Resolution modifying the general provisions applicable to companies that administer systems to facilitate securities transactions

DOF: 31/03/2016

RESOLUTION modifying the general provisions applicable to companies that administer systems to facilitate securities transactions

A seal with the National Coat of Arms is attached 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, based on the provisions of articles 259, second and third paragraphs, and 350, third paragraph of the Securities Market Law, as well as 4, sections XXXVI and XXXVIII, and 16, section I of the National Banking and Securities Commission Law, and

CONSIDERING

That it is necessary to provide for the norms regarding block trades negotiated through companies that administer systems to facilitate securities transactions in order to establish a special treatment for such trades that allows for the deferral of the disclosure of corresponding information, promotes adequate price formation, market transparency, and operational efficiency, given the particular characteristics of this type of trade, and

That additionally it is necessary to make clarifications to the rules applicable to companies that administer systems to facilitate securities transactions, including clarifying the deadline by which their regulatory controller must present reports to the National Banking and Securities Commission; determining the obligation for said companies to have systems that generate audit trails for better supervision by the Commission itself, as well as indicating the manner in which such companies must inform price providers when the disclosed information contains errors or omissions, has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO COMPANIES THAT ADMINISTER SYSTEMS TO FACILITATE SECURITIES TRANSACTIONS

SINGLE.- The provisions TENTH, sections I and II; ELEVENTH, section III and last paragraph; THIRTEENTH, sections I, first paragraph and subsection b), and IV; and FOURTEENTH, section V; are REFORMED; and the provisions TENTH, with a new section III; THIRTEENTH with a new section VII, shifting the current VII in its order and as appropriate; THIRTEENTH BIS; FOURTEENTH, with section VI and a last paragraph; and NINETEENTH of the "General provisions applicable to companies that administer systems to facilitate securities transactions", published in the Official Gazette of the Federation on June 6, 2014, modified by Resolutions published in the said Official Gazette on October 20, 2014, shall read as follows:

" TENTH.-

...

I.

Issue the internal regulations of the Company.

II.

Establish the committees it deems necessary for the best performance of the Company's functions.

III.

Approve quarterly the reports presented to it by the Company's regulatory controller.

" ELEVENTH.- ...

...

...

I. and II.

...

III.

Report to the Commission quarterly on the compliance with the obligations under its charge, within five business days following the end of the months of March, June, September, and December of each year, as well as immediately regarding any irregularities it becomes aware of in the exercise of its functions.

The regulatory controller will present to the board of directors quarterly, for approval, reports regarding the compliance with the obligations under its charge and will be responsible for the non-compliance with any of its obligations, and may be sanctioned in accordance with what is provided in the Company's internal regulations. "

" THIRTEENTH.- ...

I.

Provide access to automated electronic or voice trading systems, which allow credit institutions, brokerage houses, and other institutional investors, national or foreign, as well as financial entities from abroad of the same type as those indicated, to operate on equal terms, as well as to obtain information on bids, events carried out, and market information in general. In the event that voice is used, the recording and disclosure of bids and operations in the systems must be done immediately; regarding bids in operations through auctions, the Companies may abstain from disclosing them provided that their internal regulations so determine. Additionally, in all cases, they must establish processes for real-time monitoring of operations and those that allow for the keeping of records known as "audit trails".

...

a)

...

b)

The disclosure of information to credit institutions, brokerage houses, other institutional investors, national or foreign, and financial entities from abroad of the same type as those indicated. These systems must allow:

(i)

That at the beginning of each session, they disseminate the price or reference value of the previous business day of each security, standardized or non-standardized derivative operation, or other financial assets, as well as, if applicable, the amount traded;

(ii)

The real-time disclosure of information on operations and bids during the day, identifying the type of security, standardized or non-standardized derivative operation, or other financial asset, term, market price or interest rate, and

(iii)

That it contains a description in strict chronological order of all events that take place in said system.

II. and III.

...

IV.

Have a system that allows capturing in an orderly and complete manner the information of each transaction, in which the credit institution, brokerage house, or subject established by Law operating in the Companies, date and time of agreement, price, value or interest rate, and amount of the operation, class and type of security, standardized or non-standardized derivative operation, or other financial asset, as well as, if applicable, the underlying assets and volumes traded, can be identified. Said system must allow precise follow-up and knowledge of the complete information of each operation, as well as having audit trails that allow reconstructing chronologically and verifying all transactions;

V. and VI.

...

VII.

In the event that the Companies provide the service of sending information to any clearing house regarding the details of Standardized Derivative Operations concluded in their electronic trading systems, such information must be sent as soon as technologically possible, and

VIII.

...

THIRTEENTH BIS.- The Companies that have received the authorization referred to in the Fourth of these provisions, must have policies and guidelines to which they will be subject in the execution of block trades.

In said policies and guidelines, it must be provided that the Companies may abstain from disclosing bids related to block trades, provided that within a period not exceeding three business days after the execution of said operations, they disclose in their trading systems each of the operations carried out.

Until block trades are disclosed in their trading systems, they will have the character of privileged information.

FOURTEENTH.-

...

I. to IV.

...

V.

That credit institutions, brokerage houses, other institutional investors, national or foreign, and financial entities from abroad of the same type as those indicated, will adhere to the Company's internal regulations.

...

In the event that the information disclosed by the Companies to price providers contains errors or omissions, said Companies must notify them of this fact immediately upon identification. To this effect, they must identify the error or omission, its date of occurrence, as well as describe the respective corrections. The Companies must keep a record of the notifications in accordance with the foregoing. "

" NINETEENTH.- The Commission will determine the amount of those securities transactions, standardized or non-standardized financial derivative operations, or other financial assets that, due to their amount, must be considered by the Companies as block trades, as well as the maximum deviation of existing bids or reference buy and sell prices that said operations may have. The provisions of this provision must be notified to the Companies, as well as made known to the public through the Internet at the site http://www.cnbv.gob.mx. "

TRANSITORY PROVISIONS

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

SECOND.- Companies that administer systems to facilitate securities transactions will have a period of five business days from the entry into force of this instrument to send to the National Banking and Securities Commission the policies and guidelines referred to in the Thirteenth Bis provision added to the "General provisions applicable to companies that administer systems to facilitate securities transactions" by this instrument, as well as to adjust their systems to said provision.

THIRD.- Companies that administer systems to facilitate securities transactions will have a period of six months to adapt the contracts they have concluded with credit institutions, brokerage houses, other institutional investors, national or foreign, and financial entities from abroad of the same type as those indicated, in accordance with what is provided in this Resolution.

FOURTH.- The National Banking and Securities Commission will notify the companies that administer systems to facilitate securities transactions, within three business days following the entry into force of this Resolution, the amount of operations that must be considered as block trades for the purposes of the "General provisions applicable to companies that administer systems to facilitate securities transactions".

Respectfully,

Mexico City, March 29, 2016. - The President of the National Banking and Securities Commission, Jaime González Aguadé.- Rubric.

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