Resolution modifying general provisions applicable to entities and issuers supervised by the CNBV that hire external audit services for basic financial statements

DOF: 15/11/2018

RESOLUTION modifying the general provisions applicable to entities and issuers supervised by the National Banking and Securities Commission that hire external audit services for basic financial statements

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.

The National Banking and Securities Commission, based on the provisions of Article 49, second paragraph of the Law to Regulate Financial Technology Institutions, as well as Articles 4, fractions VI, XXXVI and XXXVIII, and 16, fraction I of the Law of the National Banking and Securities Commission, and

CONSIDERING

That in accordance with Article 78 of the General Law for Regulatory Improvement and with the purpose of reducing the compliance cost of this modifying resolution, the National Banking and Securities Commission, through a resolution published in the Official Gazette of the Federation on January 22, 2018, reformed the General Provisions applicable to credit institutions to extend the deadline by which multiple banking institutions are subject to constituting their total capital requirement for operational risk, requiring them to constitute it from November 1, 2020, rather than from January 1, 2018 as originally planned;

That on March 9, 2018, the "Decree issuing the Law to Regulate Financial Technology Institutions and reforming and adding various provisions of the Credit Institutions Law, the Securities Market Law, the General Law of Organizations and Auxiliary Credit Activities, the Law for Transparency and Ordering of Financial Services, the Law to Regulate Credit Information Societies, the Law for Protection and Defense of Users of Financial Services, the Law to Regulate Financial Aggregations, the Law of the National Banking and Securities Commission, and the Federal Law for the Prevention and Identification of Operations with Resources of Illicit Origin" was published in the Official Gazette of the Federation;

That the Law to Regulate Financial Technology Institutions provides the National Banking and Securities Commission with the authority to establish the characteristics and requirements that independent external auditors, the legal entity of which they are partners, and the persons forming part of the audit team must meet; to determine the content of the opinions and other reports that independent external auditors must issue; to issue measures to ensure adequate rotation of such auditors in financial technology institutions; and to indicate quality control requirements and, in general, professional or business relationships that they provide or maintain with the financial technology institutions they audit or evaluate, as applicable;

And that given the obligation established by the Law to Regulate Financial Technology Institutions for financial technology institutions to audit their annual financial statements, it is convenient to consider such financial technology institutions within the regulatory framework applicable to the rest of the financial entities subject to the supervision of the National Banking and Securities Commission, it has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO ENTITIES AND ISSUERS SUPERVISED BY THE NATIONAL BANKING AND SECURITIES COMMISSION THAT HIRE EXTERNAL AUDIT SERVICES FOR BASIC FINANCIAL STATEMENTS

SOLE ARTICLE. Articles 2, fractions III and X, and 16, first paragraph, are REFORMED, and Articles 1, with fraction XI, with the remaining fractions renumbered in their order and as applicable, and 2, fraction V, subsection d), fourth paragraph, are ADDED to the "General Provisions applicable to entities and issuers supervised by the National Banking and Securities Commission that hire external audit services for basic financial statements" published in the Official Gazette of the Federation on April 26, 2018, to read as follows:

" Article 1.- . . .

. . .

I. to X. . . .

XI.

Financial technology institutions.

XII. to XX. . . .

. . .

Article 2.- . . .

I. and II.

. . .

III.

Audit Committee: the committee constituted by the Board of Directors in accordance with the laws and provisions applicable to stock exchanges, brokerage houses, Development Entities, National Financing Entity, multiple banking institutions, development banking institutions, financial technology institutions, Financing Entities, savings and loan cooperatives, multiple-object financial societies that maintain links in terms of the General Law of Organizations and Auxiliary Credit Activities, credit unions, popular financial societies, and community financial societies, as well as rural financial integration organisms.

IV.

. . .

a) to c)

. . .

d) . . .

. . .

In the case of financial technology institutions, the Board of Directors or the sole administrator shall be understood interchangeably, as applicable.

VI. to IX.

. . .

Entities: the entities referred to in fractions I to XX of the preceding Article 1.

XI. to XXIV.

. . .

. . . "

" Article 16.- The Board of Directors of general deposit warehouses, stock exchanges, brokerage houses, exchange houses, central securities counterparties, multiple banking institutions, securities depository institutions, financial technology institutions, savings and loan cooperatives, societies distributing shares of investment funds, regulated multiple-object financial societies, community financial societies, popular financial societies, rural financial integration organisms, societies valuing shares of investment funds, societies operating investment funds, and credit unions, as well as Issuers, and of societies operating investment funds with respect to the investment funds they administer, in relation to external audit services for Basic Financial Statements, shall approve:

I. to IV. . . .

. . .

. . . "

TRANSITORY

SOLE. This Resolution shall enter into force on January 1, 2020, so that financial technology institutions will present their audited financial statements in accordance with this Resolution with respect to the financial statements corresponding to the year 2020 that are presented in the year 2021.

Respectfully,

Mexico City, November 5, 2018. - The President of the National Banking and Securities Commission, José Bernardo González Rosas.- Signature.

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