Resolution modifying the General Provisions applicable to credit institutions

DOF: 09/02/2024

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

The National Banking and Securities Commission, after agreement by its Board of Directors, pursuant to the provisions set forth in Articles 10, first paragraph, fractions IV and VI; 19, first and second paragraphs; 97 and 98 Bis of the Credit Institutions Law, as well as 4, fractions XI and XXXVIII; 12, fraction XV, and 16, fractions I and VI of the Law of the National Banking and Securities Commission, and

CONSIDERING

That on February 1, 2008, the "Decree reforming, adding and repealing various provisions of the Credit Institutions Law, the General Law of Negotiable Instruments and Credit Operations and the Organic Law of the National Bank of Public Works and Services" was published in the Official Gazette of the Federation, where it was established that the amount of minimum capital that multiple banking institutions must have, which expressly contemplate in their corporate statutes all the operations provided for in Article 46 of said Credit Institutions Law, shall be the equivalent in national currency to the value of ninety million investment units and must be subscribed and paid no later than the last business day of each year;

That the same Decree indicated that the National Banking and Securities Commission, after agreement by its Board of Directors, will determine through General Provisions the amount of minimum capital that multiple banking institutions must have, based on the operations they expressly contemplate in their corporate statutes; the necessary infrastructure for their development; the markets in which they intend to participate; and the risks involved; the foregoing, understanding that in no case may it be less than the equivalent to forty percent of the minimum capital provided for multiple banking institutions that carry out all the operations provided for by Article 46 of the Credit Institutions Law;

That on December 24, 2009, the modification to the General Provisions applicable to credit institutions was issued to indicate the minimum subscribed and paid capital applicable to multiple banking institutions, based on their operations;

That asymmetries within the financial sector must be avoided, particularly regarding the relationship between minimum capital requirements and the operations that can be carried out by other financial entities other than multiple banking institutions, and

That, with the aim of streamlining the functioning of multiple banking institutions in the financial system and expanding the catalog of operations that can be carried out according to the corresponding minimum subscribed and paid capital, it has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO CREDIT INSTITUTIONS

SOLE.- The articles 2, second paragraph, fractions II and IV, as well as third and fourth paragraphs, and 337 Bis in its sole paragraph and its fraction II are REFORMED; article 2, second paragraph, fraction III of the "General Provisions applicable to credit institutions", published in the Official Gazette of the Federation on December 2, 2005 and last modified by the resolution published in said dissemination medium on December 27, 2023 is REPEALED, to read as follows:

"Article 2.- . . .

. . .

I. . . .

II. The equivalent in national currency to fifty-four million UDIs, in the case of multiple banking institutions that exclusively contemplate in their corporate statutes some of the operations provided for in the following fractions of Article 46 of the Law:

I, II, III, IV, V, VI, VII, VIII, X, XI, XII, XIII, XIV, XV, XVI, XVII, XVIII, XXII, XXIII, XXIV, XXVI, XXVI bis and XXVII.

Additionally, the multiple banking institutions referred to in this fraction may contemplate one or more of the operations provided for in the following fractions of Article 46 of the Law:

IX, provided that these operations are carried out solely for their own account;

XXV, provided that the operations are carried out for hedging purposes; as well as operations analogous or related to those established in this fraction, provided that they comply with what is stipulated in fraction XXVIII of said Article 46 of the Law.

III. Repealed.

IV. The equivalent in national currency to the value of ninety million UDIs, in the case of multiple banking institutions that expressly contemplate in their corporate statutes any combination of the operations provided for in Article 46 of the Law, different from those referred to in the previous fraction II.

In the case of the celebration of repo operations that derive from the carrying out of any of the operations referred to in fraction II of this present Article, multiple banking institutions may only act as repos providers.

To the multiple banking institutions referred to in the previous fractions II and IV, these Provisions shall apply only with respect to the operations they carry out."

"Article 337 Bis.- Authorization requests to organize and operate as a multiple banking institution that only carries out the operations referred to in fraction II of Article 2 of these provisions, must be accompanied by the following documentation and information:

I. . . .

II. Accompany the general plan of operation of the society, referred to in fraction IV of Article 10 of the Law, with a detailed study through which the applicants justify that the minimum capital referred to in fraction II of Article 2 of these provisions is sufficient to support the operation of the Multiple Banking Institution."

TRANSITORY CLAUSES

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

SECOND.- Institutions that, prior to the entry into force of this modifying Resolution, have a minimum subscribed and paid capital, based on the operations they carry out, of 36 or 54 million UDIs, may continue to carry out the operations permitted in their authorization to organize and operate as a multiple banking institution.

THIRD.- Institutions that, prior to the entry into force of this modifying Resolution, have a minimum subscribed and paid capital of 54 million UDIs, based on the fact that they carry out their operations in terms of Article 2, second paragraph, fraction II, of the General Provisions applicable to credit institutions, that intend to incorporate into their operations those added to the cited fraction II resulting from this modifying Resolution, must request the corresponding authorizations from the Commission.

FOURTH.- Upon the entry into force of this modifying Resolution, institutions that intend to make a change to their minimum subscribed and paid capital, in order to be able to carry out additional operations, must request authorization from the Commission, which will be granted once the bases related to organization and internal control have been evaluated; as well as the verification of the technical and operational capacity of the applicant institutions.

Respectfully, Mexico City, January 31, 2024.- President of the National Banking and Securities Commission, Dr. Jesús de la Fuente Rodríguez.- Rubric.

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