Official Letter whereby the authorization granted to National Popular Credit Financial Society, S.A. de C.V., S.F.P., to operate as a Popular Financial Society is revoked

Official Gazette of the Federation: 21/07/2023

OFFICIAL LETTER whereby the authorization granted to National Popular Credit Financial Society, S

In 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.- Legal Vice Presidency.- Contenciosa General Directorate.- Official Letter: P219/2023.- File:

CNBV.2C.9.1 Revocation, 212, " 04/10/2022 - 04/10/ 2022 " , REV/713/EF/01.

Subject:

Revocation of authorization to continue carrying out operations as a Popular Financial Society.

LEGAL REPRESENTATIVE OF POPULAR CREDIT FINANCIAL SOCIETY NATIONAL, S.A. DE C.V., S.F.P.

Av. Vasconcelos 266, Local W, Upper Floor, Commercial Plaza El Rosario, Col. Hacienda El Rosario, Zip Code 66247, San Pedro Garza García, Nuevo León.

This National Banking and Securities Commission, based on the provisions of articles 37 sections VI, VII and X, 96 section IV of the Popular Savings and Credit Law (hereinafter LACP), 2 first paragraph; 4, sections I, XI and XXXVIII, 5 and 16, sections VI and XVII of the Law of the National Banking and Securities Commission (hereinafter LCNBV), insofar as this Decentralized Body of the Secretariat of Finance and Public Credit, has as its purpose to supervise and regulate within the scope of its competence the entities integrating the Mexican financial system, in order to procure their stability and correct functioning, as well as maintain and promote the healthy and balanced development of said system as a whole, in protection of the interests of the public, authorize the constitution and operation of those entities indicated by the laws and, as the case may be, agree on the revocation of the aforementioned authorizations.

In order to comply with the legal provisions cited, the present resolution of revocation of the authorization to continue operating as a Popular Financial Society is issued, which at the time was granted to the society denominated NATIONAL POPULAR CREDIT FINANCIAL SOCIETY, S.A. DE C.V., S.F.P. , (hereinafter Popular National, Entity, Society or Sofipo indistinctly) , according to the following:

I. BACKGROUND

[ ... ]

II.

CONSIDERATIONS

FIRST.

JURISDICTION .

Based on the provisions of articles 37 first paragraph, sections VI, VII and X of the Popular Savings and Credit Law, 2, 4, sections I, XI, and XXXVIII, 12 sections V and XV, 16, sections VI and XVII, of the LCNBV, in accordance with the referenced regulations the National Banking and Securities Commission, as a Decentralized Body of the Secretariat of Finance and Public Credit, is empowered to authorize the constitution and operation as a Popular Financial Society and, as the case may be, to agree on the revocation of said authorizations.

[ ... ]

For the foregoing it is possible to conclude that in accordance with the information with which this Commission counts, as well as by the opinion issued by the Federation, concatenated to the fact that that society did not provide sufficient elements to disprove the causes for revocation for which it was summoned, and even less offered any element of conviction by which it discredited said circumstance, this Commission arrives at the conviction that the causes for revocation for which it was summoned NATIONAL POPULAR CREDIT FINANCIAL SOCIETY , S.A. DE C.V., S.F.P. , contained in sections VI, VII and X of article 37 of the Popular Savings and Credit Law have been updated.

[ ... ]

RESOLVES

FIRST.

This Decentralized Body, based on the provisions of article 37 sections VI, VII and X of the aforementioned Popular Savings and Credit Law and 12, section V and XV, of the Law of the National Banking and Securities Commission; as well as in accordance with the First Agreement adopted by the Governing Board of the own Commission in its extraordinary session held on July 7, 2023, and to the considerations that were exposed in the present resolution, REVOKES to NATIONAL POPULAR CREDIT FINANCIAL SOCIETY , S.A. DE C.V., S.F.P. , the authorization for the organization and functioning as a Popular Financial Society.

SECOND.

From the date of notification of the present resolution, NATIONAL POPULAR CREDIT FINANCIAL SOCIETY , S.A. DE C.V., S.F.P. , will be incapacitated by effect of the revocation to said Popular Financial Society, to carry out operations, and will be placed in a state of dissolution and liquidation, in accordance with what is provided in article 37, penultimate paragraph, of the Popular Savings and Credit Law.

THIRD.

[ ... ]

FOURTH.

[ ... ]

FIFTH.

[ ... ]

The foregoing, is made known to you based on the provisions of articles 16, section VI, and penultimate paragraph, of the Law of the National Banking and Securities Commission and 14 of the Internal Regulations of the National Banking and Securities Commission, as well as in terms of the Second Agreement adopted by the Governing Board of the own Commission in its extraordinary session held on July 7, 2023.

Thus provided the President of the National Banking and Securities Commission, based on what is established in articles 16, sections VI and XVII, of the Law of the National Banking and Securities Commission and signs, in substitution for absence of the same, the Legal Vice President of this Commission, in accordance with what is provided in articles 3, section III, second paragraph, 4, section I, section A, section II, section A, subsection 7), 9, 14 and 60 of the Internal Regulations of the National Banking and Securities Commission.

Sincerely,

Mexico City to 10 of July of 2023. - Legal Vice President of the National Banking and Securities Commission , Lic. Ángel Salvador Vargas Mitre .

In Mexico City, to fourteen of July of 2023 , the undersigned, LIC . JUAN MANUEL HERNÁNDEZ VEGA and LIC . ARMANDO DÍAZ BETANCOURT, Area Directors assigned to the Contenciosa General Directorate of the National Banking and Securities Commission, based on the provisions of articles 16, section I and antepenultimate paragraph, and 17, of the Law of the National Banking and Securities Commission, in relation with articles 1, 17, 42, section VII, and 64 of the Internal Regulations of the National Banking and Securities Commission, published in the Official Gazette of the Federation on 28 of February of 2022; and article 31, section I, subsection 2), of the " Agreement whereby the President of the National Banking and Securities Commission delegates powers to the Vice Presidents, General Directors and Deputy General Directors of the own Commission " , published in the cited information medium on 30 of November of 2015 and modified by agreement published on 14 of December of 2016,

C E R T I F Y

that the present copy constant of ONE SHEET , same that concords faithfully with the archives of this National Banking and Securities Commission, and that we had in sight . - Signatures.

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