PAYMENT SYSTEMS LAW

Published in the Official Gazette of the Federation on December 12, 2002

A seal with the National Coat of Arms is placed at the margin, which reads: United Mexican States.- Presidency of the Republic.

VICENTE FOX QUESADA, President of the United Mexican States, to its inhabitants, know:

That the Honorable Congress of the Union has seen fit to address to me the following

DECREE

"THE CONGRESS OF THE UNITED MEXICAN STATES, DECREES:

PAYMENT SYSTEMS LAW

CHAPTER I

General Provisions

Article 1. This Law is of public order and social interest and aims to promote the proper functioning of the payment systems indicated in this Law itself, by establishing, for the purposes provided for in this legislation, the definitive and irrevocable nature of transfer orders and the compensation and settlement derived from them, which are processed through such systems, including those related to securities transactions.

The provisions of this Law shall also apply to the guarantees and other acts that participants in the payment systems provided for therein grant or enter into for the proper fulfillment of payment obligations generated by transfer orders issued through such systems.

Likewise, this Law shall be applicable to the transactions entered into by the Bank of Mexico in accordance with Article 7, fractions I and II of its law.

Article 2. For the purposes of this Law, the following shall be understood:

I. System Administrator: in singular or plural, the company, entity, or financial institution that operates a Payment System, establishes its Internal Rules, or, where applicable, carries out, in accordance with the regulations applicable to that Payment System, the actions to coordinate the conduct of the Participants;

II. Compensation: the substitution that takes place in accordance with the Internal Rules of a Payment System, of the rights and obligations derived from Transfer Orders, by a single credit or a single obligation, so that only said net credit or obligation is enforceable, without the express consent of the Participants being required for this purpose;

III. Settlement: the debits and credits made in the accounts of the Participants held in the same Payment System in accordance with the Internal Rules, corresponding to the debtor or creditor balances resulting to their charge or in their favor as a consequence of the processing of Accepted Transfer Orders;

IV. Internal Rules: with respect to the same Payment System, the internal rules of adherence and operation, including manuals, procedures, and prevention mechanisms in the event of a Participant's default in that system, adopted in conformity with this Law;

V. Transfer Order: in singular or plural,
a) the unconditional instruction given by a Participant, through a Payment System, to another Participant in that same Payment System, to make available to the beneficiary designated in such instruction, a specific amount in national or foreign currency, or b) the unconditional instruction or notice given by a Participant, through a Payment System, to another Participant in that same Payment System, to effect the alienation, settlement, encumbrance, or delivery of securities.

VI. Accepted Transfer Order: in singular or plural, that Transfer Order that has passed all risk controls established in accordance with the Internal Rules of a Payment System and that, therefore, its Settlement can be effected in accordance with the aforementioned Internal Rules of the Payment System in question;

VII. Participant: in singular or plural, the Bank of Mexico and any financial institution, company, or entity that has been admitted to issue Transfer Orders in any Payment System, in accordance with the Internal Rules applicable to that Payment System, and

VIII. Payment System: in singular or plural, the agreements or procedures that meet the requirements established in Article 3 of this Law, which aim to compensate Transfer Orders or settle Accepted Transfer Orders.

Agreements or procedures that aim to compensate Transfer Orders or settle Accepted Transfer Orders, in which the Bank of Mexico acts as System Administrator, shall also be considered Payment Systems and shall be subject, insofar as applicable, to the provisions of this Law.

Article 3. The following shall be considered Payment Systems those that meet the following requirements:

I. That at least three companies authorized to act as financial institutions in accordance with applicable laws participate, directly or indirectly, and

II. That the average monthly amount of payment obligations that the agreement or procedure in question accepts for its compensation or settlement in a calendar year is equal to or greater than the equivalent of one hundred billion investment units.

The Bank of Mexico shall calculate the aforementioned average monthly amount based on the information provided by the respective entities that administer agreements or procedures aimed at compensating or settling payment obligations derived from fund or securities transfer orders in which at least three financial institutions participate, directly or indirectly. For these purposes, the entities indicated in this paragraph shall be obligated to provide the information requested by the Bank of Mexico.

To determine the minimum amount referred to in this fraction, the value of the investment units announced by the Bank of Mexico through the Official Gazette of the Federation, corresponding to the last day of December of the year immediately preceding that in which the publication referred to in the next article is made, shall be used.

Article 4. The Bank of Mexico shall publish in the Official Gazette of the Federation, in the month of January of each year, the list of agreements or procedures aimed at compensating or settling payment obligations derived from fund or securities transfer orders that have met the requirements provided for in the previous article, as well as those in which the Bank of Mexico acts as System Administrator. From the day following the respective publication, the aforementioned agreements or procedures shall be considered Payment Systems subject to the provisions of this Law.

Article 5. In the publication referred to in the previous article, the Bank of Mexico shall also announce, if applicable, the list of Payment Systems that have ceased to meet the requirements provided for in Article 3 of this Law. From the day following the publication thereof, the agreements or procedures indicated by the Bank of Mexico in accordance with this article shall cease to be considered Payment Systems for the purposes of this legislation.

Article 6. The Internal Rules of any Payment System shall promote its efficiency and security, as well as the competitive development of the services provided using the said Payment System. Likewise, the Internal Rules shall be subject to the authorization of the Bank of Mexico and to the general provisions that, if applicable, the latter issues.

In any case, the Internal Rules, with respect to those of adherence and operation or to the manuals, as applicable, shall provide at least:

I. The moment when Transfer Orders sent to the Payment System in question are considered Accepted Transfer Orders;

II. The criteria for determining who may be Participants in the respective Payment System;

III. The means available to the Payment System to control risks derived from Compensation or Settlement;

IV. The other measures that would be adopted in the event of default by any Participant;

V. The security measures of the operating system and the corrective actions that would be followed in the event of failures in said system, including the respective contingency plans;

VI. The commissions or any other charges that, if applicable, Participants in the corresponding Payment System may charge each other, as well as those that the System Administrator may charge the aforementioned Participants, which shall not be discriminatory, and

VII. That the assets, rights, and securities granted as guarantees for the fulfillment of both Accepted Transfer Orders and the Compensation and Settlement resulting from them, shall at all times be free from any other encumbrance.

Article 7. Within ten banking business days following the day on which the publication referred to in Article 4 of this Law is made, the Administrators of the Systems shall submit to the authorization of the Bank of Mexico the regulations referred to in the previous article. This shall not apply to System Administrators who during the previous calendar year have been subject to the provisions of this legislation and who have presented the aforementioned regulations to the Bank of Mexico during said year.

Any modification to the Internal Rules of the Payment Systems must have the prior authorization of the Bank of Mexico. Likewise, the Bank of Mexico may require the Administrators of the Systems to make modifications to said Internal Rules that it deems appropriate, based on what is established in this Law.

Regarding modifications to the commissions or any other charges referred to in fraction VI of Article 6 of this Law, the Bank of Mexico shall have the power to veto them within fifteen banking business days following the day on which the Administrator of the Payment System in question makes the respective modifications known to it. Before exercising said power, the Bank of Mexico shall hear the Administrator of the corresponding System.

Article 8. The Bank of Mexico may interpret, for administrative purposes, the provisions of this Law.

Article 9. The following shall apply supplementarily to this Law, in the order indicated below: the Bank of Mexico Law; special commercial laws; the Commercial Code; the Federal Civil Code; commercial usages, and the Federal Code of Civil Procedures.

Article 10. This Law is regulatory of the seventh paragraph of Article 28 of the Political Constitution of the United Mexican States, including that relating to the powers of the Bank of Mexico in matters of regulation of financial intermediation and services, with such authority having the necessary attributes to issue it and ensure its observance.

CHAPTER II

Irrevocability and Validity of Accepted Transfer Orders and Obligations Derived Therefrom

Article 11. Accepted Transfer Orders, their Compensation and Settlement, as well as any act that, in accordance with the Internal Rules of a Payment System, must be carried out to ensure their fulfillment, shall be firm, irrevocable, enforceable, and opposable against third parties.

Any judicial or administrative resolution, including seizure and other execution acts, as well as those derived from the application of rules of a concursal nature or procedures that imply the liquidation or dissolution of a Participant, which aim to prohibit, suspend, or in any way limit the payments that it must make in the Payment Systems, shall only take effect and, therefore, be enforceable, from the next banking business day following the day on which it is notified to the System Administrator in accordance with Article 13 of this Law.

Notwithstanding the provisions of the preceding paragraphs, creditors, concursal bodies, or any third party with a legal interest may demand, through the exercise of appropriate legal actions, the performances, indemnities, and liabilities that correspond in accordance with the law, from whoever is responsible.

Article 12. When, in accordance with applicable legal provisions, the declaration of commercial bankruptcy of any Participant or another of an equivalent nature is requested, which aims to prohibit, suspend, or in any way limit the payments that a Participant must make in the Payment Systems, upon answering the complaint, the Participant in question shall present a complete list of the Payment Systems in which it has that status, indicating, for this purpose, the address of the Administrators of the respective Systems, as well as any other information that may be necessary, in order to carry out the corresponding notifications in accordance with the following article. If upon answering the complaint the Participant does not present the information referred to in this article or if it is confusing, incorrect, or incomplete, the judge shall, only once, warn the plaintiff to present, clarify, correct, or complete it, as the case may be, within a maximum period of three banking business days.

If the information provided for in the preceding paragraph is not provided along with the answer to the complaint or if its content is not clarified, corrected, or completed when so requested, the judge shall use against the Participant any of the enforcement means provided for in the Federal Code of Civil Procedures.

Article 13. For the purposes indicated in fraction I of the next article, the authority that issues any resolution prohibiting, suspending, or in any way limiting any Participant from making payments, even if it is a procedure of a concursal nature, shall order such resolution to be personally notified to the Bank of Mexico, to the National Banking and Securities Commission, and to the Administrators of the Systems of which the Participant subject to such resolution is a member, no later than the third banking business day following the day on which it was issued.

In the event that the Institute for the Protection of Bank Savings or the National Banking and Securities Commission files a lawsuit for the declaration of commercial bankruptcy of a credit institution in accordance with the relevant law, on the date of filing the respective complaint, it shall inform the institution in question in writing about the filing thereof, for the purposes provided for in the second paragraph of Article 246 of the Commercial Bankruptcy Law. Likewise, in the event that the Institute for the Protection of Bank Savings or the National Banking and Securities Commission files such a complaint and knows in which Payment Systems the respective institution acts as a Participant, it shall inform in writing the persons indicated in the preceding paragraph, as applicable, about the filing of the said complaint, for the purposes provided for in fraction I of Article 14 of this legislation.

Upon receipt of any of the notifications referred to in the preceding paragraphs, the Administrator of the System shall make the content thereof known to all Participants in the respective Payment System as soon as possible.

Failure to comply with the obligations provided for in this article shall be sanctioned in accordance with the applicable legal provisions.

Article 14. Judicial or administrative resolutions, including those derived from the application of rules of a concursal nature or procedures that imply the dissolution or liquidation of a Participant, which aim to prohibit, suspend, or in any way limit the payments that it must make in the Payment Systems, shall not prevent the Compensation and Settlement of Accepted Transfer Orders from being effected, subject to the following rules:

I. Payment Systems shall not accept Transfer Orders from the Participant subject to the resolution in question, from the next banking business day following the day on which the Administrator of the System receives any of the notifications referred to in the previous article;

II. The Compensation, Settlement, as well as any other act related to the fulfillment of Accepted Transfer Orders that have been effected no later than the banking business day on which the notification cited in the previous fraction was received, shall not be revoked, and

III. The fulfillment of payment obligations derived from the acts referred to in the previous fraction shall be carried out in accordance with the Internal Rules of the respective Payment System, without being subject to procedures for the recognition of credits or any other of a similar nature.

CHAPTER III

On Guarantees and Priority

Article 15. The guarantees and resources from the accounts that Participants, in accordance with the Internal Rules of the Payment Systems, have affected to the fulfillment of both Accepted Transfer Orders and the Compensation and Settlement resulting from them, shall be unseizable from the beginning of the daily operation of the Payment System until the payment obligations derived from the Settlement of such Accepted Transfer Orders are fulfilled each day.

For this reason, during the aforementioned period, no execution may be attached to them ordered by administrative or judicial authority.

The accounts that credit institutions are obligated to maintain at the Bank of Mexico, whether in national currency or in United States dollars, shall be unseizable.

Likewise, the guarantees, including those provided for in Article 16 of the law regulating the Bank of Mexico, that are constituted in its favor by any person who is its counterparty or guarantor in any of the operations mentioned in the last paragraph of Article 1 of this Law, shall be unseizable.

Article 16. The acts necessary for the execution of the guarantees indicated in the previous article shall be carried out without being limited, suspended, or revoked by judicial or administrative order of any nature. Such execution, as well as the prior hearing of the interested party, shall be carried out in accordance with the Internal Rules of the Payment System in question and the provisions applicable to the legal act by which they were constituted.

Article 17. The acts by which guarantees are constituted, increased, substituted, or accepted, to fulfill the payment obligations derived from Accepted Transfer Orders, as well as their Compensation and Settlement, shall be valid provided that they have been effected no later than the day on which the Administrator of the System in question receives any of the notifications referred to in Article 13 of this legislation and the Internal Rules of the respective Payment System have been observed.

Article 18. In the event that it is necessary to execute the guarantees mentioned in Article 15 of this Law, the proceeds from such execution shall be used, as applicable, to pay the obligations derived from Accepted Transfer Orders, their Compensation and Settlement, as well as those incurred in favor of the Bank of Mexico for the operations referred to in the last paragraph of Article 1 of this Law, with preference over any other obligation.

When the proceeds from the execution of the guarantees and, if applicable, from any other act carried out in accordance with the Internal Rules of the Payment Systems in question, are not sufficient to fulfill the obligations referred to in the preceding paragraph, the respective creditors may assert their rights in accordance with the provisions that are applicable.

In the event that the execution of said guarantees results in any surplus, it shall be made available to the concursal bodies, the Participant, or whoever is responsible, in accordance with the applicable provisions.

CHAPTER IV
Of the Powers of the Bank of Mexico
Article 19. The Bank of Mexico, based on the information presented to it in accordance with the provisions of this Law, shall exercise supervision and oversight functions over the Administrators of the Systems and the Payment Systems, in order to ensure their correct functioning.
The supervision exercised over Payment Systems shall aim to evaluate the risks to which they are subject, their control systems, and the mechanisms they have adopted in case of default, as well as the quality of their administration. The foregoing is to ensure that such Payment Systems comply with the provisions of this Law, those issued by the Bank of Mexico itself, as applicable, as well as the usages and sound practices of payment systems and, in general, of financial markets.

Article 20. The Administrators of the Systems shall be obligated to supply the Bank of Mexico with the information it requests to verify compliance with this Law and the provisions derived from it, under the terms and deadlines determined by the Bank of Mexico itself.

Article 21. The Bank of Mexico shall be empowered to design and implement, prior to a hearing with the Administrator of the relevant Payment System, programs for mandatory compliance adjustment aimed at eliminating irregularities in Payment Systems. Such programs shall be established when, from the information provided by the System Administrator to the Bank of Mexico, deficiencies are detected in the respective Payment System that, in the judgment of the Bank of Mexico itself, could affect its correct functioning, put at risk the security of Transfer Orders issued through it, or imply continuous or repeated non-compliance with this Law, the provisions issued by the Bank of Mexico, or the Internal Norms of the corresponding Payment System.
The adjustment programs provided for in this article shall be carried out without prejudice to the sanctions that, in accordance with this or other laws, may be applicable.

Article 22. The following are infractions by the Administrators of the Systems against this Law:
I. Failing to adjust the Internal Norms of the respective Payment System to the general character provisions issued by the Bank of Mexico, as applicable, or to make the modifications to said regulations that it requires within the deadline it determines;
II. Omitting the submission to the Bank of Mexico of the regulations referred to in Article 7 of this Law, within the deadline provided for in the first paragraph of said article;
III. Modifying the Internal Norms without prior authorization from the Bank of Mexico for that purpose;
IV. Putting into effect modifications to commissions or any other charges indicated in fraction VI of Article 6 of this Law, without the deadline having elapsed for the Bank of Mexico to exercise the veto power referred to in the last paragraph of Article 7 of this Law, or when, within said deadline, the Bank of Mexico itself has vetoed them;
V. Omitting to present the information requested by the Bank of Mexico in accordance with this statute, or presenting it late, imprecisely, or incompletely;
VI. Providing false information to the Bank of Mexico related to the respective Payment System;
VII. Failing to comply with any of the obligations arising from the implementation of an adjustment program established in accordance with Article 21 of this Law, and
VIII. Failing to comply with any other obligation incumbent upon them provided for in this Law or in the general character provisions issued by the Bank of Mexico in accordance therewith, as applicable.

Article 23. The Bank of Mexico may impose administrative sanctions on the Administrator of the relevant System for the infractions provided for in Article 22, as follows:
I. For falling under any of the scenarios provided for in fractions I, II, III, IV, VI, and VII, a fine of 5,000 to 10,000 times the current general daily minimum wage in Mexico City, and
II. For falling under any of the scenarios established in fractions V and VIII, a fine of 500 to 2,000 times the current general daily minimum wage in Mexico City.

Article 24. The Bank of Mexico may sanction with a fine of 500 to 2,000 times the current general daily minimum wage in Mexico City, those who administer or operate agreements or procedures aimed at the compensation or settlement of payment obligations derived from fund or securities transfer orders, in which three or more financial institutions participate, directly or indirectly, who omit to present the information requested by the Bank of Mexico in terms of what is provided for in the second paragraph of fraction II of Article 3 of this Law, or who present it late, imprecisely, or incompletely.

Article 25. The Bank of Mexico, prior to imposing the fines that correspond to be applied in accordance with this Law, shall adhere to the following:
I. It must notify in writing the alleged infringer of the facts attributed to them and the provisions considered to have been infringed; and
II. The alleged infringer shall have a deadline of five business banking days, counted from the next business banking day following the corresponding notification, to state what is in their interest, offer evidence, and submit written arguments.

Article 26. In the event that the alleged infringer does not use the hearing right cited in the preceding Article 25 within the granted deadline or, having exercised it, fails to disprove the attributed facts and the provisions considered to have been infringed, the Bank of Mexico shall impose the corresponding fine in terms of Articles 23 and 24 of this Law, taking into account, for the determination of its amount, the following:
I. The gravity of the infraction;
II. The economic capacity of the infringer;
III. Whether the infringer is a repeat offender. To this effect, an infringer shall be considered a repeat offender if, having been sanctioned, they incur again in any of the infractions provided for in Articles 22 and 24 of this Law, if a period of three hundred sixty-five natural days has not elapsed since the most recent fine resolution imposed on them in terms of this statute became final, and
IV. Whether the infraction is continuous, understood as that whose consummation prolongs over time.
To calculate the amount of the fines, the general minimum wage corresponding to Mexico City, in effect on the day the consummation of the infraction ceases, shall be taken as the base.
When, by an act or omission, various provisions are infringed that correspond to several fines, only the one corresponding to the infraction with the highest fine amount shall be applied.

Article 27. When any of the scenarios indicated in fractions III and IV of Article 26 occur, a fine of up to double the amount of the corresponding fine shall be imposed on the infringer.

Article 28. The following shall be taken as a mitigating factor in the imposition of fines: when the infringer, prior to the notification referred to in Article 25, fraction I of this Law, informs the Bank of Mexico in writing of the infraction, expressly acknowledges it, corrects the omissions or contraventions to the applicable norms in which they have incurred, and obligates themselves before the Bank itself to present a correction program. In this case, the minimum amount of the fine provided for in Articles 23 and 24 of this Law shall be imposed on the infringer, as applicable.

Article 29. The power of the Bank of Mexico to impose the fines provided for in this Law shall expire within a period of three years, counted from the date the infraction is consummated. The period referred to in this article shall be interrupted upon the initiation of the administrative procedure. It shall be considered that said procedure begins when the Bank of Mexico notifies the alleged infringer of the facts stated against them, in accordance with Article 25, fraction I, of this Law.

Article 30. The fines imposed by the Bank of Mexico must be paid within fifteen business banking days following the date of their notification.
In the event that the fine in question is paid within the period of five business banking days following the date of its notification, the amount thereof shall be reduced by 50% without the need for the Bank of Mexico to issue a new resolution. The reduction referred to in this paragraph is applicable even in the case provided for in Article 28 of this statute.

Article 31. All disputes arising regarding the compliance and application of this Law, in which the Bank of Mexico is a party or its interests are affected, shall be heard by the Federal Courts.

Article 32. The provisions of this Law are without prejudice to the powers that other laws grant to the National Banking and Securities Commission and to other authorities, in matters of regulation, supervision, granting of authorizations, and establishment of mandatory compliance programs, regarding the subjects to whom the respective Law is applicable.
Likewise, what is provided for in this statute is without prejudice to the attributes that other laws grant to the Bank of Mexico in matters of payment systems and fund transfers.

CHAPTER V
Of the Reconsideration Appeal
Section I
General Rules
Article 33. Against the resolutions imposing fines provided for in Articles 23 and 24 of this Law, the reconsideration appeal shall be available, which shall be mandatory to exhaust. Said appeal shall be processed and resolved in accordance with the provisions of Articles 64 and 65 of the Bank of Mexico Law; 42 to 52 of the Internal Regulations of the Bank itself, as well as by the provisions contained in this chapter, and, in what is not provided for in such provisions, the Federal Civil Procedure Code shall apply suppletorily.

Article 34. In the reconsideration appeal procedure, proceedings shall be conducted on business days and hours. Business days are all days of the year, except Saturdays, Sundays, and banking non-business days determined by the National Banking and Securities Commission through general character provisions published in the Official Gazette of the Federation. Business hours are understood to be those between nine and nineteen hours.

Article 35. Notifications in the reconsideration appeal procedure shall be personal, by instructive document, or by posting. Notifications to the authorities issuing the challenged act shall be made by official letter.

Article 36. The authority that, in accordance with the Internal Regulations of the Bank of Mexico, is responsible for resolving the reconsideration appeal, shall have the power to certify and issue copies of the documents contained in the file of said appeal, to be exhibited in judicial matters or before any other authority, related to its area of competence.

Section II
Of the Filing and Processing of the Appeal
Article 37. In the document by which the reconsideration appeal is filed, the following must be expressed:
I. The corporate name of the appellant and the name of the person promoting it on their behalf;
II. The location, situated in Mexico City, for notifications to be made and necessary diligences to be carried out regarding the reconsideration appeal;
III. The identification data of the challenged resolution;
IV. The grievances to be asserted, and
V. The handwritten signature of the person promoting it on behalf of the appellant.
Likewise, in the document by which the reconsideration appeal is filed, all evidence with which the facts on which the grievances are based are intended to be proven must be offered. To this effect, all types of evidence shall be admissible, provided they are recognized by law, except testimonial evidence and confessional evidence from authorities by means of position absolution. The appellant must exhibit all documents they offer as evidence together with the document by which they file the appeal. Those presented subsequently shall not be admitted, except for supervening ones. Likewise, the following must accompany said document: a copy of the same for each of the authorities issuing the challenged act; the documents accrediting the personality of the person promoting; the document containing the challenged act, and the notification receipt of the latter. If expert evidence is offered, the corresponding expert report must be accompanied, without which it shall not be admitted. If the appellant omitted to offer evidence or accompany documents, their right to do so shall be considered lost.

Article 38. If no reason for dismissal or any cause for considering the appeal not filed is observed, it shall be admitted, requesting in the same order an report with justification from the authorities that issued the challenged resolution, to which a copy of the corresponding document shall be sent.

Article 39. The report provided for in the preceding article must be submitted by the involved authorities, within a maximum deadline of six business banking days, counted from the day following the date they receive the corresponding official letter, accompanying the original file related to the imposition of the sanction, along with all necessary records to support it.

Article 40. With the report from the authorities, the appellant shall be given the opportunity to state their case, in order that within a deadline of three days they may state what is in their interest.

Article 41. After the deadline provided for in the preceding article has elapsed, with or without the manifestations of the appellant, the file shall be transferred for the issuance of the corresponding resolution.

Section III
Of the Resolution of the Appeal
Article 42. The reconsideration appeal must be resolved within a maximum deadline of forty-five business banking days, counted from the date of its filing; if not, the challenged act shall be considered confirmed.

Article 43. Against the resolutions issued in the reconsideration appeal or as a consequence thereof, no means of defense shall be available before the Federal Tribunal of Fiscal and Administrative Justice.

Article 44. For the execution of the fines provided for in Articles 23 and 24 of this Law, the provisions of Articles 66 and 67 of the Bank of Mexico Law shall be observed.

TRANSITIONAL ARTICLES
FIRST. This Law shall enter into force the day following its publication in the Official Gazette of the Federation.

SECOND. Agreements or procedures aimed at the compensation or settlement of payment obligations derived from fund or securities transfer orders that, based on the information available to the Bank of Mexico, have met the requirements provided for in Article 3 of this Law during the twelve months prior to the date of its entry into force, as well as those administered by the Bank of Mexico, shall be subject to it from the day following the publication provided for in the Third Transitional Article and until such time as the Bank of Mexico carries out the publication referred to in Articles 4 and 5 of this Law, corresponding to the month of January 2003. For the purpose of determining compliance with the requirement provided for in fraction II of Article 3 of this Law, the Bank of Mexico shall use the value of the investment units made known by the Central Bank itself in the Official Gazette of the Federation, corresponding to the last business day of the month prior to the date of entry into force of this Law.

THIRD. During the twenty business banking days following the entry into force of this Law, the Bank of Mexico shall publish in the Official Gazette of the Federation the list of agreements or procedures that fall under the scenario indicated in the first paragraph of the preceding article, as well as the name of the entities that administer them.
Within the ten business banking days following the day on which the publication referred to in the preceding paragraph is made, the Administrators of the Systems must submit to the authorization of the Bank of Mexico the regulations referred to in Article 7 of this Law. In case of non-compliance, the Bank of Mexico may sanction the Administrators of the Systems in accordance with what is provided for in Article 23, fraction I, of the same Law.

FOURTH. All statutes and provisions that conflict with this Law are hereby repealed.

Mexico, D.F., November 7, 2002.- Sen. Enrique Jackson Ramírez, President.- Dip. Beatriz Elena Paredes Rangel, President.- Sen. Sara Castellanos Cortés, Secretary.- Dip. Rodolfo Dorador Pérez Gavilán, Secretary.- Signatures.
In compliance with what is provided for in fraction I of Article 89 of the Political Constitution of the United Mexican States, and for its due publication and observance, I issue this Decree at the Residence of the Federal Executive Power, in Mexico City, Mexico District, on the eleventh day of the month of December of two thousand two.- Vicente Fox Quesada.- Signature.- Secretary of the Interior, Santiago Creel Miranda.- Signature.