2020-10-23 | DOF 5603429

Added

Modifying Circular 7/20 to the Single Insurance and Surety Circular

This circular modifies Annex 8.2.2 of the Single Insurance and Surety Circular (CUSF) to update and expand the list of Eligible Countries whose regulated financial markets are authorized for investments by insurance institutions, mutual societies, and surety institutions. The amendment aims to allow these entities to design strategies that foster greater diversification of assets, regions, markets, and countries. The modification enters into force the day following its publication in the Official Gazette of the Federation on October 23, 2020.

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DOF: 23/10/2020

CIRCULAR Modificatoria 7/20 de la Única de Seguros y Fianzas

At the margin a seal with the National Coat of Arms, which says: United Mexican States.- FINANCE.- Ministry of Finance and Public Credit.- National Commission of Insurance and Sureties.

MODIFYING CIRCULAR 7/20 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Annex 8.2.2.)

The National Commission of Insurance and Sureties, based on what is provided in articles 366, fraction II, 372, fractions VI and XLII, 373 and 381 of the Law of Insurance and Surety Institutions, and

CONSIDERING

That on December 19, 2014, the Single Insurance and Surety Circular (CUSF) was published in the Official Gazette of the Federation, through which the general provisions emanating from the Law of Insurance and Surety Institutions (LISF) are made known, systematizing their integration and homologating the terminology used, in order to thereby provide legal certainty regarding the regulatory framework to which insurance institutions and mutual societies, surety institutions and other persons and entities subject to the inspection and supervision of the National Commission of Insurance and Sureties must adhere in the development of their operations.

That in terms of what is established in articles 131 and 156 of the LISF, as well as in what is stated in fraction IV of article 247 of the same legislation, investments in securities carried out by Insurance and Surety Institutions may only be made in those whose negotiation is authorized in regulated financial markets, under the terms determined by this Commission, through general provisions.

That in Provision 8.2.2. of the CUSF it is established that Institutions and Mutual Societies may carry out investments in instruments traded in the Mexican financial market, as well as, if applicable, in the regulated financial markets of the Eligible Countries listed in Annex 8.2.2. of said Circular.

That with the objective of providing legal certainty regarding the regulatory framework to which Institutions and Mutual Societies must adhere in investments in securities they carry out, and in order to promote adequate diversification of the risks to which they are subject, it is considered indispensable to modify Annex 8.2.2. of the CUSF with the object of updating and expanding the list of Eligible Countries, allowing thereby that the entities referred to can design strategies that foster greater diversification of assets, regions, markets and countries.

For the aforementioned reasons, this National Commission of Insurance and Sureties has resolved to issue a Modifying Circular to the Single Insurance and Surety Circular under the terms indicated below:

MODIFYING CIRCULAR 7/20 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Annex 8.2.2.)

SINGLE.- Annex 8.2.2. of the Single Insurance and Surety Circular is modified.

TRANSITIONAL

SINGLE.- This Modifying Circular shall enter into force the day following its publication in the Official Gazette of the Federation.

This is made known to you, based on articles 366, fraction II, 372, fractions VI and XLII, 373 and 381 of the Law of Insurance and Surety Institutions.

Respectfully,

Mexico City, October 16, 2020 .- The President of the National Commission of Insurance and Sureties , Ricardo Ernesto Ochoa Rodríguez .- Rubric.

ANNEX 8.2.2.

REGULATED FINANCIAL MARKETS OF ELIGIBLE COUNTRIES, IN WHOSE TRADED SECURITIES INSTITUTIONS AND MUTUAL SOCIETIES MAY CARRY OUT INVESTMENTS

Institutions and Mutual Societies may carry out investments in instruments traded in the Mexican financial market, as well as, if applicable, in the regulated financial markets of the following Eligible Countries mentioned in Provision 8.2.2.:

Eligible Countries

Germany Ireland Australia Iceland Austria Israel Belgium Italy Brazil Japan Bulgaria Latvia Canada Lithuania Chile Luxembourg China Malaysia Cyprus Malta Colombia Norway South Korea New Zealand Croatia Netherlands Denmark Peru Slovakia Poland Slovenia Portugal Spain United Kingdom United States Czech Republic Estonia Romania Finland Singapore France South Africa Greece Sweden Hong Kong Switzerland Hungary Thailand India Taiwan


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