Circular 5/2022 — Modifies Circular 12/2020

266 OFFICIAL GAZETTE Monday, April 4, 2022

CIRCULAR 5/2022 addressed to Entities Subject to the Supervision of the Bank of Mexico, regarding modifications to exemptions and provisional measures in relation to the COVID-19 pandemic.

At the margin, a logo stating: Bank of Mexico. - “2022, Year of Ricardo Flores Magón”.

CIRCULAR 5/2022

TO THE ENTITIES SUBJECT TO THE
SUPERVISION OF THE BANK OF MEXICO:

SUBJECT: MODIFICATIONS TO THE EXEMPTIONS AND
PROVISIONAL MEASURES IN RELATION TO
THE COVID-19 PANDEMIC

The Bank of Mexico, in order to continue promoting the sound development of the financial system and to facilitate the proper functioning of payment systems, as well as to provide legal certainty to entities and financial intermediaries under its supervision, regarding the circumstances arising from the COVID-19 pandemic, concerning the performance of inspection acts and, in particular for credit institutions, regarding compliance with their obligations in accordance with the Cash Operations Circular and the initiation of administrative procedures for imposing sanctions for infractions of said Circular, has decided to determine the date until which the exemptions announced through Circular 12/2020, published in the Official Gazette of the Federation on April 9, 2020 and modified, in turn, by Circulares 21/2020, 40/2020 and 44/2020, published in said Gazette on June 2, October 23 and December 29, 2020, respectively, as well as the provisional measures announced through Circular 8/2020, published in the Official Gazette of the Federation on April 9, 2020 and modified, in turn, by Circular 14/2020, published in said Gazette on May 8, 2020, as well as by the aforementioned Circulares 40/2020 and 44/2020.

For the above, based on articles 28, sixth and seventh paragraphs, of the Political Constitution of the United Mexican States, 2, 3, fraction I, 4, 24, first and second paragraphs, and 25 of the Bank of Mexico Law, 48 and 48 Bis 1 of the Credit Institutions Law, 22 of the Law for Transparency and Ordering of Financial Services, 1, 4, first paragraph, 8, fourth and eighth paragraphs, 10, first paragraph, 14 Bis, first paragraph, in relation to 17, fraction I, 14 Bis 1, first paragraph, in relation to 25 Bis 1, fraction IV, and 16, first paragraph, in relation to 16 Bis, fraction II, of the Internal Regulations of the Bank of Mexico, which grant it the authority to issue provisions through the General Legal Directorate, the General Directorate of Financial System Affairs and the General Directorate of Issuance, respectively, as well as Second, fractions I, III and X, of the Agreement on the Assignment of Administrative Units of the Bank of Mexico, it has resolved the following:

FIRST. Paragraph four of Circular 12/2020, published in the Official Gazette of the Federation on April 9, 2020 and modified, in turn, by Circulares 21/2020, 40/2020 and 44/2020, published in said Gazette on June 2, October 23 and December 29, 2020, respectively, is modified, to read as follows:

“...

Likewise, the Bank of Mexico has resolved to suspend ordinary inspection visits from March 23, 2020 until April 5, 2022, without such suspension being applicable to the exercise of other attributes conferred upon this Central Institute by the applicable regulations in matters of supervision. The Bank of Mexico will notify entities individually regarding supervision procedures in progress, of the manner in which it will proceed once the suspension ends.”

SECOND. The first and third paragraphs of subsection i., and sub-subsections a) and b), as well as the second paragraph of subsection i. of Circular 8/2020, published in the Official Gazette of the Federation on April 9, 2020 and modified, in turn, by Circulares 14/2020, 40/2020 and 44/2020, published in said Gazette on May 8, October 23 and December 29, 2020, respectively, are modified, to read as follows:

“...

i. The Bank of Mexico will abstain from initiating administrative sanctioning procedures for infractions committed from March 19, 2020 until April 5, 2022, both dates inclusive, resulting from the failure by credit institutions to deliver pieces presumably counterfeit within twenty banking days, as well as in the registration of the result of the verification of claims in the Currency Authentication System (SAM), within five banking days, as referred to in numerals II.VII.2 and II.VIII.2.4 of the Cash Operations Circular, respectively.

a) Repealed.

b) Repealed.

c) to e) ...

Repealed.

Likewise, the publication by the Bank of Mexico of the result of the analysis of the pieces referred to in the first paragraph of this subsection i. may be carried out in periods subsequent to those established in the current regulations.”

THIRD. The RESOLUTIVE SECOND of Circular 44/2020, published in the Official Gazette of the Federation on December 29, 2020, is repealed.

TRANSITORY PROVISIONS

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

SECOND.- Credit institutions that, upon the entry into force of this Circular, maintain in their possession pieces presumably counterfeit retained in accordance with numeral II.VII.2 of the Cash Operations Circular during the period established in the first paragraph of subsection i. of Circular 8/2020, as modified by this Circular, must perform all necessary acts so that the pieces presumably counterfeit reach the offices of the Bank of Mexico within a maximum period of 20 banking days counted from the next banking day following the entry into force of this Circular.

THIRD.- Credit institutions that, upon the entry into force of this Circular, have not registered the result of the verification of claims in the Currency Authentication System (SAM) in accordance with numeral II.VIII.2.4 of the Cash Operations Circular during the period established in the first paragraph of subsection i. of Circular 8/2020, as modified by this Circular, must perform the aforementioned registration within a maximum period of 5 banking days counted from the next banking day following the entry into force of this Circular.

FOURTH.- Credit institutions that fail to comply with what is provided in the TRANSITORY PROVISIONS SECOND and THIRD of this Circular will be sanctioned by the Bank of Mexico in accordance with what is established in articles 48 and 48 Bis 1 of the Credit Institutions Law, as well as 37 of the Bank of Mexico Law, without prejudice to the responsibilities and sanctions they may incur for non-observance of other applicable norms.

Mexico City, March 29, 2022.- BANK OF MEXICO: General Legal Director, Luis Urrutia Corral.- Signature.- General Director of Financial System Affairs, José Luis Negrín Muñoz.- Signature.- General Director of Issuance, Alejandro Alegre Rabiela.- Signature.

268 OFFICIAL GAZETTE Monday, April 4, 2022

For any inquiries regarding the content of this Circular, the Bank of Mexico is at your disposal through the Directorate of Authorizations and Central Bank Sanctions at telephone (55) 5237-2000 extension 3200.