Official Letter modifying the authorization to organize, operate and function as a surety institution granted to Cesce Fianzas México, S.A. de C.V. — SHCP — MX

Official Gazette of the Federation: 10/02/2023

OFFICIAL LETTER whereby the authorization to organize, operate and function as a surety institution granted to Cesce Fianzas México, S.A. de C.V. is modified

In the margin a seal with the National Shield, reading: United Mexican States.- FINANCE.- Ministry of Finance and Public Credit.- National Insurance and Surety Commission.- Presidency.- File: C00.411.3S.2-F0023"20".- Official Letter No. 06-C00-41000-09516/2022.- Legal Vice-Presidency.- General Legal Advisory and Intermediaries Directorate.

CESCE FIANZAS MÉXICO, S.A. DE C.V.

Andrés Bello 45, floor 22

Polanco Chapultepec Neighborhood

Miguel Hidalgo Borough

Postal Code 11560, Mexico City

SUBJECT:

The authorization to

organize, operate and function as

a surety institution granted to

Cesce Fianzas México, S.A. de C.V. is modified.

The Federal Government, through the National Insurance and Surety Commission, prior to Agreement of its Governing Board, based on articles 2, section I, 17, 26 and 31, section VIII, of the Organic Law of the Federal Public Administration; 2, section D section III, 98-B and 98-C of the Internal Regulations of the Ministry of Finance and Public Credit; 11, 45, 75, 335, section I, 366, section VIII, 367, sections I and II, 369, section II, 370, last paragraph, 372, section XLI, and 373 of the Law of Insurance and Surety Institutions; as well as in articles 4, sections I and II, 6 and 9 of the Internal Regulations of the National Insurance and Surety Commission; issues the present Resolutions in attention to the following Background and Considerations:

BACKGROUND

FIRST.- Cesce Fianzas México, S.A. de C.V., was authorized by the Ministry of Finance and Public Credit to organize, operate and function as a subsidiary surety institution of the foreign financial institution Compañía Española de Seguros de Crédito a la Exportación, S.A., through the related society Consorcio Internacional de Aseguradores de Crédito, S.A., both from the Kingdom of Spain, in order to practice the surety operation, in the branches of fidelity sureties, in the individual and collective sub-branches; judicial sureties, in the criminal judicial, non-criminal judicial and judicial sureties that protect drivers of motor vehicles sub-branches; administrative sureties, in the work, supply, tax, leasing and other administrative sureties sub-branches; credit sureties, in the supply, sale and purchase, financial and other credit sureties sub-branches; through Official Letter 101.- 524 of December 21, 2010, published in the Official Gazette of the Federation on March 1, 2011.

SECOND.- By writing of December 15, 2020, the aforementioned institution requested authorization to suppress from its operation the branches of fidelity and credit sureties and their respective sub-branches that were authorized to it; approval to reform its social statutes and the consequent modification of its authorization to operate as a surety institution.

THIRD.- That the Governing Board of this Commission, in its Session 229 of September 15, 2022, taking into consideration the favorable opinion issued by the Authorizations Committee of the same Commission, agreed as follows:

" SINGLE.- THE authorization under which Cesce Fianzas México, S.A. de C.V. operates is MODIFIED, in order to suppress the practice of the branches of fidelity sureties, in the individual and collective sub-branches; and credit sureties, in the supply, sale and purchase, financial, and other credit sureties sub-branches that it has authorized; eliminate the precepts that allude to the Federal Law of Surety Institutions, legislation repealed as of April 4, 2015; eliminate the reference to the amount of its share capital, substituting it with a wording that establishes that the institution must have the minimum paid capital that is determined for the year in question, for each branch or sub-branch that it has authorized, which must be expressed in Investment Units and that must be covered in national currency, in terms of article 49, first paragraph, of the LISF; and omit the words " Federal District " from its social domicile, in accordance with the " Decree declaring various provisions of the Political Constitution of the United Mexican States reformed and repealed, in matters of the political reform of Mexico City " , published in the DOF of January 29, 2016.

" This based on articles 11, 36, sections I, subsections a) and b), IV, subsections a), b) and c), 41, sections I to V and VIII, 45, 66, 75, 335, section I, and 369 section II, of the Law of Insurance and Surety Institutions; in Provisions 2.1.1. to 2.1.4., 2.3.1. to 2.3.3., Annex 2.1.3-e, and in Chapters 39.1. and 39.6. of the Single Insurance and Surety Circular. "

FOURTH.- Through Official Letter 06-C00-41100-06877/2022 of September 15, 2022, this Decentralized Body approved the reform to the second clause of the social statutes of Cesce Fianzas México, S.A. de C.V., and by Official Letter 06-C00-41100-07067/2022 of the same date, the aforementioned agreement of the Governing Board of this Commission was notified to that institution.

FIFTH.- Through Official Letter 06-C00-41100-07131/2022 of October 27, 2022, this Commission ordered that institution the registration in the corresponding Public Registry of Commerce of the public deed number 80,716 of October 5, 2022, granted before the faith of Lawyer Ignacio Soto Sobreyra y Silva, holder of Public Notary 113 of Mexico City, in which the protocolization of the minutes of the extraordinary general shareholders meeting of that institution is recorded where the reform of the second clause of its social statutes was resolved by suppression in its corporate purpose of the practice of the branches of fidelity sureties, in the individual and collective sub-branches; and credit sureties, in the supply, sale and purchase, financial and other credit sureties sub-branches.

CONSIDERING

FIRST.- That article 369, section II, of the Law of Insurance and Surety Institutions, provides that it is competence of the Governing Board of this Commission, to modify the authorizations to organize, operate and function as a surety institution.

SECOND.- That in terms of what is indicated in Background Third of this Official Letter the Governing Board of this Commission in its Session 229 of September 15, 2022, agreed to modify the authorization granted to that surety institution.

Attentive to the above, the following are issued:

RESOLUTIONS

FIRST.- The preamble, as well as Articles First, Second and Third of the authorization granted to Cesce Fianzas México, S.A. de C.V., to organize and function as a subsidiary surety institution, are modified, in order to remain:

« AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO CESCE FIANZAS MÉXICO, S.A. DE C.V, TO ORGANIZE AND FUNCTION AS A SUBSIDIARY SURETY INSTITUTION OF THE FOREIGN FINANCIAL INSTITUTION COMPAÑÍA ESPAÑOLA DE SEGUROS DE CRÉDITO A LA EXPORTACION, S.A., THROUGH THE RELATED SOCIETY CONSORCIO INTERNACIONAL DE ASEGURADORES DE CRÉDITO, S.A., BOTH FROM THE KINGDOM OF SPAIN, IN THE FOLLOWING TERMS:

ARTICLE FIRST.- In use of the faculty that to the Federal Government through the Ministry of Finance and Public Credit was conferred by articles 5° and 15-C of the repealed Federal Law of Surety Institutions and that, as of April 4, 2015, confer articles 11 and 75 of the Law of Insurance and Surety Institutions to the National Insurance and Surety Commission, Cesce Fianzas México, S.A. de C.V., is authorized to organize and function as a subsidiary surety institution of the foreign financial institution Compañía Española de Seguros de Crédito a la Exportación, S.A., through the related society Consorcio Internacional de Aseguradores de Crédito, S.A., both from the Kingdom of Spain.

ARTICLE SECOND.- The subsidiary surety institution referred to in this resolution is authorized in terms of the provisions of article 36, sections II, subsections a) to c), and III, subsections a) to e), of the Law of Insurance and Surety Institutions, to practice the surety operation, in the following branches and sub-branches:

I.- Judicial sureties, in the following sub-branches:

a) Criminal judicial;

b) Non-criminal judicial; and

c) Judicial that protect drivers of motor vehicles.

II.- Administrative sureties, in the following sub-branches:

a) Work;

b) Supply;

c) Tax;

d) Leasing; and

e) Other administrative sureties.

ARTICLE THIRD.-

The subsidiary surety institution to which this resolution refers, will be subject to the provisions of the Law of Insurance and Surety Institutions, as well as those derived from it, to the General Law of Commercial Companies, to the other laws that are applicable to it, to the " Economic Association Agreement, Political Coordination and Cooperation between the United Mexican States, on the one part, and the European Community and its Member States, on the other " and, in particular, to the following bases:

I.- Its name will be " CESCE FIANZAS MEXICO, Sociedad Anónima de Capital Variable " .

II.- Its share capital will be variable according to the following:

a).- The institution must have the minimum paid capital that is determined for the year in question, for each branch or sub-branch that is authorized to it, expressed in Investment Units and that must be covered in national currency as ordered by article 49, first paragraph, of the Law of Insurance and Surety Institutions.

b).- The variable capital with right of withdrawal in no case may be superior to the paid capital without right of withdrawal.

III.- Its social domicile will be Mexico City.

« ... »

SECOND.- The authorization granted to Cesce Fianzas México, S.A. de C.V., to organize, operate and function as a subsidiary surety institution, after the modification indicated in the previous Resolution, remains entirely as indicated below:

I.- Judicial sureties, in the following sub-branches:

a) Criminal judicial;

b) Non-criminal judicial; and

c) Judicial that protect drivers of motor vehicles.

II.- Administrative sureties, in the following sub-branches:

a) Work;

b) Supply;

c) Tax;

d) Leasing; and

e) Other administrative sureties.

ARTICLE THIRD.-

I.- Its name will be " CESCE FIANZAS MEXICO, Sociedad Anónima de Capital Variable " .

II.- Its share capital will be variable according to the following:

b).- The variable capital with right of withdrawal in no case may be superior to the paid capital without right of withdrawal.

III.- Its social domicile will be Mexico City.

ARTICLE FOURTH.- By its own nature, this authorization is non-transferable. »

THIRD.- This Official Letter must be published in the Official Gazette of the Federation and in two newspapers of wide circulation of the social domicile of the institution, within the one hundred twenty days following the date of its notification to Cesce Fianzas México, S.A. de C.V., in terms of the provisions of article 75, second paragraph, in relation to 11 of the Law of Insurance and Surety Institutions, at the cost of the interested parties.

This official letter is issued based on the information provided by the promoter contained in the submitted writings and is limited exclusively to the modification of the authorization granted to Cesce Fianzas México, S.A. de C.V., in the described terms that in accordance with the applicable provisions corresponds to this Commission to resolve, and does not prejudge any act that said society carries out and that implies the prior authorization or approval of other financial, administrative, tax or any other nature authorities, in terms of the current regulations, nor does it validate the legality or validity of the same in case that said authorizations or approvals are not obtained.

The above based on articles 2, section I, 17, 26 and 31, section VIII, of the Organic Law of the Federal Public Administration; 2, section D section III, 98-B and 98-C of the Internal Regulations of the Ministry of Finance and Public Credit; 11, 45, 75, 335, section I, 366, section VIII, 367, sections I and II, 369, section II, 370, last paragraph, 372, section XLI, and 373 of the Law of Insurance and Surety Institutions; as well as in articles 4, sections I and II, 6 and 9 of the Internal Regulations of the National Insurance and Surety Commission.

Sincerely

Mexico City, October 31, 2022. - The President of the National Insurance and Surety Commission, Ricardo Ernesto Ochoa Rodríguez.- Signature.

(R.- 531802)

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