General Provisions Regarding Authorized Companies to Operate Novel Models Referenced in the Law for Regulating Financial Technology Institutions

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DOF: 08/03/2019

GENERAL PROVISIONS regarding the companies authorized to operate novel models referenced in the Law for Regulating Financial Technology Institutions

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- SHCP.- Ministry of

Finance and Public Credit.- National Commission for the Retirement Savings System.

GENERAL PROVISIONS REGARDING THE AUTHORIZED COMPANIES

FOR

OPERATING NOVEL MODELS REFERENCED IN THE LAW FOR REGULATING

FINANCIAL TECHNOLOGY INSTITUTIONS

The President of the National Commission for the Retirement Savings System, based on the provisions of

Articles 82, fraction VI, 83, last paragraph, and 89, fraction IV of the Law for Regulating Financial Technology Institutions, as well as Articles 1, 2, 5, fractions I, II, III, XIII bis and XVI, 11, 12

fractions I, VIII and XVI of the Law of the Retirement Savings Systems, and

CONSIDERING

That on March 9, 2018, the "Decree issuing the Law for Regulating Financial Technology Institutions and reforming and adding various provisions of the Law of Credit Institutions, the Securities Market Law, the General Law of Organizations and Auxiliary Credit Activities, the Law for Transparency and Ordering of Financial Services, the Law for Regulating Credit Information Companies, the Law for Protection and Defense of Users of Financial Services, the Law for Regulating Financial Groups, 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" was published in the Official Gazette of the Federation, through which the Law for Regulating Financial Technology Institutions was issued;

That based on the Law for Regulating Financial Technology Institutions, this National Commission for the Retirement Savings System is empowered to determine criteria and conditions in order to grant temporary authorization so that through Novel Models, some activity whose execution requires authorization, registration, or concession under the Law of the Retirement Savings Systems can be carried out;

That the same legal framework empowers the Commission to require Authorized Companies to operate with Novel Models to submit reports at the periodicity it determines, as well as to request the necessary information to be included in the report that said companies must prepare and present;

That this Commission can establish the bases for the organization and functioning of the public registry in which the temporary authorizations it grants will be made known, as well as the Annotations regarding each Authorized Company to operate a Novel Model, has resolved to issue the following,

And that the Ministry of Finance and Public Credit through this Commission, has complied with what is established in Article 78 of the General Law of Regulatory Improvement, as well as in Article Fifth of the "Agreement that establishes the guidelines that must be observed by the dependencies and decentralized organisms of the Federal Public Administration, regarding the issuance of general administrative acts to which Article 69-H of the Federal Administrative Procedure Law applies", with simplification actions consisting of the elimination of an obligation in the General Provisions on retirement savings system operations and an obligation in the General Provisions on financial matters of retirement savings systems, in addition to the significant benefits that these provisions generate, has deemed it appropriate to issue the following:

GENERAL PROVISIONS REGARDING THE AUTHORIZED COMPANIES

FOR

OPERATING NOVEL MODELS REFERENCED IN THE LAW FOR

REGULATING

FINANCIAL TECHNOLOGY INSTITUTIONS

First Chapter

General Provisions

Second Chapter

On additional information to obtain authorization

Third Chapter

On the additional criteria and conditions for granting authorization

Fourth Chapter

On the Registry, its Registrations, and Annotations

Fifth Chapter

On periodic reports of activity information

Annex A

Formats of protest letter for persons or trusts intending to participate in the share capital of a company authorized to operate novel models

Annex B

Formats of protest letter for persons proposed to occupy positions in the administrative and oversight bodies of a possible company authorized to operate a novel model

First Chapter

General Provisions

Article 1.- For the purposes of these provisions, in addition to the definitions provided in the Law, the following shall be understood, in singular or plural:

I.

Annotation, the registry act by which the Commission records in the Registry:

a)

Any modification to the Registration data.

b)

Extension of the temporary authorization to operate a Novel Model.

c)

Cancellation of the Registration.

II.

The Commission, the National Commission for the Retirement Savings System;

III.

Operational Contingency, any event that hinders, limits, or prevents an Authorized Company from providing its services or carrying out those processes that could affect its Clients;

IV.

Registry Folio, the consecutive identification number of the Registration corresponding to each Authorized Company;

V.

Information Security Incident, that event which the Authorized Company evaluates, according to its management processes, that may:

a)

Endanger the confidentiality, integrity, or availability of a component or the entirety of the Technological Infrastructure used by an Authorized Company or of the information that said infrastructure processes, stores, or transmits.

b)

Represent a loss, extraction, alteration, or misplacement of information.

c)

Constitute a violation of information security policies and procedures.

d)

Represent the materialization of a loss due to damages, interruption, alteration, or failures derived from the use of hardware, software, systems, applications, networks, and any other channel of information transmission in the provision of services, in Technological Infrastructures interconnected that allow interactions between people, processes, data, and components of information and telecommunications technologies, and that are caused or derive, among others, in unauthorized access, misuse of information or systems, fraud, theft of information, or in interruption of services, which puts at risk the confidentiality, integrity, and availability of information.

e)

Vulnerable the systems or components of the Technological Infrastructure with an adverse effect on the Authorized Company, its clients, third parties, suppliers, or counterparties, commonly known as cyber-attacks.

VI.

Registration, the registry act carried out by the Commission, through which publicity is given to the temporary authorization granted to the Authorized Company;

VII.

Law, the Law for Regulating Financial Technology Institutions;

VIII.

Registry, the public registry of Authorized Companies to operate Novel Models referenced in the Law, and

IX.

Authorized Company, the legal entity constituted in accordance with Mexican commercial legislation, distinct from Financial Technology Institutions, Financial Entities, and other subjects supervised by the Commission, which enjoys the temporary authorization of the Commission to operate Novel Models.

Second Chapter

On additional information to obtain authorization

Article 2.- Those interested in obtaining authorization as an Authorized Company must submit their application, accompanied by both the information and documentation referred to in Article 83 of the Law, as well as the following:

I.

If applicable, a certified copy or testimonial of the public instrument in which the legal representation of the interested party is recorded, as well as a copy of their official identification issued by a competent authority, valid on the date of its presentation, containing a photograph and signature.

II.

Draft of social bylaws or their modification in which, in addition to what is provided in Article 83, fraction I of the Law, it is indicated in its corporate purpose that the activities they intend to carry out will be carried out under the temporary authorization referred to in Article 80 of the same Law.

In the case of legal entities that are already constituted at the time of the application, they must also present a certified copy of the public instrument in which their constitution is recorded and, if applicable, their registration data in the Public Registry of Commerce, or, in the case of simplified joint-stock companies, the document containing their social bylaws and their registration slip in the Public Registry of Commerce.

III.

Indication of the address where the possible Authorized Company will have its main business office, including street, avenue, or route, exterior and interior number, neighborhood or urbanization, delegation, municipality, or similar political demarcation, postal code, city or population, and federal entity.

IV.

Federal Taxpayer Registry with homoclave.

V.

If applicable, the trade name that will be used when offering its services to the public.

VI.

List of persons who directly or indirectly will have a participation in the share capital of the possible Authorized Company, indicating the percentage of participation in such share capital, according to the following table:

Legal Entities

Natural Persons

Trusts

Name or

company name

%

Name

Paternal Surname

Maternal Surname

%

Contract number and

name of the

trustee

%

Likewise, the protest letters signed by the persons referred to must be presented, in accordance with Annex A of these provisions.

If there is participation of legal entities or trusts, directly or indirectly, in the share capital of the possible Authorized Company, a copy of the public instrument or document in which the constitution of the legal entity is recorded and the registration data in the Public Registry of Commerce, or a copy of the respective trust agreement, must also be attached.

Additionally, they must provide the Federal Taxpayer Registry with homoclave, Unique Population Registry Key, and a copy of the official identification of the persons referred to in this fraction, issued by a competent authority, valid on the date of its presentation, containing the photograph and signature.

In the case of already constituted legal entities, the relationship referred to in this fraction must be signed by the secretary of the board of directors or the person competent to do so.

The information referred to in this fraction must be sent in an electronic file that allows it to be extracted for compilation.

VII.

Organizational structure of the possible Authorized Company, according to the following table:

Administrative bodies or

persons

in charge of

administration

Oversight body

Others (specify)

Additionally, they must provide the Federal Taxpayer Registry with homoclave, Unique Population Registry Key, and a copy of the official identification of the persons who will be part of the organizational structure of the possible Authorized Company, issued by a competent authority, valid on the date of its presentation, containing a photograph and signature, as well as their curriculum vitae and the protest letter in accordance with Annex B of these provisions, signed by each of said persons.

VIII.

Email, telephone number, interfaces, computer applications, or any other means of electronic or digital communication through which their Clients can communicate and, if applicable, the address of the Internet page containing the information through which the user public can know the product to be offered or the service to be provided, location of their establishments, and other related information.

IX.

Regarding the description of the Novel Model referred to in Article 83, fraction II of the Law, it must include at least the following information:

a)

The reasons and, if applicable, evidence for which it considers that the proposed solution is considered a Novel Model in relation to those existing in the market.

b)

The business model, including the products, services, operations, or activities it intends to carry out, the target Clients, access channels, and the specific use cases that comprise the Novel Model, detailing the processes in the handling of information and, if applicable, the flows of resources, assets, or goods, as well as the interaction between the possible Authorized Company, its Clients, service providers, and any other third party. Likewise, in the event that the Novel Model implies the receipt, maintenance, or administration of resources, assets, or goods, it must indicate whether the possible Authorized Company will be responsible for safeguarding them or if the financial entity or person who will carry out said custody will be responsible.

c)

Description of the Technological Infrastructure that will be used in the operation of the Novel Model, as well as the facilities where it will be hosted, specifying the function that each component of the Technological Infrastructure will perform, as well as the way in which the set of its components will be integrated.

d)

The evidence that the Novel Model is available to put it into operation immediately and the definition of each of the tests that will be carried out during the validity of the authorization, indicating the indicators and ranges that will be used for continuous review and evaluation of the development of the Novel Model.

e)

The estimated period required for the operation of the Novel Model, as well as its implementation stages, including a calendar of start and end of each of them and a justification that the duration is in accordance with the services to be provided.

X.

Regarding the legal provisions regulating the reserved activity referred to in Article 83, fraction IV of the Law, they must specify each and every one of the applicable provisions to the financial entity or supervised subject, whose authorization, registration, or concession is intended to be obtained at the end of the validity of the authorization to operate a Novel Model in accordance with what is stated in fraction XI of this article, that hinder the development of the products or services that would be offered through the Novel Model and explain the reasons why they are considered so.

XI.

Regarding what is provided in Article 83, fraction IX of the Law, it must specify the financial entity or supervised subject whose regime the possible Authorized Company would intend to adopt at the end of the validity of the authorization, indicating the form, method, and deadlines in which they must meet the requirements to obtain the definitive authorization or registration within the period of validity of the temporary authorization to operate the Novel Model.

XII.

Regarding the exit procedure referred to in Article 83, fraction X of the Law, at least the following must be described:

a)

The form and means by which Clients will be notified that the Authorized Company did not obtain the definitive authorization or registration, or that the validity of the temporary authorization has concluded, as well as the procedures referred to in the following subsection b).

b)

The procedures and deadlines for returning the resources, assets, or goods held by its Clients or for formalizing their delivery to a third party authorized by laws to receive them, as well as, if applicable, to compensate for damages and losses generated, as agreed in the contracts entered into with them.

XIII.

If applicable, the result of the risk assessment to which the Authorized Company will be exposed regarding being used by its Clients to carry out acts or operations that could update the premises provided for in Articles 139 Quater or 400 Bis of the Federal Penal Code, in accordance with the general provisions issued by the Ministry in terms of Article 58 of the Law.

XIV.

The statement indicating whether any standardized application programming interfaces referred to in Article 76 of the Law and the general provisions emanating from said provision will be used in the operation of the Novel Model and, if applicable, explaining the way in which it will comply with said article.

XV.

The information and documentation that accredits compliance with what is provided in Article 3 of these provisions.

For the purposes of what is provided in this article, valid official identification documents shall be considered the voter credential issued by the National Electoral Institute or the passport issued by the Ministry of Foreign Relations. Likewise, regarding natural persons of foreign nationality, valid personal identification documents shall be considered the documentation issued by the National Institute of Migration that accredits their status of stay in the country or, in case they do not reside in Mexico, the passport issued by the competent authorities of their country of origin.

The proof of address indicated in accordance with fraction III of this article and, in the case of newly created companies, the Federal Taxpayer Registry of the Authorized Company, as well as the original or certified copy of the agreement or resolution of the administrative body in which the presentation of the application to obtain the authorization referred to in this article is approved, may be submitted after the presentation of the authorization application.

Copies of payment receipts for domestic services such as electricity supply, telephony, natural gas, property tax, or water supply rights, among others, or copies of bank statements, all with an age not greater than three months from their date of issuance, or a copy of the proof of registration before the Federal Taxpayer Registry, shall be considered as valid documents to prove the address.

Third Chapter

On the additional criteria and conditions for granting authorization

Article 3.- In addition to the criteria and conditions referred to in Article 82 of the Law, for the granting of authorization to operate as an Authorized Company, those interested in obtaining the authorization must accredit, among other aspects, the following:

I.

Have the necessary human, material, and monetary resources to start and maintain the operation of the Novel Model during the period of validity of the temporary authorization.

II.

That for the operation of the Novel Model, measures are available that mitigate the risks to which Clients will be exposed regarding the handling of their resources, assets, goods, and information that they provide to the Authorized Company.

III.

Have the means, insurance, guarantees, or other sufficient mechanisms to compensate their Clients for the damages and losses that, if any, are caused during the period of validity of the temporary authorization.

Fourth Chapter

On the Registry, its Registrations, and Annotations

Article 4.- The Registry will contain the following:

I.

Name or company name of the Authorized Company.

II.

Date of constitution and, if applicable, number of public instrument and name of the public notary before whom the constitution of the Authorized Company is formalized, as well as registration data in the Public Registry of Commerce.

III.

The information referred to in Article 2, fractions III, IV, V, VI, first paragraph, VII, first paragraph, and VIII of these provisions.

IV.

General description of the Novel Model, the entirety of the operations or activities it intends to carry out through this model, and the detail of each of them.

V.

Target market or maximum number of Clients to whom the product or service in question will be offered, specifying, if applicable, the respective geographical location and the maximum amount of resources that can be received from each Client, as well as the maximum total amount that can be received during the validity of the temporary authorization.

VI.

Validity of the temporary authorization granted and, if applicable, the extension.

VII.

Any Annotation that the Commission considers necessary to include, or that derive from the modifications referred to in Article 6 of these provisions.

Article 5.- The Commission will have a period of five business days, once it grants the temporary authorization to the Authorized Company to operate the Novel Model in question, to carry out the Registration in the Registry specifying the information referred to in Article 4, fractions I to VI of these provisions.

Article 6.- Authorized Companies must notify the Commission about the modifications they make to the information indicated in Articles 2, fractions III, V, VI, VII and VIII and 4, fraction I of these provisions, within ten business days following the date on which they make them, presenting a copy of the documentation that accredits the change in the Registration data, or a certified copy in the case of public instruments.

Regarding the modifications referred to in fractions VI and VII of Article 2, Authorized Companies must present the documentation referred to in said fractions.

Article 7.- Authorized Companies that require modifying the information and documentation other than that referred to in Article 6 of these provisions, with the purpose of expanding, updating, or improving the scope of their Novel Model, will require prior authorization from the Commission.

Article 8.- The Commission must carry out the Annotations that derive from the modifications referred to in Articles 6 and 7 above, as well as those related to the extension of the temporary authorization, no later than five business days following the one in which the notice referred to in Article 6 of these provisions was presented or the authorization or extension was granted, as applicable.

Article 9.- The Annotation related to the cancellation of the Registration in the Registry will take place in any of the following cases:

I.

---

Revocation of the temporary authorization under Article 92 of the Law.

II.

Conclusion of the validity of the temporary authorization.

III.

Obtaining the definitive authorization, registration, or concession to carry out activities that require so in accordance with the Law or other financial laws.

The Commission must make the Annotation for the causes indicated in this article within five business days following their occurrence.

Article 10.- The Register shall be maintained by assigning a Registration Folio for each Authorized Society, in which entries regarding Registrations and Annotations shall be recorded successively within the Registration Folio, in order to generate a complete chronological history of each Authorized Society, considering the precedence of the information being modified. Regarding each entry, at least the year and month in which they are made must be included.

Fifth Chapter

Of the periodic reports of activity information

Article 11.- Authorized Societies must prepare and deliver to the Commission the report referred to in the first paragraph of Article 89 of the Law during the first fifteen natural days of January, April, July, and October of each year. In addition to what is stated in the cited article, said report must contain the following:

I.

If applicable, the number of operations, as well as the individual and total amount transacted, for each type of operation, at the close of the immediately preceding quarter.

II.

A list of Operational Contingencies and Information Security Incidents that, if any, have occurred at the close of the immediately preceding quarter, which must include the start date and time and duration; the processes, systems, and channels affected; Clients and, if applicable, affected amounts; a description of the event that was registered and the causes that motivated it; the indication of actions implemented to resolve them and those to prevent their recurrence.

III.

The number of claims or clarifications that, if any, their Clients have filed at the close of the immediately preceding quarter, as well as the causes of these that have been most recurrent during said period.

IV.

The report on the progress of actions taken to obtain the definitive authorization or registration at the end of the temporary authorization.

V.

The data and information that, depending on the nature of the Novel Model, the Commission indicates in the temporary authorization letter granted to the Authorized Society.

TRANSITIONAL

SINGLE.- These Provisions shall enter into force thirty days following their publication in the Official Journal of the Federation.

Mexico City, February 21, 2019.- The President of the National Commission for the Savings System for Retirement, Abraham E. Vela Dib.- Rubric.

ANNEX A

FORMATS OF PROTEST LETTERS FOR INDIVIDUALS OR TRUSTS INTENDING TO PARTICIPATE IN THE SHARE CAPITAL OF AN AUTHORIZED SOCIETY FOR OPERATING NOVEL MODELS

A. FORMAT OF PROTEST LETTER FOR NATURAL PERSONS

Mexico City, __________________

NATIONAL COMMISSION FOR THE SAVINGS SYSTEM FOR RETIREMENT

Present,

The undersigned, (name of the person signing), by my own right and in relation to the authorization request submitted to that National Commission for the Savings System for Retirement for the operation of a novel model under Article 80 of the Law for Regulating Financial Technology Institutions, by the society named (to be named) (___________________), in whose share capital I intend to maintain a participation, declare under oath of truth the following:

a)

That I am not disqualified from engaging in commerce or holding an employment, position, or commission in public service, or in the Mexican financial system.

b)

That I have not been declared bankrupt in civil or commercial proceedings, or even if I have, this was concluded due to the causes indicated in fractions I, II, or V of Article 262 of the Commercial Bankruptcy Law, or in the case of civil bankruptcy, by having paid creditors in full or reached an agreement with them, in accordance with local laws.

c)

That I have not been sentenced for property crimes, even in other countries.

d)

That I am not or have not been subject to criminal proceedings or investigations, even in other countries, for intentional crimes punishable by imprisonment of more than one year, and that, in the event I have been, this concluded with an acquittal.

e)

That I have not been sanctioned, through a final and definitive resolution, by the National Commission for the Savings System for Retirement for violations of national or foreign financial laws, or before other Mexican supervisory and regulatory institutions of the financial system or of other countries.

f)

That I am current on my credit obligations of any kind, which I prove with my special credit report under the Law for Regulating Credit Information Societies, with an issuance date no more than three months prior to the date of this document.

g)

That I do not have nor have had control, nor do I exercise nor have I exercised command power over an issuing society that has defaulted on its debt securities payment obligations in the securities market.

h)

That I have not been a shareholder, board member, auditor, sole administrator, general director, or relevant executive in a legal entity to which the Ministry of Finance and Public Credit, the Bank of Mexico, the National Banking and Securities Commission, the National Insurance and Bonding Commission, or the National Commission for the Savings System for Retirement, has denied the concession, authorization, or registration, nor has authorization been denied to me to hold the status of shareholder in societies supervised by said National Commissions.

i)

That I have not been a shareholder, board member, auditor, sole administrator, general director, or relevant executive in a financial entity whose concession or authorization has been revoked, or registration cancelled, nor has authorization been denied to me to acquire shares of the share capital of societies that enjoy the concession, authorization, or registration of the Ministry of Finance and Public Credit, the Bank of Mexico, the National Banking and Securities Commission, the National Insurance and Bonding Commission, or the National Commission for the Savings System for Retirement.

j)

That the resources with which I have paid (will pay) my participation in the share capital of the society named (to be named) (___________________), came (will come) from the following sources:

SOURCE

ENTITY OR PERSON

EXACT AMOUNT

TO CONTRIBUTE TO SHARE CAPITAL

PERCENTAGE

Own resources. Specify: NA

Others. Specify: (indicate if they come from credits granted by national or foreign financial entities)

Total resources: 100%

Comments and clarifications:

Sincerely,

(Name and signature of the interested party)

Filling Instructions:

Fill in the blanks and provide the information indicated in parentheses, as appropriate.

Attach the credit information report, with the status of special credit report under the Law for Regulating Credit Information Societies. In the event that persons have not resided in national territory during a period of six years prior to the date of the authorization request, the equivalent document to the credit information report issued in their country of residence must be presented. The documents referred to in this section must have an issuance date no more than three months prior to the date of such request.

In the event that the interested party is unable to make any of the declarations referred to in items a) to j) of this letter, they must express this circumstance in the corresponding section, detailing the facts, acts, and reasons that prevent them or for which they do not fall under the referred circumstances.

B. FORMAT OF PROTEST LETTER FOR LEGAL ENTITIES OR TRUSTS

Mexico City, __________________

NATIONAL COMMISSION FOR THE SAVINGS SYSTEM FOR RETIREMENT

Present,

(Name or corporate name of the legal entity, or trust data and fiduciary institution), through its representative (name of legal representative or fiduciary delegate), personality accredited by power of attorney contained in (data of the deed and its registration in the Public Commerce Registry or trust contract), with the object of providing the information necessary in relation to the authorization request for the operation of a novel model under Article 80 of the Law for Regulating Financial Technology Institutions, by the society named (to be named) (___________________), in whose share capital it intends to maintain a participation, declares under oath of truth the following:

a)

That it has not been declared bankrupt in civil or commercial proceedings under the Commercial Bankruptcy Law, or even if it has, this was concluded due to the causes indicated in fractions I, II, or V of Article 262 of the Commercial Bankruptcy Law, or in the case of civil bankruptcy, by having paid creditors in full or reached an agreement with them, in accordance with local laws.

b)

That it has not been sanctioned, through a final and definitive resolution, by the National Commission for the Savings System for Retirement for violations of national or foreign financial laws, or before other Mexican supervisory and regulatory institutions of the financial system or of other countries.

c)

That it is current on its credit obligations of any kind, which it proves with its special credit report under the Law for Regulating Credit Information Societies, with an issuance date no more than three months prior to the date of this document.

d)

That my represented entity has not defaulted on its debt securities payment obligations in the securities market, nor has it had control nor does it exercise nor has it exercised command power over an issuing society that has done so.

e)

That it has not been a shareholder of a legal entity to which the Ministry of Finance and Public Credit, the Bank of Mexico, the National Banking and Securities Commission, the National Insurance and Bonding Commission, or the National Commission for the Savings System for Retirement, has denied the concession, authorization, or registration.

f)

That it has not been a shareholder of a financial entity whose concession, authorization, or registration has been revoked by the Ministry of Finance and Public Credit, the Bank of Mexico, the National Banking and Securities Commission, the National Insurance and Bonding Commission, or the National Commission for the Savings System for Retirement.

g)

That the resources with which it has paid (will pay) its participation in the share capital of the society named (to be named) (___________________), came (will come) from the following sources:

SOURCE

ENTITY OR PERSON

EXACT AMOUNT

TO CONTRIBUTE TO SHARE CAPITAL

PERCENTAGE

Own resources. Specify: NA

Others. Specify: (indicate if they come from credits granted by national or foreign financial entities)

Total resources: 100%

Comments and clarifications:

Sincerely,

(Name and signature of the legal representative or fiduciary delegate)

(Name or corporate name of the legal entity, or trust data and fiduciary institution)

Filling Instructions:

Fill in the blanks and provide the information indicated in parentheses, as appropriate.

Attach the credit information report, with the status of special credit report under the Law for Regulating Credit Information Societies. In the case of foreign nationals, the equivalent document to the credit information report issued in their country of residence must be presented. The documents referred to in this section must have an issuance date no more than three months prior to the date of such request.

In the event that the interested party is unable to make any of the declarations referred to in items a) to e) of this letter, they must express this circumstance in the corresponding section, detailing the facts, acts, and reasons that prevent them or for which they do not fall under the referred circumstances.

ANNEX B

FORMATS OF PROTEST LETTERS FOR PERSONS PROPOSED TO OCCUPY POSITIONS IN THE ADMINISTRATIVE AND OVERSIGHT BODIES OF A POSSIBLE AUTHORIZED SOCIETY FOR OPERATING A NOVEL MODEL

Mexico City _______________

NATIONAL COMMISSION FOR THE SAVINGS SYSTEM FOR RETIREMENT

Present,

The undersigned, (name of the person signing), by my own right and in relation to the authorization request submitted to that National Commission for the Savings System for Retirement for the operation of a novel model under Article 80 of the Law for Regulating Financial Technology Institutions, by the society named (to be named) (___________________), in which I would be proposed to serve as (name of the position), through this document I manifest under oath of truth the following:

a)

That I am not disqualified from engaging in commerce or holding an employment, position, or commission in public service, or in the Mexican financial system.

b)

That I have not been declared bankrupt in civil or commercial proceedings, or even if I have, this was concluded due to the causes indicated in fractions I, II, or V of Article 262 of the Commercial Bankruptcy Law, or in the case of civil bankruptcy, by having paid creditors in full or reached an agreement with them, in accordance with local laws.

c)

That I have not been sentenced for property crimes, even in other countries.

d)

That I am not or have not been subject to criminal proceedings or investigations, even in other countries, for intentional crimes punishable by imprisonment of more than one year, and that, in the event I have been, this concluded with an acquittal.

e)

That I have not been sanctioned, through a final and definitive resolution, by the National Banking and Securities Commission for violations of national or foreign financial laws, or before other Mexican supervisory and regulatory institutions of the financial system or of other countries.

f)

That I do not have a conflict of interest or interest opposed to those of the persons requesting authorization.

g)

That I am current on my credit obligations of any kind, which I prove with my special credit report under the Law for Regulating Credit Information Societies, with an issuance date no more than three months prior to the date of this document.

h)

That I do not have nor have had control, nor do I exercise nor have I exercised command power over an issuing society that has defaulted on its debt securities payment obligations in the securities market.

i)

That I have not been a shareholder, board member, auditor, sole administrator, general director, or relevant executive in a legal entity to which the Ministry of Finance and Public Credit, the Bank of Mexico, the National Banking and Securities Commission, the National Insurance and Bonding Commission, or the National Commission for the Savings System for Retirement, has denied the concession, authorization, or registration, nor has authorization been denied to me to hold the status of shareholder in societies supervised by said National Commissions.

j)

That I have not been a shareholder, board member, auditor, sole administrator, general director, or relevant executive in a financial entity whose concession or authorization has been revoked, or registration cancelled, nor has authorization been denied to me to acquire shares of the share capital of societies that enjoy the concession, authorization, or registration of the Ministry of Finance and Public Credit, the Bank of Mexico, the National Banking and Securities Commission, the National Insurance and Bonding Commission, or the National Commission for the Savings System for Retirement.

Sincerely,

(Name and signature)

Filling Instructions:

Fill in the blanks and provide the information indicated in parentheses, as appropriate.

Attach the credit information report, with the status of special credit report under the Law for Regulating Credit Information Societies. In the event that persons have not resided in national territory during a period of six years prior to the date of the authorization request, the equivalent document to the credit information report issued in their country of residence must be presented. The documents referred to in this section must have an issuance date no more than three months prior to the date of such request.

In the event that the interested party is unable to make any of the declarations of this letter, they must express this circumstance in the corresponding section, detailing the facts, acts, and reasons that prevent them or for which they do not fall under the referred circumstances.

---

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Official Journal of the Federation

Río Amazonas No. 62, Col. Cuauhtémoc, C.P. 06500, Mexico City Tel. (55) 5093-3200, where you can access our menu of services

Electronic address: dof.gob.mx

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