Official Letter Authorizing the Organization and Operation of Crowd Up Mex, S.A.P.I. de C.V., a Collective Financing Institution

DOF: 08/10/2021

OFFICIAL LETTER granting authorization for the organization and operation of a collective financing institution to be named Crowd Up Mex, S.A.P.I. de C.V., Collective Financing Institution.

At the margin, a seal with the National Emblem, which reads: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.- Presidency.- Official Letter No.: P315/ 2021.

Subject:

Authorization for the organization and operation of a collective financing institution to be named Crowd Up Mex, S.A.P.I. de C.V., Collective Financing Institution.

CROWD UP MEX, S.A.P.I. DE C.V.

62nd Street No. 501, Interior 2, Office C
Yucatán Industrial Park Neighborhood
Postal Code 97300, Mérida, Yucatán.

TO:

MR. JOSÉ ENRIQUE LÓPEZ LAGUNAS
Legal Representative

With writings presented on December 13, 2019, and January 10, 2020, Crowd Up Mex, S.A.P.I. de C.V. (Crowd Up or the company) requested authorization from the National Banking and Securities Commission (Commission) to organize and operate as a collective financing institution to be named Crowd Up Mex, S.A.P.I. de C.V., Collective Financing Institution, attaching the corresponding supporting information and documentation.

As background, it should be noted that this Commission warned Crowd Up within the period established in the Law for the Regulation of Financial Technology Institutions, so that it would address various observations and recommendations regarding its authorization request.

Regarding the above, Crowd Up submitted various documents and information in order to respond to the aforementioned warning. Likewise, this authority required Crowd Up to submit various complementary documents and information in order to be in a position to address its authorization request, so that company complied with the request for complementary information and sent updated documentation and information regarding its file. The company requested an extension of the resolution period and a prolongation for the processing, which were granted.

On this matter, the Interinstitutional Committee in the session held on September 27, 2021, based on articles 11 and 35, in relation to article 15 of the Law for the Regulation of Financial Technology Institutions, and

CONSIDERING

FIRST. - That the documentation and information presented in connection with the authorization request for the organization and operation of the collective financing institution to be named Crowd Up Mex, S.A.P.I. de C.V., Collective Financing Institution, meets the requirements provided for in article 15, in relation to article 39 of the Law for the Regulation of Financial Technology Institutions and with articles 3, 4 and 6 of the General Provisions applicable to Financial Technology Institutions.

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

AGREEMENT

"THIRD.- The members of the Interinstitutional Committee, based on articles 11 and 35, in relation to article 15 of the Law for the Regulation of Financial Technology Institutions, unanimously approve the authorization for the organization and operation of a Collective Financing Institution to be named Crowd Up Mex, S.A.P.I. de C.V., Collective Financing Institution, under the terms of the proposal presented. "

The above agreement is adopted without prejudice to the other authorizations that, in connection with the act described, must be obtained from the National Banking and Securities Commission, in accordance with the applicable provisions, as well as the exercise of the powers attributed to said Commission during the organization process of Crowd Up Mex, S.A.P.I. de C.V., Collective Financing Institution, in which all applicable conditions and requirements for the start of operations must be met.

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

BASES

FIRST.-
The name of the company will be Crowd Up Mex, S.A.P.I. de C.V., Collective Financing Institution.

SECOND.-
It will have its corporate domicile in Mérida, Yucatán.

THIRD.-
Its duration will be indefinite.

FOURTH.-
The amount of its initial share capital will be $7,000,000.00 (seven million pesos 00/100 M.N.).

FIFTH.-
Its corporate purpose will correspond to the performance of all activities in national currency contemplated in articles 15, 16, fraction III and 19 of the Law for the Regulation of Financial Technology Institutions.

SIXTH.-
The authorization referred to in this official letter is, by its very nature, non-transferable.

SEVENTH.-
The institution will be subject to the supervision of the National Banking and Securities Commission and the Bank of Mexico, in the exercise of their respective powers, as well as, of the other competent financial authorities in the terms established by law.

EIGHTH.-
The services consisting of collective financing of co-ownership or royalties that the institution provides by virtue of this authorization, as well as the other operations it carries out, as well as its organization and operation in general, will be subject, in what is not expressly stated in this official letter, to the Law for the Regulation of 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 regarding its operations issued by the Bank of Mexico and to the other current norms and provisions and those that are issued in the future by any competent authority, including those related to operations with resources of illicit origin and financing of terrorism, which by their nature are applicable.

In view of what is established in article 69, fraction VI of the Law for the Regulation of Financial Technology Institutions, this authorization may be revoked if Crowd Up Mex, S.A.P.I. de C.V., Collective Financing Institution does not commence operations within a period of six months counted from the notification of this authorization.

For the purposes of the above, Crowd Up Mex, S.A.P.I. de C.V., Collective Financing Institution must prove to this Commission at least thirty business days in advance of the start of its operations the compliance with the requirements established in article 40 of the Law for the Regulation of Financial Technology Institutions.

Finally, in a separate official letter, this Commission will make known to that company the various documents and information that Crowd Up Mex, S.A.P.I. de C.V., Collective Financing Institution must prove to this authority in accordance with what is established in article 40 of the Law for the Regulation of Financial Technology Institutions.

This is issued based on articles 16, fractions I and XVII of the Law of the National Banking and Securities Commission and 12 and 41, fraction I of the Internal Regulations of the National Banking and Securities Commission.

Respectfully,

Mexico City, September 30, 2021. - President, Juan Pablo Graf Noriega. - Signature.

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