General Provisions Applicable to Stock Exchange Operators and Agents of Securities Market Intermediaries for Conducting Transactions with the Public

(6) GENERAL PROVISIONS APPLICABLE TO STOCK EXCHANGE OPERATORS AND AGENTS OF SECURITIES MARKET INTERMEDIARIES FOR CONDUCTING TRANSACTIONS WITH THE PUBLIC Published in the Official Gazette of the Federation on June 27, 2002, modified through Resolutions published in the same Gazette on June 30 and December 30, 2003; August 5, 2005, November 10, 2006 and June 5, 2014.

(6) The National Banking and Securities Commission, based on articles 4, fractions I, XII, XXXVI and XXXVII, 16 fraction I and 19 of its Law; 193 first and second paragraphs, 247 fraction III and 413 of the Securities Market Law; 81 of the Credit Institutions Law, and 35 of the Investment Companies Law, and CONSIDERING That in order to provide legal certainty in the transactions conducted with the investing public, securities market intermediaries and persons who manage securities portfolios commonly known as investment advisors, it is convenient that they use the services of natural persons who, acting on their behalf, demonstrate compliance with the requirements established in financial legislation regarding technical capacity, honorability and satisfactory credit history; That the certification of the technical capacity of the aforementioned natural persons, as well as the verification of their credit quality and honorability, may be carried out by self-regulatory organizations recognized by the National Banking and Securities Commission, which does not substitute the responsibility of securities market intermediaries and investment advisors to establish internal selection processes deemed appropriate in order to hire persons who meet the conditions of aptitude and suitability regarding the activity to be performed; That the National Banking and Securities Commission will take into account such certification and verification, in order to authorize persons who intend to act as stock exchange operators, or agents to conduct transactions with the public, of advice, promotion or, if applicable, purchase and sale of securities, on behalf of the aforementioned intermediaries and investment advisors; That regarding stock exchange operators, in addition to the requirements they must comply with in accordance with the provisions of the Securities Market Law, they must demonstrate those established by the stock exchanges for this purpose in their internal regulations; That it is convenient that the self-regulatory organizations referred to, maintain a roster or registry of persons regarding whom authorization is requested and obtained to act as stock exchange operators or agents of securities market intermediaries and investment advisors, which allows them to be clearly identified and generate greater confidence in the investing public, and That in order to comply with the applicable legal framework, it is convenient to establish the obligation to grant special powers of attorney to the aforementioned natural persons, by the intermediaries of the securities market and the clients of investment advisors, in which the instructions that such agents must follow are agreed upon, has resolved to issue the following:

(6) GENERAL PROVISIONS APPLICABLE TO STOCK EXCHANGE OPERATORS AND AGENTS OF SECURITIES MARKET INTERMEDIARIES FOR CONDUCTING TRANSACTIONS WITH THE PUBLIC

Article 1.- For the purposes of these Provisions, the following shall be understood:
(6) I. Agent, as the natural person who receives a power of attorney from a Securities Market Intermediary to conduct transactions with the public involving securities in compliance with contracts of stock exchange intermediation, trusts, mandates or commissions, as well as contracts of deposit and administration of securities, which clients have entered into with brokerage firms or other financial entities authorized to operate with securities on behalf of third parties. Delegates of credit institutions and brokerage firms who carry out the aforementioned acts under trusts, mandates or commissions, in cases where they intervene in the conduct of transactions with securities, shall be included within this definition.

(8) II. Repealed.
III. Commission, refers to the National Banking and Securities Commission.
(6) IV. Securities Market Intermediary, as the person who falls under any of the circumstances referenced in article 113 of the Securities Market Law.
(6) V. Stock Exchange Operator, as the natural person who receives a power of attorney from a brokerage firm to operate the trading systems of a stock exchange, in accordance with the provisions of article 247, fraction III of the Securities Market Law.
VI. Self-Regulatory Organizations, as the trade associations of securities market intermediaries and providers of services linked to the securities market recognized as such by the Commission and which have the corresponding authorization to certify the
technical capacity of persons intending to act as Stock Exchange Operators or Agents.
VII. Roster, as the roster or registry that Self-Regulatory Organizations must maintain in
accordance with article 10 of the "General Provisions applicable to self-regulatory organizations of the securities market recognized by the National Banking and Securities Commission".

(6) Article 2.- These Provisions aim to establish the minimum requirements that persons intending to act as Stock Exchange Operators or Agents of Securities Market Intermediaries must comply with.
(6) The provision of services to conduct transactions on behalf of clients of Securities Market Intermediaries or in stock exchanges may only be carried out by Stock Exchange Operators and Agents who satisfy the requirements established in these provisions.
(6) All procedures regarding the authorization to act as Stock Exchange Operators or Agents, as well as the integration of files in the Roster, shall be carried out by the Securities Market Intermediaries before the Self-Regulatory Organization, on behalf of the natural person intending to obtain the aforementioned authorization.

Article 3.- Persons wishing to obtain authorization to act as Stock Exchange Operators
or Agents must comply with the following:
I. Demonstrate to the Self-Regulatory Organization the technical quality certification exams established by it. Additionally, regarding Stock Exchange Operators, comply with the
requirements provided in the internal regulation of the stock exchange in which they intend to participate.
II. Demonstrate to the Self-Regulatory Organization that they have a satisfactory credit history
and enjoy honorability, in accordance with applicable provisions.
(9) III. Present to the Self-Regulatory Organization a letter from a Securities Market Intermediary in which they express their intention for the natural person to act as their Agent or Stock Exchange Operator, once they have obtained the corresponding authorization. Regarding Securities Market Intermediaries that are part of a financial group, it will be sufficient with a letter from any of the entities that integrate it.

(9) Article 4.- Self-Regulatory Organizations must promote before the Commission, no later than within a period of 5 business days counted from the date on which the procedure established by said Organization has been concluded, the application for authorization to act as a Stock Exchange Operator or Agent, for which they must previously obtain the consent of the natural person in question and physically present the aforementioned application to the Commission or

well, electronically in the event that an online connection is available, for the sending of communications and notifications, using, in both cases, the model attached to these Provisions.
(8) Second Paragraph.- Repealed.
In the event that the Self-Regulatory Organization does not present the application referred to in the first paragraph of this article, within the period established therein, the natural persons wishing to act as Stock Exchange Operator or Agent may present a complaint directly before the Commission, which will resolve definitively granting or denying the corresponding authorization, within the period indicated in article 5 below.

Article 5.- The Commission will resolve on the application referred to in the previous article, within a
maximum period of 20 business days, counted from the date of receipt of the documentation attached to it. In all cases, the Commission must notify the interested party and the Self-Regulatory Organization of its resolution.
In the event of a favorable resolution, the authorization will be non-transferable and will provide that the name of the person authorized by the Commission to act as a Stock Exchange Operator or Agent will be made public through the electronic page on the worldwide network (Internet) identified by the name: http://www.cnbv.gob.mx/ and will require the Self-Regulatory Organization to register said administrative act in the Roster, which must occur within a period no longer than 2 business days, counted from said request.

(6) Article 6.- The authorization to act as a Stock Exchange Operator or Agent will take full effect from the moment the respective special power of attorney is formalized and will have a validity of three years from the date of its granting by the Commission. However, the authorization will remain valid for successive equal periods if before the end of each three-year period the Stock Exchange Operator or Agent obtains the update of technical capacity, in terms of the "General Provisions applicable to self-regulatory organizations of the securities market recognized by the National Banking and Securities Commission", for which purpose the Self-Regulatory Organization must notify the Commission of cases where the corresponding update certification has not been granted, at least 3 business days in advance of the expiration date of the validity period of the authorization. (6) Persons authorized under articles 193, 247, fraction III or 413 of the Securities Market Law, who simultaneously provide their services to more than one Securities Market Intermediary that are part of the same financial group, must hold a special power of attorney granted by each of the Intermediaries to whom they provide their services. Persons authorized under article 35 of the Investment Companies Law, who simultaneously provide their services to more than one operating company of investment companies, distributing company of investment company shares, or financial entity acting as a distributor, must hold a special power of attorney granted by each of the aforementioned intermediaries to whom they provide their services, regardless of whether the latter are part of the same financial group or not. (6) Securities Market Intermediaries must deliver to the Self-Regulatory Organization that maintains the Roster of their Stock Exchange Operators or Agents, the data of the public instrument in which the special power of attorney referred to in the first paragraph of this article is recorded, within 5 business days following the date of its granting. The Self-Regulatory Organization must make the information referred to in this article known to the Commission, no later than 5 business days following the day on which it becomes aware of it.

(6) Article 7.- Securities Market Intermediaries must establish policies and communication mechanisms with Self-Regulatory Organizations, allowing them to:

I. Request information regarding natural persons who have obtained authorization to act as
Stock Exchange Operators or Agents.
II. Keep updated the information contained in the Roster regarding Stock Exchange
Operators or Agents authorized by the Commission.
(6) In the event that irregularities in the conduct of Stock Exchange Operators or Agents are detected, Securities Market Intermediaries must notify the Self-Regulatory Organization of the legal actions taken that result in a condemning resolution, in order for the Organization to make the corresponding annotations in the Roster.

(6) Article 8.- Securities Market Intermediaries must notify the Self-Regulatory Organizations that maintain the Roster of their Stock Exchange Operators or Agents, the revocation of the power granted to them, as well as the data of the public instrument in which it is recorded, informing the reasons that, if applicable, originated it, within 5 business days following said event. The Self-Regulatory Organization must make the information referred to in this article known to the Commission, no later than 5 business days following the day on which it becomes aware of it and will make the corresponding annotations in the Roster, in order for any interested third party to verify that the person in question is not enabled to hold themselves out as a Stock Exchange Operator or Agent, until such person does not have the power referred to in article 6 of these Provisions.

Article 9.- The Commission may determine that the authorization granted to act as a
Stock Exchange Operator or Agent be revoked, prior to a hearing of the interested person, when the latter falls under any of the following circumstances:
(6) I. Ceases to satisfy the requirements referred to in articles 193, 247, fraction III or 413 of the Securities Market Law or 35 of the Investment Companies Law.
(6) It is considered that the person in question ceases to satisfy the legal requirements referred to in the previous paragraph when they fail to meet the requirements of honorability and satisfactory credit history, or commit serious or repeated violations of the self-regulation norms issued by Self-Regulatory Organizations. (4) Self-Regulatory Organizations must make known to the Commission, through free format, the names of Stock Exchange Operators and Agents who fall under any of the circumstances referred to in this fraction, within 5 business days following the day on which they become aware of such circumstance, specifying in all cases the irregularities detected. (5) II. Repealed.
III. Commit serious or repeated violations of the Securities Market Law, Investment Companies Law or the general provisions derived from them.
(6) Likewise, the Commission may revoke the authorization granted to act as a Stock Exchange Operator or Agent, once that, in accordance with article 393 of the Securities Market Law or 80, fraction III of the Investment Companies Law, it has determined the suspension, removal or disqualification of Stock Exchange Operators or Agents. (6) Once the authorization has been revoked or has expired due to termination of its validity, the Commission will proceed to remove the name of the person in question from the electronic page on the worldwide network (Internet) identified by the name: http:/www.cnbv.gob.mx/ and communicate it to the Self-Regulatory Organization in order to register the revocation or termination of validity, as applicable, in the respective Roster.

(10) Article 9 Bis.- Securities Market Intermediaries may hire third parties to provide services for the receipt of instructions and conduct of transactions with the public of advice, promotion and purchase and sale of securities, which in all cases will be carried out through Agents to whom the Securities Market Intermediaries themselves grant a power for such purposes. (10) In these cases, they must agree in the service provision contract or respective legal instrument they enter into, the unconditional acceptance by the third parties to deliver to the Commission, through the Securities Market Intermediaries, the information and documentation, including books, systems, records, manuals and documents in general, related to the provision of the service in question. (10) The information requests and, if applicable, the observations or corrective measures derived from the supervision carried out by the Commission in terms of applicable provisions, will be made directly to the Securities Market Intermediaries. (10) Likewise, the Commission, in accordance with what is provided by the "General Provisions referred to in article 115 of the Credit Institutions Law", the "General Provisions referred to in article 212 of the Securities Market Law" and the "General Provisions referred to in articles 108 Bis of the Savings for Retirement Systems Law and 91 of the Investment Companies Law", issued by the Secretariat of Finance and Public Credit, or those that replace them, may at any time, make information requests, as well as verify that third parties have the necessary information in order to comply with what is provided in such provisions.

(9) Article 10.- Non-compliance with these Provisions will give rise to the sanctions that apply in terms of applicable legal provisions. Regarding the circumstance provided for in article 9 Bis of these provisions, the sanctions may be imposed on both the Securities Market Intermediaries, as well as on the Agents themselves, in accordance with what is provided in article 391, fourth paragraph of the Securities Market Law, 84, third paragraph of the Investment Funds Law and 109 Bis 5, first paragraph of the Credit Institutions Law.

TRANSITORY PROVISIONS
(General provisions applicable to stock exchange operators and agents of securities market intermediaries and investment advisors for the conduct of transactions with the public, published in the Official Gazette of the Federation on June 27, 2002)

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

SECOND.- Upon the entry into force of these Provisions, circulars 10-49, 10-50 and 10-68 issued by the then National Securities Commission will be repealed.
Likewise, upon the entry into force of these Provisions, the third and fifth provisions contained in Circular 10-130 issued by the then National Securities Commission are repealed.

(2) THIRD.- The authorizations granted prior to the "Decree by which various provisions of the Securities Market Law and the National Banking and Securities Commission Law are reformed, added and repealed" published in the Official Gazette of the Federation on June 1, 2001, which had been granted by the National Banking and Securities Commission to the respective brokerage firms regarding the persons who provide them services to conduct transactions with the public as Stock Exchange Operators or Agents, under articles 17, fraction III and 31, fraction VIII, subsection d) of the Securities Market Law in force until that date, will have effects until July 30, 2004, provided that the natural person in question has initiated before the corresponding Self-Regulatory Organization the certification process provided for in article 3, fraction I of these Provisions, prior to February 28, 2004, for which in

such case, the authorization referred to in Articles 17 Bis 7 and 37, fraction III of the current Securities Market Law will not be required before July 30, 2004.

(2) The validity period provided in the preceding paragraph shall also apply to authorizations granted by the National Banking and Securities Commission (CNBV) until December 4, 2001, to Investment Company Operating Societies and financial entities that could act as investment company operators, regarding persons who provide them services to conduct transactions with the public as Agents in compliance with Articles 28, second paragraph, and 29, fraction VIII of the Investment Company Law in effect until December 4, 2001, provided that the natural person in question has initiated before the corresponding Self-Regulatory Organization the certification process provided for in Article 3, fraction I of these Provisions, prior to February 28, 2004; in which case, the authorization referred to in Article 35 of the current Investment Company Law will not be required before July 30, 2004.

(2) Persons who currently provide their services at a stock exchange house, investment company operating society, or financial entity that distributes shares of investment companies, who have been authorized by the National Banking and Securities Commission to conduct transactions with the public as Agents, or as Stock Exchange Operators, as applicable, all of this after the entry into force of the Decree and Law referred to in the first and second paragraphs above, respectively, and until the entry into force of these Provisions, may maintain their respective authorizations under Articles 17 Bis 7 and 37, fraction III of the Securities Market Law and 35 of the Investment Company Law, until July 30, 2004, provided that the natural person in question has initiated before the corresponding Self-Regulatory Organization the certification process provided for in Article 3, fraction I of these Provisions, prior to February 28, 2004.

(2) Self-Regulatory Organizations must submit to said Commission the authorization requests to act as Stock Exchange Operator or Agent, along with the necessary information and documentation, no later than May 31, 2004.

FOURTH.- Credit Institutions and Investment Advisors, who on the date of entry into force of these Provisions do not have natural persons authorized by the National Banking and Securities Commission to act as Agents, may grant the power referred to in Article 6 of these Provisions, under their strict responsibility, to persons who do not have the authorization referred to in Article 17 Bis 7 of the Securities Market Law.

(2) The power referred to in the preceding paragraph may remain valid until July 30, 2004, without the person in question having the respective authorization, provided that they have initiated before the corresponding Self-Regulatory Organization the certification process provided for in Article 3, fraction I of these Provisions, prior to February 28, 2004.

(3) Self-Regulatory Organizations must submit to the same Commission the authorization requests to act as Agent, along with the necessary information and documentation, no later than May 31, 2004.”

TRANSITIONAL
Resolution modifying the General Provisions applicable to stock exchange operators and agents of securities market intermediaries and investment advisors for conducting transactions with the public, published in the Official Gazette of the Federation on June 30, 2003

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

TRANSITIONAL
Resolution modifying the General Provisions applicable to stock exchange operators and agents of securities market intermediaries and investment advisors for conducting transactions with the public, published in the Official Gazette of the Federation on December 30, 2003

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

TRANSITIONAL
Resolution modifying the General Provisions applicable to stock exchange operators and agents of securities market intermediaries and investment advisors for conducting transactions with the public, published in the Official Gazette of the Federation on August 5, 2005

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

TRANSITIONAL
(Resolution modifying the General Provisions applicable to stock exchange operators and agents of securities market intermediaries for conducting transactions with the public, published in the Official Gazette of the Federation on November 10, 2006)

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

SECOND.- Authorizations to act as Stock Exchange Operator or Agent granted prior to the date of entry into force of this Resolution shall be subject to what is provided herein from the aforementioned date, attending to what is established in the following Transitional Provision.

THIRD.- Persons who on the date of entry into force of this Resolution enjoy authorization to act as Stock Exchange Operator or Agent and have not obtained the update of technical capacity within the corresponding period in accordance with Article 6 of the provisions modified through the present, as well as those persons whose technical capacity certification expires within the 3 months following the aforementioned date, will have a period of 180 natural days counted from the same date to comply with the update requirement. Upon expiration of the stated period without having obtained the update, the authorizations will expire and the Commission will proceed to remove the name of the person in question from the electronic page on the worldwide network (Internet) identified with the name: http:/www.cnbv.gob.mx/ and communicate it to the Self-Regulatory Organization so that it carries out the registration of termination of validity in the corresponding Register, in terms of what is established in Article 9, last paragraph of said provisions.

FOURTH.- The reform to Article 1, fraction I of the provisions modified through this Resolution, regarding the incorporation in the definition of Agent of fiduciary delegates acting under trusts, mandates, or commissions, through which they receive instructions from third parties to conduct transactions with securities, shall enter into force on December 25, 2006, in accordance with what is provided by the seventeenth transitional article of the Securities Market Law published in the Official Gazette of the Federation on December 30, 2005.

TRANSITIONAL
(Resolution modifying the General Provisions applicable to stock exchange operators and agents of securities market intermediaries for conducting transactions with the public, published in the Official Gazette of the Federation on June 5, 2014)

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

NATIONAL BANKING AND SECURITIES COMMISSION
APPLICATION FOR AUTHORIZATION OF STOCK EXCHANGE OPERATORS AND AGENTS OF SECURITIES MARKET INTERMEDIARIES AND/OR INVESTMENT ADVISORS

1. PHOTOGRAPH
2. PERSONAL DATA
   LAST NAME (PATERNAL) LAST NAME (MATERNAL) NAME(S)
3. TAX ID NUMBER (WITH HOMOCODE) 4. CURP 5. DATE OF BIRTH AND AGE
4. RESIDENCE ADDRESS (Street, No., Neighborhood, City, Federal Entity, and Postal Code)
5. RESIDENCE TELEPHONE
6. EMAIL
7. NATIONALITY
   a) Mexican: ____ b) Foreign: ____
   (indicate)
   Migration Status

---

10. ACTIVITY OR PROFESSION
11. MAXIMUM EDUCATIONAL DEGREE
12. AUTHORIZATION REQUESTED (Mark with an “X”)
    a) Agent to conduct transactions with the public of financial intermediary: __________ (specify class of intermediary) b) Agent to conduct transactions with the public of investment advisor: ___________ c) Stock Exchange Operator: __________
13. CERTIFICATE OF TECHNICAL CAPACITY CERTIFICATION.
    13.1 CERTIFIED SPECIALTIES AND/OR UPDATE (INDICATE DATE)
    A.- _____________________________________________ B.- _____________________________________________ C.- _____________________________________________
14. CERTIFICATE OF HONORABILITY AND SATISFACTORY CREDIT HISTORY.

The undersigned declares under oath that the information contained herein, as well as the supporting documentation contained in the Register, is true.
Likewise, they express their consent for any notification made to them in connection with the application of the “General Provisions applicable to stock exchange operators and agents of securities market intermediaries and investment advisors for conducting transactions with the public” to be considered validly made when practiced at the particular address indicated in this application.

DATE OF DELIVERY OF DOCUMENTATION TO CNBV: __________________________ ______________________________________________________________________________________ NAME AND SIGNATURE OF THE PERSON SEEKING AUTHORIZATION TO ACT AS STOCK EXCHANGE OPERATOR AND/OR AGENT OF FINANCIAL INTERMEDIARY OR INVESTMENT ADVISOR ________________________________________________________________________ NAME AND SIGNATURE OF THE REPRESENTATIVE OF THE SELF-REGULATORY ORGANIZATION ___________________________________________

CONSIDERING
(Resolution published on June 30, 2003)
That the deadline fixed in the “General Provisions applicable to stock exchange operators and agents of securities market intermediaries and investment advisors for conducting transactions with the public” for persons intending to act as agents of credit institutions and investment advisors to conclude the certification process of their technical quality is about to expire, which, combined with the high number of officials who have not yet obtained it due to their dispersion within the national territory, as well as the insufficient installed capacity by the self-regulatory organizations in charge of said process, has resolved to issue the following

CONSIDERING
(Resolution published on December 30, 2003)
That the transitional regime of the “General Provisions applicable to stock exchange operators and agents of securities market intermediaries and investment advisors for conducting transactions with the public,” established a validity period of eighteen months counted from June 28, 2002, for authorizations granted by the Commission to stock exchange houses, investment company operating societies, and financial entities acting as investment company operating societies or distributors of shares of investment companies, regarding persons who provide them services to conduct transactions with the public as Stock Exchange Operators or Agents, in order that during this period these latter persons obtain technical capacity certification before a self-regulatory organization and a new authorization; That on the other hand, credit institutions and investment advisors were allowed, under their strict responsibility, to grant powers to persons who did not have the respective authorization from the Commission, and must proceed to revoke said powers no later than December 30, 2003, unless they had previously obtained said authorization, and That despite the effort of all instances involved in the certification and authorization processes and in view of the high number of requests from persons interested in acting as Stock Exchange Operators or Agents, it is necessary to extend the aforementioned deadlines, as well as to unify the validity deadline dates of the authorizations or, in their case, of the corresponding powers, regarding all securities market intermediaries and investment advisors, has deemed it appropriate to issue the following:

CONSIDERING
(Resolution published on August 5, 2005)
That regarding the power of the National Banking and Securities Commission to revoke authorizations granted to stock exchange operators and agents of securities market intermediaries and investment advisors for conducting transactions with the public, it is necessary to complement the current regime with the express statement of the obligation of the self-regulatory organizations of the securities market to inform this authority of the names of persons who fall into any case of revocation of which they have knowledge in connection with the self-regulatory activities that pertain to them; That it is pertinent to suppress as a cause for revocation of the authorization to act as stock exchange operator or agent, the one related to inactivity in the provision of services for more than one year, allowing the exercise of the authorization during the three-year validity period of the technical capacity certification granted by a self-regulatory organization of the securities market, and

That it is convenient to expand the content of the application model for authorization to act as stock exchange operator or agent, in order to provide greater legal certainty to the actions of this Commission regarding these subjects, particularly in the practice of notifications; has deemed it appropriate to issue the following:

CONSIDERING
(Resolution published on November 10, 2006)
That it is necessary to update the legal bases supporting the general provisions issued by this Commission, applicable to stock exchange operators and agents of securities market intermediaries, derived from the issuance of the Securities Market Law, published in the Official Gazette of the Federation on December 30, 2005; That it is convenient to eliminate the references that said provisions make to stock market specialists and investment advisors, since with the entry into force of said Law, the former disappeared and the latter ceased to be subject to the supervision of this Commission; That it is appropriate to incorporate within the concept of agent of securities market intermediaries, the fiduciary delegates of credit institutions and stock exchange houses in cases where they intervene in the conduct of transactions with securities, in accordance with what is provided by said Law; That it is pertinent to expressly provide that authorizations granted by the Commission to act as stock exchange operator or agent of securities market intermediaries for conducting transactions with the public, expire once three years have passed from the date of their granting, in the event that the person in question does not comply with the requirement of updating technical capacity at least every three years, as established in Articles 7, fraction IV, second paragraph of the “General Provisions applicable to self-regulatory organizations of the securities market recognized by the National Banking and Securities Commission” and 9, fraction I, second paragraph of the provisions modified through this Resolution; That it is deemed appropriate to eliminate as a cause for revocation of the aforementioned authorizations, the lack of update of technical capacity by stock exchange operators and agents of securities market intermediaries, since in such case the respective authorizations would expire by termination of their validity; That in virtue of the fact that the aforementioned Securities Market Law confers upon this Commission the power to require self-regulatory organizations all the necessary information and documentation in order to verify compliance with said legal order and the provisions emanating from it, the power of this Decentralized Body to request complementary information in relation to authorization requests presented by said organizations is eliminated from the provisions modified through this Resolution, and That it is adequate to grant a grace period for those persons who upon the entry into force of this Resolution enjoy authorization to act as stock exchange operator or agent of securities market intermediaries for conducting transactions with the public, and who on the date have not obtained the corresponding update of technical capacity; has deemed it appropriate to issue the following:

CONSIDERING
(Resolution published on June 5, 2014)
That it is necessary to strengthen the regulatory framework that allows securities market intermediaries to contract with third parties the provision of services for receiving instructions from their clients and conducting transactions with the public of advice, promotion, and purchase and sale of securities, to provide greater legal certainty to market participants and to allow the National Banking and Securities Commission to continue exercising its supervisory powers, has resolved to issue the following:

REFERENCES
(1) Amended by Resolution published in the Official Gazette of the Federation on June 30, 2003.
(2) Amended by Resolution published in the Official Gazette of the Federation on December 30, 2003.
(3) Added by Resolution published in the Official Gazette of the Federation on December 30, 2003.
(4) Added by Resolution published in the Official Gazette of the Federation on August 5, 2005.
(5) Repealed by Resolution published in the Official Gazette of the Federation on August 5, 2005.
By Resolution published in the Official Gazette of the Federation on August 5, 2005, the model referred to in Article 4, first paragraph, titled “Application for authorization of stock exchange operations and agents of securities market intermediaries and/or investment advisors” is SUBSTITUTED. (6) Amended by Resolution published in the Official Gazette of the Federation on November 10, 2006. (7) Added by Resolution published in the Official Gazette of the Federation on November 10, 2006. (8) Repealed by Resolution published in the Official Gazette of the Federation on November 10, 2006. (9) Amended by Resolution published in the Official Gazette of the Federation on June 5, 2014. (10) Added by Resolution published in the Official Gazette of the Federation on June 5, 2014.