Resolution modifying the General Provisions applicable to Brokerage Houses

DOF: 24/07/2025

RESOLUTION modifying the General Provisions applicable to Brokerage Houses

A seal bearing the National Coat of Arms appears at the margin, stating: United Mexican States.- Treasury.- Ministry of Treasury and Public Credit.- National Banking and Securities Commission.

The National Banking and Securities Commission, based on the provisions of Articles 205, second paragraph, and 210, second paragraph of the Securities Market Law; Articles 4, sections III, V, XXXVI, and XXXVIII, and 16, section I of the National Banking and Securities Commission Law; as well as Article 98 Bis of the Credit Institutions Law, and

CONSIDERING

That, in accordance with Article 78 of the General Law for Regulatory Improvement and with the aim of reducing the compliance cost of this modifying resolution, the National Banking and Securities Commission, through the issuance of the "Resolution modifying the General Provisions applicable to General Deposit Warehouses, Exchange Houses, Credit Unions, and Multiple Purpose Financial Societies regulated," published in the Official Gazette of the Federation on April 26, 2018, made clarifications regarding the selection of members of the audit committee of credit unions based on their knowledge and experience in matters such as accounting, auditing, internal control, as well as those specific to the business; establishing the obligation for such members to perform their functions transparently, independently, free from conflicts of interest, and without being subordinate to personal, patrimonial, or economic interests;

That, it is necessary to make adjustments to the regulations applicable to brokerage houses regarding special accounting criteria and special accounting records, in order to provide legal certainty regarding the natural phenomena that trigger the condition for their authorization and the requirements they must meet to demonstrate adverse impact on the solvency or liquidity of these financial entities and, if applicable, on the stability of the financial system as a whole, or when such securities market intermediaries are undergoing financial rehabilitation or corporate restructuring processes;

That, in this sense, and to provide brokerage houses with better elements, the information they must present to obtain authorization and application of said special accounting criteria and special accounting records is established, which will benefit the stability of the financial system as a whole, and at the same time allow the National Banking and Securities Commission to better exercise its authorization and supervision powers; therefore, it has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO

BROKERAGE HOUSES

SINGLE.- Article 171 is REFORMED and Articles 171 Bis and 171 Bis 1 are ADDED to the "General Provisions applicable to Brokerage Houses," published in the Official Gazette of the Federation on September 6, 2004, and modified by resolutions published in the aforementioned medium, to read as follows:

"Article 171.- The Commission may authorize brokerage houses to apply special accounting criteria temporarily regarding the application of the accounting criteria contained in Annex 5 of these provisions, when the competent authorities issue declarations of emergency or natural disaster due to the occurrence of disturbing natural phenomena that generate effects on the economy that, in the judgment of the Commission, could cause an adverse impact on the solvency or liquidity of two or more brokerage houses and, if applicable, on the stability of the financial system.

For the purposes of the foregoing, disturbing natural phenomenon shall refer to that mentioned in the General Law for Civil Protection or the one that replaces it.

To obtain authorization for the application of special accounting criteria, the following must be sent to the Commission at a minimum:

I.

Detailed description of the requested special accounting criteria, as well as the period and geographic area of application.

II.

Detailed narrative of the economic effects caused or estimated to be caused by the disturbing natural phenomenon.

III.

Estimation of the impact that the economic effects could have on the solvency, liquidity, and those related to the application of the special accounting criteria of the affected brokerage houses and, if applicable, on the stability of the financial system.

IV.

Explanation of how the special accounting criteria will help reduce or prevent the effects referred to in the preceding sections.

The authorization request must be sent in a free format, signed by the legal representative of the brokerage houses, accompanied by documents proving their legal standing, or if applicable, signed by the legal representative of self-regulatory organizations recognized by the Commission or of a trade representation body.

Until the Commission authorizes the application of the special accounting criteria, brokerage houses must continue to use the accounting criteria contained in Annex 5 of these provisions.

The validity for the application of the authorized special accounting criteria may be extended only once for a period that cannot exceed the originally granted term, when, in the judgment of the Commission, the applicants demonstrate that the economic effects persist at the date of the extension request.

Article 171 Bis.- The Commission may authorize brokerage houses, regarding the application of the accounting criteria provided in Annex 5 of these provisions, to carry out special accounting records, when, in the judgment of the Commission, these are necessary to ensure the stability and proper functioning of the brokerage houses during Financial Rehabilitation or Corporate Restructuring processes, provided that such processes do not result from non-compliance with the applicable regulatory framework and that the brokerage house in question is not applying special accounting records at the date of the request.

The request to obtain authorization for the application of special accounting records must be sent to the Commission in a free format, signed by its legal representative, accompanied by documents proving its legal standing, and must contain at a minimum, the following:

I.

Detailed description of the requested special accounting records, indicating at least, the items of the financial statements that would be affected, amounts, and period for their application.

II.

Detailed explanation of the causes that have generated the need to carry out the Financial Rehabilitation or Corporate Restructuring process.

III.

The solvency, liquidity, capital indicators, and those related to the application of the special accounting records, determined at the date of the request, as well as a detailed description of the effects that these indicators might present in case of not having the requested authorization.

IV.

The actions and remediation measures that constitute the Financial Rehabilitation or Corporate Restructuring processes required by the brokerage house.

V.

Evidence that the actions and measures indicated in the request have the approval of the Board of Directors of the requesting brokerage house.

For the purposes of this article, it must be understood by:

a)

Financial Rehabilitation, the reorganization process to improve the financial situation of a brokerage house, which results from an effect on its solvency, stability, or liquidity that puts the continuity of the brokerage house at risk.

b)

Corporate Restructuring, the set of actions that transform the legal structure of a brokerage house and which result from an effect on its solvency, stability, or liquidity that puts its business continuity at risk and which are carried out with the aim of obtaining an economic effect aimed at its recovery, such as mergers, spin-offs, and discontinued operations.

Until the Commission authorizes the application of the special accounting records, brokerage houses must continue to use the accounting criteria contained in Annex 5 of these provisions.

Article 171 Bis 1.- Brokerage houses that have obtained authorization from the Commission to apply special accounting criteria or special accounting records, in terms of Articles 171 and 171 Bis respectively, must disclose in the explanatory notes to the audited annual and quarterly consolidated basic financial statements corresponding to the periods in which these are applied and in public financial information communications, the following:

I.

That they have authorization from the Commission to apply special accounting criteria or special accounting records, specifying, if applicable, the period for which authorization for their application is held.

II.

The description of the authorized special accounting criteria or special accounting records and how they have been applied, as well as the records that should have been made in accordance with the accounting criteria contained in Annex 5 of these provisions.

III.

The amounts that would have been recorded and presented both in the statement of financial position and in the statement of comprehensive income if authorization to apply the special accounting criteria or special accounting records had not been obtained.

IV.

The detail of the concepts and amounts for which the accounting effect was made.

V.

The impact that the application of the special accounting criteria or special accounting records generates on the solvency, liquidity, capital indicators, and those related to the application of these.

VI.

The additional information that the Commission determines in the authorization of the special accounting criteria or special accounting records.

Regarding the annual financial statements referred to in this article, the disclosure must be made through a specific note.

The Commission may revoke the authorized special accounting criteria or special accounting records referred to in Articles 171 and 171 Bis, respectively, when brokerage houses fail to comply with what is provided in any of sections I to VI of this article regarding the information to be disclosed, or with the requirements contained in the authorized special accounting criteria or special accounting records, as applicable.

In the event that it is applicable, brokerage houses to which the Commission has revoked the authorization to apply special accounting criteria will have the obligation to maintain the agreements they have made with their clients as a consequence of the application of said criteria, prior to the date on which the revocation is determined."

TRANSITIONAL

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

Respectfully

Mexico City, July 15, 2025.- President of the National Banking and Securities Commission, Dr. Jesús de la Fuente Rodríguez.- Rubric.

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