Notice of Authorization for UBS AG to Close its Representation Office in Mexico and Revocation of Establishment Authorization

DOF: 12/06/2017

OFFICE LETTER through which the authorization granted to UBS, AG., of Zurich and Basel, Switzerland, for the closure of its Representation Office in Mexico is made known, as well as the revocation of the authorization for its establishment.

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.- Presidency.- Vice Presidency of Regulation.- Vice Presidency of Supervision of Groups and Financial Intermediaries B.- Office No.: 310-14442/2017.- File No.: CNBV.312.211.23 (1670).

Subject:

Closure of its Representation Office in Mexico, as well as revocation of the authorization for its establishment.

UBS AG.

Pedregal No.
24, floor 11
Molino del Rey Neighborhood
Miguel Hidalgo Borough
11040, Mexico City

TO:
LIC. VÍCTOR CHÁVEZ LONGYEAR
Legal Representative

We refer to your letters dated February 21, April 19, and the 9th of the current month and year, through which you notified this Commission of the definitive closure of UBS, AG., of Zurich and Basel, Switzerland, Representation Office in Mexico and, consequently, requested the revocation of the corresponding authorization.

BACKGROUND

Through Office Letter 101-1500 dated October 23, 1998, the Ministry of Finance and Public Credit authorized UBS AG. to establish a representation office in national territory, with headquarters in the city of Mexico under the name of UBS, AG., of Zurich and Basel, Switzerland, Representation Office in Mexico.

Attending to the aforementioned background and considering that the request and documentation presented comply with the applicable provisions, this Commission, based on the provisions of the Fifteenth, sixth fraction of the "Rules for representation offices of foreign financial entities", published in the Official Gazette of the Federation on December 31, 2014, has resolved to authorize the closure of UBS, AG., of Zurich and Basel, Switzerland, Representation Office in Mexico.

As a consequence of the foregoing and based on the aforementioned Fifteenth Rule, the members of the Board of Directors of this Commission, in a session held on the 29th of the current month, adopted the following:

AGREEMENT

"... The members of the Board of Directors, based on Article 12, fraction XV of the Law of the National Banking and Securities Commission, in relation to Article 7 of the Law of Credit Institutions and the Fifteenth, fraction VI of the Rules for representation offices of foreign financial entities, taking into consideration the favorable opinion issued by the Committee of Authorizations of the National Banking and Securities Commission in its session held on May 22 of 2017, unanimously approved the revocation of the authorization for the establishment in national territory of UBS, AG., of Zurich and Basel, Switzerland, Representation Office in Mexico, granted by the Ministry of Finance and Public Credit through Office Letter 101-1500 dated October 23, 1998, as a consequence of its closure. "

This office letter is issued based on Articles 12, 15, fraction VIII, in relation to Article 19, fractions I, subsection f), III and last paragraph and 40, fractions I and VII of the Internal Regulations of the Commission National Banking and Securities Commission, published in the Official Gazette of the Federation on November 12, 2014; and 1, fraction VI, 11, fraction I, subsections 1) and 3) and 36, fraction I, subsection 1) of the Agreement by which the President of the National Banking and Securities Commission delegates powers to the Vice Presidents, General Directors and Assistant General Directors of the same Commission, published in the aforementioned Gazette on November 30 of 2015.

Respectfully,
Mexico City, May 30, 2017. - The Vice President of Regulation, Arcelia Olea Leyva.- Signature. - The Vice President of Supervision of Groups and Financial Intermediaries B, Ricardo Medina Álvarez.- Signature.

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