General Provisions Designating the Days in 2020 When Financial Entities Supervised by the CNBV Must Close and Suspend Operations

DOF: 20/12/2019

GENERAL PROVISIONS designating the days of the year 2020, on which the financial entities subject to the supervision of the National Banking and Securities Commission, must close their doors and suspend operations.

A seal with the National Coat of Arms appears at the margin, which reads: United Mexican States.- GOVERNMENT OF MEXICO.-

TREASURY.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.

The National Banking and Securities Commission, based on articles 4, fractions XXII and XXXVI and 16, fraction I of its Law; 95 of the Credit Institutions Law; 218, 243 and 279 of the Securities Market Law; 80, second paragraph, fraction VIII of the Investment Funds Law; 70 of the General Law of Organizations and Auxiliary Credit Activities; 46 Bis and 124 Bis 3 of the Popular Savings and Credit Law; 90 of the Credit Unions Law, and 68 of the Law to Regulate the Activities of Savings and Loan Cooperative Societies, has deemed it appropriate to issue the following:

GENERAL PROVISIONS DESIGNATING THE DAYS OF THE YEAR 2020, ON WHICH THE FINANCIAL ENTITIES SUBJECT TO THE SUPERVISION OF THE NATIONAL BANKING AND SECURITIES COMMISSION, MUST CLOSE THEIR DOORS AND SUSPEND OPERATIONS

Article 1.- Credit institutions, brokerage houses, stock exchanges, securities depository institutions, securities rating agencies, central counterparties for securities, derivatives contracts exchanges, derivatives instruments clearing houses and their clearing members, investment funds, investment fund operating companies, investment fund share distribution companies, investment fund share valuation companies, regulated multiple-objective financial societies, popular financial societies, community financial societies, rural financial integration bodies, credit unions, savings and loan cooperative societies, credit information societies and fintech institutions must close their doors, suspend operations, as well as the provision of services to the public in the Mexican Republic, on the following days of the year 2020:

I.

January 1.

II.

The first Monday of February in commemoration of February 5, that is, February 3.

III.

The third Monday of March in commemoration of March 21, that is, March 16.

IV.

April 9 and 10.

V.

May 1.

VI.

September 16.

VII.

November 2. Additionally, the third Monday of November in commemoration of November 20, that is, November 16.

VIII.

December 12 and 25.

IX.

Saturdays and Sundays.

Warehouse receipt warehouses and exchange houses may open their doors, operate and provide services to the public every day of the year 2020, provided they comply with these provisions.

Other financial entities, institutions and bodies subject to the supervision of the National Banking and Securities Commission, not included in the first and second paragraphs of this article, are not subject to these provisions.

Article 2.- The National Banking and Securities Commission may order the financial entities referred to in Article 1 of these provisions to close their doors and suspend operations within the Mexican Republic, on days other than those indicated in said article, when it deems necessary for reasons of national security or public interest.

The notifications carried out by the aforementioned Commission, in accordance with the provisions of the previous paragraph, may be made by email and other electronic means that allow proof of sending. For this purpose, the Commission must use the most recent information available in its database and that has been provided by the financial entities.

Article 3.- The financial entities mentioned in the first paragraph of Article 1 of these provisions, which intend to open their doors, operate and provide services to the public on the days of the year 2020 referred to in fractions I to IX of the cited provision, may do so without the need for authorization from the National Banking and Securities Commission, provided they submit a notice indicating the cities or localities of the country that will have open facilities and the type of operations they intend to carry out.

Such notice must be accompanied by the annual calendar for said period or, in cases of force majeure, the corresponding days, and in both cases, the respective justification.

Warehouse receipt warehouses and exchange houses that comply with what is established in Article 1, second paragraph of these provisions, will not be obligated to present the aforementioned calendar.

The aforementioned financial entities, as well as warehouse receipt warehouses and exchange houses that, as applicable, open their doors, operate and provide services to the public on the days referred to in fractions I to IX of Article 1 of these provisions, will conduct the operations they agree upon with their clients, with a value date on the next banking or stock market business day, when these require settlement through the country's payment system.

Article 4.- The financial entities mentioned in the first paragraph of Article 1 of these provisions, which intend to close their doors, suspend operations and cease providing their services to the public on the days of the year 2020 additional to those referred to in fractions I to IX of the cited provision, may do so without the need for authorization from the National Banking and Securities Commission, provided they submit a notice indicating the cities or localities of the country where the facilities will remain closed. Such notice must be accompanied by the annual calendar for said period or, in cases of force majeure, the corresponding days, and in both cases, the respective justification.

Warehouse receipt warehouses and exchange houses that intend to close their doors, suspend operations and cease providing their services to the public on any day of the year 2020 may do so, without the need for authorization from the National Banking and Securities Commission, provided they comply with what is established in the previous paragraph.

Justified causes will be considered to exist for presenting the annual calendar referred to in the first paragraph of this article, among others, when it concerns days that their collective contracts or general working conditions foresee as non-working days in accordance with regional usages and customs that have been established in the locality or geographical zone in question, as well as those determined by laws in electoral matters, to carry out any electoral voting day. Without prejudice to the foregoing, financial entities subject to these provisions must provide for minimum operational mechanisms that avoid disruptions to the country's payment system.

The dates established in the reference calendar will be considered as banking or stock market business days for operation, in accordance with what is provided in these provisions, for all applicable legal and administrative effects.

Article 5.- The annual calendar that financial entities determine to establish under Articles 3 and 4 above, as well as the modifications that they may make during the course of the year 2020, must be submitted to the National Banking and Securities Commission, at least 7 calendar days in advance of the date on which they intend to start its application.

Regarding the force majeure scenarios referred to in Articles 3 and 4 above, the respective notice must be submitted as soon as possible. In these cases, they must also notify the date on which the extraordinary opening or closing concludes.

The National Banking and Securities Commission may, at any time, veto or order corrections to the aforementioned calendar, when in its judgment and due to the dates indicated, the proper functioning of the country's payment system is endangered or interrupted, or, as applicable, the stability and security of the entity in question or the financial system as a whole.

Article 6.- Without prejudice to what is stated in Articles 3 and 4 above, financial entities subject to these provisions must keep a record of any temporary closure or change in hours of their branches for public attention or, as applicable, suspension of operations due to fortuitous event or force majeure, in which they record the date and the cause that originated it, keeping said record available to the National Banking and Securities Commission.

Likewise, regarding the temporary closure, change in hours or suspension of operations of branches due to the scenarios mentioned in the previous paragraph, which imply that in one or more cities of the Mexican Republic there is no possibility of opening doors and conducting operations with the public, thereby affecting the country's payment system, immediate notice must be given to the National Banking and Securities Commission, informing of the measures adopted to ensure service continuity to their clientele.

Article 7.- Financial entities may continuously conclude with their clientele those operations and services that, due to their characteristics, terms and conditions, cannot be suspended, such as debit or credit card transactions and the operation of automated teller machines, among others.

Article 8.- These provisions will not be applicable in matters of installation, relocation or closure of branches of financial entities.

Article 9.- These provisions will apply independently of the regulation regarding labor matters.

TRANSITIONAL

SINGLE.-

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

Respectfully

Mexico City, December 12, 2019. - The President of the National Banking and Securities Commission, Adalberto Palma Gómez.- Signature.

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