Resolution modifying the General Provisions applicable to credit institutions

DOF: 02/09/2022

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

The National Banking and Securities Commission, with the prior agreement of its Board of Directors, based on articles 98 Bis and 119, first, third and fourth paragraphs of the Credit Institutions Law, as well as 4, fractions II, XXXVI and XXXVIII; 16, fraction I and 19 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 the issuance of the "Resolution modifying the General Provisions applicable to general warehouses, exchange houses, credit unions and multiple-object financial societies published in the Official Gazette of the Federation on January 23, 2018" and the "Resolution modifying the General Provisions applicable to credit institutions" published respectively in the Official Gazette of the Federation on November 15, 2018 and July 23, 2021, relaxed the deadline to which general warehouses, exchange houses, credit unions and multiple-object financial societies regulated to apply in the preparation of their accounting the financial information standards are subject, and carried out adjustments in the methodology for estimating preventive reserves and credit portfolio classification to recognize the lower risk in which credit institutions incur when granting financing to women;

That, considering the attributions of the National Banking and Securities Commission indicated in article 119 of the Credit Institutions Law to determine through general provisions the requirements that contingency plans must contain, which multiple banking institutions must have, in which the actions they would implement to restore their financial situation in adverse scenarios that could affect their solvency or liquidity are detailed, and

That, in order to provide multiple banking institutions with greater elements to strengthen their contingency plans, taking into account national and international best practices in this matter, to contribute to mitigating the risk of impacts on the banking system, and to have clearer and more precise information about these entities that will result in more agile review, approval and follow-up processes for their contingency plans, it has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO CREDIT INSTITUTIONS

SINGLE.- Annex 69 of the "General Provisions applicable to credit institutions", published in the Official Gazette of the Federation on December 2, 2005 and last reformed by resolution published in the aforementioned dissemination medium on June 22, 2022, is SUBSTITUTED, to read as follows:

" FIRST to FIFTH TITLES

. . .

ANNEXES

1 to 68

. . .

ANNEX 69

Requirements for the contingency plans of multiple banking institutions.

ANNEXES

70 to 73

. . . "

TRANSITORY

SINGLE.- This Resolution will enter into force on January 1, 2023.

Respectfully

Mexico City, August 24, 2022.- President of the National Banking and Securities Commission, Dr. Jesús De la Fuente Rodríguez .- Rubric.

ANNEX 69

Requirements for the contingency plans of multiple banking institutions

The Contingency Plans of multiple banking institutions referred to in article 172 Bis 37 of these provisions, in addition to what is established in article 119 of the Law, must be submitted in editable electronic version (Portable Document Format, PDF by its initials in English) and physical, and contain the information indicated in the following sections.

I.

Executive Summary

Multiple banking institutions must present the executive summary of their Contingency Plan, which must include:

a)

An Index with all the requirements of the Contingency Plan provided for in this Annex and their location in the entity's Contingency Plan.

b)

A table describing each of the events and indicators that would lead to the activation of the Contingency Plan or the evaluation of its eventual activation, indicating the thresholds established to activate the plan or mitigation actions, as appropriate, for each of said indicators.

c)

A table with the main recovery actions, indicating under which scenarios these actions would be implemented.

d)

Describe the reasons why the Board considers that the Contingency Plan is feasible and executable in scenarios of financial stress, and that the expected results of each of the recovery actions are reasonable. Such reasons must be recorded in the Board meeting minutes in which the corresponding Contingency Plan is approved.

e)

Describe, in general terms, the main obstacles or difficulties (including legal, operational and financial) that could prevent the implementation of the Contingency Plan as a whole. In the event that the multiple banking institution does not identify obstacles or difficulties, it must include a justification.

f)

When it is an update of the Contingency Plan, the multiple banking institution must include a detailed synthesis of the relevant changes that occurred in said institution, considering the impact they had on the Contingency Plan, since the last Contingency Plan delivered regardless of whether it was approved by the Commission. In the event that the multiple banking institution does not identify relevant changes, it must explicitly state so.

II.

Description of the multiple banking institution, operational structure, business model and essential functions whose suspension could cause adverse effects on other financial entities

Multiple banking institutions must include the following elements in the Contingency Plan:

a)

Detailed description of the multiple banking institution and its business strategy, which identifies and explains its essential business lines, its Desired Risk Profile, as well as its sources and uses of financing.

b)

Description, if applicable, of the merger, spin-off or sale processes of its subsidiaries or business lines, which have been completed since the last update to the Contingency Plan, or which are in progress.

c)

List of companies that maintain a Business Link or Equity Link with the multiple banking institution, as well as a brief description of the type of relationship they maintain and, if applicable, the percentage of direct or indirect participation that represents in their share capital.

d)

List of natural or legal persons, other than those indicated in the previous subsection, that are significant for the operation of the multiple banking institution. To this effect, the relationship that the institution has with them must be described, as well as the reasons that justify such importance.

e)

Description of the main service or commission contracts entered into with third parties, which must include, at least, the name of the supplier, corporate name, corporate purpose, start and end date of the relationship, main obligations and penalties in case of non-compliance in net figures.

f)

Description of the critical functions of the multiple banking institution whose interruption could cause adverse effects on other financial entities.

g)

Description of the relevant information management systems, including a description of how it will be guaranteed that the information will be available reliably and timely under stress conditions.

h)

Description of the multiple banking institution's participation in payment systems, central counterparties, custodians and clearing houses, indicating for each the average number of operations and volume in the last twelve months.

i)

List of the main jurisdictions in which the multiple banking institution operates.

j)

Organizational chart of the multiple banking institution, from the general manager to the officials occupying positions with the two immediate lower hierarchies to that of the general manager, indicating the name, position and contact data of each of them.

k)

Quantitative information regarding its infrastructure detailing, at least, the geographic distribution of personnel (hired directly or indirectly), as well as its branches and ATMs, if applicable.

l)

Indication of whether the multiple banking institution is part of a financial group, business group or if it is a subsidiary of a controlling parent company or a foreign financial institution, in which case it must include the following:

i.

The description of the group to which the multiple banking institution belongs, specifying the average assets of said institution and the profit it contributed to the group, in both cases, in relation to the twelve months prior to the preparation of the Contingency Plan. Likewise, include a description of the shareholding participation of the multiple banking institution.

ii.

The description of the relevant agreements entered into with other entities in the group, including the quantification of exposures, funding, guarantees and capital flows, among others, that arise by virtue of said agreements.

iii.

The description of the legal and operational restrictions that exist for the free flow of resources among group members and their implications for the adequate execution and implementation of the recovery actions considered in the Contingency Plan of the multiple banking institution.

iv.

The description of the set of actions that the financial group, business group, controlling parent company or foreign financial institution will carry out and their probable impact on the multiple banking institution, in the event that any of the financial entities, national or foreign, that are part of the same financial or business group to which said institution belongs, had to restore their financial situation in adverse scenarios that could affect their solvency or liquidity.

v.

Regarding Subsidiaries or multiple banking institutions with 51% or more participation, direct or indirect, in their share capital by a foreign financial institution, they must indicate how the Contingency Plans or similar procedures of said foreign financial institutions are consistent with the Contingency Plan of the multiple banking institution.

III.

Participation of the governing bodies and the corporate structure of the multiple banking institution in the design, development and implementation of the Contingency Plan

Multiple banking institutions must include within their preparatory measures and implementation of the Contingency Plan, the following elements:

a)

The description of the policies and procedures that govern the internal approval of the Contingency Plan.

b)

The description of the participation of the administrative units, governing bodies, committees of the multiple banking institution and its holding officials, clearly defining their roles and responsibilities in, at least, each of the following stages:

i.

Design of the Contingency Plan.

ii.

Monitoring of indicators regarding their thresholds.

iii.

Activation of the Contingency Plan.

iv.

Execution of recovery actions.

v.

Follow-up to the implementation of recovery actions.

vi.

Evaluation of results and continuous improvement.

c)

The mechanisms established by the multiple banking institution to ensure that personnel involved in the execution of the Contingency Plan maintains an updated knowledge of it.

d)

The description of the processes, means, deadlines and responsible parties to inform the Board when the Contingency Plan is activated.

e)

The description of how the Contingency Plan is integrated or complements the Integrated Risk Management of the multiple banking institution in question, including the relationship it has with its Desired Risk Profile.

f)

Description of the mechanism established to inform the Commission when the Contingency Plan is activated, including the area, responsible officials, means and maximum notification deadline (expressed in number of hours), which must not exceed 24 hours after the activation of the Contingency Plan. Such communication must include the reasons why it was activated and the recovery measures it intends to implement.

g)

The communication and dissemination strategy when the Contingency Plan is activated, clearly defining:

i.

The detailed communication strategy inside the multiple banking institution, particularly with personnel, governing bodies, committees and its holding officials.

ii.

The detailed communication strategy outside the multiple banking institution, particularly with shareholders and investors, counterparties, financial authorities and the general public, specifying the way in which it proposes to manage the possible negative reaction of the markets.

iii.

The way in which it will be determined if it is necessary for the multiple banking institution to issue a message to the public, as well as the content of this.

iv.

The area and responsible parties for making decisions on the issuance of a message and its content, as well as the scope, deadlines and communication channels they would use.

v.

The level of the official who, if applicable, will issue the message to the public, as well as the person responsible for crisis management inside and outside the multiple banking institution.

IV.

Description, evaluation and activation of the recovery actions contemplated in the Contingency Plan

Multiple banking institutions must include the following elements in the Contingency Plan:

a)

Quantitative and qualitative indicators that serve as the basis for the activation of the Contingency Plan. These indicators must:

i.

Explain the consistency they have with the main business lines that the multiple banking institution has indicated as essential according to subsection a) of fraction II of this Annex.

ii.

Include, at a minimum, the following indicators, unless the multiple banking institution justifies that they are not relevant to its operation:

a. Solvency indicators:

(i)

Capitalization Index (ICAP).

(ii)

Basic Capital Coefficient.

(iii)

Fundamental Capital Coefficient.

(iv)

Leverage Ratio.

(v)

The capital supplements that apply to it.

b. Liquidity indicators:

(i)

Liquidity Coverage Ratio (LCR).

(ii)

Net Stable Funding Ratio (NSFR).

(iii)

Wholesale funding costs.

c. Profitability indicators:

(i)

Return on capital and on assets.

(ii)

Significant losses from operational risk.

d. Asset quality indicators:

(i)

Delinquency Index (IMOR) by portfolio type.

(ii)

Evolution of the level of Preventive Estimates for Credit Risks (EPRC) by credit portfolio type.

e. Market indicators:

(i)

Issuer risk degree assigned by rating agencies.

(ii)

Evolution of the price of its shares or of the Financial Group.

iii.

For each indicator, its calculation formula must be clearly defined, as well as the way in which it is interpreted, indicating the units of measurement and the frequency of monitoring, which must be reasonably adapted to the dynamics of the operations being evaluated.

iv.

Include, for each indicator, the thresholds, which must contain preventive stages that enable the timely identification of contingency situations, in addition to the limits that lead to the immediate or eventual activation of the Contingency Plan.

b)

Definition of recovery actions to maintain financial viability and restore their liquidity and solvency levels. These actions must include at least:

i.

The detailed description of the action to be implemented and the personnel responsible for its execution.

ii.

The approximate time (measured in calendar days) for the execution of each of the recovery actions, taking into account, if applicable, the deadlines established in these provisions and in the Law. Likewise, the approximate time (in calendar days) in which it is expected that the recovery actions will have an effect on the solvency or liquidity situation of the multiple banking institution.

iii.

The quantification of the cost of implementing each recovery action, which must be presented in basis points or monetary units, as appropriate.

iv.

The quantitative evaluation of the expected impact on the indicators associated with each recovery action indicating, at least, the specific impact on solvency and liquidity indicators.

v.

The description and evaluation of the factors and obstacles that could affect the implementation or effectiveness of each recovery action, and the way in which this risk could be mitigated.

vi.

The evaluation of the possible incompatibility between all recovery actions and, if applicable, indicate the reasons why it was determined that there is no incompatibility between the actions.

vii.

The estimated order of precedence and sequence to implement the recovery actions that is consistent with the previous analyses of time, cost, impact and incompatibility of the recovery actions. This order of precedence must be sufficiently flexible in the event of stress that, if applicable, materializes.

viii.

The previous experience of the multiple banking institution executing each of the recovery actions established in the Contingency Plan, either under normal operating conditions or under contingency conditions. Likewise, the multiple banking institution must explicitly indicate, if it has no type of experience implementing, the recovery actions of the Contingency Plan.

ix.

A list of the legal documentation that demonstrates that the implementation of the recovery actions is viable, as well as the personnel authorized for its implementation.

x.

An analysis on the possible impact of implementing each recovery action on the rest of the financial or business group to which the multiple banking institution belongs. In the event of determining that there is no impact, this reasoning must be justified.

c)

The realization and documentation, at least once a year, of periodic stress tests that evaluate the indicators and thresholds referred to in subsection a) of this fraction, including an explanation of how the level of said thresholds was determined so that the recovery actions can be implemented with sufficient advance to be effective. The stress tests must also evaluate the relevance of the recovery actions that, to this effect, they have designed to restore their liquidity and solvency levels, considering for this financial stress scenarios that affect both the multiple banking institution individually and the banking or financial system in general.

For the purposes of what is provided for in this subsection, multiple banking institutions may use, at least, the same periodic stress tests and consider the scenarios referred to in Annex 12-B of these provisions regarding the Capital Adequacy Assessment, provided that said scenarios lead to said institutions to solvency and liquidity levels equivalent to categories III, IV or V of the table contained in Article 220 of these provisions, as well as scenarios III, IV or V of the Liquidity Coverage Ratio or scenarios II, III or IV of the Net Stable Funding Ratio, according to the "General Provisions on the liquidity requirements for multiple banking institutions", issued jointly by the Commission and the Bank of Mexico, respectively. With the same objective of evaluating the effectiveness of recovery actions against stress events, the multiple banking institution may first determine the impact on its indicators by placing, at least, some of them below the thresholds that would activate the Contingency Plan. Once these levels are determined, the multiple banking institution may evaluate under which scenario these impacts could materialize.

Multiple banking institutions must include in the Contingency Plan the description of the assumptions used in the scenarios and identify the main impact channels, the variables considered and the methodology used to measure said impact, in such a way that the relevance of said scenarios for the institution itself can be evaluated, as well as the relevance of the recovery actions. Likewise, they must include the level of the indicators, the stress scenario and the projections of said indicators after implementing the set of recovery actions they consider pertinent for each scenario.

Likewise, in the event of presenting any modification to the Desired Risk Profile, multiple banking institutions must update the scenarios used in the Contingency Plan and indicators they will use to perform the stress tests referred to in this subsection, and remit said profile to the Commission, accompanied by evidence of its approval.

d)

A statement of the way in which the Contingency Plan is consistent with the Business Continuity Plan and the Contingency Financing Plan, indicating the way in which they complement each other, so that the implementation of each of them is carried out in a coordinated manner. The Contingency Plan must explicitly mention that, in no case, access to public resources will be contemplated as part of its recovery actions. The foregoing, with the exception of resources that come from development banking institutions that are obtained habitually by the business model of the institution itself. Said Contingency Plan may also contemplate access to the ordinary liquidity facilities of the Bank of Mexico.

e)

When reference is made to internal documents of the multiple banking institution, the express mention of the manual or regulation from which they are part, so that it is

easily identifiable and verifiable. Likewise, with the objective of it being a self-contained document, the Contingency Plan must include the relevant part of all the elements that support it or to which reference is made in it.

f)

The express identification of the requirements of this Annex that the institution itself considers inapplicable to it, including a justification for this determination.

g)

An appendix containing the minutes of its Board of Directors where the version of the Contingency Plan being submitted is approved.

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