Resolution modifying the general provisions applicable to brokerage houses

DOF: 26/04/2018

RESOLUTION modifying the general provisions applicable to brokerage houses

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

The National Banking and Securities Commission, with the prior agreement of its Governing Board and based on the provisions of Articles 126, second paragraph, and 210, fourth and fifth paragraphs, of the Securities Market Law, as well as Articles 4, sections VI, XXXVI, and XXXVIII, and 16, section I, of the National Banking and Securities Commission Law, and

CONSIDERING

That given the functions assigned to the audit committee of brokerage houses, it is necessary to specify that the selection of its members must be made taking into account their knowledge and experience in matters such as accounting, auditing, internal control, as well as those specific to the business; and that it is necessary to establish the obligation for such members to perform their functions in a transparent, independent manner, free from conflicts of interest, and without being subordinate to personal, patrimonial, or economic interests, and

That it is necessary to repeal the norms regarding the independent external audit services that brokerage houses must contract, since these are integrated into a new regulatory body called "General Provisions Applicable to Entities and Issuers Supervised by the National Banking and Securities Commission that Contract External Audit Services for Basic Financial Statements", it has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO

BROKERAGE HOUSES

SINGLE.- Articles 1, section III; 107, section IV; 109, first paragraph; 110; 113, first paragraph; 117 Bis, sections VII and VIII, subsection b); 117 Bis 3, section VII; 117 Bis 11; 178, second paragraph; 180, section I and fourth paragraph; 203, second paragraph, and 204 Bis 16, section III, second paragraph; are REFORMED; Article 213, section XI, is ADDED, shifting the current section XI to become XII; and Articles 1, section XXI; 113, second and third paragraphs; 117, section II; 117 Bis, section VIII, subsections d) and f), section XII; and Chapter Four of Title Six titled "On External Financial Auditing", which comprises Articles 187 to 200 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 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, and January 4, 2018, are REPEALED, to read as follows:

TITLES FIRST to FIFTH

. . .

TITLE SIX

. . .

Chapters

First to Third

. . .

Chapter Four

. . .

Repealed.

Chapter Five

. . .

TITLE SEVENTH

. . .

" Article 1.-

. . .

I. and II.

. . .

III.

Independent External Auditor: the public accountant or licensed public accountant who meets the characteristics and requirements contained in the "General Provisions Applicable to Entities and Issuers Supervised by the National Banking and Securities Commission that Contract External Audit Services for Basic Financial Statements" or those that replace them.

IV. to XX.

. . .

XXI.

Repealed.

XXII. to XLVIII.

. . .

. . . "

" Article 107.-

. . .

I. to III.

. . .

IV.

Appoint, upon proposal of the audit committee, the person responsible for the internal audit area.

V. to VIII. . . .

. . . "

" Article 109.- The audit committee must follow up on the internal audit activities, as well as the internal oversight of the brokerage house and the person responsible for monitoring compliance with the "General Provisions Applicable to Financial Entities and Other Persons Providing Investment Services", published in the Official Gazette of the Federation on January 9, 2015 and its respective modifications, keeping the board of directors informed, in accordance with what is established in this section, regarding the performance of said activities.

. . . "

" Article 110.- The audit committee must be integrated in accordance with the following provisions and, in all cases, the members of said committee must be selected for their capacity, experience, and professional prestige, and at least one of its members must have technical knowledge and experience in accounting, auditing, and internal control, as well as possess technical knowledge related to brokerage houses. Said committee must perform its functions in a transparent, independent manner, free from conflicts of interest, and its members must conduct themselves without being subordinate to personal, patrimonial, or economic interests.

Members of the committee may appoint their substitutes, who must be board members or substitute board members, maintaining a majority of independent board members. "

" Article 113.- The audit committee will be entirely composed of members of the board of directors who may be regular or substitute members, and must be predominantly independent, appointed by the board of directors upon proposal of its president. Said committee will be presided over by an independent board member and must have at least three members.

Second paragraph. Repealed.

Third paragraph. Repealed.

. . . "

" Article 117.-

. . .

I.

. . .

II.

Repealed.

III. to VI.

. . . "

" Article 117 Bis.-

. . .

I. to VI.

. . .

VII.

Review, with the support of internal audit, the application of the internal control system, evaluating its efficiency and effectiveness.

VIII.

. . .

a)

. . .

b)

The follow-up on the implementation of preventive and corrective measures derived from the observations of the Commission and those indicated in section II of this article, from the results of internal audit, as well as from the evaluation of the internal control system carried out by the audit committee itself.

c)

. . .

d)

Repealed.

e)

. . .

f)

Repealed.

g)

. . .

IX. to XI.

. . .

XII.

Repealed.

XIII. and XIV.

. . .

. . . "

" Article 117 Bis 3.-

. . .

I. to VI.

. . .

VII.

Facilitate to the competent financial authorities the necessary information available to them in the course of their functions, so that they may determine the timeliness and scope of the procedures followed by the area responsible for performing internal audit functions and may carry out their analysis for the corresponding effects.

VIII. to XIII.

. . .

. . . "

" Article 117 Bis 11.- The general director of the brokerage house will inform in writing to the Commission of the hiring and, if applicable, the removal of the person responsible for internal audit functions and the area or person to whom internal oversight functions are assigned, indicating the reasons that motivated such removal. "

" Article 178.-

. . .

In the case of annual consolidated basic financial statements, they must be presented to said administrative body within ninety (90) natural days following the closing of the respective fiscal year. "

" Article 180.-

. . .

I.

The annual consolidated basic financial statements audited with figures as of December of each year, including their notes, as well as the opinion issued by the independent external auditor, within ninety (90) natural days following the closing of the respective fiscal year.

II. and III.

. . .

. . .

Likewise, they will publish the consolidated annual audited balance sheet and income statement by an independent external auditor, within ninety (90) natural days following the closing of the respective fiscal year, in a newspaper of wide national circulation. Without prejudice to the foregoing, brokerage houses may carry out the publication of the unaudited consolidated balance sheet and income statement, provided that they have been approved by the board of directors and this circumstance is specified in the notes.

. . .

. . . "

" Articles 187 to 200.- Repealed. "

" Article 203.-

. . .

In the case of the annual audited consolidated basic financial statements of brokerage houses, prepared, approved, and signed in accordance with the provisions of these regulations, they must be delivered to the Commission within ninety (90) natural days following the closing of the corresponding fiscal year. Additionally, a general report on the business operations of the brokerage house, as well as the comptroller's opinion, will be provided within one hundred twenty (120) natural days following said closing.

. . . "

" Article 204 Bis 16.-

. . .

I. and II.

. . .

III.

. . .

In the procedures for contracting the audit services referred to in this section, brokerage houses must verify that independent external auditors, their respective firms, as well as the other persons forming part of the audit team, meet the characteristics and requirements established in the "General Provisions Applicable to Entities and Issuers Supervised by the National Banking and Securities Commission that Contract External Audit Services for Basic Financial Statements" or those that replace them. The external audit services that brokerage houses must contract in terms of what is provided in this section must have the favorable opinion of the Commission prior to the celebration of the service provision contract.

IV.

. . . "

" Article 213.-

. . .

I. to X.

. . .

XI.

"General Provisions Applicable to Entities and Issuers Supervised by the National Banking and Securities Commission that Contract External Audit Services for Basic Financial Statements" and their respective modifications.

XII.

. . .

. . . "

TRANSITORY

SINGLE.- This Resolution will enter into force on August 1, 2018.

Respectfully,

Mexico City, April 17, 2018. - The President of the National Banking and Securities Commission, José Bernardo González Rosas.- Signature.

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