Resolution modifying the general provisions applicable to credit institutions — SHCP — MX

DOF: 01/11/2019

RESOLUTION modifying the general provisions applicable to credit institutions

A seal with the National Coat of Arms appears at the margin, which reads: United Mexican States.- GOVERNMENT OF MEXICO.-

TREASURY.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.

The National Banking and Securities Commission, based on the provisions of articles 53, first paragraph, and 81, first paragraph of the Credit Institutions Law; 180, third paragraph in relation to 413 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, in accordance with article 78 of the General Law for Regulatory Improvement and with the aim of reducing the compliance cost of these provisions, the National Banking and Securities Commission, through a resolution published in the Official Gazette of the Federation on January 4, 2018, reformed the "General Provisions Applicable to Investment Funds and to Persons Providing Services to Them," with the purpose of establishing, for the benefit of investment funds, investment fund operating companies, and investment fund share distribution companies, that the entry into force of NIF B-17 "Determination of Fair Value," C-3 "Accounts Receivable," C-9 "Provisions, Contingencies and Commitments," C-16 "Impairment of Financial Assets Receivable," C-19 "Financial Liabilities," C-20 "Financial Assets to Collect Principal and Interest," D-1 "Revenue from Contracts with Customers," and D-2 "Costs from Contracts with Customers" issued by CINIF, shall be until January 1, 2019, and that, as a consequence, their regulatory burden is mitigated, and

That it is important for securities depository institutions to have timely information regarding debt instrument transactions conducted by credit institutions, it is therefore indispensable to specify the deadline and manner in which such transactions must be reported to these securities depository institutions, has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO

CREDIT INSTITUTIONS

SINGLE.- Article 218 Bis of the "General Provisions Applicable to Credit Institutions," published in the Official Gazette of the Federation on December 2, 2005, and modified by resolutions published in the said Official Gazette on March 3 and 28, September 15, December 6 and 8, 2006; January 12, March 23, April 26, and November 5, 2007; March 10,

August 22, September 19, October 14, and December 4, 2008; April 27, May 28, June 11, August 12, October 16, November 9, and 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, and December 20, 2010; January 24 and 27, March 4, April 21, July 5, August 3 and 12,

September 30, October 5 and 27, and December 28, 2011; June 19, July 5, October 23, November 28, and December 13, 2012; January 31, April 16, May 3, June 3 and 24, July 12,

October 2, and 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, and 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, March 14, April 26, May 11, June 26, July 23, August 29,

September 4, October 5, November 15 and 27, 2018; April 15, July 5, and October 1, 2019, to read as follows:

" Article 218 Bis.- Institutions, in carrying out the transactions referred to in articles 46, section IX, and 54 of the Law, shall communicate to the securities depository institution where they have deposited the respective debt instruments, such transactions no later than the same day of their execution, except for what is provided in the following paragraph.

When dealing with buy-sell transactions with debt instruments conducted with other Institutions or brokerage houses, they must carry out the communication referred to in this article, as soon as technologically possible without exceeding thirty minutes.

In the communications referred to in this article, the time at which each of the transactions was closed must be reported in the terms established for such effect in the internal regulations of the respective securities depository institutions.

The provisions of this article shall also apply to securities traded abroad for which securities depository institutions maintain a record. "

TRANSITORY PROVISIONS

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

SECOND.- Credit institutions, in order to comply with the second paragraph of Article 218 Bis amended by this Resolution, shall observe the following deadlines:

From the entry into force of this instrument until January 31, 2020, they must communicate to the securities depository institutions the information indicated by said provision no later than the same day the transaction was executed.

II.

From February 1, 2020, until July 31, 2020, said communication must be carried out within sixty minutes following the execution of the transaction.

III.

Starting August 1, 2020, they must communicate the corresponding information within the thirty-minute deadline indicated in said regulatory provision.

Respectfully,

Mexico City, October 25, 2019.- The President of the National Banking and Securities Commission, Adalberto Palma Gómez.- Signature.

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