RegAlert2009-08-13
Added · Updated
Law to Regulate the Activities of Savings and Loan Cooperative Societies
This law establishes the legal framework for Savings and Loan Cooperative Societies in Mexico, distinguishing between basic-level societies with assets under 2,500,000 UDIS that do not require CNBV authorization and higher-level societies (Levels I-IV) that do. It mandates registration with the Auxiliary Supervision Committee, defines the authorization process with specific timelines for the Committee and the CNBV, and outlines operational restrictions, organizational requirements, and the structure of the Protection Fund. The legislation imposes obligations on these entities regarding capitalization, reporting, and compliance, while granting the Ministry of Finance and the CNBV supervisory and sanctioning powers.
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For internal use
LAW TO REGULATE THE ACTIVITIES OF SAVINGS AND LOAN COOPERATIVE SOCIETIES
Published in the Official Gazette of the Federation on August 13, 2009, corrected by Errata of August 21, 2009. Updated with Decrees published in the same Gazette on January 4, 2013, January 10 and April 28, 2014, May 20, 2021, January 24, 2024, and November 14, 2025.
For internal use
LAW TO REGULATE THE ACTIVITIES OF SAVINGS AND LOAN COOPERATIVE SOCIETIES
INDEX
FIRST TITLE
GENERAL PROVISIONS
Sole Chapter
SECOND TITLE
ON SAVINGS AND LOAN COOPERATIVE SOCIETIES
Chapter I
On registration
Chapter II
On authorization
Chapter III
On operations
First Section
On the basic level of operations
Second Section
On Levels of Operation I to IV
Third Section
On common provisions
THIRD TITLE
ON THE ORGANIZATION AND REGULATION OF SAVINGS AND LOAN COOPERATIVE SOCIETIES WITH LEVELS OF OPERATION I TO IV
Chapter I
On organization
Chapter II
On Regulation
First Section
On prudential regulation
Second Section
On accounting and external audit
FOURTH TITLE
ON THE PROTECTION FUND
Chapter I
On the constitution of the Protection Fund
Chapter II
On the Technical Committee
Chapter III
Other provisions of the Protection Fund
For internal use
Chapter IV
On the Auxiliary Supervision Committee
Chapter V
On the protection of cooperative savings and the Committee for the Protection of Cooperative Savings First Section On the protection of cooperative savings Second Section On the Committee for the Protection of Cooperative Savings
FIFTH TITLE
ON THE POWERS OF THE AUTHORITIES
Chapter I
On inspection and surveillance
Chapter II
On corrective measures
Chapter III
On intervention with management character
Chapter IV
On forced liquidation and revocation of authorization
SIXTH TITLE
ON SPIN-OFF, MERGER, DISSOLUTION AND LIQUIDATION OR COMMERCIAL BANKRUPTCY Sole Chapter
SEVENTH TITLE
ON SANCTIONS, CRIMES AND NOTIFICATIONS
Chapter I
On administrative offenses
Chapter I BIS
On Self-Correction Programs
Chapter II
On crimes
Chapter III
On Notifications
TRANSITORY PROVISIONS
STATEMENT OF MOTIVES
REFERENCES
For internal use
LAW TO REGULATE THE ACTIVITIES OF SAVINGS AND LOAN COOPERATIVE SOCIETIES
FIRST TITLE
GENERAL PROVISIONS
Sole Chapter
Article 1.- This Law is of public order, of social interest, and of general observance throughout the national territory. This Law recognizes that, in terms of Article 25 of the Political Constitution of the United Mexican States, Savings and Loan Cooperative Societies are part of the social sector of the economy, and its purpose is:
I. To regulate, promote, and facilitate the collection of funds or monetary resources and their placement through loans, credits, or other operations by Savings and Loan Cooperative Societies with their Members;
II. To regulate, promote, and facilitate the activities and operations of these latter, their sound and balanced development;
III. To protect the interests of saving Members, and
IV. To establish the terms under which the State will exercise the powers of supervision, regulation, and sanction, in terms of this Law.
Article 2.- For the purposes of this Law, the following shall be understood:
I. Commission: the National Banking and Securities Commission;
II. Committee for the Protection of Cooperative Savings: the body of the Protection Fund responsible for administering the deposit insurance account of said fund, which shall be constituted in accordance with what is stated in Title IV of this Law;
III. Auxiliary Supervision Committee: the body of the Protection Fund responsible for exercising auxiliary supervision of Savings and Loan Cooperative Societies in terms of this Law;
IV. Technical Committee: the governing body of the Protection Fund referred to in this Law;
V. Confederation: the Confederation referred to in the General Law of Cooperative Societies;
VI. Federations: in singular or plural, the Federations referred to in the General Law of Cooperative Societies;
VII. Protection Fund: the trust constituted in accordance with what is stated in Title IV of this Law;
VIII. Capitalization Level: the relationship that the net capital of Savings and Loan Cooperative Societies maintains with respect to capitalization requirements for credit and market risks, in accordance with the general provisions issued by the Commission in terms of fraction VI of Article 31 of this Law;
IX. Ministry: the Ministry of Finance and Public Credit;
X. Society or Savings and Loan Cooperative Society: in singular or plural, the societies constituted and organized in accordance with the General Law of Cooperative Societies, regardless of the trade name, business name, or corporate designation they adopt, which have as their object to carry out savings and loan operations with their Members, and who are part of the Mexican financial system as members of the social sector without speculative purpose and recognizing that they are not financial intermediaries for profit;
(3) XI. Member: in singular or plural, the natural or legal persons who participate in the social capital of Savings and Loan Cooperative Societies;
XII. UDI: the accounting unit called “Investment Unit” established in the “Decree establishing the obligations that may be denominated in Investment Units and reforming and adding various provisions of the Federal Tax Code and the Income Tax Law” published in the Official Gazette of the Federation on April 1, 1995, as it may be modified or added from time to time, and
XIII. Rural Zone, in plural or singular, those zones of the Mexican Republic that meet the requirements regarding territory, density, and productive activities determined by the Commission through general provisions.
Article 3.- The words caja, popular caja, savings caja, cooperative caja, solidarity caja, community caja, rural caja, financial cooperative, savings and credit cooperative, savings and loan cooperative, or others that express similar ideas in any language, may not be used in the name, designation, or corporate name of legal entities and establishments other than Savings and Loan Cooperative Societies.
Application of the foregoing is exempted from savings cajas referred to in labor legislation, which are not subject to the provisions of this Law, from the Federations and Confederation referred to in the General Law of Cooperative Societies, as well as from persons who have authorization from the Commission to use said terms.
Article 4.- Savings and Loan Cooperative Societies are exempt from what is established in the first paragraph of Article 103 of the Law of Credit Institutions and, consequently, may collect monetary resources from their Members in accordance with what is established in fraction V of said Article.
(7) Article 4 Bis. Members must prove their identity and ratify their will to constitute the cooperative society in terms of what the General Law of Cooperative Societies provides for this effect, and that the signatures or digital fingerprints appearing in the constitutive act belong to them, exclusively before a public notary.
Article 5.- In matters not provided for by this Law, the subjects thereof shall be subject to the following supplementary application and in the following order:
I. The General Law of Cooperative Societies.
II. Federal civil legislation.
III. The Federal Administrative Procedure Law in its Third Title, regarding regulatory improvement, and Sixth Title, regarding the processing of resources referred to in this Law.
IV. The Federal Tax Code regarding the update of fines.
V. The prevailing uses and practices among Savings and Loan Cooperative Societies.
Legal acts celebrated in contravention of what is established by this Law or by the provisions emanating from it, and in other administrative acts issued by the Commission, shall give rise to the imposition of corresponding administrative and criminal sanctions, without such contraventions producing the nullity of the acts, in protection of third parties in good faith, unless this Law expressly states otherwise.
Article 6.- The Federal Executive, through the Ministry, shall be the competent body to interpret for administrative purposes the provisions of this Law and, in general, for all matters referring to the subjects thereof.
Likewise, in terms of fraction VII of Article 116 of the Political Constitution of the United Mexican States, the Federal Government, through the Ministry, may enter into agreements with the Federal Entities, so that they exercise the functions agreed upon for the fulfillment of this Law, as well as to establish promotion programs and actions aimed at covering the services offered by Savings and Loan Cooperative Societies under this Law.
To this effect, the Ministry, within the scope of its competence, may promote the participation of the sector of Savings and Loan Cooperative Societies to facilitate their access to said programs.
SECOND TITLE
ON SAVINGS AND LOAN COOPERATIVE SOCIETIES
Chapter I
On registration
Article 7.- The Protection Fund, through the Auxiliary Supervision Committee, shall maintain a register of Savings and Loan Cooperative Societies, which shall be public, and in which the data referred to in Article 9 of this Law shall be inscribed.
The register shall be maintained by assigning electronic folios for each Savings and Loan Cooperative Society.
Likewise, the Protection Fund must provide the information contained in the register of Savings and Loan Cooperative Societies to the Commission with the periodicity and through the means that the latter indicates in general provisions.
Additionally, the Protection Fund must make available to the general public the information corresponding to the register referred to in this Article on its electronic page on the worldwide network “Internet.”
(6) Article 8.- Savings and Loan Cooperative Societies must request their inscription in the register referred to in the preceding Article 7, within 5 natural days following their inscription in the Public Commerce Register of the corresponding social domicile.
The aforementioned registration must be requested before the Auxiliary Supervision Committee. For these purposes, Federations may act as auxiliaries of Savings and Loan Cooperative Societies to comply with the aforementioned registration.
In the latter case, Federations acting as auxiliaries will be co-responsible for the registration information presented by Savings and Loan Cooperative Societies.
The Auxiliary Supervision Committee must inform the Commission that it has effected the registration of Savings and Loan Cooperative Societies, in the form and terms established by the Commission through general provisions.
(7) The Auxiliary Supervision Committee shall cancel the registration of Savings and Loan Cooperative Societies with Levels of Operation I to IV whose authorization to continue carrying out savings and loan operations is revoked by the Commission; of Basic Level Savings and Loan Cooperative Societies that, having been evaluated in category D, are ordered to dissolve and liquidate, or those that agree to their dissolution and liquidation.
Article 9.- In the electronic folio of the register referred to in the preceding Article 7, corresponding to each Savings and Loan Cooperative Society, the following registration entries shall be noted:
I. The corporate name.
II. The social domicile.
III. Data relating to its constitution.
IV. The number of Members.
V. The amount of assets.
VI. The place or places where its operations are carried out.
VII. The name of its administrators, as well as principal executives and officials.
VIII. The level of operations corresponding. In the case of Savings and Loan Cooperative Societies with Levels of Operation I to IV, this information must be provided once they are assigned by the Commission in accordance with this Law.
IX. If applicable, the name and domicile of the Federation to which it is affiliated.
(7) X. If applicable, the cause for which the registration is cancelled.
XI. Other registration entries.
The Auxiliary Supervision Committee must update the information of the aforementioned register quarterly and, if applicable, semiannually, based on the information provided by Savings and Loan Cooperative Societies in terms of what is provided by Articles 15 and 34 of this Law.
Likewise, the Auxiliary Supervision Committee must publish on its electronic page on the worldwide network called “Internet,” a list indicating Savings and Loan Cooperative Societies that are supervised by the Commission and have the protection of the deposit insurance account that the Protection Fund constitutes as provided in this Law, as well as those that, having a basic level of operations, are not in such situations.
Chapter II
On authorization
(1) Article 10.- Savings and Loan Cooperative Societies that have registered a total amount of assets equal to or greater than the equivalent in national currency to 2,500,000 UDIS require authorization to carry out or continue carrying out savings and loan operations, which is the competence of the Commission, in accordance with the provisions established in this Law, prior to a favorable opinion issued by the Auxiliary Supervision Committee. By their very nature, authorizations are non-transferable. To this effect, in the aforementioned authorization, the Commission shall assign to such societies an operations level between I and IV, as provided by Article 18 of this Law.
Savings and Loan Cooperative Societies, to obtain the authorization from the Commission referred to in the preceding paragraph, must submit their request to the Auxiliary Supervision Committee, who will prepare an opinion regarding its feasibility.
The Commission will resolve authorization requests accompanied by the favorable opinion of the Auxiliary Supervision Committee. The Auxiliary Supervision Committee will forward to the Commission the requests, accompanied by its opinion, and in turn, the Commission will deliver its resolution to said Auxiliary Supervision Committee, as well as to the requesting societies.
The Auxiliary Supervision Committee will have a term of 90 natural days to prepare its opinion, and the Commission will have a term of 120 natural days to issue a resolution regarding authorization requests presented to it. These terms will begin to run, respectively, from the date the requests are presented to the Auxiliary Supervision Committee, and received by the Commission with all the information and documentation referred to in Article 11 of this Law.
(2) In the event that the Society receives an unfavorable opinion from the Auxiliary Supervision Committee, for not meeting the requirements established in this Law, it may request a review of the opinion within a term of 90 natural days from the date said opinion was notified to the same Auxiliary Supervision Committee, who may ratify or modify it within the following 60 natural days. If the unfavorable opinion is ratified, the Society may request a review of its application before the Commission, which must resolve on it within the following 120 natural days. Societies will have a term of 15 business days from the date they are notified of the ratification of the unfavorable opinion, to directly submit such review request to the Commission. In the event that the Commission resolves negatively the review request submitted directly by a Society that had obtained an unfavorable opinion, the Commission must communicate its resolution to the Society, within the period mentioned.
It shall be understood that the Commission resolves negatively the authorization request, if it does not communicate otherwise to the Society, as well as to the Auxiliary Supervision Committee, within the periods mentioned in the preceding two paragraphs. At the request of the interested party, a certificate of such circumstance must be issued, within 2 business days following the presentation of the request for the respective certificate before the competent authority that must resolve, in accordance with the Internal Regulations of said Commission. If the aforementioned certificate is not issued within the cited term, the applicable responsibility shall be imposed, if any.
Any request for information or documentation made by the Commission or the Auxiliary Supervision Committee to the requesting Society shall suspend the calculation of the term with which the Auxiliary Supervision Committee and the Commission have to issue their opinion or resolution, as applicable. Such term shall begin to run again, from the receipt of the required information or documentation.
(3) The Commission must publish the authorizations, as well as modifications thereto, in the Official Gazette of the Federation. On its part, Savings and Loan Cooperative Societies must register such authorizations or modifications in the corresponding Public Commerce Register, no later than within 60 natural days following their notification, and must forward the respective testimony to the Commission within a term of 15 natural days following the registration. Once the notification of the corresponding authorization takes effect, the full regulatory regime established in this Law and in the provisions emanating from it shall apply to Savings and Loan Cooperative Societies.
(1) The Auxiliary Supervision Committee, in its opinion, will propose to the Commission an operations level, from I to IV, that could be assigned, if applicable, to the Society. When the Commission grants the aforementioned authorization, it will classify the Savings and Loan Cooperative Society by assigning one of the Levels of Operation I to IV, in accordance with what is provided in Article 18 of this Law.
Savings and Loan Cooperative Societies, once authorized, may, prior to the opinion of the Auxiliary Supervision Committee, request from the Commission a change of the operations level that was authorized to them.
Article 11.- The authorization request must be accompanied by the following:
I. The constitutive bases or the project of modification to these, which must adhere to the provisions that the General Law of Cooperative Societies and this Law establish.
II. The general operation program, which allows the Commission to evaluate whether the Society can adequately fulfill its social object. Such program must contain, at least:
a) The regions and plazas in which it operates and intends to operate. b) A feasibility study of the Society. c) The bases for the application of surpluses. d) The bases relating to its organization and internal control.
III. The list of administrators, principal executives, and persons who will integrate the bodies referred to in this Law and the General Law of Cooperative Societies.
IV. The indication of the minimum capital, which will be determined in accordance with what is provided by the general provisions referred to in fraction I of Article 31 of this Law, as well as the proposal of the operations level that the Commission will assign.
V. The documentation that proves the economic solvency of the Society, which must reliably prove its capacity to comply with the general provisions referred to in this Law.
VI. The accreditation that councilors and principal officials meet the requirements established by their constitutive bases.
VII. The other documentation and information that, if applicable, the Commission establishes through general provisions.
The Commission has the faculty to verify that the request referred to in the preceding Article 10 and this Article, complies with what is provided in this Law, for which said Commission will have, among others, the faculty to corroborate the veracity of the information provided, even with dependencies and entities of the Federal Public Administration, as well as other federal instances, who must provide the related information.
(7) When notifying the granting of the respective authorization, the Commission may also issue a seal that Societies with Operations Level I to IV must display, in terms of what the Commission itself provides in general provisions. In any case, the forgery of the aforementioned seal will be punished as provided in the applicable criminal laws.
Article 12.- Savings and Loan Cooperative Societies with assets lower than the equivalent in national currency to 2,500,000 UDIS may request authorization to operate with an operations level other than basic. The aforementioned authorization request must be presented to the Commission in the same terms established by Article 10 of this Law, and accompanied by the information and documentation referred to in the preceding Article 11.
Chapter III
On operations
First Section
On the basic level of operations
Article 13.- Savings and Loan Cooperative Societies whose total amount of assets does not exceed the limit equivalent in national currency to 2,500,000 UDIS will have a basic level of operations and will not require authorization from the Commission to carry out savings and loan operations.
(7) Without prejudice to the foregoing and for all legal effects, only a cooperative society that is registered in terms of Article 7 of this Law will be considered a Savings and Loan Cooperative Society with a basic level of operations; therefore, societies that do not obtain their registration and those whose registration is cancelled, will not have the character of a Savings and Loan Cooperative Society with a basic level of operations.
(7) The public notary before whom Members have proven their identity and ratified their will to constitute the cooperative society and that the signatures or digital fingerprints appearing in the constitutive act belong to them, must give notice thereof to the Auxiliary Supervision Committee no later than 20 business days after such acts are performed.
Article 14.- Savings and Loan Cooperative Societies with a basic level of operations may only carry out the following operations:
For internal use
I. Receive demand, savings, time, pre-established day withdrawal, and prior notice withdrawal money deposits from its Members.
The aforementioned operations may be carried out with minors, in accordance with applicable general legislation, provided that their parents or guardians are Members.
This requirement shall not be applicable for operations carried out within the framework of programs aimed at promoting savings among minors, provided that the respective balances do not exceed the equivalent in national currency of 1,500 UDIS per depositor.
The deposits referred to in this subsection shall not confer upon minors the status of Members. Once the depositors have the capacity to enter into the aforementioned operations, they may opt to become Members of the Savings and Loan Cooperative Society at the basic operational level in question or request the delivery of their resources, once the corresponding terms for the respective deposits have expired.
II. Grant loans to its Members.
III. Transmit money with its Members, provided that in carrying out such operations they comply with the applicable provisions in this matter, as well as that one of the parties, either the orderer or the beneficiary, is a Member of the respective Savings and Loan Cooperative Society.
(3) IV. Receive credits from national or foreign financial entities, international organizations, as well as institutions comprising the Federal or State Public Administration and public trusts.
V. Distribute and pay for government products, services, and programs.
VI. Other operations necessary for the fulfillment of its corporate purpose, indicated in subsections I to V above.
Basic-level Savings and Loan Cooperative Societies are prohibited from accepting contribution certificates representing their share capital as collateral for the loans they grant to their Members.
Under no circumstances may Basic-level Savings and Loan Cooperative Societies authorize their Members to issue checks drawn on them, in accordance with the provisions of Title One, Chapter IV of the General Law of Negotiable Instruments and Credit Operations.
(6) Article 15.- The following shall apply to Basic-level Savings and Loan Cooperative Societies:
(6) I. They shall be evaluated by the Auxiliary Supervision Committee semi-annually according to the Capitalization Level they possess and their compliance with the provisions regarding financial information and capitalization requirements issued by the Commission. These evaluations shall be carried out using information as of June and December of each year, and must be published during the immediately following months of September and March, as applicable; therefore, the aforementioned provisions must specify the format and deadlines for submitting the information.
(6) As a result of such evaluation, Basic-level Savings and Loan Cooperative Societies shall be classified into one of the following categories:
(6) a) Category A. Those societies that present a Capitalization Level equal to or greater than 150 percent and whose financial information complies with the rules for the preparation and presentation of basic financial statements established by the Commission, meaning the risk of loss of their members' equity is low.
(6) b) Category B. Those societies that present a Capitalization Level equal to or greater than 100 percent and less than 150 percent and whose financial information complies with the rules for the preparation and presentation of basic financial statements determined by the Commission, meaning the risk of loss of their members' equity is moderately low.
(6) c) Category C. Those societies that present a Capitalization Level equal to or greater than 50 percent and less than 100 percent, or that, having a capitalization level superior to 100 percent, do not comply with the rules for the preparation and presentation of basic financial statements determined by the Commission, meaning they are societies with a risk of falling into insolvency if they do not adopt immediate corrective measures to reduce the risk of loss of their members' equity.
(6) d) Category D. Those societies that present a Capitalization Level inferior to 50 percent and:
(6) i. do not present their basic financial statements within the deadlines and terms set in the provisions issued by the Commission, or
(6) ii. if they are societies classified in Category C pursuant to subsection III of this article, do not present said financial statements in the manner also determined in the Commission's provisions.
(6) These societies, in protection of their members' equity, must refrain from carrying out deposit-taking operations and initiate their dissolution and liquidation.
(6) II. They must notify their general assembly of members of the last classification assigned to them at the session immediately following the date on which the Auxiliary Supervision Committee communicates the result to them, unless they were classified in Category C or D, in which case they must inform said assembly no later than 30 days counted from the day following the notification of the result. To verify the foregoing, Basic-level Savings and Loan Cooperative Societies must send to the Auxiliary Supervision Committee a copy of the call for the General Assembly of Members and the duly notarized minutes in which the matter was reported, within 60 days following its holding.
(6) III. Societies that accumulate two consecutive classifications in Category C shall be classified in Category D in protection of their saving members. Likewise, societies that recurrently fail to comply with the obligations provided in this article and those contained in this Law may be classified in Category D in protection of their saving members.
(6) IV. Basic-level Savings and Loan Cooperative Societies that are classified in Category D, in protection of their members' savings, must refrain from carrying out operations involving the raising of resources, starting from the day following the effect of the notification by the Commission in accordance with Article 15 Bis of this Law.
(7) Article 15 Bis.- The Auxiliary Supervision Committee must inform the Commission in writing regarding those Basic-level Savings and Loan Cooperative Societies that have been classified in Category D within ten business days following the day on which it notified such classification to the society itself, so that the latter publishes through its Internet page a list of societies that have that category. Likewise, the Auxiliary Supervision Committee shall publish said list on its own Internet page.
(7) The Commission, once it becomes aware of the classification in Category D of any Basic-level Savings and Loan Cooperative Society, may conduct investigation visits in accordance with what is provided in this Law, to confirm the information provided by the Auxiliary Supervision Committee, in which case, it may order its dissolution and liquidation, in accordance with what is provided by Article 83 of this Law.
(7) Once the dissolution and liquidation indicated in the previous paragraph is ordered, the Commission shall notify the Auxiliary Supervision Committee so that it cancels the registration of the corresponding society.
For internal use
Article 16.- Basic-level Savings and Loan Cooperative Societies that, subsequent to their constitution or registration, exceed the asset limit referred to in the previous Article 13, may continue carrying out the operations referred to in Article 14 of this Law, subject to the provisions of this section, provided that within 150 days following the day on which the aforementioned situation is verified, they submit to the Auxiliary Supervision Committee the request for authorization to operate with an operational level other than basic in accordance with this Law.
To this effect, they may continue carrying out the operations referred to in Article 14 of this Law, until such time as the Commission resolves their request, provided that this is accompanied by a favorable opinion from the Auxiliary Supervision Committee.
Article 17.- Savings and Loan Cooperative Societies with a basic operational level in which there is an overlap of any of the members of the Board of Directors, as well as with the director or general manager, shall be considered as a single Society, for the purposes of the asset limit provided in Article 13 of this Law.
Second Section
Of Operational Levels I to IV
Article 18.- Savings and Loan Cooperative Societies with Operational Levels I to IV shall be subject to the auxiliary supervision of the Auxiliary Supervision Committee in accordance with this Law. Likewise, said societies shall be subject to the supervision of the Commission in accordance with this Law, the Law of the National Banking and Securities Commission, and the supervision regulation issued under the authority of the latter Law.
The Commission shall issue general provisions for the functioning of Savings and Loan Cooperative Societies with Operational Levels I to IV, in which the characteristics of said operations, their limits, and the requirements to carry them out according to the corresponding operational level in accordance with Article 19 of this Law shall be determined.
Likewise, the Commission shall issue general provisions establishing the criteria for assigning Operational Levels I to IV to each Savings and Loan Cooperative Society, which must consider the amount of assets, in accordance with the following limits:
I. Operational Level I.
Savings and Loan Cooperative Societies with a total asset amount equal to or less than 10 million UDIS.
II. Operational Level II.
Savings and Loan Cooperative Societies with a total asset amount greater than 10 million and equal to or less than 50 million UDIS.
III. Operational Level III.
Savings and Loan Cooperative Societies with a total asset amount greater than 50 million and equal to or less than 250 million UDIS.
IV. Operational Level IV.
Savings and Loan Cooperative Societies with a total asset amount greater than 250 million UDIS.
The aforementioned general provisions issued by the Commission may establish, for the determination of operational levels I to IV, criteria different from those indicated in the previous subsections, which consider the technical and operational capacity of the Savings and Loan Cooperative Societies.
For internal use
Article 19.- Savings and Loan Cooperative Societies, depending on the operational level corresponding to them based on this Section, may carry out the following operations:
I. Savings and Loan Cooperative Societies with Operational Level I:
a) Receive demand, savings, time, pre-established day withdrawal, and prior notice withdrawal money deposits.
The aforementioned operations may be carried out with minors, in accordance with applicable general legislation, provided that their parents or guardians are Members.
The provisions in the previous paragraph shall not be necessary for operations carried out within the framework of programs aimed at promoting savings among minors, provided that the respective balances do not exceed the equivalent in national currency of 1,500 UDIS per depositor.
The deposits referred to in this subsection shall not grant minors the status of Members of the Savings and Loan Cooperative Society in question. Once the depositors acquire the legal capacity to enter into the aforementioned operations, they may opt to become Members of the Savings and Loan Cooperative Society or request the delivery of their resources, once the corresponding terms for the respective deposits have expired.
Deposits constituted by minors under the provisions of this subsection shall be covered by the Protection Fund, in accordance with what is provided in the second paragraph of Article 54 of this Law.
(3) b) Receive loans and credits from national or foreign financial entities, international organizations, institutions comprising the Federal or State Public Administration, public trusts, as well as from their national and foreign suppliers.
c) Issue and operate debit cards and reloadable cards.
d) Receive support from the Committee for the Protection of Cooperative Savings, in accordance with Article 55 of this Law.
e) Grant their guarantee in accordance with Article 55 of this Law.
f) Grant loans or credits to its Members.
g) Grant labor-type credits or loans to its workers.
h) Grant liquidity loans to other Savings and Loan Cooperative Societies, subject to the limits and conditions established through general provisions by the Commission, with prior approval of the Technical Committee.
i) Discount, pledge, or negotiate negotiable instruments, and affect the rights arising from financing contracts they enter into with their Members, in accordance with what is provided by Article 21 of this Law.
j) Establish demand or time deposits in credit institutions.
k) Make investments in government, bank, and investment company securities in debt instruments.
l) Receive or issue payment orders and transfers.
m) Act as a payment receiver for services on behalf of third parties, provided that the foregoing does not imply for the Savings and Loan Cooperative Society the acceptance of direct or contingent obligations.
For internal use
n) Carry out the purchase and sale of foreign currency at the counter for its own account.
(3) o) Distribute insurance policies formalized through adhesion contracts, on behalf of an insurance institution or mutual insurance society, duly authorized in accordance with the General Law of Insurance and Mutual Societies, and subject to what is established in Article 41 of the referenced Law.
(3) p) Distribute surety bonds, in accordance with the applicable provisions for such operations.
(3) q) Carry out the distribution and payment of government products, services, and programs.
r) Enter into financial leasing contracts as lessees for computer equipment, transportation, and other equipment necessary for the fulfillment of its corporate purpose, and acquire the goods that are the subject of such contracts.
s) Enter into lease contracts for movable and immovable property for the achievement of its purpose.
t) Make permanent investments in other societies, provided that they provide auxiliary, complementary, or real estate-type services.
u) Acquire the movable and immovable property necessary for the fulfillment of its purpose and dispose of them when appropriate.
v) Receive donations.
w) Accept mandates and commissions from financial entities, related to its purpose.
x) Other operations necessary for the fulfillment of its corporate purpose.
II. Savings and Loan Cooperative Societies with Operational Level II:
a) The operations indicated in subsection I above.
b) Carry out financial factoring operations with its Members or on their behalf.
c) Provide safe deposit box services.
d) Offer payroll deposit and discount services.
e) Carry out the purchase and sale of foreign currency at the counter for its own account or on behalf of third parties.
III. Savings and Loan Cooperative Societies with Operational Level III:
a) The operations indicated in subsections I and II above.
b) Enter into financial leasing contracts with its Members.
c) Provide cash and treasury services.
IV. Savings and Loan Cooperative Societies with Operational Level IV:
a) The operations indicated in subsections I, II, and III above.
b) Assume obligations on behalf of third parties, based on credits granted, through the granting of acceptances, endorsement, or guarantee of negotiable instruments.
c) Issue credit cards based on credit line opening contracts in current accounts, to its Members.
For internal use
d) Grant discounts of all kinds, repayable in installments congruent with the terms of the passive operations they enter into.
The Commission may authorize Savings and Loan Cooperative Societies to carry out operations analogous or related to those indicated in subsections I to IV of this Article, provided that these do not contravene the nature or purpose of the Savings and Loan Cooperative Societies.
Likewise, the Commission may authorize Savings and Loan Cooperative Societies to carry out additional operations to those of the operational level they have assigned, provided that they prove to the Commission that they meet the requirements established by it through general provisions.
Savings and Loan Cooperative Societies may only receive deposits from the Federal, State, or Municipal Governments, either through their central or para-state sectors, when they are located in Operational Levels III and IV, when such deposits are made with the purpose of allocating funds or monetary resources for the promotion or financing of their Members.
Savings and Loan Cooperative Societies are prohibited from accepting contribution certificates representing their share capital as collateral for the loans they grant to their Members.
Under no circumstances may Savings and Loan Cooperative Societies authorize their Members to issue checks drawn on them, in the terms provided by Title One, Chapter IV of the General Law of Negotiable Instruments and Credit Operations. Likewise, Savings and Loan Cooperative Societies are only permitted to carry out those operations expressly authorized to them.
(4) Article 19 Bis.- Savings and Loan Cooperative Societies with Operational Levels I to IV may contract with third parties, including other Savings and Loan Cooperative Societies with Operational Levels I to IV or financial entities, for the provision of services necessary for their operation, as well as commissions to carry out the operations referred to in Article 19 of this Law, in accordance with the general provisions issued by the National Banking and Securities Commission, with prior agreement of their Board of Directors.
(4) The operations carried out by the commissionaires must be carried out in the name and on behalf of the Savings and Loan Cooperative Societies with which they enter into the legal acts mentioned in the first paragraph of this article. Likewise, the legal instruments documenting the commissions must provide that the Savings and Loan Cooperative Societies will be liable for the operations carried out by the commissionaires on behalf of said Societies, even if these are carried out in terms different from those provided in such legal instruments. The general provisions referred to in the first paragraph of this article must contain, among others, the following elements:
(4) I. The technical and operational guidelines that must be observed for the carrying out of such operations, as well as to safeguard the confidentiality of the information of the users of the Savings and Loan Cooperative Societies and to ensure that in the carrying out of said operations, the applicable provisions are complied with;
(4) II. The characteristics of the natural or legal persons that may be contracted by the Savings and Loan Cooperative Societies as third parties in accordance with this article. Regarding entities of the Federal or State Public Administration, the general provisions may only include those expressly authorized by their law or regulation to provide the services or commissions in question;
(4) III. The requirements regarding the operational and control processes that the Societies must demand from the contracted third parties;
(4) For such purposes, Savings and Loan Cooperative Societies with Operational Levels I to IV may receive money deposits from their commissionaires, as well as grant loans or credits to said third parties, solely for the purpose of carrying out the operations that are the object of the commission in question.
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(4) IV. The type of operations that may be carried out through third parties, with the Commission being authorized to specify the types of operations in which its prior authorization will be required; (4) V. The service provision or commission contracts that the Societies are obligated to deliver to the Commission, as well as the form, conditions, and deadlines for such delivery; (4) VI. The limits applicable to the operations that may be carried out through third parties on behalf of the Savings and Loan Cooperative Society itself, observing in all cases, with respect to the operations provided for in subsection a) of fraction I of Article 19 of this Law, the following:
(4) a) Individual, by type of operation and member, which shall not exceed by broker a daily amount equivalent in national currency to 1,500 UDIS, for each type of investment and account, in the case of cash withdrawals, as well as the equivalent in national currency to 4,000 UDIS with respect to cash deposits, and (4) b) Aggregate, which shall not exceed by broker a monthly amount equivalent to fifty percent of the total amount of operations carried out in the period by the Society in question. (4) The limit referred to in this subsection shall be sixty-five percent, during the first eighteen months of operation with the broker. For the purposes of the foregoing, a business group shall be understood as a single broker. (4) For the purposes of the preceding paragraph, a business group shall be understood as the set of legal entities organized under schemes of direct or indirect participation of social capital, in which the same society maintains control of said legal entities. Likewise, financial groups constituted in accordance with the Law to Regulate Financial Aggregations shall be considered as business groups. (4) The celebration of the operations that may be carried out through third parties on behalf of the Savings and Loan Cooperative Society referred to in subsection a) of fraction I of Article 19 of this Law shall be subject to the authorization referred to in fraction IV of this Article. (4) The limits referred to in this fraction shall not be applicable when:
(4) i) The third party is an entity of the Federal, State, or Municipal Public Administration; (4) ii) The third parties with whom contracts are made are credit institutions, brokerage houses, Popular Financial Societies, or Savings and Loan Cooperative Societies, in the latter case with the exception of those that have a basic level of operations.
(4) VII. The policies and procedures that the Savings and Loan Cooperative Societies must have to monitor the performance of the third parties that are hired, as well as the compliance with their contractual obligations, among which the obligation of said third parties to provide to the National Banking and Securities Commission, and to the external auditors of the Societies, at the request of these, the records, information, and technical support related to the services provided to the Savings and Loan Cooperative Society must be provided; (4) VIII. The operations and services that the Savings and Loan Cooperative Societies cannot agree that third parties provide to them exclusively, and (4) IX. The characteristics of the registry that the Savings and Loan Cooperative Societies must establish with respect to the service providers or brokers they hire, which must be available to the National Banking and Securities Commission for consultation. (4) The provisions of Article 69 of this Law shall also be applicable to the third parties referred to in this Article, as well as to the representatives, executives, and employees of said third parties, even if they cease to work or provide their services to such third parties.
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(4) The National Banking and Securities Commission, prior to the right to a hearing that shall be granted to the Savings and Loan Cooperative Society, may order the partial or total, temporary or definitive, suspension of the provision of services or commissions through the third party in question, when the provisions mentioned in this Article are not complied with or the operational continuity of the Savings and Loan Cooperative Society may be affected or in protection of the public's interests. This, unless the Commission itself approves a regularization program that meets the requirements established in the general provisions referred to in this Article. (4) The National Banking and Securities Commission shall directly formulate to the Savings and Loan Cooperative Societies and to the service providers or brokers referred to in this Article, through said Societies, the information requests, including books, records, and documents, as well as, if applicable, the observations and corrective measures derived from the supervision it carries out regarding the activities that said Societies carry out through service providers or brokers in accordance with the provisions of this Article, to ensure the continuity of the services that the Societies provide to their members, the integrity of the information, and compliance with what is established in this Law. (4) Likewise, the Commission shall be authorized, at all times, to carry out acts of supervision, inspection, and monitoring with respect to the service providers or brokers that the Societies hire in terms of this Article, as well as to conduct inspections on the third parties that the Savings and Loan Cooperative Societies hire with respect to the contracted activities, or to order the Societies to conduct audits of said third parties, with the Society itself being obligated to submit a report to the Commission on the matter. The supervision, inspection, and monitoring powers referred to in this paragraph with respect to service providers or brokers may also be exercised in an auxiliary manner by the Auxiliary Supervision Committee referred to in this Law. (4) The Commission must specify the object of the inspections or audits, which must be limited to the matter of the contracted service and the compliance with what is provided for in this Law and the provisions emanating from it. To this effect, the Societies must agree in the contracts through which the provision of these services or commissions is formalized, the express stipulation by the hired third party that it agrees to adhere to what is established in this Article. (4) Article 19 Bis 1.- The hiring of the services or commissions referred to in Article 19 Bis of this Law shall not exempt the Savings and Loan Cooperative Societies, nor their executives, fiduciary delegates, employees, and other persons who hold an employment, position, or commission in the Society, from the obligation to observe what is established in this legal order
and in the general provisions emanating from it. (4) Article 19 Bis 2.- When any person assists members of Savings and Loan Cooperative Societies in carrying out operations typical of the latter, at no time may they:
(4) I. Carry out such operations on their own account; (4) II. Determine the terms or rates of the operations in which they intervene; (4) III. Obtain price or rate differentials for the operations in which they intervene, or (4) IV. In general, carry out activities that require authorization from the Federal Government to operate as a financial entity of any type.
(4) The operations must invariably be documented in the name of the respective member.
(4) Persons who offer assistance to members of Savings and Loan Cooperative Societies under a mandate or commission in terms of this Article must inform the member, at the time of providing the service, that they are not authorized by the Federal Government nor by the Savings and Loan Cooperative Societies themselves to assume obligations on behalf and for the account of the latter and that they are not supervised or regulated by the financial authorities, which must be stated in their advertising or propaganda and in the contract or in any other document in which the respective commission is recorded.
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(4) Savings and Loan Cooperative Societies that establish business relationships or links, in fact or in law, with any third party for the mass receipt of cash resources, which imply the capture of resources from members of Savings and Loan Cooperative Societies or payment of credits in favor of the latter, must celebrate with said third parties, a commercial commission contract so that they act at all times before the public, as their brokers in accordance with what is stated in Article 19 Bis of this Law.
Article 20.- Members of Savings and Loan Cooperative Societies with Operation Levels I to IV who maintain deposit or investment accounts and current account credits referred to in subsection a) of fraction I and d) of fraction IV of Article 19 of this Law, may authorize third parties to make cash withdrawals charged to said accounts. To this end, the Savings and Loan Cooperative Societies must have the authorization of the account holder or holders. Likewise, Members of Savings and Loan Cooperative Societies with Operation Levels I to IV may domicile the payment of goods and services in the deposit accounts referred to in subsection a) of fraction I of Article 19 of this Law. Members may authorize charges directly to the Savings and Loan Cooperative Society in question or to the providers of the goods or services. Savings and Loan Cooperative Societies with Operation Levels I to IV may charge the corresponding amounts to said accounts, provided that:
I. They have the authorization of the Member in question, or
II. The account holder or holders authorize the charges through the provider and this, through the credit institution or Savings and Loan Cooperative Society that offers the respective collection service, instructs the Savings and Loan Cooperative Society that maintains the corresponding deposit to make the charges. In this case, the authorization may remain with the provider.
In the event that the Member whose account has been charged in terms of the preceding paragraph objects to said charge considering it inappropriate within the ninety natural days following the date on which it was made, the Savings and Loan Cooperative Society with Operation Levels I to IV respective must credit to the account in question, no later than the next business day following that on which the objection is made, the total amount of charges that have resulted inappropriate. For the purposes of complying with the obligation referred to in the preceding paragraph, the Savings and Loan Cooperative Society with Operation Levels I to IV shall be authorized to charge the account it holds for the provider of the goods or services, the corresponding amount. When the account of the provider of goods or services is held by a Savings and Loan Cooperative Society with Operation Levels I to IV different, or a credit institution, it must return to the Savings and Loan Cooperative Society with Operation Levels I to IV in which the Member has their account the resources in question, being able to charge the account of the provider of the goods or services respective the amount of the claim. For these purposes, the Savings and Loan Cooperative Society with Operation Levels I to IV and the provider must agree on the terms and conditions that will be applicable. Savings and Loan Cooperative Societies with Operation Levels I to IV must agree with the providers on the procedure to make the charges referred to in the preceding paragraph, taking care at all times not to cause damage to the assets of said Savings and Loan Cooperative Societies. At any time, the Member may request the cancellation of the domiciliation to the Savings and Loan Cooperative Society that holds their account, regardless of who retains the authorization of the corresponding charges. The said cancellation shall take effect within the period established by the Commission in the general provisions referred to in this Article, which shall not exceed 10 business days following that on which the Savings and Loan Cooperative Society receives it, so from that date onwards it must reject any new charge in favor of the provider. The authorizations, instructions, and communications referred to in this Article may be carried out in writing with autograph signature or through electronic, optical, or any other technology that the parties previously agree.
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Article 21.- Savings and Loan Cooperative Societies with operation levels I to IV may cede or discount their credit portfolio with trusts constituted by the Federal Government for economic promotion, as well as with other Savings and Loan Cooperative Societies with operation levels I to IV, and with the Protection Fund without any restriction.
Savings and Loan Cooperative Societies with Operation Levels I to IV shall not be subject to what is established in the first paragraph of Article 69 of this Law with respect to the information related to the assets mentioned below, when this is provided to persons with whom the following operations are negotiated or celebrated:
I. The loans or credits that will be the object of cession or discount, or
II. The cession of their portfolio or other assets, in the cases provided for in fractions I to III of Article 85 of this Law. To make the respective information known, prior authorization from the Commission must be obtained.
During the negotiation processes referred to in this Article, participants must keep due confidentiality regarding the information to which they have access by reason of the same.
Notwithstanding the foregoing, the Technical Committee, prior to the opinion of the Commission, in exceptional cases may authorize Savings and Loan Cooperative Societies with operation levels I to IV to cede or discount their credit portfolio with persons other than those indicated in the first paragraph of this Article, when their financial situation so requires.
Third Section
Of the common provisions
Article 22.- The Secretariat shall elaborate sectoral programs for the development of Savings and Loan Cooperative Societies and Federations, within the framework of applicable regulation, taking into account the objectives and criteria established in this Law.
To this effect, the Secretariat, within the scope of its competence, shall promote the participation of the Savings and Loan Cooperative Societies sector to facilitate access to said programs for these.
Article 23.- Savings and Loan Cooperative Societies in the celebration of active and passive operations or services must adhere to the terms and conditions approved for this purpose by the governing bodies of the Society in question, in accordance with the powers conferred on them in their constitutive bases.
Such terms and conditions must be of general application among Members who meet the requirements established for the active and passive operation or services in question. The result of the implementation of the foregoing, in the set of such operations, must not cause a detriment to the financial situation and viability of the Savings and Loan Cooperative Society itself.
Savings and Loan Cooperative Societies may not celebrate operations in which terms and conditions that deviate from what is provided for in this Article are agreed, nor may they celebrate operations other than those corresponding to their corporate object or to the level of operations that correspond to them in terms of this Law.
Article 24.- The principal and interest of the capture instruments that do not have a maturity date, or which, having one, are renewed automatically, as well as overdue and unclaimed transfers, which on December 31 of each year, have not had movement by deposits or withdrawals during the last 10 years, counted from said date, whose amount is not superior to the equivalent of two hundred days of the general daily minimum wage in force in the Federal District, shall prescribe in favor of the assets of the Savings and Loan Cooperative Society.
In all cases, said Society must give prior written notice to the Member in question, in a verifiable manner, at the address recorded in the respective file, as well as in a visible place of the
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Member service offices of the Savings and Loan Cooperative Society in question, with 120 days of advance notice before the conclusion of the period provided for in the preceding paragraph.
Savings and Loan Cooperative Societies with operation levels I to IV shall be obligated to notify the Commission about the compliance with this Article within the first 2 months of each year. The Commission may verify compliance with the notice referred to in the preceding paragraph.
For the deposits referred to in Articles 14, fraction I, third paragraph and 19, fraction I, subsection a), third paragraph, of this Law, the provisions of this Article shall be applicable, from the moment the depositors acquire the legal capacity to celebrate the cited operations.
Article 25.- The contracts or documents in which, if applicable, the credits or loans granted by the Savings and Loan Cooperative Societies are recorded, together with the statements certified by the accountant authorized by the Savings and Loan Cooperative Society creditor, shall be executive titles, without the need for signature recognition or any other requirement.
The statement certified by the accountant referred to in this Article shall serve as proof, unless proof to the contrary is presented, in the respective trials for the determination of the resulting balances owed by debtors.
Article 26.- Savings and Loan Cooperative Societies will require the agreement of at least three-quarters of the councilors present at the sessions of the Board of Directors, to approve the celebration of operations with related parties.
Operations with related parties shall be those celebrated by the Savings and Loan Cooperative Societies in which the following persons result or may result as debtors of the same:
I. The members of the Board of Directors, the Supervisory Board, and the Credit Committee or its equivalent, as well as the external auditors of the Savings and Loan Cooperative Society.
II. The spouses and persons who have kinship with the persons indicated in the previous fraction.
III. Kinship shall be understood as that which exists by blood and affinity in the direct line in the first degree, and by blood and affinity in the collateral line in the first degree or civil.
IV. The officials of the Savings and Loan Cooperative Society, as well as persons other than these who with their signature can obligate the Savings and Loan Cooperative Society.
An official shall be understood as the director or general manager and the officials who hold positions with the immediate lower hierarchy to those.
In all cases, Savings and Loan Cooperative Societies must make known annually to their General Assembly of associates and to their Board of Directors, the aggregate amount of credits or loans to related parties, as well as any non-compliance observed in said operations.
Operations with persons referred to in this Article whose total amount does not exceed the equivalent in national currency to 100,000 UDIS or two percent of the paid-in social capital of the Society, whichever is less, shall not require the approval of the Board of Directors; however, they must be made known to it and all aggregated information relative to the cited operations must be made available to the General Assembly of Members and to the Board of Directors, without specifying the names of the Members accredited in question. Persons who, being related in terms of this Article, may not obtain more than once a year, without the said approval, credits or loans whose amount does not exceed the aforementioned amount. The total sum of the amounts disbursed and the irrevocable credit lines contracted from operations with related parties shall not exceed 10 percent of the book capital of a Savings and Loan Cooperative Society.
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Councilors and officials must excuse themselves from participating in discussions and abstain from voting in cases where they have a direct interest or a conflict of interest.
In any case, transactions with related parties must not be conducted on terms and conditions more favorable than those of the same nature of transactions carried out with the Members.
Likewise, a transaction with a related party shall be considered one carried out through any person or trust, when the counterparty and source of payment for such transaction depend on one of the related parties referred to in this Article.
Transactions with related parties shall not be considered to include labor credits that the Savings and Loan Cooperative Society grants to its workers, other than those indicated in the preceding subsections.
Article 27.- Savings and Loan Cooperative Societies may not have sections or departments other than savings and loan activities as provided in the General Law of Cooperative Societies, unless they offer social assistance services and products to their Members as specified in Article 57 of said Law, in which case, the expenses and investments made for such purposes shall be covered from distributable retained earnings of the Society itself, establishing reserves from such retained earnings for such purposes. In no case may such expenses and investments be charged to resources collected from their Members.
Article 28.- Savings and Loan Cooperative Societies are obligated to:
I. Provide the Auxiliary Supervision Committee with all documents, information, and records requested.
II. Allow the Auxiliary Supervision Committee to review, at the premises of the societies, compliance with registration requirements.
III. Regarding Savings and Loan Cooperative Societies with Operation Levels I to IV:
a) Provide the Commission with all documents, information, and records requested.
b) Allow inspection visits and audits by the Auxiliary Supervision Committee or the Commission itself, to verify compliance with the obligations derived from this Law and the provisions emanating from it.
c) Pay the periodic fees determined by the Technical Committee, as provided in Title Four of this Law and the provisions emanating from it.
When a Savings and Loan Cooperative Society with Operation Levels I to IV fails to pay the fees established by the Technical Committee on time and in full, it must pay late interest established by said Committee. For the calculation of the aforementioned interest, at least the interest that would have been generated by the unpaid fees if they had been contributed to the Fund must be considered.
d) Inform both the Commission and the Auxiliary Supervision Committee, through any of the administration bodies, director, or general manager of the respective Savings and Loan Cooperative Society, when there is reasonable presumption that any of the conduct specified in Article 400 Bis of the Federal Penal Code is being carried out, as provided in Articles 71 and 72 of this Law. In any case, the information referred to in this subsection must be communicated directly to the Commission.
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TITLE THREE
ON THE ORGANIZATION AND REGULATION OF SAVINGS AND LOAN COOPERATIVE SOCIETIES WITH OPERATION LEVELS I TO IV
Chapter I
On Organization
Article 29.- The Commission may determine in general provisions that Savings and Loan Cooperative Societies, depending on their assigned operation level, from I to IV, have a Credit Committee or its equivalent.
The Board of Directors must issue the regulations and operational manuals to which the Credit Committee or its equivalent must adhere.
Article 30.- Savings and Loan Cooperative Societies with Operation Levels I to IV must verify compliance with the requirements specified in their constitutive articles and bylaws, by persons elected as councilors, members of the Supervisory Board, or designated as director or general manager, as well as members of the Credit Committee or its equivalent, prior to the start of their tenure.
Savings and Loan Cooperative Societies with Operation Levels I to IV must inform the Commission of the election of new councilors, members of the Supervisory Board, as well as the designation of the director or general manager, members of the Credit Committee or its equivalent, within 15 business days following their appointment.
(4) Article 30 Bis.- Savings and Loan Cooperative Societies with Operation Levels I to IV must request a ruling from the Auxiliary Supervision Committee regarding modifications they intend to make to their constitutive deed or bylaws, to verify that such modifications comply with the General Law of Cooperative Societies, this Law, and the provisions emanating from it.
(4) Once the favorable ruling of the Auxiliary Supervision Committee is obtained, it must forward it to the Commission within a period not exceeding five business days from its issuance, accompanied by the corresponding request for authorization of the proposed modifications. In any case, the Commission must resolve within a period not exceeding ten business days, and once this period has elapsed without the corresponding notification, it shall be understood that the Commission resolves positively on the authorization request.
(4) The constitutive deed or its modifications, which have obtained the approval of the Commission, must be registered in the Public Commerce Registry of the social domicile of the respective society, within a term not exceeding one hundred twenty calendar days from the date of authorization, exhibiting the respective testimony for such purposes.
Chapter II
On Regulation
First Section
On Prudential Regulation
Article 31.- The Commission shall issue, through general provisions, minimum guidelines regarding essentially technical or operational aspects aimed at preserving the liquidity, solvency, and stability of Savings and Loan Cooperative Societies with Operation Levels I to IV, in the following matters:
I. Minimum capital.
II. Internal controls.
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III. Credit process.
IV. Integration of credit files.
V. Integrated risk management.
VI. Capitalization requirements applicable based on credit and, if applicable, market risks. Such requirements shall contemplate the treatment regarding investments in real estate and other assets corresponding to the activities referred to in Article 27 of this Law, which, if applicable, must be subtracted from net capital based on their degree of liquidity or other associated risk concepts.
VII. Credit portfolio rating and establishment of preventive provisions for credit risk.
VIII. Liquidity coefficients.
IX. Risk diversification in operations.
X. Capital investment regime.
XI. Others deemed convenient to provide liquidity, financial solvency and stability, as well as the adequate operation of Savings and Loan Cooperative Societies with Operation Levels I to IV.
The Commission will require the prior agreement of its Board of Directors to issue the general provisions referred to in subsections I and VI above.
In issuing the provisions referred to in subsections III, IV, and VIII, regarding operations carried out by Savings and Loan Cooperative Societies in Rural Zones, the Commission must consider the restrictions and limitations that may exist in such zones, as well as control mechanisms that compensate for such situation.
Likewise, when the Commission deems it appropriate for the better fulfillment of the powers conferred by this Article, it may request the opinion of the Secretariat and the Bank of Mexico.
In the process of issuing and modifying the provisions referred to in this Article, as provided in Article 10 of the Federal Law of Transparency and Access to Public Information, the Commission will make public draft general provisions at least 20 business days in advance of the date they are intended to be published, with the purpose of making them known to the savings and loan cooperative sector, so that it may submit comments regarding the aforementioned drafts to the Commission.
(4) The Commission, through general provisions, may establish exceptions regarding the bodies that societies must have based on their size and level of operations.
Second Section
On Accounting and External Auditing
Article 32.- Any act or contract that implies a variation in assets, liabilities, results, or capital of a Savings and Loan Cooperative Society with Operation Levels I to IV, or implies a direct or contingent obligation, must be recorded in the accounting. The accounting, books, and other corresponding documents, as well as the period for which they must be preserved, shall be governed by the prudential provisions issued by the Commission for this effect.
Article 33.- Savings and Loan Cooperative Societies with Operation Levels I to IV may microfilm or record on optical discs, or in any other medium authorized by the Commission, all books, records, and documents in general, that are in their possession, related to the acts of the Society itself, as specified by general provisions issued by the Commission, according to the technical bases for microfilming or recording on optical discs, their handling, and preservation established by the same.
The original camera negatives obtained by the microfilming system and the images recorded by the optical disc system or any other medium authorized by the Commission, referred to in the previous paragraph, as well as the prints obtained from such systems or means, duly certified by the authorized official of the Savings and Loan Cooperative Society with Operation Levels I to IV, shall have the same probative value in court as the books, records, and documents microfilmed or recorded on optical discs, or preserved through any other authorized means.
After the period in which Savings and Loan Cooperative Societies with Operation Levels I to IV are obligated to preserve accounting, books, and other documents in accordance with Article 32 of this Law and the provisions issued by the Commission, the records appearing in the Society's accounting shall serve as proof, unless contrary evidence is provided, in the respective trials for determining the balances resulting from the operations referred to in subsection a) of subsection I of Article 19 of this Law.
Article 34.- The Commission, through general provisions ensuring the transparency and reliability of the financial information of Savings and Loan Cooperative Societies with Operation Levels I to IV, will specify the requirements to which the approval of financial statements by the administrators of such societies will be subject; their dissemination through any means of communication, including electronic, optical, or any other technology; as well as the procedure to which the review conducted by the Commission itself will be subject.
The Commission will establish, through general provisions facilitating the transparency and reliability of the financial information of Savings and Loan Cooperative Societies with Operation Levels I to IV, the form and content that financial statements must present; similarly, it may order that financial statements be disseminated with the pertinent modifications and within the timeframes established by the Commission.
Additionally, the Supervision Committee of the Protection Fund may order corrections to financial statements that are appropriate according to the provisions established in this Law and the general provisions issued by the Commission.
Annual financial statements must be audited by an independent external auditor, who shall be appointed directly by the Board of Directors of the respective Society. The Commission, through general provisions, may exempt Savings and Loan Cooperative Societies assigned Operation Levels I and II from such audit, provided that the value of their assets is less than what is determined by the Federal Tax Code in its Article 32-A, as a condition for not being obligated to audit their financial statements for tax purposes under Article 52 of said Code.
The same Commission, through general provisions ensuring the transparency and reliability of the financial information of Savings and Loan Cooperative Societies with Operation Levels I to IV, may establish the characteristics and requirements that independent external auditors must meet, determine the content of their reports and other information, issue measures to ensure adequate alternation of such auditors in the societies, as well as specify the information they must reveal in their reports regarding other services, and in general, professional or business relationships provided or maintained with the societies they audit.
Article 35.- The Commission will have inspection and oversight powers regarding legal entities providing external auditing services under this Law, including partners or employees of such entities who are part of the audit team, in order to verify compliance with this Law and observance of the general provisions emanating from it, adhering to the Political Constitution of the United Mexican States and other applicable laws, to guarantee the formality of procedures, as well as prior hearing for the inspected party before imposing corrective actions or sanctions.
For this effect, the aforementioned Commission may:
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I. Request any kind of information and documentation related to the provision of this type of services.
II. Conduct inspection visits.
III. Request the appearance of partners, representatives, and other employees of legal entities providing external auditing services.
IV. Issue or recognize auditing norms and procedures that legal entities providing external auditing services must observe when auditing or issuing opinions regarding the financial statements of Savings and Loan Cooperative Societies with Operation Levels I to IV.
The exercise of the powers referred to in this Article is limited to the reports, opinions, and auditing practices, under this Law, conducted by legal entities providing external auditing services, as well as their partners or employees.
Article 36.- Savings and Loan Cooperative Societies with Operation Levels I to IV must observe the provisions of Articles 34 and 37 of this Law regarding the requirements that the legal entity providing external auditing services, as well as the external auditor signing the report and other information corresponding to the financial statements, must meet.
Article 37.- External auditors signing the report on financial statements on behalf of legal entities providing external auditing services must meet the personal and professional requirements established by the Commission through general provisions, and be partners of a legal entity providing professional auditing services for financial statements and meeting the quality control requirements established by the Commission itself in said provisions.
Furthermore, the aforementioned external auditors, the legal entity of which they are partners, and the partners or persons forming part of the audit team, must not fall under any of the lack of independence scenarios established by the Commission through general provisions, which consider, among other aspects, financial or economic dependency links, provision of additional services beyond auditing, and maximum periods during which external auditors may provide external auditing services to Savings and Loan Cooperative Societies with Operation Levels I to IV.
Article 38.- The external auditor, as well as the legal entity of which he is a partner, are obligated to preserve the documentation, information, and other elements used to prepare their report, information, or opinion, for a period of at least 5 years. For such purposes, automated or digitized means may be used.
Likewise, external auditors must provide the Supervision Committee of the Protection Fund and the Commission with the reports and other elements of judgment supporting their reports and conclusions. If during the practice or as a result of the audit they find irregularities affecting the liquidity, stability, or solvency of any of the societies for which they provide auditing services, they must submit a detailed report on the observed situation to the Supervision Committee of the Protection Fund, and in any case, to the Commission.
Persons providing external auditing services will be liable for damages and losses caused to the Savings and Loan Cooperative Society that hires them, when:
I. When due to inexcusable negligence, the report or opinion provided contains flaws or omissions that, by reason of their profession or occupation, should have been part of the analysis, evaluation, or study that gave rise to the report or opinion.
II. When intentionally, in the report or opinion:
a) They omit relevant information of which they have knowledge, when it should be contained in their report or opinion.
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b) They incorporate false or misleading information, or adjust the result to appear as a situation different from what corresponds to reality.
c) They recommend the execution of any operation, choosing among existing alternatives, that one that generates patrimonial effects notably detrimental to the Society.
d) They suggest, accept, facilitate, or propose that a specific transaction be recorded in contravention of the accounting criteria issued by the Commission.
Article 39.- Persons referred to in Article 37 of this Law will not incur liability for damages or losses caused, derived from services or opinions issued, when acting in good faith and without intent, the following occurs:
I. They issue their report or opinion based on information provided by the person to whom they provide services.
II. They issue their report or opinion adhering to the norms, procedures, and methodologies that must be applied to perform the analysis, evaluation, or study corresponding to their profession or occupation.
Article 40.- The Commission will establish through general provisions, the rules for the maximum estimation of assets of Savings and Loan Cooperative Societies with Operation Levels I to IV and the rules for the minimum estimation of their obligations and liabilities, in order to ensure the adequate valuation of such concepts in the accounting of the referred societies.
In the process of issuing and modifying the provisions referred to in this Article, as provided in Article 10 of the Federal Law of Transparency and Access to Public Information, the Commission will make public draft general provisions at least 20 business days in advance of the date they are intended to be published, with the purpose of making them known to the savings and loan cooperative sector, so that it may submit comments regarding the aforementioned drafts to the Commission.
TITLE FOUR
ON THE PROTECTION FUND
Chapter I
On the Constitution of the Protection Fund
Article 41.- Savings and Loan Cooperative Societies with Operation Levels I to IV must participate in the Protection Fund under the terms of this Law.
Article 42.- The Federal Government, through the Secretariat, will constitute a trust called Auxiliary Supervision Fund of Savings and Loan Cooperative Societies and Protection for their Savers, which for the purposes of this Law is referred to as the Protection Fund.
(6) The Protection Fund will have the purpose of carrying out auxiliary supervision of Savings and Loan Cooperative Societies with Operation Levels I to IV; carry out preventive operations aimed at avoiding financial problems that such societies may present, carry out the evaluations referred to in this Law for Savings and Loan Cooperative Societies with basic operation level, as well as ensure compliance with obligations regarding the savings deposits of their Members under the terms and conditions established by this Law.
The constitution of the trust by the Federal Government must be carried out in a development banking institution, which will act as the trustee institution. Such trust will not have the status of a federal administration entity nor of a public trust, and therefore, will not be subject to the provisions applicable to such entities, without prejudice to the powers exercised directly by the Commission in such matters.
For internal use
Article 43.- The Protection Fund, in fulfillment of its purposes, will rely on a Technical Committee, as well as on an Auxiliary Supervision Committee and a Cooperative Savings Protection Committee.
These committees will be organized and will have the functions established by this Law.
The Protection Fund will also have a General Manager and a Regulatory Comptroller, who will have the powers determined by the Technical Committee.
Article 44.- The equity of the Protection Fund will be composed of:
I. Contributions made by the Federal Government.
II. The fees that Savings and Loan Cooperative Societies with Operation Levels I to IV will be obligated to pay under the terms of this Law. These fees may be:
a) Ordinary auxiliary supervision fees, as well as late interest charges, if any, generated by non-payment. b) Ordinary and extraordinary deposit insurance fees, as well as late interest charges, if any, generated by non-payment. c) The fees referred to in the preceding subsections must be registered in special and separate accounts for each subsection.
III. Other assets, rights, and obligations that the Fund itself acquires by any legal title.
Chapter II
Of the Technical Committee
Article 45.- The Technical Committee of the Protection Fund will be composed of nine representatives from the sector of Savings and Loan Cooperative Societies who must meet the requirements set forth in the following Article 46. The constitutive contract of the Protection Fund must provide that the appointments of the members of the Technical Committee be made after a favorable opinion from the Commission.
To this end, the Confederation must ensure that these appointments promote adequate representativeness of the sector, for which the Technical Committee must be integrated with the following proportionality:
I. The Confederation will choose five of its members and their respective alternates. The constitutive bases thereof must expressly stipulate the procedure to be followed for the election of candidates, in order to ensure their adequate representativeness.
II. The Federations will choose four of their members and their respective alternates, in accordance with the following:
a) Federations that individually or collectively represent the interests of Savings and Loan Cooperative Societies with Operation Levels I to IV, which administer half or more of the sector's assets, may choose 2 of the members. b) Federations that individually or collectively represent the interests of Savings and Loan Cooperative Societies with Operation Levels I to IV, which administer more than one-quarter but less than half of the sector's assets, may choose one member. c) Federations that individually or collectively represent the interests of Savings and Loan Cooperative Societies with Operation Levels I to IV, which individually administer less than the remaining one-quarter of the sector's assets, may choose one member.
For internal use
d) Federations that have grouped together or formed alliances to choose candidates in accordance with subsections a), b), or c) above, may not accumulate the right to choose candidates in another segment.
The Confederation may make the appointments of the members corresponding under this subsection when these are not made within 3 months following the occurrence of a vacancy. The appointments made by the Confederation will be provisional, until such time as the appointment is made in accordance with this subsection.
Article 46.- To be a member of the Technical Committee, it is necessary:
I. Have a satisfactory credit history and honorability, as well as recognized experience in legal, financial, or administrative matters.
II. Not be an advisor or consultant to any Savings and Loan Cooperative Society.
III. Not have pending litigation or overdue debts with any Savings and Loan Cooperative Society, or with any of its cooperative bodies.
IV. Not be an employee or official of any Savings and Loan Cooperative Society.
V. Not have been sentenced for intentional property crimes or disqualified from holding employment, office, or commission in the Federal, State, or Municipal public sector or in the Mexican financial system.
VI. Not be subject to bankruptcy proceedings or declared bankrupt, or be disqualified from conducting commerce, or sentenced for intentional property crimes.
VII. Not have kinship by blood or affinity up to the fourth degree or civil with any member of the Board of Directors, Board of Auditors, or with the director or general manager of any Savings and Loan Cooperative Society.
VIII. Not hold any public office of popular election or of party or union leadership.
IX. Not be an official of the government departments responsible for the supervision and oversight of Savings and Loan Cooperative Societies.
X. Not enter into contracts for works, services, supplies, or any other of an analogous nature, directly or indirectly, with any Savings and Loan Cooperative Society, or participate in companies and/or in their share capital, with which such Cooperatives enter into any of the aforementioned acts.
XI. Comply with the other requirements established by the constitutive contract of the Protection Fund.
The Confederation must evaluate and verify prior to the appointment of the members of the Technical Committee, compliance with the requirements set forth in this Article, and therefore must know the profile of the candidates to serve as members of the Technical Committee, and verify the documentation and information that the council itself determines in the respective regulation.
Article 47.- The Technical Committee will exercise the following functions:
I. Establish the objectives, guidelines, and general policies to regulate the operation and administration of the Protection Fund.
II. Establish the policies and guidelines regarding the auxiliary supervision of Savings and Loan Cooperative Societies with Operation Levels I to IV, adhering to what is established by Article 63 of this Law.
For internal use
III. Approve the internal regulations and the administration or operation manuals of the Protection Fund upon proposal of the Auxiliary Supervision Committee and the Cooperative Savings Protection Committee.
IV. Establish the regional offices of the Auxiliary Supervision Committee upon proposal of the Auxiliary Supervision Committee, with the prior opinion of the Commission.
V. Appoint the members of the Auxiliary Supervision Committee and its regional offices, as well as the Cooperative Savings Protection Committee.
VI. Appoint the General Manager and Regulatory Comptroller, who must meet the following requirements:
a) Demonstrate having a satisfactory credit history and honorability. b) Have provided at least 5 years of service in positions whose performance requires knowledge and experience in legal, financial, or administrative matters. c) Not be an employee, official, or member of the Board of Directors or Board of Auditors of any Savings and Loan Cooperative Society. d) Not be subject to bankruptcy proceedings or declared bankrupt, or be disqualified from conducting commerce. e) Not have been sentenced for intentional property crimes or for holding employment, office, or commission in the Federal, State, or Municipal public sector, or in the Mexican financial system. f) Not have pending litigation or overdue debts with any Savings and Loan Cooperative Society. g) Not have kinship by blood or affinity up to the second degree or civil with any member of the Board of Directors, Board of Auditors, or with the director or general manager of any Savings and Loan Cooperative Society. h) Not have entered into personal service contracts with any Savings and Loan Cooperative Society. i) Not hold any public office of popular election or of party or union leadership. j) Not be an official of the government departments responsible for the supervision and oversight of Savings and Loan Cooperative Societies.
VII. Determine the method for calculating the periodic fees for auxiliary supervision and those corresponding to deposit insurance, with prior approval of the Commission.
The Technical Committee, in determining the periodic fees for auxiliary supervision, must take into account, among other factors, the value of total liabilities, the value of the overdue credit portfolio, and the value of the total credit portfolio minus preventive reserves, of each Savings and Loan Cooperative Society with Operation Levels I to IV, a minimum fee may be established for such purposes. These fees must consider the expenses necessary for the adequate functioning and sustainability of the Protection Fund. Likewise, the Technical Committee must determine the periodic fees corresponding to deposit insurance in accordance with the provisions of subsection II of Article 56 of this Law. The Protection Fund must publish in the Official Journal of the Federation the method for calculating the periodic fees referred to in this subsection, as well as late interest charges in case of non-payment.
VIII. Approve the financial statements of each annual exercise and make them known to the Commission.
For internal use
IX. Present an annual report of its management to the Commission.
X. Submit semi-annual reports on the management of the deposit insurance account of the Protection Fund.
XI. Carry out commercial or civil operations and contracts that are necessary for the fulfillment of its purpose.
XII. Those others provided for by this and other Laws for the fulfillment of its purpose, as well as those provided for in the constitutive contract of the Protection Fund.
Chapter III
Other provisions of the Protection Fund
Article 48.- The internal regulations of the Protection Fund must contain, among others, the norms applicable to:
I. The methodology that the Auxiliary Supervision Committee will employ for the exercise of auxiliary supervision functions.
II. The policies and criteria with which the Cooperative Savings Protection Committee will administer the deposit insurance account of the Protection Fund.
III. The guidelines for determining the amount of ordinary and extraordinary contributions and fees that Savings and Loan Cooperative Societies with Operation Levels I to IV must pay.
IV. The internal control and correction program to prevent conflicts of interest and misuse of information.
V. The mechanisms to carry out loans that may be granted among themselves by Savings and Loan Cooperative Societies with Operation Levels I to IV in accordance with what is stated in Article 19, subsection I, subsection h), of this Law.
VI. The mechanisms to carry out loans that the Cooperative Savings Protection Committee may grant to Savings and Loan Cooperative Societies with Operation Levels I to IV in accordance with what is stated in Article 55 of this Law.
VII. The procedure for the payment of guaranteed obligations.
VIII. The duration of the term as a member of the Technical Committee.
The Commission may, at any time, order adjustments to the internal regulations of the Protection Fund, as well as object to the resolutions or determinations adopted by its corporate bodies.
Article 49.- The Protection Fund will provide Savings and Loan Cooperative Societies with information on the services it offers and the characteristics of cooperative savings protection.
The Protection Fund must make available to the general public permanently and through electronic means, the income and expenses of each of the concepts corresponding to auxiliary supervision and deposit insurance fees, with figures at the close of each annual exercise. The Commission may request the Protection Fund, if it deems it necessary, to make clarifications to the information made available to the public.
Article 50.- The Protection Fund and its respective committees will be subject to the supervision of the Commission, which will have all the powers in matters of inspection and oversight conferred by its own Law, as well as Articles 62 and 64 of this instrument.
For internal use
Chapter IV
Of the Auxiliary Supervision Committee
Article 51.- The Auxiliary Supervision Committee will be composed of a president and the managers of the regional offices to be established by agreement of the Technical Committee and with the prior opinion of the Commission, taking into account the regional concentration of Savings and Loan Cooperative Societies in the national territory, and its main object will be the prevention of any type of insolvency or operational risk of Savings and Loan Cooperative Societies.
The president of the Auxiliary Supervision Committee and the managers of the regional offices will be appointed by the Technical Committee. The president will direct the auxiliary supervision work and ensure compliance with the policies, as well as the guidelines and work plans corresponding to the auxiliary supervision functions.
The regional offices will be composed of at least 3 people appointed by the Technical Committee, from among whom a manager will be named who will serve as responsible for that office.
The Auxiliary Supervision Committee and the regional offices will have the power to hire and remove personnel from their operational structure.
The members of the Auxiliary Supervision Committee, as well as the members of the regional offices, may only be removed from their position, with the prior opinion of the Commission, who will hear the interested party.
To be a member of the Auxiliary Supervision Committee and of the regional offices, it is necessary:
I. Demonstrate having a satisfactory credit history and honorability, as well as recognized experience in financial and administrative matters, or in audit activities.
II. Not be an advisor or consultant to any Savings and Loan Cooperative Society.
III. Not have pending litigation or overdue debts with any Savings and Loan Cooperative Society.
IV. Not have any other employment, office, or commission, with the exception of those referring to teaching, research, cultural, or charitable activities.
V. Not have been sentenced for intentional property crimes or disqualified from conducting commerce, or for holding employment, office, or commission in the Federal, State, or Municipal public sector, in the Mexican financial system.
VI. Not be subject to bankruptcy proceedings or declared bankrupt, or be disqualified from conducting commerce.
VII. Not have kinship by blood or affinity up to the fourth degree or civil with any member of the Board of Directors, Board of Auditors, or with the director or general manager of any Savings and Loan Cooperative Society.
VIII. Hold a certification issued by a specialized institution recognized by the Commission.
IX. Not be an official of the government departments responsible for the supervision and oversight of Savings and Loan Cooperative Societies.
X. Not hold any public office of popular election or of party or union leadership.
XI. Comply with the other requirements established by the Commission through general provisions.
Article 52.- The Auxiliary Supervision Committee and the regional offices of the Protection Fund, interchangeably, will exercise the following functions:
For internal use
I. Keep the registry of Savings and Loan Cooperative Societies referred to in Article 7 of this Law.
II. Carry out the review of compliance with the registration requirements through the evaluation of the financial statements of Savings and Loan Cooperative Societies, which may be carried out at the facilities of these if the Committee presumes the existence of irregularities. Likewise, derived from the review of compliance with the registration requirements, it may formulate recommendations to the respective Savings and Loan Cooperative Societies.
The Auxiliary Supervision Committee and the regional offices of said fund may support themselves in the performance of this function, in a Federation, provided that the latter has a technical assistance area that meets the requirements established for such purposes by the Technical Committee.
III. The auxiliary supervision of Savings and Loan Cooperative Societies with Operation Levels I to IV, which will be exercised for preventive, non-punitive purposes.
IV. Auxiliary supervision will have the object of reviewing, verifying, checking, and evaluating the resources, obligations, and equity of said societies, as well as their operations, functioning, control systems, and, in general, everything that could affect their financial position and legal situation, which is or should be recorded in their records, in order that they comply with this Law, the provisions emanating from it, and the sound practices and prevailing usages among Savings and Loan Cooperative Societies.
V. The objectives of the auxiliary supervision process must adhere to the policies, guidelines, and work plans established for this purpose by the Technical Committee, as well as to the general provisions issued by the Commission.
VI. Conduct inspection visits to Savings and Loan Cooperative Societies with Operation Levels I to IV, complying with the formalities established by this Law and limiting their resolutions to non-coercive recommendations.
VII. Formulate observations and recommendations to Savings and Loan Cooperative Societies with Operation Levels I to IV.
VIII. Request from Savings and Loan Cooperative Societies with Operation Levels I to IV the information necessary for the exercise of their functions.
IX. Propose to the Technical Committee the policies, guidelines, and work plans regarding auxiliary supervision, which must adhere to the general provisions established by the Commission for such purposes.
X. Report the results of their work program to the Commission.
The regional offices additionally must report the results of their work program to the Auxiliary Supervision Committee itself.
XI. Report to the Commission the irregularities detected in Savings and Loan Cooperative Societies with Operation Levels I to IV, in the performance of their auxiliary supervision activities.
The regional offices additionally must inform the Auxiliary Supervision Committee itself regarding the irregularities referred to in the preceding paragraph.
(7) XII. Carry out evaluations of Savings and Loan Cooperative Societies with basic operation level referred to in Article 15 of this Law.
(7) XIII. Report to the Commission Savings and Loan Cooperative Societies with basic operation level that are classified as D.
For internal use
XIV. Those others granted by this Law, as well as those provided for in the general provisions emanating from it for the fulfillment of its purpose, and those provided for by the constitutive contract of the Protection Fund.
Article 53.- The exclusive powers and obligations of the president of the Auxiliary Supervision Committee are the following:
I. Homologate the auxiliary supervision practices of the regional offices of the Protection Fund, as well as follow up on the compliance with the policies, guidelines, and work plans established by the Technical Committee regarding auxiliary supervision.
This power will be exercised with prior agreement of the majority of the regional managers in session of the Auxiliary Supervision Committee. The president will have the casting vote in case of a tie in the voting.
II. Inform, quarterly, the Technical Committee and the Commission regarding the financial, and if applicable, operational and legal situation of Savings and Loan Cooperative Societies with Operation Levels I to IV.
Without prejudice to the foregoing, the Commission may request that the Technical Committee present the report referred to in the preceding paragraph, in advance of the conclusion of the cited quarter.
III. Propose to the Technical Committee the establishment of regional offices.
IV. Propose to the Technical Committee the appointment and removal of the members of the regional offices.
V. Those others provided for by this and other Laws for the fulfillment of its purpose, as well as those provided for in the constitutive contract of the Protection Fund.
Chapter V
Of the cooperative savings protection and the Committee for Cooperative Savings Protection First Section Of cooperative savings protection
Article 54.- Savings and Loan Cooperative Societies with Operation Levels I to IV will be obligated to pay the Protection Fund the monthly fees determined by the Cooperative Savings Protection Committee. For these purposes, the Protection Fund must have a special account called the deposit insurance account.
The deposit insurance account will have as its primary purpose to ensure coverage of the money deposits of each Saving Member referred to in subsection a) of subsection I of Article 19 of this Law, under the terms established by Article 61 of this Law, up to an amount equivalent to 25,000 UDIS, per natural or legal person, regardless of the number and class of operations in their favor and against the same Savings and Loan Cooperative Society with Operation Levels I to IV, in case its dissolution and liquidation is declared, or its commercial bankruptcy is decreed. The deposit insurance account will not guarantee operations that have not been subject to legal, regulatory, administrative provisions, as well as sound practices and usages among Savings and Loan Cooperative Societies, in which there is bad faith on the part of the holder and those related to illegal acts or operations that fall under the circumstances of Article 400 Bis of the Penal Code for the Federal District in Matters of Common Jurisdiction and for the entire Republic in Matters of Federal Jurisdiction. Savings and Loan Cooperative Societies will have the obligation to inform their Members about the terms and conditions under which their operations will be guaranteed, in terms of this chapter.
For internal use
For internal use
Article 55.- The Protection Fund, through the Cooperative Savings Protection Committee, may approve the granting of the following support:
I. Preventive liquidity support to Savings and Loan Cooperative Societies with Operation Levels I to IV, provided that the following are available:
a) A technical study prepared by an external auditor and approved by the Cooperative Savings Protection Committee, which justifies the viability of the Savings and Loan Cooperative Society, the suitability of the support, and that the granting of said support results in a lower cost for the Protection Fund.
b) The granting of guarantees to the satisfaction of the Cooperative Savings Protection Committee, constituted in its favor.
c) A capital restoration program, where applicable.
In such cases, the Savings and Loan Cooperative Society must be complying, or should have been complying, with the corrective measures applicable to it, including those referred to in Article 79 of this Law.
The sum of the amounts of preventive liquidity support granted by the Cooperative Savings Protection Committee may in no case exceed 15 percent of the resources of the deposit insurance account. Exceptionally, and considering the financial situation of Savings and Loan Cooperative Societies with Operation Levels I to IV as a whole, the Technical Committee may authorize that the sum of the amounts of preventive liquidity support be up to 30 percent of the resources of the deposit insurance account.
Once the Savings and Loan Cooperative Society has covered the payment of the support granted, the Commission may, where applicable, lift the corrective measures imposed on said Society, including those referred to in Article 79 of this Law.
II. Financial support to Savings and Loan Cooperative Societies with Operation Levels I to IV, provided that, additionally, such Society is spun off, merged, sells assets, or carries out any other transaction that contributes to reducing the risk of insolvency or loss, in accordance with what is stated in Title Six of this Law, provided that this option is considered reasonably less costly than the payment of the deposits of the Saving Members.
Exceptionally, the Cooperative Savings Protection Committee may authorize financial support in the situations or cases other than those stated in the previous paragraph, even when its cost is greater than the payment of the deposits of the Saving Members of a Savings and Loan Cooperative Society, provided that failing to do so could generate serious negative effects on one or more Savings and Loan Cooperative Societies such that their stability or solvency is endangered.
In any case, the Cooperative Savings Protection Committee will grant the financial support referred to in this subsection, provided that the elements referred to in subsections a) to c) of subsection I above are available.
Article 56.- The deposit insurance account, administered by the Cooperative Savings Protection Committee, shall be integrated with the following resources:
I. The contributions made by the Federal Government.
II. The monthly fees that must be covered by Savings and Loan Cooperative Societies with Operation Levels I to IV, which shall be determined taking into consideration the risk to which they are exposed, based on the Capitalization Level and total liabilities of each Savings and Loan Cooperative Society.
For internal use
Such fees shall be between 1 and 3 per thousand annually on the amount of liabilities of the Savings and Loan Cooperative Society that is subject to protection in accordance with the provisions of Article 54 of this Law.
The range within which the contributions will be located and the method for calculating and paying the respective contribution monthly shall be determined by the Technical Committee based on what the Commission establishes for such purposes through general provisions.
III. Extraordinary fees charged by Savings and Loan Cooperative Societies with Operation Levels I to IV determined by the Technical Committee, with prior authorization of the Commission.
The resources that make up the deposit insurance account of the Protection Fund must be invested in government securities of broad liquidity or in certificates representing the social capital of investment societies in debt instruments, in accordance with what the Commission determines through general provisions.
The Auxiliary Supervision Committee must deliver to the Cooperative Savings Protection Committee the information that this requires to determine the fees, in accordance with Article 58, subsection I, of this Law.
The Cooperative Savings Protection Committee may agree to the temporary suspension of fees to the deposit insurance account of the Protection Fund, when the resources that make it up represent at least 5 percent of the total savings deposits of all Savings and Loan Cooperative Societies with Operation Levels I to IV, which are protected by the deposit insurance account of the Protection Fund.
Second Section
On the Cooperative Savings Protection Committee
Article 57.- The Cooperative Savings Protection Committee must be composed of 5 principal members and their respective alternates, who shall be appointed by the Technical Committee, one of whom shall be named president, who shall have the powers determined by the Technical Committee.
The appointment of the members of the Cooperative Savings Protection Committee may only fall on persons who meet the following requirements:
I. Have a satisfactory credit history and honorability, as well as knowledge and experience in financial and administrative matters.
II. Do not incur any of the following impediments:
a) Being disqualified from exercising commerce.
b) Having been convicted by an irrevocable sentence for an intentional crime that imposes a penalty of more than 1 year of imprisonment and, in the case of intentional patrimonial crimes, whatever the penalty may have been.
c) Having a pending lawsuit with any Savings and Loan Cooperative Society or with the Protection Fund.
d) Having been disqualified from exercising any position, commission, or employment in the Federal, State, or Municipal public service, or in the Mexican financial system.
e) Performing functions of regulation, inspection, or supervision of Savings and Loan Cooperative Societies or of the Protection Fund; as well as spouses, concubines or concubians, and relatives by blood, affinity, or civil law up to the fourth degree with respect to such persons.
f) Holding an elected public office or party or union leadership.
For internal use
g) Present a conflict of interest in their performance as members of the Cooperative Savings Protection Committee, due to their patrimonial or liability relationships with the Savings and Loan Cooperative Societies and the Protection Fund itself, in the judgment of the Technical Committee.
h) Be officials of the government departments responsible for the supervision and surveillance of Savings and Loan Cooperative Societies.
III. The other requirements determined by the Commission through general provisions.
The Technical Committee must evaluate and verify prior to the appointment of the members of the Cooperative Savings Protection Committee, compliance with the requirements stated in this Article.
Article 58.- The Cooperative Savings Protection Committee shall exercise the following functions:
I. Calculate the amount of the fees that Savings and Loan Cooperative Societies with Operation Levels I to IV will pay to the deposit insurance account of the Protection Fund. Likewise, when appropriate, determine the amount of extraordinary contributions to that effect determined by the Technical Committee, with prior authorization of the Commission.
II. Instruct the trustee, on government securities of broad liquidity or certificates representing the social capital of investment societies in debt instruments, in which the resources of the deposit insurance account of the Protection Fund must be invested in terms of Article 56, second paragraph, of this Law.
III. Periodically evaluate the operational aspects of the deposit insurance account of the Protection Fund.
IV. Submit reports to the Technical Committee on the management of the deposit insurance account of the Protection Fund.
V. Communicate to the Commission, the Technical Committee, and the Auxiliary Supervision Committee the irregularities that, by reason of their competencies, they are responsible for knowing.
VI. Make public the bases according to which the procedure will be followed to pay the Saving Members, in cases where such payment of guaranteed obligations is appropriate.
To this effect, the payment of guaranteed obligations shall be charged to the account of the Protection Fund, to the extent that the resources of said account reach, in a subsidiary manner, with the limits and conditions referred to in this Law and those established in the general provisions issued by the Commission.
VII. Approve the cases in which it is appropriate to grant financial support to Savings and Loan Cooperative Societies with Operation Levels I to IV in accordance with Articles 55 and 87 of this Law.
VIII. Select one of the mechanisms referred to in Title Six of this Law, which corresponds, where applicable, to the Savings and Loan Cooperative Society with Operation Levels I to IV, for which, to the deposit insurance account, where applicable, the costs derived from the application of any of the cited mechanisms must be subtracted.
IX. Determine the form and terms in which the corporate and patrimonial rights inherent to the titles referred to in Article 87 of this Law will be exercised, where applicable.
X. Effect the designation of the liquidator or trustee, in case that a Savings and Loan Cooperative Society with Operation Levels I to IV is in a state of liquidation or commercial bankruptcy.
For Internal Use
XI. Carry out commercial or civil operations and contracts that are necessary for the fulfillment of its purpose.
XII. The others that this and other Laws provide for the fulfillment of its purpose.
Article 59.- The Cooperative Savings Protection Committee must inform the Commission and the Technical Committee monthly, the status of the deposit insurance account of the Protection Fund.
The Cooperative Savings Protection Committee, once the circumstances referred to in Article 61 of this Law are met, must inform the savers through notices placed in a visible place in the customer service offices of the Society in question, as well as on the electronic page on the "Internet" network of the Protection Fund, regarding the payment procedure, adhering to the general provisions issued in this matter by the Commission.
Article 60.- The Cooperative Savings Protection Committee may request the Auxiliary Supervision Committee to carry out the necessary inspection visits, in order to verify the financial, accounting, and legal situation of the Savings and Loan Cooperative Societies with Operation Levels I to IV participating in the mechanisms referred to in Article 85 of this Law.
Article 61.- The Cooperative Savings Protection Committee, for the purposes of the provisions of Article 54 of this Law, shall cover the principal and accessories of the money deposits covered in accordance with this Law when a Savings and Loan Cooperative Society with Operation Levels I to IV enters a state of dissolution and liquidation, or is declared in commercial bankruptcy, deducting the outstanding balance of loans or credits with respect to which the Saving Member is debtor and up to the limit established by this Law, so that for the purposes of compensation, such loans or credits will mature in advance.
The amount to be paid to each depositor in accordance with the provisions of this Article shall be fixed in UDIS from the date on which the dissolution and liquidation of the respective Savings and Loan Cooperative Society with Operation Levels I to IV is declared, or its commercial bankruptcy is decreed. The payment of deposits shall be made in national currency, so the conversion of the amount denominated in UDIS shall be carried out using the current value of the said unit on the date the corresponding payment is made.
In the event that a saver has more than one account in the same Savings and Loan Cooperative Society with Operation Levels I to IV and the sum of the balances thereof exceeds the amount stated in Article 54 of this Law, the Cooperative Savings Protection Committee will only ensure coverage of said coverage amount, dividing it pro rata among the number of accounts.
The form and terms in which the corresponding amounts will be covered shall be established in the general provisions issued for that effect by the Commission.
TITLE FIFTH
ON THE POWERS OF THE AUTHORITIES
Chapter I
On inspection and surveillance
Article 62.- The supervision of Savings and Loan Cooperative Societies with Operation Levels I to IV and of the Protection Fund shall be the responsibility of the Commission, who shall carry it out subject to the provisions of this Law, the Law of the National Banking and Securities Commission, and the supervision regulation issued under the authority of the latter Law.
The said Commission may conduct visits to Savings and Loan Cooperative Societies with Operation Levels I to IV, as well as to the Protection Fund and its Technical, Auxiliary Supervision, and Cooperative Savings Protection Committees, which shall have the objective of reviewing, verifying, checking, and evaluating the activities, operations, organization, functioning, processes, internal control systems, risk management and information systems, as well as the equity, adequacy of capital to risks, quality of assets, and, in general, everything that could affect the financial, economic, accounting, administrative, and legal position, which is or should be recorded in the records, in order that the societies and the said fund comply with the provisions governing them and the sound practices in the matter, as appropriate.
Likewise, the Commission may investigate facts, acts, or omissions from which a violation of this Law and other provisions derived from it may be presumed.
The visits may be ordinary, special, and investigative; the first shall be carried out in accordance with the annual program established for that purpose; the second shall be those that, without being included in the aforementioned annual program, are carried out in any of the following situations:
I. To examine and, where applicable, correct special operational situations.
II. To follow up on the results obtained in an inspection visit.
III. When changes or modifications occur in the accounting, legal, economic, financial, or administrative situation of a Society or of the Protection Fund.
IV. When a Society has been authorized by the Commission after the preparation of the annual program referred to in the fourth paragraph of this Article.
V. When acts, facts, or omissions occur in a Society that were not originally contemplated in the annual program referred to in the fourth paragraph of this Article, which motivate the carrying out of the visit.
VI. When derived from international cooperation.
Investigative visits shall be carried out whenever the Commission has indications from which it can be inferred that some conduct presumably contravening the provisions of this Law and other general provisions emanating from it has been carried out.
When, in the exercise of the function provided for in this Article, the Commission so requires, it may hire the services of auditors and other professionals who assist it in said function.
Surveillance shall be carried out through the analysis of accounting, legal, economic, financial, administrative, process, and procedure information obtained by the Commission based on the applicable provisions, with the purpose of evaluating compliance with the regulations governing the Protection Fund and Savings and Loan Cooperative Societies with Operation Levels I to IV, as well as the stability and correct functioning thereof.
Without prejudice to the information and documentation that the Protection Fund and Savings and Loan Cooperative Societies with Operation Levels I to IV must periodically provide to the Commission, the latter, within the scope of applicable provisions, may request the information and documentation it requires to fulfill its surveillance function.
As a result of its supervision powers, the Commission may formulate observations and order the adoption of measures aimed at correcting the irregular facts, acts, or omissions it has detected during these functions, in terms of this Law.
Article 63.- The Commission, through general provisions, shall establish the manner in which the Auxiliary Supervision Committee exercises the auxiliary supervision powers over Savings and Loan Cooperative Societies, prohibiting the granting of coercive powers against Savings and Loan Cooperative Societies.
Article 64.- Surveillance and inspection shall consist of ensuring that Savings and Loan Cooperative Societies with Operation Levels I to IV and the Protection Fund comply with the provisions of this Law and those derived from it, and attend to the observations and indications of the Commission.
For Internal Use
The measures adopted in the exercise of this power shall be preventive and corrective to preserve the stability and solvency of Savings and Loan Cooperative Societies with Operation Levels I to IV as well as the Protection Fund, and normative to define criteria and establish rules and procedures to which they must adjust their functioning, in accordance with the provisions of this Law.
Article 65.- The Commission, when presuming the existence of omissions or administrative offenses, may order Savings and Loan Cooperative Societies with Operation Levels I to IV to convene sessions of the Board of Directors or the General Assembly of Members, as well as to include in the corresponding agenda the following matters:
I. Report on the status of the management and internal control of the Savings and Loan Cooperative Society.
II. Adequacy of the accounting register and financial information of the Savings and Loan Cooperative Society.
III. Where applicable, the presentation of specific reports by councilors and officials.
(3) Article 66.- The Commission, prior to agreement of its Board of Directors, may order that the members of the Board of Directors, general managers, external auditors, members of the Supervisory Council, as well as members of the Credit Committee or its equivalent, of Savings and Loan Cooperative Societies with Operation Levels I to IV, regulatory controller, members of the Technical, Auxiliary Supervision, and Cooperative Savings Protection Committees, of the Protection Fund, or those who exercise their functions in terms of this Law, as well as other persons whose acts may obligate the Savings and Loan Cooperative Societies with Operation Levels I to IV, as well as the Protection Fund, be removed, or agree to the suspension of all of them in their functions, for 3 months to 5 years, when such Commission considers that such persons do not meet the requirements established by their constitutive bases, or incur in a serious or repeated manner in infractions of this Law and the general provisions derived from it.
The same Commission may also, with the agreement of its Board of Directors, in the cases stated in the previous paragraph, disqualify the aforementioned persons from holding an employment, position, mandate, or commission in any of the Savings and Loan Cooperative Societies with Operation Levels I to IV, in the Protection Fund and its committees, as well as in the Mexican financial system, without prejudice to the sanctions applicable in accordance with this or other legal orders.
To impose the disqualification, the Commission must take into account:
I. The gravity of the infraction and the convenience of avoiding these practices.
II. The hierarchical level, background, seniority, and conditions of the offender.
III. The amount of economic benefit, damage, or harm derived from the infraction.
IV. Recidivism.
For suspension, removal, and disqualification, the Commission must previously hear the interested party and the representative of the Savings and Loan Cooperative Society or Protection Fund, as appropriate.
(3) Likewise, regarding members of the Board of Directors, directors, general managers, external auditors, members of the Supervisory Council, as well as members of the Credit Committee or its equivalent, of Savings and Loan Cooperative Societies with Operation Levels I to IV, the Commission shall proceed in terms of this article at the request of the Auxiliary Supervision Committee, provided that said Committee proves that the aforementioned persons do not meet the requirements established for that effect or incur in a serious or repeated manner in infractions of this Law and the general provisions derived from it.
For internal use
Article 67.- Savings and Loan Cooperative Societies with Operation Levels I to IV, in order to offer the public a new operation, product, or service, or to modify existing ones, must observe, at a minimum, the following:
I. Establish internal controls and processes to offer the public the operation, product, or service in question.
II. Have methodologies for the identification, valuation, measurement, and control of the risks associated with the aforementioned operations, products, and services.
To this effect, Savings and Loan Cooperative Societies with Operation Levels I to IV must observe the general provisions referred to in Article 31 of this Law.
The Commission may veto the operations, products, and services referred to in this Article when, in its judgment, they could have ruinous effects on Savings and Loan Cooperative Societies with Operation Levels I to IV, or significantly affect their solvency, liquidity, or stability. Without prejudice to the foregoing, transactions that the Society has entered into prior to the exercise of the veto shall be governed by what was agreed upon by the parties.
The board members, officials, and employees of Savings and Loan Cooperative Societies with Operation Levels I to IV, or those who directly intervene in the authorization or execution of the operations, products, and services referred to in this Article, knowing that these were vetoed by the Commission under the terms described, may be suspended, removed, or disqualified in accordance with this Law.
Article 68.- Savings and Loan Cooperative Societies with Operation Levels I to IV must close their doors and suspend operations on the days designated by the Commission through general provisions.
The days designated under the aforementioned terms may be considered non-working days for all legal effects, when so determined by the Commission itself.
Article 69.- The information and documentation related to the operations and services referred to in Article 19 of this Law shall be confidential. Therefore, Savings and Loan Cooperative Societies, in protection of the right to privacy of their Members established in this Article, shall in no case provide news or information regarding deposits, operations, or services, except to the depositor, debtor, holder, beneficiary, their legal representatives, or those who have been granted power to dispose of the account or to intervene in the operation or service.
As an exception to the provisions of the preceding paragraph, Savings and Loan Cooperative Societies with Operation Levels I to IV are obligated to provide the news or information referred to in said paragraph when requested by the judicial authority by virtue of a ruling issued in a trial in which the holder or, in its case, the depositor, debtor, holder, or beneficiary is a party or accused. For the purposes of this paragraph, the judicial authority may formulate its request directly to the Savings and Loan Cooperative Society with Operation Levels I to IV, or through the Commission.
Savings and Loan Cooperative Societies with Operation Levels I to IV are also exempt from the prohibition provided in the first paragraph of this Article and, therefore, obligated to provide the aforementioned news or information in cases where they are requested by the following authorities:
I. The Attorney General of the Republic or the public official in whom powers are delegated to request information, for the verification of the corpus delicti and the probable responsibility of the accused.
II. The Attorneys General of Justice of the States of the Federation and of Mexico City, or deputy attorneys general, for the verification of the corpus delicti and the probable responsibility of the accused.
III. The Attorney General of Military Justice, for the verification of the corpus delicti and the probable responsibility of the accused.
IV. The federal tax authorities, for tax purposes.
V. The Secretariat, for the purposes of what is provided in Articles 71 and 72 of this Law.
VI. The Treasurer of the Federation, when the act of supervision warrants it, to request account statements and any other information related to the personal accounts of public servants, auxiliaries, and, in their case, private individuals related to the investigation in question.
VII. The Superior Audit Office of the Federation, in the exercise of its powers of review and auditing of the Federal Public Account and regarding accounts or contracts through which federal public resources are administered or exercised.
VIII. The Head and Deputy Heads of the Secretariat of Public Function, in the exercise of their powers of investigation or auditing to verify the evolution of the assets of federal public servants.
The request for information and documentation referred to in the preceding paragraph must in all cases be formulated within the verification procedure referred to in Articles 41 and 42 of the Federal Law of Administrative Responsibilities of Public Servants.
IX. The Unit for the Audit of Resources of Political Parties, a technical body of the General Council of the Federal Electoral Institute, for the exercise of its legal attributes, under the terms established in the Federal Code of Institutions and Electoral Procedures. The electoral authorities of the federative entities will request and obtain the information that proves necessary for the exercise of their legal attributes through the aforementioned first unit.
The authorities mentioned in the preceding subsections will request the news or information referred to in this Article in the exercise of their powers and in accordance with the legal provisions applicable to them.
The requests referred to in the third paragraph of this Article must be formulated with due justification and motivation, through the Commission regarding Savings and Loan Cooperative Societies with Operation Levels I to IV. The public servants and institutions indicated in subsections I and VII, and the audit unit referred to in subsection IX, may opt to request the judicial authority to issue the corresponding order, in order for the Savings and Loan Cooperative Society with Operation Levels I to IV to deliver the required information, provided that such servants or authorities specify the name of the Society, the account number, the name of the Member, and other data and elements that allow for full identification, in accordance with the operation in question.
Employees and officials of Savings and Loan Cooperative Societies with Operation Levels I to IV will be responsible, under the terms of the applicable provisions, for violation of the secrecy established, and the societies will be obligated, in case of improper revelation of the secret, to repair the damages and losses caused.
The foregoing does not affect in any way the obligation that Savings and Loan Cooperative Societies with Operation Levels I to IV have to provide the Commission with all kinds of information and documents that, in the exercise of their inspection and supervision functions, they request in relation to the operations they carry out and the services they provide.
The documents and data provided by Savings and Loan Cooperative Societies with Operation Levels I to IV as a result of the exceptions of this Article and of investigation visits through auditors or professionals hired by the Commission, may only be used in the proceedings corresponding under the Law, and regarding them, the strictest confidentiality must be observed, even when the public servant who had knowledge of the information in question leaves the service or the auditor or professional ceases to provide services to the Commission. The public servant, auditor, and/or professional who improperly breaches the reserve of the proceedings, provides copies of them or of the documents related to them, or who in any other way reveals information contained therein, will be subject to the corresponding administrative, civil, or criminal responsibilities.
Savings and Loan Cooperative Societies with Operation Levels I to IV must respond to the requirements that the Commission formulates by virtue of the requests of the authorities indicated in this Article, within the timeframes that the Commission itself determines. The Commission itself may sanction the societies that do not comply with the timeframes and conditions established, in accordance with what is provided in Title Seventh of this Law.
The Commission will issue general provisions establishing the requirements that the requests or requirements of information formulated by the authorities referred to in this Article must meet, in order for the required Savings and Loan Cooperative Societies with Operation Levels I to IV to be in a position to identify, locate, and provide the news or information requested.
Article 70.- Savings and Loan Cooperative Societies, as well as the Technical Committee, the Auxiliary Supervision Committee, and the Cooperative Savings Protection Committee, must provide the Commission with all the information they request for the adequate fulfillment of their supervision task, through duly justified and motivated acts.
Likewise, Savings and Loan Cooperative Societies with Operation Levels I to IV, as well as the Technical Committee, the Auxiliary Supervision Committee, and the Cooperative Savings Protection Committee, must present the information and documentation that, within the scope of their respective competencies, is requested by the Secretariat, the Bank of Mexico, the Commission, and the National Commission for the Protection and Defense of Users of Financial Services, within the timeframes and through the means established by them, through duly justified and motivated acts.
The Commission may issue general provisions establishing the timeframes and means for the delivery of the information that Savings and Loan Cooperative Societies with Operation Levels I to IV, as well as the Protection Fund and their respective committees, must present to the Commission.
With the objective of preserving financial stability, avoiding interruptions or alterations in the functioning of the financial system, as well as to facilitate the adequate fulfillment of their functions, the Secretariat, the Commission, the Bank of Mexico, and the National Commission for the Protection and Defense of Users of Financial Services must, at the request of an interested party and in terms of the agreements referred to in the sixth paragraph of this article, exchange among themselves the information they have in their possession having obtained it:
I. In the exercise of their powers;
II. As a result of their action in coordination with other entities, persons, or authorities, or
III. Directly from other authorities.
The power mentioned in the preceding paragraph is not subject to restrictions regarding reserved or confidential information under applicable legal provisions. Whoever receives the information referred to in this article will be administratively and criminally responsible, under applicable legislation, for the dissemination to third parties of confidential or reserved information.
For the purposes of what is provided in this article, the aforementioned authorities must celebrate information exchange agreements in which they specify the information subject to exchange and determine the terms and conditions to which they must be subject thereto. Likewise, such agreements must define the degree of confidentiality or reserve of the information, as well as the respective control instances to which cases will be reported where the delivery of information is denied or its delivery is made outside the established timeframes.
The Secretariat, the Commission, the Bank of Mexico, and the National Commission for the Protection and Defense of Users of Financial Services, within the scope of their competence, are empowered to provide foreign financial authorities with all kinds of information they deem appropriate to address the requests made to them, such as documents, certificates, records, declarations, and other evidence that such authorities have in their possession having obtained it in the exercise of their powers.
For the purposes of what is provided in the preceding paragraph, the authorities must have signed an information exchange agreement with the foreign financial authorities in question, in which the principle of reciprocity is contemplated.
The National Banking and Securities Commission is empowered to deliver to foreign financial authorities information protected by confidentiality provisions that is in its possession having obtained it in the exercise of its powers, acting in coordination with other entities, persons, or authorities or directly from other authorities.
The Bank of Mexico is empowered to deliver to foreign financial authorities information protected by confidentiality provisions that is in its possession having obtained it directly in the exercise of its powers. Likewise, the Bank of Mexico is empowered to deliver to foreign financial authorities information protected or not protected by confidentiality provisions that it obtains from other authorities in the country, only in cases where it is expressly authorized in the information exchange agreement by virtue of which it received said information.
In any case, the Commission and the Bank of Mexico may abstain from providing the information referred to in the two preceding paragraphs when the use intended for it is different from that for which it was requested, is contrary to public order, national security, or the terms agreed upon in the respective information exchange agreement.
The Secretariat, the Commission, the Bank of Mexico, and the National Commission for the Protection and Defense of Users of Financial Services must establish coordination mechanisms for the purposes of delivering the information referred to this article to foreign financial authorities.
The delivery of information carried out under the terms of this article will not imply any transgression of the obligations of reserve, confidentiality, secrecy, or analogous ones that must be observed in accordance with applicable legal provisions.
Article 71.- Savings and Loan Cooperative Societies with Operation Levels I to IV, in terms of the general provisions issued by the Secretariat, after hearing the prior opinion of the Commission, are obligated, in addition to complying with other applicable obligations, to:
I. Establish measures and procedures to prevent and detect acts, omissions, or operations that could favor, provide help, aid, or cooperation of any kind for the commission of the crimes provided for in Articles 139 or 148 Bis of the Federal Penal Code or that could fall under the circumstances of Article 400 Bis of the same Code, and
II. Present to the Secretariat, through the Commission, reports on:
a) The acts, operations, and services they carry out with their Members, related to the preceding subsection. b) Any act, operation, or service that could fall under the circumstances provided for in subsection I of this Article or that, in its case, could contravene or violate the adequate application of the provisions indicated in the same, carried out by or involving any member of the Board of Directors, administrator, executive, official, employee, or attorney.
The reports referred to in subsection II of this article, in accordance with the general provisions provided for in the same, will be prepared and presented taking into consideration, at least, the modalities referred to in said provisions for this effect; the characteristics that the acts, operations, and services referred to in this article must meet to be reported, taking into account their amounts, frequency, and nature, the monetary and financial instruments with which they are carried out, and the commercial and financial practices observed in the markets where they are carried out; as well as the periodicity and the systems through which the information will be transmitted. The reports must refer to at least operations defined by the general provisions as relevant, internally concerning, and unusual.
Article 72.- The Secretariat in the general provisions referred to in the preceding Article 71 will issue guidelines on the procedure and criteria that Savings and Loan Cooperative Societies with Operation Levels I to IV must observe regarding:
I. The adequate knowledge of their Members, for which they must consider the background, specific conditions, economic or professional activity, and the markets in which they operate.
II. The information and documentation that said Savings and Loan Cooperative Societies must collect for the opening of accounts or celebration of contracts related to the operations and services they provide and that fully accredits the identity of their Members.
III. The manner in which the same Savings and Loan Cooperative Societies must safeguard and guarantee the security of the information and documentation related to the identification of their Members and those who have been such, as well as of those acts, operations, and services reported in accordance with the preceding Article 71.
IV. The timeframes for providing training internally within Savings and Loan Cooperative Societies with Operation Levels I to IV on the subject matter of this Article. The general provisions referred to in the preceding Article 71 will also indicate the timeframes for its due compliance.
V. The use of automated systems that contribute to the compliance with the measures and procedures established in the respective general provisions referred to in Article 71 of this Law.
VI. The establishment of those internal structures that must function as compliance areas within each Savings and Loan Cooperative Society with Operation Levels I to IV.
Savings and Loan Cooperative Societies with Operation Levels I to IV must conserve, for at least 10 years, the information and documentation referred to in the preceding subsection III, without prejudice to what is established in this or other applicable regulations.
The Secretariat is empowered to request and collect, through the Commission, information and documentation related to the acts, operations, and services referred to in subsection II of the preceding Article 71. Savings and Loan Cooperative Societies with Operation Levels I to IV are obligated to provide said information and documentation.
Savings and Loan Cooperative Societies with Operation Levels I to IV must immediately suspend the carrying out of acts, operations, or services with Members that the Ministry of Finance and Public Credit informs them through a list of blocked persons, which will have the character of confidentiality. The list of blocked persons has the purpose of preventing and detecting acts, omissions, or operations that could fall under the circumstances provided for in the articles referred to in subsection I of Article 71 of this Law.
The obligation of suspension referred to in the preceding paragraph will cease to produce effects when the Ministry of Finance and Public Credit removes the Member in question from the list of blocked persons.
The Ministry of Finance and Public Credit will establish, in the general provisions referred to in this article, the parameters for the determination of the introduction or elimination of persons in the list of blocked persons.
The compliance with the obligations indicated in this Article will not imply any transgression of what is established in Article 69 of this Law.
For internal use
The general provisions and guidelines derived therefrom referred to in this Article shall be observed by Savings and Loan Cooperative Societies with Operation Levels I to IV, as well as by the members of the Board of Directors, administrators, executives, officials, employees, and authorized agents thereof, as well as by the members of the Auxiliary Supervision Committee; therefore, both Savings and Loan Cooperative Societies and the aforementioned persons shall be responsible for the strict compliance with the obligations established through such provisions. (3) The violation of the provisions referred to in this article shall be sanctioned by the Commission in accordance with the procedure provided in Article 99 of this Law, with a fine equivalent to 10 percent to 100 percent of the amount of the act, operation, or service carried out with a Member who has been informed that they are on the list of blocked persons referred to in this article; with a fine equivalent to 10% to 100% of the amount of the unusual operation not reported, or, in its case, of the series of related operations of the same Member, which should have been reported as unusual operations; regarding relevant operations, internal concerning operations not reported, as well as non-compliance with any of fractions I, II, III, or V of this article, a fine of 10,000 to 100,000 days of the general minimum wage in effect in the Federal District and in other cases of non-compliance with Article 71 of this Law or this provision and the provisions emanating from it, a fine of 1,000 to 30,000 days of the general minimum wage in effect in the Federal District shall be imposed. The aforementioned fines may be imposed on Savings and Loan Cooperative Societies with Operation Levels I to IV, as well as on the members of the Board of Directors, administrators, members of the Auxiliary Supervision Committee, executives, officials, employees, and authorized agents thereof, as well as on natural and legal persons who, by reason of their acts, have caused or intervened to cause such Savings and Loan Cooperative Societies to incur in the irregularity or be held responsible for it. Without prejudice to the foregoing, the Commission, taking into account the circumstances of each case, may proceed in accordance with what is provided in Article 94 of this Law. Public servants of the Secretariat and the Commission, Savings and Loan Cooperative Societies with Operation Levels I to IV, members of their boards of directors, administrators, executives, officials, employees, and authorized agents, as well as members of the Auxiliary Supervision Committee, shall refrain from giving notice of the reports and other documentation and information referred to in this Article to persons or authorities other than those expressly authorized by the relevant regulations to require, receive, or preserve such documentation and information. The violation of these obligations shall be sanctioned in accordance with the
corresponding Laws.
Article 73.- Unless otherwise established in specific provisions, this shall not exceed 3 months for administrative authorities to resolve what corresponds. Upon expiration of the applicable term, resolutions shall be understood as negative to the petitioner, unless otherwise provided in the applicable provisions or if the corresponding request is accompanied by a favorable opinion or report from the Auxiliary Supervision Committee, whenever required by this Law or the provisions emanating from it. At the request of the interested party, a certificate of such circumstance shall be issued within 2 business days following the presentation of the respective request to the competent authority that must resolve, in accordance with the respective Internal Regulations. The same certificate shall be issued when specific provisions provide that upon expiration of the applicable term, the resolution shall be understood as positive. If the mentioned certificate is not issued within the cited term, the applicable liability shall be imposed in due course.
The presentation requirements and deadlines, as well as other relevant information, applicable to the promotions carried out by Savings and Loan Cooperative Societies and the Protection Fund shall be specified in general provisions.
When the initial document does not contain the data or does not meet the requirements provided in the applicable provisions, the authority shall notify the interested party, in writing and only once, to remedy the omission within a term that shall not be less than 10 business days. Unless otherwise established in specific provisions, such notification shall be made no later than within half of the authority's response term, and when this is not express, within 20 business days following the presentation of the initial document.
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Upon notification of the warning, the term for administrative authorities to resolve shall be suspended and shall resume from the next business day following the day on which the interested party responds. In the event that the warning is not addressed within the specified term, the authorities shall dismiss the initial document.
If the authorities do not make the information request within the corresponding term, they shall not reject the initial document as incomplete.
Unless expressly provided otherwise, the terms for authorities to respond shall begin to run on the next business day following the presentation of the corresponding document.
Article 74.- The competent administrative authorities, at the request of the interested party, may extend the terms established in this Law, provided that such extension does not exceed, in any case, half of the term originally provided in the applicable provisions, when the matter so requires and they have no knowledge that third parties' rights are prejudiced.
Article 75.- The provisions established in Articles 73 and 74 shall not apply to administrative authorities in the exercise of their supervisory, inspection, and oversight attributes.
Chapter II
On corrective measures
(3) Article 76.- The Commission shall classify Savings and Loan Cooperative Societies with Operation Levels I to IV into one of the 4 categories referred to in Article 77 of this Law, according to their adequacy to Capitalization Levels, which it shall establish through general provisions the capitalization ranges that will determine each of such categories.
Article 77.- In an enumerative and non-limiting manner, Savings and Loan Cooperative Societies with Operation Levels I to IV shall comply with the measures indicated below, depending on the Capitalization Level in which they are classified:
I. No minimum corrective measures nor special corrective measures shall be applied to societies classified within category 1.
II. Societies classified within category 2 shall:
a) Inform their Board of Directors of their classification, as well as the causes that motivated it, for which they must present a detailed report of comprehensive evaluation of their financial situation, indicating compliance with the regulatory framework and including the main indicators that reflect the degree of stability and solvency of the Society. b) Refrain from carrying out operations that lead them to be classified within a lower Capitalization Level. c) Adjust in the next immediate payment the deposit insurance premiums according to the methodology established for this purpose.
III. Societies classified within category 3 shall, in addition to the obligations presented for societies classified in category 3, among others, carry out the following actions:
a) Suspend contributions to the social welfare fund. b) Suspend the payment of surpluses or any other mechanism that implies a transfer of patrimonial benefits to Members. c) Within a term not exceeding 15 business days, present for the approval of the Auxiliary Supervision Committee, a capital restoration plan that results in an increase in the Capitalization Level, which may contemplate a program of improvement in operational efficiency,
For internal use rationalization of expenses and increase in profitability, the making of contributions to share capital, and limits on the operations that the Society in question may carry out in compliance with its corporate purpose or the risks derived from such operations. The capital restoration plan must be approved by the Board of Directors of the Society in question before being presented to the Auxiliary Supervision Committee. The Society must determine in the capital restoration plan that it must present under this subsection, periodic goals, as well as the term in which such Society will obtain the required Capitalization Level in accordance with applicable provisions. The Auxiliary Supervision Committee must resolve what corresponds regarding the capital restoration plan presented to it, within a maximum term of 30 calendar days counted from the date of presentation of the plan. The foregoing, without prejudice to the fact that, within the term indicated in the preceding paragraph, the Auxiliary Supervision Committee may request from the Society the modifications it deems convenient regarding the same, being necessary for its approval that the Society presents the ratification of the Board of Directors within a term not exceeding 15 calendar days. Savings and Loan Cooperative Societies to which the provisions of this subsection apply, must comply with the capital restoration plan within a term that shall not exceed 270 calendar days counted from the day following the notification to the Society of the respective approval. The Commission may extend this term considering the improvements observed in the Society and the reasons that have justified the delay in the compliance with the plan. d) Suspend the payment of compensation and additional extraordinary bonuses to the salary of the director or general manager and of officials at the level immediately below this, until such time as the Society complies with the required Capitalization Levels in accordance with applicable regulation. This provision must be contained in the contracts and other documentation that regulate the working conditions with these persons.
IV. For societies classified within category 4, the provisions of Article 78 of this Law shall apply.
Savings and Loan Cooperative Societies must provide for the implementation of corrective measures within their constitutive bases.
Article 78.- In the event that a Savings and Loan Cooperative Society with Operation Levels I to IV is classified in category 4 referred to in fraction IV of Article 77 of this Law, the Commission may request the removal of the director or general manager and the Board of Directors, informing the Cooperative Savings Protection Committee and the Auxiliary Supervision Committee thereof.
Said Cooperative Savings Protection Committee shall require the Society in question to convene an Extraordinary General Assembly of Members to inform them of the situation in which the Savings and Loan Cooperative Society is, and if applicable, proceed to the appointment of the persons who will be in charge of the administration of the Society, as well as to carry out the selection of any of the mechanisms indicated in Article 85 of this Law. In the event that the Society in question refuses to convene the aforementioned assembly within 15 days following the date on which the Commission notified the order referred to in the preceding paragraph, the latter shall be authorized to issue the respective call. Notwithstanding the foregoing, the Commission, taking into account the situation of the Society in question, may at any time proceed in terms of Article 80 of this Law.
Article 79.- When the opinions of the Auxiliary Supervision Committee reveal any operation considered irregular, which does not affect the stability or solvency of the Savings and Loan Cooperative Society and does not put at risk the interests of saving Members, said committee, prior to hearing the Savings and Loan Cooperative Society in question, shall inform the Technical Committee and the Commission, so that the latter orders the Savings and Loan Cooperative
For internal use
Society in question, the application of the measures it deems necessary, without prejudice to the sanctions that apply in accordance with the provisions of Title Seventh of this regulation.
Chapter III
On intervention with managerial character
Article 80.- When in the judgment of the Commission there are serious or repeated irregularities, in contravention of what is provided in this Law, in Savings and Loan Cooperative Societies with Operation Levels I to IV or it is determined that the interests of saving Members are at risk, or that their stability or significantly, their solvency, is endangered, the President of the Commission may immediately declare intervention with managerial character and designate the natural person who takes charge of the respective Savings and Loan Cooperative Society, with the character of intervening-manager.
The intervening-manager must inform the Cooperative Savings Protection Committee of the state in which the Savings and Loan Cooperative Society is, so that the latter adopts one or several of the mechanisms referred to in Article 85 of this Law.
Article 81.- The intervening-manager shall have all the powers corresponding to the Board of Directors and the director or general manager of the Savings and Loan Cooperative Society with Operation Levels I to IV, being obliged to provide them with all the information and grant them the facilities required for the fulfillment of their functions.
They shall also have full general powers for acts of ownership, administration, litigation, and collections, with the powers required by special clause according to the Law, to grant and sign credit instruments, to file complaints and lawsuits and withdraw from the latter, prior to agreement with the President of the Commission, and to grant the general or special powers they deem convenient, and revoke those granted by the intervened Savings and Loan Cooperative Society and those they themselves have conferred. The intervening-manager shall not be subordinate in their actions to the Members' assembly or the Board of Directors; but the Members' assembly may continue to meet regularly to know of the matters that concern it and the same may be done by the council to be informed by the intervening-manager about the functioning and operations carried out by the Savings and Loan Cooperative Society and to opine on the matters that the intervening-manager themselves submits to their consideration. The intervening-manager may call a Members' assembly and Board of Directors meetings for the purposes they deem necessary or convenient. In the event that the director or general manager is not present at the time of the intervention, the intervening-manager shall communicate with any official of the Savings and Loan Cooperative Society who is present. In the case indicated in the preceding paragraph, the director or general manager shall be responsible for the acts and operations they have carried out in contravention of what is provided in this or other applicable Laws. The document containing the appointment of the intervening-manager must be registered in the Public Commerce Registry corresponding to the social domicile of the intervened Savings and Loan Cooperative Society, without further requirements than the respective document from the Commission. When said Commission agrees to lift the intervention, it shall communicate this to the person in charge of the Public Commerce Registry, so that the respective registration is cancelled. (1) Article 82.- In those cases provided for in Articles 78, 80, and 85 of this Law, the persons who have the administration in charge, may determine the partial suspension of their operations or the closure of offices and branches, taking the necessary measures so that the Savings and Loan Cooperative Society does not carry out new savings and loan or credit operations and obligations due to it are not covered until such time as a mechanism provided for in Title Sixth of this Law is adopted. The foregoing, with the exception of payment to saving Members which may be up to 50 percent of the amount guaranteed by the deposit insurance account of the Protection Fund for the Savings and Loan Cooperative Society in question, in accordance with what is determined by the Cooperative
For internal use
Savings Protection Committee, provided that the deposits are liquid and due. Such payments shall be deducted from the guaranteed amount referred to in Article 54 of this Law.
The amount of deposits that have not been paid in accordance with the foregoing shall be renewed at the originally agreed interest rates and until the date on which the corresponding mechanism is adopted.
Chapter IV
On forced liquidation and revocation of authorization
Article 83.- The Commission may order the dissolution and liquidation of Savings and Loan Cooperative Societies with basic operation level referred to in the First Section of Chapter III of Title Second of this Law, prior to hearing the Savings and Loan Cooperative Society in question, in the following cases:
I. If the Savings and Loan Cooperative Society does not prove to have the registration referred to in Article 7 of this Law.
II. If the Savings and Loan Cooperative Society repeatedly refuses to provide information, or, fraudulently, presents false, imprecise, or incomplete information, to the Auxiliary Supervision Committee or to the Commission, as well as to the Federation, regarding the situation provided for in the second paragraph of Article 8 of this Law.
III. When the number of Members falls below the minimum fixed in the General Law of Cooperative Societies.
(7) IV. If the Commission confirms the circumstances to be classified in category D in accordance with Article 15 Bis.
(9) The Commission must notify the Society in question and prior to ordering its dissolution and liquidation, the updating of any of the circumstances indicated in the preceding fractions, so that said Society within the term of ten business days, counted from the next business day following that on which the corresponding notification takes effect, expresses in writing what is convenient for its interest and offers evidence. The Commission, at the request of a party, may extend by one occasion the term referred to in this fraction, up to the same period, taking into account the particular circumstances of the case. Notifications shall take effect on the next business day following that on which they are carried out. (10) Upon conclusion of the term referred to in the preceding paragraph, and in its case, its extension, the Commission shall have a term of up to sixty business days for the hearing of evidence. Once the admitted evidence has been heard, the Commission shall notify the Society of the opening of the period of five business days to formulate arguments. The Commission may carry out such notification by posting or by any other means it determines. (10) On the next business day following the expiration of the term to formulate arguments, the instruction shall be considered closed and the Commission shall have a term not exceeding one hundred eighty business days to issue and notify the corresponding resolution, and as long as the detected non-compliances persist, the Commission must issue the order of dissolution and liquidation duly founded and motivated, and verifying the essential formalities. (9) The order issued by the Commission shall incapacitate the Savings and Loan Cooperative Society in question from carrying out its operations from the date on which it is notified and shall put it in a state of dissolution and liquidation, without the need for the agreement of the Members' assembly. Such order of dissolution and liquidation must be registered in the Public Commerce Registry corresponding to the social domicile of the Savings and Loan Cooperative Society in question, for which the Registry shall only require prior notification from the Commission. In any case, the position of liquidator must fall on one of the persons referred to in fraction IV of Article 91 of this Law.
For internal use
The Commission may promote before the judicial authority to designate a liquidator, if within 60 business days following the registration of the order referred to in the first paragraph of this Article, none has been designated. When the Commission itself finds that it is impossible to carry out the liquidation of the Savings and Loan Cooperative Society, it may bring this to the knowledge of the competent judge to order the cancellation of its registration in the Public Registry of Commerce, which will take effect after 180 business days have elapsed from the judicial order. Interested parties may oppose this cancellation within the aforementioned period of 60 business days, before the judicial authority itself.
Article 84.- The Commission may declare the revocation of the authorizations granted in terms of Article 10 of this Law, for Savings and Loan Cooperative Societies with Operation Levels I to IV, after having heard the opinion of the Auxiliary Supervision Committee and prior hearing of the interested Society, in the following cases:
I. If the minimum capital of the Savings and Loan Cooperative Society is not fully paid.
II. If it does not prove to the Commission its participation in the Protection Fund in terms of this Law.
III. If it does not comply with the capitalization requirements established in accordance with Article 31, fraction VI, and the provisions referred to by that provision.
IV. If the Savings and Loan Cooperative Society generates losses that place it below its minimum capital.
The Commission may establish a term that will not be less than 60 business days nor more than 90 business days, for the capital to be replenished in the amount necessary to maintain the operation of the Savings and Loan Cooperative Society within legal limits.
V. When the number of Members falls below the minimum established in the General Law of Cooperative Societies.
VI. If it carries out operations in contravention of what is provided by this Law, the General Law of Cooperative Societies, or the provisions emanating from it, or if it abandons or suspends its activities.
VII. If repeatedly, despite the observations of the Commission, the Savings and Loan Cooperative Society executes operations other than those permitted, does not comply with applicable general provisions, or endangers with its administration the interests of its Members, or its corporate purpose, in accordance with what is provided by this Law and the General Law of Cooperative Societies.
VIII. When, due to causes attributable to the Savings and Loan Cooperative Society, the operations it has carried out do not appear duly and timely registered in its accounting.
IX. If the Savings and Loan Cooperative Society does not comply with any of the minimum corrective measures; does not comply with more than one additional special corrective measure, or fails to comply repeatedly with an additional special corrective measure. The foregoing in terms, deadlines, and conditions determined by the Commission through general provisions referred to in Article 76 of this Law.
X. If the Savings and Loan Cooperative Society repeatedly refuses to provide information, or, fraudulently, presents false, imprecise, or incomplete information to the Auxiliary Supervision Committee, the Cooperative Savings Protection Committee, or the Commission.
XI. If the Savings and Loan Cooperative Society acts without authorization from the Commission, in cases where the Law so requires.
XII. If it is dissolved, liquidated, or declared bankrupt.
For internal use
XIII. In case it does not make the corresponding payments for auxiliary supervision fees for 1 year, or does not make 6 payments corresponding to deposit insurance fees within a period of 1 year.
XIV. At the request of the Savings and Loan Cooperative Society itself, when the total amount of its assets is less than 2,500,000 UDIS.
XV. In any other case established by this Law.
(10) The Commission will grant the interested society the right to a hearing, in order that within the term of ten business days, counted from the next business day following that on which the corresponding notification takes effect, it expresses in writing what is in its interest and offers evidence. The Commission, at the request of a party, may extend once the term referred to in this fraction, by the same period, taking into account the particular circumstances of the case. Notifications will take effect on the next business day following that on which they are carried out.
(10) Upon completion of the term referred to in the previous paragraph, and in case of its extension, the Commission will have a term of up to sixty business days to resolve the evidence.
(10) Upon expiration of the term for resolving evidence, the Commission will notify the Cooperative Society of the opening of the five business day period to formulate arguments. The respective Commission may make such notification by court records or by any other means it determines.
(10) On the next business day following the expiration of the term to formulate arguments, the instruction will be considered closed, and the Commission will have a term not exceeding one hundred eighty business days to issue and notify the resolution that ends the procedure referred to in this article.
(9) The declaration of revocation will be published in the Official Gazette of the Federation and in 2 newspapers of wide circulation in the geographic area where it operated, and must be registered in the Public Registry of Commerce corresponding to the corporate domicile of the Savings and Loan Cooperative Society in question, for which the Registry will only require prior notification from the Commission. The revocation, unless it concerns the case provided for in the preceding fraction XIII, will incapacitate the Savings and Loan Cooperative Society in question from carrying out its operations from the date on which it is notified, and will place it in a state of dissolution and liquidation, without the need for the agreement of the Members' assembly. In any case, the position of liquidator must be held by one of the persons referred to in fraction IV of Article 91 of this Law. Savings and Loan Cooperative Societies with Operation Levels I to IV, once revoked, may continue operating without authorization from the Commission as long as they comply with what is provided in the First Section of Chapter III of Title Two of this Law. The Commission may promote before the judicial authority to designate a liquidator, if within 60 business days of the revocation being published, none has been designated. When the Commission itself finds that it is impossible to carry out the liquidation of the Savings and Loan Cooperative Society with Operation Levels I to IV, it may bring this to the knowledge of the competent judge to order the cancellation of its registration in the Public Registry of Commerce, which will take effect after 180 business days have elapsed from the judicial order. Interested parties may oppose this cancellation within the aforementioned period of 60 business days, before the judicial authority itself.
SIXTH TITLE
ON THE SPIN-OFF, MERGER, DISSOLUTION AND LIQUIDATION OR MERCANTILE BANKRUPTCY Sole Chapter
For internal use
Article 85.- The Cooperative Savings Protection Committee may determine the implementation by Savings and Loan Cooperative Societies with Operation Levels I to IV of any of the following mechanisms:
I. Spin-off.
II. Merger.
III. Others that contribute to reducing the risk of insolvency or insolvency.
IV. Dissolution and liquidation, as well as mercantile bankruptcy in terms of the General Law of Cooperative Societies and the constitutive bases.
Article 86.- In the case that the Cooperative Savings Protection Committee determines any of the mechanisms to follow referred to in the preceding Article 85, said committee may grant financial support aimed at covering the costs derived from the application of the adopted mechanisms.
The Cooperative Savings Protection Committee will have a term that will not exceed 180 calendar days counted from the application of the measures referred to in Articles 78 and 80, to determine among the mechanisms indicated in Article 85 of this Law, that which results in the lower cost for the Protection Fund. In this sense, the Cooperative Savings Protection Committee will set the deadlines it considers appropriate to comply with each of the actions that form part of the selected mechanism. The selection of the mechanism to be adopted must be made based on a technical study, prepared by an external auditor and approved by the Cooperative Savings Protection Committee, which justifies the suitability of said mechanism.
Article 87.- When the Cooperative Savings Protection Committee determines the application of any of the mechanisms provided for in fractions I to III of Article 85 of this Law, in no case, in the documents in which the necessary acts to carry them out are implemented, can it be established that the Protection Fund pays amounts exceeding the amount that would have to be covered for the money deposits of the saving Members in terms of Article 54 of this Law, unless it concerns the case provided for in the second paragraph of fraction II of Article 55 of this Law.
Such financial support may be guaranteed with the assets of the Savings and Loan Cooperative Society, for which the person in charge of administration may carry out the corresponding guarantee allocation.
Article 88.- If the Savings and Loan Cooperative Society with Operation Levels I to IV requires capitalization to implement the mechanisms provided for in fractions I to III of Article 85 of this Law, the Cooperative Savings Protection Committee, in the exercise of the corporate rights of the contribution certificates of the corresponding societies in accordance with Article 87 of this Law, may make the necessary capital contributions according to the following:
I. It must carry out acts aimed at applying the positive items of the accounting capital of the Savings and Loan Cooperative Society to the absorption of losses it has.
II. After carrying out the application referred to in the preceding fraction, it will proceed to reduce the social capital and make an increase that will be subscribed and paid by the Cooperative Savings Protection Committee, charged to the deposit insurance account of the Protection Fund.
Article 89.- In the case that the Cooperative Savings Protection Committee determines as the mechanism to follow the dissolution and liquidation of the Savings and Loan Cooperative Society with Operation Levels I to IV, and the consequent payment of the money deposits, the liabilities of the Savings and Loan Cooperative Society will be covered in accordance with what is indicated in Chapter IV of this Title.
Article 90.- Savings and Loan Cooperative Societies, regardless of their level of operations, will be dissolved for the following causes:
For internal use
I. By the consent of the Members' assembly.
II. Because the number of Members falls below the minimum established by the General Law of Cooperative Societies.
III. By impossibility of continuing to carry out the corporate purpose of the Savings and Loan Cooperative Society.
IV. Because its authorization to continue carrying out operations is revoked.
V. By resolution of the Cooperative Savings Protection Committee in terms of this Law.
VI. By judicial resolution.
Article 91.- The dissolution, liquidation, and, if applicable, mercantile bankruptcy of Savings and Loan Cooperative Societies with Operation Levels I to IV, will be governed by what is provided in the applicable legislation, insofar as it does not oppose what is established by this Law, and by Title Eight, Chapter II of the Mercantile Bankruptcy Law, with the following exceptions:
I. The Cooperative Savings Protection Committee will be responsible for adopting decisions regarding the powers of the liquidator and trustee. This position may be held by the manager-supervisor, in case the Savings and Loan Cooperative Society is under the supervision of the Commission, from the time it is in a state of liquidation or mercantile bankruptcy is declared, as applicable, or by whom the Cooperative Savings Protection Committee itself decides. Notwithstanding the foregoing, the Commission may, at all times, proceed in terms of what is provided in the last paragraph of Article 37 of this Law.
II. From the date on which a Savings and Loan Cooperative Society enters liquidation or is declared in mercantile bankruptcy, payments derived from its operations will be suspended until such time as the aforementioned Cooperative Savings Protection Committee resolves what is appropriate.
III. The Cooperative Savings Protection Committee or the Commission may demand the declaration of mercantile bankruptcy of a Savings and Loan Cooperative Society, requesting that it begin in the bankruptcy stage, in terms of the applicable provisions.
IV. The position of liquidator may be held by credit institutions, the Service for Administration and Alienation of Assets, or by natural or legal persons who have experience in the liquidation of societies.
When it concerns natural persons, the appointment must fall on a person who meets the following requirements:
a) Be a resident in national territory in terms of what is provided by the Federal Tax Code. b) Be registered in the registry kept by the Federal Institute of Mercantile Bankruptcy Specialists. c) Present a special credit report, in accordance with the Law to Regulate Credit Information Societies, provided by credit information societies containing their history for at least 5 years prior to the date on which the position is intended to begin. d) Not have pending litigation against the Society in question. e) Not have been sentenced for property crimes, nor disqualified from exercising commerce or holding a job, position, or commission in public service, or in the Mexican financial system. f) Not be declared bankrupt or in bankruptcy proceedings.
For internal use g) Not have held the position of external auditor of the Society in question, during the 12 months immediately prior to the date of appointment.
In the case of legal persons, the natural persons designated to perform activities related to this function must comply with the requirements referred to in this fraction.
Article 92.- From the date on which the lawsuit for mercantile bankruptcy of a Savings and Loan Cooperative Society with Operation Levels I to IV is admitted, in terms of Article 91, fraction III, it must suspend the carrying out of any type of operations.
The Cooperative Savings Protection Committee or the Commission will be who requests the judge to implement the necessary precautionary or enforcement measures. It will correspond to the Cooperative Savings Protection Committee or the Commission to propose to the judge the appointment, removal, or substitution, if applicable, of the trustee of the mercantile bankruptcy of a Savings and Loan Cooperative Society with Operation Levels I to IV. The sale proposals presented by the trustee, with the approval of the Cooperative Savings Protection Committee, cannot be objected to by the Savings and Loan Cooperative Society with Operation Levels I to IV. When the mercantile bankruptcy of a Savings and Loan Cooperative Society with Operation Levels I to IV is declared, the procedure will begin in all cases in the bankruptcy stage.
SEVENTH TITLE
ON SANCTIONS, CRIMES, AND NOTIFICATIONS
Chapter I
On Administrative Infractions
Article 93.- Infractions to this Law or to the provisions issued based on it by the Secretariat or the Commission, through a duly founded and motivated resolution, will be sanctioned with an administrative fine imposed by said Commission, at a rate of days of the general minimum wage in force for the Federal District, according to the following:
I. Fine of 200 to 2,000 days of wage:
a) To Savings and Loan Cooperative Societies with Operation Levels I to IV that do not provide to the Auxiliary Supervision Committee, the Commission, or the Secretariat, within the deadlines established for such effect, the information or documentation referred to in this Law or the provisions emanating from it, as well as for omitting to provide that requested by the Secretariat, the Commission, or the Auxiliary Supervision Committee. b) To Savings and Loan Cooperative Societies with Operation Levels I to IV for not providing to the Auxiliary Supervision Committee or the Commission, the quarterly or annual financial statements, within the deadlines established in this Law or in the provisions emanating from it for such effects. Likewise, to said societies for not publishing the quarterly or annual financial statements, within the deadlines established in this Law or in the provisions emanating from it for such effects. c) To independent external auditors and other professionals or experts who render or provide opinions or reports to Savings and Loan Cooperative Societies with Operation Levels I to IV, who commit infractions to this Law or to the provisions emanating from it for such effects. d) To Savings and Loan Cooperative Societies with Operation Levels I to IV that do not comply with what is stated in Article 34 of this Law or to the provisions referred to by that provision.
For internal use e) To Savings and Loan Cooperative Societies with Operation Levels I to IV that do not comply with what is provided in Article 68 of this Law, as well as the provisions emanating from it. f) To Savings and Loan Cooperative Societies with Operation Levels I to IV that fail to comply with any of the provisions referred to in fractions II, V, VIII, and X of Article 31 of this Law.
II. Fine of 500 to 3,000 days of wage, to Savings and Loan Cooperative Societies with Operation Levels I to IV that do not comply with what is stated in Articles 32 or 40 of this Law or to the provisions referred to by these provisions.
III. Fine of 2,000 to 5,000 days of wage:
a) To Savings and Loan Cooperative Societies with Operation Levels I to IV that fail to comply with the provisions referred to in fraction I of Article 31 of this Law. b) To Savings and Loan Cooperative Societies with Operation Levels I to IV that oppose or obstruct the exercise of the powers that this and other applicable provisions confer upon the Secretariat or the Commission, as well as the Auxiliary Supervision and Cooperative Savings Protection Committees. Obstruction will not be understood as exercising the defense resources that the Law provides, and in any case, prior to the sanction, the infringer must be heard.
IV. Fine of 2,000 to 10,000 days of wage:
a) To Savings and Loan Cooperative Societies with Operation Levels I to IV that give news or information about deposits, services, or any type of operations in contravention of what is provided by Article 69 of this Law, as well as the provisions emanating from it. b) To Savings and Loan Cooperative Societies with Operation Levels I to IV that do not comply with the preventive and corrective actions ordered by the Commission, in the exercise of its attributes in matters of inspection and surveillance, except those provided for in subsection b) of fraction V of this Article. c) To Savings and Loan Cooperative Societies with Operation Levels I to IV that fail to comply with any of the provisions referred to in fractions III, IV, VI, and VII of Article 31 of this Law. d) To Savings and Loan Cooperative Societies with Operation Levels I to IV that do not comply with the obligations provided in Article 23 of this Law. e) To Savings and Loan Cooperative Societies with Operation Levels I to IV that do not comply with the guidelines and requirements provided in Article 26 of this Law.
V. Fine of 10,000 to 30,000 days of wage:
a) To Savings and Loan Cooperative Societies with Operation Levels I to IV that fraudulently provide false, imprecise, or incomplete information to financial authorities as well as to the Auxiliary Supervision and Cooperative Savings Protection Committees, which has the consequence that their true financial, administrative, economic, or legal situation is not reflected, provided that it is proven that the director or general manager or some member of the Board of Directors of the corresponding Society had knowledge of such act. b) To Savings and Loan Cooperative Societies with Operation Levels I to IV that do not comply with any of the corrective measures referred to in Article 76 of this Law or the provisions emanating from it.
For internal use
VI. A fine of 1,000 to 5,000 days' salary shall be imposed on notaries, registrars, or public brokers who process or register acts that include operations prohibited by this Law, or who authorize the celebration of operations regulated by this Law by persons other than Savings and Loan Cooperatives. The same fine shall be imposed when the aforementioned persons act without the authorization of the Commission in cases where such authorization is necessary.
(4) In the event that any of the infractions contained in this article generate patrimonial damage or a benefit, the corresponding sanction may be imposed by adding to it up to one and a half times the equivalent of said damage or the benefit obtained by the offender, whichever is greater. Benefit shall be understood as the gain obtained or the loss avoided for oneself or for a third party. (3) Article 94.- The Commission may refrain from sanctioning Savings and Loan Cooperative Societies with Operations Levels I to IV, provided that the cause of such abstention is justified in accordance with the guidelines issued for such purposes by the Board of Directors of the Commission itself, and refers to facts, acts, or omissions that do not constitute gravity, there is no recidivism, there are no elements that allow demonstrating that the interests of third parties or the financial system itself are affected, and they do not constitute a crime. (3) Serious infractions shall be considered the violation of what is provided by Articles 26; 31, section III and IV when damage, prejudice, or loss is caused to the Society by the credit operation subject to the non-compliance with the provisions referred to by said provision; 31, section VI, when capital requirements are not met and thereby the regime provided for in section III of Article 77 of this Law is triggered; 32, when it concerns omissions or alterations of accounting records; 40, when damage, prejudice, or loss is caused to the society; 69; 70, first and second paragraphs; 71, sections I regarding the failure to present to the National Banking and Securities Commission the document of policies for identification and knowledge of the member and II, first paragraph, subsection a) for unreported operations; 72, sections V and VI; 76 and 77 of this Law. In all cases, it shall be considered serious when false information is provided to the Commission or information that fraudulently induces error, by concealment or omission.
Article 95.- Persons who carry out activities, services, or operations for which this Law provides that authorization is required, without having it, shall be sanctioned with a fine of 1,000 to 25,000 days' salary, according to the following:
I. To legal entities and establishments other than those authorized that in their name use the words caja, popular box, savings box, solidarity box, community box, rural box, financial cooperative, savings and credit cooperative, savings and loan cooperative, or others that express similar ideas in any language, except those exempted by the second paragraph of Article 3 of this Law.
II. To legal entities and establishments other than those regulated by this Law that in their name express ideas in any language, from which it can be inferred that they are Savings and Loan Cooperative Societies.
Article 96.- The infringement of any other provision of this Law or of the provisions derived from it, different from those expressly indicated in another Article of this Law and that does not have a specially designated sanction in this legislation, shall be sanctioned with a fine of 1,000 to 5,000 days' salary, or from 0.1 percent to 1 percent of its minimum paid-in capital and capital reserves, depending on the nature of the infringement.
(3) Article 97.- In the administrative proceedings provided for in this Law, relevant evidence shall be admitted with the acts subject to the procedure, provided that they are offered within the deadline for the hearing guarantee. In the case of confessional evidence on the part of authorities, this must be discharged in writing.
(3) Once the right to hearing referred to in Article 99 of this Law has been discharged, or well, the written document through which the review appeal provided for in Article 106 is filed,
For internal use only supervening evidence shall be admitted, provided that the corresponding resolution has not been issued.
(10) Upon conclusion of the period referred to in section I of Article 99, and in its case the extension thereof, the Commission shall have a period of up to sixty business days to discharge the evidence.
(10) After the period for discharging evidence has elapsed, the Commission shall notify the opening of the five-business-day period to formulate arguments. The respective Commission may carry out such notification by posting or by any other means it determines.
(10) On the next business day following the expiration of the period to formulate arguments, the instruction shall be considered closed and the Commission shall have a period not exceeding one hundred eighty business days to issue and notify the resolution that ends the procedure referred to in this article.
(11) The Commission may obtain the means of proof it considers necessary, as well as decide on the admissibility of the evidence offered. Evidence submitted by interested parties may only be rejected when they were not offered in accordance with the law, have no relation to the substance of the matter, are inappropriate, unnecessary, or contrary to morality or law. The valuation of evidence shall be made in accordance with what is established by the National Code of Civil and Family Procedures.
Article 98.- The Commission's authority to impose administrative sanctions provided for in this Law, as well as in the provisions emanating from it, shall expire in a period of 5 years, counted from the next business day after the conduct was carried out or the infringement scenario occurred.
The expiration period stated in the preceding paragraph shall be interrupted upon the initiation of the related procedures. It shall be understood that the procedure in question has started from the notification to the alleged offender of the letter granting the right to hearing referred to in section I of Article 99 of this Law.
To calculate the amount of fines in those scenarios contemplated by this Law based on days' salary, the general daily minimum wage in effect in the Federal District on the day the sanctioned conduct is carried out or the scenario giving rise to the corresponding sanction occurs shall be used as the base.
The fines imposed by the aforementioned Commission must be paid within 15 business days following the day of their notification. When fines are not paid within the period indicated in this paragraph, their amount shall be updated from the month in which payment should have been made until it is made, under the same terms established by the Federal Tax Code for this type of scenario. In the event that the offender pays the fines imposed by the aforementioned Commission within the 15 days referred to in the preceding paragraph, a reduction of 20 percent of its amount shall be applied, provided that no defense mechanism has been filed against said fine.
Article 99.- The Commission, in imposing administrative sanctions referred to in this Law, shall be subject to the following:
(9)
I. Grant a hearing to the alleged offender, who, within a period of ten business days counted from the next business day after the corresponding notification takes effect, must manifest in writing what is convenient for their interest and offer evidence. The Commission, at the request of the party, may extend once the period referred to in this section, for the same duration, considering the particular circumstances of the case. The notification takes effect on the next business day after it is practiced;
(3) II. In the event that the alleged offender does not make use of the right to hearing referred to in the previous section, within the granted period or, having exercised it, fails to dispel the imputations made against them, the imputed infractions shall be considered proven and the corresponding administrative sanction shall be imposed; (3) III. For the imposition of the sanction, the following shall be taken into account, if applicable:
For internal use
(3) a) The impact on third parties or the financial system that the infringement has produced or may produce; (3) b) Recidivism, the causes that originated it, and, if applicable, corrective actions applied by the alleged offender. The person who has incurred an infraction that has been sanctioned and, in addition to that, commits the same infraction within the 2 years immediately following the date on which the corresponding resolution became final shall be considered a repeat offender. (3) Recidivism may be sanctioned with a fine whose amount is equivalent up to double the originally provided; (3) c) The amount of the operation; (3) d) The economic condition of the offender so that the sanction is not excessive, and (3) e) The nature of the committed infraction. (4) IV. Regarding conduct classified by this Law as serious, in addition to what is established in section III of this article, any of the following aspects may be taken into account:
(4) a) The amount of patrimonial loss or prejudice caused; (4) b) The profit obtained; (4) c) The lack of honorability on the part of the offender, in accordance with what is provided by this Law and the general provisions emanating from it; (4) d) The inexcusable negligence or intent with which the action was taken; (4) e) That the infringing conduct referred to in the administrative process may be constitutive of a crime, or (4) f) The other circumstances that the Commission deems applicable for such purposes. In all cases, the resolution issued by the Commission must be duly founded and motivated.
Article 100.- Sanctions shall be imposed by the Board of Directors of the Commission, which may delegate this authority, due to the nature of the infraction or the amount of the fine, to the president or other public servants of that Commission.
(3) Article 101.- The Commission, attending to the circumstances of each case, in addition to imposing the corresponding sanction, may admonish the offender, or merely admonish them, considering their personal background, the gravity of the conduct, that there are no elements that allow demonstrating that the interests of third parties or the financial system itself are affected, that having caused damage this has been repaired, as well as the existence of mitigating factors.
Article 102.- The fines referred to in this chapter may be imposed on Savings and Loan Cooperative Societies with Operations Levels I to IV, as well as on members of the Board of Directors, directors or general managers, executives, officials, employees, or persons holding a position, mandate, commission, or any other legal title that the aforementioned societies grant to third parties to carry out their operations, who have directly incurred the fault or ordered the carrying out of the conduct subject of the infraction. Without prejudice to the foregoing, the Commission, attending to the circumstances of each case, may proceed in accordance with what is provided in Article 66 of this Law.
(3) Fines imposed by the Commission on Savings and Loan Cooperative Societies with Operations Levels I to IV shall be enforced by the Secretariat, once they have become final.
(3) Article 103.- The Commission shall consider as a mitigating factor in the imposition of administrative sanctions, when the alleged offender proves to the Commission having compensated the damage caused, as well as the
For internal use fact that they provide information that contributes to the exercise of the Commission's attributes in matters of inspection and surveillance, to the effect of delineating responsibilities
Article 104.- The procedures for the imposition of administrative sanctions referred to in this Law shall begin independently of the opinion of crime, if any, issued by the Commission in terms of Article 109 of this legal instrument.
(3) Article 105.- To protect the exercise of the right to access government public information, the Commission, adhering to the guidelines approved by its Board of Directors, must make known to the general public, through its Internet portal, the sanctions it imposes for infringements of this Law or provisions emanating from it, for which it must indicate:
(3) I. The name, denomination, or corporate name of the offender; (3) II. The violated provision, the type of sanction imposed, amount or period, as appropriate, and the infringing conduct, and (3) III. The status of the resolution, indicating whether it is final or if it is susceptible to being challenged and in the latter case if any defense mechanism has been filed and its type, when such circumstance is known because it has been duly notified by the competent authority. (3) In all cases, if the imposed sanction is left without effect by some competent authority, such circumstance must also be published. (3) The information mentioned above shall not be considered reserved or confidential.
Article 106.- Those affected by the acts of the Commission that end authorization procedures or the imposition of administrative sanctions, may go to defend their interests by filing a review appeal, the filing of which is optional.
The review appeal must be filed in writing within 15 business days following the date on which the notification of the respective act takes effect and must be presented before the Board of Directors of the Commission, when the act has been issued by said Board or by the president of that same Commission, or before the latter when it concerns acts carried out by other public servants. The written document through which the review appeal is filed must contain:
I. The name, denomination, or corporate name of the appellant.
II. Address for hearing and receiving all kinds of citations and notifications.
III. The documents accrediting the personality of the promoter.
IV. The act appealed and the date of its notification.
V. The grievances caused by the act indicated in the previous section IV.
VI. The evidence offered, which must have immediate and direct relation with the impugned act.
When the appellant does not comply with any of the requirements referred to in sections I to VI of this Article, the Commission shall warn them, in writing and only once, to remedy the warned omission within 3 business days following the day on which the notification of said warning takes effect, and in case the omission is not remedied within the period indicated in this paragraph, said Commission shall consider it not filed. If evidence is omitted, it shall be considered not offered.
Article 107.- The filing of the review appeal shall suspend the effects of the impugned act when it concerns fines.
For internal use
Article 108.- The body in charge of resolving the review appeal may:
I. Dismiss it as inappropriate.
II. Discontinue it in the following cases:
a) By express withdrawal of the appellant. b) By the subsequent occurrence of a cause of inappropriateness. c) By the cessation of the effects of the impugned act. d) The others that proceed according to the Law.
III. Confirm the impugned act.
IV. Revoke the impugned act totally or partially.
V. Modify or order to reinstate the impugned act or dictate or order to issue a new one that substitutes it.
Administrative acts in the part not impugned by the appellant cannot be revoked or modified.
The body in charge of resolving the review appeal must attend to it without the intervention of the public servant of the Commission who has dictated the administrative sanction that gave rise to the filing of the corresponding appeal.
The resolution of review appeals must be issued within a period not exceeding 90 business days following the date on which the appeal was filed, when it must be resolved by the President of the Commission, nor more than 120 business days when it concerns appeals that are the competence of the Board of Directors.
The Commission must foresee mechanisms that avoid conflicts of interest between the area that issues the resolution subject of the appeal and that which resolves it.
(4) Chapter I BIS
(4) Of the Self-Correction Programs
(4) Article 108 Bis.- Savings and Loan Cooperative Societies with Operations Levels I to IV, through their director or general manager and with the opinion of the Supervisory Council, may submit to the authorization of the Commission a self-correction program when the Society in question, in the realization of its activities, or the Supervisory Council as a result of the functions conferred upon it, detects irregularities or non-compliance with what is provided in this Law and other applicable provisions. (4) The following cannot be the subject of a self-correction program in terms of this article:
(4) I. Irregularities or non-compliance that are detected by the Commission in the exercise of its inspection and surveillance powers, before the presentation by the Savings and Loan Cooperative Society with Operations Levels I to IV of the respective self-correction program.
(4) It shall be understood that the irregularity was previously detected by the Commission, in the case of surveillance powers, when the Savings and Loan Cooperative Society with Operations Levels I to IV has been notified of the irregularity; in the case of inspection powers, when it has been detected during the course of the inspection visit, or corrected subsequently after a requirement has intervened during the course of the visit; (4) II. When the contravention to the norm in question corresponds to one of the crimes contemplated in this Law, or
For internal use
(4) III. When it concerns one of the infractions considered as serious in terms of this Law.
(4) Article 108 Bis 1.- The self-correction programs referred to in Article 108 Bis of this Law shall be subject to the general provisions issued by the Commission. Additionally, they must be signed by the president of the Supervisory Council of the Savings and Loan Cooperative Society with Operations Levels I to IV and be presented to the Board of Administration in the session immediately following the authorization request presented to the Commission. Likewise, it must contain the irregularities or non-compliance committed, indicating the provisions that have been considered violated; the circumstances that originated the irregularity or non-compliance committed, as well as pointing out the actions adopted or intended to be adopted by the Society to correct the irregularity or non-compliance that motivated the program. (4) In the event that the Savings and Loan Cooperative Society with Operations Levels I to IV requires a period to remedy the irregularity or non-compliance committed, the self-correction program must include a detailed schedule of activities to be carried out for that purpose. (4) If the Commission does not order the Society in question to modify or correct the self-correction program within twenty business days following its presentation, the program shall be considered authorized in all its terms. (4) When the Commission orders the Savings and Loan Cooperative Society with Operations Levels I to IV modifications or corrections with the purpose that the program adheres to what is established in this article and other applicable provisions, the corresponding Society shall have a period of five business days counted from the respective notification to remedy such deficiencies. This period may be extended only once for up to five additional business days, with prior authorization of the Commission. (4) If the deficiencies referred to in the preceding paragraph are not remedied, the self-correction program shall be considered not presented and, consequently, the irregularities or non-compliance committed cannot be the subject of another self-correction program. (4) Article 108 Bis 2.- During the validity of the self-correction programs authorized by the Commission in terms of Articles 108 Bis and 108 Bis 1 of this legislation, it shall refrain from imposing on Savings and Loan Cooperative Societies with Operations Levels I to IV the sanctions provided in this Law, for the irregularities or non-compliance whose correction these programs contemplate. Likewise, during such period, the expiration period for imposing sanctions shall be interrupted, resuming until it is determined that the irregularities or non-compliance subject of the self-correction program were not remedied. (4) The Supervisory Council shall be obliged to follow up on the implementation of the authorized self-correction program and report on its progress both to the Board of Administration and to the director or general manager as well as to the Commission in the
form and terms that it establishes in the general provisions referred to in Article 108 Bis 1 of this Law. This is independent of the Commission's authority to supervise, at any time, the degree of progress and compliance of the self-correction program. (4) If as a result of the reports of the Supervisory Council or of the Commission's inspection and surveillance work, it determines that the irregularities or non-compliance subject of the self-correction program were not remedied within the period provided, it shall impose the corresponding sanction increasing the amount of this by up to 40 percent; said amount being updateable in terms of applicable fiscal provisions. (4) Article 108 Bis 3.- Natural persons and other legal entities subject to the supervision of the Commission may submit to the authorization of the Commission itself a self-correction program when in the realization of their activities they detect irregularities or non-compliance with what is provided in this Law and other applicable provisions, subject to what is provided by Articles 108 Bis to 108 Bis 2 of this Law, as applicable.
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Chapter II
Of the Crimes
Article 109.- In the cases provided for in Articles 110 to 117 of this Law, proceedings shall be initiated indistinctly at the request of the Secretariat, prior to the opinion of the Commission; or at the request of the Society in question, or of anyone with a legal interest.
To determine the amount of the operation, loss, or patrimonial damage provided for in this chapter, the general daily minimum wage in force in the Federal District at the time the crime in question was committed shall be considered as days of salary.
The provisions of the cited Articles do not exclude the imposition of sanctions applicable under other Laws for the commission of one or more other crimes.
Article 110.- Those who shall be sanctioned with imprisonment of 2 to 10 years and a fine of 500 to 50,000 days of salary are the board members, directors, general managers, and other executives, employees, or external auditors of Savings and Loan Cooperative Societies with Operation Levels I to IV, or those who intervene directly in the operation:
I. Who omit or order the omission of registering, in accordance with Article 32 of this Law, the operations carried out by the Society in question, or who alter or order the alteration of records to conceal the true nature of the operations performed, affecting the composition of assets, liabilities, contingent accounts, or results.
II. Who present to the Commission false or altered data, reports, or documents regarding the solvency of the debtor or the value of the guarantees protecting the credits.
III. Who destroy or order the total or partial destruction of the accounting systems or records, or the supporting documentation that gives rise to the respective accounting entries, prior to the expiration of the legal conservation periods.
IV. Who destroy or order the total or partial destruction of information, documents, or files, including electronic ones, with the purpose of preventing or obstructing the supervisory and monitoring acts of the Commission, as well as the supervision of the Auxiliary Supervision Committee.
V. Who provide or allow false data to be included in documents, reports, opinions, studies, or credit ratings that must be presented to the Commission or the Auxiliary Supervision Committee in compliance with what is provided in this Law.
VI. Who, knowing the falsity regarding the amount of assets or liabilities, grant the loan or credit.
VII. Who, knowing the flaws indicated in fraction III of Article 111 below, grant the loan or credit, if the amount of the alteration had been decisive for granting it.
Article 111.- A penalty of imprisonment of 3 months to 2 years and a fine of 30 to 2,000 days of salary shall be imposed when the amount of the operation, loss, or patrimonial damage, as applicable, does not exceed the equivalent of 2,000 days of salary.
When the amount of the operation, loss, or patrimonial damage, as applicable, exceeds 2,000 and does not exceed 50,000 days of salary, the penalty shall be imprisonment of 2 to 5 years and a fine of 2,000 to 50,000 days of salary.
When the amount of the operation, loss, or patrimonial damage, as applicable, exceeds 50,000 but does not exceed 350,000 days of salary, the penalty shall be imprisonment of 5 to 8 years and a fine of 50,000 to 250,000 days of salary.
When the amount of the operation, loss, or patrimonial damage, as applicable, exceeds 350,000 days of salary, the penalty shall be imprisonment of 8 to 15 years and a fine of 250,000 to 350,000 days of salary.
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Considering the amount of the operation, loss, or patrimonial damage, the sanctions provided for in this Article shall be imposed on:
I. Persons who, with the purpose of obtaining a loan or credit, or of concluding a financial leasing or financial factoring contract, provide a Society with false data regarding the amount of assets or liabilities of an entity or natural or legal person, if as a consequence thereof there results a loss or patrimonial damage to Savings and Loan Cooperative Societies with Operation Levels I to IV.
(3) Those officials, employees, service providers, commission agents, or third-party commission agents who participate in the application or processing for the granting of credit, and who know the falsity of the data regarding the amounts of assets or liabilities of the borrowers, or who directly or indirectly alter or substitute the mentioned information, to conceal the real data regarding said assets or liabilities, shall be sanctioned up to one half more than the penalties provided for in this article.
II. The board members, executives, officials, employees, or those who intervene directly in the operation who, falsify, alter, simulate, or knowingly carry out operations that result in loss or damage to the patrimony of Savings and Loan Cooperative Societies with Operation Levels I to IV.
Those board members, executives, officials, or employees of the societies or those who intervene directly in the operations who:
a) Carry out operations typical of the corporate purpose of the societies with Partners whose state of insolvency is known to them, if it is foreseeable upon carrying out the operation that they lack the economic capacity to pay or respond for the amount of the operations performed that result in loss or damage to the patrimony of the Savings and Loan Cooperative Society with Operation Levels I to IV in question.
b) Renew loans, credits, or financial leasing contracts, partially or fully due, to the natural or legal persons referred to in the preceding subsection.
c) Who renew partially or fully due credits to the persons referred to in subsection a) above, if it is foreseeable upon carrying out the operation that they lack the economic capacity to pay or respond for the amount of the credited sums, producing loss or patrimonial damage to the Savings and Loan Cooperative Society with Operation Levels I to IV.
d) Who knowingly allow a Partner who has the status of debtor to divert the amount of the credit, loan, or leased property for the benefit of third parties, notably reducing their capacity to pay or respond for the amount of their obligation, and as a consequence thereof, resulting in loss or patrimonial damage to the Savings and Loan Cooperative Society with Operation Levels I to IV.
For the purposes of what is provided in the first paragraph of this fraction, operations carried out as part of restructuring processes of payment operations carried out in accordance with Article 23 of this Law are not considered to cause loss or damage to the patrimony of the Society.
III. Persons who, to obtain loans or credits or with the purpose of concluding financial leasing or financial factoring contracts, present appraisals that do not correspond to reality, such that the real value of the goods offered as collateral is lower than the amount of the credit or loan, leased goods, or credit rights, resulting in loss or patrimonial damage to the Society.
IV. The borrowers who divert a credit granted or a property given in financial leasing by a Society for purposes other than those for which it was granted, if the source of resources used by the Society comes from development funds, public trusts constituted by the Federal Government for economic development, or international organizations.
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V. Partners who have the status of debtors who do not use the amount of the loan or credit for the agreed purposes, and as a consequence thereof, result in loss or patrimonial damage to the Society.
Article 112.- The board members, directors, general managers, and other executives, officials, and employees of the societies, or those who intervene directly in the operation, who, independently of the positions or interests fixed by the respective Society, by themselves or through an intermediary, have obtained from the subjects of loan or credit or from operations with foreign exchange, benefits for their participation in the processing or granting of the credit, of the goods subject to the lease, the factoring contract, or operations with foreign exchange, shall be sanctioned with a penalty of imprisonment of 3 months to 3 years and a fine of 30 to 500 days of salary when the benefit is not valuable, or the amount of the benefit does not exceed 500 days of salary, at the time the crime was committed; when the benefit exceeds said amount, they shall be sanctioned with imprisonment of 2 to 10 years and a fine of 500 to 50,000 days of salary.
(3) Article 113.- The board members, directors, general managers, and other executives, officials, employees, partners, service providers, or commission agents who incite or order executives or employees or anyone holding a position or commission of the Society to commit the crimes referred to in Articles 110 and 111 fraction II of this Law, shall be sanctioned up to one half more than the penalties provided for in the respective articles.
(7) The foregoing, without prejudice to the fact that those persons who determinately or incite another to carry out the illicit conduct provided for in this chapter, or those who carry it out using another, shall also be criminally liable.
(6) Article 114.- Those who carry out operations reserved for Savings and Loan Cooperative Societies, without having the authorizations provided for in the Law or the corresponding registration referred to in Article 13 of this Law, shall be sanctioned with imprisonment of 3 to 15 years and a fine of up to 100,000 days of salary.
(7) The Commission, in carrying out investigations to determine the possible commission of the crime referred to in the preceding paragraph, at any time and prior to the issuance of the crime opinion to the Secretariat, may order as a precautionary measure to the financial entities subject to its supervision, the provisional and immediate immobilization of funds or assets registered or that could be related to the commission of the crime referred to in the first paragraph of this article.
(7) The same Commission, at any time and prior to the imposition of the sanction referred to in Article 108 Bis 1, fraction III of the Law of Credit Institutions, may order the precautionary measure provided for in the preceding paragraph regarding legal persons carrying out operations reserved for Savings and Loan Cooperative Societies, without having the authorization provided for in this Law or the corresponding registration referred to in Article 13 of this Law.
(7) Provisional and immediate immobilization shall be understood as the temporary prohibition to transfer, assign, convert, alienate, move, encumber, move, or withdraw funds or assets, when these acts are related to the conduct provided for in this article.
(7) Once the Secretariat formulates the request referred to in Article 109 of this Law, it must request the competent Federal Public Ministry to order a precautionary measure for the purpose of immobilizing the corresponding resources. In the event that the precautionary measure dictated by the Commission has not derived from an investigation to issue the crime opinion to the Secretariat, or in the event of not issuing such opinion due to lack of elements, the Commission must grant the right to be heard to the natural or legal person regarding whose accounts the measure has been decreed, within a period of 10 business days, to resolve what is appropriate.
Likewise, persons who by themselves or through another person or by means of trade names, by any means of publicity, present themselves to the public as Savings and Loan Cooperative Societies, without having the authorizations provided for in the Law, shall be sanctioned with imprisonment of one to six years.
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Article 115.- Public officials of the Commission shall be sanctioned with the penalty established for the corresponding crimes plus one half, depending on whether the crimes provided for in Articles 110 to 112 and 114 of this Law are involved, when:
I. They conceal from their superiors facts that may probably constitute a crime.
II. They allow the executives or employees of the Society to alter or modify records with the purpose of concealing facts that may probably constitute a crime.
III. They obtain or seek to obtain a benefit in exchange for abstaining from informing their superiors of facts that may probably constitute a crime.
IV. They order or incite their subordinates to alter reports with the purpose of concealing facts that may probably constitute a crime.
V. They incite or order not to present the request referred to in Article 109 of this Law to whom is authorized to do so.
Article 116.- A penalty of imprisonment of 2 to 14 years shall be imposed on the member of the Board of Directors, director, or general manager and any other executive, official, or employee of a Society, who by themselves or through an intermediary, gives money or anything else to a public official of the Commission, to do or omit a certain act related to their functions.
The same sanction shall be imposed on the public official of the Commission, who by themselves or through an intermediary, solicits or obtains for themselves or for another, money or anything else, to do or refrain from doing any act related to their functions.
(4) Article 116 Bis.- Persons who hold any position, mandate, commission, or any other legal title that, for the performance of the activities and operations corresponding to Savings and Loan Cooperative Societies with Operation Levels I to IV, have been granted by these, shall be considered as officials or employees of said Societies, for the purposes of the administrative and criminal liabilities established in this Title.
Article 117.- The crimes provided for in this Law only admit intentional commission. The criminal action in the crimes provided for in this Law, prosecutable at the request of the Secretariat, by the offended Society, or by anyone with a legal interest, shall prescribe in 3 years counted from the day that said Secretariat or the Society or anyone with a legal interest has knowledge of the crime and the probable responsible party, and if they do not have that knowledge, in 5 years which shall be computed in accordance with the rules established in Article 102 of the Federal Penal Code. Once the requirement of procedibility is met, the prescription shall continue to run according to the rules of the Federal Penal Code.
Article 118.- A fine of 500 to 5,000 days of salary shall be imposed on board members, executives, or employees of the Cooperative Societies or legal persons that are constituted and/or operate at the basic level provided for in the First Section, of Chapter III, Title Second of this Law, without having been inscribed in the Registry provided for in Article 7 of this Law.
Board members, executives, or employees of the Cooperative Societies or legal persons who, by altering the active or passive accounts or the conditions of the contracts they conclude, reveal, make, or order that non-existent operations be registered or simulate or omit their real, economic, and financial condition, or who knowingly carry out any illicit or prohibited act or operation by the Law, generating in any of said cases a loss or damage in the patrimony of the Cooperative Society or legal person in question, for their own economic benefit either directly or through an intermediary, shall be sanctioned with imprisonment of one to six years.
Any person who, having been removed, suspended, or disqualified, by final resolution of the Commission, in accordance with what is provided in Article 66 of this Law, continues to perform the functions regarding which they were removed or suspended, or occupies a job, position, or commission, within the Mexican financial system, despite being suspended or disqualified from doing so, shall be sanctioned with imprisonment of 2 to 7 years.
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Article 119.- The penalties provided for in this Law shall be reduced by one third when it is proven that the damage has been repaired or the damage caused has been compensated.
(4) Article 119 Bis.- When the National Banking and Securities Commission presumes that a natural or legal person is carrying out operations in contravention of what is provided by Article 4 of this Law, it may appoint an inspector and the necessary assistants to review the accounting and other documentation of the negotiation, company, or establishment of the natural or legal person, in order to verify if they are indeed carrying out the mentioned operations, in which case, the National Banking and Securities Commission may order the immediate suspension of operations or proceed to the closure of the negotiation, company, or establishment of the natural or legal person in question.
(4) The inspection procedure, suspension of operations, and closure referred to in the preceding paragraph is of public interest. What is provided in the First Chapter of Title Fifth of this Law shall be applicable insofar as appropriate.
Chapter III
Of Notifications
Article 120.- Notifications of requirements, ordinary and special inspection visits, precautionary measures, requests for information and documentation, summonses, citations, resolutions imposing administrative sanctions or of any act that puts an end to the procedures for suspension, revocation of authorizations referred to in this Law, as well as acts that deny the authorizations referred to in this Law and administrative resolutions that apply to the review resources and requests for forgiveness filed in accordance with the applicable Laws, may be carried out in the following ways:
I. Personally, in accordance with the following:
a) In the offices of the financial authorities, in accordance with what is provided in Article 123 of this Law.
b) At the domicile of the interested party or their representative, in accordance with what is provided in Articles 124 and 127 of this Law.
c) At any place where the interested party or their representative is found, in the cases established in Article 125 of this Law.
II. By letter delivered by messenger or by certified mail, both with receipt acknowledgment.
III. By edicts, in the cases indicated in Article 128 of this Law.
IV. By electronic means, in the case provided for in Article 129 of this Law.
Regarding the information and documentation that must be exhibited to the Commission inspectors under an inspection visit, what is provided in the regulation issued by the Federal Executive, in matters of supervision, under what is established in Article 5, first paragraph of the Law of the National Banking and Securities Commission, shall be observed.
For the purposes of this Chapter, financial authorities shall be understood to be the Secretariat and the Commission.
Article 121.- Authorizations, revocations of authorizations requested by the interested party or their representative, acts that come from procedures promoted at the request of the interested party, and other acts different from those indicated in Article 120 of this Law, may be notified by delivering the letter in which the corresponding act is stated, in the offices of the authority carrying out the notification, obtaining on a copy of said letter the signature and name of the person receiving it.
Likewise, financial authorities may carry out such notifications by ordinary mail, telegram, fax, email, or messenger when the interested party or their representative requests it.
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in writing indicating the data necessary to receive the notification, leaving a record in the respective file of the date and time it was made.
Likewise, the acts referred to in the first paragraph of this Article may be notified by any of the notification methods indicated in Article 120 of this Law.
Article 122.- The notifications of investigation visits and of the declaration of intervention referred to in this Law shall be carried out in a single act and in accordance with what is provided in the regulation referred to in the second-to-last paragraph of Article 120 of this Law.
Article 123.- Personal notifications may be carried out in the offices of the financial authorities only when the interested party or their representative attends them and expresses their agreement to receive the notifications; for which purpose, the person making the notification shall draw up a duplicate record that complies with the regulation applicable to this type of act.
Article 124.- Personal notifications may also be carried out with the interested party or their representative, at the last address provided to the corresponding financial authority or at the last address indicated before said authority in the administrative procedure in question, for which a record shall be drawn up in the terms referred to in the second-to-last paragraph of this Article.
In the event that the interested party or their representative is not found at the mentioned address, the person carrying out the notification shall deliver a summons to the person attending the diligence, so that the interested party or their representative waits at a fixed time on the next business day, and in such summons, the cited person shall be warned that if they do not appear at the fixed time and day, the notification will be carried out with whoever attends to them or, in case the address is found closed or if they refuse to receive the respective notification, it will be made by means of an instruction as provided in Article 127 of this Law. The person making the notification shall draw up a record in the terms provided in the second-to-last paragraph of this Article.
The aforementioned summons shall be drawn up in duplicate and addressed to the interested party or their representative, indicating the place and date of issuance, the fixed date and time they must wait for the notifier, who must record their name, position, and signature on said summons, the object of the appearance, and the respective warning, as well as the name and signature of the person receiving it. In case the latter does not wish to sign, such circumstance shall be recorded in the summons, without affecting its validity.
On the day and time fixed for carrying out the diligence subject of the summons, the person in charge of carrying out the diligence shall appear at the corresponding address, and finding the cited person present, they shall proceed to draw up a record in the terms referred to in the second-to-last paragraph of this Article.
In the event that the cited person does not appear, the notification shall be understood with any person found at the address where the diligence is carried out; for such purposes, a record shall be drawn up in the terms of this Article.
In all cases, the person carrying out the notification shall draw up a duplicate record in which they shall state, in addition to the circumstances mentioned above, their name, position, and signature, that they verified that they constituted themselves and appeared at the searched address, that they notified the interested party, their representative, or the person who attended the diligence, after identification of such persons, the document in which the administrative act to be notified is stated, likewise, they shall state the designation of the witnesses, the place, time, and date of the drawing up, identification data of the mentioned document, the identification means exhibited, the name of the interested party, legal representative, or person who attended the diligence, and the names of the designated witnesses. If the persons involved refuse to sign or receive the notification record, such circumstance shall be recorded in the record, without affecting its validity.
For the designation of witnesses, the person making the notification shall request the interested party, their representative, or the person attending the diligence to designate them; in case of refusal or if the designated witnesses do not accept the designation, the notifier themselves shall do so.
Article 125.- In the event that the person in charge of carrying out the notification searches for the interested party or their representative at the address referred to in the first paragraph of Article 124 of this Law, and the person with whom the diligence is understood denies that it is the address of said interested party or their representative, the person carrying out the diligence shall draw up a record to state such circumstance. Such record must meet, insofar as applicable, the requirements provided in the second-to-last paragraph of Article 124 of this legal instrument.
In the case provided for in this provision, the person making the notification may carry out personal notification at any place where the interested party or their representative is found. For the purposes of this notification, the person making it shall draw up a record stating that the notified person is personally known to them or has been identified by 2 witnesses, in addition to recording, insofar as applicable, what is provided in the second-to-last paragraph of the aforementioned Article 124, or alternatively, stating the diligence before a public notary.
Article 126.- Notifications made by means of a document delivered by courier or certified mail, with proof of receipt, shall take effect on the business day following that on which the receipt date is indicated in said proof.
Article 127.- In the event that on the day and time indicated in the summons left in terms of Article 124 of this Law, the person making the notification finds the corresponding address closed or that the interested party, their representative, or the person attending the diligence refuses to receive the document subject of the notification, they shall enforce the warning indicated in the aforementioned summons. For such purposes, they shall carry out the notification, by means of an instruction that they will place in a visible place at the address, attaching the document in which the act to be notified is stated, in the presence of 2 witnesses designated for this purpose.
The aforementioned instruction shall be drawn up in duplicate and addressed to the interested party or their representative. In said instruction, the circumstances by which it was necessary to carry out the notification by this means, place, and date of issuance shall be stated; the name, position, and signature of the person drawing up the instruction; the name, identification data, and signature of the witnesses; the mention that the person making the notification verified that they constituted themselves and appeared at the searched address, and the identification data of the document in which the administrative act to be notified is stated.
The instruction shall serve as proof of the existence of the acts, facts, or omissions recorded in it.
Article 128.- Notifications by edicts shall be carried out in the event that the interested party has disappeared, has died, their address is unknown, or there is impossibility of accessing it, and they do not have a known representative or address in national territory, or are abroad without having left a representative.
For such purposes, a summary of the respective document shall be published 3 consecutive times in a newspaper of national circulation, without prejudice to the fact that the financial authority making the notification disseminates the edict on the electronic page of the worldwide network known as Internet corresponding to the financial authority making the notification; indicating that the original document is available at the address also indicated in said edict.
Article 129.- Notifications by electronic means, with proof of receipt, may be carried out as long as the interested party or their representative has expressly accepted or requested it in writing to the financial authorities through the automated systems and security mechanisms established by them.
Article 130.- Notifications that are not carried out in accordance with this chapter shall be understood as legally made and shall take effect on the business day following that on which the interested party or their representative manifest that they are aware of its content.
Article 131.- For the purposes of this Law, the address for hearing and receiving notifications related to acts concerning the performance of their duties as members of the Board of Directors, directors, or general managers, officials, executives occupying the immediate inferior hierarchy to that of the director or general manager, and other persons who may obligate with their signature to the societies regulated by this Law, shall be that of the place where the Society to which they provide their services is located, unless such persons indicate in writing to the Commission a different address, which must be located within national territory.
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In the cases indicated in the previous paragraph, the notification may be carried out with any person found at the aforementioned address.
For what is provided in this Article, the last address provided to said Commission or in the administrative procedure in question shall be considered as the address of the Society.
Article 132.- The notifications referred to in this chapter shall take effect on the business day following that:
I. Have been carried out personally.
II. The respective document has been delivered in the cases provided for in Articles 120 and 129.
III. The last publication referred to in Article 128 has been carried out.
IV. Has been carried out by ordinary mail, telegram, fax, electronic medium, or courier.
TRANSITORY PROVISIONS
(Decree by which the Law to Regulate the Activities of Savings and Loan Cooperative Societies is issued and various provisions of the General Law of Cooperative Societies, the Savings and Popular Credit Law, the Law of the National Banking and Securities Commission, and the Credit Institutions Law are reformed, added, and repealed, published in the Official Gazette of the Federation on August 13, 2009)
(2) FIRST.- Cooperative Societies of any kind that on the date of entry into force of this Decree carry out operations involving the collection of resources from their Members for placement among them, must register with the Auxiliary Supervision Committee referred to in the Law to Regulate the Activities of Savings and Loan Cooperative Societies by January 31, 2014 at the latest.
Regarding Savings and Loan Cooperative Societies that have been authorized to organize and function as such by the National Banking and Securities Commission in terms of the Savings and Popular Credit Law, said Commission must carry out the registration referred to in the previous paragraph before the Auxiliary Supervision Committee referred to in the aforementioned Law to Regulate the Activities of Savings and Loan Cooperative Societies, without requiring a request from the Savings Cooperative Society.
SECOND.- Savings and Loan Cooperative Societies that have been authorized to organize and function as such by the National Banking and Securities Commission in terms of the Savings and Popular Credit Law, shall be considered authorized in accordance with what is provided in Article 10 of the Law to Regulate the Activities of Savings and Loan Cooperative Societies, and therefore may continue to operate, without requiring a new authorization, as long as they comply with the provisions of this latter legal instrument.
Such Savings and Loan Cooperative Societies must modify their constitutive bases in accordance with what is provided by this Decree, in an Extraordinary General Assembly of Members to be held within three hundred sixty natural days following the date of publication of this Decree.
(6) THIRD.- Cooperative Societies of any kind, other than those indicated by the previous Transitory Article Second, whose total amount of assets exceeds the equivalent in national currency to 2,500,000 UDIS on the date of entry into force of this Decree, carry out operations involving the collection of resources from their Members for placement among them, and have not submitted an authorization request to the National Banking and Securities Commission, shall have until March 31, 2014, to constitute themselves as Savings and Loan Cooperative Societies in accordance with the General Law of Cooperative Societies and request authorization from the National Banking and Securities Commission to continue carrying out savings and loan operations. Notwithstanding the foregoing, the Auxiliary Supervision Committee shall have a period of 180 days to issue the opinion regarding those applications received for this purpose by March 31, 2014 at the latest; said period shall run from the date on which the Auxiliary Supervision Committee has received the application, without the calculation of said period being suspended by the information or documentation requests made by the Auxiliary Supervision Committee to the applying Society. The aforementioned period may be extended by the Commission for an additional 90 days, when the Auxiliary Supervision Committee so requests and in the opinion of the Commission, the reasons for doing so are justified. The aforementioned authorization may be requested, as long as the mentioned societies comply with the following:
(2) I. The General Assembly of Members of the Society in question, by January 31, 2014 at the latest, agrees to carry out the necessary acts to constitute themselves as a Savings and Loan Cooperative Society in accordance with the General Law of Cooperative Societies and obtain authorization from the National Banking and Securities Commission to continue carrying out savings and loan operations and subject to the terms and conditions provided in this Article. Such assembly agreement must include its consent for the Society to be evaluated and classified, also stating that it knows and agrees with the content of the methodology and criteria used for the purposes of such evaluation and classification, as well as the agreement of the respective assembly for the Society to assume the obligations arising from the programs, in terms of what is provided in fractions II and III of this Article.
The governing bodies of the societies must adopt the agreements mentioned in the previous paragraph.
Cooperative Societies that prove to the Auxiliary Supervision Committee referred to in the Law to Regulate the Activities of Savings and Loan Cooperative Societies that they have complied with what is provided in the Fourth Transitory Article of the "Decree by which various provisions of the Savings and Popular Credit Law are reformed and added" published in the Official Gazette of the Federation on May 27, 2005, and the Second to Seventh Transitory Articles of the "Decree by which various provisions of the Savings and Popular Credit Law and the Law Creating the Trust that will Administer the Fund for the Strengthening of Savings and Loan Cooperative Societies and Support for their Savers" published in the Official Gazette of the Federation on August 31, 2007, in the General Assembly of Members immediately following the date of publication of this Decree, must agree to what is stated in the first paragraph of this fraction.
(2) II. Submit to an evaluation by the Auxiliary Supervision Committee referred to in the Law to Regulate the Activities of Savings and Loan Cooperative Societies, by January 31, 2014 at the latest, based on the methodology and criteria established by the Technical Committee referred to in the aforementioned Law to Regulate the Activities of Savings and Loan Cooperative Societies, in order for it to carry out a precise diagnosis of the financial situation, internal control mechanisms, and information systems of the Cooperative Societies, as well as to classify said Cooperative Societies based on compliance with the minimum requirements to request authorization from the National Banking and Securities Commission to carry out savings and loan operations in terms of the Law to Regulate the Activities of Savings and Loan Cooperative Societies.
The evaluations, diagnoses, and classifications referred to in the previous paragraph must be carried out by the Auxiliary Supervision Committee with the opinion of a consultant, external auditor, or the technical assistance area of a Federation constituted under the General Law of Cooperative Societies, which meet the requirements established for this purpose by the Technical Committee referred to in the Law to Regulate the Activities of Savings and Loan Cooperative Societies. The National Banking and Securities Commission may order modifications to the methodology and criteria established by the aforementioned Technical Committee, as well as object to the hiring of the persons mentioned when they incur in any conflict of interest or do not comply with the methodology and criteria established.
Regarding this, the aforementioned Auxiliary Supervision Committee must evaluate the societies, based on the methodology and criteria established by the Technical Committee referred to in the aforementioned Law to Regulate the Activities of Savings and Loan Cooperative Societies, in order to classify them into any of the following categories:
a) Category A. Those societies that are able to meet the minimum requirements to request authorization from the National Banking and Securities Commission to continue carrying out savings and loan operations in terms of the Law to Regulate the Activities of Savings and Loan Cooperative Societies;
b) Category B. Those societies that require a work program in terms of fraction III of this transitory Article, which aims at financial and operational adequacy to be able to meet the minimum requirements to request authorization from the National Banking and Securities Commission to continue carrying out savings and loan operations in terms of the Law to Regulate the Activities of Savings and Loan Cooperative Societies;
c) Category C. Those societies that must carry out a restructuring process that may imply, among other aspects, their merger with another Society, their spin-off, or the transfer of assets and liabilities, and that may also need financial support, in order to be able to meet the minimum requirements to request authorization from the National Banking and Securities Commission to continue carrying out savings and loan operations in terms of the Law to Regulate the Activities of Savings and Loan Cooperative Societies, or
d) Category D. Those societies that are not able to meet the minimum requirements to request authorization from the National Banking and Securities Commission to continue carrying out savings and loan operations in terms of the Law to Regulate the Activities of Savings and Loan Cooperative Societies. Additionally, societies that carry out operations that contravene applicable laws and have generated a detriment to the Society's equity may be classified in this category.
The Technical Committee referred to in the Law to Regulate the Activities of Savings and Loan Cooperative Societies, in elaborating the methodology and criteria indicated in this fraction, must consider the prudential regulation applicable to Savings and Loan Cooperative Societies issued by the National Banking and Securities Commission or those in force in terms of the transitory provisions of this Decree.
Cooperative Societies that, upon the entry into force of this Decree, had already been evaluated in terms of what is provided in the Fourth Transitory Article of the "Decree by which various provisions of the Savings and Popular Credit Law are reformed and added" published in the Official Gazette of the Federation on May 27, 2005, and the Third Transitory Article of the "Decree by which various provisions of the Savings and Popular Credit Law and the Law Creating the Trust that will Administer the Fund for the Strengthening of Savings and Loan Cooperative Societies and Support for their Savers" published in the Official Gazette of the Federation on August 31, 2007, will retain such classification, and therefore will be exempt from complying with what is provided in this fraction. Notwithstanding the foregoing, Cooperative Societies that, in terms of what is provided in the Fourth and Third Transitory Articles of the aforementioned Decrees, were classified in category D, may be subject to the regime provided in this Decree, as long as they prove that they have effectively suspended the operations involving the collection of resources and those that contravene applicable laws, as well as that they comply with the solvency and financial viability requirements in accordance with the methodology and criteria referred to in this fraction.
(2) III. Subject to work programs with the Auxiliary Supervision Committee referred to in the Law to Regulate the Activities of Savings and Loan Cooperative Societies. Such programs must be developed by the aforementioned Auxiliary Supervision Committee with the opinion of a consultant, external auditor, or the technical assistance area of a Federation constituted under the General Law of Cooperative Societies, which meet the requirements established for this purpose by the Technical Committee referred to in the Law to Regulate the Activities of Savings and Loan Cooperative Societies, and must consider the result of the evaluations referred to in fraction II.
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Savings and Loan Cooperative Societies that have been subject to an advisory, training, and monitoring program in accordance with the provisions of the Fourth Transitory Article of the "Decree reforming and adding various provisions of the Savings and Popular Credit Law" published in the Official Gazette of the Federation on May 27, 2005, and the Third Transitory Article of the "Decree reforming, adding, and repealing various provisions of the Savings and Popular Credit Law and the Law creating the Trust that will administer the Fund for the Strengthening of Savings and Loan Societies and Cooperatives and Support for their Savers" published in the Official Gazette of the Federation on August 31, 2007, will continue to comply with the aforementioned program; therefore, they will be exempt from concluding a new program with the Auxiliary Supervision Committee referred to in the Law to Regulate the Activities of Savings and Loan Cooperative Societies.
(2) The Auxiliary Supervision Committee referred to in the Law to Regulate the Activities of Savings and Loan Cooperative Societies, with the opinion of the consultants, auditors, or technical assistance area involved, must periodically evaluate compliance with the programs indicated in the two preceding paragraphs, and may issue recommendations or make modifications to those that contribute to the evaluated Cooperative Societies obtaining their authorization within the timeframes provided in the Law to Regulate the Activities of Savings and Loan Cooperative Societies, as well as modify the originally assigned classification as a result of the aforementioned periodic evaluation.
In the event that the aforementioned Auxiliary Supervision Committee referred to in the Law to Regulate the Activities of Savings and Loan Cooperative Societies detects any possible non-compliance with the obligations recorded in the programs mentioned in the preceding paragraph, it must notify the Society in question, so that it may remedy the respective observations to the satisfaction of the aforementioned Auxiliary Supervision Committee within a period of 60 business days counted from the date the notification takes effect, with the opinion of the consultants, auditors, or technical assistance area involved. In the event that the corresponding Cooperative Society does not remedy the observations made, the aforementioned auxiliary supervision committee, considering the severity of the detected non-compliances, may modify the assigned classification into categories C or D indicated in the preceding subsection II.
IV. Starting from January 1, 2011, the Cooperative Societies referred to in the first paragraph of this Transitory Article, which have not presented their application for authorization before the Commission, may only carry out the following operations:
a) Receive savings deposits from their Members. b) Grant loans or credits to their Members within the timeframes applicable to Savings and Loan Cooperative Societies based on the size of their assets, in accordance with current provisions. c) Effect money transfers with their Members, provided that in carrying out such operations they comply with the applicable provisions in this matter, as well as that one of the parties, either the orderer or the beneficiary, is a Member of the respective Cooperative Society. d) Receive credits from national or foreign financial entities, international organizations, and public trusts. e) Effect the distribution and payment of products, services, and government programs.
(2) Additionally, the Cooperative Societies referred to in this subsection may not open new branches nor increase their credit assets by a percentage greater than 20 percent annually.
The Auxiliary Supervision Committee referred to in the Law to Regulate the Activities of Savings and Loan Cooperative Societies, prior to notifying any Society of the classification D indicated in subsection d) of the preceding subsection II, due to the classification processes provided for in subsections II and III above, must advise the Cooperative Societies regarding any situation that could place them in the classification referred to in said category D, so that the
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Society in question, within a period of 60 business days counted from the date the notification of said advice takes effect, may remedy the respective observations to the satisfaction of the aforementioned auxiliary supervision committee.
Once the aforementioned 60 business day period has elapsed, and the classification D indicated in subsection d) of the preceding subsection II has been notified by the Auxiliary Supervision Committee referred to in the Law to Regulate the Activities of Savings and Loan Cooperative Societies, the societies that in accordance with what is provided in this Article have been classified in the category D referred to in subsection d) of the preceding subsection II, must abstain from carrying out operations that imply the capture of resources.
(2) The Auxiliary Supervision Committee referred to in the Law to Regulate the Activities of Savings and Loan Cooperative Societies will publish within each semester in the Official Gazette of the Federation and on its electronic page on the worldwide "Internet" network, a list mentioning the societies that meet the requirements indicated in this provision and, starting from March 2010, the result of the periodic evaluations referred to in the preceding subsection III.
Likewise, the aforementioned Auxiliary Supervision Committee may reveal through the means it deems appropriate, the financial information of the Cooperative Societies referred to in this Transitory Article.
FOURTH.- Cooperative Societies whose object is the capture of resources from their Members for placement among them, which have not adjusted to what is provided in the First, Second, and Third Transitory Articles of this Law, in the terms, timeframes, and conditions indicated therein, must abstain from carrying out operations that imply the capture of resources in accordance with the Law to Regulate the Activities of Savings and Loan Cooperative Societies and the Law of Credit Institutions, within a period not exceeding 20 business days counted from the day in which any non-compliance with the provisions of the aforementioned Transitory Articles occurs. Otherwise, they will be located in the infringement scenarios provided by the Law and by the applicable provisions.
The Cooperative Societies mentioned in the preceding paragraph, as well as those indicated in the antepenultimate paragraph of the previous Third Transitory Article, must make this situation known to their Members, through publication in a widely circulated newspaper in the plazas where they operate, as well as through the placement of notices in their offices or branches. This is without prejudice to the fact that the Auxiliary Supervision Committee referred to in the Law to Regulate the Activities of Savings and Loan Cooperative Societies may make this fact known to the public by the means it deems appropriate for such purposes.
(6) Savings and Loan Cooperative Societies, Popular Financial Societies, Multiple-Object Financial Societies, Multiple Banking Institutions, Brokerage Houses, as well as institutions forming part of the Federal Public Administration, with the exception of Development Banking Institutions or State and public trusts, constituted by the Federal or State Government for economic promotion, that carry out financial activities, are prohibited from carrying out active, passive, or service operations with Cooperative Societies that fall under the non-compliance scenarios referred to in this Article. Likewise, said entities must carry out the necessary acts to rescind operations contracted with the aforementioned Cooperative Societies, in accordance with applicable legal provisions and in line with the nature of such operations.
Without prejudice to the foregoing, the Auxiliary Supervision Committee will ensure the adequate compliance and observance of the Law to Regulate the Activities of Savings and Loan Cooperative Societies, when it detects that any non-compliance with the provisions of the First, Second, and Third Transitory Articles of this Law occurs, for which it will include in the publications referred to in the last paragraph of the previous Third Transitory Article the Cooperative Societies that fall under the aforementioned non-compliance scenarios.
FIFTH.- The timeframe provided in Articles 10 and 73 of the Law to Regulate the Activities of Savings and Loan Cooperative Societies will not be applicable for the National Banking and Securities Commission to resolve the authorization requests that the aforementioned Commission receives from the Cooperative Societies referred to in the Third Transitory Article of this Law.
SIXTH.- The Protection Fund referred to in Article 42 of the Law to Regulate the Activities of Savings and Loan Cooperative Societies must be constituted no later than within 120 natural days following the entry into force of this Decree.
For such purposes, the Federal Government may contribute resources to the aforementioned Protection Fund through the mechanisms established by the Secretariat of Finance and Public Credit.
Until the technical, auxiliary supervision, and cooperative savings protection committees referred to in the Law to Regulate the Activities of Savings and Loan Cooperative Societies are integrated, the functions conferred upon them by the Second to Fifth Transitory Articles of this Law must be exercised by the Federations authorized by the National Banking and Securities Commission in accordance with the Savings and Popular Credit Law, through their respective supervision committees.
SEVENTH.- Savings and Loan Cooperative Societies that have been authorized to organize and function as such by the National Banking and Securities Commission in accordance with the Savings and Popular Credit Law, temporarily and for a period not exceeding 540 natural days following the entry into force of this Decree, may continue to be subject to the auxiliary supervision of the Federations authorized by the National Banking and Securities Commission in accordance with the Savings and Popular Credit Law with which they have signed an affiliation or auxiliary supervision contract.
In any case, said Savings and Loan Cooperative Societies must adjust their operation to what is provided in the Law to Regulate the Activities of Savings and Loan Cooperative Societies.
Likewise, Cooperative Societies that in accordance with what is provided in the Fourth Transitory Article of the "Decree reforming and adding various provisions of the Savings and Popular Credit Law" published in the Official Gazette of the Federation on May 27, 2005, and the Third Transitory Article of the "Decree reforming, adding, and repealing various provisions of the Savings and Popular Credit Law and the Law creating the Trust that will administer the Fund for the Strengthening of Savings and Loan Societies and Cooperatives and Support for their Savers" published in the Official Gazette of the Federation on August 31, 2007, temporarily and for a period not exceeding 540 natural days following the entry into force of this Decree, may maintain their affiliation or service provision contracts with the Federations authorized by the National Banking and Securities Commission in accordance with the Savings and Popular Credit Law, in order to comply with what is provided in the Third Transitory Article of this Law and, when appropriate, if applicable, issue opinions and present authorization applications on behalf of the Cooperative Societies in accordance with Article 10 of the Law to Regulate the Activities of Savings and Loan Cooperative Societies.
EIGHTH.- The Federations authorized by the National Banking and Securities Commission in accordance with the Savings and Popular Credit Law must transfer to the special account held by the Protection Fund referred to in Article 54 of the Law to Regulate the Activities of Savings and Loan Cooperative Societies, within a period not exceeding 60 natural days subsequent to the date on which said fund must be constituted in accordance with the transitory provisions of this Law, the contributions that Savings and Loan Cooperative Societies have made in accordance with the Savings and Popular Credit Law. Once the aforementioned period has concluded, Savings and Loan Cooperative Societies must make the payment of deposit insurance premiums to the account referred to in Article 54 of the Law to Regulate the Activities of Savings and Loan Cooperative Societies.
Until the transfer referred to in the preceding paragraph must be carried out, Savings and Loan Cooperative Societies that have been authorized to organize and function as such by the National Banking and Securities Commission in accordance with the Savings and Popular Credit Law, will continue to make their contributions in the terms and conditions referred to in this Law.
Savings and Loan Cooperative Societies that are authorized under the Law to Regulate the Activities of Savings and Loan Cooperative Societies to carry out activities with Operational Levels I to IV, prior to the date of constitution of the Protection Fund referred to in that same legislation, must create a special reserve that provisions the amount of the deposit insurance premium that they must contribute in accordance with what is provided in the Law to Regulate the Activities of Savings and Loan Cooperative Societies and in the general provisions issued in this matter by the National Banking and Securities Commission or that maintain their validity in accordance with the transitory provisions of this Decree.
Once the Protection Fund referred to in the Law to Regulate the Activities of Savings and Loan Cooperative Societies is constituted, said Savings and Loan Cooperative Societies must deliver the resources of the reserve they have constituted to the account referred to in Article 54 of the aforementioned legislation.
Once the transfer referred to in the first paragraph of this Article is carried out, the trust contracts and other instruments by which the Federations authorized by the National Banking and Securities Commission provisionally administered the resources of the Protection Fund, will be extinguished without the need for the celebration of any agreement.
NINTH.- Societies, civil associations, and social solidarity societies that capture resources from their Members or associates for placement among them, may transform within 180 days following the entry into force of this Decree into Savings and Loan Cooperative Societies by agreement of the majority of the Members or associates with voting rights, without said agreement placing them in a state of dissolution and liquidation.
Likewise, the solidarity societies referred to in the preceding paragraph may transform into Savings and Loan Cooperative Societies by agreement of the majority of the Members or associates with voting rights. The social solidarity societies that transform in accordance with this Article will lose said status from the date the transformation agreement takes effect against third parties, therefore the authorizations or permits that the competent authority had granted for them to be constituted as a Social Solidarity Society will be without effect by operation of law. The transformation carried out in accordance with this Article will not imply that they are placed in a state of dissolution and liquidation.
The transformation agreements adopted in accordance with what is indicated in this Article must be formalized before a Public Notary.
Once constituted as Savings and Loan Cooperative Societies, said societies must adhere to the terms and conditions referred to in the Third Transitory Article of this Law.
TENTH.- Cooperative Societies of any type whose object is the capture of resources from their Members for placement among them, which have complied with what is provided in the Third Transitory Article of this Law and additionally offer social assistance services and products to their Members, will have until December 31, 2010, to suspend said activities, unless they adhere to what is provided in Article 27 of the Law to Regulate the Activities of Savings and Loan Cooperative Societies and the provisions emanating from said legal provision.
ELEVENTH.- Savings and loan societies authorized under the General Law of Organizations and Auxiliary Credit Activities, which are operating in accordance with the Fourth Transitory Article of the "Decree reforming and adding various provisions of the Savings and Popular Credit Law", published in the Official Gazette of the Federation on May 27, 2005, as well as the Seventh Transitory Article of the "Decree reforming, adding, and repealing various provisions of the Savings and Popular Credit Law and the Law creating the Trust that will administer the Fund for the Strengthening of Savings and Loan Societies and Cooperatives and Support for their Savers", published in the Official Gazette of the Federation on August 31, 2007, will transform into Savings and Loan Cooperative Societies, becoming subject by operation of law to what is provided in the General Law of Cooperative Societies, the Law to Regulate the Activities of Savings and Loan Cooperative Societies, and other applicable regulations to the aforementioned Cooperative Societies, observing in effect what is provided in this transitory Article.
In order to provide for the transformation of the aforementioned savings and loan societies into Savings and Loan Cooperative Societies, the National Banking and Securities Commission, within a period of 180 natural days counted from the entry into force of this Law, will issue the agreements by which the
For internal use savings and loan societies referred to in the preceding paragraph, will transform into Savings and Loan Cooperative Societies.
The agreements issued by the National Banking and Securities Commission will be subject to the following bases:
I. The transformation agreements will be published in the Official Gazette of the Federation. The transformations will take effect on the date indicated in the respective agreements. Once the aforementioned transformation takes effect, the savings and loan societies must present themselves as Savings and Loan Cooperative Societies to third parties, equally being subject to the General Law of Cooperative Societies, the Law to Regulate the Activities of Savings and Loan Cooperative Societies, and other legal regulations applicable to Savings and Loan Cooperative Societies from the date their transformation takes effect.
The savings and loan societies that transform into Savings and Loan Cooperative Societies, by operation of law, will be understood as authorized in accordance with what is provided in Article 10 of the Law to Regulate the Activities of Savings and Loan Cooperative Societies, likewise, the authorizations granted by the Secretariat of Finance and Public Credit for the organization and functioning of the savings and loan societies under the General Law of Organizations and Auxiliary Credit Activities will be without effect by operation of law.
The aforementioned Commission will assign to said Savings and Loan Cooperative Societies the level of operations between I and IV that corresponds to them, as provided by Article 19 of the Law to Regulate the Activities of Savings and Loan Cooperative Societies, based on the financial information that each savings and loan society has provided to the National Banking and Securities Commission based on applicable provisions.
Savings and Loan Cooperative Societies must send a copy of the assembly minutes containing the constitutive bases related to said Society, duly formalized and registered in the Public Commerce Registry in accordance with the General Law of Cooperative Societies, to the National Banking and Securities Commission, within a period of 180 natural days following their transformation.
II. The transformation agreements will be registered in the Public Commerce Registry.
III. Creditors of the societies may not oppose the transformation.
IV. The directors, general managers, and auditors of the savings and loan societies will continue in the performance of their functions until new appointments are made and the appointed individuals take possession of their positions.
V. The savings and loan societies, upon transforming into Savings and Loan Cooperative Societies, will retain their same legal personality and assets, so that the assets and rights of which the Society is the holder, as well as its obligations, including those of a labor and tax nature, will not be modified. Each Member will maintain their corresponding participation in the social capital, adjusting to what is provided for such effect by the General Law of Cooperative Societies.
VI. Inscriptions and marginal annotations of any nature, carried out in the public property and commerce registries, as well as in any other registry, relating to the savings and loan societies that transform by virtue of the agreements published by the National Banking and Securities Commission, will be understood to refer to the Savings and Loan Cooperative Societies.
Likewise, the Savings and Loan Cooperative Societies will correspond to the actions, exceptions, defenses, and resources of any nature, deduced in lawsuits or procedures in which the savings and loan societies have a legal interest.
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The powers, mandates, and, in general, the representations granted and the faculties conferred by the societies that are transforming, will subsist in their terms as long as they are not expressly modified or revoked.
Likewise, the Commission will carry out special visits as referred to in fraction IV of Article 62 of the Law to Regulate the Activities of Savings and Loan Cooperative Societies to the societies referred to in the first paragraph of this Article, with the purpose of evaluating compliance with the regulations governing Savings and Loan Cooperative Societies, and may issue observations and order the adoption of measures aimed at correcting the irregular facts, acts, or omissions it has detected.
The provisions of this Article will not apply to savings and loan societies that are subject to revocation procedures due to falling under any of the causes contemplated in the General Law of Organizations and Auxiliary Credit Activities, or that have agreed to their dissolution and liquidation.
TWELFTH.- The authorizations granted by the National Banking and Securities Commission to credit unions will become void by operation of law, regarding credit unions that have been constituted as Savings and Loan Cooperative Societies in accordance with the General Law of Cooperative Societies and, if applicable, have obtained authorization from the National Banking and Securities Commission to continue carrying out savings and loan operations, and have commenced operations with such status.
Credit unions that capture savings deposits will continue to be subject to the supervision and oversight of the National Banking and Securities Commission, in terms of what is established in the Credit Union Law, until such time as their authorizations become void in terms of the provisions of this Article.
THIRTEENTH.- The timeframes and amounts referred to in Article 24 of the Law to Regulate the Activities of Savings and Loan Cooperative Societies will begin to be calculated from the entry into force of this Law, with the timeframes calculated and amounts determined in terms of the provisions of Article 33 of the Popular Savings and Credit Law becoming void prior to the entry into force of this.
FOURTEENTH.- Infractions and crimes committed prior to the date of entry into force of this Decree will be sanctioned in accordance with the law in force at the time the aforementioned infractions or crimes were committed.
In administrative and judicial proceedings that are underway, the interested party may opt for their continuation in accordance with the procedure in force at the time of their initiation or for the application of the provisions applicable to the administrative or judicial proceedings stipulated by this Decree.
FIFTEENTH.- The Congress of the Union will have a period of 270 days, from the entry into force of this Decree, to evaluate the pertinence of making the necessary reforms to the corresponding legislations, with the object that Credit Institutions and Development Banking Institutions cannot cancel the accounts of Savings and Loan Cooperative Societies with Operation Levels I to IV, except for causes that justify it or involve the commission of a crime.
TRANSITORY PROVISIONS OF THE DECREE
FIRST.- This Decree will enter into force the day following its publication in the Official Gazette of the Federation, except for what is provided in the following Second Article.
SECOND.- The repeals made by Article THIRD of this Decree to Articles 4 Bis, 4 Bis 1, 4 Bis 2, and 4 Bis 3 of the Popular Savings and Credit Law, as well as by Article SIXTH of this Decree to the Seventh Transitory Article of the “Decree by which various provisions of the Popular Savings and Credit Law are reformed and added,” published in the Official Gazette of the Federation on May 27, 2005, will enter into force 180 natural days following the publication of this Decree.
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THIRD.- Until the National Banking and Securities Commission issues the general provisions referred to in the Law to Regulate the Activities of Savings and Loan Cooperative Societies, those issued by said Commission in terms of the Popular Savings and Credit Law will continue to apply.
FOURTH.- The references that other Laws, regulations, or provisions make regarding Popular Savings and Credit Entities will be understood to refer to Popular Financial Societies and Savings and Loan Cooperative Societies with Operation Levels I to IV.
FIFTH.- The Federal Executive will make its best efforts to disseminate the benefits of this reform among savers and Savings and Loan Cooperative Societies.
SIXTH.- All provisions that oppose this Decree are repealed.
Mexico, D.F., on April 30, 2009.- Sen. Gustavo Enrique Madero Muñoz, President.- Dip. César Horacio Duarte Jáquez, President.- Sen. Adrian Rivera Perez, Secretary.- Dip. Margarita Arenas Guzman, Secretary.- Signatures.”
In compliance with what is provided in fraction I of Article 89 of the Political Constitution of the United Mexican States, and for its proper publication and observance, I issue this Decree at the Residence of the Federal Executive Power, in Mexico City, Federal District, on August 11, two thousand nine.- Felipe de Jesús Calderón Hinojosa.- Signature.- The Secretary of the Interior, Lic. Fernando Francisco Gómez Mont Urueta.- Signature.
TRANSITORY PROVISION
(Decree by which the Law to Regulate the Activities of Savings and Loan Cooperative Societies is reformed, and articles one; and three of the transitory articles of Article One, of the “Decree by which the Law to Regulate the Activities of Savings and Loan Cooperative Societies is issued and the General Law of Cooperative Societies, the Popular Savings and Credit Law, the Law of the National Banking and Securities Commission, and the Law of Credit Institutions are reformed, added, and repealed,” published in the Official Gazette of the Federation on August 13, 2009) published in the Official Gazette of the Federation on January 4, 2013.
SINGLE.- This Decree will enter into force the day following its publication in the Official Gazette of the Federation.
Mexico, D.F., on December 20, 2012.- Sen. Ernesto Cordero Arroyo, President.- Dip. Francisco Arroyo Vieyra, President.- Sen. Lilia Guadalupe Merodio Reza, Secretary.- Dip. Javier Orozco Gómez, Secretary.- Signatures.”
In compliance with what is provided in fraction I of Article 89 of the Political Constitution of the United Mexican States, and for its proper publication and observance, I issue this Decree at the Residence of the Federal Executive Power, in Mexico City, Federal District, on December 31, two thousand twelve.- Enrique Peña Nieto.- Signature.- The Secretary of the Interior, Miguel Ángel Osorio Chong.- Signature.
Transitory Provisions
(Decree by which various provisions in financial matters are reformed, added, and repealed, and the Law to Regulate Financial Groupings is issued, published in the Official Gazette of the Federation on January 10, 2014)
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ARTICLE EIGHTH.- Regarding the modifications referred to in Articles Sixth and Seventh, the following shall apply:
I. Infractions or crimes committed prior to the date of entry into force of this Decree will be sanctioned in accordance with the law in force at the time the aforementioned infractions or crimes were committed.
In administrative proceedings that are underway, the interested party may opt for their continuation in accordance with the procedure in force at the time of their initiation or for the application of the provisions applicable to the administrative proceedings stipulated by this Decree.
II. The resources of the Social Work Fund that, by the date of entry into force of this Decree, have already been committed for the realization of social works will remain destined for that purpose until their completion. Regarding the resources found in said fund that have not yet been committed, they must be transferred to the Social Reserve Fund provided for in article 12 of the Popular Savings and Credit Law.
III. The National Banking and Securities Commission will design measures to prevent the operation of irregular savings boxes and, in general, of persons who irregularly capture resources, outside the applicable financial legislation, within a period of 180 natural days counted from the entry into force of this Decree.
TRANSITORY PROVISION OF THE DECREE
(Decree by which various provisions in financial matters are reformed, added, and repealed, and the Law to Regulate Financial Groupings is issued, published in the Official Gazette of the Federation on January 10, 2014)
SINGLE.- This Decree will enter into force the day following its publication in the Official Gazette of the Federation, except for what is provided in ARTICLES TWENTY-FIFTH, fraction I; THIRTIETH, fractions IV and VI; FORTIETH, fractions I and II; and FIFTIETH, fractions I and II, which will enter into force on the dates established in said provisions.
Mexico, D.F., on November 26, 2013.- Dip. Ricardo Anaya Cortes, President.- Sen. Raúl Cervantes Andrade, President.- Dip. Javier Orozco Gomez, Secretary.- Sen. María Elena Barrera Tapia, Secretary.- Signatures.”
In compliance with what is provided in fraction I of Article 89 of the Political Constitution of the United Mexican States, and for its proper publication and observance, I issue this Decree at the Residence of the Federal Executive Power, in Mexico City, Federal District, on January 9, two thousand fourteen.- Enrique Peña Nieto.- Signature.- The Secretary of the Interior, Miguel Ángel Osorio Chong.- Signature.
TRANSITORY PROVISIONS
(DECRE BY WHICH VARIOUS PROVISIONS OF THE LAW CREATING THE TRUST THAT WILL ADMINISTER THE FUND FOR THE STRENGTHENING OF SAVINGS AND LOAN SOCIETIES AND COOPERATIVES AND SUPPORT FOR THEIR SAVERS AND OF THE LAW TO REGULATE THE ACTIVITIES OF SAVINGS AND LOAN COOPERATIVE SOCIETIES ARE REFORMED, ADDED, AND REPEATED, AND ARTICLES THREE AND FOUR OF THE TRANSITORY ARTICLES OF ARTICLE ONE, OF THE “DECREE BY WHICH THE LAW TO REGULATE THE ACTIVITIES OF SAVINGS AND LOAN COOPERATIVE SOCIETIES IS ISSUED AND THE General Law of Cooperative Societies, the Popular Savings and Credit Law, the Law of the National Banking and Securities Commission, and the Law of Credit Institutions are reformed, added, and repealed,” PUBLISHED ON AUGUST 13, 2009), PUBLISHED IN THE OFFICIAL GAZETTE OF THE FEDERATION ON APRIL 28, 2014.
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FIRST.- This Decree will enter into force the day following its publication in the Official Gazette of the Federation, except for what is provided in the following articles.
SECOND.- Societies that, upon the entry into force of this Decree, have already been subjected to a consolidation work in terms of the Law Creating the Trust that will Administer the Fund for the Strengthening of Savings and Loan Societies and Cooperatives and Support for their Savers, must conclude their implementation in the terms established in said consolidation work.
THIRD.- The evaluations referred to in article 15 of the Law to Regulate the Activities of Savings and Loan Cooperative Societies must be carried out starting from June 1, 2015.
FOURTH.- The societies referred to in the first paragraph of Article Three of the TRANSITORY PROVISIONS OF ARTICLE ONE, of the “Decree by which the Law to Regulate the Activities of Savings and Loan Cooperative Societies is issued and the General Law of Cooperative Societies, the Popular Savings and Credit Law, the Law of the National Banking and Securities Commission, and the Law of Credit Institutions are reformed, added, and repealed,” published in the Official Gazette of the Federation on August 13, 2009, that as of March 31, 2014 were classified in categories A, B, or C and had not submitted their authorization request to the Commission to continue carrying out savings and loan operations in terms of said provision, with the exception of what is provided in the first paragraph of Article Fourth Transitory of the “Decree by which the Law to Regulate the Activities of Savings and Loan Cooperative Societies is issued and the General Law of Cooperative Societies, the Popular Savings and Credit Law, the Law of the National Banking and Securities Commission, and the Law of Credit Institutions are reformed, added, and repealed,” published in the Official Gazette of the Federation on August 13, 2009, may continue carrying out operations involving the capture of resources in terms of the Law to Regulate the Activities of Savings and Loan Cooperative Societies and the Law of Credit Institutions, for a period of twelve months counted from when the results of the consolidation work are notified to the corresponding society, in terms of the Law Creating the Trust that will Administer the Fund for the Strengthening of Savings and Loan Societies and Cooperatives and Support for their Savers, and provided that:
I. By April 30, 2014, they manifest to the Commission their intention to be subject to the consolidation work referred to in the Law Creating the Trust that will Administer the Fund for the Strengthening of Savings and Loan Societies and Cooperatives and Support for their Savers, and submit a copy of their constitutive deed; a list of all branches or customer service offices they have, indicating their location, and financial statements as of December 31, 2013. Likewise, they must submit to the Commission by May 30, 2014, financial statements as of March 31, 2014; databases with information regarding capture and credit operations itemized by member as of March 31, 2014, which must be contained in an electronic storage device, and a copy of the publication in a local circulation newspaper corresponding to the social domicile of the society of the call to the General Members’ Assembly to be held no later than 90 days counted from the day following said publication, in whose agenda the following is established:
a) Report regarding the failure to submit the authorization request referred to in Article Third Transitory of the “Decree by which the Law to Regulate the Activities of Savings and Loan Cooperative Societies is issued and the General Law of Cooperative Societies, the Popular Savings and Credit Law, the Law of the National Banking and Securities Commission, and the Law of Credit Institutions are reformed, added, and repealed,” published in the Official Gazette of the Federation on August 13, 2009, as well as its consequences for the Society.
b) Proposal to authorize the Board of Directors to carry out the necessary management so that the society may benefit from the schemes referred to in article 8o. BIS of the Law Creating the Trust that will Administer the Fund for the Strengthening of Savings and Loan Societies and Cooperatives and Support for their Savers.
c) Acceptance of the terms resulting from the consolidation work derived from the management of the previous sub-item.
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II. By October 31, 2014, the society requests the registration in the Public Commerce Registry of the minutes of the session of the General Members’ Assembly mentioned in the previous fraction, within a period of 15 natural days following its celebration, as well as that it presents to the Commission said minutes duly notarized.
III. By October 31, 2014, the society has received from the Trust that will Administer the Fund for the Strengthening of Savings and Loan Societies and Cooperatives and Support for their Savers, the document informing it of the fulfillment of the requirements to begin the corresponding consolidation work, and submits a copy of such document to the Commission.
Likewise, the society must present, in a timely and proper manner, the information requested by reason of the performance of the consolidation work.
IV. The society does not carry out operations with new members, nor establishes new branches or customer service offices.
In the event that any of the requirements established in the previous fractions are not complied with, the aforementioned societies must abstain from carrying out operations involving the capture of resources, from the update of the non-compliance.
The same restriction will apply if the consolidation work referred to in fraction XI of article 2o. of the Law Creating the Trust that will Administer the Fund for the Strengthening of Savings and Loan Societies and Cooperatives and Support for their Savers is not initiated, or if it is not implemented in a timely and proper manner due to causes attributable to the society. To verify this, the Commission may request all necessary information.
Savings and Loan Cooperative Societies, Popular Financial Societies, Multiple-Object Financial Societies, Multiple Banking Institutions, Brokerage Houses, as well as the institutions that are part of the Federal Public Administration, with the exception of Development Banking Institutions, or State and public trusts, constituted by the Federal or State Government for economic promotion, that carry out financial activities, are prohibited from carrying out active, passive, or service operations with Savings and Loan Societies that fall under the non-compliance scenarios referred to in this article. Likewise, said entities must carry out the necessary acts to rescind the operations they have contracted with the aforementioned Savings and Loan Societies, in accordance with the applicable legal provisions and in line with the nature of such operations.
FIFTH.- To the Savings and Loan Cooperative Societies referred to in the first paragraph of article Three of the TRANSITORY PROVISIONS OF ARTICLE ONE, of the “Decree by which the Law to Regulate the Activities of Savings and Loan Cooperative Societies is issued and the General Law of Cooperative Societies, the Popular Savings and Credit Law, the Law of the National Banking and Securities Commission, and the Law of Credit Institutions are reformed, added, and repealed,” published in the Official Gazette of the Federation on August 13, 2009, that having submitted their authorization request to the Auxiliary Supervision Committee receive an unfavorable opinion from it, or have the corresponding authorization denied by the Commission, the provisions of the previous Fourth Article will apply.
To this effect, to comply with what is provided in fraction I of the previous Fourth Article, regarding the call to the General Members’ Assembly, the aforementioned Societies will have a period of 30 days counted from the notification of the unfavorable opinion or unfavorable resolution, as applicable. In substitution of the report indicated in sub-item a) of said provision, they must submit a copy of the unfavorable opinion or resolution.
Likewise, the Societies referred to in the previous paragraph will have 60 days from the aforementioned date to hold the Assembly referred to in the previous paragraph.
Likewise, they will have ninety days counted from said notification to comply with what is established in fractions II and III of the aforementioned previous Fourth Article.
For internal use
SIXTH.- The term provided for in the third paragraph of the preceding Fifth Article shall begin to run from the publication of this instrument, with respect to those Savings and Loan Cooperative Societies that have been notified of the unfavorable opinion or the resolution in a negative sense by the National Banking and Securities Commission (CNBV), prior to April 1, 2014.
Likewise, if the aforementioned societies filed a request for review of the unfavorable opinion issued to them with the Auxiliary Supervision Committee, in accordance with the provisions of Article 10, fifth paragraph of the Law to Regulate the Activities of Savings and Loan Cooperative Societies, they may present the unfavorable opinion to the National Banking and Securities Commission without waiting for the requested review to conclude, in order to benefit from the provisions contained in the preceding Fourth Transitory Article of this Decree.
SEVENTH.- Once the terms established in this Decree have expired, persons who carry out deposit-taking operations in contravention of this legal instrument may incur criminal liability as principals or accomplices, as determined by the applicable Laws. Therefore, anyone who has knowledge of any fact presumably constitutive of a crime may bring it to the attention of the competent authorities.
For the purposes of the preceding paragraph, those persons who determinately induce another to carry out the illicit conduct or who carry it out using another person shall also be considered criminally liable.
Mexico, D.F., April 10, 2014.- Deputy José González Morfín, President.- Senator Raúl Cervantes Andrade, President.- Deputy Javier Orozco Gómez, Secretary.- Senator Lilia Guadalupe Merodio Reza, Secretary.- Signatures.
In compliance with the provisions of fraction I of Article 89 of the Political Constitution of the United Mexican States, and for its proper publication and observance, I issue this Decree at the Residence of the Federal Executive Power, in Mexico City, Federal District, on April 25, two thousand fourteen.- Enrique Peña Nieto.- Signature.- The Secretary of the Interior, Miguel Ángel Osorio Chong.- Signature.
TRANSITORY PROVISIONS OF THE DECREE
(Decree reforming, adding, and repealing various financial laws in matters of administrative procedure, published in the Official Gazette of the Federation on January 24, 2024)
First.- This Decree shall enter into force the day following its publication in the Official Gazette of the Federation.
Second.- Administrative sanctioning procedures that, as of the date of entry into force of this Decree, have already been initiated, shall continue until their conclusion, in accordance with the procedure in force at the time of notification to the alleged infringer.
Third.- Resolutions that put an end to revocation administrative procedures that were initiated through the notification of the act by which the right to a hearing is granted, prior to the entry into force of this Decree, shall continue until their conclusion, in accordance with the procedure in force at the time of notification to the corresponding institution or entity.
Fourth.- The processing and resolution of sanctioning procedures that the Bank of Mexico has initiated as of the date of entry into force of this Decree shall be governed by the provisions of the Supervision Rules, Self-Correction Programs, and Sanctioning Procedure, in force on the same date of entry into force of this Decree.
TRANSITORY PROVISIONS OF THE DECREE
(Decree reforming various provisions of various legal instruments, in matters of regulatory harmonization relative to the National Code of Civil and Family Procedures, published in the Official Gazette of the Federation on November 14, 2025)
First.- This Decree shall enter into force the day following its publication in the Official Gazette of the Federation.
Second.- The application of the provisions of this Decree shall enter into force in each of the federal entities at the same time as the Declaration of gradual application issued by the Local Congresses for the purpose of the entry into force of the National Code of Civil and Family Procedures, in accordance with the Second Transitory Article of the Decree published in the Official Gazette of the Federation on June 7, 2023.
At the federal level, the application of the provisions of this Decree shall enter into force in accordance with the Declaration of gradual application, indistinctly and successively, carried out by the Chambers of Deputies and Senators that make up the Congress of the Union for the National Code of Civil and Family Procedures.
In all cases, if the term expires without the respective Declaration having been issued, the entry into force of the provisions of this Decree shall be automatic from April 1, 2027.
Third.- Procedures that are pending at the entry into force of this Decree, in accordance with the provisions of the preceding article, shall continue their processing with the legislation applicable at the time of their initiation, unless the parties jointly opt for the regulation of the content of the National Code of Civil and Family Procedures.
The accumulation of processes shall not proceed when one of them is processed in accordance with the National Code of Civil and Family Procedures and the other process in accordance with an abrogated Code.
Fourth.- Article Forty-One of this Decree shall remain in force until the Federal Law on Telecommunications and Broadcasting is abrogated, in accordance with the provisions of the Sixth Transitory Article of the Decree by which the Law in Matters of Telecommunications and Broadcasting is issued and the Federal Law on Telecommunications and Broadcasting is abrogated, published in the Official Gazette of the Federation on July 16, 2025.
For internal use
STATEMENT OF MOTIVES
(DECREES OF AUGUST 13, 2009)
Popular savings banks in Mexico originated in the mid-last century, driven by the Mexican Social Secretariat. In 1951, the first three banks were established in Mexico City, and in 1954, the first National Congress of Popular Savings Banks was convened, giving rise to the Central Council of Popular Savings Banks and subsequently to the constitution of various regional federations.
In 1964, the Mexican Confederation of Popular Savings Banks was founded, a fact that marked a new stage in the history of popular savings banks, as it promoted the unification of the federations of Yucatán, Jalisco, the Federal District, the State of Mexico, Zacatecas, Coahuila, and Querétaro. By that year, the savings bank movement was integrated by approximately 500 banks with a little over 30,000 members and savings close to 12 million pesos.
Nevertheless, despite the size the savings bank movement was acquiring over those years, it persisted and evolved without government support or recognition.
It was not until 1991 that the reform of the General Law of Organizations and Auxiliary Credit Activities gave rise to savings and loan societies (SAP), a legal figure that recognized the non-profit purpose and corporate object of popular savings banks, for which several of them opted to register under this associative figure to obtain legal recognition.
It should be mentioned that savings and loan societies, for their constitution and operation, like other auxiliary credit organizations, required authorization from the Secretariat of Public Finance.
In August 1994, the General Law of Cooperative Societies, unlike the 1938 law, recognized the savings and loan cooperative society as a modality of the consumption cooperative, having its own mechanisms for constitution, organization, and self-regulation. In this way, most of the banks that were in the process of authorization as savings and loan societies adopted the figure of cooperative society.
Thus, from 1991 for some and 1994 for others, around 500 popular savings banks that operated without any formalization or regulation decided to transform into savings and loan societies or savings and loan cooperative societies. However, this double regime facilitated the abuse of the cooperative figure by some individuals and groups who, hiding behind these figures, carried out improper operations that ultimately defrauded hundreds of savers.
The above motivated the issuance of the Popular Savings and Credit Law in 2001. The purpose of this Law was to concentrate the various popular finance organizations, such as popular savings banks, cooperatives, savings banks, credit unions, microfinance institutions, solidarity banks, among others, so that they would transform into popular savings and credit entities and thus come under a single regulatory framework.
From the entry into force of that law, societies that were constituted or were already operating as such, should obtain authorization from the National Banking and Securities Commission (CNBV) to continue operating as popular savings and credit entities, and additionally adopt the figure of savings and loan cooperative society or, if applicable, the popular financial society.
Problematic regarding the current regulation of savings and loan cooperative societies
The Popular Savings and Credit Law has been in force for more than seven years, and during this period, eight reforms have been made to it, particularly regarding the provisions related to the terms for compliance with the same and the prudential regulation and supervision rules issued by the National Banking and Securities Commission (CNBV), through a myriad of transitory articles.
Initially, this Law established a transitory term of two years for the various organizations with savings collection and subsequent loan placement activities (savings and loan societies, credit unions, savings and loan cooperative societies, cooperatives with savings and loan sections) to initiate their authorization process to operate as popular savings and credit entities before the National Banking and Securities Commission (CNBV) under the terms of this Law.
However, given the complexity of this law, to date, most of these organizations have not obtained such authorization, despite the fact that through various reforms, the terms to comply with this process have been modified.
To date, the subjects authorized by the National Banking and Securities Commission to operate as popular savings and credit entities total 73, of which 41 are authorized savings and loan cooperative societies and 32 are popular financial societies.
This number represents only 14% of a universe of approximately 500 banks, if we take as a basis the figures reported by the National Banking and Securities Commission itself. However, specialists in the matter point out that the universe of banks operating in the country is much larger, as there are estimates that there are thousands of organizations carrying out these savings and loan activities, so that sector authorities do not even have a registry and therefore do not regulate them.
It was for this concern that during the last year and a half, senators and deputies from the Economic Promotion and Cooperative and Social Economy Promotion and Social Economy Commissions, respectively, and responsible for the matter in both Chambers, initiated a consultation process through the holding of Forums, in which representatives of the sector, national and foreign specialists, and the financial authorities themselves participated. Likewise, various organizations grouping these societies, higher education institutions, and some local governments did the same. In all of them, the problematic nature of the fact that, almost eight years after the entry into force of the Popular Savings and Credit Law, a minimal part of the savings and loan cooperative societies had obtained authorization from the National Banking and Securities Commission, was exposed and discussed.
The main conclusions of this consultation process can be synthesized in the following points:
The Popular Savings and Credit Law regulates inconveniently organizations that have different legal nature, purposes, and objectives. On the one hand, savings and loan cooperative societies, which are organizations belonging to the social sector of the economy, and on the other, popular financial societies, which are constituted as anonymous societies and belong to the private sector.
The Popular Savings and Credit Law does not recognize the nature of cooperatives as non-profit organisms belonging to the social sector.
This Law proposes a double regulation with respect to the General Law of Cooperative Societies regarding the constitution of savings and loan cooperative societies, as well as the organisms in which they voluntarily group for their representation, which are the Confederation and the Federations.
It distorts the figure of federations and confederations, making them entities that became supervised and authorized by the National Banking and Securities Commission, while granting them functions of auxiliary supervision and administration of the protection fund, respectively.
It is not appropriate for the Popular Savings and Credit Law to grant organisms and individuals, who are not authorities, the power to impose conventional penalties and to issue regulation, since such attributes must correspond exclusively to the sector authorities.
It was agreed on the need to create a legal framework that exclusively regulates savings and loan cooperative societies and that recognizes and respects their nature appropriately.
Law formulation process.
For internal use
Taking these conclusions as a basis, starting from January of this year, in order to analyze the regulation applicable to savings and loan cooperative societies, a working group was formed in which representatives of the two main organizations of the savings and loan cooperative society sector (Mexican Council of Popular Savings and Credit, COMACREP, and the National Cooperativist Alliance, ALCONA); financial authorities, including the heads of the National Banking and Securities Commission (CNBV) and the Undersecretariat of Public Finance and Public Credit; as well as senators and deputies from the commissions related to the topic of cooperativism and the social economy participated.
The working group began to meet and generated a draft document with the topics that were defined should contain the new legal instrument that will regulate savings and loan cooperative societies. This document was analyzed and discussed, being enriched with the proposals, opinions, or observations of all participants.
Finally, a consensus document was obtained, which contains the proposals with which legislators, financial authorities, and sector representatives agree. This document was named: "Fundamental aspects that must be considered in the drafting of the: 'Law that Regulates the Activities of Savings and Loan Cooperative Societies (LRASCAP)'".
It has been a process in which the objective that animated the parties, both the savings and loan cooperative societies that are authorized or in the process of being authorized under the terms of the Popular Savings and Credit Law, and those that did not consider compliance possible, has been to find coinciding points to reach agreements that allow for a condensed reform and that provide certainty to the operation of savings and loan cooperative societies, as well as to their members who entrust their savings to them.
Content of the new regulation
The new legal framework for the regulation of savings and loan cooperative societies is based on the following principles:
Respect the nature and form of organization of savings and loan cooperative societies as non-profit societies belonging to the social sector of the economy.
Register and regulate, if applicable, all cooperative societies that offer savings and loan services to their members, without exception and regardless of their size or geographic location, with the objective of promoting their growth and development.
Recognize the authorizations and other administrative acts issued in favor of savings and loan cooperative societies under the Popular Savings and Credit Law, maintaining their total validity upon incorporation into the new law that will regulate their activity.
Maintain the leadership of financial authorities and, specifically, reiterate the powers of the National Banking and Securities Commission of authorization, supervision, regulation, and sanction of the sector, in order to foster its healthy development in protection of savers.
Law to Regulate the Activities of Savings and Loan Cooperative Societies
The present draft decree issues the Law to Regulate the Activities of Savings and Loan Cooperative Societies, as a law of public order, social interest, and general observance throughout the national territory.
It is worth highlighting that in this new Law, the character of "Social Interest" is added, as it is based on the recognition of the belonging of savings and loan cooperative societies to the social sector of the economy, as well as their social, non-profit nature.
The object of the Law to Regulate the Activities of Savings and Loan Cooperative Societies is:
To regulate the activities and operations of savings and loan cooperative societies, in particular, the collection of funds or monetary resources and their placement through loans, credits, or other operations carried out by savings and loan cooperative societies with their members;
To ensure their healthy and balanced development; the protection of the interests of member savers and the general public; and
To establish the terms under which the State, through the corresponding authorities, will exercise the functions of authorization, regulation, supervision, and sanction of the sector.
Among the contributions of this new Law, we can mention the following:
The National Banking and Securities Commission will have the powers to authorize, regulate, supervise, and sanction savings and loan cooperative societies with assets exceeding 6.5 million Investment Units (UDIs), which will be classified into four levels of operation.
It is worth highlighting that the regulation issued for this effect by the National Banking and Securities Commission will be defined based on the activities, operations, products, and amount of assets of the savings and loan cooperative societies.
Savings and loan cooperative societies with assets less than 6.5 million Investment Units (UDIs) will not be supervised nor will they have deposit insurance, unless they agree to their interests and request and obtain authorization to operate at a level other than the basic. Such authorization will have the object of subjecting themselves to the supervision of the National Banking and Securities Commission (CNBV) and making the corresponding contributions to the Protection Fund.
The creation of a private Protection Fund will be provided for, through a trust constituted in a Development Bank, which will centralize the following two functions: i) auxiliary supervision, through an Auxiliary Supervision Committee, with a central office and regional offices, and ii) the administration of the Protection Fund through another independent committee, which will be called the Cooperative Savings Protection Committee.
General Law of Cooperative Societies
Consequently, the draft contains reforms, additions, and repeals to various provisions of the General Law of Cooperative Societies, highlighting the following:
To provide certainty, it is now defined that it is in this law where the provisions relative to the organization, social nature, and constitution of savings and loan cooperative societies are established.
Likewise, the constitution, organization, and functioning of the federations and Confederation of savings and loan cooperative societies will also be established in the General Law of Cooperative Societies. Therefore, these federations and confederation will not have the functions of auxiliary supervision and administration of the protection fund that were conferred upon them by the Popular Savings and Credit Law.
The General Law of Cooperative Societies will provide for the existence of a single Confederation that groups all savings and loan cooperative societies, and which will be a body of consultation and collaboration with the State.
The election of directors and the designation of officials will depend on the savings and loan cooperative societies themselves, and the election and designation procedures, as well as the requirements to hold each position, must be specified in their constitutive bases, so their determination will correspond to the corresponding assemblies.
Popular Savings and Credit Law:
As for the Popular Savings and Credit Law:
For internal use only
This Law will cease to regulate Savings and Loan Cooperative Societies, as it will exclusively regulate Popular Financial Societies and their federations, who will exclusively group and assist in supervising these societies.
Therefore, all provisions referring to Savings and Loan Cooperative Societies are repealed, added to, and modified, since they will no longer be regulated by this Law.
Likewise, the regulatory framework regarding the powers of the National Banking and Securities Commission (CNBV) for the supervision of Popular Financial Societies is updated.
Law of the National Banking and Securities Commission.
Finally, reforms to the Law of the National Banking and Securities Commission are included, consisting of the following:
Expanding the legal mandate of the National Banking and Securities Commission so that the powers it currently holds to regulate, supervise, and sanction Savings and Loan Cooperative Societies belonging to the social sector are exercised with a new approach subject to the following principles:
Recognizing that the Mexican financial system has two large sectors: the first corresponding to financial entities constituted based on commercial and financial laws, belonging to the public and private sectors; and the second corresponding to Savings and Loan Cooperative Societies, as societies constituted in accordance with the General Law of Cooperative Societies and members of the social sector.
Subjecting the supervisory, regulatory, and sanctioning powers of the National Banking and Securities Commission regarding Savings and Loan Cooperative Societies to the terms of the laws governing them, such as the General Law of Cooperative Societies and the Law to Regulate the Activities of Savings and Loan Cooperative Societies:
Among other reforms to the Law of the National Banking and Securities Commission, the Commission is authorized to supervise and regulate within the scope of its competence and in an auxiliary manner through the supervision bodies established, financial entities of the public and private sectors, in accordance with their own regulation, and on the other hand, Savings and Loan Cooperative Societies through their own Law to Regulate the Activities of Savings and Loan Cooperative Societies, in order to ensure their stability and proper functioning, as well as to maintain and foster the healthy and balanced development of Savings and Loan Cooperative Societies.
For the reasons stated above, this Sovereignty is submitted for consideration the following:
STATEMENT OF MOTIVES
(DECRETE OF JANUARY 4, 2013)
The healthy development of the financial system is a key piece for the economic growth of the country. Financial intermediation is vital to channel savings resources to fund productive activities necessary for job generation. The Mexican financial system requires increasing its depth and completing its coverage so that it can meet, in every corner of the country, the demand for savings services, credit needs, and efficient payment means, and, above all, do so while protecting the population's savings.
The popular savings and credit sector, integrated among other participants by Savings and Loan Cooperative Societies, is a fundamental tool to promote the deepening of the Mexican financial system.
While it is true that the assets of the popular savings and credit sector represent a very small proportion of the total assets of the Mexican financial system (0.9%), the importance of this sector lies mainly in the function it performs attending to lower-income populations living in marginalized areas of the country, offering them services not offered by commercial banks nor
For internal use only by other financial intermediaries. These entities offer, among other things, savings and loan products in communities where the alternative is informal savings and credit schemes. In particular, Savings and Loan Cooperative Societies offer their services under a philosophy of mutual aid, responsibility, democracy, equity, and solidarity, seeking the well-being and economic and social benefit of their members and their communities.
In an effort to create a legal framework that regulated, promoted, and facilitated the service and activities of resource collection and credit granting by popular savings and credit entities, the Congress of the Union issued the Popular Savings and Credit Law (LACP), which was published in the Official Gazette of the Federation on June 4, 2001. This Law contemplates the regulation of Savings and Loan Cooperative Societies and Popular Financial Societies, which would have to request authorization from the National Banking and Securities Commission (CNBV) to carry out their savings and loan activities. The LACP contemplated a transitional period for the Societies to be subject to the terms established therein.
Given the little progress of the sector towards its regulation, rights were issued that reformed the LACP, the first on May 1, 2005, and the second in August 2007. These decretes extended the deadlines that popular savings and credit entities had to finally be authorized. Through these, windows of opportunity were opened for societies that had not adhered to what the LACP and the same decretes marked, to do so without having to stop collecting resources from the public. The 2007 decree gave the possibility that, meeting these conditions, societies could continue operating without being authorized until December 31, 2010.
At the same time that these reforms to the LACP were taking place, the cooperative sector sought to create a Law that recognized that Savings and Loan Cooperative Societies have a different nature from Popular Financial Societies. Finally, on August 13, 2009, the Law to Regulate the Activities of Savings and Loan Cooperative Societies (LRASCAP) was published, which regulates this sector in particular.
Article 1 of the LRASCAP establishes that the purpose of the Law is to regulate, promote, and facilitate the activities and operations of Savings and Loan Cooperative Societies with their members, such as the collection of funds or monetary resources and their placement through loans, credits, or others, as well as their healthy and balanced development, in protection of the interests of their saving members.
On the other hand, the transitional articles of Article 1 of the decree by which the LRASCAP is issued mark the conditions for Cooperative Societies that had been operating under the conditional extensions of the LACP or that had not adhered to them, to regularize their situation by December 31, 2012 at the latest, as well as the deadlines and conditions for organizing the sector. The LRASCAP sets the deadline of December 31, 2012, for Cooperative Societies that collect resources from their members for placement among them and that have assets exceeding 2.5 million Investment Units (UDIS) to request authorization from the CNBV.
That is, the issuance of the LRASCAP marks the final stretch of the regularization process of Savings and Loan Cooperative Societies. In these years, in a joint effort between the sector and financial authorities, the activities contemplated in the Law have been carried out to comply with the regularization of the sector. Broadly speaking, these are:
- On December 11, 2009, the Ministry of Finance and Public Credit (SHCP) as settlor and the National Savings and Financial Services Bank (BANSEFI) as trustee, signed the Trust Agreement of the Protection Fund.
- On March 10, 2010, the Confederation of Savings and Loan Cooperatives of Mexico (CONCAMEX) was constituted, which currently integrates 20 Federations of Cooperatives that in turn group 228 Cooperative Societies with 4.3 million members.
- On December 21, 2010, the favorable opinion of the CNBV was requested for the designation of the members of the Technical Committee of the Protection Fund, and on February 25, 2011, the CNBV notified CONCAMEX of the favorable opinion regarding the members of the Technical Committee.
- That same day, CONCAMEX designated the members of the Technical Committee, and the latter held its first session in which they named their main officials, including its President,
For internal use only the President of the Auxiliary Supervision Committee (CSA) and the President of the Cooperative Savings Protection Committee.
5. In the second session of the Technical Committee, held on March 18, 2011, the structure of the Auxiliary Supervision Committee (President and Managers of Regional Offices) and the fee scheme were approved, among the most important topics.
6. On April 12, 2011, the Protection Fund requested the opinion of the CNBV for the designation of the President and Managers of the Regional Offices of the Auxiliary Supervision Committee.
7. In the third session of the Technical Committee held on April 15 of the same year, the methodology to evaluate societies registered with assets exceeding 2.5 million UDIS and the organization manual were approved, among others.
8. In the second half of 2011, the registration of Cooperative Societies and the evaluation of
9. On June 4, 2012, the Unique Circular of the CNBV in prudential regulation matters for these societies was published.
In the third quarter of 2009 when the LRASCAP was published, there were 45 authorized Savings and Loan Cooperative Societies; as of today, there are 70. These seventy societies have assets of $61,151 million and serve approximately 3.73 million members.
Additionally, according to the publication made on October 3, 2012, in the Official Gazette of the Federation by the CSA, as of that date, 199 Savings and Loan Cooperative Societies with assets exceeding 2.5 million UDIS are classified and in operation under the terms of the Third Transitional Article of the LRASCAP, that is, in the process of formalization. Of these 199 societies, as of November 14, 127 had requested the Auxiliary Supervision Committee to prepare the report referred to in Article 10 of the LRASCAP. As of the same date, the Committee had issued twenty reports.
The delay in some of the dates marked in the transitional articles of Article 1 issuing the LRASCAP, such as the constitution of the Technical Committee of the Protection Fund and the Auxiliary Supervision Committee, caused delays in the process not attributable to the cooperative societies. Despite the arduous work of the cooperative societies and the CSA to meet the deadline, the latter does not have the conditions to issue the reports it has pending before December 31, 2012. This impossibility implies that societies that are financially viable and could obtain authorization will be left out because their file was not entered into the CNBV on time.
Adding the assets of the 70 authorized cooperative societies, those of the 127 that are under analysis, and those of the 271 basic-level societies (with assets less than 2.5 million UDIS) that do not require authorization, we have more than 90% of the sector's assets and almost 90% of the members.
The initiative aims to assist the Auxiliary Supervision Committee and the cooperative societies that are in a position to request authorization from the CNBV to do so. The objective is to extend the deadline limits in order to conclude the referred regularization processes in an orderly manner.
The initiative also seeks that the CSA be more expeditious in the response it issues to societies that disagree with a negative report from it, as currently the LRASCAP does not set a maximum deadline for the CSA to respond to societies.
Thus, the initiative would modify Articles 1 and 3 transitional of Article 1 of the decree by which the LRASCAP is issued, and various provisions of the General Law of Cooperative Societies, the Popular Savings and Credit Law, the Law of the National Banking and Securities Commission, and the Law of Credit Institutions, published in the Official Gazette of the Federation on August 13, 2009, are reformed, added to, and repealed, to establish the deadline dates established in this initiative.
On the other hand, the fifth paragraph of Article 10 of the LRASCAP would be modified to limit the deadlines that the CSA itself has to respond to review requests that cooperative societies may submit when the report is negative.
Therefore, based on the power granted to us by the Constitution, we submit to the consideration of that Sovereignty the present initiative with the project of
STATEMENT OF MOTIVES
(DECRETE OF JANUARY 10, 2014)
The popular savings and credit sector provides an opportunity to provide financial services to the sectors and communities of Mexico that are remote. This sector has been developing with great dynamism, and the entities that make it up are in a process of expansion, such as Popular Financial Societies, Community Financial Societies, and Savings and Loan Cooperative Societies.
Popular Financial Societies, Community Financial Societies, and Savings and Loan Cooperative Societies are entities whose purpose is to promote popular savings and expand access to credit to sectors that have not been favored by the offer of commercial banking services.
In this regard, the importance of increasing access to quality financial services for the mentioned sectors is recognized, with the purpose of improving the standard of living of the population and fostering the economic growth of the country.
Therefore, this Initiative is proposed to promote the development of the popular savings and credit sector, especially that concerning Popular Financial Societies, Community Financial Societies, and Savings and Loan Cooperative Societies, by incorporating mechanisms that allow them to expand their coverage and participate better in financial inclusion actions that have been carried out in other financial spheres, such as in the case of credit institutions.
This, without a doubt, will facilitate more Mexicans accessing credits that allow them to carry out their productive projects in different areas of the economy, and the conditions for granting them will be improved.
This initiative proposes to include in the Popular Savings and Credit Law and in the Law to Regulate the Activities of Savings and Loan Cooperative Societies, the possibility that Popular Financial Societies, Community Financial Societies, and Savings and Loan Cooperative Societies can contract with third parties the provision of services necessary for their operation, as well as to hold commissions to carry out such operations on behalf and for the account of said Societies.
This provision will not only generate great benefits for the population, as it allows bringing more and better financial products and services to their communities, fostering savings in time and money; but it also benefits the third parties contracted by Popular Financial Societies, Community Financial Societies, and Savings and Loan Cooperative Societies to provide such services.
This addition will have a favorable impact on the strategy being carried out in terms of financial inclusion, especially for the population located in the most remote areas of the country.
Likewise, this initiative proposes to establish individual and aggregate limits on operations carried out through commission agents, in order to reduce risks for users of Popular Financial Societies, Community Financial Societies, and Savings and Loan Cooperative Societies.
In addition, in the interest of greater legal certainty, the National Banking and Securities Commission is authorized to order the partial or total, temporary or definitive, suspension of the provision of such services or commissions in case of non-compliance with the Law.
It is expressly established that the National Banking and Securities Commission may request from service providers, through Popular Financial Societies, Community Financial Societies, and Savings and Loan Cooperative Societies, information and documentation regarding the services they provide, as well as conduct inspection visits and decree the measures it deems necessary to ensure the continuity of the services that the Societies provide to their clients.
The National Banking and Securities Commission will be authorized, at all times, to carry out supervision acts regarding service providers or commission agents that the Societies contract, empowering Federations in the case of Popular Financial Societies and Community Financial Societies, as well as the Auxiliary Supervision Committee regarding Savings and Loan Cooperative Societies, to carry out auxiliary supervision regarding these third parties.
In addition to all of the above, given the State's obligation to observe the bases and principles that must prevail in the exercise of the right to access information, as well as the guarantee of protection of personal data, it is pertinent to adapt the regulatory framework to make public the sanctions imposed on popular savings and credit entities by the National Banking and Securities Commission within the scope of its competence, in order to generate discipline in the market.
In accordance with the foregoing, through this initiative, the National Banking and Securities Commission is authorized to disseminate through its website, the resolutions it issues as a consequence of the substantiation of administrative sanction procedures against popular savings and credit entities.
The proposal establishes that when making sanctions public, the supervisory authority must indicate the name, trade name, or corporate name of the offender, which contributes to transparency in the market; likewise, said sanctioning authority is required to also specify the means of defense that the accused has asserted or may be filed to that effect.
In terms of sanctions, it is proposed to include self-correction programs to which popular savings and credit entities may be subject for violations of what is provided in the Law. These self-correction programs will aim to remedy non-compliance with the Law, provided that such conduct is not considered as serious infractions.
To give greater certainty in the exercise of the powers currently held by the National Banking and Securities Commission, it is proposed to specify that when imposing the corresponding sanction, the Commission must consider the personal antecedents of the offender, the gravity of the conduct, the elements that allow demonstrating whether the interests of third parties or the financial system itself are affected, as well as the existence of mitigating factors.
Under the same terms, it is also proposed to provide for the Commission's power to refrain from imposing the respective sanctions, provided that the facts, acts, or omissions in question are not serious, there is no recidivism, and they do not constitute a crime.
For the foregoing, it is important to provide for those conduct considered harmful to the healthy development and functioning of the financial system, expressly qualifying them as serious, in order to avoid discretion on the part of the authority when determining and sanctioning them.
Additionally, it is proposed to strengthen the regime for the exchange of information among national financial authorities with each other and the exchange with foreign financial authorities under certain assumptions, understanding that there must be an agreement where the principle of reciprocity is contemplated.
For the reasons stated above and in exercise of the power granted to me by Article 71, fraction I of the Political Constitution of the United Mexican States, I submit to the consideration of the Honorable Congress of the Union, the following Initiative of
STATEMENT OF MOTIVES
(DECRETE OF APRIL 28, 2014)
Savings and Loan Cooperative Societies are a real option in broad sectors of the population that do not have access to commercial banking, mainly in high-risk zones
For internal use marginalization. Additionally, the requirements to become a member and the simplified administrative processes are also factors that make saving in these organizations more attractive for the unbanked population.
However, unfortunately, in many cases, these organizations are not exempt from poor management that prevents their proper functioning and consolidation as an alternative savings and loan sector. One of the main elements is the lack of implementation of processes that consolidate and certify their administration, accounting, and service to members and before the National Banking and Securities Commission, the competent authority for the certification and approval of operations in the popular savings and loan sector. This situation has resulted in the suspension, bankruptcy, and closure of savings banks, and consequently the loss of assets for their members, leading to the loss of patrimony, family disintegration, and governance crises in the communities where these savings and loan societies are established. A serious example is the case of Oaxaca, where more than fifteen thousand members have been defrauded in various regions of the state, mainly in the Mixteca, with a loss of more than five billion pesos, which were taken out of the State or invested in high-risk instruments. These resources are largely the result of remittances sent from the United States and the earnings of small productive activities in the regional economy. Unfortunately for these members, the Law creating the Trust that Administers the Fund for the Strengthening of Savings and Loan Societies and Cooperatives and Support for their Savers, the Fipago Law, published in December 2000, can only allocate resources to banks constituted until 2002, but the vast majority of those currently in crisis were constituted after this date, and there is no other mechanism that can offer a solution to the savers. In addition, the federative entities do not have resources to support the payment process for those who have lost their savings, so it is necessary to reform the aforementioned legislation so that they can be considered for the recovery of a percentage of their savings. Furthermore, the federal government must implement other mechanisms so that these social groups can invest their savings in commercial banking institutions or, in the best case, in the National Savings Bank and Financial Services, as well as promote financial education in basic education schools so that new generations have the tools to better protect the saving and investment of their resources in regulated institutions, both in other savings and loan cooperative societies and in the banking sector. On the other hand, in 2009, the Law to Regulate the Activities of Savings and Loan Cooperative Societies, LRASCAP, was approved; a law whose purpose is to regulate only Savings and Loan Cooperative Societies. This regulation sets March 31, 2014, as the final date to regulate these organizations. Therefore, the purpose of promoting a reform to the Fipago Law is to harmonize this law with the LRASCAP regarding various concepts and procedures that have already been surpassed in reality and to primarily provide an option,
albeit minimal, to the thousands of members who have been defrauded by the owners of the savings banks. As well as facilitating the support and strengthening mechanisms that are set forth in the Fipago Law, for cooperative savings societies and their savers. Therefore, it is proposed to adapt fractions III, IX, X, XI, and XII of Article 2, to change the reference made to the Popular Savings and Credit Law to the Law that Regulates the Activities of Savings and Loan Cooperative Societies. In the same sense, it is also proposed that federative entities do not contribute resources to the Trust, due to the fact that their budgets do not include any line item to face this serious problem, which falls within the sphere of the federal government. In this same article, it is important not to continue with the exclusivity for consultants with international experience, in the case of the technical assistance needed by savings and loan cooperative societies, but to allow consultants with national experience, since if approved, there will be greater opportunity for technical assistance to the organizations.
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In Article 3, the Comptroller and Administrative Development is replaced by the Undersecretariat of Administrative Responsibilities and Public Procurement, an office that replaces the disappeared Secretariat of the Public Function. As well as the integration of a representative of the National Confederation of Savings and Loan Cooperative Societies.
In harmony with the proposal in Article 3, the repeal of fraction II in Article 5 is included, so that the Federation contributes 100% of the resources of the Fipago.
An important modification is proposed in Article 8, as the main intention of this initiative is to include Cooperative Societies that were constituted before August 13, 2009, the date on which the Law that Regulates the Activities of Savings and Loan Cooperatives was promulgated, and not in December 2002 as currently established in the norm.
In this same article, it is proposed to add a second paragraph with the purpose of specifying that societies must carry out the necessary corporate acts within the timeframes established by the Committee, as a condition for the payment to savers. In fraction III of this same article, the fractions are specified in which the supports referred to in Article 8 Bis are established. Similarly, in Articles 8 and 8 Bis, all references to the Savings and credit entity are modified and it is proposed to substitute them with "Savings and Loan Cooperative Society," whose Societies are proposed to be supported in the authorization process, and the term "society" in singular is replaced by the plural "societies." With respect to Article 8 Bis, it is proposed to eliminate fraction I, corresponding to supports for liquidation and dissolution, and shift the content of the current fractions, to become I, II, and III, which corresponds exclusively to the improvement, sanitation, and stabilization supports for Societies contained in the definition of consolidation work. Additionally, a modification is proposed in the wording and percentages established in sub-paragraphs c) and d) of fraction II regarding the granting of credits by the Trust to Societies Subject to this Law and/or acquisition of capitalization instruments issued by them at the expense of the Trust. The percentage of 30% of loans on savings deposits is modified to 50%, and the limit of 10% on the sub-account of the Trust for this purpose is increased to 20%. Regarding sub-paragraph d) mentioned above, the wording is modified to clarify that it refers to 100% support of the capital necessary to meet the corresponding capitalization requirement. It is also proposed to reform the second paragraph of Base First of Article 11, to eliminate the second modality of calculating the yield rate that refers to a price provider and calculated from December of the year 2000 to the month of December 2002, in order to make it consistent with the rest of the proposed modifications. For the foregoing and founded reasons, I submit to the consideration of this plenary the following initiative with a draft STATEMENT OF REASONS (Decree of May 20, 2021) The issuance of a Law of the Attorney General's Office is necessary, which aims to establish the integration, functioning, and attributes of the Attorney General's Office clearly and realistically, as well as the organization of the Federal Public Ministry, in accordance with the powers conferred by the Political Constitution of the United Mexican States, organizing it as an Attorney General's Office of the Republic as an autonomous public body, endowed with legal personality and its own patrimony. In this sense, a series of principles that will govern the actions of all public servants of the Attorney General's Office are considered necessary, such as: legality, objectivity, efficiency, professionalism, honesty, respect for human rights, loyalty, impartiality,
specialization, and gender perspective. Likewise, we cannot fail to observe the quality of the Public Ministry as a representative of society, through which it corresponds to act as a guarantor of access to justice for all
For internal use those who, directly or indirectly, have seen their legally protected rights and interests violated.
In this context, it is provided that it will correspond to the Federal Public Ministry, representing the interests of society, the investigation and exercise of the criminal action before the tribunals of the crimes under its jurisdiction, the preparation and exercise of the action for the extinction of domain, as well as intervention in all matters corresponding to its constitutional functions. Thus, in compliance with what is established in the General Constitution, in a question that attends to these circumstances, it is provided that the Public Ministry will exercise the representation of society in a punctual, efficient, and effective manner, in all matters that this or other legal provisions establish. On the other hand, it should be noted that in accordance with the constitutional reform of March 26, 2019, through which the National Guard is recognized as a civil, disciplined, and professional public security institution, it is specified in the present draft that the collaboration of the National Guard regarding the investigation of crimes will be carried out under the command and direction of the Public Ministry. Said otherwise, it is also necessary to note that with respect to the duration of the term of the head of the Attorney General's Office, and in accordance with what is provided in Article 102, Section A, third paragraph of the Political Constitution of the United Mexican States, it is established that their appointment will be for a period of nine years, and their appointment and removal must be carried out in accordance with what is provided in the constitutional text, guaranteeing the principle of gender parity referred to in Article 41 of the Constitution. Now, with regard to the structure that is intended to be functional for the proper dispatch of matters within the competence of the Attorney General's Office of the Republic, its integration is proposed as follows:
I. The Attorney General;
II. The Competence Control Prosecutor's Office;
III. The Regional Control Prosecutor's Office;
IV. The Specialized Prosecutor's Office for Organized Crime;
V. The Specialized Prosecutor's Office for Electoral Crimes;
VI. The Specialized Prosecutor's Office for Combating Corruption;
VII. The Specialized Prosecutor's Office for Human Rights;
VIII. The Specialized Prosecutor's Office for Internal Affairs;
IX. Criminal Investigation Agency;
X. General Secretariat;
XI. The Internal Control Body, and
XII. The other units created by legal mandate or determined by the Attorney General in the Organic Statute.
The above is so, with the purpose of having a solid, efficient structure and in accordance with the real needs in matters of justice procurement, which allows addressing the criminal phenomenon adequately.
In this order of ideas, a series of powers and obligations corresponding to the head of the Attorney General that are necessary to successfully carry out the activities of the Attorney General are listed. In this sense, in terms of obligations, we can highlight their appearance before any of the Chambers of the Congress of the Union in the cases and under the conditions established by Articles 93 and 102, Section A of the Political Constitution of the United Mexican States and the annual submission to the Congress of the Union and the Federal Executive of the activity report referred to in Article 102, Section A of our General Constitution. With respect to absences, excuses, or temporary or definitive absences of the Attorney General, it is provided that the Organic Statute will be the instrument in which the terms to carry out the substitution must be developed, in addition to the above, the duty to inform the Senate of the Republic in case of definitive absence is contemplated.
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While for the case of the heads of the units that will integrate the Attorney General's Office, it is provided that the exercise of their functions during their absences will be carried out by the public servant of immediate lower hierarchy who has been designated for such effect, since practice has shown that this currently happens, nevertheless, it is necessary to formalize the exercise of the actions in substitution, through the corresponding designation. On the other hand, although it is true that in accordance with the constitutional text, the prosecution of federal crimes before the tribunals corresponds to the Federal Public Ministry, we cannot fail to observe that the head of the Attorney General's Office is not exempt from having the execution or participation in the execution of some crime imputed to them, and in this sense, it is foreseen that it will be the public servant who corresponds to act as their substitute, who must know the complaint against them, taking charge of the respective investigation and resolving on the initiation of the procedure for the declaration of procedence before the Chamber of Deputies. In addition to the above, the creation of units in charge of investigating the crime is provided, which will provide support in the tasks carried out by the Attorney General's Office. These will have technical and management autonomy regarding their internal functioning, but will be subject at all times in their organizational structure to the institutional hierarchy and legal and regulatory powers of each administrative unit of the Attorney General's Office. In this sense, these units must comply with all and each of the obligations to which the public servants of the Attorney General's Office are subject without exception. Under that line of consideration, and for the purpose of weighing a transparent and legally compliant performance, it is considered necessary that the Organic Statute, the agreements by which the creation of units is disposed, as well as those by which powers of the Attorney General are delegated or any other act that requires that act of publicity, must be published in the Official Gazette of the Federation. On the other hand, a list of powers that will correspond to the Attorney General's Office in its capacity as an autonomous body is provided. In virtue of the above, the Attorney General's Office may determine its policies for criminal investigation and prosecution at the federal level, coordinate with other authorities to fulfill the purposes of public security, promote the celebration of international treaties and sign the inter-institutional agreements necessary for the fulfillment of its functions, as well as submit to the Congress of the Union the institutional position through a technical legal opinion on law initiatives, constitutional or legal reforms that are presented by the Federal Executive and in the Chambers of the Congress of the Union, just to mention some. Likewise, for the
performance of its functions, the Attorney General's Office will have investigation and litigation teams, which will have the function of organizing and managing the strategy of the Attorney General's Office of the Republic efficiently, developing investigations in accordance with congruent investigation plans, which allow the prompt determination of matters or their judicialization when the circumstances of the case so warrant. Apart from the above, when there is concurrence of crimes or criminal phenomena, mixed investigation and litigation teams may be formed, which will be integrated with personnel from different units of the Institution as well as personnel from other Prosecutor's Offices or Procuratorates of the corresponding federative entities, for which purpose, the celebration of institutional collaboration agreements is foreseen. We cannot fail to observe that institutional strengthening requires various challenges, especially a structural change, as society aspires and expects adequate justice procurement. Therefore, and with the purpose of achieving these ends in an orderly and uniform manner, the Attorney General's Office will have a Management Model for the fulfillment of its functions, applied in its various units. Under that line of consideration, a single window mechanism is foreseen through which matters are channeled in a timely manner for their adequate processing and attention.
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Likewise, the establishment of result evaluation mechanisms is foreseen. In this way, the Attorney General's Office will have an evaluation system through which the processes of capture and collection of data generated by the processing and follow-up derived from the exercise of the powers of the Public Ministry, its auxiliaries, and the support units of the Attorney General's Office will be integrated. The institutional result evaluation system, referred to in the previous paragraph, must generate products for the analysis of institutional activities, performance indicators, identify institutional needs, and statistical products, all oriented towards decision-making and the continuous improvement of justice procurement. Similarly, through the evaluation system, the planning, determination, and administration of systems and technological resources will be carried out, through a system useful for investigation, intelligence, development of tactical and operational strategies, and administrative decisions, guaranteeing quality and security in information. In matters of coordination and collaboration, the Attorney General's Office will have a regional coordination system through units that will exercise their functions in the territorial circumscriptions established by the Statute. These units will coordinate their actions with the central areas, in order to guarantee the unity of action and hierarchical dependence of the Public Ministry, prioritizing at all times the concentration of relevant matters in the units designated for such effect. In this sense, it is provided that the Attorney General's Office will have managerial personnel, public prosecutors, federal ministerial police, experts, analysts, facilitators, as well as that specialized, professional technical, and administrative personnel necessary for the performance of its functions. Apart from the above, the possibility is contemplated that the Attorney General may designate as agents of the Federal Public Ministry the heads of those units that have under their charge criminal investigations and the command of public prosecutors. The above with the object of limiting the possibility of designation in these terms and avoiding that the figure becomes corrupted, it being even necessary to note that this power of the Attorney General will be non-delegable. In matters of powers and with regard to operational personnel, all those powers of the agents of the Federal Public Ministry, agents of the Federal Ministerial Police, experts, analysts, and facilitators are provided, which, in accordance with their respective scope of action, will guarantee the success of the investigation, avoiding delays and weighing at all times respect for the human rights of the persons accused regarding the commission of conduct that the law defines as a crime, as well as the rights of the victims or offended and the witnesses. Likewise, it should be noted that it is estimated necessary to implement a system of
protection measures for these public servants, due to the danger inherent in the exercise of their functions. In the same way, a regime of obligations is established for the agents of the Public Ministry, agents of the Federal Ministerial Police, experts, analysts, and facilitators, as well as a special framework of obligations for the agents of the Federal Ministerial Police, experts, and analysts, by reason of the very nature of their functions, whose non-compliance will give rise to the procedure and sanctions that correspond. In matters of collaboration and information exchange, it is foreseen that the autonomous constitutional bodies, dependencies and entities of the Federal Public Administration and their counterparts in the federative entities, the parastatal entities, decentralized public bodies, majority state-owned companies, public trusts that have the character of parastatal entity, and other dependencies of the Federal Public Administration, the organs, dependencies, entities, and institutions of the federative entities and government, as well as private parties that carry out acts equivalent to those of authority in accordance with a general nature norm, in their respective scope of competence, will be obliged to provide the collaboration, support, and assistance requested by the Federal Public Ministry for the exercise of its functions.
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These authorities will likewise be co-responsible for the actions and diligences that form part of the investigation or criminal process, so in their case they must appear before the competent authorities and provide the reports required under the terms established by the applicable legal provisions.
In this sense, it is provided that non-compliance by public servants with such provisions will give rise to a request by the Public Ministry to their hierarchical superior, in order to initiate the responsibility or disciplinary procedures that correspond, without prejudice to the criminal liability that may result in their case.
Apart from the above, this proposal provides for the creation of an Inter-institutional Coordination System, through which the Attorney General's Office will design, build, and administer a national interoperable computer system, through the celebration of collaboration agreements for its operation and execution.
This system will be fed jointly with the Procuratorships and Prosecutor's Offices of the federal entities, with the purpose of sharing information regarding investigations, criminal phenomena, cases of recidivism, records and analysis of genetic profiles, relevant criminal characteristics, biological traces, ballistic fingerprint, voice analysis, biometric systems, and other elements related to criminal acts. Now, as for the professional growth and development of the public servants of the Attorney General's Office, in this proposal the bases have been established to articulate and implement the Professional Career Service as a solid system of professionalization and human development. In this sense, the Statute of the Professional Career Service will be the instrument that develops the bases and procedures for its implementation. The Professional Career Service will be an integral system for regulating public employment of all personnel of the Attorney General's Office, organized with the purpose of stimulating the professional and human growth and development of personnel, promoting job stability and reinforcing institutional identity. It will be composed of the following stages:
I. Entry;
II. Development;
III. Termination, and
IV. Sanction.
It is necessary to point out that each of these stages involves a series of specific processes in order to implement the Professional Career Service in accordance with the needs of the Attorney General's Office.
Under this line of consideration, it is provided that all public servants of the institution will be part of the Professional Career Service, divided into branches: the first one integrated by public prosecutors, agents of the Ministerial Federal Police, experts, analysts, and facilitators, while the second will be integrated by administrative personnel.
In this context, with the aim of verifying that new entry personnel adhere to the institutional principles according to the job profile, and that active personnel act within the framework of conduct dictated by institutional regulations, evaluation and certification processes are established.
In this way, public servants of the Attorney General's Office must undergo and approve the trust control evaluation processes, performance, and professional competencies, to enter and remain in the exercise of their functions.
The trust control evaluation process will consist of the following exams:
I. Socioeconomic;
II. Medical;
III. Psychometric and psychological;
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IV. Polygraph;
V. Toxicological, and
VI. Those others established by the applicable norms.
On the other hand, the professional competencies evaluation process aims to determine that personnel have the knowledge, skills, attitudes, and aptitudes necessary for the performance of their position.
As a result of the above, public servants who pass the periodic exams of trust control evaluation, performance, and professional competencies, will have the corresponding certification.
This certification aims to accredit that the evaluated person meets the job profile and the required competencies for compliance with constitutional and legal principles.
Apart from the above, the need is reiterated that the Attorney General's Office have a Professional Career Service appropriate for each of the branches that integrate it, for which a series of specific entry and permanence requirements are proposed in accordance with the profile of the public servant's functions, according to the substantive or administrative nature of their functions. Thus, the entry and permanence requirements established consist of a generic section, applicable to all personnel, and from there those specific for agents of the Federal Public Ministry, agents of the Ministerial Federal Police, experts, analysts, facilitators, specialized public servants, technical and administrative professionals are developed. In addition to the above, it should also be noted that this proposal contemplates the application of a competitive examination, which will be applied to new substantive personnel with the aim of evaluating whether the applicant has the necessary knowledge and skills to perform functions. This exam will consist of two stages, one oral and one written, must be presented before the National Institute of Penal Sciences and will be graded by a synod composed of a public servant with a minimum level of area director, who will serve as president, and two members of the substantive branch in question, who will serve as secretary and member, respectively. The grading of the oral exam will be determined taking into consideration the average of points that each of the synod members assigns to the candidate. In both cases, the grading will be based on a scale of 0 to 10, with 7 being the minimum passing grade. As for the termination of the relationships of the Attorney General's Office with its personnel, a series of causes are listed through which the relationship may be terminated. Likewise, it is provided that in those cases where the form of termination of the service was declared by final judgment as unjustified, the Attorney General's Office will be obliged to pay the corresponding indemnification, and other benefits according to the law, without in any case proceeding with the reincorporation of the public servant. Under the same line of consideration and attending to the nature of the information handled inside the Attorney General's Office, it is deemed necessary to establish from the text of the law, the duty of all its personnel to deliver all information, documentation, equipment, materials, identifications, values, or other resources that have been placed under their responsibility, custody, and safekeeping, upon concluding the legal relationship with the Attorney General's Office. In this way, public servants who are in charge of administering or handling funds, assets, or public values, the heads of units of the Attorney General's Office, as well as those determined by their hierarchical superior or, in their case, the head of the Institution, due to the nature and importance of the public service they provide, must
carry out a handover-receipt act.
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It is not omitted to specify that this obligation will also be applicable to public servants who, by commission, substitution, assignment, or under any other figure, have remained as provisional heads of an administrative unit whose head must comply with this obligation.
On the other hand, a section on sanctions and a special regime for their application due to the administrative or substantive nature of the functions of the personnel of the Attorney General's Office is proposed.
In this sense, personnel who are part of the Professional Career Service will incur administrative offenses when they fail to comply with or transgress the content of their obligations; specifying that in cases of administrative offenses attributable to personnel of the substantive branch, the Specialized Office for Internal Affairs will be in charge of imposing the corresponding sanction, in accordance with the procedure provided for in this same legal instrument, and other normative provisions. Under this line of consideration, the sanctions that may be imposed on said personnel will consist of public or private reprimand, suspension of employment, position, or commission for up to ninety days without pay, or dismissal, as appropriate. While, for the case of administrative branch personnel, it is provided that the Internal Control Body will carry out the procedure and application of the sanctions to be imposed for administrative offenses, under the norms of the General Law of Administrative Responsibilities. Apart from the above, it was deemed appropriate to include a list of elements that must be taken into consideration for the application of administrative sanctions, such as the gravity of the conduct, recidivism, hierarchical level, means of execution, the amount of benefit obtained, among others. In addition to the above, a special framework of disciplinary measures is included for agents of the Ministerial Federal Police. In this sense, agents of the Ministerial Federal Police who fail to follow the chain of command or do not execute direct orders received, will be subject to a disciplinary measure, consisting of public or private reprimand, arrest for up to twenty-four hours, or temporary suspension without pay for up to three days. As can be observed, the possibility of imposing arrest as a disciplinary measure for agents of the Ministerial Federal Police is contemplated, for which reason the terms and scope of the application of this measure are specified, since every arrest order must be in writing and duly founded and motivated. Likewise, the rules for the application of disciplinary measures are included, through which it is specified that hierarchical or positional superiors will be in charge of imposing measures on their subordinates, while the head of the Unit in charge of the Ministerial Federal Police will have the authority to grade the disciplinary measure. As for the responsibility of the head of the Attorney General's Office of the Republic, in accordance with what is provided in the Political Constitution of the United Mexican States, the procedures for impeachment and declaration of proceedibility will be applicable to him. This, without overlooking that both the Attorney General and the other public servants of the Attorney General's Office, regardless of the legal relationship they maintain with it, will be subject to the administrative responsibilities referred to in the General Law of Administrative Responsibilities.
Notwithstanding the above, the head of the Attorney General's Office in terms of the supreme law can only be removed by the President of the Republic for incurring any of the serious causes contemplated in Chapter II, of Title Third of the General Law of Administrative Responsibilities, for the commission of one or more crimes considered as serious, as well as for ceasing to be a Mexican citizen, acquiring total or permanent incapacity that prevents the correct exercise of their functions for more than six months, or for committing serious violations to the Constitution. In this sense, the Federal Executive must accredit before the Senate of the Republic the serious cause that motivated the removal and inform the Senate of the Republic, who will decide whether to object to it or not, in terms of article 102, Section A, fractions IV and V of the Constitution.
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Regarding the integration of the assets of the Attorney General's Office, in this project the sources of income, economic resources, and assets regarding which it may avail itself for the exercise of its functions are established, specifying that the assets of the Attorney General's Office are unseizable and imprescriptible, so it will not be susceptible to any judicial or administrative execution. Likewise, it is provided that the Attorney General's Office will prepare its draft annual budget of expenditures, which will be sent to the Secretariat of Finance and Public Credit, for its incorporation into the draft Budget of Expenditures of the Federation that will be sent to the Chamber of Deputies. In addition to everything previously stated, this proposal contemplates the publication of the Strategic Plan for Justice Procurement, through which strategies and objectives to be developed for efficiency and effectiveness in the investigation and prosecution of crime will be determined, prioritizing and effectively directing the exercise of criminal action, for which the functions of the institution will be developed under objective criteria and measurable goals in the short, medium, and long term so that citizens have prompt and expeditious justice. As a result of the above, the head of the Attorney General's Office must present the Plan at the beginning of his management before the head of the Federal Executive Power, and present annually before Congress the results and modifications that it may have had. Regarding the Internal Control Body, it is provided that it will be a unit endowed with technical and management autonomy with respect to its internal regime, but subject at all times in its organizational structure to the institutional hierarchy and legal and normative faculties of each unit of the Attorney General's Office. The Internal Control Body will be in charge of preventing, correcting, investigating, and qualifying acts or omissions that could constitute administrative responsibilities of the public servants of the Attorney General's Office, for the purpose of sanctioning those other than those that are the competence of the Federal Court of Administrative Justice; as well as to review the entry, exit, handling, custody, and application of federal public resources. As a result of the above, the Internal Control Body will be obliged to file complaints for facts or omissions that could constitute crimes before the Specialized Office for Internal Affairs. The designation of the head of the Internal Control Body, in accordance with the constitutional text and in accordance with the autonomy of the Attorney General's Office, will correspond to the Chamber of Deputies of the Congress of the Union, by the vote of two-thirds of its members present, and in accordance with the procedure established in the Organic Law of the General Congress of the United Mexican States. It is proposed that the National Institute of Penal Sciences become a
decentralized body of the Attorney General's Office, as a public research center, so from the entry into force of this Draft Decree, it will be disincorporated from the Federal Public Administration. Consequently, it is considered necessary to provide that the Internal Control Body of the Attorney General's Office of the Republic will be in charge of the auditing of the National Institute of Penal Sciences and that the organizational structure, as well as the material, financial, or budgetary resources of the Internal Control Body of said institute, will be transferred to the Internal Control Body of the Attorney General's Office. This, in view of the fact that it corresponds to the Internal Control Body to promote, evaluate, and strengthen the good functioning of public entities, as well as those other instances of the autonomous constitutional bodies, so it will be in charge of the procedures and the application of the sanctions that, in their case, must be imposed for administrative offenses by the public servants of the Attorney General's Office, based on the attributes provided in the General Law of Administrative Responsibilities. According to said legislation, decentralized public bodies have the character of entities, so the public servants who integrate them are subjects of administrative responsibilities, and, upon constituting the National Institute of Penal Sciences as a decentralized body of the Attorney General's Office
For internal use of the Republic, it is considered an instance that must be audited by the Internal Control Body of this justice procurement organ that enjoys constitutional autonomy.
Finally, it is provided that the databases, systems, records, and files that contain information, personal data, or data coming from acts of investigation, collected as a consequence of the exercise of the attributes of the public servants of the Attorney General's Office, will be strictly reserved and can only be consulted for the purposes of investigation and prosecution of crimes. However, access to statistical information is guaranteed. Once the above has been exposed, it should be noted that this proposal is the result of a series of diagnostic works on the Institution with the aim of observing various areas of opportunity and making the Attorney General's Office a more professional, effective, and efficient Institution both in its structural organization and in the investigation processes, as well as the fact that, without leaving aside recognizing the effort of creation for the elaboration of the Organic Law of the Attorney General's Office of the Republic, said Law has not proved functional or effective to the reality of an action that requires absolute effectiveness in its activities. It is not superfluous to emphasize the fact that the Attorney General's Office of the Republic requires an administrative reorganization that allows effective decentralization and greater efficiency with respect to the attributes of the Federal Public Ministry. For all the above and in exercise of the faculty provided in article 71, fraction II of the Political Constitution of the United Mexican States, through your dignified conduct, I submit to the consideration of that Honorable Assembly the following:
STATEMENT OF MOTIVES
(Decree of January 24, 2024)
The exercise of the state's ius puniendi, through the capacity to impose administrative sanctions, implies one of the most incisive actions of the Public Administration in the legal sphere of individuals; the administration orders and protects the public interest through the application of a sanction and this activity takes on particular importance when it is directed to the good functioning of the organization and public service. The sanctioning power is that faculty of the public administration to impose sanctions through an administrative procedure, understood administrative sanction as that evil inflicted on an administrator as a consequence of an illicit conduct, with repressive purpose, consisting in the deprivation of a good or right, or the imposition of a duty, since the public administration is barred from sanctions consisting in deprivation of liberty. An administrative sanctioning procedure is that mechanism or procedure by which the State, through administrative units, carries out functions of inspection, verification, control, and sanction, with the aim of determining responsibility or absolving for the probable infringement of the law, or for failing to comply with some obligation related to the sector in which they perform their duties. As a result of said procedure and in attention to the sanctioning faculty, the authority imposes a sanction or fine, which must be distinguished from the word infringement, since they do not mean the same; thus the fine is defined as the pecuniary sanction imposed for any legal contravention, for the benefit of the State or of any official entity authorized to impose it.3 For its part, the term infringement is conceived as that act carried out against what is provided in a legal norm or failing to comply with a commitment contracted. The Mexican Financial System is regulated and supervised by various authorities that are in charge of monitoring that actions are taken under applicable regulations and in case of the commission of any infringement, apply the corresponding sanction; however, vices of unconstitutionality have arisen due to the lack of legal certainty regarding the time to decide their legal situation. Problem Statement In recent dates the Supreme Court of Justice of the Nation, as well as the Circuit Collegiate Courts through various jurisprudential criteria, declared the unconstitutionality of various
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legal provisions of various regulatory laws of the National Financial System, considering that they violate the principle of legal certainty, which consists in the right that belongs to a financial institution or entity subject to an administrative sanctioning procedure to exercise its defense and be heard, with due opportunity, within a procedure that establishes a reasonable deadline for the competent authority to resolve, if applicable, the imposition of a restrictive act, in consonance with what is mandated by articles 14 and 16 of the Political Constitution of the United Mexican States.
The foregoing, under the argument that, by not clearly and precisely establishing the maximum deadline for the authority to issue and notify the resolution that ends the administrative sanctioning procedure, the guarantee of due process is violated.
Aware of this problem and with the aim of avoiding the initiation of administrative sanctioning procedures that violate due process to the detriment of the legal certainty of the Financial System, an exhaustive review of all provisions regulating it was carried out.
For this reason, this Initiative aims to resolve the impact on the principles of legality, legal certainty, and prompt and expeditious justice in the administrative sanctioning procedure provided for in the laws regulating the National Financial System, by establishing the general scheme of the administrative procedure, identifying each of its stages, which adjust to the essential formalities of the procedure, recognized both by legal doctrine, judicial interpretations supported by our Highest Courts, and in accordance with international best practices. An example of this is found in the jurisprudential thesis 1a./J. 11/2014 (10a.), Gaceta del Semanario Judicial de la Federación. Book 3, February 2014, Volume I, page 396, which states verbatim:
“RIGHT TO DUE PROCESS. ITS CONTENT.
Within the guarantees of due process, there is a "hard core" that must be inexcusably observed in every jurisdictional procedure, and another set of guarantees applicable in processes that involve the exercise of the State's punitive power. Thus, regarding the "hard core," the guarantees of due process that apply to any procedure of a jurisdictional nature are those that this Supreme Court of Justice of the Nation has identified as essential formalities of the procedure, the set of which integrates the "guarantee of hearing," which allow the governed to exercise their defenses before the authorities definitively modify their legal sphere. Regarding this, the Full Tribunal of this Supreme Court of Justice of the Nation, in the jurisprudence P./J. 47/95, published in the Semanario Judicial de la Federación y su Gaceta, Ninth Era, Volume II, December 1995, page 133, under the heading: "ESSENTIAL FORMALITIES OF THE PROCEDURE. THOSE THAT GUARANTEE AN ADEQUATE AND TIMELY PRIOR DEFENSE TO THE RESTRICTIVE ACT," held that the essential formalities of the procedure are: (i) the notification of the start of the procedure; (ii) the opportunity to offer and present the evidence on which the defense is based; (iii) the opportunity to argue; and, (iv) a resolution that settles the disputed issues and whose appeal has been considered by this First Chamber as part of this formality. Now, the other core is commonly identified with the list of minimum guarantees that every person whose legal sphere intends to be modified through the State's punitive activity must have, as occurs, for example, with criminal, migratory, tax, or administrative law, where it will be required that the guarantees be made compatible with the specific subject matter of the case. Therefore, within this category of due process guarantees, two species are identified: the first, which corresponds to all persons regardless of their condition, nationality, gender, age, etc., within which are, for example, the right to have a lawyer, to not testify against oneself, or to know the cause of the sanctioning procedure; and the second, which is the combination of the minimum list of guarantees with the right to equality before the law, and which protects those persons who may find themselves in a situation of disadvantage before the legal system, due to belonging to some vulnerable group, for example, the right to consular notification and assistance, the right to have a translator or interpreter, the right of girls and boys to have their detention notified to those who exercise their parental authority and guardianship, among others of the same nature.
Amparo en revisión 352/2012. October 10, 2012. Five votes of the Justices Arturo Zaldívar Lelo de Larrea, José Ramón Cossío Díaz, Guillermo I. Ortiz Mayagoitia, Olga Sánchez Cordero de García Villegas and Jorge Mario Pardo Rebolledo. Reporter: Arturo Zaldívar Lelo de Larrea. Secretary: Mario Gerardo Avante Juárez.
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Amparo directo en revisión 3758/2012. Maple Commercial Finance Corp. May 29, 2013. Five votes of the Justices Arturo Zaldívar Lelo de Larrea, José Ramón Cossío Díaz, Alfredo Gutiérrez Ortiz Mena, Olga Sánchez Cordero de García Villegas and Jorge Mario Pardo Rebolledo. Reporter: Alfredo Gutiérrez Ortiz Mena. Secretary: David García Sarubbi.
Amparo en revisión 121/2013. June 12, 2013. Five votes of the Justices Arturo Zaldívar Lelo de Larrea, José Ramón Cossío Díaz, Alfredo Gutiérrez Ortiz Mena, Olga Sánchez Cordero de García Villegas and Jorge Mario Pardo Rebolledo. Reporter: Alfredo Gutiérrez Ortiz Mena. Secretary: Cecilia Armengol Alonso.
Amparo en revisión 150/2013. July 10, 2013. Five votes of the Justices Arturo Zaldívar Lelo de Larrea, José Ramón Cossío Díaz, Alfredo Gutiérrez Ortiz Mena, Olga Sánchez Cordero de García Villegas and Jorge Mario Pardo Rebolledo. Reporter: Jorge Mario Pardo Rebolledo. Secretary: Mercedes Verónica Sánchez Miguez.
Amparo directo en revisión 1009/2013. October 16, 2013. Five votes of the Justices Arturo Zaldívar Lelo de Larrea, José Ramón Cossío Díaz, Alfredo Gutiérrez Ortiz Mena, Olga Sánchez Cordero de García Villegas and Jorge Mario Pardo Rebolledo, who reserved the right to formulate a concurrent vote. Reporter: José Ramón Cossío Díaz. Secretary: Julio Veredín Sena Velázquez.
Jurisprudential thesis 11/2014 (10a.). Approved by the First Chamber of this High Court, in session on February 7, two thousand fourteen.” (emphasis added)
OBJECTIVE OF THE INITIATIVE
This Initiative details in each of the financial laws, the stages of the administrative sanctioning procedure, as follows:
a) Expiration of the Sanctioning Power.
In the Initiative, the 5-year deadline that the authority has to initiate the administrative sanctioning procedure is retained, counted from the next business day after the conduct was carried out or the infringement condition was met. This deadline is consistent with the national legal framework applicable to administrative procedures, which establish similar deadlines for the extinction of the authority's sanctioning power, in order to contribute to justiciable legal certainty. This deadline may be suspended for up to two years due to the non-existence of the presumed offender's domicile or due to the filing of some means of defense, and it will resume from the date on which the respective authority becomes aware of the domicile or when the final resolution corresponding to the means of defense raised is issued. Likewise, it was considered relevant to distinguish the moment in which the counting of said deadline begins regarding continuous and continuing conduct, being in the first case from the moment the conduct ceases and regarding continuing conduct from the consummation of the last conduct. On the other hand, it is provided that the expiration deadline referred to above will be interrupted, that is, it will stop being counted, at the moment of notification to the presumed offender of the start of the administrative sanctioning procedure. b) Right to hearing and presentation of evidence. In the initiative, it is stated that when the authorities notify the presumed offender of the start of the administrative sanctioning procedure, they must grant them the right to a hearing to state what is in their interest and the possibility to offer evidence for a period of ten business days, which may be extended by ten additional business days at the request of the party. c) Presentation of evidence.
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Once the deadline referred to in the previous paragraph and, if applicable, its extension, has concluded, the authority will have up to sixty business days to present the evidence that has been offered, which is considered sufficiently broad for its preparation and presentation. d) Period for arguments and closing of instruction.
Once the evidence has been presented, the authority will notify the presumed offender of the opening of the five-business-day period to formulate arguments. Such notification, being of an intra-procedural nature, will not require personal delivery, attending to the principle of legal interest of the presumed responsible party within the processing of the procedure.
The day after the deadline for formulating arguments expires, the instruction will be considered closed. e) Deadline for resolution.
The authority will have a deadline that will not exceed 180 business days to issue and notify the resolution that ends the administrative sanctioning procedure, imposing, if applicable, the sanctions that are appropriate.
The foregoing provides certainty and legal security to the presumed offenders and establishes a maximum deadline by which the authority must definitively resolve the existence of the infringement, as well as the imposition of the sanction that, if applicable, was warranted due to the reproachable conduct.
In this sense, the inclusion of said deadline in the laws regulating the National Financial System surpasses the jurisprudential interpretations that motivated the presentation of this Initiative.
In conclusion, the instructions and financial entities will have certainty about the stages of the administrative sanctioning process, the duration of each, and the moment when the authority can no longer continue with legal actions for the imposition of sanctions. It also guarantees the fundamental rights enshrined in the Political Constitution of the United Mexican States by differentiating each stage of the process, in such a way that rights can be asserted, while at the same time limiting the authority's powers so that the legal sphere of the governed is not affected. Finally, the procedures for revocation of authorizations granted by the Secretariat of Finance and Public Credit are strengthened, for the constitution, operation, and functioning, as appropriate, of various entities and financial institutions, with the aim of clarifying certain aspects of the procedure and avoiding that such entities could be placed in a state of defenselessness, as well as to provide that, in these procedures, the consultation instances must issue the corresponding opinion at least thirty business days in advance before the deadline for issuing the resolution that ends the revocation procedure expires. In the event that any of the opinions are issued after the established deadline, the Secretariat of Finance and Public Credit may resolve with the records in the file, without the need to consider the opinion presented out of time.
STATEMENT OF REASONS
(Decree of November 14, 2025)
On September 15, 2017, the decree was published in the Official Gazette of the Federation, by which articles 16, 17, and 73 of the Political Constitution of the United Mexican States were reformed and added, in matters of Everyday Justice, with which powers were granted to the Congress of the Union to publish unique procedural legislation in civil and family matters.
According to the fourth transitory article of the aforementioned decree, the Congress of the Union would have a deadline of 180 days to draft and publish the new procedural law in civil and family matters. This deadline expired on March 14, 2018, without the referred norm being published. Therefore, and following the non-compliance with the transitory articles, the Mexican Bar Association filed an amparo for the non-compliance by Congress.
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Thus, through a judgment on June 28, 2019, the Eighth District Judge in Civil Matters of Mexico City condemned the Congress of the Union to discuss and publish the reform.
In response to the judgment, finally, the Congress of the Union discussed and approved the National Code of Civil and Family Procedures, however, despite legislative efforts, the judgment was not fully complied with, which is why an incident of non-execution was promoted, which was published on July 13, 2023.
This new judgment indicates that the reform in everyday justice matters is not exhausted with the publication of the National Code, but it is fundamental to homologate federal and general laws so that they refer to the legal process that is required. Thus, this initiative aims to carry out the normative homologation referred to in the judgment so that the Law to Regulate the Activities of Savings and Loan Cooperative Societies is consistent with the new National Code of Civil and Family Procedures, as observed below.
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REFERENCES
(1) Corrected by “Errata of the Decree by which the Law to Regulate the Activities of Savings and Loan Cooperative Societies is issued and various provisions of the General Law of Cooperative Societies, the Savings and Popular Credit Law, the Law of the National Banking and Securities Commission, and the Law of Credit Institutions are reformed, added, and repealed, published on August 13, 2009”, published in the same Gazette on August 21, 2009. (2) Reformed by Decree published in the Official Gazette of the Federation on January 4, 2013. (3) Reformed by Article Seventh of the Decree published in the Official Gazette of the Federation on January 10, 2014. (4) Added by Article Seventh of the Decree published in the Official Gazette of the Federation on January 10, 2014. (5) Repealed by Article Seventh of the Decree published in the Official Gazette of the Federation on January 10, 2014. (6) Reformed by Decree published in the Official Gazette of the Federation on April 28, 2014. (7) Added by Decree published in the Official Gazette of the Federation on April 28, 2014. (8) Reformed by Article Sixtieth of the Decree published in the Official Gazette of the Federation on May 20, 2021. (9) Reformed by Article Tenth of the Decree published in the Official Gazette of the Federation on January 24, 2024. (10) Added by Article Tenth Decree published in the Official Gazette of the Federation on January 24, 2024. (11) Reformed by Article Fifty-Fourth of the Decree published in the Official Gazette of the Federation on November 14, 2025.
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Source: Comision Nacional Bancaria y de Valores — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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