Office Order revoking the authorization granted to Caja Solidaria Ayotl, S.C. de A.P. de R.L. de C.V. to operate as a savings and loan cooperative society

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DOF: 23/04/2018

OFFICE ORDER revoking the authorization granted to Caja Solidaria Ayotl, S

At the margin a seal with the National Coat of Arms, which says: United Mexican States.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.- Office No.: P091/2018.- Exp.: CNBV.212.421.252() " 2017/May/23,2017/May/23 " /RR/01/.

Subject:

Your authorization to operate as a savings and loan cooperative society is revoked.

CAJA SOLIDARIA AYOTL, S.C. DE A.P. DE R.L. DE C.V.

Hidalgo No. 11-A, Col. Centro,

C.P. 48050, Ayutla, Jalisco.

Attention: C. Ma. Guadalupe Morán Colín. General Manager.

This National Banking and Securities Commission, based on the provisions of articles 84 of the Law for the Regulation of Savings and Loan Cooperative Societies Activities (hereinafter LRASCAP) and 12, fraction V, of the Law of the National Banking and Securities Commission (hereinafter LCNBV); with the object of complying with said legal frameworks, issues this resolution revoking the authorization to operate as a savings and loan cooperative society, which was previously granted to the society named Caja Solidaria Ayotl, S.C. de A.P. de R.L. de C.V., in accordance with the following:

ANTECEDENTS

I.

Through office 210-27678/2013 and 120-059/2013, of July 4, 2013, authorization was granted to operate as a Savings and Loan Cooperative Society to the entity named Caja Solidaria Ayotl, S.C. de A.P. de R.L. de C.V. (hereinafter AYOTL, Entity or Society, interchangeably), whose last registered address with this Decentralized Body is located at Hidalgo No. 11-A, Col. Centro, C.P. 48050, Ayutla municipality, Jalisco.

II.

Through an Extraordinary General Assembly on November 23, 2016, which was formalized through public deed 8,069 of December 15, 2016, granted before the public notary 2 of EL Salto, Jalisco, Lic. Javier Alejandro Macías Preciado, AYOTL agreed to transfer its assets and liabilities to the society named Cooperativa de Ahorro y Préstamo Caja Popular Atemajac S.C. de A.P. de R.L. de C.V. (hereinafter Atemajac), as well as its dissolution and liquidation.

III.

Through a written submission of February 14, 2017, presented at the Common Registry Office of this Commission on the 16th of the same month and year, AYOTL informed this Decentralized Body that " as of the date, there is a 95% progress in the dissolution and liquidation procedure of the society I represent, for these reasons, this authority finds it necessary, in the possibility of carrying out the revocation of the authorization granted to my represented party to operate as a savings and loan cooperative society ".

IV.

Through a written submission of March 29, 2017, presented at the Common Registry Office of this Commission on April 11 of the same year, that Entity submitted its financial statements, with figures as of December 2016, in extension to the different one of February 14, 2017, referred to in the preceding paragraph.

V.

Through office 212/61919/2017, of September 29, 2017 (personally notified on October 19, 2017, at the address registered with this Decentralized Body), this Commission summoned AYOTL to revoke its authorization to operate as a savings and loan cooperative society, given that it determined that that Society might have fallen under the cause for revocation of its authorization to operate as such, provided for in fraction XII of article 84 of the LRASCAP.

Likewise, in terms of the aforementioned office, this Decentralized Body granted AYOTL a term of ten business days counted from the next business day after which the notification of the same took effect, so that, in exercise of its right to be heard, it would manifest what was convenient for its rights, offer evidence and formulate arguments, in relation to the cause for revocation for which it was summoned.

VI.

Through office 212/61920/2017, of September 29, 2017, this Commission made known to the Auxiliary Supervision Committee of the Auxiliary Supervision Fund of Savings and Loan Cooperative Societies and Protection of its Savers, that AYOTL might have fallen under the cause for revocation of its authorization to operate as a savings and loan cooperative society, provided for in article 84, fraction XII, of the LRASCAP; for which reason, based on the provisions of the first paragraph of the cited article of the referenced regulatory body, it requested said Supervision Fund to issue an opinion on the matter.

VII.

Through a written submission of November 28, 2017, presented at the Common Registry Office of this Commission on December 5 of the same year, the Auxiliary Supervision Committee of the Auxiliary Supervision Fund of Savings and Loan Cooperative Societies and Protection of its Savers, issued an opinion regarding the possible updating of the cause for revocation in which AYOTL was allegedly located, stating to that effect that " in accordance with the LRASCAP in its Article 84 fraction XII, it resolves to opine that the declaration of the revocation of the authorization to Caja Solidaria AYOTL, S.C. de A.P. de R.L. de C.V., to operate as a Savings and Loan Cooperative Society is procedent ".

VIII.

From the records held in the files of this Commission, it is evident that despite the term granted to that Entity through the summons office 212/61919/ 2017, of September 29, 2017, to exercise its right to be heard regarding the possible updating of the cause for revocation of its authorization to operate as a savings and loan cooperative society, AYOTL did not exercise it.

IX.

On March 15, 2018, the revocation of AYOTL's authorization was submitted to the consideration of the Governing Board of the National Banking and Securities Commission, based on the facts stated in the preceding paragraphs of this chapter and adopted, regarding that Society, the Twenty-Fifth Agreement, of which a certification is attached to this resolution and transcribed, for its prompt reference below:

" TWENTY-FIFTH.- The members of the Governing Board, based on articles 12, fraction V of the Law of the National Banking and Securities Commission and 84, first paragraph and fraction XII of the Law for the Regulation of Activities of Savings and Loan Cooperative Societies, taking into consideration the favorable opinions of the Sanctions Committee and the Authorizations Committee, both of the National Banking and Securities Commission issued in their sessions held on February 28 and March 8, 2018, respectively, agreed unanimously to revoke the authorization granted to Caja Solidaria Ayotl, S.C. de A.P. de R.L. de C.V. to continue carrying out savings and loan operations through office 210- 27678/2013 and 120-059/2013 of July 14, 2013, due to its dissolution and liquidation, in the terms contained in the resolution attached to the note respective and which forms part of this agreement . "

Deriving from the above, the reasons and legal provisions that support and motivate the revocation of the authorization, to operate as a savings and loan cooperative society, which was previously granted to Caja Solidaria Ayotl, S.C. de A.P. de R.L. de C.V., are exposed below, in accordance with the following:

CONSIDERATIONS

FIRST. Based on the provisions of articles 10 and 84 of the LRASCAP, in relation to what is established in articles 4, fractions XI and XXXVIII, as well as 12, fractions V and XV, of the LCNBV, this Decentralized Body is empowered to authorize the constitution and operation of societies savings and loan cooperative societies and, if applicable, to agree on the revocation of such authorizations. This is because, in terms of the provisions of article 84 of the LRASCAP, this Commission, prior to hearing of the interested Society, may declare the revocation of the authorization granted in the cases therein referred to, among which is that established in fraction XII, which for prompt reference is transcribed below:

" Article 84.- The Commission may declare the revocation of the authorizations granted in terms of Article 10 of this Law, to 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:

...

XII .

If it is dissolved, liquidated or bankrupt.

... "

SECOND. That this National Banking and Securities Commission through office 212/61920/2017, of September 29, 2017, cited in paragraph VI of the antecedents section of this resolution, in strict compliance and observance of what is provided in the first paragraph of article 84 of the LRASCAP, requested the Auxiliary Supervision Committee of the Auxiliary Supervision Fund of Savings and Loan Cooperative Societies and Protection of its Savers, an opinion regarding the cause for revocation of the authorization to operate as a savings and loan cooperative society which was previously granted to AYOTL, who through written submission of November 28, 2017, presented at the Common Registry Office of this Commission on December 5 of the same year (referred to in paragraph VII of the antecedents section of the present resolution), issued an opinion in the sense of stating that " in accordance with the LRASCAP in its Article 84 fraction XII, it resolves to opine that the declaration of the revocation of the authorization to Caja Solidaria AYOTL, S.C. de A.P. de R.L. de C.V., to operate as a Savings and Loan Cooperative Society is procedent ".

Therefore, this Commission gave full compliance to what is provided in the first paragraph of article 84 of the LRASCAP, fulfilling the requirements provided therein for the procedency of this resolution.

THIRD. From the analysis of the content of office 212/61919/2017, referred to in paragraph V of the antecedents section of this resolution, it is evident that this Commission summoned that Entity, by virtue of the following:

" From the analysis of the information indicated in the writings of February 14 and March 29, both of 2017, referred to in paragraphs II, III and IV of the section of ANTECEDENTS of this office, it is evident that that Entity, through Extraordinary General Assembly of November 23, 2016, agreed to transfer its assets and liabilities to Atemajac, as well as its dissolution and liquidation. Likewise, it is observed that on October 30, 2016 that Society and Atemajac signed the document named " Partial Deed of Assignment of Assets and Liabilities ", by virtue of which, they stipulated that the first referred to cedes to the second, who accepts and assumes, " the rights and obligations derived from the assets and liabilities established ... , as well as any other accessory that derives from the latter ", stating that the date on which said contract would materialize would be December 1, 2016, on which date Ayotl suspended the carrying out of any operation. Likewise, it is appreciated that that Entity, in accordance with what is established in the General Extraordinary Assembly of November 23, 2016, also agreed its dissolution and liquidation, regarding which, from the content of the writing of February 14, 2017, it is evident that that Society has 95% progress in the procedure of dissolution and liquidation corresponding, for which it expressly requested this National Banking and Securities Commission " to carry out the revocation of the authorization granted to it ... to operate as a savings and loan cooperative society " , attaching the documentation that it deemed appropriate to this effect to accredit such situation, among which were the financial statements corresponding to the close of the month of December 2016. Under the aforementioned conditions, it is evident that Ayotl is in a state of dissolution and liquidation, for which reason it may be located in the cause for revocation provided for in fraction XII of article 84 of the LRASCAP, a regulatory provision which is transcribed below: [Article transcribed]

... "

That is, this Decentralized Body summoned AYOTL to revoke its authorization to operate as a savings and loan cooperative society, by virtue of the fact that the Entity itself manifested through writings of February 14 and March 29, both of 2017, having agreed to its dissolution and liquidation, as consequence of the celebration of an asset and liability assignment contract with Caja Popular Atemajac, S.C. de A.P de R.L. de C.V., which presumably placed it in the case of revocation provided for in fraction XII of article 84 of the LRASCAP.

To this effect, it is necessary to point out that the aforementioned summons office 212/61919/2017, of September 29 2017, was duly notified personally on October 19, 2017, at the address indicated registered by that Society before this Decentralized Body; nevertheless, after having carried out a thorough review of the records held in this Commission, as of today, there is no record of that Society having given any response to that effect, and much less of having provided document or means of conviction by virtue of which it would disprove the cause for revocation in which it was allegedly located, for which reason, based on the provisions of article 99, fraction II, of the LRASCAP, this Commission could consider AYOTL fictitiously confessed of the fact that is imputed to it, namely, by being in a state of dissolution and liquidation. For prompt reference, the cited legal provision is transcribed below insofar as it relates:

" Article 99.- The Commission, in the imposition of administrative sanctions that this Law refers to, shall be subject to the following:

...

II.

In the event that the alleged infringer does not make use of the right to hearing referred to in the preceding fraction, within the granted term or, having exercised it, fails to dispel the imputations made against it, the imputed infractions shall be considered proven and the imposition of the corresponding administrative sanction shall proceed;

... "

Notwithstanding the above, in order not to leave that Entity in a state of defenselessness, it is necessary to point out that from the integral and thorough analysis of the content of all and each of the documents referred to in the section of antecedents of this resolution (which are held in the files of this Commission), in special of the writings of February 14 and March 29, both of 2017 presented by AYOTL in the Common Registry Office of this Commission on April 11 and September 29, 2017, respectively, as well as the writing of November 28, 2017, by which the Auxiliary Supervision Committee of the Fund of Auxiliary Supervision of Savings and Loan Cooperative Societies and Protection of its Savers, issued its favorable opinion regarding the updating of the cause for revocation of the authorization that for operate as a savings and loan cooperative society which was previously granted to AYOTL (referred to in the paragraphs III, IV and VII of the section of antecedents of this resolution); it determines the procedency of the cause for revocation for which that Society was summoned.

In effect, from the analysis of the content of the aforementioned writing of February 14, 2017, presented in the Common Registry Office of this Commission on the 16th of the same month and year, it is evident that that Entity informed this Decentralized Body of the following:

" IV.- On October 30, 2016 we celebrated with Caja Atemajac " Partial Deed of Assignment of Assets and Liabilities ", through which the parties agreed in essence the following.

a)

That " CAJA AYOTL " cedes and " CAJA ATEMAJAC " accepts and assumes the rights and obligations derived from the assets and liabilities indicated in the " WORK OF CONSOLIDATION ", as well as any other accessory, that derives from the latter, and with it support the cooperative sector in the protection and rescue of affected savers, since the financial statement presented by " CAJA AYOTL " does not allow it to continue carrying out operations in terms of the Law for the Regulation of Activities of Savings and Loan Cooperative Societies and Loans.

b)

" CAJA AYOTL " will carry out the accounting adjustments and reclassifications provided for in the result of the Consolidation Works, such that the amount of the operating assets and liabilities is as follows: (figures as of June 2016):

a.

LIABILITIES. - $32 ' 059,280.24 (Thirty-Two Million Fifty-Nine Thousand Two Hundred Eighty Pesos 24/100 M.N).

b.

ASSETS. - $32 ' 386,460.66 (Thirty-Two Million Three Hundred Eighty-Four Thousand Six Hundred Sixty Pesos 66/100 M.N).

c.

SOCIAL PARTS. - $1 ' 649,000.00 (One Million Six Hundred Forty-Nine Thousand Pesos 00/100 M.N) at determined value based on " CAJA ATEMAJAC ", agreeing the parties that said value will be covered by this and may vary at the date of transmission, as it is a going concern.

Liquidity

$12 ' 802,375.62

Current Credit Portfolio

$16 ' 386,103.00

Overdue Credit Portfolio

$3 ' 265,462.61

Preventive Estimation P/

$-3 ' 401,650.97

Real Estate, Furniture and Equipment (Net)

$988,373.46

Long-Term Assets Available for Sale

$2 ' 345,706.94

Without prejudice to the above, " CAJA ATEMAJAC " will assume the additional amounts that result at the date on which the material transmission of operating assets and liabilities and partners of " CAJA AYOTL " is carried out.

c)

" CAJA ATEMAJAC " accepted and recognized without reservation all and each of the deposits of money (in its various modalities) that correspond to the savers who make up the operating liabilities of " CAYA AYOTL ".

d)

" CAJA ATEMAJAC " accepted and recognized without reservation all and each of the loans and credits (in its various modalities) granted by " CAJA AYOTL " in favor of its partners and which form part of the operating assets of " CAJA AYOTL ".

e)

" CAJA ATEMAJAC " accepted and recognized without reservation the furniture, equipment, real estate and assets adjudicated to " CAJA AYOTL " with all that they in fact and in law correspond to and form part of the assets of " CAJA AYOTL ".

f)

" CAJA ATEMAJAC " accepted all and each of the Partners that " CAJA AYOTL " reports as of the date on which the material transmission of goods is carried out.

g)

It was agreed that the date on which the partial assignment contract of assets and liabilities would materialize would be December 01, 2016.

V.- On November 30, 2016, the works to materialize the partial assignment contract of assets and liabilities began, with the following actions:

a)

The entire membership of " CAJA AYOTL " was transferred to " CAJA ATEMAJAC ", recognizing its social part, active and passive accounts with figures as of the date of transmission, as it is a going concern.

b)

The transmission of fixed and circulating assets of " CAJA AYOTL " to " CAJA ATEMAJAC " (movable and immovable goods) was carried out through the appropriate legal acts, leaving only the necessary amounts to meet pending administrative obligations such as payment of taxes related to the last bimester of the year.

c)

The liquidation of the workers of " CAJA AYOTL " was carried out, in order to not transmit unnecessary labor obligations to " CAJA ATEMAJAC ", on its part said cooperative jointly carried out the hiring of the personnel it considered pending for its operation.

d)

The administrative and service obligations in charge of " CAJA AYOTL " were rescinded.

VI.- On December 01, 2016, operations began in the name and account of " CAJA ATEMAJAC ", so that " CAJA AYOTL " suspended all types of operations, having initiated the transmission processes and as a consequence of the dissolution of the society.

VII.- As of the date, there is a 95% progress in the dissolution and liquidation procedure of the society I represent, for these reasons, this authority finds it necessary, in the possibility of carrying out the revocation of the authorization granted to my represented party to operate as a savings and loan cooperative society or through office number 311-12399/ 2013 CNBV.311.311.16 " 2013-09-10 ".

... "

Additionally, in the aforementioned writing of February 14, 2017, that Entity attached various documents, from which the following are evident:

a)

Copy of the " Partial Deed of Assignment of Assets and Liabilities " that that Entity celebrated with Caja Popular Atemajac, S.C. de A.P de R.L. de C.V.

b)

Copy of the electronic commercial folio 3275, as well as of deed 8,069, of December 15, 2016, by which the act of October 23 of the cited year was formalized, in which the assignment and transmission of assets and liabilities of AYOTL with an entity authorized by this Commission was approved, as well as its dissolution and liquidation.

c)

Copy of the minutes of the 19th Ordinary Meeting of the Board of Directors of the society named Caja Popular Atemajac, S.C. de A.P de R.L. de C.V., by which it was approved to carry out the transmission of assets and liabilities with AYOTL.

These, to which probative value is granted, based on the provisions of articles 129, 130, 133, 197, 202, 203 and 204 of the Federal Civil Procedure Code, applicable in terms of what is provided in article 97, last paragraph, of the LRASCAP, and from whose analysis and joint valuation it is evident that AYOTL agreed to carry out a transmission of its assets and liabilities to Caja Popular Atemajac, S.C. de A.P de R.L. de C.V., for which it celebrated a " Partial Deed of Assignment of Assets and Liabilities " with said cooperative society, which was duly formalized before the competent registry authority accrediting (with figures as of December 2016) the progress of the process of dissolution and liquidation agreed.

Likewise, it is necessary to point out that by written submission of March 29, 2017, presented at the Common Registry Office of this Commission on April 11 of the same year, in extension to the different one of February 14, 2017, AYOTL submitted its financial statements, with figures as of December 2016, in order to accredit what was stated in its different one of February 14, 2017.

On the other hand, through a written submission of November 28, 2017, received on December 12 of the same year, the Auxiliary Supervision Committee of the Auxiliary Supervision Fund of Savings and Loan Cooperative Societies and Protection of its Savers, issued an opinion regarding the cause for revocation in which AYOTL was allegedly located, in the following terms:

---

Since October 2016, the operation for the transmission of Liabilities backed by Assets between both Societies was consummated, and on December 1, 2016, the carrying out of any operation was suspended. In view of the progress in the dissolution and liquidation of Caja Solidaria AYOTL, S.C. de A.P. de R.L. de C.V., which refers to 95% to September 2017, in the opinion of this Auxiliary Supervision Committee of the Protection Fund, in accordance with Article 84, fraction XII of the LRASCAP, it resolves to opine that the declaration of the revocation of the authorization to Caja Solidaria AYOTL, S.C. de A.P. de R.L. de C.V. to operate as a Savings and Loan Cooperative Society is procedent.

... "

In view of the above, it should be noted that in accordance with the information available to this Commission, contained in the writings of February 14 and March 29, both of 2017, the summons letter 212/ 61919/2017, of September 29, 2017, and the opinion issued by the Auxiliary Supervision Committee of the Fund for the Auxiliary Supervision of Savings and Loan Cooperative Societies and for the Protection of their Savers, through a writing of November 28, 2017, AYOTL is currently in a state of dissolution and liquidation, having so agreed through an Extraordinary General Assembly of November 23, 2016, as a consequence of the celebration of a contract for the assignment of assets and liabilities with Caja Popular Atemajac, S.C. de A.P de R.L. de C.V.

Furthermore, it is worth highlighting that another element that allows this Commission to conclude that that Entity falls under the cause for revocation established in fraction XII of Article 84 of the LRASCAP is the fact that in its writing of March 29, 2017 (referred to in numeral IV of the Background section of this resolution), that Society expressly stated that "due to the situation of instability and impossibility to continue on its own with its intermediation operations... it has decided to opt for its orderly exit", which constitutes an express confession on its part in the sense that that society has determined (through the transmission of its assets and liabilities and subsequent dissolution and liquidation) its exit from the popular savings and credit sector and, therefore, from the national financial system.

This is reinforced by the fact that it was that Society which, through a writing of February 14, 2017, stated that "this authority, if it deems it necessary, in the possibility of carrying out the revocation of the authorization granted to my represented entity to operate as a savings and loan cooperative society or through letter number 311-12399/2013 CNBV.311.311.16 " 2013-09-10 "; that is, as a consequence of the transmission of its assets and liabilities, it expressly manifested its agreement with the revocation process being carried out.

For the above, this Commission determines that the cause for revocation for which that Entity was summoned is met, that is, that AYOTL is in a state of dissolution and liquidation, in terms of what is provided in Article 90, fraction I, and 91 of the LRASCAP and, therefore, it falls under the cause for revocation provided for in fraction XII of Article 84 of the cited legislation, which is transcribed below:

" Article 84.- The Commission may declare the revocation of the authorizations granted in terms of Article 10 of this Law, to Savings and Loan Cooperative Societies with Operation Levels I to IV, after having heard the opinion of the Auxiliary Supervision Committee and prior to the hearing of the interested Society, in the following cases:

...

XII.

If it is dissolved, liquidated, or bankrupt.

... "

Based on the foregoing, the National Banking and Securities Commission, prior to the agreement of its Board of Directors, taken in its ordinary session held on March 15, 2018, and with the object of preserving the stability of the financial system as a whole, safeguarding the interests of the public:

RESOLVES

FIRST. This Decentralized Body, based on what is provided in Articles 84, fraction XII, of the LRASCAP and 12, fraction V, of the LCNBV; as well as in accordance with the Twenty-Fifth Agreement, adopted by the Board of Directors of said Commission in its ordinary session held on March 15, 2018, and the considerations exposed in this resolution, revokes the authorization to operate as a savings and loan cooperative society, granted to the society named Caja Solidaria Ayotl, S.C. de A.P. de R.L. de C.V., through letters 210-27678/2013 and 120-059/2013, of July 4, 2013.

SECOND. From the date of notification of this resolution, Caja Solidaria Ayotl, S.C. de A.P. de R.L. de C.V. is unable to carry out operations, in accordance with what is provided in Article 84, third paragraph, of the LRASCAP.

THIRD. Based on what is provided in Articles 84, last paragraph, of the LRASCAP and 19 of the LCNBV, Caja Solidaria Ayotl, S.C. de A.P. de R.L. de C.V. must certify before this Commission, within a period of 60 business days following the publication of this resolution in the Official Gazette of the Federation, the designation of the corresponding liquidator.

FOURTH. Based on what is provided in Article 84, second paragraph, of the LRASCAP, this letter shall be registered in the corresponding Public Commerce Registry and published in the Official Gazette of the Federation, as well as in two newspapers of wide circulation in the geographic area where said Society operated.

FIFTH. Based on what is established in the penultimate paragraph of Article 16 of the LCNBV, in Articles 4, fractions I, section B and II, section B, subsection 26), 9 and 12 of the Internal Regulations of the National Banking and Securities Commission, published in the Official Gazette of the Federation on November 12, 2014; as well as 51 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 said Commission, published in the Official Gazette of the Federation on November 30, 2015, updated with the reforms published in said Gazette on December 14, 2016, and in terms of what is ordered in the Twenty-Seventh Agreement, adopted by the Board of Directors of said Commission in its ordinary session held on March 15, 2018, it is delegated indistinctly to the public servants of this Commission, Karla Patricia Montoya Gutiérrez, María Isabel Almaráz Guzmán, Josué Martínez Rocha, Mariana Vázquez Bracho García, Ivonne Marcela López Franco, Melissa Fernanda Portillo Valdepeña, José Luis García González, Ángel Jonathan García Romo, Saúl Hernández Pérez, Manuel Erwin Vásquez Rafael, Alberto Erick Méndez Medina, Juan Carlos Macías Luna, Alfredo Omar Morlan Fernández, Luis Antonio Rodríguez Rodríguez, José Alberto Jiménez Rosales, Rogelio García Martínez, Rosa Cristina Avalos Gutiérrez, David Rodrigo Mejía Ríos, Lourdes Andrea Chavero Gaitan, Cesar Javier Jiménez Ramírez, José Luis Moreno Martínez, Tania Patricia Morales Reyes, Mariana Cecilia Luna Rivera and Francisco Godínez Ayala, the charge of notifying, jointly or separately, this letter by which compliance is given to the agreement adopted by the Board of Directors of said Commission.

The above is made known to you based on what is provided in Articles 16, fraction VI, and penultimate paragraph, of the Law of the National Banking and Securities Commission and 12 of the Internal Regulations of the National Banking and Securities Commission, as well as in terms of the Twenty-Sixth Agreement, adopted by the Board of Directors of said Commission in its ordinary session held on March 15, 2018.

This was provided by the President of the National Banking and Securities Commission and signed in substitution for his absence by the Legal Vice President of the National Banking and Securities Commission, based on what is provided in Articles 4, fraction I, section A, fraction II, section A, subsection 7), 12 and 54 of the Internal Regulations of the National Banking and Securities Commission.

Respectfully,

Mexico City, March 20, 2018. - The Legal Vice President, Edgar Manuel Bonilla del Ángel. - Rubric.

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