Resolution modifying general provisions applicable to investment funds and service providers

DOF: 26/04/2019

RESOLUTION that modifies the general provisions applicable to investment funds and to the persons who provide services to them

A seal with the National Coat of Arms appears at the margin, which says: United Mexican States.- SHCP.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.

The National Banking and Securities Commission, pursuant to the provisions of articles 9, second and fourth paragraphs and 39 Bis 4 of the Investment Funds Law; 4, fractions XXXVI and XXXVIII, and 16, fraction I of the National Banking and Securities Commission Law, and

CONSIDERING

That it is convenient to clarify the concept of fiduciary exchange certificates to correctly identify this type of security, as well as to determine the conditions under which investment funds may enter into transactions with financial derivative instruments, fiduciary exchange certificates, structured securities, and asset-backed securities in order to facilitate their implementation, while exempting from requiring authorization by the National Banking and Securities Commission changes in the prospectus of information to public investors relating to credit or market rating, without prejudice to subsequently submitting a copy to said Body, and

That in order to avoid promoting inequitable treatment among investors and discriminatory practices among distributors of investment fund shares, as well as to foster adequate determination of commissions for the administration of assets or distribution of investment fund shares, differentiated by share series, it is convenient to allow said funds to fix them taking into account criteria based on objective conditions, has resolved to issue the following:

RESOLUTION THAT MODIFIES THE GENERAL PROVISIONS APPLICABLE TO INVESTMENT FUNDS AND TO THE PERSONS WHO PROVIDE SERVICES TO THEM

SOLE.- Articles 1, fraction III; 11, fraction IV; and 106, fraction IV, second paragraph are REFORMED; Article 106, fraction IV, subsection b) is ADDED, shifting the remaining subsections in their order and as appropriate, and a third paragraph is added, shifting the remaining paragraphs in their order and as appropriate; and Annex 2 of the "General Provisions applicable to investment funds and to the persons who provide services to them", published in the Official Gazette of the Federation on November 24, 2014, modified through resolutions published in said dissemination medium on December 26, 2014; January 6 and 9, July 23, August 3, September 1 and 18, 2015; January 6, September 28, November 17 and December 27, 2016; April 14 and October 4, 2017; January 4, April 26 and November 15, 2018, are SUBSTITUTED, so that they read as follows:

Titles First to Eighth

ANNEX 1

...

ANNEX 2

Requirements and characteristics for the preparation of the prospectus of information to public investors of equity investment funds and debt instrument investment funds.

ANNEXES 3 to 21

...

" Article 1.-

...

I. and II.

...

III.

Fiduciary exchange certificates, to those development, real estate, and indexed fiduciary exchange certificates referred to in article 63 Bis 1 of the Securities Market Law, as well as energy and infrastructure investment fiduciary exchange certificates and investment project fiduciary exchange certificates referred to in the "General Provisions applicable to issuers of securities and other participants in the securities market", published in the Official Gazette of the Federation on March 19, 2003 and its respective modifications.

IV. to XXV.

... "

" Article 11.-

...

I. to III.

...

IV.

The fund operating society that provides the administration service to said investment funds, prior to the first transaction of each Investment Object Asset, shall subscribe a letter, which must be updated when the investment regime of the corresponding fund changes and kept for a period of five years. Said letter must contain the name, position, and signature of the person or persons responsible for investing the resources in the Investment Object Assets determined by the board of directors, as well as state and briefly describe that:

a) to d)

...

...

... "

" Article 106.-

...

I. to III.

...

IV.

...

a)

...

b)

Minimum investment amounts required by share series, total amount invested in investment funds, or based on any other criterion referred to in article 43 of the "General Provisions applicable to financial entities and other persons who provide investment services", published in the Official Gazette of the Federation on January 9, 2015 and its respective modifications, which justify by the societies or entities providing the share distribution service, access of said clients to the series in question.

c) to h)

...

What is provided in this fraction is without prejudice to the fact that series may be issued that do not have distribution or administration commissions.

In any case, fund operating societies must refrain from generating discriminatory practices among those who provide the share distribution service of investment funds, as well as promoting inequitable treatment among investors.

...

...

... "

TRANSITORY

SOLE.- This Resolution shall enter into force the day following its publication in the Official Gazette of the Federation.

Respectfully,

Mexico City, April 15, 2019. - The President of the National Banking and Securities Commission.- Adalberto Palma Gómez.- Initialled.

ANNEX 2

REQUIREMENTS AND CHARACTERISTICS FOR THE PREPARATION OF THE PROSPECTUS OF INFORMATION TO PUBLIC INVESTORS OF EQUITY INVESTMENT FUNDS AND DEBT INSTRUMENT INVESTMENT FUNDS

I.

GENERAL GUIDELINES

This instruction includes the information disclosure requirements to which equity investment funds and debt instrument investment funds (Investment Funds) must adhere for the preparation of prospectuses of information to public investors (Prospectuses).

The Prospectus must be prepared based on an information disclosure approach; that is, providing the investor with all necessary information so that they can make a reasoned and well-informed investment decision regarding the Investment Fund in question.

The order in which the different sections of the Prospectus are presented must adhere to this instruction, except for particular cases that require a different order and are previously authorized by the Commission.

In preparing the Prospectus, clear and easy-to-understand language must always be used, avoiding technical terms or complicated legal formalisms that cannot be easily understood by a person who does not have specialized knowledge in the subject matter. Furthermore, superlative terms and value judgments should be avoided; however, if deemed necessary, they must be adequately justified.

A.

PRINCIPLE OF RELEVANCE

In addition to the information explicitly required in the various sections of the Prospectus, all relevant information must be included, understood as all information about the Investment Fund necessary to know its real and current situation in financial, administrative, economic, and legal matters, and its risks, as well as information about the fund operating society that administers the Investment Fund and, if applicable, about the financial group to which the latter belongs, regardless of its position in the group, whenever it influences or affects said situation, and that is necessary for making reasoned investment decisions and estimating the price of the Fund's shares, according to uses and practices of analysis of the Mexican securities market.

This principle must be followed at all times in the preparation of the Prospectus when determining the depth and breadth with which the various topics established in this instruction must be developed.

It is the responsibility of the Investment Funds, as well as the persons who sign the document, to determine what information is considered relevant in the context of the particular characteristics of each Investment Fund, taking into account both quantitative and qualitative factors.

The Commission may require the inclusion of additional information or in substitution of the information required in this instruction, when the disclosure thereof is considered necessary.

B.

SPECIFICATIONS OF THE PROSPECTUS

The Prospectus will contain detailed information regarding the Investment Fund. Likewise, the document with key information for investment that must be delivered to investors and always used for commercial purposes, which must comply with what is stated in Annex 3 of these provisions, will form part of the Prospectus.

The information prospectus sent via STIV to the Commission for its authorization may omit information relating to dates of authorization or modification of the Prospectus, share capital, number of shareholders, investors holding more than 30% of a series or more than 5% of the share capital, returns, ticker symbols, composition of the investment portfolio, minimum investment amounts, commissions, remunerations, observed risk value in the last year, members of the board of directors, names of service providers, and the credit or market risk rating in which the Investment Fund will be located, which will not be subject to authorization and may be modified at any time. The corresponding sections may be indicated with a blank space and once the Prospectus is authorized, the information relating to each of them must be included as appropriate.

The Prospectuses and documents with key information for investment must be available at all times to public investors through the website on the worldwide network called Internet of the fund operating society that administers the Investment Funds or, if applicable, of the financial group to which the latter belongs, as well as on the website on the worldwide network called Internet of the other entities that distribute their shares comprehensively.

Regarding shared information, corresponding to Investment Funds administered by the same operating society, this may be presented for its authorization in a single document. Likewise, the information presented in detail for each Investment Fund in no case may make exceptions to the shared information by the other Investment Funds.

The copies of the Prospectuses sent to this Commission with observations formulated by this supervisory body must show the highlighted changes and be accompanied by another writing signed by a person designated by the board of directors of the operating society that administers the Investment Fund, stating that the highlighted changes are the only ones made to the last version delivered to this authority.

Additionally, Investment Funds must update their Prospectus at least once a year and provide it to the Commission, through STIV, on the tenth business day immediately following the date on which the board of directors of the fund operating society that administers the Investment Fund approves the annual financial statements of the Fund itself.

In any case, Investment Funds must send via STIV to the Commission, and to the societies and entities that provide them with the service of distributing their shares, a copy of the Prospectus no later than the next business day after notification of the authorization of the modifications or updates made to it.

C.

EXTERNAL INFORMATION SOURCES AND EXPERT DECLARATION

When a report, statistic, or other information contained in the Prospectus has been obtained from a public source of information, the same must be cited. In case the information comes from an expert, a declaration indicating that said information has been included with the consent of the person must be included.

D.

REFERENCES TO LAWS AND OTHER REGULATIONS

When reference is made to any provision contained in a law or secondary regulation, its content must be described.

II.

INFORMATION REQUIRED IN THE PROSPECTUSES

A.

COVER

The cover of the Prospectus must contain at least the following information:

Corporate name and ticker symbol.

Category of the Investment Fund.

Specify share classes and series.

Corporate domicile and address of the operating society that administers the Investment Fund or, if applicable, of the customer service offices of this or of any entity that provides comprehensive share distribution service to the Fund itself.

Website on the worldwide network called Internet of the operating society that administers the Investment Fund, as well as contact data to request additional information.

Date of authorization of the Prospectus.

Transcription of article 9, third paragraph of the Investment Funds Law: "The authorization of prospectuses of information to public investors does not imply certification on the goodness of the shares they emit or on the solvency, liquidity, credit quality, or future performance of the funds, nor of the investment object assets that make up their portfolio."

Corporate name of the operator that administers the Investment Fund.

Days and hours for receiving orders. In case this information is extensive, refer to the corresponding section, indicating only the periodicity and schedule.

Include a statement indicating that the information contained in the Prospectus is the responsibility of the operating society that administers the Investment Fund in question.

Indicate that the investment in the Investment Fund is not guaranteed by the Institute for the Protection of Bank Savings.

Mention that the operating society that administers the Investment Fund and, if applicable, the distributing society that provides services do not have payment obligation in relation to the mentioned Fund and that the investment in it is only backed up to the amount of the Fund's own equity.

Mention that the updated version of the Prospectus can be consulted on the website on the worldwide network called Internet of the operating society that administers the Investment Fund or, if applicable, of the financial group to which it belongs, as well as on the page of the other entities that comprehensively distribute the Fund's shares.

Regarding Investment Funds categorized as discretionary, it must be warned that these are funds that due to their degree of specialization are recommended to investors with broad financial knowledge.

In case of Investment Funds categorized as money market funds, it must be warned that the purchase of their shares is not equivalent to constituting money deposits in credit institutions.

B.

INDEX

On the first page of the Prospectus, an index of its content must be incorporated according to the following:

1.

OBJECTIVES AND INVESTMENT HORIZON, INVESTMENT STRATEGIES, RETURNS AND RELATED RISKS

a)

Objectives and investment horizon

b)

Investment policies

c)

Investment regime

i). Participation in financial derivative instruments, Structured Securities, Fiduciary Exchange Certificates, or Asset-Backed Securities.

ii). Temporary investment strategies

d)

Risks associated with investment (include only those that are applicable)

i) Market risk

ii) Credit risk

iii) Liquidity risk

iv) Operational risk

v) Counterparty risk

vi) Loss in disordered market conditions

vii) Legal risk

e)

Returns

i) Returns graph

ii) Nominal returns table

2.

OPERATION OF THE INVESTMENT FUND

a)

Possible acquirers

b)

Policies for buying and selling shares

i) Day and hour for receiving orders

ii) Execution of operations

iii) Settlement of operations

iv) Causes of possible suspension of operations

c)

Minimum amounts

d)

Minimum term of stay

e)

Limits and policies of holding by investor

f)

Service providers

i) Operating society that administers the Investment Fund

ii) Distributing society

iii) Valuation society

iv) Other providers

g)

Costs, commissions, and remunerations

3.

ORGANIZATION AND CAPITAL STRUCTURE

a)

Organization of the Investment Fund according to what is provided in article 10 of the Law.

b)

Capital structure and shareholders.

4.

TAX REGIME

5.

DATE OF AUTHORIZATION OF THE PROSPECTUS AND PROCEDURE TO DISCLOSE ITS MODIFICATIONS

6.

PUBLIC DOCUMENTS

7.

FINANCIAL INFORMATION

8.

ADDITIONAL INFORMATION

9.

RESPONSIBLE PERSONS

10.

ANNEX. INVESTMENT PORTFOLIO

The Prospectus must include in "bold" the following paragraph at the end of the index, ensuring it is at least 2 points larger in font size than that used in the index:

"No intermediary, attorney-in-fact to celebrate operations with the public, or any other person, has been authorized to provide information or make any declaration that is not contained in this document. As a consequence of the foregoing, any information or declaration that is not contained in the present document must be understood as not authorized by the Investment Fund."

C.

CONTENT

1.

OBJECTIVES AND INVESTMENT HORIZON, INVESTMENT STRATEGIES, RETURNS AND RELATED RISKS

a)

Objectives and investment horizon

In this section, the type of assets in which the Investment Fund invests must be briefly described in accordance with its category, mentioning if they are shares, Debt Securities, financial derivative instruments, Structured Securities, Asset-Backed Securities, or Fiduciary Exchange Certificates; as well as the bases that will be used as reference to determine the expected return, indicating if they are related to financial models or indices, interest rates, exchange rates, or any other indicator as long as its composition and the source where it can be publicly consulted are indicated.

In any case, Investment Funds must reveal the main risk associated with the investments they make. Likewise, the term in days, months, or years that is estimated or considered adequate for the investor to maintain their investment, taking into consideration the objectives of the Fund itself, must be revealed.

The Investment Fund must indicate the type of investors to whom it is oriented, that is, small, medium, or large investors, considering the minimum investment amounts required and their level of complexity or sophistication. Likewise, it must indicate if it is directed to investors seeking high, medium, or low-risk investments, based on its objective, strategy, and rating.

b)

Investment policies

In this section, it must be explained whether the Investment Fund follows an active management strategy, in which it takes risks seeking to take advantage of market opportunities to try to increase its expected return and surpass its benchmark; or if asset management is passive or conservative, which seeks a return similar to its benchmark, without taking additional risks.

Additionally, the investment, liquidity, acquisition, selection, and, if applicable, diversification and specialization policies of assets must be described generally; likewise, when appropriate, policies for contracting loans and credits must be mentioned, including those for issuing securities representing debt on their behalf, as well as whether the Investment Fund will invest and in what proportion, in assets issued by Investment Funds of the same Consortium or Business Group to which, if applicable, the operating society that administers the Investment Fund belongs.

In the case of maintaining investments in shares, selection criteria must be indicated such as: activity sector, marketability, dividend policy, nationality of the issuer, or company size, among others.

Regarding Securities representing debt, the duration of the Fund's portfolio as a whole must be revealed, indicating if it is short, medium, or long term; as well as whether the values that make it up are governmental, state, municipal, banking, or corporate or if it will be integrated by a mixture of such values, including the credit risk rating of these.

If they are indexed or hedging Investment Funds, the different alternatives or instruments that will be used must be indicated.

c)

Investment regime

In this section, the Investment Object Assets of the Investment Fund and the permitted minimum and maximum percentages must be mentioned. This information must be included in a table that indicates the investment parameters determined by the Fund, including, if applicable, loan operations of Securities and financial derivative instruments, in which the types of Value and the percentage of these in relation to net asset, share capital of the issuer, of the issuance or series, as appropriate, are indicated.

Additionally, if applicable, the following policies will be described:

i)

Participation in financial derivative instruments, Structured Securities, Fiduciary Exchange Certificates, or Asset-Backed Securities.

In case the Investment Fund foresees entering into transactions with financial derivative instruments, it must mention the applicable operation policies, indicating if its purpose is exclusively for risk coverage or if they will also be used for speculative risk-taking. Additionally, in the case of investments in Structured Securities, Fiduciary Exchange Certificates, or Asset-Backed Securities, the types of structures in which the Investment Fund plans to invest must be detailed.

Regarding Investment Funds that take risks through financial derivative instruments, the way in which they will be used, the types of underlying assets

consistent with their category and investment regime, the limits that will be established, the types of operations they may enter into, and the markets in which they may operate.

ii)

Temporary investment strategies

In the event that the Investment Fund plans to make temporary investments different from those indicated in its investment regime, under conditions of high volatility in financial markets, or economic or political uncertainty, this must be stated in this section.

Additionally, it must be stated that when adopting temporary investment strategies, the fund operating company that administers it or the company that provides the service of distributing its shares will make this known to the shareholders of the Investment Fund through the account statement and on the website of the fund operating company that administers the Investment Fund, describing the strategy to be implemented and the reasons for its adoption.

In the event that the Prospectus does not provide for the possibility of implementing temporary investment strategies, the Investment Fund must indicate that, at all times, it will adhere to its original strategy regardless of the environment.

d)

Investment risks

This section will include the main risks to which the Investment Fund will be exposed according to its category and investment regime, including first the most relevant one indicated in its objective. In all cases, it will be explained clearly what they consist of, the reason for being considered risks by the fund operating company that administers the Investment Fund, and how they can affect its performance or equity. In this regard, they must disclose risks that could have a negative impact on the price of the shares of the mentioned Fund.

It must be indicated that regardless of whether they are equity or debt instrument Investment Funds, of their objective, category, or rating, there is always the possibility of losing the resources invested in said Fund.

For each of the types of risk to which the Investment Fund is exposed, the following must be described, as appropriate:

i)

Market risk

In this section, the market risks to which the Investment Fund will be exposed, such as interest rates, exchange rates, and price indices, among others, must be indicated, explaining the way in which these risks affect the price of the shares of the Fund itself.

The market risk rating in which the Investment Fund will be located and its meaning must be included, mentioning the range of the rating scale, where a certain indicator corresponds to the lowest market risk, while another represents the highest, as well as the definition of the level in which it is located. Additionally, they must indicate the maximum and average limit observed during the last year of its value at risk, as well as a brief description of its meaning, methodology, and assumptions used for its obtaining, including that the definition of value at risk is valid only under market conditions.

ii)

Credit risk

In this section, the credit risks to which the Investment Fund will be exposed, derived from the failure to pay by an issuer of debt Securities in which it invests, must be explained.

If applicable, the credit risk rating in which the Investment Fund will be located and the meaning thereof must be included, mentioning that the rating scale goes from "AAA" to "B", where "AAA" corresponds to the lowest credit risk, while "B" represents the highest, as well as the definition of the level in which it is located.

iii)

Liquidity risk

In this section, the liquidity risk to which the Investment Fund will be exposed, derived from the potential loss that could be caused by the early or forced sale of securities in which the Fund itself invests, at unusual discounts to meet its repurchase obligations, must be explained.

iv)

Operational risk

In this section, the operational risk to which the Investment Fund will be exposed, derived from the potential loss that could be caused by failures or deficiencies in internal controls, errors in the processing and storage of operations or in the transmission of information, as well as by fraud or theft, must be explained.

v)

Counterparty risk

In this section, the risk to which the Investment Fund will be exposed, derived from a possible loss generated by the non-compliance with obligations undertaken by its counterparties in operations with Securities, instruments, or documents in which it invests, must be revealed.

vi)

Loss under disorderly market conditions

In this section, the Investment Fund must reveal that the investor is exposed to a loss due to the possibility of the application of a differential in the valuation price of the purchase and sale operations of its shares, under disorderly market conditions that could generate significant and unusual purchases or sales of said shares.

To this effect, it must be stated that the aforementioned differential will be applied consistently to all operations carried out with investors, the amount of which will remain in the Investment Fund for the benefit of the shareholders who remain in it, and the mechanism for its application must be briefly described, as well as the history of its use by the Fund itself.

vii)

Legal risk

In this section, the legal risk to which the Investment Fund will be exposed, derived from the potential loss due to the possible non-compliance with applicable legal and administrative provisions, the issuance of unfavorable administrative and judicial resolutions, or the application of sanctions related to the operations of the Fund itself, must be explained.

e)

Performance

In this section, the historical performance of the Investment Fund must be disclosed, in its case, by share series. Information on performance will be calculated based on the methodology established by the Commission. Regarding versions of the Prospectus presented on the website of the worldwide network known as the Internet of the fund operating company, a link to this information may be included in this section.

In the event that the Investment Fund has undergone any transformation, from which there has been a significant change in the investment regime, the information presented regarding performance will start from when such change takes effect. The information presented in this section will apply to all share series with which the Investment Fund has.

In the event of not having the required information, the available historical information from the date of the start of operations of the Investment Fund will be used, provided that it is more than six months old.

The mentioned Fund must include a statement indicating that its past performance may not be indicative of the performance it will have in the future.

In this section of the Prospectus, the following information regarding performance must be included:

i)

Performance graph

In this section, a graph will be presented with information related to the price of the share of the Investment Fund and its performance during the last three years.

The graph must present the information assuming a hypothetical initial investment of $10,000 pesos, comparing it against the performance of a similar investment in some market index or reference base, in the same time period. Likewise, it will show, through a linear graph, the daily prices on the vertical axis, right of the graph, while, on the horizontal axis, it will show through bar graphs the nominal monthly performance of the Investment Fund.

Below is an example of the way in which the information must be presented:

Regarding Capital Protected Investment Funds, in substitution for the graph with the information referred to in the previous paragraphs, they must show a table, assuming an initial investment of $10,000 pesos, with three prospective scenarios: "positive", "base" and "negative" and whose data will be shown in monetary terms, allowing the investor to have a clear representation of the risk and performance profile of the Investment Fund.

The table must contain a result column and a comment column for each scenario, considering the following:

The "positive" scenario must assume that market conditions at the end of the capital protection period are better than current ones.

The "base" scenario must assume that current market conditions remain unchanged during the period in which the Investment Fund protects capital.

The "negative" scenario must consider that market conditions at the end of the capital protection period are worse than current ones.

For the comments column, complementary information that could be useful for a better understanding of the results of each scenario must be considered.

Below is an example of the way in which the information must be presented:

The following results assume an initial investment of 10,000 pesos

Scenario

Result

Comment

Positive

Base

Negative

ii)

Table of nominal performance

In this section, the nominal performance of the last month, the last three months, the last twelve months, and the last three years, of the Investment Fund, the risk-free instrument, and in its case, the reference index, will be included, in accordance with the following table:

Table of Annualized Performance (Nominal)

Last

month

Last 3

months

Last 12

months

Year x, x-1

and

x-2

Gross

Performance

Net

Performance

Risk-free Rate (Cetes

28 days)

Reference

Index

If there are commissions and/or costs not reflected in these performances, the Fund must clarify that the performances may be lower than those shown due to this circumstance.

Regarding Investment Funds whose investment horizon is short-term, the average performance in the last calendar year must be mentioned, as well as the highest and lowest monthly performance obtained within the same period, according to the following table:

Table of Annualized Performance (Nominal)

Last

month

Last 3

months

Last 12

months

Month

Low

Performance

Month

High

Performance

Gross

Performance

Net

Performance

Risk-free Rate (Cetes

28 days)

Reference

Index

The provisions of this subsection will not be applicable regarding Capital Protected Investment Funds.

2.

OPERATION OF THE INVESTMENT FUND

In this section, information regarding the general operating guidelines of the Investment Fund must be included, mentioning the policies and requirements to participate in it. In its case, such information must be specified by share series. In this sense, the following information must be provided:

a)

Possible acquirers

Mention the persons who may acquire its shares given the tax regime applicable to shareholders, indicating whether they are natural or legal persons, as well as persons not subject to withholding.

Likewise, institutions that may invest in the Securities of the Investment Fund must be included, taking into consideration the authorization granted by the Commission for said Securities to be the object of institutional investment.

b)

Policies for the purchase and sale of shares

The terms and conditions for investors to carry out share purchase and sale operations must be mentioned, specifying the procedure for the receipt, transmission, and registration of orders to buy and sell the shares of the Investment Fund and the terms through which investors can liquidate their entire participation.

Regarding Open Investment Funds, the policies for the repurchase of the shares representing its share capital and the causes for which such operations could be suspended.

Likewise, any preferential rights to subscribe and repurchase shares representing its share capital must be mentioned.

Likewise, the obligation of the Investment Fund to acquire 100% of the shares of investors, at valuation price and without any differential, due to changes in the investment regime or repurchase, must be mentioned, specifying the deadlines for this.

i)

Day and time for receiving orders

In this section, the days and hours in which orders to buy and sell shares may be received will be indicated.

ii)

Execution of operations

The Investment Fund must indicate the deadline in which orders will be executed in relation to the date of their sending, as well as the price at which the operations will be carried out.

In all cases, it must be revealed whether a reduction in the price of the shares will be applied under disorderly market conditions.

iii)

Settlement of operations

Indicate the settlement deadline for purchase and sale operations, counted from their execution, indicating whether the investor is required to have funds available from the date the operation is ordered, either in cash or in other types of Securities.

iv)

Causes for possible suspension of operations

It must be established whether, in cases of force majeure or fortuitous events, the purchase and sale operations of the Investment Fund would be suspended. Likewise, it will be indicated that the Commission may suspend operations under these circumstances or for repeated non-compliance with provisions that could cause harm to shareholders.

c)

Minimum amounts

Mention if there are minimum investment amounts to participate in the Investment Fund and their amount; as well as the consequences and/or commissions that will be generated for being below the mentioned minimum amounts.

d)

Minimum holding period

In the event that there is a mandatory minimum period during which the investor must remain in the Investment Fund, said period must be indicated in days, months, or years. In this case, it will be indicated whether the investor will be subject to the payment of any commission in case of withdrawing their resources before the established deadline and the basis for calculation or amount.

e)

Limits and policies on holding by investor

The maximum shareholding limits per investor must be indicated, as well as the actions to be taken in case of non-compliance. Additionally, in its case, the policies established by the board of directors of the fund operating company that administers the Investment Fund will be indicated, so that persons who meet them, temporarily acquire percentages higher than such limits.

f)

Service providers

The Investment Fund must indicate the companies or entities that provide it with the services referred to in the Law. Likewise, it must indicate that the board of directors of the fund operating company that administers the Fund has the obligation to evaluate the performance of such persons at least once a year, and mention whether the result of said evaluation, as well as any change in said service providers, will be notified to shareholders through the account statement or the website of the fund operating company on the worldwide network known as the Internet.

Additionally, the area or personnel that investors may contact in case of requiring information about the Investment Fund, as well as the means by which it can be contacted, must be mentioned.

Regarding service-providing companies, the following information must be provided:

i)

Fund operating company

Include the main data related to the operating company, such as name, address, website on the worldwide network known as the Internet, and telephone numbers.

ii)

Fund share distribution company

If applicable, the entities or companies contracted to distribute the shares of the Investment Fund will be specified, specifying whether they are reference or integral distributors.

iii)

Fund share valuation company

The frequency with which the shares of the Investment Fund will be valued must be mentioned, as well as the entity or company that provides this service.

Likewise, it must be stated that the Investment Fund will not be valued on days determined as non-working days in the calendar issued by the Commission.

iv)

Other providers

In this section, the names of other persons who, in accordance with the Law, provide services to the Investment Fund, as well as the type of service provided, must be included.

g)

Commissions and remuneration

The Investment Fund must indicate the costs, commissions, and remuneration that its shareholders and the Fund itself must pay, respectively. For the purposes of the foregoing, they must specify the concepts that generate them, the procedure and bases for their calculation, as well as the periodicity or circumstances in which they will be charged.

The Investment Fund must indicate the commissions and remuneration, expressed in annual terms, with respect to each share series of the Fund itself, considering the concepts detailed below:

a)

Commissions paid directly by the client

Concept

Series "n"

Series "n+1"

%

$

%

$

Non-compliance with minimum holding period

Non-compliance with minimum investment balance

Purchase of shares

Sale of shares

Advisory Service

Share Administration Service

Others

Total

b)

Commissions paid by the Investment Fund

Concept

Series "n"

Series "n+1"

%

$

%

$

Asset Management

Asset Management / Performance

Share Distribution

Share Valuation

Deposit of Investment Assets

Share Deposit

Accounting

Others

Total

In the event that Investment Funds maintain investments in shares of other Investment Funds or collective investment mechanisms, in order to present the above information, they must add to the remuneration accrued or paid, expressed in annual terms, in the corresponding item, those derived from the investment in said Funds or mechanisms. Regarding investments in foreign Investment Funds or collective investment mechanisms, to comply with what is provided in this paragraph, they will use the last information provided to them or to which they have access.

3.

ORGANIZATION AND CAPITAL STRUCTURE

In this section, information on how the Investment Fund is organized and its capital structure must be provided.

In all cases, the following legend must be inserted:

" Investment Funds, as an exception to the General Law of Commercial Companies (LGSM), do not have a shareholders' meeting, board of directors, or auditor.

The functions that the LGSM assigns to the shareholders' meeting are assigned to (Name of the founding partner) and in some cases to the rest of the partners of the Fund.

The activities that the LGSM assigns to the board of directors are entrusted to (Name of the fund operating company that administers the Investment Fund).

The oversight of the Investment Fund is assigned to the regulatory controller of (Name of the fund operating company that administers the Investment Fund) ".

a)

Administration of the Investment Fund

Regarding the board of directors of the fund operating company that administers the Investment Fund, the number of members that compose it (owners and alternates) must be mentioned, the type of directors (independent, equity, or related).

Additionally, the following information must be provided, both for the directors, general manager, and regulatory controller of the fund operating company that administers the Investment Fund: name, position, time spent working in the company, sectors where they have or have collaborated as executives or as members of the board of directors, indicating if they have any type of relationship with the Investment Fund and any other information necessary to know their professional capacity.

On the other hand, the policies established to prevent and avoid conflicts of interest in accordance with the code of conduct of the fund operating company that administers the Investment Fund must be described, as well as, among others, those related to the carrying out of operations with members of the board of directors and persons who participate in the determination and execution of operations of the Investment Fund, or with the shareholders of the fund operating company that provides services to it, and, if applicable, with those of the entities that are part of the financial or business group to which, if applicable, the fund operating company belongs or is linked.

b)

Capital structure and shareholders

The composition of the share capital of the Investment Fund must be included, in its fixed and variable part, mentioning that the shares of the fixed part can only be subscribed by the fund operating company in its capacity as founding partner, are of a single series and class, without withdrawal rights, and their transfer requires prior authorization from the Commission.

The different characteristics of the share series or classes that make up the capital of the Investment Fund must be mentioned, including the rights and obligations inherent to each of them.

Likewise, information relative to the total number of shareholders of the Investment Fund and, if applicable, the number of investors who own more than 30% of a series or more than 5% of the share capital, as well as the total sum of their holding, corresponding to the date of the last update or modification, must be provided.

It must also be mentioned whether the Investment Fund is controlled, directly or indirectly, by any person or Group of Persons, if these are related or not to the fund operating company that administers it, and if they actively participate or not in the administration of the Investment Fund.

4.

TAX REGIME

In this section, the tax regime applicable to the Investment Fund in general, as well as the share series and type of shareholder in particular, will be mentioned. Likewise, the regime applicable to investors who do not reside in the country must be indicated.

If applicable, mention will be made of the tax regime applicable to foreign securities, the corresponding withholding and credit, and that related to financial derivative operations and securities lending.

5.

DATE OF PROSPECTUS AUTHORIZATION AND PROCEDURE TO DISCLOSE ITS

MODIFICATIONS

In this section, the date and number of the authorization letter for the Prospectus must be indicated, as well as the policies or criteria for modifying it, and the means to make modifications to it known.

Furthermore, important changes that the Investment Fund has made to its Prospectus compared to the previously authorized version must be highlighted.

6.

PUBLIC DOCUMENTS

In this section, the location and method for accessing the Investment Fund's public information must be indicated, mentioning the address of the website on the worldwide network known as the Internet where this can be consulted. Likewise, the information that the Fund itself is obligated to deliver to the Commission must be mentioned, and whether this can be consulted in public media.

In any case, the method for making all relevant information regarding the Investment Fund known to shareholders and the general public must be mentioned.

7.

FINANCIAL INFORMATION

The location where the investor can find the financial statements of the Investment Fund must be indicated, according to the CO-BR Report in Annex 7 of these provisions.

8.

ADDITIONAL INFORMATION

Any other information that the Investment Fund considers relevant and important for the investor must be included, including legal processes that could negatively affect the performance of the Fund itself.

9.

RESPONSIBLE PERSONS

The Prospectus used for dissemination to the general public must be initialed on all pages by the general director of the operating company that administers the Investment Fund, below the following legend:

"I, the undersigned, as general director of the operating company that administers the Investment Fund, declare under oath that, within the scope of my functions, I have prepared and reviewed this prospectus of information for public investors, which, to the best of my knowledge and belief, reasonably reflects the situation of the Investment Fund, and is in agreement with its content.

Likewise, I declare that I have no knowledge that relevant information has been omitted, is false, or induces error in the preparation of this prospectus of information for public investors."

Regarding modifications to the prospectus of information for public investors that result from non-compliance with the investment regime, integral risk management, or modifications in the repurchase policies of the fund in question, they must have the prior approval of the board of directors of the investment fund operating company that administers it.

10.

ANNEX. Investment Portfolio.

The investment portfolio must indicate whether the Investment Fund is in a temporary investment strategy. This information must be available to public investors at all times through the website on the worldwide network known as the Internet of the operating company that administers the Investment Fund or, if applicable, on that of the financial group to which the latter belongs, on the page of the self-regulatory organization to which the aforementioned operator is associated, or on the page of the entity or company that provides them with the service of distributing shares of investment funds.

In the case of Investment Funds categorized as discretionary, they must include the historical evolution of the investment portfolio of the last 6 months.

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