Office Memo Granting Authorization for the Organization and Operation of an Electronic Payment Funds Institution Named MercadoLibre, S.A. de C.V., Electronic Payment Funds Institution

DOF: 11/05/2022

OFFICE MEMO granting authorization for the organization and operation of an electronic payment funds institution to be named MercadoLibre, S.A. de C.V., Electronic Payment Funds Institution.

On the margin a seal with the National Shield, which says: United Mexican States.- TREASURY.- Secretariat of Finance and Public Credit.- National Banking and Securities Commission.- Presidency.- Office Memo No.: P029/ 2021.

Subject:

Authorization for the organization and

operation of an electronic payment funds

institution to be named

MercadoLibre, S.A. de C.V., Electronic Payment

Funds Institution.

MERCADOLIBRE, S. DE R.L. DE C.V.

Insurgentes Sur No. 1602, Floor 9, Suite 400,

Neighborhood Crédito Constructor, Zip Code 03940,

Benito Juárez, Mexico City.

ATTN.:

Mr. CARLOS ANTONIO HASSEY ARTIGAS

Legal Representative

With a document presented on September 23, 2019, MercadoLibre, S. de R.L. de C.V. requested from the National Banking and Securities Commission (Commission) authorization to organize and operate as an electronic payment funds institution to be named MercadoLibre, S.A. de C.V., Electronic Payment Funds Institution, attaching thereto the corresponding supporting information and documentation.

As a background, it should be noted that this Commission prevented MercadoLibre, S. de R.L. de C.V. within the period established in the Law to Regulate Financial Technology Institutions, in order to address various observations and recommendations in relation to its authorization request, granting thereto the extension requested to this authority.

In relation to the above, MercadoLibre, S. de R.L. de C.V. sent various documentation and information in order to respond to the prevention referred to above. Likewise, this authority required MercadoLibre, S. de R.L. de C.V., various complementary documentation and information in order to be in conditions to attend to its authorization request, therefore, that society attended to the request for complementary information and sent updated documentation and information in relation to its file.

The society requested an extension to the resolution period that was granted to it.

On the matter, the Interinstitutional Committee in session held on March 4, 2021, based on articles 11 and 35, in relation to articles 22 and 25 of the Law to Regulate Financial Technology Institutions and,

CONSIDERING

FIRST.- That the documentation and information presented by reason of the authorization request for the organization and operation of the electronic payment funds institution to be named MercadoLibre, S.A. de C.V., Electronic Payment Funds Institution, complies with the requirements provided in article 22, in relation to article 39 of the Law to Regulate Financial Technology Institutions and with articles 3, 4 and 6 of the General Provisions applicable to Financial Technology Institutions, as well as with the other regulation that by its nature corresponds to it.

SECOND.- That from the analysis of the documentation and information received it was concluded that from the legal, financial and operational point of view it is appropriate to grant the requested authorization, therefore the following was adopted:

AGREEMENT

" FOURTH. - The members of the Interinstitutional Committee, based on articles 11 and 35, in relation to article 22 of the Law to Regulate Financial Technology Institutions, authorize the organization and operation of an Electronic Payment Funds Institution to be named MercadoLibre, S.A. de C.V., Electronic Payment Funds Institution, in the terms of the proposal presented to the Committee. "

The previous agreement is adopted without prejudice to the other authorizations that by reason of the described act must be obtained from the National Banking and Securities Commission, in terms of the applicable provisions, as well as the exercise of the faculties attributed to the own Commission during the organization process of MercadoLibre, S.A. de C.V., Electronic Payment Funds Institution, in which all the conditions and requirements that the own Commission imposes on it must be fulfilled.

The entity whose organization and operation is authorized, will be subject to the following:

CONDITIONS

FIRST.-

The name of the society will be MercadoLibre, S.A. de C.V., Electronic Payment Funds Institution.

SECOND.-

It will have its social domicile in Mexico City.

THIRD.-

Its duration will be indefinite.

FOURTH.-

The amount of its initial share capital will be $30,000,000.00 (thirty million pesos 00/ 100 National Currency), represented by 30,000,000 shares of single series, ordinary, without expression of nominal value, representative of the fixed share capital without right to withdrawal.

FIFTH.-

Its corporate purpose will correspond to the activities indicated in article 22 of the Law to Regulate Financial Technology Institutions and will carry out the operations and the provision of the services established in article 25, sections I, II, III, IV, V, VII, VIII, IX, X and XIII of the referred Law to Regulate Financial Technology Institutions.

SIXTH.-

The authorization referred to in this office memo is, by its own nature, non-transferable.

SEVENTH.-

The institution will be subject to the supervision of the National Banking and Securities Commission and of the Bank of Mexico, in the exercise of their respective attributes, as well as, of the other competent financial authorities in the terms that the laws provide.

EIGHTH.-

The services consisting of the issuance, administration, redemption and transmission of electronic payment funds that the institution provides by virtue of this authorization, as well as the other operations that it carries out, as well as its organization and operation in general, will be subject, in what is not expressly indicated in this office memo, to the Law to Regulate Financial Technology Institutions, to the rules and general provisions applicable to Financial Technology Institutions issued by the National Banking and Securities Commission, to the provisions that regarding its operations issues the Bank of Mexico and to the other norms and provisions in force and those that are issued in the future by any competent authority, including those relative to operations with resources of illicit origin and financing of terrorism, that by their nature result applicable.

In relation to the above exposed, MercadoLibre, S.A. de C.V., Electronic Payment Funds Institution, must observe the terms and attend to the obligations contained in Office Memo No. P030/2021 dated March 5, 2021.

The present, is issued based on articles 16, sections I and XVII of the Law of the National Banking and Securities Commission and 12 and 41, section I of the Internal Regulations of the National Banking and Securities Commission.

Sincerely

Mexico City, on March 5, 2021. -

Juan Pablo Graf Noriega .- Signature.

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