GUIDELINES FOR THE DISCLOSURE OF SANCTIONS IMPOSED BY THE NATIONAL BANKING AND SECURITIES COMMISSION

Published in the Official Gazette of the Federation on April 9, 2014.
Updated with the reform published in the same Gazette on June 10, 2014, and October 4, 2018.

The National Banking and Securities Commission, based on the provisions of Articles 136 of the Savings and Popular Credit Law, 105 of the Law Regulating the Activities of Savings and Loan Cooperative Societies, 116 of the Credit Unions Law, 89 Bis 3 of the General Law of Credit Auxiliary Organizations and Activities, 109 Bis 8 of the Credit Institutions Law, 86 Bis 2 of the Investment Funds Law, 391 Bis of the Securities Market Law, 56 of the Law Regulating Credit Information Societies, and 150 of the Law Regulating Financial Groupings, and Articles 4, fraction XXXVI, 5 Bis 2, 12, fraction XV, and 16, fraction I of the Law of the National Banking and Securities Commission, with the prior agreement of its Board of Directors, and

CONSIDERING

That with the publication on January 10 of the current year in the Official Gazette of the Federation of the “Decree Reforming, Adding, and Repealing Various Provisions in Financial Matters and Issuing the Law Regulating Financial Groupings,” various legal frameworks authorized this decentralized body to make known to the general public, in accordance with the guidelines established by its Board of Directors, the sanctions it imposes in the exercise of its legal mandate, and

That in order to protect the exercise of the right to access government public information, as mandated by the various legal frameworks mentioned, the disclosure of imposed sanctions must be carried out for a period of at least three years from the date the respective resolution becomes final, as this term is not only reasonable but also ideal and necessary to achieve the ends mandated by the legislator, has resolved to issue the following:

GUIDELINES FOR THE DISCLOSURE OF SANCTIONS IMPOSED BY THE NATIONAL BANKING AND SECURITIES COMMISSION

Article 1. These guidelines aim to determine the manner in which the National Banking and Securities Commission must make known to the public the Sanctions it imposes for violations of the Laws or the provisions emanating from them.

For the purposes of these guidelines, the following shall be understood:

I. Commission, the National Banking and Securities Commission.

(2) II. Laws, the Savings and Popular Credit Law, the Law Regulating the Activities of Savings and Loan Cooperative Societies, the Credit Unions Law, the General Law of Credit Auxiliary Organizations and Activities, the Credit Institutions Law, the Investment Funds Law, the Securities Market Law, the Law Regulating Credit Information Societies, the Law Regulating Financial Groupings, and the Law Regulating Financial Technology Institutions.

III. Sanctions, those imposed by the Commission in accordance with the Laws, whether of a pecuniary or non-pecuniary nature.

Article 2. The Commission must make known to the general public on its electronic page on the worldwide network known as “Internet” the Sanctions it imposes in the exercise of its powers, as well as keep such information updated. Such publication must include:

I. The name, trade name, or corporate name of the legal or natural person committing the violation.

II. The violated provision and the type of Sanction imposed, specifying whether a reprimand, disqualification, removal, or suspension was imposed and the corresponding months or years, and if it is a pecuniary Sanction, stating its amount. Regarding pecuniary Sanctions, it must be stated whether the violator fulfilled the corresponding payment.

III. A description of the violating conduct, in accordance with a catalog that the Commission itself elaborates for this purpose, considering the concepts of violations of the Laws. Furthermore, it must be specified whether the Sanction is considered serious by the Laws, as applicable, as well as whether there is recidivism.

IV. The date of its imposition and the status of the resolution, indicating whether it is final or subject to challenge. In the latter case, it must also indicate whether any means of defense has been filed and its type, when such circumstance is known due to proper notification by the competent authority.

V. The date on which the competent authority, if applicable, has nullified the imposed Sanction, declared its validity, or ordered the reinstatement of the act, specifying which of these scenarios applies.

VI. Clarifications regarding the aforementioned information determined by the Commission itself.

Article 3. The Commission must make known to the general public the Sanctions it has imposed and the facts referred to in the preceding Article 2, on the fifteenth calendar day of the month following the month in which they occurred or were notified, as applicable, or on the next business day if that day is not a business day.

(1) As an exception to the foregoing, the Commission may carry out the disclosure of a sanction or the facts referred to in Article 2 of these guidelines on a different date, when its importance and significance so warrant, provided that in no case such publication may be made after the date referred to in the preceding paragraph.

Article 4. The information referred to in Article 2 shall be contained in a specific section titled “imposed sanctions,” with direct access from the Commission’s electronic portal homepage.

Furthermore, the corresponding section must be subdivided to specify whether the Sanctions were imposed on financial entities, persons subject to the supervision and regulation of the Commission, or persons carrying out activities foreseen in the Laws without the authorization, concession, or registration established by the Laws themselves.

Article 5. The Commission will keep the information regarding the Sanctions it publishes on its electronic page on the worldwide network known as “Internet” for a period of at least three years counted from the date the corresponding resolution becomes final, even in cases where the sanction has been nullified.

TRANSITORY PROVISIONS

FIRST. These Guidelines shall enter into force on April 15, 2014.

SECOND. The Commission must make known to the general public the sanctions it has imposed from the entry into force of the “Decree Reforming, Adding, and Repealing Various Provisions in Financial Matters and Issuing the Law Regulating Financial Groupings,” published in the Official Gazette of the Federation on January 10, 2014, and up to March 31, 2014, on the date of entry into force of these Guidelines.

TRANSITORY PROVISION

(Resolution modifying the guidelines for the disclosure of sanctions imposed by the National Banking and Securities Commission, published in the Official Gazette of the Federation on June 10, 2014)

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

TRANSITORY PROVISION

(Resolution modifying the guidelines for the disclosure of sanctions imposed by the National Banking and Securities Commission, published in the Official Gazette of the Federation on October 4, 2018)

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

CONSIDERING

(Resolution of June 10, 2014)

That it is pertinent to provide that the National Banking and Securities Commission be in a position to disclose at any time those sanctions that, due to their significance or importance, warrant it, has resolved to issue the following:

CONSIDERING

(Resolution of October 4, 2018)

That on March 9, 2018, the “Decree Issuing the Law Regulating Financial Technology Institutions and Reforming and Adding Various Provisions of the Credit Institutions Law, the Securities Market Law, the General Law of Credit Auxiliary Organizations and Activities, the Law for the Transparency and Orderly Conduct of Financial Services, the Law Regulating Credit Information Societies, the Law for the Protection and Defense of Users of Financial Services, the Law Regulating Financial Groupings, 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;

That in order to protect the exercise of the right to access information, the National Banking and Securities Commission, adhering to the guidelines it issues, will make known to the general public the sanctions it imposes for violations of the Law Regulating Financial Technology Institutions or the provisions emanating from it, and

That in light of the foregoing, it is necessary to modify the guidelines that establish the manner in which the National Banking and Securities Commission makes known to the public the sanctions it imposes in the exercise of its powers, in order to incorporate those imposed under the Law Regulating Financial Technology Institutions, has resolved to issue the following:

REFERENCES

1) Added by Resolution published in the Official Gazette of the Federation on June 10, 2014.
2) Reformulated by Resolution published in the Official Gazette of the Federation on October 4, 2018.