Resolution modifying the general provisions applicable to credit institutions

DOF: 26/04/2018

RESOLUTION modifying the general provisions applicable to credit institutions

A seal with the National Emblem 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, based on the provisions of articles 21, second paragraph; 40, second paragraph; 101, fourth and fifth paragraphs of the Credit Institutions Law, as well as 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 credit institutions, it is necessary to clarify 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 the obligation must be established for such members to perform their functions in a transparent, independent manner, free from conflicts of interest and not subordinate to personal, patrimonial or economic interests, and

That it is necessary to repeal the norms regarding the independent external audit services that credit institutions must contract, since these are integrated into a new normative 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", has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO CREDIT INSTITUTIONS

SINGLE. Articles 1, section XI; 18, last paragraph; 21, fifth paragraph; 31, last paragraph; 142, section IV; 144, first paragraph; 145; 148, first and second paragraphs; 156, section VI, subsection b); 160, section VI; 165; 180, first paragraph; 185, second paragraph; 208, section IV, subsection b); 212, second paragraph; 233, section III, second paragraph are REFORMED, Article 355, section XVII is ADDED, moving the current section XVII to become XVIII, and Articles 1, section LI; 148, third paragraph, 155, section II; 156, section VI, subsections d) and f); and Chapter III of Title Three titled "Independent External Auditors and Audit Reports" which comprises articles 187 to 206 of the "General Provisions Applicable to Credit Institutions", published in the Official Gazette of the Federation on December 2, 2005 and reformed through resolutions published in said Gazette on March 3 and 28, September 15, December 6 and 8, 2006; January 12, March 23, April 26, November 5, 2007; March 10, August 22, September 19, October 14, December 4, 2008; April 27, May 28, June 11, August 12, October 16, November 9, December 1 and 24, 2009; January 27, February 10, April 9 and 15, May 17, June 28, July 29, August 19, September 9 and 28, October 25, November 26, December 20, 2010; January 24 and 27, March 4, April 21, July 5, August 3 and 12, September 30, October 5 and 27, December 28, 2011; June 19, July 5, October 23, November 28, December 13, 2012; January 31, April 16, May 3, June 3 and 24, July 12, October 2, December 24, 2013; January 7 and 31, March 26, May 12 and 19, July 3 and 31, September 24, October 30, December 8 and 31, 2014; January 9, February 5, April 30, May 27, June 23, August 27, September 21, October 29, November 9 and 13, December 16 and 31, 2015; April 7 and 28, June 22, July 7 and 29, August 1, September 19 and 28, December 27, 2016; January 6, April 4 and 27, May 31, June 26, July 4 and 24, August 29, October 6 and 25, December 18, 26 and 27, 2017; January 22 and March 14, 2018, to read as follows:

TITLES FIRST and SECOND

. . .

TITLE THREE

OF FINANCIAL INFORMATION AND ITS DISCLOSURE AND VALUATION

Chapters I and II

. . .

Chapter III

Repealed.

TITLES FOURTH and FIFTH

. . .

" Article 1.-

. . .

I. to X.

. . .

XI.

Independent External Auditor: the public accountant or bachelor in public accounting 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" and their respective modifications

XII. to L.

. . .

LI.

Repealed.

LII. to CXCIII.

. . . "

" Article 18.-

. . .

. . .

. . .

The credit manual must designate the area responsible for the safekeeping and custody of the minutes and documents referred to in the previous paragraph, which must be available to those responsible for internal oversight and internal audit functions. This is without prejudice to the fact that, according to the credit manual, a copy of such minutes and documents must be sent to other areas of the Institution. The competent authorities may, at any time, require the Institutions to provide the documents indicated in this paragraph. "

" Article 21.- . . .

. . .

. . .

. . .

The General Manager of the Institution will report, at least quarterly, to the Board, the Audit Committee, and the Risk Committee, on the deviations detected with respect to the objectives, guidelines, policies, procedures, strategies and current regulations in credit matters. These reports must be available to the internal auditor and the Commission may require them from the Institution at any time.

. . . "

" Article 31.- . . .

I. to X.

. . .

The area in charge of the credit internal audit function must provide a report of what was observed in its reviews, at least once a year, to the Board, the Risk Committee and the Audit Committee. "

" Article 142.-

. . .

I. to III.

. . .

IV.

Designate, upon proposal of the Audit Committee, the internal auditor of the Institution.

V to VII.

. . .

. . . "

" Article 144.- The Audit Committee must follow up on the activities of Internal Audit, as well as Internal Oversight of the Institution, keeping the Board informed regarding the performance of said activities.

. . . "

" Article 145.- The Audit Committee must be integrated in accordance with the following provisions, its members will be selected for their capacity, experience and professional prestige and at least one of them must have technical knowledge and experience in accounting, auditing, and internal control, as well as possess technical knowledge related to the Institutions. 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. "

" Article 148.- The Audit Committee will be entirely composed of members of the board of directors who may be owners or alternates of the Institution, and must be mostly independent, designated by the Board of Administration upon proposal of its president. Said committee must be presided over by an independent director and must have at least three members.

The members of the committee may appoint their substitutes, who must be owner or alternate directors of the Board, maintaining a majority of independent directors.

Third paragraph. Repealed.

. . . "

" Article 155.-

. . .

I.

. . .

II.

Repealed.

III. to VI.

. . . "

" Article 156.-

. . .

I. to V.

. . .

VI.

. . .

a)

. . .

b)

The mention and follow-up of the implementation of preventive and corrective measures derived from the observations of the Commission and the results of internal audits, as well as of the evaluation of the Internal Control System carried out by the Audit Committee itself.

c)

. . .

d)

Repealed.

e)

. . .

f)

Repealed.

g) and h)

. . .

VII. to XII. . . .

. . . "

" Article 160.-

. . .

I. to V.

. . .

VI.

Facilitate to the competent financial authorities the necessary information they have at their disposal for the purpose of their functions, so that these determine the timeliness and scope of the procedures followed by the Internal Audit area itself and can carry out their analysis for the corresponding effects.

VII. to XIII. . . .

Penultimate paragraph. Repealed.

. . . "

" Article 165.- The general manager of the multiple banking institution will inform the Commission in writing of the designation and, if applicable, the removal of the person responsible for Internal Audit functions. "

" Article 180.- Institutions must disseminate through the electronic page on the worldwide network called "Internet" corresponding to the Institution itself, 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 90 natural days following the closing of the respective fiscal year. Additionally, they must disseminate jointly with the previous information:

I. to IV.

. . .

. . . "

" Article 185.-

. . .

Likewise, Institutions will publish the consolidated annual balance sheet and income statement audited by an Independent External Auditor, within 90 natural days following the closing of the respective fiscal year, in a newspaper of wide national circulation. Without prejudice to the foregoing, Institutions may carry out the publication of the un-audited consolidated balance sheet and income statement, provided they have been approved by the Board and this circumstance is specified in the notes.

. . .

. . .

. . .

. . . "

" Articles 187 to 206.- Repealed. "

" Article 208.-

. . .

I. and II.

. . .

III.

Repealed.

IV.

. . .

a)

. . .

b)

The information regarding the series and reports that it is necessary to resend in order to maintain consistency with the annual consolidated basic financial statements audited with figures as of December of each year referred to in Article 180 of these Provisions, must be provided within 90 natural days following the closing of the respective fiscal year.

. . . "

" Article 212.-

. . .

Regarding the annual consolidated basic financial statements of the Institutions, prepared, approved and signed in accordance with what is provided in these provisions, they must be delivered to the Commission within ninety natural days following the closing of the corresponding fiscal year. Additionally, a general report on the progress of the Institution's business, as well as the commissioner's opinion, will be provided within 120 natural days following said closing.

. . .

. . . "

" Article 233.-

. . .

I. and II.

. . .

III.

. . .

In the procedures for contracting audit services referred to in this section, multiple banking institutions must observe, at all times, what is provided by 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" and their respective modifications, in all that is applicable. The external auditor services that multiple banking institutions 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 355.-

. . .

I. to XVI.

. . .

XVII.

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

XVIII.

. . .

. . . "

TRANSITIONAL

SINGLE. This Resolution will enter into force as of August 1, 2018.

Sincerely

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

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