Resolution modifying the General Provisions applicable to Brokerage Houses

DOF: 11/05/2018

RESOLUTION that modifies the General Provisions applicable to Brokerage Houses

A seal with the National Coat of Arms, which says: 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 Articles 4, paragraphs XXXVI and XXXVIII, and 16, paragraph I of the National Banking and Securities Commission Law, and

CONSIDERING

That it is necessary to recognize new securities rating institutions within the framework of the capitalization requirements applicable to brokerage houses, has resolved to issue the following:

RESOLUTION THAT MODIFIES THE GENERAL PROVISIONS APPLICABLE TO BROKERAGE HOUSES

SOLE.-

REFORMS Articles 148, paragraphs I, II, and III; 159, paragraphs I and II; 160, paragraph V, subsections a), b), c), and d); 161, second paragraph, and 169 Bis, third paragraph of the "General Provisions applicable to Brokerage Houses", published in the Official Gazette of the Federation on September 6, 2004, modified by resolutions published in the said Official Gazette on March 9, 2005; March 29, June 26, December 6 and 22, 2006; January 17, 2007; August 11, September 19, and October 23, 2008; April 30 and December 30, 2009; February 4, July 29, and November 26, 2010; August 23, 2011; February 16, March 23, and December 17, 2012; January 31, July 2 and 11, 2013; January 30, June 5 and 30, and December 19, 2014; January 6, 8, and 9, March 13, September 18, and December 31, 2015; May 12, September 28, and December 27, 2016; June 23, July 24, September 5, October 3 and 18, and December 18, 2017; January 4 and April 10, 2018, to read as follows:

" Article 148 .- . .

I.

High Investment Grade: a rating equal to or greater than AA- or Aa3, for long-term, or equal to or greater than A2, P2, or F2, for short-term, granted for international purposes to the entity in question by the securities rating institution S&P Global Ratings, S.A. de C.V., Moody's de México, S.A. de C.V., Fitch México, S.A. de C.V., Verum, Calificadora de Valores, S.A.P.I. de C.V., A.M. Best América Latina, S.A. de C.V., Institución Calificadora de Valores, DBRS Ratings México, Institución Calificadora de Valores, S.A. de C.V., HR Ratings de México, S.A. de C.V., as applicable, as well as the equivalent rating grade granted by other securities rating institutions authorized by the Commission.

II.

Rating Category: the rating grade granted for international purposes by the securities rating institutions S&P Global Ratings, S.A. de C.V., Moody's de México, S.A. de C.V., Fitch México, S.A. de C.V., Verum, Calificadora de Valores, S.A.P.I. de C.V., A.M. Best América Latina, S.A. de C.V., Institución Calificadora de Valores, DBRS Ratings México, Institución Calificadora de Valores, S.A. de C.V., HR Ratings de México, S.A. de C.V., as applicable, as well as the equivalent rating grade granted by other securities rating institutions authorized by the Commission, represented by letters, which in turn may have different levels represented by numbers or signs, indicating a higher or lower rating within the same category.

III.

Investment Grade: a rating grade equal to or greater than BBB- or Baa3 and less than AA- or Aa3, for long-term, or equal to A3, P3, or F3, for short-term, granted for international purposes to the entity in question by the securities rating institutions S&P Global Ratings, S.A. de C.V., Moody's de México, S.A. de C.V., Fitch México, S.A. de C.V., Verum, Calificadora de Valores, S.A.P.I. de C.V., A.M. Best América Latina, S.A. de C.V., Institución Calificadora de Valores, DBRS Ratings México, Institución Calificadora de Valores, S.A. de C.V., HR Ratings de México, S.A. de C.V., as applicable, as well as the equivalent rating grade granted by other securities rating institutions authorized by the Commission.

IV. and V.

. . .

. . . "

" Article 159 .- . . .

I .

Group RC-1: Cash; deposits and securities held by the Bank of Mexico; securities issued or guaranteed by the Federal Government; securities, titles, and documents, issued or guaranteed by the Institute for the Protection of Bank Savings; deposits, securities, and credits held by or guaranteed or guaranteed by development banking institutions in which, according to their respective organic laws, the Federal Government responds at all times for such operations; securities held by or guaranteed or guaranteed by central banks or governments of countries whose titles in the market are classified with high investment grade by any securities rating institution authorized by the Commission; spot sale and purchase of foreign exchange and titles, repo operations, money flow exchange operations (swap), forward contracts, securities lending, options, structured operations, packages of financial derivative instruments, and contingent operations, carried out with the persons indicated in this group, as well as other authorized operations that assimilate to this group. Likewise, operations with financial derivative instruments that are settled in clearing houses that are authorized by the Ministry or, in the case of clearing houses established abroad, that are recognized by the Bank of Mexico or that are established in countries whose financial authorities are designated members to form the council of the International Organization of Securities Commissions and over which said public authorities publicly recognize that they apply supervision that is consistent with the Principles for Financial Market Infrastructures published jointly by the referred Organization and by the Committee on Payment and Settlement Systems of the Bank for International Settlements.

II.

Group RC-2: Deposits, securities, and credits held by or guaranteed or guaranteed by financial entities that are subsidiaries of the brokerage house or financial entities that are part of the financial group to which the brokerage house belongs, including the financial subsidiaries of these, by credit institutions or other brokerage houses; securities and credits held by or guaranteed or guaranteed by central banks or governments of countries other than those included in group RC-1, whose titles in the market are rated with investment grade by any securities rating institution authorized by the Commission; securities and credits guaranteed with instruments related to the operations indicated in paragraphs I, subsections a), b), and d), II, and III of Article 46 of the Credit Institutions Law, provided that the guarantee is constituted with liabilities held by credit institutions, these latter cannot be withdrawn on a date prior to the maturity of the operation they are guaranteeing, and it is agreed that the resources corresponding to said liabilities will be applied to the payment of the operation itself in case of default; deposits, securities, and credits held by or guaranteed or guaranteed by banks constituted in the countries included in group RC-1, whose titles in the market are rated with high investment grade by any securities rating institution authorized by the Commission; deposits, securities, and credits held by or guaranteed or guaranteed by insurance institutions constituted in the countries included in group RC-1 that are rated with high investment grade by any securities rating institution authorized by the Commission or by insurance institutions authorized in Mexico that are rated with high investment grade by any securities rating institution authorized by the Commission; deposits, securities, and credits held by or guaranteed or guaranteed by development banking institutions other than those considered in group RC-1; credits and securities held by or guaranteed or guaranteed by public trusts constituted by the Federal Government for economic promotion; securities and credits held by decentralized organisms of the Federal Government and state-owned productive companies; repo operations, money flow exchange (swap) operations, forward contracts, securities lending, options, structured operations, packages of derivative instruments, and contingent operations carried out with the persons indicated in this paragraph; as well as other authorized operations that assimilate to this group.

III.

. . . "

" Article 160.- . . .

I. to IV.

. . .

V.

. . .

. . .

a)

Twenty percent if they are registered with the Public Credit Unit of the Ministry; have ratings from at least two securities rating institutions authorized by the Commission, and the rating granted to the state, municipality, or decentralized organism in question is not less than the second rating category next lower than the rating granted to the Federal Government, according to the corresponding scale: short-term or long-term, and debt in pesos or debt in foreign currency.

b)

Fifty percent if they are registered with the Public Credit Unit of the Ministry; have ratings from at least two securities rating institutions authorized by the Commission, and the rating granted to the state, municipality, or decentralized organism in question is in the third or fourth rating category next lower than the rating granted to the Federal Government, according to the corresponding scale: short-term or long-term, and debt in pesos or debt in foreign currency.

c)

One hundred fifteen percent if they are registered with the Public Credit Unit of the Ministry; have ratings from at least two securities rating institutions authorized by the Commission, and the rating granted to the state, municipality, or decentralized organism in question is less than the fourth rating category next lower than the rating granted to the Federal Government, according to the corresponding scale: short-term or long-term, and debt in pesos or debt in foreign currency.

d)

One hundred fifty percent if they are not registered with the Public Credit Unit of the Ministry, or do not have at least two ratings from two securities rating institutions authorized by the Commission.

. . .

. . .

Article 161.- . . .

The risk weighting percentage will be fifty percent for operations that fall into group RC-2 held by multiple banking institutions that do not comply with the public disclosure of their risk level, according to the rating granted to them by two securities rating institutions authorized by the Commission, incorporating for this purpose both ratings in notes to their financial statements.

. . .

. . .

. . .

. . .

. . .

. . .

. . . "

" Article 169 Bis. - . . .

. . .

Brokerage houses must disclose their risk level to the public, according to the credit quality granted to them by two securities rating institutions authorized by the Commission, incorporating for this purpose both ratings in notes to their financial statements. Such ratings will correspond to the issuer on a national scale and in no case may they be older than twelve months.

. . . "

TRANSITIONAL

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

Respectfully

Mexico City, May 3, 2018. - The President of the National Banking and Securities Commission, José Bernardo González Rosas.- Signature.

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