Official Letter Granting Authorization for the Organization and Operation of a Collective Financing Institution Named Grupo Finansiell, S.A.P.I. de C.V., Collective Financing Institution

DOF: 29/04/2021

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

A seal bearing the National Coat of Arms appears on the margin, which reads: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.- Presidency.- Official Letter No.: P012/ 2021.

Subject:

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

GRUPO FINANSIELL, S.A.P.I. DE C.V.

Av. Insurgentes Sur No. 1602, Floor 11, Suite 1102 Col. Crédito Constructor, Postal Code 03940, Benito Juárez Borough, Mexico City

TO:

Mr. JUAN CARLOS FLORES ACEVEDO
Legal Representative

With a written submission presented on September 4, 2019, Grupo Finansiell, S.A.P.I. de C.V. requested authorization from the National Banking and Securities Commission (Commission) to organize and operate as a collective financing institution to be named Grupo Finansiell, 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 issued a notice to Grupo Finansiell, S.A.P.I. de C.V. within the timeframe established in the Law to Regulate Financial Technology Institutions, in order for it to address various observations and recommendations regarding its authorization request, granting the extension requested from this authority.

Regarding the above, Grupo Finansiell, S.A.P.I. de C.V. submitted various documents and information in order to respond to the aforementioned notice. Likewise, this authority requested Grupo Finansiell, S.A.P.I. de C.V. to provide various complementary documents and information in order to be in a position to address its authorization request, so that company attended to the request for complementary information and sent updated documentation and information regarding its file.

On this matter, the Interinstitutional Committee in the session held on January 29, 2021, based on articles 11 and 35, in relation to articles 15 and 16 of the Law to Regulate 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 Grupo Finansiell, 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 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 rest of the regulation applicable to it by its nature.

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

AGREEMENT

" SECOND.- The members of the Interinstitutional Committee, based on article 35 of the Law to Regulate Financial Technology Institutions, unanimously approved the authorization for the organization and operation of a collective financing institution to be named Grupo Finansiell, S.A.P.I. de C.V., Collective Financing Institution, under the terms of the proposal presented and subject to the suspensive condition that that company, fully attends to the points contained in the Annex to the Attentive Note of the present subject, within a term of ninety natural days counted from the next business day following the date of notification of the official letter in which its authorization to organize and operate as a Collective Financing Institution is stated. This, understanding that if the condition is not met within the fixed term, the authorization will be considered non-existent, for all legal effects.

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

BASES

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

SECOND.-
It will have its social domicile in Mexico City.

THIRD.-
Its duration will be indefinite.

FOURTH.-
The amount of its initial social capital will be $ 3 ' 850,000.00 (three million eight hundred fifty thousand pesos 00/100 M.N.) represented by 100,000 ordinary shares, Series " A " , Class I with a nominal value of $1.00 (one peso 00/100 M.N.) each and by 3 ' 750,000 ordinary shares, Series " A " , Class II, with a nominal value of $1.00 (one peso 00/100 M.N.) each, representative of the minimum fixed capital without right to withdrawal.

FIFTH.-
Its corporate purpose will correspond to the activities indicated in article 15 of the Law to Regulate Financial Technology Institutions and it will carry out the operations and the provision of services established in articles 16, fraction I and 19, fractions I, II, III, IV, V, VI, VII, VIII, IX, X and XI of the aforementioned Law to Regulate 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 of the Bank of Mexico, in the exercise of their respective powers, as well as, of the other competent financial authorities under the terms established by law.

EIGHTH.-
The services consisting of collective debt financing that the institution provides by virtue of this authorization, as well as the other operations it carries out, at the same time as its organization and operation in general, will be subject, in what is not expressly stated in this official letter, 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, within the scope of its powers, the Bank of Mexico issues 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 terrorism financing, which by their nature are applicable.

In relation to the above, Grupo Finansiell, S.A.P.I. de C.V., Collective Financing Institution must prove that it has fully attended to within a term of ninety natural days counted from the next business day following the date of notification of this official letter, the points contained in the Annex of Official Letter P014/2021 dated January 29, 2021.

Therefore, until Grupo Finansiell, S.A.P.I. de C.V., Collective Financing Institution proves that it has complied with what is referred to in the preceding paragraph, the publication in the Official Gazette of the Federation of the authorization referred to in article 38 of the Law to Regulate Financial Technology Institutions will take place and will take effect.

Likewise, within the aforementioned term, Grupo Finansiell, S.A.P.I. de C.V., Collective Financing Institution must send to this Commission, the information corresponding to the regulatory reports that are mentioned in article 98 of the General Provisions applicable to Financial Technology Institutions, through its electronic transmission using the Interinstitutional System for Information Transfer (SITI), for which it must previously send to the following email cesiti@cnbv.gob.mx, the name of the person responsible for quality, as well as the name(s) of the person(s) responsible for sending the information, under the terms provided in Annex 20 of the cited General Provisions applicable to Financial Technology Institutions. In this sense, the designation of the person responsible for the quality of the information must fall on executives who are within the two lower hierarchies than that of the general director of Grupo Finansiell, S.A.P.I. de C.V., Collective Financing Institution, who have responsibility for the management of the information, being able to designate as responsible for sending the information more than one person, in function of the type of information in question, in observance of what is established in article 103 of the referenced Provisions.

Finally, this Commission, based on article 45 of the Law to Regulate Financial Technology Institutions, in relation to article 9 of the General Provisions applicable to Financial Technology Institutions and complementarily to the Agreement adopted by the Interinstitutional Committee under the terms previously stated, authorizes Grupo Finansiell, S.A.P.I. de C.V., Collective Financing Institution, to receive amounts of cash from its clients, as well as to send and receive national currency transfers to or from deposit accounts opened in financial entities abroad or in other entities in foreign territory authorized to carry out similar operations to those of the Collective Financing Institutions; both activities in observance of the limits established in the referenced General Provisions applicable to 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, fractions I and III of the Internal Regulations of the National Banking and Securities Commission.

Respectfully

Mexico City, January 29, 2021.- Juan Pablo Graf Noriega .- Signature.

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