acts on the service providers contracted by ITFs in terms of the first paragraph of this article, or to order ITFs to carry out audits on said third parties, being obligated to render a report to the CNBV or the Bank of Mexico. The CNBV or the Bank of Mexico must specify the object of the inspections or audits, which must be limited to the matter of the contracted service and compliance with what is provided in this Law and the provisions emanating from it. To this effect, ITFs must agree in the contracts through which the provision of these services is formalized, the express stipulation that the contracted third party accepts to adhere to what is established in this article.

Article 55.- ITFs must maintain a net capital that will be expressed through an index in relation to operational risk and others they incur in their operation, which may not be lower than the amount resulting from summing the capital requirements for each type of risk, in terms of the general provisions issued for this effect by the CNBV, prior to agreement of the Interinstitutional Committee.

Regarding electronic payment fund institutions, the capital requirements may be referred to the following:

The average balance of electronic payment funds they have issued during the period established by the CNBV in the provisions referred to in the first paragraph of this article;

II.

The number and amount of electronic payment fund transmissions carried out during the period established by the CNBV in the provisions referred to in the first paragraph of this article, and

III.

The number and amount of resource inflows carried out during the period established by the CNBV in the provisions referred to in the first paragraph of this article.

The capital requirements established by the CNBV shall have the object of safeguarding financial stability and solvency of ITFs, as well as protecting the interests of the public user.

Net capital shall be integrated by capital contributions, as well as by retained earnings and capital reserves, without prejudice to the CNBV allowing to include or subtract in said net capital other concepts of equity, subject to the terms and conditions established by the CNBV in the general provisions referred to in the first paragraph of this article.

The CNBV in the provisions referred to in this article shall establish the procedure for the calculation of the required net capital, as well as the information regarding each ITF that may be made known to the public.

When the CNBV, by virtue of its supervisory power, requires as a corrective measure to ITFs to make adjustments to accounting records related to their capital, which in turn may result in modifications to their net capital, it must carry out the necessary actions so that the calculation of said capital is carried out in accordance with what is provided in this article and in the general provisions referred to in this article, in which case it must previously hear the affected ITF and resolve in a period not greater than three business days.

The calculation of the required net capital that, in terms of this article, results from the adjustments required by the CNBV shall be used for all legal effects.

Article 56.- ITFs may use equipment, electronic, optical, or any other technology media, automated data processing systems, and telecommunications networks, whether private or public, to provide their services and may allow the use of advanced electronic signature or any other form of authentication to give access to their Clients to their Technological Infrastructure, contract their products and services, or carry out Operations.

The functioning and use of such equipment, media, and forms of authentication shall be subject to the requirements established in the general provisions issued for this effect by the CNBV, regarding crowdfunding institutions, or the CNBV and the Bank of Mexico, jointly, regarding electronic payment fund institutions.

Such forms of authentication shall produce the same effects that laws grant to documents signed with handwritten signature and, consequently, shall have the same probative value, provided they comply with the provisions referred to in this article.

What is provided in this article shall apply without prejudice to those other powers that the Bank of Mexico has to regulate the operations carried out by ITFs related to the characteristics of the Operations of these last institutions, as well as their activities linked to payment systems.

Article 57.- ITFs must report to the CNBV, CONDUSEF, and the Bank of Mexico, within the scope of their respective competences, that information related to their activities and the Operations that the corresponding Financial Authority determines in general provisions, with the periodicity indicated in said provisions.

Article 58.- ITFs are obligated, in accordance with what is established by the general provisions issued by the Secretariat, prior to the opinion of the CNBV, to the following:

Establish measures and procedures to prevent and detect acts, omissions, or operations that could be located in the circumstances of Articles 139 Quater or 400 Bis of the Federal Penal Code.

The measures and procedures referred to in the preceding paragraph must be contained and

developed in a document that will be presented to the CNBV, in the form and terms determined in the general provisions referred to in this article.

For the development of measures and procedures, ITFs must establish a methodology, designed and implemented, to carry out an evaluation of the risks by which they could be used to carry out the acts, omissions, or operations referred to in the first paragraph of this subsection, resulting from the products, services, practices, or technologies with which they operate.

All information relating to the methodology, including the results, must be available to the Secretariat and the CNBV, which may order the ITFs to adopt the modifications or additions it deems pertinent, and

II.

Submit to the Secretariat, through the CNBV, reports on:

The acts, operations, and services carried out with their Clients and the operations between them, as applicable, relating to the previous subsection, and

Any act, operation, or service carried out by members of the board of directors, executives, officials, employees, agents, and representatives, which could fall under the scenario provided for in subsection I of this article or, if applicable, could contravene or undermine the proper application of the general provisions referred to in this article.

The reports referred to in subsection II of this article, in accordance with the general provisions provided for in this article, shall be prepared and submitted taking into consideration, at least, the modalities referred to in such provisions for this purpose; the characteristics that the acts, operations, and services referred to in this article must meet to be reported, taking into account their amounts, frequency, and nature, the monetary and financial instruments with which they are carried out, and the commercial practices observed, as well as the periodicity and the systems through which the information must be transmitted. The reports must refer at least to operations defined by the general provisions as relevant, internally concerning, and unusual, those related to international transfers, and cash operations carried out in foreign currency.

Likewise, the Secretariat, considering the characteristics of the operations and activities carried out by ITFs, in the general provisions referred to in this article, will issue guidelines on the procedure and criteria, as well as the cases, form, terms, and deadlines that ITFs must observe regarding:

The adequate knowledge of their Clients, for which ITFs must consider the background, specific conditions, economic or professional activity, and the geographic zones in which they operate;

II.

The information and documentation that ITFs must collect for the celebration of operations and services they provide, which fully accredits the identity of their Clients;

III.

The manner in which ITFs must safeguard and guarantee the security of the information and documentation relating to the identification of their Clients or former Clients, as well as that of the reported acts, operations, and services in accordance with this article;

IV.

The terms for providing internal training within ITFs on the subject matter of this article;

The use of automated systems that assist in compliance with the measures and procedures established in the general provisions referred to in this article;

VI.

The establishment of a communication and control committee, as well as the designation of a compliance officer with functions and obligations in the matter referred to in this article within each ITF, and

VII.

The review that must be carried out annually by the internal audit area or by an independent third party on the effectiveness of compliance with the general provisions referred to in this article.

ITFs must conserve, for at least ten years, the information and documentation referred to in subsection III of the previous paragraph, without prejudice to what is established in other applicable legal provisions.

To this effect, both the compliance officer referred to in subsection VI of the third paragraph of this article, and the auditor or independent third party responsible for the review indicated in subsection VII of said paragraph, must obtain the certification provided for in Article 4, subsection X of the Law of the National Banking and Securities Commission.

The Secretariat is empowered to request and collect, through the CNBV, information and documentation related to the acts, operations, and services referred to in this article. ITFs are obligated to provide such information and documentation. Likewise, the Secretariat is empowered to obtain additional information from other persons for the same purpose and to provide information to competent authorities.

ITFs must immediately suspend the carrying out of acts, operations, or services with Clients that the Secretariat informs them of through a list of blocked persons, which shall have the character of confidentiality. The list of blocked persons is intended to prevent and detect acts, omissions, or operations that could fall under the scenarios provided for in subsection I of the first paragraph of this article.

The obligation of suspension referred to in the previous paragraph shall cease to have effect when the Secretariat removes the Client in question from the list of blocked persons.

The Secretariat will establish, in the general provisions referred to in this article, the parameters for the determination of the inclusion or removal of persons in the list of blocked persons.

The general provisions referred to in this article must be observed by ITFs, as well as by their members of the board of directors, executives, officials, employees, agents, and respective representatives; therefore, both the ITFs and the aforementioned persons will be responsible for the strict compliance with the obligations established through such provisions.

ITFs may exchange information among themselves and with other entities of the Mexican financial system, including exchange centers, money transmitters, and investment advisors, authorized for this purpose in the respective financial laws, as well as with foreign financial entities, in terms of the general provisions referred to in this article, with the aim of strengthening measures and procedures to prevent and detect acts, omissions, or operations that could fall under the scenarios of Articles 139 Quater or 400 Bis of the Federal Penal Code, or those to prevent and detect acts, omissions, or operations that could favor, provide help, aid, or cooperation of any kind for the commission of crimes against their Clients or the entities themselves.

In the general provisions referred to in this article, the Secretariat will establish the cases, form, and terms in which ITFs will comply with the obligations contained in this article and the other obligations provided for in such provisions, as well as the deadlines and means through which they will communicate or submit to the Secretariat, through the CNBV, or to the latter, as applicable, the information and documentation that accredits this.

The compliance with the obligations and the exchange of information referred to in this article will not imply any breach of the confidentiality obligation imposed on ITFs regarding their Clients and the operations they carry out, nor will it constitute a violation of the restrictions on information disclosure established via contract.

Public servants of the Secretariat and the CNBV, ITFs, members of their board of directors, executives, officials, employees, agents, and representatives, must refrain from giving notice of the reports and other documentation and information referred to in this article to persons or authorities other than those expressly authorized in the relevant regulations to request, receive, or conserve such documentation and information. Violation of these obligations will be sanctioned in terms of the corresponding laws.

Article 59.- The CNBV, in general provisions, will determine those ITFs that, considering the number of operations or Clients they have, business models, intermediated assets, or net capital level, must have a board of directors and a general manager.

For the purposes of the previous paragraph, the board of directors must be composed of a maximum of nine principal directors, of whom at least twenty percent must be independent.

For each principal director, a substitute may be appointed. Likewise, the substitute directors of independent directors must have the same independent character.

Article 60.- In no case may the following be directors of ITFs:

Officials and employees of the ITF, with the exception of the general manager and officials of the company who hold positions with two immediate administrative hierarchical levels below that of the latter;

II.

The spouse, concubine, or concubinary of any of the persons referred to in the previous subsection;

III.

Persons who have kinship by blood or affinity up to the second degree, or civil, with more than two directors;

IV.

Persons who have pending litigation with the ITF;

Persons sentenced for property crimes, those disqualified from exercising commerce or holding an employment, position, or commission in public service, or in the Mexican financial system;

VI.

Concursados who have not been rehabilitated;

VII.

Those who perform regulatory and supervisory functions of ITFs, and

VIII.

Those who participate in the board of directors of another ITF of the same type or of a controlling company of a financial group to which that institution belongs.

The person who is to be appointed as a director of an ITF and is a director of a financial entity must reveal this circumstance to the shareholders' assembly of said institution for the act of their appointment.

Persons who fall under the scenarios indicated in subsections IV to VIII of this article cannot be appointed as sole administrator of an ITF.

Article 61.- By independent director, it shall be understood as the person who is outside the administration of an ITF, under no circumstances may they be:

Employees or executives of the ITF;

II.

Persons who have Command Power in the ITF;

III.

Clients, suppliers, service providers, debtors, creditors, partners, directors, or employees of a company that is an important client, supplier, service provider, debtor, or creditor of the ITF or of the companies belonging to the same Business Group of which this is part.

A client, supplier, or service provider is considered important when the services they provide to the institution or the sales they make to it represent more than ten percent of the total services or sales of the client, supplier, or service provider, respectively. Likewise, a debtor or creditor is considered important when the amount of the respective operation is greater than fifteen percent of the assets of the company or its counterparty;

IV.

Employees of a foundation, association, or civil society that receives significant donations from the ITF.

Significant donations are those that represent more than fifteen percent of the total donations received by the foundation, association, or civil society in question;

General managers or employees of companies belonging to the financial group to which the ITF itself belongs;

VI.

Spouses, concubines, or concubinaries, as well as relatives by blood, affinity, or civil up to the first degree, of any of the persons mentioned in subsections III to V of this article, or up to the third degree of any of those indicated in subsections I, II, VII, and VIII of this article;

VII.

Directors or employees of companies in which the shareholders of the ITF exercise Control;

VIII.

Those who have conflicts of interest or may be influenced by personal, property, or economic interests of any of the persons who maintain Control of the ITF or the Consortium or Business Group to which the institution belongs, or Command Power in any of these, and

IX.

Those who have been included in any of the scenarios referred to in the previous subsections, during the year prior to the moment when their appointment is intended.

Article 62.- The CNBV, prior agreement of the Interinstitutional Committee, may at any time determine that the removal or disqualification, for a period of three months to five years, of the administrators, members of the board of directors, or general manager of ITFs proceeds, as well as suspend the aforementioned persons for the same period, when it considers that they do not have technical quality, honorability, satisfactory credit history for the performance of their functions, do not meet the requirements established for their appointment, or incur in serious or repeated infractions to this Law or to the general provisions emanating from it.

For the purposes of the previous paragraph, the CNBV, before issuing the corresponding resolution, must listen to the interested party and the ITF in question.

The CNBV may order the removal of independent external auditors of ITFs, as well as suspend or disqualify such persons for a period of three months to five years, when they incur in a serious or repeated manner in infractions to this Law or to the general provisions emanating from it, or provide opinions or opinions containing false information, regardless of the sanctions to which they may be subject.

For the purposes of this article, it shall be understood by:

Suspension, as the temporary interruption in the performance of the functions that the offender had within the ITF at the moment the infraction was committed or detected; being able to perform functions different from those that gave rise to the sanction, as long as they are not directly or indirectly related to the position or activity that gave rise to the suspension;

II.

Removal, as the separation of the offender from the employment, position, or commission they held in the ITF at the moment the infraction was committed or detected, and

III.

Disqualification, as the temporary impediment to exercise an employment, position, or commission within the Mexican financial system.

Article 63.- The CNBV, in general provisions, will determine those ITFs that, considering the number of operations or Clients they have, business models, intermediated assets, or net capital level, must have an audit committee with a consultative character that supports the board of directors. The CNBV will establish in such provisions, the minimum functions that the audit committee must perform, as well as the rules relating to its integration and functioning.

Article 64.- The CNBV and the Bank of Mexico, for the regulation that corresponds to them to issue, may consider, in addition to the activities that ITFs are authorized to carry out in accordance with what is provided in this Law and differentiate, when they deem it appropriate, such regulation taking into account the number or amount of operations, the number of Clients they have, business models, intermediated assets, or net capital level, among others.

Article 65.- The powers granted by ITFs will not require other insertions than those relating to the authorization of the granting of the power, to the faculties that in the deed or statutes are granted these faculties on the particular and to the proof of the appointment of the directors.

Article 66.- The merger of an ITF as merged will leave without effect the authorization granted to it to organize and operate as such, without it being necessary for this purpose the issuance of an express declaration by the CNBV.

Article 67.- In the case of the spin-off of an ITF, the spun-off company will not be understood as authorized to organize and operate as an ITF, and the surviving spun-off company will retain the authorization granted to it for these effects.

In the event that the spin-off produces the extinction of the spun-off company, the authorization granted to organize and operate as such will be left without effect, without it being necessary for this purpose the issuance of an express declaration by the CNBV.

CHAPTER III

Of the Suspension and Revocation of the Authorization to operate as an ITF

Article 68.- The CNBV, following the procedure provided for in Article 98, subsections I and II of this Law, may suspend or limit partially the ITFs the carrying out of their activities or celebration of operations, when they fall under any of the following scenarios:

They do not have the necessary infrastructure or controls to carry out their activities and provide their services, without prejudice to what is provided for in the second paragraph of this article;

II.

They fail to meet the necessary requirements to carry out the operations or activities or provide the services established in this Law or in the provisions emanating from it, and

III.

They carry out activities or provide services that imply conflicts of interest to the detriment of their Clients or intervene in activities that are prohibited in this Law or in the provisions emanating from it.

The Bank of Mexico, following the procedure provided for in Article 98, subsections I and II of this Law, may suspend or limit to electronic payment fund institutions, partially the carrying out of their operations or activities when they fail to comply with the general provisions issued by the Bank of Mexico itself in terms of this Law, in the cases where, in the judgment of said central bank, this non-compliance has as a consequence the following:

Affect their activities or the provision of their services;

Put the resources of the Clients at risk, or

Endanger the functioning of the financial system.

The order of suspension or partial limitation of their activities or operations referred to in this article will be imposed without prejudice to the sanctions that may result applicable in terms of what is provided in this Law and other applicable provisions.

Article 69.- The CNBV with the approval of the Interinstitutional Committee, and after hearing the affected ITF, may declare the revocation of the authorization it has granted to said ITF, in the following cases:

If it does not maintain the minimum or net capital necessary to carry out its activities in accordance with what is provided in this Law and the general provisions issued for this purpose;

II.

If it suspends or abandons its activities for a period greater than one calendar year;

III.

If it enters into a process of dissolution, liquidation, or bankruptcy;

IV.

If it does not maintain the necessary requirements for its authorization or fails to comply in a serious or repeated manner with the terms of the authorization granted;

If the ITF does not carry out the activities for which it obtained the authorization;

VI.

If the ITF does not start its operations within six months counted from the notification of the authorization to organize and operate as an ITF;

VII.

If despite the observations and corrective actions that the CNBV or the Bank of Mexico have carried out or ordered, the non-compliance with what is established in this Law or in the general provisions emanating from it is repeated;

For the purposes of what is provided in this subsection, the one who has incurred in an infraction that had been sanctioned and, in addition to that, commits the same infraction, within the two immediate years following the date on which the corresponding resolution became final, will be considered a repeat offender;

VIII.

Commit any of the conduct qualified as serious in this Law, and

IX.

If the ITF in question, through its legal representative, so requests, provided that there are no pending operations to liquidate between its Clients or, in case of pending operations, that it has ceded its administration, complying with the applicable legal and contractual provisions. In this case, the company must modify its statutes to not contemplate its operation as an ITF.

The revocation will prevent the ITF from carrying out new operations from the date on which the corresponding resolution is notified and will obligate the ITF to carry out the necessary acts so that all operations that were previously carried out are concluded or, to their cession in accordance with subsection IX of this article. Once the above is done, the ITF must start its liquidation process, except for the case established in said subsection IX.

CHAPTER IV

Of Inspection, Surveillance, and Information Exchange

Article 70.- ITFs are obligated to provide to the CNBV and the Bank of Mexico, within the scope of their respective competencies, the information that said Financial Authorities request from them regarding their operations and those carried out between their Clients, even regarding one or some of them individually, the data that allow estimating their financial situation, and in general, that which is useful to the CNBV or the Bank of Mexico to provide the adequate fulfillment of their functions, in the form and terms that said Authorities determine.

The compliance with the obligations indicated in this article will not imply any breach of the legal confidentiality obligation, nor will it constitute a violation of the restrictions on information disclosure established by contractual means.

Article 71.- The supervision of the compliance of ITFs with the provisions of this Law, as well as the provisions emanating from it, will be in charge of the CNBV, who will carry it out subject to what is provided for in its Law, in the respective regulations, and in the other provisions that are applicable. The CNBV may carry out inspection visits to ITFs in order to review, verify, check, and evaluate the activities they carry out.

Likewise, the Bank of Mexico is empowered to supervise the compliance of ITFs regarding the provisions it issues individually in terms of this Law, for which the Bank of Mexico itself

The Bank of Mexico may exercise the attributions that, in matters of supervision, are conferred upon it by the Bank of Mexico Law. For the purposes referred to in this paragraph, Financial Technology Institutions (ITFs) shall be included among the financial intermediaries referred to in the Bank of Mexico Law.

Likewise, the CNBV, in accordance with what is established in this article, may investigate facts, acts, or omissions from which a violation of this Law and other provisions emanating from it may be presumed.

The inspection visits by the CNBV referred to in this article may be ordinary, special, or investigative.

Ordinary visits shall be those carried out in accordance with the annual program established for such effect by the CNBV.

Special visits shall be those that, without being included in the annual program referred to in the preceding paragraph, are conducted in any of the following circumstances:

I. To examine and, if applicable, correct special operational situations;
II. To follow up on the results obtained in an inspection visit;
III. When changes or modifications occur in the accounting, legal, economic, financial, or administrative situation of an ITF, or
IV. When they derive from international cooperation.

Investigative visits shall always be conducted whenever the CNBV has indications from which it may be inferred that some conduct presumptively contravening what is provided in this Law and other general provisions emanating from it has been carried out.

ITFs that are subject to an inspection visit under this Law and other applicable legal provisions shall be obligated to allow the personnel designated by the CNBV immediate access to the place or places subject to the visit, their offices, premises, and other facilities, including unrestricted access to documentation and other sources of information that such personnel deem necessary for the fulfillment of their functions, as well as providing the necessary physical space for the development of the inspection visit and making available to them the computer, office, and communication equipment required for such effect.

The documentation referred to in the preceding paragraph includes, in an enumerative but not limiting manner, general or specific information contained in reports, records, minute books, auxiliary records, correspondence, Technological Infrastructure, processing and conservation of data, including any other technical procedures established for that purpose, whether magnetic files or digitized or recorded documents and optical procedures for their consultation or of any other nature.

The CNBV and the Bank of Mexico, for the exercise of their respective supervisory powers, may request and exercise the coercive measures referred to in the following article.

When, in the exercise of the function provided for in this article, the CNBV or Bank of Mexico so requires, it may hire the services of auditors and other professionals to assist it in said function.

In the event that the CNBV or the Bank of Mexico, in the exercise of their respective powers, detects acts or omissions by ITFs or Financial Entities that could imply violations of the provisions applicable to them under this Law, it shall inform the other authority. For these purposes, the CNBV and the Bank of Mexico shall enter into a collaboration agreement establishing the manner and terms for informing each other of what is provided in this paragraph, as well as the measures they adopt in the exercise of their attributions.

Article 72.- The CNBV and the Bank of Mexico, in the exercise of the powers referred to in this Law, shall indicate the manner and terms in which compliance with their requirements must be given.

Likewise, the CNBV and the Bank of Mexico, to enforce their determinations regarding persons subject to this Law, may apply indistinctly the following coercive means:

I. Reprimand with warning;
II. Fine of 2,000 to 5,000 UMA;
III. Additional fine of 50 to 100 UMA for each day the infringement persists, and
IV. The assistance of the public force.

In the event that the coercive measure is insufficient, a request may be made to the competent authority to proceed against the rebel for disobedience to a legitimate mandate of a competent authority.

For the purposes of this article, federal judicial or ministerial authorities and federal or local security or police corps shall provide expeditious support requested by the CNBV or the Bank of Mexico, in the exercise of their respective powers.

In the case of public security bodies of the federative entities or municipalities, the support shall be requested in accordance with the regulations regulating public security or, if applicable, in conformity with the administrative collaboration agreements entered into with the Federation.

Article 73.- The information and documentation relating to the activities and services provided by ITFs in accordance with this Law and the Operations carried out through them, shall have the character of confidentiality; therefore, ITFs, in protection of the right to privacy of their Clients established in this article, shall in no case give news or information about the activities, Operations, or services, except to the Client themselves, their legal representatives, or those who have been granted power to dispose of or intervene in the Operation or service.

As an exception to what is provided in the preceding paragraph, ITFs shall be obligated to provide the news or information referred to in said paragraph when requested by the judicial authority by virtue of a ruling issued in a trial in which the Client is a party or accused. For the purposes of this paragraph, the judicial authority may formulate its request directly to the ITF, or through the CNBV.

Likewise, ITFs shall be exempted from the prohibition provided in the first paragraph of this article and, therefore, obligated to provide the mentioned news or information, in cases where they are requested by the following authorities:

I. The Attorney General of the Republic or the public servant in whom powers to request information are delegated, in order to gather indications for the clarification of facts and, if applicable, obtain evidentiary data to support the exercise of criminal action, the accusation against the accused, and the reparation of damage;
II. The Attorneys General of Justice or General Prosecutors of the federative entities or the public servants in whom powers to request information are delegated, in accordance with the provisions referred to in the last paragraph of this article, in order to gather indications for the clarification of facts and, if applicable, obtain evidentiary data to support the exercise of criminal action, the accusation against the accused, and the reparation of damage;
III. The Military Attorney General, in order to gather indications for the clarification of facts and, if applicable, obtain evidentiary data to support the exercise of criminal action, the accusation against the accused, and the reparation of damage;
IV. Federal and state fiscal authorities, for fiscal purposes;
V. The Secretariat, for the purposes of what is provided in Article 58 of this Law;
VI. The Treasurer of the Federation or the public servant in whom powers to request information are delegated, in accordance with the provisions referred to in the last paragraph of this article, when the act of oversight so warrants, to request account statements and any other information relating to the personal accounts of public servants, auxiliaries, and, if applicable, private individuals related to the investigation in question;
VII. The Superior Audit Office of the Federation or its counterparts in the federative entities, in the exercise of their powers of review and audit of the Federal or Local Public Account and regarding accounts or contracts through which public resources are administered or exercised;
VIII. The investigative authorities referred to in the General Law of Administrative Responsibilities, or their counterparts in the federative entities, for the clarification of facts, provided that the respective information is related to the commission of infringements referred to in said Law, and
IX. The Technical Audit Unit of the National Electoral Institute, for the exercise of its legal attributions, in the terms established in the General Law of Institutions and Electoral Procedures. The electoral authorities of the federative entities shall request and obtain the information that proves necessary for the exercise of their legal attributions through the Technical Audit Unit of the National Electoral Institute.

The authorities mentioned in the preceding fractions shall request the news or information referred to in this article in the exercise of their attributions and in accordance with the legal provisions applicable to them.

The requests referred to in the third paragraph of this article shall be formulated with due justification and motivation, and through the CNBV. The public servants and institutions indicated in fractions I and VII of the third paragraph of this article, and the Technical Audit Unit referred to in fraction IX of said paragraph, may opt to request the judicial authority to issue the corresponding order, in order for the ITF to deliver the required information, provided that said public servants or authorities specify the name of the ITF, the account number or Client identification number, the Client's name, and other data and elements that allow their full identification, in accordance with the Operation in question.

In the case of facts that presumptively endanger the life, liberty, or integrity of persons, the authorities mentioned in fractions I and II of the third paragraph of this article may require the necessary information or documentation to act immediately, in accordance with the emergency conventions or protocols established for such effect between said authorities, government agencies involved in combating this type of crime, the CNBV, and ITFs.

Employees and officials of ITFs shall be responsible, under the terms of applicable legal provisions, for violation of the secrecy established, and ITFs shall be obligated, in the event of undue revelation of secrecy, to repair the damages and losses caused.

The documents and data provided by ITFs as a consequence of the exceptions to the first paragraph of this article may only be used in the proceedings corresponding under law, and with respect to those, the strictest confidentiality must be observed, even if the public servant in question leaves office. The public servant who improperly breaches the reserve of the proceedings, provides copies thereof or of documents related thereto, or in any other way reveals information contained therein, shall be subject to the corresponding administrative, civil, and criminal responsibilities.

The foregoing does not affect the obligation of ITFs to provide the CNBV with all kinds of information and documents that, in the exercise of their inspection and surveillance functions, they request in relation to the Operations and other acts they enter into and the services they provide, nor the obligation to provide information requested by other Financial Authorities, in accordance with applicable legal provisions.

ITFs must respond to the requirements formulated by the CNBV by virtue of the requests of the authorities indicated in this article, within the timeframes and conditions determined by it. The CNBV may sanction ITFs that do not comply with the timeframes and conditions established in such requirements, in accordance with what is provided in the provisions of Title VI of this Law.

The CNBV shall sanction with an administrative fine of 1 to 15,000 UMA ITFs for failing to respond within the timeframes granted in this article for the attention of information, documentation, seizure, account unlocking, transfer, or fund status requirements formulated by the competent authorities indicated.

The CNBV shall issue general provisions establishing the formalities and requirements that requests or information requirements formulated by the authorities referred to in this article must meet, in order for the required ITFs to be able to identify, locate, and provide the news or information requested by said authorities.

Article 74.- In order to preserve financial stability, avoid interruptions or alterations in the functioning of the financial system or payment system, and to facilitate the adequate fulfillment of their functions, the Secretariat, the Supervisory Commissions, and the Bank of Mexico may exchange information in their possession having obtained it:

I. In the exercise of their powers;
II. As a result of their action in coordination with other entities, persons, or authorities, and
III. Directly from other authorities.

The restriction referred to in the preceding paragraph shall not be opposable to the restrictions relating to reserved or confidential information under applicable legal provisions. Whoever receives the information referred to in this article shall be administratively and criminally responsible, under applicable legislation, for the dissemination to third parties of confidential or reserved information.

For the purposes of what is provided in this article, the Financial Authorities indicated shall enter into information exchange agreements in which they specify the information subject to exchange and determine the terms and conditions to which they must be subject for this purpose. Likewise, said agreements must define the degree of confidentiality or reserve of the information, as well as the respective control instances to which cases where the delivery of information is denied or its delivery is made outside the established timeframes shall be reported.

Article 75.- The Secretariat, the Supervisory Commissions, and the Bank of Mexico, within the scope of their competencies, shall be empowered to provide foreign financial authorities with all kinds of information they deem appropriate to address the requirements formulated by them, such as documents, records, registers, declarations, and other evidence that said Financial Authorities have in their possession having obtained it in the exercise of their powers.

For the purposes of what is provided in the preceding paragraph, Financial Authorities must have signed an information exchange agreement with the foreign financial authorities in question, in which the principle of reciprocity is contemplated.

The CNBV and the Bank of Mexico, within the scope of their respective attributions, shall be empowered to deliver to foreign financial authorities information protected by confidentiality provisions in their possession having obtained it in the exercise of their powers, acting in coordination with other entities, persons, or authorities or directly from other authorities.

In any case, the CNBV and the Bank of Mexico may abstain from providing the information referred to in the preceding paragraph when the use intended for it is different from that for which it was requested, is contrary to public order, national security, or the terms agreed upon in the respective information exchange agreement.

The Secretariat, the CNBV, CONDUSEF, and the Bank of Mexico must establish coordination mechanisms for the purposes of delivering the information referred to in this article to foreign financial authorities.

Article 76.- Financial Entities, money transmitters, credit reporting agencies, clearing houses referred to in the Law for the Transparency and Ordering of Financial Services, ITFs, and societies authorized to operate with Novel Models shall be obligated to establish standardized computer application programming interfaces that enable the connectivity and access of other interfaces developed or administered by the same subjects referred to in this article and third parties specialized in information technologies, in order to share the following data and information:

I. Open financial data: those generated by the entities mentioned in the first paragraph of this article that do not contain confidential information, such as information about products and services they offer to the general public, the location of their offices and branches, ATMs, or other access points to their products and services, among others and as applicable;
II. Aggregated data: those relating to any type of statistical information related to operations carried out by or through the entities mentioned in the first paragraph of this article, without containing a level of disaggregation such that personal data or transactions of a person can be identified.
Only persons who have the authentication mechanisms established by the Supervisory Commissions, or the Bank of Mexico for the case of clearing houses and credit reporting agencies referred to in the first paragraph of this article, through general provisions issued for such effect, shall have access to aggregated data, and
III. Transactional data: those related to the use of a product or service, including deposit accounts, credits, and disposal means contracted in the name of the clients of the entities mentioned in the first paragraph of this article, among other information related to transactions that clients have carried out or attempted to carry out in their Technological Infrastructure. These data, in their character as personal data of clients, may only be shared with the prior express authorization of said clients.

The information mentioned in the preceding paragraph may only be used for the purposes strictly authorized by the client. The entities mentioned in the first paragraph of this article must interrupt information access as soon as the holder withdraws their consent, there are vulnerabilities that put client information at risk, or the third party fails to comply with the terms and conditions agreed upon for the exchange of information. Such interruption must be notified within a period not exceeding two hours from its detection to the Supervisory Commissions or the Bank of Mexico, as applicable, and said authorities, within the scope of their competence, may order the restoration of access to the information, in cases where it is determined that the interruption was unjustified, regardless of the administrative sanctions that correspond.

The exchange of data and information that may be shared under this article shall be subject to the general provisions issued by the Supervisory Commission, or the Bank of Mexico for the case of credit reporting societies and clearing houses referred to in the first paragraph of this article, in which the necessary standards for the interoperability of application programming interfaces may be established; the design, development, maintenance, and security mechanisms of these interfaces for the access, sending, or obtaining of data and information, the information considered critical for the proper functioning of applications requiring the use of these interfaces, as well as the mechanisms by which client consent will be obtained.

For the access to information through standardized computer application programming interfaces by the persons mentioned in this article, prior authorization from the Supervisory Commissions or the Bank of Mexico for the case of credit reporting societies and clearing houses is required. The authorizations granted under this article will allow the holder to access the available interfaces of the type of entity from which access is requested.

The Supervisory Commission or, if applicable, the Bank of Mexico, must authorize the counterconsiderations charged by the entities mentioned in the first paragraph of this article as a result of the exchange of data and information, which must be equitable and transparent to all individuals involved so that in no case they constitute entry barriers, formal, regulatory, economic, or practical.

For the purposes of what is stated in the preceding paragraph, the referred entities must register with the Supervisory Commissions or the Bank of Mexico, as applicable, the aforementioned counterconsiderations, as well as their respective modifications. Such registration must be made at least thirty calendar days in advance of their entry into force for new counterconsiderations or when they imply an increase.

In the case of a reduction in the amount of said counterconsiderations, the registration must be made at least two calendar days in advance of their entry into force.

The foregoing must be done in the manner and terms that the Supervisory Commissions or the Bank of Mexico, as applicable, indicate in general provisions.

The Supervisory Commissions or the Bank of Mexico, as applicable, shall have the power to formulate observations on the application of said counterconsiderations when they are new or imply an increase, within fifteen business days following the day on which said entities make them known. Before exercising said power, the competent Financial Authority shall hear the entity in question. The Supervisory Commissions or the Bank of Mexico, as applicable, shall make public the observations they formulate, if any, under this paragraph. In the event that the competent Financial Authority has formulated and published observations regarding the creation or increase of counterconsiderations, and the entities referred to in the first paragraph of this article decide to apply the new counterconsiderations or the observed increase, said Financial Authority may veto it, in which case they may not charge said counterconsideration without being exempt from compliance with the obligation to which

refers to this article. If there are no observations, the consideration will enter into force.

Under no circumstances may the entities referred to in this article charge differentiated consideration for access to their information.

The entities mentioned in the first paragraph of this article, under their own responsibility, may allow information and data requesters to propose and test the introduction of new products and services before offering them to the public, temporarily exchanging such information and data with them during the testing stage, provided that they comply with the requirements and conditions established for such effect by the Supervisory Commission or the Bank of Mexico, as applicable.

The Supervisory Commission or, as applicable, the Bank of Mexico, prior to granting a hearing to the entities mentioned in the first paragraph of this article, may order the partial or total, temporary or definitive, suspension of the exchange of information and data carried out, when the general provisions referred to in this article for the protection of public interests are not complied with. The foregoing, unless the Supervisory Commission, or the Bank of Mexico in the case of credit information companies and clearing houses referred to in the first paragraph of this article, approves a regularization program that meets the requirements established in such general provisions.

The Supervisory Commission or the Bank of Mexico in the case of credit information companies and clearing houses referred to in the first paragraph of this article may require the entities mentioned in the first paragraph of this article and, through them, those with whom they exchange data and information in terms of this article, records, documents, data, reports and, in general, the information deemed necessary to verify compliance with this article and the provisions emanating from it, in the form and terms set forth in the general provisions issued for such effect.

The Supervisory Commission or, as applicable, the Bank of Mexico, will directly formulate to the entities mentioned in the first paragraph of this article the information requests and, as applicable, the observations and corrective measures derived from the supervision carried out with respect to this article to ensure the integrity of the information and compliance with what is established in this Law. Likewise, the Supervisory Commission or, as applicable, the Bank of Mexico, will be empowered at all times to carry out supervision, inspection and surveillance acts with respect to the third parties with whom the entities mentioned in the first paragraph of this article exchange data and information in terms of this article, as well as conduct inspections of said third parties with respect to the exchange of information and data, or order the entities mentioned in the first paragraph of this article to conduct audits of said third parties, with the entity itself being obligated to submit a report thereon to the Supervisory Commission or the Bank of Mexico, as applicable.

The Supervisory Commission, or the Bank of Mexico in the case of credit information companies and clearing houses referred to in the first paragraph of this article, must specify the object of the inspections or audits, which must be limited to the subject matter of the contracted service and compliance with what is provided in this Law and the provisions emanating from it. To this effect, the entities must agree in the contracts through which the exchange of data and information is formalized, the express stipulation by the contracted third party that it accepts to adhere to what is established in this article.

Article 77.- The exchange of information referred to in the preceding article shall not be understood as a violation of the confidentiality obligations imposed on the entities mentioned in said article, in this and other applicable laws.

CHAPTER V

Trade Associations

Article 78.- ITFs may group themselves in trade associations, which may carry out, among other functions, the development and implementation of standards of conduct and operation that their members must comply with, in order to contribute to the healthy development of the aforementioned institutions.

The trade associations referred to in this Chapter, in terms of their statutes, may issue, among others, norms to regulate the following:

The requirements for admission, exclusion and separation of their members;

II.

The process for the adoption of best practices, as well as standards of conduct and operation and the verification of their compliance, and

III.

The standards and policies for adequate compliance with the provisions of this Law and the provisions emanating from it.

Article 79.- Trade associations may carry out periodic evaluations of their members regarding compliance with best practices as well as standards of conduct and operation that they issue. When, from the results of said evaluations, they become aware of non-compliance with what is provided in this Law and the general provisions emanating from it, such associations must inform the CNBV, without prejudice to the powers that correspond to the CNBV itself. Likewise, such associations must keep a record of the corrective and disciplinary measures they apply to their members, which will be available to the CNBV.

The best practices issued in terms of what is provided in this article may not contravene or exempt what is established in this Law and other applicable legal provisions.

TITLE IV

Of Temporary Authorizations and Operation with Virtual Assets

CHAPTER I

Of the Authorization of Novel Models

Article 80.- Legal entities constituted in accordance with Mexican commercial legislation, other than ITFs, Financial Entities and other subjects supervised by any Supervisory Commission or by the Bank of Mexico, must obtain authorization so that, through Novel Models, they carry out some activity whose realization requires an authorization, registration or concession in accordance with this Law or another financial law.

For the operation of Novel Models, Financial Authorities, according to their scope of competence, at their discretion, prior to reviewing compliance with the criteria and conditions established in article 82 of this Law, may grant or deny, with due justification and motivation, a temporary authorization conditioned to the societies interested in providing financial services through these Models. Such authorization must have a duration commensurate with the services to be provided and may not be greater than two years.

In the case of the Supervisory Commissions, prior agreement of the respective Board of Directors will be required for the granting of the authorizations referred to in this article.

In the case of activities whose authorization, registration or concession is to be granted by the Secretariat or the Bank of Mexico, the temporary authorizations will be issued considering the administrative acts provided for in the laws regulating said activities for their authorization, registration or concession. In the event that it corresponds to the Secretariat to grant the aforementioned authorizations, the Supervisory Commissions will be competent to supervise the activities of the societies authorized to operate with Novel Models that carry out the same activities reserved for Financial Entities or subjects supervised by said Supervisory Commissions.

The corresponding society must carry out the necessary actions to obtain the definitive authorization, registration or concession during the term of the temporary authorization, in accordance with the financial laws that regulate said acts. When it does not carry out said actions, it must carry out the exit procedure referred to in fraction X of article 83 of this Law. In the event that the authorized society is carrying out the necessary actions to obtain the definitive authorization, registration or concession in accordance with the financial laws that regulate said acts, the competent Financial Authority, at its discretion, may extend the temporary authorization for up to one more year, a period during which all necessary actions must be carried out to obtain said definitive authorization, registration or concession and initiate the corresponding operations.

In the authorization granted in accordance with this article, the Financial Authorities will establish, based on the corresponding Novel Model, the exceptions and conditions to the compliance with the requirements and obligations established in the respective financial laws, as well as the terms and conditions for the provision of the services in question. In the case of extensions, said exceptions, conditions, terms and conditions may be reviewed so that the viability of the authorized society to operate with Novel Models continues.

Article 81.- In the event that two or more Supervisory Commissions have the authority to hear matters referred to in this Chapter, or that the activities in question are also subject to authorization by the Bank of Mexico or the Secretariat, the authorization requests must be presented to the Financial Authority whose powers are related to the predominant activity that, according to the Novel Model, the society seeking authorization will carry out. Such Authority will be obligated to forward the respective file to the other competent Financial Authorities in order to resolve it jointly.

Article 82.- For the granting of the temporary authorization referred to in article 80 of this Law, the Financial Authorities will evaluate, among other aspects, compliance with the following criteria and conditions:

That the proposal is a Novel Model;

II.

The product to be offered or the service to be provided to the public must require testing in a controlled environment, in terms of this Chapter;

III.

The way in which the reserved activity is intended to be developed must represent a benefit to the Client of the product or service in question with respect to what exists in the market;

IV.

The project must be at a stage where the start of operations can be immediate;

The project must be able to be tested with a limited number of Clients, and

VI.

Those others that, as applicable, are determined by the competent Financial Authorities through general provisions.

Article 83.- In the temporary authorization request, the societies intending to operate with Novel Models must include the following:

The draft articles of incorporation, which must contemplate the following:

The habitual or professional performance, in its corporate purpose, of the activities it intends to carry out, and

Establish its corporate domicile in national territory;

II.

The description of the Novel Model, all the operations or activities it intends to carry out through this Model and the detail of each of them, justifying the need to operate with said Novel Model;

III.

Risk analysis policies, including those policies to be followed in matters of security in Technological Infrastructure and information security;

IV.

The legal provisions regulating the reserved activity that they consider hinder the development of products or services through the Novel Model;

The potential benefits for the Clients of the service or product in question with respect to what exists in the market;

VI.

The target market or maximum number of Clients to whom the product or service in question would be offered, specifying, as applicable, the respective geographic location and the maximum amount of resources that may be received from each Client, as well as the maximum total amount that may be received during the validity of their temporary authorization;

VII.

The way in which damages and losses that, as applicable, they generate to their Clients for the provision of the services they grant during the development period will be compensated, which must be agreed upon in the contracts entered into for such effect;

VIII.

The way in which it intends to inform and obtain the consent of its Clients regarding that they will carry out operations with societies authorized to operate with Novel Models, as well as the risks to which they are subject thereby;

IX.

The form, method and deadlines in which they will comply with the requirements to obtain the definitive authorization, registration or concession in accordance with the financial laws that regulate the service to be provided;

The exit procedure to be carried out in the event that the Financial Authorities do not grant them the definitive authorization, registration or concession or the validity of the temporary authorization or its extension expires, as applicable, and

XI.

The other documentation and information that the competent Financial Authorities require for such effect.

The presentation of the authorization request referred to in this Chapter must be approved by the governing body of the society seeking authorization.

Each Financial Authority must publish the temporary authorizations it grants in accordance with this Chapter in a register that will be public, for which it will give dissemination on its internet page and will contain annotations regarding each society authorized to operate a Novel Model, which may include, among others, the revocation of the authorization. Each Financial Authority may establish, through general provisions, the bases for the organization and functioning of this register, as well as the additional annotations it must incorporate.

Article 84.- CONDUSEF, in terms of the Law for the Protection and Defense of Users of Financial Services, will have the powers granted by said Law to resolve disputes between societies authorized to operate a Novel Model and their Clients.

Article 85.- The provisions of Titles I and VII and Chapter IV of Title III of this Law, as well as articles 48, third paragraph and 58 of this instrument, will be applicable to societies authorized to operate with Novel Models. The powers granted to the CNBV in the aforementioned provisions will be understood as granted to the other Financial Authorities within the scope of their competencies.

CHAPTER II

Of Novel Models in Regulated Entities

Article 86.- Financial Authorities may discretely authorize, with due justification and motivation, Financial Entities, ITFs or other persons subject to their supervision, to temporarily carry out operations or activities of their corporate purpose through Novel Models when their realization requires exceptions or conditions to what is contained in the general provisions applicable, issued by said Authorities themselves.

The temporary authorizations referred to in this article must be granted prior to agreement of the Board of Directors of the respective Supervisory Commissions. In the case of activities regulated by general provisions issued by the Secretariat or the Bank of Mexico, the temporary authorizations will be granted by said Authorities.

In the temporary authorization granted, the Financial Authority that must resolve will establish the exceptions, conditions, terms and conditions for the products to be offered or the provision of the services in question.

Temporary authorizations may not have a validity greater than one year, extendable only once for another year.

Article 87.- To grant the authorization referred to in this Chapter, the interested parties must present their request accompanied by the following documentation and information:

The description of the Novel Model, all the operations or activities it intends to carry out through this Model and the detail of each of them, justifying the need to obtain the temporary authorization to operate with said Novel Model;

II.

Risk analysis policies, including those policies to be followed in matters of security in Technological Infrastructure and information security;

III.

The legal provisions regulating the activity that they consider hinder the development of products or services through the Novel Model;

IV.

The potential benefits that the service or product has for Clients with respect to what exists in the market;

The target market or maximum number of Clients to whom the operation or activity in question would be offered or impact, specifying, as applicable, the respective geographic location and the maximum amount of resources that may be received from each Client, as well as the maximum total amount that may be received during the validity of their temporary authorization;

VI.

The information that accredits that with the realization of the corresponding operation or activity, the stability or solvency of the Financial Entity or the operability of the person in question is not put at risk;

VII.

The way in which damages and losses that, as applicable, they generate to their Clients for the realization of the operations or activities they carry out will be compensated, which must be agreed upon in the contracts entered into for such effect;

VIII.

The means by which they will inform their Clients of the risks to which they are exposed;

IX.

The actions to be taken once the term of the temporary authorization has expired, and

The other documentation and information that the competent Financial Authorities require for such effect.

The presentation of the authorization request referred to in this Chapter must be approved by the board of directors of the Financial Entity or person subject to supervision of the competent Financial Authority.

CHAPTER III

Of the Operation of Financial Entities with Virtual Assets

Article 88.- Credit institutions may, with the prior authorization of the Bank of Mexico, carry out operations with virtual assets that are determined by the Bank of Mexico itself through general provisions, among those that meet the characteristics mentioned in the last paragraph of article 30 of this Law. Such operations will be subject, as to their conditions and restrictions, to the general provisions issued for such effect by the Bank of Mexico.

CHAPTER IV

Other Obligations and of the Revocation of Temporary Authorizations

Article 89.- Societies authorized to operate with Novel Models, ITFs, Financial Entities and other persons subject to the supervision of the Financial Authorities that obtain the temporary authorization referred to in this Title must prepare and deliver to the Financial Authorities a report in the periodicity that this determines, during the validity of the authorization, which will contain the following:

The number of operations carried out during the reported period;

II.

The number of Clients or users they have as of the date of the report;

III.

The risk situations that have arisen, and

IV.

The other information that the Financial Authorities require for such effect in accordance with the general provisions they issue.

In addition, societies authorized to operate with Novel Models, ITFs, Financial Entities and other persons subject to the supervision of the Financial Authorities that obtain the temporary authorization referred to in this Title must deliver to said Financial Authorities a final report no later than thirty days after the end of the validity of the temporary authorization, in which the total figures regarding the information provided in the preceding fractions are described, as well as any other that the Financial Authorities determine in the temporary authorization or in general provisions issued for such effect.

Article 90.- Financial Authorities may make public the information reported by the obligated subjects referred to in this Title if they consider it pertinent for the knowledge of Clients, provided that it is not confidential information.

Article 91.- Financial Authorities may corroborate the veracity of the information provided by societies authorized to operate with Novel Models, ITFs, Financial Entities and other persons subject to their supervision when they offer products or provide services in accordance with this Title IV and, in virtue thereof, the dependencies and entities of the Federal Public Administration, as well as other federal instances, will deliver the related information. Likewise, Financial Authorities may request foreign bodies with similar supervision or regulation functions to corroborate the information provided for such effect.

Article 92.- The Supervisory Commissions with the agreement of their Board of Directors, the Bank of Mexico, or the Secretariat, as applicable, may revoke the temporary authorizations referred to in this Title, prior to a hearing of the interested party, in the following cases:

Fails to comply with any of the requirements applicable to it in accordance with this Title or the general provisions issued for such effect or those other specified in the temporary authorization in question;

II.

In the event that there are unexpected risks for Clients;

III.

When it does not deliver any of the reports to which it is obligated in accordance with this Chapter;

IV.

If it carries out operations, activities or services different from those contemplated in its temporary authorization, and

If so requested, provided that there are no pending liquidation operations between its Clients.

TITLE V

Financial Innovation Group

Article 93.- The Financial Innovation Group is the instance for consultation, advice and coordination that aims to establish a space for the exchange of opinions, ideas and knowledge between the public and private sectors to know innovations in financial technology and plan their orderly development and regulation.

Article 94.- The Financial Innovation Group will be composed of up to twelve full members, one of whom will be from the Secretariat, one from each of the Supervisory Commissions and one from the Bank of Mexico, designated by their respective heads. The remaining members will be representatives of the private sector, who will be designated, upon prior invitation, by the Secretariat. For these purposes, the Secretariat must ensure that the members of the private sector are representative of the ITF guild,

as well as other Financial Entities. The representative of the Secretariat shall serve as president of the Financial Innovation Group, and in their absence, the representative of the CNBV.

Article 95.- The Financial Innovation Group shall meet at least once a year, and extraordinary meetings may be convened as required. Sessions must be held with the presence of the majority of its members, and the decisions of the Financial Innovation Group shall be taken by a majority vote of the members present. The person presiding over the session shall have a casting vote in case of a tie.

If the nature of the matters to be discussed so requires, representatives of the dependencies and entities of the Federal Public Administration or of public or private organizations may be invited to participate in the sessions of the Financial Innovation Group, with voice but without vote.

TITLE VI

Sanctions and Crimes

CHAPTER I

Administrative Sanctions

Article 96.- The legal acts entered into in contravention of what is established in this Law or in the provisions emanating from it, as well as the conditions that, in particular, are set forth in the authorizations to operate as an ITF or in the temporary authorizations referred to in Title IV of this legislation and in other administrative acts, shall give rise to the imposition of the corresponding administrative and criminal sanctions, without such contraventions producing the nullity of the acts, in protection of third parties in good faith, unless this Law expressly establishes otherwise.

Article 97.- The fines imposed administratively by the Supervisory Commissions or the Bank of Mexico on Financial Entities, ITFs, or societies authorized to operate with Novel Models shall be made effective by the Secretariat or the Bank of Mexico, as applicable, once they have become final. The fines referred to in this article shall have the character of tax credits in accordance with the Federal Tax Code.

The fines referred to in this Law must be paid within fifteen business days following the date of their notification.

If the offender pays within the fifteen days referred to in the preceding paragraph, a reduction of twenty percent of the amount shall be applied to the fines imposed in their respective areas of competence by the Supervisory Commissions or the Bank of Mexico, provided that they manifest in writing their agreement with the imposed fine.

The sanctions that, under this Law, correspond to CONDUSEF to impose, shall follow the procedure established in the Law for the Protection and Defense of Users of Financial Services. Against such fines, the offender may file the review appeal provided for in the Law for the Protection and Defense of Users of Financial Services.

Article 98.- The Supervisory Commissions or the Bank of Mexico, in imposing administrative sanctions referred to in this Law, shall adhere to the following:

I.
A hearing shall be granted to the alleged offender, who within a period of ten business days counted from the business day following that on which the corresponding notification takes effect, must manifest in writing what is in their interest, offer evidence, and formulate arguments. The Supervisory Commissions or the Bank of Mexico, at the request of the party, may extend the period referred to in this fraction only once, for the same duration, considering the particular circumstances of the case. The notification takes effect on the business day following that on which it is carried out;

II.
In the event that the alleged offender does not use the right to hearing referred to in the preceding fraction within the granted period or, having exercised it, fails to disprove the imputations made against them, the imputed infractions shall be considered proven, and the corresponding administrative sanction shall be imposed;

III.
For the imposition of sanctions, the following shall be taken into account, if applicable:

a)
The impact on third parties or the financial system that the infraction has produced or may produce;

b)
Recidivism, the causes that originated it, and, if applicable, the corrective actions applied by the alleged offender. A person shall be considered a recidivist if they have committed an infraction that has been sanctioned and, in addition to that, commit the same infraction within the two years immediately following the date on which the corresponding resolution became final. Recidivism may be sanctioned with a fine whose amount is equivalent to up to double the originally provided amount;

c)
The amount of the operation;

d)
The economic condition of the offender, so that the sanction is not excessive, and

e)
The nature of the infraction committed;

IV.
With regard to conduct classified by this Law as serious, in addition to what is established in fraction III of this article, any of the following aspects may be taken into account:

a)
The amount of the patrimonial loss or damage caused;

b)
The profit obtained;

c)
The lack of honorability on the part of the offender, in accordance with what is established in this Law and the general provisions emanating from it;

d)
The inexcusable negligence or intent with which the act was carried out;

e)
That the infringing conduct referred to in the administrative process may constitute a crime;

f)
The duration of the non-compliance;

g)
The risks from the celebration of the Operations that gave rise to the corresponding sanction, and

h)
Other circumstances that the Supervisory Commissions or the Bank of Mexico deems applicable for such purposes.

The resolution of the sanction imposition procedure must be issued within a period not exceeding ninety business days following the date on which the offender was summoned, when initiated by the respective president of the Supervisory Commissions or the public officials to whom this power is delegated or the public official of the Bank of Mexico.

Article 99.- The Supervisory Commissions or the Bank of Mexico shall consider as a mitigating factor in the imposition of administrative sanctions, when the alleged offender proves having compensated for the damage caused, as well as the fact that they provide information that contributes to the exercise of the powers of the Supervisory Commissions or the Bank of Mexico in matters of inspection and surveillance, in order to delineate responsibilities.

Article 100.- The procedures for the imposition of the administrative sanctions referred to in this Law shall begin independently of the opinion of crime, if any, issued by the Financial Authority in terms of this Law.

Article 101.- The fines referred to in this Chapter may be imposed on Financial Entities, ITFs, and societies authorized to operate with Novel Models, as well as on the members of the board of directors or equivalent bodies, general managers, executives, officials, employees, or persons holding a position, mandate, commission, or any other legal title that such societies grant them for the performance of their activities, when they have directly incurred or ordered the conduct that is the subject of the infraction.

Article 102.- In the administrative proceedings provided for in this Law, relevant evidence related to the acts subject to the procedure shall be admitted, provided that they are offered within the period for the hearing of the guarantee of due process. In the case of confessions by authorities, this must be processed in writing.

Once the right to hearing referred to in Article 98 of this Law has been processed or, having presented the written document through which the review appeal provided for in this Law is filed, only supervening evidence shall be admitted, provided that the corresponding resolution has not been issued.

The Supervisory Commissions and the Bank of Mexico may obtain the means of evidence they deem necessary, as well as agree on the admissibility of the evidence offered. Evidence provided by interested parties may only be rejected when it is not offered in accordance with the law, has no relation to the substance of the matter, is inappropriate, unnecessary, or contrary to morality or the law. The valuation of evidence shall be made in accordance with what is established in the Federal Code of Civil Procedures.

Article 103.- The fines provided for in this Law that the CNBV is responsible for imposing are the following:

I.
A fine of 1,000 to 5,000 UMA on persons other than those authorized who, in their name, denomination, trade name, advertisements, establishments, interfaces, internet pages, or any other means of electronic or digital communication, use the words ITF, financial technology institution, crowdfunding institution, electronic payment fund institution, or others that express similar ideas in any language, from which the performance of activities reserved for ITFs can be inferred, except those exempted in accordance with this Law;

II.
A fine of 3,000 to 15,000 UMA on ITFs or societies authorized to operate with Novel Models that do not comply with the obligations provided for in Articles 13 and 48, third paragraph, of this Law;

III.
A fine of 1,000 to 150,000 UMA for failing to meet in a timely manner the requirements formulated by the Financial Authorities or any other competent authority, in accordance with this Law;

IV.
A fine of 30,000 to 150,000 UMA for the following:

a)
Not including transactional information in the account registers that they must keep in accordance with this Law, and

b)
Not complying with the security and operational continuity requirements of the account registers referred to in Article 48 of this Law;

V.
A fine of 30,000 to 150,000 UMA for the following:

a)
On ITFs, Financial Entities, or societies authorized to operate with Novel Models for performing unauthorized activities in terms of this Law;

b)
Disseminating false or misleading information or information that induces error, through ITFs, societies authorized to operate with Novel Models, or in any other way for the performance of the Operations referred to in this Law;

c)
Omitting the disclosure of information established by this Law;

d)
With regard to crowdfunding institutions, for omitting to obtain the risk knowledge certificate from investors indicated in Article 18, fraction III, of this Law or not providing the necessary means to formalize the Operations with their Clients indicated in Article 18, fraction V, of this Law;

e)
With regard to crowdfunding institutions, disseminating any type of advertising or information about projects or services in terms different from those indicated in the general provisions referred to in Article 18, fraction II, of this Law, and

f)
Not having the registers referred to in Article 47 of this Law;

VI.
A fine of 20,000 to 100,000 UMA on ITFs that begin their activities without accrediting to the CNBV compliance with the requirements indicated in Article 40 of this Law;

VII.
A fine of 15,000 to 100,000 UMA on ITFs that:

a)
Do not comply with what is established in Articles 41 and 46 of this Law, as well as the general provisions referred to in said Article 41;

b)
Do not comply with what is established in Article 55 of this Law, as well as the general provisions referred to in said provision;

c)
Divert the resources of their Clients for any purpose other than that agreed;

d)
Exceed the limits specified in Article 44 of this Law or in the provisions referred to in said article with respect to crowdfunding institutions, and

e)
Oppose or obstruct the exercise of the powers that this Law and other applicable legal provisions confer on the Financial Authorities;

VIII.
A fine of 10,000 to 100,000 UMA on independent external auditors who omit to supply to the CNBV the reports, opinions, and other elements of judgment on which their dicta and conclusions are based in contravention of what is established in Article 52, second paragraph, of this Law;

IX.
A fine of 1 to 15,000 UMA that the CNBV shall impose on ITFs for failing to respond within the deadlines granted for the attention of information, documentation, assurance, account unblocking, transfer, or fund status requirements formulated by the competent authorities indicated;

X.
A fine of 15,000 to 75,000 UMA on Financial Entities and ITFs that do not establish application programming interfaces with the aim of sharing and transacting data with those Financial Entities, ITFs, or societies authorized to operate with Novel Models that comply with what is established in the general provisions issued by the Financial Authorities in accordance with Articles 76 and 77 of this legislation;

XI.
A fine of 25,000 to 100,000 UMA on Financial Entities, ITFs, or societies authorized to operate with Novel Models that use for purposes other than those agreed contractually with other ITFs or Financial Entities or, in the case of transactional data, other than those authorized by their Clients, the information and data exchanged through application programming interfaces with a Financial Entity or another ITF;

XII.
A fine of 2,000 to 15,000 UMA on societies authorized to operate with Novel Models and Financial Entities that, in terms of Article 89 of this Law, omit or deliver the report out of time;

XIII.
A fine of 1,000 to 150,000 UMA on ITFs, money transmitters, and Financial Entities when they interrupt access to information in terms different from those referred to in Article 76 of this Law or do not notify the interruption to the Supervisory Commissions. The same sanction may be imposed by the CNSF and CONSAR within the scope of their respective competencies, and

XIV.
A fine of 2,000 to 10,000 UMA for infractions of any of the norms of this Law, as well as of the general provisions issued by the CNBV or jointly with the Bank of Mexico, in accordance with this Law, and that do not have a sanction expressly indicated in this legislation.

In the event that any of the infractions contained in this article generate patrimonial damage or a benefit, the corresponding sanction may be imposed by adding to it up to one and a half times the equivalent of said damage or the benefit obtained by the offender, whichever is greater. Benefit shall be understood as the gain obtained or the loss avoided for oneself or for a third party.

Article 104.- The fines provided for in this Law that the Bank of Mexico is responsible for imposing are the following:

I.
A fine of 30,000 to 150,000 UMA for carrying out operations with virtual assets or currencies without prior authorization from the Bank of Mexico or for carrying out Operations with virtual assets other than those determined by the Bank of Mexico;

II.
A fine of 15,000 to 100,000 UMA on electronic payment fund institutions for exceeding the operational limits to which they are subject in terms of Article 44 of this Law, in accordance with what is established in the general provisions issued by the Bank of Mexico;

III.
A fine of 1,000 to 15,000 UMA on electronic payment fund institutions for not complying with the general provisions issued by the Bank of Mexico to establish the characteristics of the Operations they may perform;

IV.
A fine of 1,000 to 150,000 UMA on credit information societies or clearing houses referred to in the Law for the Transparency and Ordering of Financial Services that interrupt access to information in terms different from those referred to in Article 76 of this Law or do not notify the interruption to the Bank of Mexico, and

V.
A fine of 1,000 to 10,000 UMA for infringing any of the general provisions issued by the Bank of Mexico that do not have a sanction especially indicated in this legislation.

Article 105.- The violation of the obligations referred to in Article 58 of this Law or of the provisions issued thereon shall be sanctioned by the Supervisory Commission in accordance with the procedure provided for in this Law, with a fine equivalent to 10% to 100% of the amount of the act, Operation, or service that is carried out with a Client who has been informed that they are on the blocked persons list; with a fine equivalent to 10% to 100% of the amount of the unreported unusual Operation, or in its case, of the series of Operations related to each other of the same Client that should have been reported as unusual Operations; or with a fine equivalent in national currency of ten to one hundred thousand times the value of the UMA, in the case of any other non-compliance with said provision and the provisions emanating from it.

The sanctions referred to in the preceding paragraph may be imposed on ITFs and societies authorized to operate with Novel Models, as well as, if applicable, on their members of the board of directors, administrators, executives, officials, employees, factors, and respective attorneys, and on the natural and legal persons who, by reason of their acts, have caused or intervened to cause such societies to incur in the irregularity or are responsible for the same. Without prejudice to the foregoing, the CNBV, with respect to ITFs, may proceed in accordance with what is provided for in Article 62 of this Law, in the cases that correspond.

The Supervisory Commissions and the Bank of Mexico may abstain from sanctioning ITFs, Financial Entities, and societies authorized to operate with Novel Models, provided that the cause of such abstention is justified in accordance with the guidelines issued by said Financial Authorities for such purposes, and refer to facts, acts, or omissions that do not involve gravity, there is no recidivism, there are no elements that allow demonstrating that the interests of third parties or the financial system itself are affected, and they do not constitute a crime.

The following shall be considered serious conduct:

I.
Providing false information or information that intentionally induces error to the authority or to Clients, by concealment or omission;

II.
Using the money, electronic payment funds, or virtual assets of Clients for purposes other than those agreed;

III.
Performing unauthorized activities and Operations;

IV.
Omitting to present the document in which measures and procedures are established, in terms of Article 58, fraction I, of this Law;

V.
Not reporting acts, Operations, or services or omitting to present any report to the Secretariat, through the CNBV, in terms of Article 58, fraction II, of this Law;

VI.
Not having automated systems or omitting to establish the communication and control committee or omitting to designate a compliance officer in accordance with what is established in Article 58, third paragraph, fractions V and VI;

VII.
Carrying out Operations with any Client who is on the list of blocked persons referred to in Article 58 of this Law;

VIII.
Exceeding the operational limits to which ITFs are subject in accordance with this Law, and

IX.
Failing to comply with what is indicated in Article 55 of this Law when capital requirements are not met.

Article 106.- The powers of the Supervisory Commissions and the Bank of Mexico to impose the administrative sanctions provided for in this Law, as well as in the provisions emanating from it, shall expire within a period of five years, counted from the business day following that on which the conduct was carried out or the assumption of infraction was met.

Article 107.- The Supervisory Commissions and the Bank of Mexico may, in addition to imposing the corresponding sanction, reprimand the offender, or merely reprimand them, considering their personal antecedents, the gravity of the conduct, that there are no elements that allow demonstrating that the interests of third parties or the financial system itself are affected, that having caused damage this has been repaired, as well as the existence of mitigating factors.

Article 108.- To protect the exercise of the right of access to public government information, the Supervisory Commissions and the Bank of Mexico, adhering to the guidelines they issue, must make known to the general public, through their internet portal, the sanctions they impose for infractions of this Law or of the provisions emanating from it, for which they must indicate:

I.
The name, denomination, or trade name of the offender;

II.
The provision infringed, the type of sanction imposed, amount or deadline, as applicable, and the infringing conduct, and

III.
The status of the resolution, indicating whether it is final or if it is subject to challenge and in the latter case if any defense mechanism has been filed and its type, when there is knowledge of such circumstance having been duly notified by a competent authority.

In any case, if the imposed sanction is left without effect by any competent authority, such circumstance must also be published.

The information mentioned above shall not be considered reserved or confidential.

Article 109.- CONDUSEF shall sanction with a fine of 200 to 1,000 UMA on ITFs that fail to comply with any provision provided for in this Law or in the general provisions emanating from it, whose supervision, surveillance, or compliance is the competence of said Commission.

Article 110.- When the CNBV presumes that a natural or legal person is acting as an ITF without the corresponding authorization, it may appoint an inspector and the necessary assistants to review the accounting and other documentation of the society, in order to verify if it is indeed operating as such in violation of what is established in this Law, in which case the CNBV may order the immediate suspension of Operations or proceed to the closure of the negotiation, company, or establishment in question.

The inspection and suspension of Operations proceedings referred to in the preceding paragraph are of public interest.

The use of the expressions " financial technology institution ", " ITF ", " crowdfunding institution ", " electronic payment fund institution ", or others that express similar ideas in any

language, referred to said concepts or to brands and products that correspond to them, from which the carrying out of the activities proper to the referred entities may be inferred, by persons other than those authorized to do so, regardless of the criminal and administrative sanctions that correspond, shall be punished by the CNBV with a fine of 2,000 to 20,000 UMA and the respective society, negotiation, company or establishment may be administratively closed by the CNBV until its use is changed.

Article 111.- Those affected by reason of the acts of the Financial Authority that put an end to the authorization procedures, suspension of operations or the imposition of administrative sanctions, may go to defend their interests by filing a review appeal, the filing of which shall be optional.

The review appeal must be filed in writing within fifteen business days following the date on which the notification of the respective act takes effect and must be presented before the Board of Directors of the Supervisory Commission, when the act has been issued by said Board or by the President of the Supervisory Commission, or before the latter when it concerns acts carried out by other public servants.

The writing by which the review appeal is filed must contain:

The name, corporate name or trade name of the appellant;

II.

Address for hearing and receiving all kinds of citations and notifications, which must be located in national territory;

III.

The documents that prove the personality of the promoter;

IV.

The act being appealed and the date of its notification;

The grievances caused by reason of the act indicated in fraction IV of this article, and

VI.

The evidence offered, which must have an immediate and direct relationship with the impugned act.

When the appellant does not comply with any of the requirements referred to in fractions I to VI of this article, the Financial Authority in charge of resolving the matter shall notify them in writing and only once, to remedy the omission warned within three business days following the date on which the notification of said warning takes effect and, in case the omission is not remedied within the period indicated in this paragraph, the Financial Authority shall consider it not filed. If the evidence is omitted, they shall be considered not offered.

Regarding the sanctions imposed by the Bank of Mexico, the reconsideration appeal provided for in the Bank of Mexico Law shall proceed, so the procedure for its filing shall be regulated in accordance with what is provided in said Law.

Article 112.- The filing of the review appeal shall suspend the effects of the impugned act when it concerns fines.

Article 113.- The Financial Authority in charge of resolving the review appeal may:

Dismiss it as inadmissible;

II.

Dismiss it in the following cases:

By express withdrawal of the appellant;

By the occurrence of a cause of inadmissibility;

By the cessation of the effects of the impugned act, and

The others that proceed according to the law.

III.

Confirm the impugned act;

IV.

Revoke the impugned act in whole or in part, and

Modify or order to reinstate the impugned act or dictate or order to issue a new one that replaces it.

Administrative acts may not be revoked or modified in the part not impugned by the appellant.

The Financial Authority in charge of resolving the review appeal must attend to it without the intervention of the public servant who has determined the administrative sanction that gave rise to the imposition of the corresponding appeal.

Article 114.- The resolution of the review appeals by the Financial Authorities other than the Bank of Mexico must be issued within a period not exceeding ninety business days after the date on which the appeal was filed, when it must be resolved by the President of the Supervisory Commission, nor of one hundred twenty business days when it concerns appeals that are the competence of the Board of Directors of the Supervisory Commission.

Article 115.- Financial Entities, ITFs, societies authorized to operate with Novel Models or other persons subject to the supervision of the Supervisory Commissions, through their general director or equivalent and with the opinion of the person who exercises the functions of surveillance in the society, may submit to the authorization of the Supervisory Commissions or the Bank of Mexico, as appropriate, a self-correction program when they detect irregularities or non-compliance with what is provided in this Law and other applicable legal provisions, including the authorizations referred to in this Law.

The following may not be the subject of a self-correction program under the terms of this article:

The irregularities or non-compliance that are detected by the Supervisory Commissions or the Bank of Mexico in the exercise of their inspection and surveillance powers before the presentation by the Financial Entity, ITF, society authorized to operate with Novel Models or other persons subject to the supervision of said Authorities, of the respective self-correction program.

It shall be understood that the irregularity was previously detected by the Financial Authorities in the case of surveillance powers, when the irregularity has been notified to the Financial Entity, ITF, societies authorized to operate with Novel Models or other persons subject to the supervision of the Supervisory Commissions or the Bank of Mexico, and in the case of inspection powers, when it has been detected during the course of the inspection visit, or well, corrected after a requirement has intervened during the course of the visit;

II.

When the contravention to the norm in question corresponds to any of the crimes contemplated in this Law, and

III.

When it concerns any of the infractions considered as serious in terms of this Law.

Article 116.- The self-correction programs referred to in the previous article shall be subject to the general provisions issued by the Supervisory Commissions or the Bank of Mexico. Likewise, they must be signed by the person or area that exercises the functions of surveillance in the Financial Entity, ITF, society authorized to operate with Novel Models or other persons subject to the supervision of the Supervisory Commissions or the Bank of Mexico and be presented to the board of directors or equivalent body in the session immediately following the request for authorization presented to the Supervisory Commissions or the Bank of Mexico. Said self-correction programs must contain the irregularities or non-compliance committed indicating the provisions that have been considered contravened, the circumstances that originated the irregularity or non-compliance committed, as well as the actions adopted or that are intended to be adopted by the Financial Entity, ITF, society authorized to operate with Novel Models or other persons subject to the supervision of the Supervisory Commissions or the Bank of Mexico to correct the irregularity or non-compliance that motivated this program.

In case the Financial Entity, ITF, society authorized to operate with Novel Models or other persons subject to the supervision of the Supervisory Commissions or the Bank of Mexico require a period to remedy the irregularity or non-compliance committed, the self-correction program must include a detailed calendar of the activities to be carried out for such effect.

If the Supervisory Commissions or the Bank of Mexico do not order the Financial Entity, ITF, society authorized to operate with Novel Models or other persons subject to their supervision, modifications or corrections to the self-correction program within twenty business days following its presentation, the self-correction program presented shall be considered authorized in its terms.

When the Supervisory Commissions or the Bank of Mexico order the Financial Entity, ITF, society authorized to operate with Novel Models or other persons subject to their supervision, modifications or corrections with the purpose that the self-correction program adheres to what is established in this article and other applicable legal provisions, they shall have a period of five business days counted from the respective notification to remedy said deficiencies. Said period may be extended only once for up to five business days, with prior authorization of said Financial Authorities.

If the deficiencies referred to in the previous paragraph are not remedied, the self-correction program shall be considered not presented and, consequently, the irregularities or non-compliance committed may not be the subject of another self-correction program.

Article 117.- During the validity of the self-correction programs that have been authorized by the Supervisory Commissions or the Bank of Mexico in terms of the previous articles, said Financial Authorities shall abstain from imposing the sanctions provided for in this Law for the irregularities or non-compliance whose correction is contemplated in said programs. Likewise, during such period the statute of limitations for imposing sanctions shall be interrupted, resuming until it is determined that the irregularities or non-compliance object of the self-correction program were not remedied.

The person who exercises the functions of surveillance in the Financial Entities, ITFs, societies authorized to operate with Novel Models or other persons subject to the supervision of the Supervisory Commissions or the Bank of Mexico shall be obliged to follow up on the implementation of the authorized self-correction program and inform of its progress both to the respective Financial Authority, as well as to the board of directors and the general director or the equivalent organs or persons of the Financial Entity, ITF, society authorized to operate with Novel Models or other persons subject to the supervision of the Supervisory Commissions or the Bank of Mexico, in the form and terms that each Financial Authority establishes in the general provisions referred to in this Law. The foregoing, regardless of the power of said Authorities to supervise, at any time, the degree of progress and compliance of the self-correction program.

If as a result of the reports of the person who exercises the functions of surveillance in the Financial Entities, ITFs, societies authorized to operate with Novel Models and other persons indicated or of the inspection and surveillance work of the Supervisory Commissions or the Bank of Mexico, they determine that the irregularities or non-compliance object of the self-correction program were not remedied within the period provided, they shall impose the corresponding sanction increasing the amount of the sanction by up to forty percent, said amount being updateable in terms of the applicable tax provisions.

CHAPTER II

Of the Crimes

First Section

Of the Requirement of Proceedibility and Prescription

Article 118.- To proceed criminally for the crimes provided for in this Chapter, it shall be necessary that the Secretariat formulates a petition, prior opinion of the CNBV; it shall also proceed at the request of the persons regulated in this Law or of whoever has a legal interest. The crimes contained in this Law only admit intentional commission. The criminal action in the cases provided for in this Law prosecutable by petition of the Secretariat, by the persons regulated in this Law or by whoever has a legal interest, shall prescribe in three years counted from the day in which said Secretariat, the person regulated in this Law or whoever has a legal interest have knowledge of the crime and the probable responsible and, if they do not have that knowledge, in five years that shall be computed in accordance with what is established in article 102 of the Federal Penal Code. Once the requirement of proceedibility is covered, the prescription shall continue to run according to the rules of the Federal Penal Code.

When it has proceeded by petition of the Secretariat in accordance with this article, this shall have the character of victim or offended in the criminal procedures and trials related to the crimes provided for in this Law. The tax lawyers designated by the petitioner may act as legal advisors within said procedures and trials.

In the criminal procedures in which the Secretariat has the character of party, the provisions of the guidelines that this issues in relation to the application of the alternate solutions and forms of early termination of the process provided for in the National Code of Criminal Procedures and other applicable laws, with respect to the crimes provided for in this Law, shall be followed.

Second Section

Crimes for the Protection of the Property of the Clients of the ITFs and of the Societies Authorized to operate with Novel Models.

Article 119.- Whoever improperly uses, obtains, transfers or in any other way disposes of the resources, electronic payment funds or virtual assets of the Clients of the ITFs, of the societies authorized to operate with Novel Models or of the resources, electronic payment funds or virtual assets of these, shall be sanctioned with imprisonment of three to nine years and a fine of 5,000 to 150,000 UMA.

If the one who carries out the conduct provided for in the previous paragraph is a shareholder, partner, councilor, official, executive, administrator, employee or supplier of an ITF, of a society authorized to operate with Novel Models or is a third party external but with authorized access by these to their own systems, shall be sanctioned with imprisonment of six to eighteen years and a fine of 10,000 to 300,000 UMA.

Article 120.- Whoever is authorized to dispose of the resources in charge of an ITF or a society, Financial Entity or other subject supervised by some Supervisory Commission or by the Bank of Mexico, authorized to operate with Novel Models and does not return them to their clients, being obliged to do so or refuses without justified cause, shall be sanctioned with imprisonment of three to nine years and a fine of 5,000 to 150,000 UMA.

Article 121.- The shareholders, partners, councilors, officials, executives, administrators, employees or suppliers of an ITF or of a society or Financial Entity or other subject supervised by some Supervisory Commission or by the Bank of Mexico, authorized to operate with Novel Models, who divert the resources, payment funds or virtual assets of their Clients or of the ITFs themselves, for any purpose other than the one that has been agreed, shall be sanctioned with imprisonment of three to nine years and a fine of 5,000 to 150,000 UMA.

When the diversion contemplated in the previous paragraph, has as a consequence the bankruptcy or damage of the ITF or of a society or Financial Entity or other subject supervised by some Supervisory Commission or by the Bank of Mexico, authorized to operate with Novel Models, the following sanctions shall be imposed:

When the amount of the bankruptcy or patrimonial damage, as appropriate, exceeds 2,200 UMA and does not exceed 57,000 UMA; it shall be sanctioned with imprisonment of four to ten years and a fine of 7,000 to 170,000 UMA.

II.

When the amount of the bankruptcy or patrimonial damage as appropriate, exceeds 57,000, but does not exceed 400,000 UMA, it shall be sanctioned with imprisonment of five to eleven years and a fine of 9,000 to 200,000 UMA.

III.

When the amount of the bankruptcy or patrimonial damage as appropriate, exceeds 400,000 UMA, it shall be sanctioned with imprisonment of six to twelve years and a fine of 10,000 to 250,000 UMA.

Article 122.- Whoever uses or divulges the financial or confidential information of the Clients for any purpose other than the carrying out of the Operations, without prior and express authorization of the Client, shall be sanctioned with imprisonment of two to six years and a fine of 1,000 to 50,000 UMA.

Third Section

Crimes against the adequate operation of the ITFs, or of the Authorized Enterprises to operate with Novel Models.

Article 123.- Whoever, having been removed or suspended, by final resolution of the CNBV, in terms of what is provided in article 62 of this Law, continues to perform the functions with respect to which he was removed or suspended or occupies a job, position or commission, within the Mexican financial system, despite being suspended for it, shall be sanctioned with imprisonment of two to seven years and a fine of 5,000 to 150,000 UMA.

Article 124.- Whoever:

Carries out operations or activities reserved for the ITFs or for the societies or Financial Entities or other subjects supervised by some Supervisory Commission or by the Bank of Mexico, authorized to operate novel models, without having the authorization provided for in this Law, and

II.

Having been authorized to operate as an ITF, carries out activities with virtual assets or currencies, without having the authorization referred to in article 30 or, in the case of credit institutions, without the authorization referred to in article 88, shall be sanctioned with a prison sentence of seven to fifteen years and a fine of 5,000 to 150,000 UMA.

Article 125.- Whoever, to obtain the authorization to operate as an ITF or with Novel Models or with virtual assets, provides false information to the corresponding financial authority, shall be sanctioned with a prison sentence of seven to fifteen years and a fine of 5,000 to 150,000 UMA.

Article 126.- Whoever provides false information to the corresponding Financial Authorities regarding their accounting, financial, economic and legal situation, which is required in terms of this Law, shall be sanctioned with imprisonment of two to ten years and a fine of 5,000 to 150,000 UMA.

Article 127.- Whoever, personally or through a third party, disseminates, publishes or provides to the public of the ITF or society authorized to operate with Novel Models, false or altered information or that induces error, shall be sanctioned with imprisonment of two to ten years and a fine of 5,000 to 150,000 UMA.

The same sanction shall be applicable to the applicants for collective financing or to the members of the board of directors, executives, officials or employees of said applicants, who are in the situation of the previous paragraph by providing false or misleading information to the ITF or society authorized to operate with Novel Models.

Article 128.- Whoever destroys, modifies in whole or in part, the systems or accounting records or the documentation that gives rise to the accounting entries of an ITF or society authorized to operate with Novel Models, before the expiration of the legal conservation periods, shall be sanctioned with imprisonment of two to ten years and a fine of 5,000 to 150,000 UMA.

Article 129.- Whoever presents himself to the general public as an ITF or society or Financial Entity or other subject supervised by some Supervisory Commission or by the Bank of Mexico, authorized to operate with Novel Models in terms of this Law, without having the corresponding authorization, shall be sanctioned with imprisonment of one to six years, and a fine of 5,000 to 150,000 UMA.

Fourth Section

Crimes for the Protection of the Property of the ITFs and of the Societies Authorized to operate with Novel Models.

Article 130.- Whoever, taking advantage of any physical, documentary, electronic, optical, magnetic, sound, audiovisual, computer or any other kind of technology, substitutes the identity, representation or personality of any of the Financial Authorities or of some of its administrative units or areas or of a public servant, of the ITFs or societies authorized to operate with Novel Models or of any of their executives, councilors, employees, officials, dependents or legal representatives, shall be sanctioned with imprisonment of three to nine years and a fine of 5,000 to 150,000 UMA.

Whoever carries out the criminal offense provided for in the previous paragraph and obtains a benefit for himself or for a third party, shall be sanctioned with imprisonment of six to twelve years and a fine of 10,000 to 250,000 UMA.

Article 131.- Whoever uses, carries out or obtains, personally or through an intermediary, any service, Operation or product provided by any of the ITFs or society or Financial Entity or other subject supervised by some Supervisory Commission or by the Bank of Mexico, authorized to operate with Novel Models provided for in this Law under a false or substituted identity, shall be sanctioned with imprisonment of three to nine years and a fine of 5,000 to 150,000 UMA.

Article 132.- Whoever without legitimate cause or without the consent of whoever is authorized to do so, accesses the electronic, optical, computer or any other technology equipment of the ITFs or societies authorized to operate with Novel Models, shall be sanctioned with imprisonment of three to nine years and a fine of 5,000 to 150,000 UMA.

Article 133.- Whoever without authorization obtains, extracts or diverts resources, electronic payment funds or virtual assets through the computer systems or equipment of the ITFs or of the societies or Financial Entities or other subjects supervised by some Supervisory Commission or by the Bank of Mexico, authorized to operate with Novel Models, shall be imposed the following sanctions:

When the amount of the resources or the value of the electronic payment funds or virtual assets at the moment in which the conduct referred to in this article is committed, as appropriate, exceeds 2,200 and does not exceed 57,000 UMA; it shall be sanctioned with imprisonment of four to ten years and a fine of 7,000 to 170,000 UMA.

II.

When the amount of the resources or the value of the electronic payment funds or virtual assets at the moment in which the conduct referred to in this article is committed, as appropriate, exceeds 57,000, but does not exceed 400,000 UMA, it shall be sanctioned with imprisonment of five to eleven years and a fine of 9,000 to 200,000 UMA.

III.

When the amount of the resources or the value of the electronic payment funds or virtual assets at the moment in which the conduct referred to in this article is committed, as appropriate, exceeds 400,000 UMA, it shall be sanctioned with imprisonment of six to twelve years and a fine of 10,000 to 250,000 UMA.

TITLE VII

Of the Notifications

Article 134.- The notifications of the requirements, inspection visits, precautionary measures, requests for information and documentation, citations, summonses, resolutions imposing administrative sanctions or of any act that puts an end to the suspension procedures, revocation of authorization referred to in this Law, as well as the acts that deny the authorizations referred to in this Law and the administrative resolutions that are issued on the review appeals

filed in accordance with applicable laws, may be carried out in the following ways:

Personally, in accordance with the following:

At the offices of the Financial Authorities, in accordance with what is provided in article 136 of this Law;

At the domicile of the interested party or their representative, in terms of what is provided in articles 137 and 140 of this Law, and

At any place where the interested party or their representative is located, in the circumstances established in article 138 of this Law;

II.

By official notice delivered by messenger or by certified mail, both with proof of receipt;

III.

By edicts, in the circumstances indicated in article 141 of this Law, and

IV.

By electronic means, in the circumstance provided for in article 142 of this Law.

Regarding the information and documentation that must be presented to CNBV inspectors under an inspection visit, the provisions of the regulation issued by the Federal Executive in matters of supervision must be observed, in terms of article 5, first paragraph of the Law of the National Banking and Securities Commission.

Article 135.- The authorizations, revocations of authorizations requested by the interested party or their representative, the acts that result from procedures promoted at the request of the interested party, and other acts other than those indicated in the previous article of this Law, may be notified by delivering the official notice in which the corresponding act is recorded, at the offices of the authority carrying out the notification, obtaining a copy of said official notice with the signature and name of the person receiving it.

Likewise, the Financial Authorities may carry out such notifications by ordinary mail, electronic mail, or messenger when the interested party or their representative requests it in writing indicating the necessary data to receive the notification, leaving a record in the respective file of the date and time in which it was carried out.

Without prejudice to the foregoing, the acts referred to in the first paragraph of this article may be notified by any of the notification methods indicated in the previous article.

Article 136.- Personal notifications may be carried out at the offices of the Financial Authorities only when the interested party or their representative goes to them and manifests their agreement to receive the notifications; for which the person carrying out the notification will draw up a duplicate record that complies with the regulation applicable to this type of act.

Article 137.- Personal notifications may be carried out with the interested party or with their representative, at the last domicile that they had provided to the corresponding Financial Authority or at the last domicile that they had indicated before the same Authority in the administrative procedure in question, for which a record will be drawn up in the terms referred to in the penultimate paragraph of this article.

In the event that the interested party or their representative is not found at the mentioned domicile, the person carrying out the notification will deliver a summons to the person who attends the diligence, so that the interested party or their representative waits for them at a fixed time on the next business day and in such summons will warn the cited person that if they do not appear at the hour and day set, the notification will be carried out with the person who attends or that in case of finding said domicile closed or if they refuse to receive the respective notification, it will be made by instruction in accordance with what is provided in article 140 of this Law. The person carrying out the notification will draw up a record in the terms provided in the penultimate paragraph of this article.

The summons referred to in the previous paragraph must be drawn up in duplicate and addressed to the interested party or their representative, indicating the place and date of issuance, the fixed date and time when they must wait for the notifier, who must record their name, position, and signature on said summons, the object of the appearance and the respective warning, as well as the name and signature of the person receiving it. In case the latter does not wish to sign, such circumstance will be recorded in the summons, without affecting its validity.

On the day and hour fixed for the practice of the diligence that is the subject of the summons, the person in charge of carrying out the diligence will appear at the corresponding domicile, and finding the cited person present, will proceed to draw up a record in the terms referred to in the penultimate paragraph of this article.

In the event that the cited person does not appear, the notification will be understood with any person who is found at the domicile where the diligence is carried out; for such purposes, a record will be drawn up in the terms of this article.

In all cases, the person carrying out the notification will draw up a duplicate record in which they will state, in addition to the circumstances mentioned above, their name, position, and signature, that they verified that they constituted themselves and appeared at the searched domicile, that they notified the interested party, their representative, or the person who attended the diligence, after identifying such persons, the official notice in which the administrative act to be notified is recorded, they will also state the designation of the witnesses, the place, hour, and date in which it is drawn up, identification data of the mentioned official notice, the identification means exhibited, name of the interested party, legal representative or person who attended the diligence, and of the designated witnesses. If the persons involved refuse to sign or receive the notification record, such circumstance will be recorded in the record, without this affecting its validity.

For the designation of the witnesses, the person carrying out the notification will require the interested party, their representative, or the person who attends the diligence to designate them; in case of refusal or if the designated witnesses do not accept the designation, it will be done by the notifier themselves.

Article 138.- In the event that the person in charge of carrying out the notification searches for the interested party or their representative at the domicile referred to in the first paragraph of the previous article of this Law, and the person with whom the diligence is understood denies that it is the domicile of said interested party or their representative, the person carrying out the diligence will draw up a record to state such circumstance. Such record must meet, insofar as applicable, the requirements provided in the penultimate paragraph of the previous article.

In the case provided for in this article, the person carrying out the notification may carry out personal notification at any place where the interested party or their representative is found. For the purposes of this notification, the person carrying it out will draw up a record in which they will state that the notified person is personally known to them or has been identified by two witnesses, in addition to recording, insofar as applicable, what is provided in the penultimate paragraph of the aforementioned previous article, or to state the diligence before a public notary.

Article 139.- Notifications carried out by official notice delivered by messenger or by certified mail, with proof of receipt, will take effect on the next business day after the date of receipt indicated in said proof.

Article 140.- In the event that on the day and hour indicated in the summons left in terms of article 137 of this Law, the person carrying out the notification finds the corresponding domicile closed or the interested party, their representative, or the person who attends the diligence refuses to receive the official notice that is the subject of the notification, they will enforce the warning indicated in said summons. For such purposes, they will carry out the notification, by means of an instruction that they will fix in a visible place of the domicile, attaching the official notice in which the act to be notified is recorded, in the presence of two witnesses designated for that purpose.

The aforementioned instruction will be drawn up in duplicate and addressed to the interested party or their representative. In said instruction, the circumstances that made it necessary to carry out the notification by that means, place, and date of issuance will be recorded; the name, position, and signature of the person drawing up the instruction; the name, identification data, and signature of the witnesses; the mention that the person carrying out the notification verified that they constituted themselves and appeared at the searched domicile, and the identification data of the official notice in which the administrative act to be notified is recorded.

The instruction will serve as proof of the existence of the acts, facts, or omissions recorded in it.

Article 141.- Notifications by edicts will be carried out in the event that the interested party has disappeared, has died, their domicile is unknown, or there is impossibility of accessing it, and they do not have a known representative or domicile in national territory or are abroad without having left a representative.

For such purposes, a summary of the respective official notice will be published three consecutive times in a newspaper of national circulation, without prejudice to the Financial Authority that notifies disseminating the edict on the electronic page of the worldwide network called the internet corresponding to the Financial Authority that notifies; indicating that the original official notice is available at the domicile that will also be indicated in said edict.

Article 142.- Notifications by electronic means, with proof of receipt, may be carried out as long as the interested party or their representative has expressly accepted or requested it in writing to the Financial Authorities through the automated systems and security mechanisms that each of them establishes within the scope of their respective competencies.

Article 143.- Notifications that are not carried out in accordance with this Title will be understood to have been legally made and will take effect on the next business day after which the interested party or their representative manifest that they are aware of their content.

Article 144.- For the purposes of this Law, the last domicile provided to the Financial Authorities or in the administrative procedure in question will be considered the domicile for hearing and receiving notifications.

In the circumstances indicated in the previous paragraph, the notification may be carried out with any person who is found at the said domicile.

Article 145.- The notifications referred to in this Title will take effect on the next business day after:

They have been carried out personally;

II.

The respective official notice has been delivered in the circumstances provided for in articles 135 and 140;

III.

The last publication referred to in article 141 has been carried out, and

IV.

It has been carried out by ordinary mail, electronic medium, or messenger.

TRANSITIONAL PROVISIONS

FIRST.- This Law will enter into force the day following its publication in the Official Gazette of the Federation.

SECOND.- The Secretariat of Finance and Public Credit will have a period of six months counted from the entry into force of this Law to issue the general provisions referred to in article 58 of this Law.

Likewise, it will have a period of twelve months to issue the general provisions referred to in article 82, fraction VI of this Law.

THIRD.- The National Banking and Securities Commission will have the periods indicated below counted from the entry into force of this Law, to issue the following general provisions:

Six months to issue the general provisions referred to in articles 18, fraction I; 36, fraction IV; 39, fractions VI, XI, XII, and XVI; 44; 45; 48, first paragraph, for the rules related to accounting and business continuity plan;

II.

Twelve months to issue the general provisions referred to in articles 18, fraction IV; 54; 56, second paragraph; 57; 73; 82, fraction VI; 89, fraction IV, and 116 of this Law, and

III.

Twenty-four months to issue the general provisions referred to in articles 55 and 76 of this Law.

FOURTH.- The National Commission for the Protection and Defense of Users of Financial Services will have a period of twelve months counted from the entry into force of this Law for the issuance of the general provisions referred to in article 57 of this Law.

Likewise, it will have a period of twelve months to issue the general provisions referred to in article 82, fraction VI of this Law.

FIFTH.- The National Retirement Savings System Commission and the National Insurance and Bonds Commission will have the periods indicated below counted from the entry into force of this Law, to issue the following general provisions:

Twelve months to issue the general provisions referred to in articles 82, fraction VI, and 116 of this Law, and

II.

Twenty-four months to issue the general provisions referred to in article 76 of this Law.

SIXTH.- The Bank of Mexico will have the periods indicated below counted from the entry into force of this Law to issue the following general provisions:

Six months to issue the general provisions referred to in articles 26 and 44 of this Law;

II.

Twelve months to issue the general provisions referred to in articles 30; 32; 46; 57; 82, fraction VI, and 116 of this Law, and

III.

Twenty-four months to issue the general provisions referred to in article 76 of this Law.

SEVENTH.- The National Banking and Securities Commission and the Bank of Mexico will have a period of twelve months for the joint issuance of the provisions referred to in articles 48, 54, 56, second paragraph of this Law, as well as for celebrating the agreement provided for in article 71 of this instrument.

EIGHTH.- Persons who, upon the entry into force of this instrument, are carrying out the activities regulated in this Law must comply with the obligation to request their authorization before the National Banking and Securities Commission in the terms established in the general provisions issued for such effect, in a period that does not exceed twelve months counted from the entry into force of these provisions. Such persons may continue carrying out such activities until the National Banking and Securities Commission resolves their request, but until they receive the respective authorization, they must publish on their internet page or medium used that the authorization to carry out said activity is in process, so it is not an activity supervised by Mexican authorities. The National Banking and Securities Commission will deny the authorization when the respective persons fail to comply with the publication obligation indicated in this paragraph.

In the event that the persons referred to in the previous paragraph do not request their authorization within the twelve-month period provided in said paragraph or do not obtain it once requested, they must abstain from continuing to provide their services for the celebration of new Operations and must only carry out acts aimed at the conclusion or transfer of existing Operations regulated in this Law, notifying their Clients of this circumstance and the manner in which the Operations will be concluded or transferred.

The competent authorities will ensure that alerts are issued on the internet sites of societies that do not obtain or do not have the corresponding authorization to warn Clients of the risks of operating with such entities and will seek to prevent their offer in national territory, except for what is provided in the first paragraph of this article.

NINTH.- Persons who are obliged to establish standardized application programming interfaces must comply with this obligation in the terms established in the general provisions that are issued, in a period that does not exceed twelve months counted from the entry into force of said provisions.

TENTH.- At the proposal of the Secretariat of Finance and Public Credit, the Chamber of Deputies must allocate resources in the Expenditure Budget of the Federation for the development of the faculties that the National Banking and Securities Commission and the National Commission for the Protection and Defense of Users of Financial Services must exercise in accordance with this Law, for the establishment of the area in charge of preparing and implementing the program and guidelines for societies authorized to operate with Novel Models regulated in this Law.

ELEVENTH.- The Financial Innovation Group must hold its first session during the first six months following the entry into force of this Law. In said session, the rules that govern its organization and functioning must be approved.

SECOND ARTICLE.- Article 48 Bis 5, sixth paragraph; 52, first and eighth paragraphs; 57, eighth paragraph, and 72 Bis, fifth paragraph are reformed, and articles 103, fraction VII; 112 Sextus, and 112 Septimus of the Law of Credit Institutions are added, to read as follows:

Article 48 Bis 5.- ...

...

The requests, authorizations, instructions, and communications referred to in this article may be carried out in writing with autograph signature or through electronic, optical, or any other technology means, as long as the legal act in question can be reliably proven. What is provided in this paragraph will be without prejudice to the fact that Entities comply with the regulations in this matter to which they are subject in accordance with their special laws.

...

Article 52.- Credit institutions may allow the use of advanced electronic signature or any other form of authentication to agree on the celebration of their operations and the provision of services with the public through the use of equipment, electronic, optical, or any other technology means, automated data processing systems, and telecommunications networks, whether private or public, and will establish in the respective contracts the bases to determine the following:

I. to III. ...

...

The installation and use of the equipment, means, and forms of authentication indicated in the first paragraph of this article will be subject to the general rules issued by the National Banking and Securities Commission, without prejudice to the faculties that the Bank of Mexico has to regulate the operations carried out by credit institutions related to payment systems and fund transfer systems in terms of its law.

...

Article 57.- ...

...

The authorizations, instructions, and communications referred to in this article may be carried out in writing with autograph signature or through electronic, optical, or any other technology means, in accordance with what the National Banking and Securities Commission establishes in general provisions for that effect.

Article 72 Bis.- ...

...

The authorizations, instructions, and communications referred to in this article may be carried out in writing with autograph signature or through electronic, optical, or any other technology means, in accordance with what the Bank of Mexico establishes in general provisions for that effect.

Article 103.-

...

I. to VI.

...

VII. Financial technology institutions, as well as users of collective financing institutions in the operations they carry out in said institutions referred to in the Law to Regulate Financial Technology Institutions.

...

Article 112 Sextus.- It will be sanctioned with imprisonment of three to nine years and a fine of thirty thousand to three hundred thousand Measurement and Update Units, whoever, using any physical, documentary, electronic, optical, magnetic, sound, audiovisual, or any other class of technology means, substitutes the identity, representation, or personality of a financial authority or any of its areas or any of the subjects referred to in article 3 of this Law, or of a public servant, director, counselor, employee, official, or dependent thereof, in the terms established by article 116 Bis 1 of this Law.

Article 112 Septimus.- It will be sanctioned with imprisonment of three to nine years and a fine of thirty thousand to three hundred thousand Measurement and Update Units, whoever uses or obtains, directly or through an intermediary, any financial service or product provided by any of the subjects referred to in article 3 of this Law or by a financial authority or any of its areas, under a false or substituted identity.

The same penalties will be imposed on whoever, to carry out any of the conduct referred to in the previous paragraph, gives their consent to carry out the identity substitution.

THIRD ARTICLE.- Article 1, fractions II and VI, and article 277 Bis 1 of the Securities Market Law are reformed, to read as follows:

Article 1.-

...

I. ...

II. The offer and intermediation of securities, except when dealing with titles offered through financial technology institutions.

III. to V.

...

VI. The development of securities trading systems that allow the carrying out of operations with these, except when dealing with systems offered through financial technology institutions.

VII. and VIII.

...

Article 227 Bis 1.- The Commission may include in the general provisions applicable to investment advisors, special rules for automated investment advisory and management services.

Investment advisors, in addition to the obligations to which they are subject, must comply, insofar as applicable, with what is provided in articles 130, 190 Bis, and 190 Bis 1 of this Law, in accordance with what is provided in said articles.

FOURTH ARTICLE.- Articles 57, sixth paragraph, and 81-A Bis, first paragraph are reformed, and paragraphs third, fourth, and fifth are added to article 81-A Bis, shifting the subsequent ones in their order in the General Law of Auxiliary Credit Organizations and Activities, to read as follows:

Article 57.- ...

...

The National Banking and Securities Commission, in inspection visits and in the exercise of surveillance faculties it carries out at currency exchange centers, money transmitters, and non-regulated multiple-purpose financial societies, may review, verify, check, and evaluate resources, obligations, and equity, as well as operations, functioning, and in general, everything that must be recorded in books, registers, systems, and documents to verify compliance with the provisions referred to in article 95 Bis of

this Law and the general provisions derived from it. For the exercise of supervisory functions, the National Banking and Securities Commission may issue general provisions to determine the information that currency exchanges, money transmitters, and unregulated multiple-object financial societies must periodically remit.

...

Article 81-A Bis.- For the purposes of this Law and the provisions emanating from it, a money transmitter shall be understood exclusively as a joint-stock company or limited liability company organized in accordance with the provisions of the General Law of Commercial Societies that, among other activities, and on a habitual basis and in exchange for payment of a consideration, commission, benefit, or gain, receives in the national territory rights or resources in national or foreign currency, directly in its offices or by cable, facsimile, messenger services, electronic media, electronic funds transfer, or by any means, with the sole object of transferring them abroad, to another place within the national territory, or delivering them, in a single payment, at the place where they are received, to the designated beneficiary. Likewise, dependencies and entities of the Federal Public Administration that, in accordance with the provisions regulating them, carry out operations to transmit rights or resources in national or foreign currency may act as money transmitters.

...

The operations referred to in this article may not be carried out by related agents or by third parties contracted by them, without the intervention of money transmitters. A related agent shall be understood as the natural person who, in terms of the provisions referred to in this article, by virtue of a contractual relationship with a money transmitter, receives from this entity rights or resources in national currency or foreign exchange to deliver them to the beneficiary.

Money transmitters shall be responsible for compliance with the obligations established in Article 95 Bis of this Law, as well as those derived from the general provisions referred to in said article, with respect to operations conducted through related agents and with respect to third parties contracted by them.

In the event that money transmitters intend to issue electronic payment funds or instruments that store electronic payment funds, they must be constituted as an electronic payment funds institution, in terms of the provisions established in the Law to Regulate Financial Technology Institutions.

...

ARTICLE FIFTH.- Articles 3, fractions V Bis, IX, XII, first paragraph, XIII and XIV; 6, first paragraph; 18 Bis, fraction II, second paragraph; 43, first paragraph; 44, second paragraph, fraction II; and 49 Bis 2, first paragraph, as well as the denomination of Section VIII of Chapter V, are amended, and Articles 2, fraction III Bis; 3, fractions IV Bis, V Ter, XI Bis, XI Ter, XII, third paragraph; and 49 Bis 2, third paragraph of the Law for Transparency and Ordering of Financial Services are added, to read as follows:

Article 2.

...

I. to III.

...

III Bis. The Law to Regulate Financial Technology Institutions;

IV. to IX. ...

Article 3.

...

I. to IV.

...

IV Bis.

Consortium: the set of legal entities linked to each other by one or more natural persons that, forming a Group of Persons, have Control of the former;

...

V Bis.

Control: the capacity to impose, directly or indirectly, decisions in the general shareholders' meetings of the company; to maintain the ownership of rights that allow, directly or indirectly, to exercise voting rights with respect to more than fifty percent of the share capital of the company, and to direct, directly or indirectly, the administration, strategy, or main policies of the company, whether through the ownership of securities or by any other legal act;

V Ter.

Consumer Credit: the following operations carried out by the Entities: direct credits, denominated in national currency, foreign currency, or UDIs, as well as the interest they generate, granted to natural persons, derived from credit operations, revolving loans or financing associated with a card, personal credits whose amount does not exceed the equivalent of three million investment units, credits for the acquisition of durable consumer goods, and financial leasing operations that are entered into with natural persons;

VI. to VIII.

...

IX.

Financial Entity: credit institutions, regulated and unregulated multiple-object financial societies, popular financial societies, community financial societies, savings and loan cooperatives, financial entities acting as trustees in trusts that grant credit, loans, or financing to the public, credit unions, and financial technology institutions;

X. and XI.

...

XI Bis.

Group of Persons: persons who have agreements, of any nature, to make decisions in the same sense. It is presumed, unless proven otherwise, that the following constitute a Group of Persons:

a) Persons who have kinship by blood, affinity, or civil law up to the fourth degree, spouses, concubines, and concubines;

b) Persons who are part of the same Consortium or Business Group and persons or sets of persons who have Control of said companies.

XI Ter.

Business Group: the set of legal entities organized under schemes of direct or indirect share capital participation, in which the same company maintains Control of said legal entities, including financial groups constituted in accordance with the Law to Regulate Financial Groupings;

XII.

Disposal Means: debit cards associated with demand deposits; credit cards issued under a credit opening contract; checks; fund transfer orders, including the service known as direct debit; any device, card, or interface that allows the making of payments, transfer of resources, or withdrawal of cash whose operations are processed through the Disposal Means Networks, as well as any others that the National Banking and Securities Commission and the Bank of Mexico, jointly, recognize as such through general provisions.

...

The following shall not be included in this definition: those means issued under loyalty or reward programs offered by legal entities to their clients, which can only be accepted by said legal entities or by societies affiliated with said programs in exchange for goods, services, or benefits, provided that they cannot be converted into legal tender in the national territory or in any other jurisdiction, and that the legal entities offering them have a list of societies affiliated with said programs that, collectively, cannot exceed twenty percent of the total of commercial establishments authorized to receive them, as well as amounts for advance payment, which can only be accepted by the issuer or any of the societies belonging to the same Consortium or Business Group of the issuer, in exchange for goods, services, or benefits, provided that they cannot be converted into legal tender in the national territory or in any other jurisdiction;

XII Bis.

...

XIII.

Disposal Means Networks: the series of agreements, protocols, instruments, interfaces, procedures, rules, programs, systems, infrastructure, and other elements related to the use of Disposal Means, and which, in accordance with Article 4 Bis 3, correspond to be regulated jointly by the National Banking and Securities Commission and the Bank of Mexico, and

XIV.

Payment System: the series of instruments, procedures, rules, and systems for the transfer of funds.

Article 6. Credit institutions and regulated multiple-object financial societies, as well as financial technology institutions, must register with the Bank of Mexico the Commissions they intend to charge for payment services and credits offered to the public, as well as their respective modifications. Such registration shall be made at least thirty calendar days in advance of the entry into force of the new Commissions or of the modifications to previously registered ones when they imply an increase.

...

Article 18 Bis.- ...

I. ...

II. ...

Both for contracting and in the event of any controversy regarding credits, loans, or revolving financing, it shall be understood that the valid adhesion contract in the operation in question is the one registered with the National Commission for the Protection and Defense of Users of Financial Services.

III. ...

...

Article 43. The National Commission for the Protection and Defense of Users of Financial Services shall impose a fine of four thousand to one hundred fifty thousand Measurement and Update Units on Financial Entities that:

I. to XII. ...

...

Article 44.- ...

...

I. ...

II. Four thousand to one hundred fifty thousand Measurement and Update Units, on Commercial Entities that:

a) to n) ...

...

Section VIII

Sanctions to be imposed by the Bank of Mexico or the National Banking and Securities Commission

Article 49 Bis 2. The National Banking and Securities Commission shall impose a fine of 5,000 to 20,000 times the Measurement and Update Unit on Entities and Participants in Networks that infringe any provision of this Law or the general provisions issued jointly by the National Banking and Securities Commission and the Bank of Mexico, in terms of this Law in relation to the Disposal Means Networks referred to in Article 4 Bis 3. In case of recidivism, the National Banking and Securities Commission may impose sanctions equivalent to up to double the amount provided in this paragraph.

...

In the event that the National Banking and Securities Commission or the Bank of Mexico, in the exercise of their respective powers, detects acts or omissions by Entities or Participants in Networks that could imply infringements of the provisions applicable to them in terms of this Law, they shall inform the other authority. For these purposes, the National Banking and Securities Commission and the Bank of Mexico shall enter into a collaboration agreement establishing the form and terms to inform each other of the provisions in this paragraph, as well as the measures they adopt in the exercise of their attributes.

ARTICLE SIXTH.- Articles 2nd, fraction V, and 28, first paragraph of the Law to Regulate Credit Information Societies are amended, to read as follows:

Article 2nd.-

...

I. to IV.

...

V. Financial Entity, that authorized to operate in the national territory and recognized as such by the laws, including those referred to in Article 12 of the Law to Regulate Financial Groupings; development banks; public bodies whose main activity is the granting of credits, as well as economic development trusts constituted by the Federal Government; credit unions; savings and loan cooperatives, community financial societies, financial technology institutions, and, with the exception of SOFOM E.N.R., the persons mentioned shall continue to be considered Financial Entities, notwithstanding that they are in the process of dissolution, liquidation, or extinction, as appropriate;

VI to XV.

...

Article 28. Societies may only provide information to a User when this User has the express authorization of the Client, through their signature, where it is clearly stated that they have full knowledge of the nature and scope of the information that the Society will provide to the User who requests it, of the use that said User will make of such information, and of the fact that this User may make periodic inquiries about their credit history, during the time they maintain a legal relationship with the Client. The signature referred to in this paragraph may be obtained manually or by electronic means, in the latter case, always provided that it complies with the terms and conditions established by the Bank of Mexico.

...

ARTICLE SEVENTH.- Article 2nd, fraction IV, and a fourth paragraph are added to Article 50 Bis, shifting the subsequent paragraph of the Law for the Protection and Defense of Users of Financial Services, to read as follows:

Article 2nd.-

...

I. to III.

...

IV. Financial Institution, singular or plural, to controlling societies, credit institutions, multiple-object financial societies, credit information societies, brokerage houses, investment funds, general warehouses, credit unions, exchange houses, insurance institutions, mutual insurance societies, surety institutions, retirement fund administrators, PENSIONISSSTE, companies operating the national database of the retirement savings system, Institute of the National Fund for Worker Consumption, savings and loan cooperatives, popular financial societies, community financial societies, financial technology institutions, and any other society that requires authorization from the Secretariat of Finance and Public Credit or any of the National Commissions to be constituted and function as such and offer a product or financial service to Users;

V. to IX.

...

Article 50 Bis.-

...

I. to V.

...

In the event that Financial Institutions do not have branches or offices for public attention, the obligations provided in fraction II of the first paragraph and the third paragraph of this article shall not apply to them. Such Financial Institutions shall only indicate the contact data of their Specialized Unit in a visible and easily accessible place for the general public in the electronic medium they use to offer their services.

...

ARTICLE EIGHTH.- Articles 3rd, first paragraph, and 12, first paragraph of the Law to Regulate Financial Groupings are amended, to read as follows:

Article 3rd. Financial entities shall not use denominations equal or similar to those of other financial entities, act jointly, offer complementary services, nor, in general, present themselves in any way as members of Financial Groups, unless they are members of Financial Groups that are organized and function in accordance with the provisions of this Law. Institutions regulated in the Law to Regulate Financial Technology Institutions shall not use denominations equal or similar to those of other financial entities, even if they are members of Financial Groups.

...

Article 12. The Financial Groups referred to in this Law shall be composed of a Controlling Society and some of the following financial entities that are considered members of the Financial Group: general warehouses, exchange houses, surety institutions, insurance institutions, brokerage houses, multiple banking institutions, investment fund operating societies, investment fund share distributors, retirement fund administrators, multiple-object financial societies, popular financial societies, financial technology institutions, and other financial entities susceptible to being members of Financial Groups in terms of the rules issued by the Secretariat.

...

ARTICLE NINTH.- Article 3, fraction IV, subsection a) of the Law of the National Banking and Securities Commission is amended, to read as follows:

Article 3.- ...

I. to III.

...

IV.

...

a) To controlling and sub-controlling societies of financial groups, credit institutions, brokerage houses, stock exchanges, investment funds, investment fund operating societies, investment fund share distributing societies, general warehouses, credit unions, exchange houses, regulated multiple-object financial societies, popular financial societies, securities depository institutions, central counterparties, securities rating institutions, financial technology institutions, credit information societies, community financial societies, subject to the supervision of the Commission and rural financial integration bodies, as well as other institutions and public trusts that carry out financial activities and regarding which the Commission exercises supervisory powers, all of them constituted in accordance with commercial and financial laws.

...

V. to VIII.

...

ARTICLE TENTH.- Articles 3, fraction VI, and 15, fraction I, and fraction XVI is added to Article 17 of the Federal Law for the Prevention and Identification of Operations with Resources of Illicit Origin, to read as follows:

Article 3.

...

I. to V.

...

VI. Financial Entities, those regulated in Articles 115 of the Credit Institutions Law; 87-D, 95, and 95 Bis of the General Law of Organizations and Auxiliary Credit Activities; 129 of the Credit Unions Law; 124 of the Popular Savings and Credit Law; 71 and 72 of the Law to Regulate the Activities of Savings and Loan Cooperatives; 212 of the Securities Market Law; 91 of the Investment Funds Law; 108 Bis of the Retirement Savings Systems Law; 492 of the Insurance and Surety Institutions Law; and 58 of the Law to Regulate Financial Technology Institutions;

VII. to XIV.

...

Article 15.

...

I. Establish measures and procedures to prevent and detect acts, omissions, or operations that could be located in the circumstances provided in Chapter II of Title Twenty-Third of the Federal Penal Code, as well as to identify their clients and users; in accordance with what is established in Articles 115 of the Credit Institutions Law; 87-D, 95, and 95 Bis of the General Law of Organizations and Auxiliary Credit Activities; 129 of the Credit Unions Law; 124 of the Popular Savings and Credit Law; 71 and 72 of the Law to Regulate the Activities of Savings and Loan Cooperatives; 212 of the Securities Market Law; 91 of the Investment Funds Law; 108 Bis of the Retirement Savings Systems Law; 492 of the Insurance and Surety Institutions Law; and 58 of the Law to Regulate Financial Technology Institutions;

II. to IV.

...

Article 17. ...

I. to XV.

...

XVI. The habitual and professional offering of exchange of virtual assets by subjects other than Financial Entities, carried out through electronic, digital, or similar platforms, that administer or operate, facilitating or carrying out operations of purchase or sale of said assets owned by their clients or providing means to custody, store, or transfer virtual assets other than those recognized by the Bank of Mexico in terms of the Law to Regulate Financial Technology Institutions. Virtual asset shall be understood as any representation of value registered electronically and used by the public as a means of payment for all types of legal acts, and whose transfer can only be carried out through electronic means. Under no circumstances shall legal tender in the national territory, foreign exchange, or any other asset denominated in legal tender or foreign exchange be understood as a virtual asset.

An Notice to the Secretariat shall be subject when the amount of the purchase or sale operation carried out by each client of the person carrying out the vulnerable activity referred to in this fraction is equal to or greater than the equivalent of six hundred forty-five Measurement and Update Units.

In the event that the Bank of Mexico recognizes virtual assets in terms of the Law to Regulate Financial Technology Institutions, the persons who provide the means referred to in this fraction must obtain the corresponding authorizations within the timeframes established by said Bank of Mexico in the respective provisions.

...

TRANSITIONAL PROVISION

SOLE.- The addition of fraction XVI of Article 17 of this Law shall enter into force eighteen months after the entry into force of this Decree.

TRANSITORY

SOLE.- This Decree shall enter into force the day following its publication in the Official Gazette of the Federation, unless otherwise provided in the Transitional Provisions of this Decree.

Mexico City, March 1, 2018.- Sen. Ernesto Cordero Arroyo, President.- Dep. Edgar Romo García, President.- Sen. Rosa Adriana Díaz Lizama, Secretary.- Dep. Ana Guadalupe Perea Santos, Secretary.- Signatures.

In compliance with what is established in fraction I of Article 89 of the Political Constitution of the United Mexican States, and for its due publication and observance, I issue this Decree in the municipality of Acapulco de Juárez, state of Guerrero, on March 8, 2018.- Enrique Peña Nieto.- Signature.- The Secretary of the Interior, Dr. Jesús Alfonso Navarrete Prida.- Signature.

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