Notice revoking authorization for Lehman Brothers, Inc., Representation Office in Mexico, to continue operating as a representation office of a foreign financial entity

DOF: 03/03/2026

OFFICE through which the authorization granted to Lehman Brothers, Inc., Representation Office in Mexico, to continue carrying out operations as a representation office of a foreign financial entity is revoked.

At the margin, a seal with the National Coat of Arms, which says: United Mexican States.- Treasury.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.- Legal Vice Presidency.- General Litigation Directorate.- Office: P290/2025.- File: CNBV.2C.5 Revocation 212 () "01/Apr2025 - 01/Apr/ 2025", REV/269/EF/01.

SUBJECT: REVOCATION OF AUTHORIZATION TO CONTINUE OPERATING AS A REPRESENTATION OFFICE OF A FOREIGN FINANCIAL ENTITY.

LEGAL REPRESENTATIVE

OF

LEHMAN

BROTHERS

INC.,

REPRESENTATION

OFFICE

IN

MEXICO

In accordance with what is provided in articles 2, first paragraph; 4, sections I, XI and XXXVIII and 5 of the Law of the National Banking and Securities Commission, this Decentralized Body of the Ministry of Finance and Public Credit, has as its objective to supervise and regulate, within the scope of its competence, the entities that are part of the Mexican financial system, in order to ensure their stability and proper functioning, as well as to maintain and promote the healthy and balanced development of said system as a whole, in protection of the interests of the public, to authorize the constitution and operation of those entities that the laws indicate and, where applicable, to agree on the revocation of said authorizations, in addition to exercising the powers attributed to it by other laws.

With the objective of complying with said legal provisions, this resolution revoking the authorization to continue operating as a representation office of a foreign financial society is issued, which was at some time granted to the society named LEHMAN BROTHERS, INC., REPRESENTATION OFFICE IN MEXICO, (hereinafter "Lehman Brothers, Representation Office, Entity or Society", interchangeably), in accordance with the following:

BACKGROUND

[ ... ]

CONSIDERATIONS

FIRST. COMPETENCE.

Based on what is provided in articles 159, first and third paragraphs of the Securities Market Law (LMV), in relation to section I of Rule Fifteenth of the Rules, 2, 4, sections I, XI, and XXXVIII, 12 sections V and XV, 16, sections VI and XVII, of the Law of the National Banking and Securities Commission (LCNBV), in accordance with the referred regulations, the National Banking and Securities Commission, as a Decentralized Body of the Ministry of Finance and Public Credit, is authorized to authorize the constitution and operation of representation offices of foreign financial entities and, where applicable, to agree on the revocation of said authorizations.

[ ... ]

In that regard, from the analysis carried out on all the evidence in the file on which the proceedings are based, combined with the fact that the representation office did not provide any element that disproved the presumption of revocation made by this authority in the notice of summons, it is confirmed that the causal for revocation for which LEHMAN BROTHERS INC., REPRESENTATION OFFICE IN MEXICO was summoned has been triggered, established in article 159, third paragraph of the LMV, in relation to section I of Rule Fifteenth of the Rules.

Thus, from the integral interpretation of the aforementioned, this Decentralized Body considers that, in the present procedure, the causal for revocation has been duly accredited, so it is appropriate to REVOKE the authorization of LEHMAN BROTHERS INC., REPRESENTATION OFFICE IN MEXICO, to organize and operate as a representation office of a foreign financial entity.

[ ... ]

RESOLUTION

FIRST. This Decentralized Body, based on what is provided in article 159, third paragraph of the Securities Market Law, in relation to section I of Rule Fifteenth of the Rules of Representation Offices of Foreign Financial Entities and 12, sections V and XV, of the Law of the National Banking and Securities Commission and in accordance with the NINTH Agreement adopted by the Board of Directors of said Commission in its ordinary session held on December 12, 2025, and to the considerations set forth in this resolution, REVOKES the authorization for LEHMAN BROTHERS INC., REPRESENTATION OFFICE IN MEXICO, to organize and function to operate as a representation office of a foreign financial entity.

SECOND. From the date of notification of this resolution, LEHMAN BROTHERS INC., REPRESENTATION OFFICE IN MEXICO, is unable to carry out activities.

THIRD. [ ... ]

[ ... ]

This was ordered by the President of the National Banking and Securities Commission, based on what is established in articles 16, sections VI and XVII, of the Law of the National Banking and Securities Commission and signed, in substitution for his absence, the Legal Vice President of this Commission, in accordance with what is provided in articles 3, section III, second paragraph, 4, section I, subsection A, section II, subsection A, paragraph 7), 9, 14 and 60 of the Internal Regulations of the National Banking and Securities Commission.

Respectfully,

Mexico City, December 23, 2025.- Legal Vice President of the National Banking and Securities Commission, Lic. Ángel Salvador Vargas Mitre.- Initial.

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