General Provisions Applicable to Self-Regulatory Organizations Recognized by the National Banking and Securities Commission

DOF: 06/05/2016

GENERAL PROVISIONS APPLICABLE TO SELF-REGULATORY ORGANIZATIONS RECOGNIZED BY THE NATIONAL BANKING AND SECURITIES COMMISSION

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.

The National Banking and Securities Commission, based on the provisions of Articles 230 of the Securities Market Law, 7 Bis 2 of the Credit Institutions Law, 35 of the Investment Funds Law, and 115 of the Savings and Popular Credit Law, as well as Articles 4, fractions XXXVI and XXXVIII, and 16, fraction I of the Law of the National Banking and Securities Commission, and

CONSIDERING

That it is necessary that the norms applicable to self-regulatory organizations include in their scope of application those associations or guild societies referred to in the Credit Institutions Law and the Savings and Popular Credit Law that wish to obtain recognition as such from the National Banking and Securities Commission, since the current norms are silent regarding such associations, and

That in consistency with the above, the rules governing the process to obtain recognition as a self-regulatory organization, the authorization for said organizations to grant certifications in terms of the corresponding laws, as well as their revocation, are established, so that in order to have a secondary framework consistent with the Credit Institutions Law, the Savings and Popular Credit Law, and the Securities Market Law, it has resolved to issue the following:

GENERAL PROVISIONS APPLICABLE TO SELF-REGULATORY ORGANIZATIONS RECOGNIZED BY THE NATIONAL BANKING AND SECURITIES COMMISSION

Chapter I

On Recognition

Chapter II

On Self-Regulatory Organizations Authorized to Certify

Chapter III

On Revocation

Chapter I

On Recognition

Article 1.- For the purposes of these provisions, the following terms shall be understood in singular or plural:

I.
Commission, the National Banking and Securities Commission.

II.
LACP, the Savings and Popular Credit Law.

III.
LFI, the Investment Funds Law.

IV.
LIC, the Credit Institutions Law.

V.
LMV, the Securities Market Law.

VI.
Self-regulatory organizations, the associations or guild societies referred to in Articles 228, first and third paragraphs of the Securities Market Law, 7 Bis of the Credit Institutions Law, and 113 of the Savings and Popular Credit Law, recognized by the Commission as such.

VII.
Credit information reports, the special credit reports issued by credit information societies referred to in Article 36 Bis of the Law to Regulate Credit Information Societies, namely:

a)
That issued by a credit information society that includes the information contained in the databases of the other credit information societies, or

b)
The individual credit reports issued by all credit information societies.

Article 2.- Associations or guild societies that wish to obtain recognition from the Commission as a Self-regulatory organization must submit a written application to said Commission, accompanied by the following documentation:

I.
Draft of the constitutive act or draft of the bylaws.

II.
List of the members that comprise them, which must represent the majority or, in their case, the largest number of entities, societies, or service providers linked to the corresponding market, in the sector or area in which the self-regulation functions are intended to be developed.

III.
Document in which the internal organization and functioning in matters of self-regulation is described, containing, at least, aspects related to:

a)
The requirements and procedures for admission and exclusion of its members.

b)
The rights and obligations of its members.

c)
The specific self-regulation functions they intend to develop.

d)
The procedure for representation and participation of its members in the sessions of the board of directors and technical committees.

e)
The procedure to be followed to elaborate self-regulation norms, as well as to make them effective and sanction their non-compliance.

f)
The procedures to prevent and resolve conflicts of interest that arise among its members, as well as between them and the Self-regulatory organization itself.

g)
The other aspects indicated by the LIC, LMV, and LACP, as applicable.

IV.
Procedure to verify the performance of its members, as well as of those other persons subject to compliance with the self-regulation norms they issue.

V.
List of the probable councilors and executives of the Self-regulatory organization.

VI.
In its case, application for authorization to certify natural persons who, in accordance with the LMV and LFI, must be certified, in the case of associations or guild societies that intend to obtain recognition as a Self-regulatory organization of securities market intermediaries or investment advisors. Such application must be accompanied by the information and documentation referred to in Article 5 of these provisions.

Self-regulatory organizations must notify the Commission of any modifications made to the documentation indicated in fractions I to V of this article, within ten business days following the date on which they are carried out.

Article 3.- Self-regulatory organizations are obligated to:

I.
Verify that the activities of their members and the executives and employees thereof comply with the self-regulation norms they issue.

II.
Ensure that their administrative bodies, committees, and working groups linked to the self-regulatory activity are integrated in an equitable and consistent manner with their objectives, by persons who have the capacity, professional and technical experience, to carry out their function efficiently and who, in addition, conduct themselves with independence.

III.
Report to the Commission serious infractions committed by their members and the executives and employees thereof, against the self-regulation norms they issue.

IV.
Report to the Commission irregularities that, within their competence, they detect regarding the performance of their members and the executives and employees thereof, as well as of those other persons subject to compliance with the self-regulation norms they issue, which may presumably be violations of the LIC, LMV, LFI, and LACP.

V.
Provide the Commission, when so requested, with the information and documentation related to the exercise of their self-regulatory functions.

Article 4.- Self-regulatory organizations, in the elaboration of the self-regulation norms governing the performance of their members and the executives and employees thereof, must contemplate adequate consultation procedures among the subjects of their regulation. Likewise, they must have efficient mechanisms for the dissemination of the self-regulation norms they issue.

Chapter II

On Self-Regulatory Organizations Authorized to Certify

Article 5.- Self-regulatory organizations of securities market intermediaries and investment advisors that intend to certify natural persons who, in accordance with the LMV and LFI, must be certified, must request authorization from the Commission to carry out such certifications, adhering for such effect to the provisions of this Chapter. The application for authorization must be accompanied by the following information and documentation:

I.
Draft manual containing the policies, guidelines, methodologies, and procedures to accredit the technical quality of persons intending to obtain certification, which includes, at least, the following:

a)
The policies and guidelines for the granting and renewal of certifications, indicating the certifications they intend to grant in accordance with the LMV and LFI. Likewise, the validity of the certifications they issue must be determined, which cannot be greater than three years.

b)
The guidelines for the preparation of exams by type of certification; their respective syllabi, study guides, and bibliography, as well as the procedure to certify applicants who have twenty-five years of experience in the financial system, as provided in Article 7 of these provisions. Additionally, the procedures for the review and update of such guidelines and procedures, as well as of the exams themselves, must be specified.

c)
The methodology for grading exams, which must indicate the minimum passing grade as well as, in its case, the weights to be used for each topic that make up the exams. Likewise, the procedures for the review and update of said methodology must be indicated.

d)
The procedure to verify the information referred to in fractions I and II of Article 12 of this instrument.

The reviews referred to in sub-paragraphs b) and c) above must be carried out at least once a year or earlier if there are relevant modifications to the LMV, LFI, or the provisions emanating from them that persons obtaining the certification in question must know.

II.
Procedures for the resolution of controversies and disagreements presented by applicants for certification, in case of disagreement with the grade obtained.

III.
The list of persons who will make up the certification committee, as well as the documentation accrediting compliance with the requirements indicated in Article 8 of these provisions.

IV.
Description of the infrastructure they will use, as well as the personnel they will have to carry out the certification procedure.

Self-regulatory organizations authorized to certify must notify the Commission of any modification to the information or documentation referred to in this article within ten business days following the date on which the corresponding modifications are made.

Article 6.- Self-regulatory organizations authorized to certify may evaluate the technical quality of persons who, in accordance with the LMV and LFI, must obtain such certification, through the application of exams, or, in the case of persons who have at least twenty-five years of experience in the financial system, through any other accreditation procedure determined for such effect by the Self-regulatory organizations, provided it is adequate to demonstrate the corresponding technical quality. Likewise, self-regulatory organizations authorized to certify must verify the credit history and honorability of applicants intending to obtain the aforementioned certification.

Article 7.- Self-regulatory organizations authorized to certify, in the application of the exams they establish to carry out the certification referred to in this Chapter, are obligated to:

I.
Make available to applicants interested in taking the certification exams, the policies and guidelines established for such effect, as well as a study guide containing the subjects that are the object of the exams.

II.
Have electronic systems that allow generating technical quality certification exams that are different for each applicant and that contain theoretical and practical questions, related to the different subjects that make up the study guide.

Such systems must have security mechanisms that prevent unauthorized persons from accessing the questionnaires, modifying exam answers, or altering the records of results obtained, for which additional controls generating audit trails will be implemented.

In no case, self-regulatory organizations authorized to certify, nor their executives and other personnel, may have property or business links with educational institutions or of any other type, related to the provision of courses directed at the preparation of persons who might eventually request the aforementioned certification. The foregoing will not apply to courses related to the code of ethics and conduct that self-regulatory organizations authorized to certify provide as a prior requirement to take the certification exam, nor to executives and other employees who personally engage in teaching activity at the educational institution in question.

The application of the certification exam cannot be conditioned on the applicant having to register and participate previously in preparation courses offered by a particular educational institution, except with regard to ethics and conduct courses related to the securities sector.

Article 8.- Self-regulatory organizations authorized to certify must have a certification committee integrated, at least, by three persons designated jointly by the members of the Self-regulatory organization in question, who have knowledge and experience in the different functions and activities performed by persons who, in accordance with the LMV and LFI, must obtain such certification, as well as by an independent member of recognized prestige in matters of academic quality evaluation and job performance. The number of members comprising the committee must always be odd.

Additionally, in the case of Self-regulatory organizations that, among other figures, certify stockbrokers or agents of securities market intermediaries, the certification committee must have a representative of each corporation that has obtained a concession from the Ministry of Finance and Public Credit to organize and operate as a stock exchange.

The aforementioned Self-regulatory organizations must ensure that the certification committee has a representative of each of the associations or guild societies that comprise the financial entities or societies that require the services of certified natural persons in terms of the LMV and LFI.

In no case, the members of the certification committee may have property or business links with educational institutions or of any other type, related to the provision of courses directed at the preparation of persons who might eventually request the certification of technical quality. The foregoing will not apply to persons who personally engage in teaching activity at the educational institution offering the aforementioned courses.

Article 9.- The certification committee will have, among others, the following functions and responsibilities:

I.
Approve the manual referred to in Article 5, fraction I of these provisions.

II.
Approve the procedures for the resolution of controversies and disagreements presented by applicants for certification.

Article 10.- Self-regulatory organizations authorized to certify, in order to verify the credit history of applicants for certification referred to in this instrument, must obtain from the interested person a Credit Information Report with an issuance date not greater than three months prior to the date of the application, containing antecedents of at least five years prior to the date on which the aforementioned certification is intended to be obtained.

In any case, self-regulatory organizations authorized to certify must establish policies that allow them to evaluate the credit history of applicants, based on the Credit Information Report. Such policies will take into account, at least, the following:

I.
Criteria to value the content of Credit Information Reports, allowing the qualification of the candidate's credit profile, in the event that they have overdue debts or other types of negative credit antecedents.

II.
The additional information required from persons who fall into the cases provided for in the previous fraction.

III.
The procedure to keep the information contained in the registry referred to in Article 12 of these provisions updated, without in any case such update exceeding three years.

Article 11.- To verify honorability, self-regulatory organizations authorized to certify must consider that applicants for certification:

I.
Have not been convicted by an irrevocable sentence for an intentional crime that imposes a penalty of more than one year of imprisonment. In the case of intentional property crimes, regardless of the penalty.

II.
Are not, at the time of the application, administratively or, in their case, criminally disqualified or suspended from exercising commerce or holding a position, job, or commission in public service or in the Mexican financial system.

III.
Have not been subject to administrative investigation or inquiry procedures for serious infractions or penal offenses, for violations of national or foreign financial laws, which have resulted in any type of administrative or penal resolution or agreement concluding with a pardon or agreement that explicitly implies acceptance of guilt or responsibility, or a final convicting sentence.

For the purposes of the provisions of this article, self-regulatory organizations authorized to certify may take into consideration the declaration referred to in Article 12, fraction V, sub-paragraph b) of these provisions.

Article 12.- Self-regulatory organizations authorized to certify in terms of these provisions must keep in a centralized manner and separate from the certification committee, a registry containing regarding each person who applies for and obtains the certification referred to in this instrument, the following information and documentation:

I.
General data of the applicant, including their identity according to the birth certificate or valid official identification, which may be the passport, the voter credential issued by the National Electoral Institute, or the professional license; address; federal taxpayer registry; unique population registry key, and nationality or migratory status. The indicated information must be supported by the corresponding documentation in accordance with what is provided for such effects in the manual referred to in Article 5, fraction I of these provisions.

II.
In its case, titles, certificates, diplomas, or any other type of document, in which the recognition of technical or professional studies is stated, issued by educational institutions.

III.
Certification and update of the certification granted by the Self-regulatory organization in question, in which the respective specialty and the date of issuance are specified.

In the case of stockbrokers, additionally, a certificate issued by the stock exchange in which they will operate, accrediting compliance with the requirements established in its internal regulations.

IV.
The Credit Information Report and antecedents referred to in these provisions.

V.
The declaration signed by the applicant in which it is expressly stated:

a)
Their consent for the information on file in the registry to be disclosed by the corresponding Self-regulatory organization in accordance with the provisions of these provisions.

b)
Whether they fall or do not fall into any of the following situations:

i.
Any of fractions I to III of Article 11 of these provisions.

ii.
Having been declared in civil or commercial bankruptcy without being rehabilitated.

iii.
Being subject to criminal proceedings.

iv.
Having pending litigation against the entity or society in which they intend to provide services and, in their case, appoint them as agent, or against those societies that are part of the financial group to which the corresponding entity or society belongs.

v.
Having conflicts of interest with the entity or society in which they intend to provide their services or, in their case, appoint them as agent, or with those societies that are part of the financial group to which the respective entity or society belongs.

VI.
Letter signed by the regulatory controller of the entity or society in question or their equivalent, informing the data of the public instrument in which the special power granted to the interested party to act as a stockbroker or agent of securities market intermediaries or investment advisor is stated, as applicable.

VII.
In case of requiring Commission authorization, a copy of the notification by which the Commission makes known to the Self-regulatory organization the granting of authorization to the applicant to act with the capacity in which they present themselves, and, when applicable, the notification by which said Commission informs the Self-regulatory organization that the aforementioned authorization is revoked, stating in such case the causes that motivated such determination.

In any case, the Commission will make public through its website on the worldwide electronic network known as the Internet the names of persons authorized to act as stockbrokers or agents of securities market intermediaries.

The registry referred to in this article may be consulted by interested parties who demonstrate having a legal interest, as well as by the members of the Self-regulatory organization in question, in accordance with these provisions and with the procedures it establishes for such effects.

In any case, the information and documentation contained in the registry referred to in this article may be preserved by microfilming, recording on optical disks, or any other electronic means. The information and documentation contained in the registry must be at the disposal of the Commission at all times.

Self-regulatory organizations authorized to certify must establish policies and guidelines to keep the information related to the honorability of the person in question contained in the registry updated, without in any case such update exceeding three years.

Article 13.- Self-regulatory organizations authorized to certify must have the necessary security measures to monitor that the information contained in the registry referred to in

the previous article shall be used solely by persons authorized by the assignment of the corresponding access keys and in accordance with the consultation mechanisms established for that purpose.

Likewise, they shall be obliged to implement the necessary controls to prevent the performance of acts that modify or alter the information contained therein, and to establish plans or procedures that support such information and generate audit trails.

Article 14.- The Self-Regulatory Organizations authorized to certify shall make known to the public, through their Internet website, the names of the natural persons who hold the certification referred to in the Securities Market Law (LMV) and the Federal Tax Code (LFI), adding to such information the name of the entity or company where they provide their services, if applicable, as well as information regarding the power of attorney granted to the person in question.

The Self-Regulatory Organizations shall be obliged to update the information referred to in the preceding paragraph within a period not exceeding 3 business days counted from the occurrence of any change in such information, or from the time the corresponding self-regulatory organization becomes aware of the change.

Article 15.- The Self-Regulatory Organizations authorized to certify shall submit to the Commission the authorization requests of natural persons who wish to act as stock operators or agents of securities market intermediaries, in accordance with the provisions of the "General Provisions Applicable to Stock Operators and Agents of Securities Market Intermediaries for the Celebration of Operations with the Public".

Chapter III

On Revocation

Article 16.- The Commission, prior to agreement by its Board of Directors, may determine that the recognition granted to Self-Regulatory Organizations be revoked, after hearing the interested party, when any of the following circumstances arise:

I.

They cease to represent the majority or, in their case, the largest number of entities, companies, or service providers linked to the sector in question.

II.

They repeatedly fail to comply with the legal and administrative provisions applicable to them.

Article 17.- The Commission may revoke the certification authorization granted to Self-Regulatory Organizations of securities market intermediaries and investment advisors, after hearing the organization, in any of the following circumstances:

I.

Conflicts of interest exist in the performance of the certification function, by members of the certification committee or any counselor, executive, or employee who participates in the certification procedure.

II.

They repeatedly fail to comply with the obligation to submit to the Commission the authorization requests of natural persons who wish to act as stock operators or agents of securities market intermediaries, in accordance with the applicable provisions.

III.

They repeatedly fail to comply with the provisions of Chapter II of these Provisions.

IV.

They do not carry out certification procedures within the six months following the granting of the authorization to certify.

V.

They do not have the infrastructure and personnel necessary to carry out the certification procedure.

TRANSITORY PROVISIONS

FIRST.- These Provisions shall enter into force the day following their publication in the Official Gazette of the Federation.

SECOND.- Upon the entry into force of these Provisions, the "General Provisions Applicable to Self-Regulatory Organizations of the Securities Market Recognized by the National Banking and Securities Commission", published in the Official Gazette of the Federation on June 27, 2002, and amended by resolution published in the said gazette on June 16, 2006, are hereby repealed.

THIRD.- Self-regulatory organizations recognized as such by the National Banking and Securities Commission in accordance with the provisions of the Securities Market Law or the Investment Fund Law, shall be deemed authorized to continue operating with such status, remaining subject to the provisions of these Provisions.

Self-regulatory organizations authorized to carry out any of the certifications referred to in the Securities Market Law or the Investment Fund Law, shall have a period of six months counted from the entry into force of these Provisions to submit to the National Banking and Securities Commission the manual referred to in Article 5, fraction I of this instrument.

Respectfully,

Mexico City, April 27, 2016. - The President of the National Banking and Securities Commission, Jaime González Aguadé. - Initials.

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