Resolution modifying the General Provisions applicable to credit institutions

DOF: 15/12/2021

RESOLUTION modifying the General Provisions applicable to credit institutions

At the margin, a seal with the National Coat of Arms, which says: United Mexican States.- TREASURY.- Ministry of

Treasury and Public Credit.- National Banking and Securities Commission.

The National Banking and Securities Commission, based on articles 98 Bis and 99, first paragraph

of the Credit Institutions Law, as well as 4, fractions III, V, XXXVI and XXXVIII and 16, fraction I of the Law

of the National Banking and Securities Commission, and

CONSIDERING

That, in accordance with article 78 of the General Law on Regulatory Improvement and with the aim of reducing the

cost of compliance with this Resolution, the National Banking and Securities Commission by

resolution published in the Official Journal of the Federation on December 26, 2017, reformed the

"General Provisions applicable to credit institutions", with the object of granting an

extension to the deadline to which multiple banking institutions were subject to constitute their

operational risk capital requirements;

That, in terms of the current accounting criteria, the National Banking and Securities Commission instructs

the entities subject to its regulation, to use the exchange rate to establish the equivalence of the

national currency with the United States dollar, the FIX (Fixed Exchange

Rate) published by the Bank of Mexico in the Official Journal of the Federation, a situation that allows maintaining

uniform criteria among said entities;

That the FIX exchange rate is determined by the Bank of Mexico based on an average of

cotizations from the wholesale foreign exchange market for operations settleable on the second next banking business

day and that are obtained from foreign exchange transaction platforms and other electronic means with

representativeness in the foreign exchange market. The Bank of Mexico makes the FIX known from 12:00

hours of all banking business days, it is published in the Official Journal of the Federation one banking business

day after the date of determination and is used to settle obligations denominated in

dollars settleable in the Mexican Republic the day after publication in said dissemination medium;

That, due to the time that exists between the schedules established for the sampling used for

the determination of the FIX exchange rate in accordance with the applicable regulations issued by the Bank of

Mexico (from 9:00:00 to 9:59:00 hours; from 10:00:00 to 10:59:00 hours, and from 11:00:00 to

12:00:00 hours) and the value of the exchange rate at the close of the business day used by the entities

to close their operations (14:00 hours), differences arise between the exchange rate for purposes of

recognition in financial information and the exchange rates used in treasury areas, and

That, in view of the foregoing, it is necessary to use an exchange rate published by the Bank of Mexico

that considers a wider sample window in order to be consistent with the close of the business

day, therefore it has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS

APPLICABLE TO THE

CREDIT INSTITUTIONS

SOLE.- The Annex 33, Accounting Criteria A-2, paragraph 16 and D-4, paragraphs 32, 39, 40, 43 and

44 of the "General Provisions applicable to credit institutions", published in the Official

Journal of the Federation on December 2, 2005 and modified through various resolutions published

in said Journal, are REFORMED, to read as follows:

"ANNEX 33

ACCOUNTING CRITERIA FOR CREDIT INSTITUTIONS"

"A-2 APPLICATION OF PARTICULAR STANDARDS

Paragraphs 1 to 15 . . .

In the application of NIF B-15, the exchange rate to be used to establish the equivalence of the

national currency with the United States dollar, shall be the closing day exchange rate

on the date of the transaction or of the preparation of the financial statements, as

corresponds, published by the Bank of Mexico on its Internet website www.banxico.org.mx,

or the one that replaces it.

16

Paragraphs 17 to 65 . . . "

"D-4 STATEMENT OF CASH FLOWS

Paragraphs 1 to 31 . . .

Entities must present in a separate line item, as appropriate, the following:

a)

The effects from conversion referred to in paragraph 42, which arise from having

used different exchange rates for the conversion of the initial balance, the final balance and of

cash flows, from a foreign operation;

b)

The effects from gain or loss on foreign exchange of cash and cash equivalents

referred to in paragraph 45, which includes the difference generated by the conversion

of the initial balance of cash and cash equivalents to the closing day exchange rate

on the date of close of the previous period published by the Bank of Mexico on its

Internet website www.banxico.org.mx, or the one that replaces it, and of the final balance of cash

and cash equivalents to the closing day exchange rate of the current period, that

publishes the Bank of Mexico on the referred Internet website;

c)

The effects in the balances of cash and cash equivalents due to changes in their value

resulting from fluctuations in their fair value, and

d)

The effects from inflation associated with the balances and the cash flows of any

of the entities that make up the consolidated economic entity and that are located in

an inflationary economic environment.

32

Paragraphs 33 to 38 . . .

Conversion of the statement of cash flows of a foreign operation to the reporting currency

In the conversion of the statement of cash flows from the functional currency to the reporting currency

of a foreign operation that is in a non-inflationary economic environment, entities must comply with the following:

a)

The cash flows of the period must be converted to the historical closing day exchange rate

on the date each flow in question was generated, which will be the one published

by the Bank of Mexico on its Internet website www.banxico.org.mx, or the one that replaces it;

b)

The initial balance of cash and cash equivalents must be converted to the closing day exchange rate

on the date of close of the previous period, published by the Bank of Mexico

on the referred Internet website, and

c)

The final balance of cash and cash equivalents must be converted to the closing day exchange rate

on the date of close of the current period, published by the Bank of Mexico

on the referred Internet website.

39

In the conversion of the statement of cash flows from the functional currency to the reporting currency

of a foreign operation that is in an inflationary economic environment,

entities must comply with the following:

a)

The cash flows of the period must be converted to the closing day exchange rate

on the date of close of the current period, published by the Bank of Mexico on its Internet

website www.banxico.org.mx, or the one that replaces it;

b)

The initial balance of cash and cash equivalents must be converted to the closing day exchange rate

on the date of close of the current period, published by the Bank of Mexico

on the referred Internet website, and

c)

The final balance of cash and cash equivalents must be converted to the closing day exchange rate

on the date of close of the current period, published by the Bank of Mexico

on the referred Internet website.

40

Paragraphs 41 and 42 . . .

Conversion of balances or cash flows in foreign currency

In order to determine the changes in the balances of operational items in foreign currency

from operational activities, these must be converted to the closing day exchange rate published by the Bank of Mexico on its Internet

website www.banxico.org.mx, or the one that replaces it, on the date of close.

43

The cash flows arising from transactions in foreign currency related to

investment and financing activities, shall be converted to the reporting currency of the

entity by applying to the amount in foreign currency the closing day exchange rate on the

date on which each flow occurred, which will be the one published by the Bank of Mexico on the

referred Internet website.

44

Paragraphs 45 to 53 . . . "

TRANSITIONAL

SOLE.- This Resolution shall enter into force as of December 15, 2021.

Respectfully

Mexico City, December 8, 2021.- President of the National Banking and Securities Commission,

Dr. Jesús de la Fuente Rodríguez.- Signature.

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