Resolution modifying the General Provisions applicable to credit institutions

DOF: 24/07/2017

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

The National Banking and Securities Commission, with the agreement of its Board of Directors, based on the provisions of Articles 50, 76, and 96 Bis of the Credit Institutions Law, as well as Articles 4, fractions II, XXXVI, and XXXVIII, and 16, fraction I of the National Banking and Securities Commission Law, having received the prior favorable opinion of the Bank of Mexico, and

CONSIDERING

That following the publication in the Official Gazette of the Federation on April 27, 2016 of the "Decree establishing the Financial Discipline Law for States and Municipalities, and reforming, adding, and repealing various provisions of the Fiscal Coordination Law, General Public Debt Law, and General Governmental Accounting Law," it is necessary to make certain modifications in various matters such as the integration of credit files, capitalization requirements applicable when dealing with credits granted to Mexico City backed by the Federal Government, as well as regarding risk diversification, with the purpose of incorporating the principles contained in the aforementioned law, so that credit institutions have an updated legal framework allowing them to operate with the best standards in the aforementioned matters, has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO

CREDIT INSTITUTIONS

SOLE ARTICLE.- Articles 2 Bis 16, first paragraph; 46, fraction III, subsection f); 51, and 56, fraction II are REFORMED; Articles 2 Bis 16 with a final paragraph, and 46 Bis are ADDED; and Annex 11 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 the same 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, 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, and January 6, April 4 and 27, May 31, and June 26, 2017, as well as that issued on June 23, 2017, to read as follows:

TITLES FIRST to FIFTH

...

Annexes 1 to 10 ...

Annex 11

Documentation to be integrated into the files of credit operations with public entities referred to in the Financial Discipline Law for States and Municipalities.

Annexes 12 to 70

...

"Article 2 Bis 16.- Group V shall be composed of Credit Risk Operations with or on behalf of Mexico City, the states, and municipalities, or their decentralized agencies, or guaranteed or secured by the state to which such municipalities or agencies belong.

...

...

...

...

...

Without prejudice to what is established in this article, those Credit Risk Operations with or on behalf of Mexico City that correspond to Financings originated in accordance with the provisions of Article 33 of the Financial Discipline Law for States and Municipalities and have the guarantee of the Federal Government, or those that correspond to state debt guaranteed under the terms of Chapter IV of Title Third of the aforementioned law, shall have a credit risk weighting of 0 (zero) percent."

"Article 46.-

...

I. and II.

...

III.

...

a) to e)

...

f)

Credit operations with public entities referred to in the Financial Discipline Law for States and Municipalities shall comply with the content of Annex 11.

...

Article 46 Bis.- Institutions shall send to the Commission no later than the last business day of January of each year, the document stating that the irrevocable offer made by the corresponding Institution was the one that represented the best market conditions for the public entities accredited under the terms of the Financial Discipline Law for States and Municipalities during the immediately preceding year.

Such document shall be that which the accredited entity itself has published under the terms of the Financial Discipline Law for States and Municipalities, and which contains the result of the comparative analysis of the proposals from the Institutions referred to in the final paragraph of Article 26 of the aforementioned law.

The foregoing is for the Commission to forward it to the Federal Economic Competition Commission, for the purposes that may arise."

"Article 51.- The Commission may order Institutions to establish and maintain preventive reserves for risk in the operation for the credit portfolio in addition to those derived from the rating process, for 100% of the credit balance owed, when the corresponding files do not contain, or the Institution cannot prove:

I.

The existence of information considered necessary to exercise the collection action of credit operations, according to what is established in the Annexes corresponding to the type of operation in question. For the case of consumer credits contracted through Electronic Means under Article 307 Bis, fraction I of these provisions, it will be considered that necessary information exists to exercise the collection action when Institutions have evidence of the date, time, and means by which the credit was contracted, as well as the information referred to in such fraction.

II.

The information referred to in numbers 12 and 13 of the section "For the celebration of the credit operation" of Annex 11 of these provisions, in the case of credits granted to public entities referred to in the Financial Discipline Law for States and Municipalities. The foregoing, in addition to the information indicated as necessary to exercise the collection action of credit operations in Annex 11 itself.

In the case of operations indicated in Article 41 of these provisions, Institutions shall be exempt from integrating the Credit Information Report in the respective files.

The preventive reserves referred to in this article may only be released once the Institution proves to the Commission that it has corrected the observed deficiencies."

"Article 56.-

...

I.

...

II.

Mexico City, federative entities, or municipalities, provided that such Financings are guaranteed or have as a source of payment the participations or contributions corresponding to them in federal revenues, and with respect to which irrevocable instructions have been issued to the Ministry through the Treasury of the Federation or to the competent state authorities, to apply the aforementioned participations or contributions to the payment of such Financings. For such purposes, the guarantee or source of payment must be constituted or, in its case, adjusted to what is provided in Articles 9 and 50 of the Fiscal Coordination Law.

III. to V.

...

TRANSITORY CLAUSES

FIRST.- This Resolution shall enter into force the day following its publication in the Official Gazette of the Federation, except for what is provided in the following transitory articles.

SECOND.- Credit institutions shall have one year from the entry into force of this Resolution for credits that were contracted prior to said date and since the Financial Discipline Law for States and Municipalities began its validity to comply with what is established in the General Provisions applicable to credit institutions that are modified by this Resolution.

THIRD.- Credit institutions must comply with what is provided in:

I.

Annex 11, section titled "For the celebration of the credit operation," number 13 of the General Provisions applicable to credit institutions that are replaced by this instrument, starting from January 1, 2018.

II.

Article 46 Bis of the General Provisions applicable to credit institutions that is added by this Resolution, starting from the year 2018.

Respectfully,

Mexico City, July 13, 2017.- The President of the National Banking and Securities Commission, Jaime González Aguadé.- Signature.

ANNEX 11

DOCUMENTATION TO BE INTEGRATED INTO THE FILES OF CREDIT OPERATIONS WITH PUBLIC ENTITIES REFERRED TO IN THE FINANCIAL DISCIPLINE LAW FOR STATES AND MUNICIPALITIES

For the celebration of the credit operation

1.

Credit application duly filled out and signed either manually or electronically, or the invitation to participate in financing in accordance with the Financial Discipline Law for States and Municipalities. In both cases, the evidence and criteria that originated such offer must be stated.

2.

Documentation accrediting that a Credit Information Report from the credit applicant and, if applicable, from the joint obligor, guarantor, or surety was obtained prior to granting the credit.

3.

Credit studies analyzing the accredited entity and guarantor, when the latter is considered in the credit rating process.

4.

Financial information of the accredited entity.

5.

Credit authorizations by the Institution.

6.

Credit contracts or promissory notes with which the credit was documented.

7.

Copy of the Revenue Law and Expenditure Budget or modified budgets for State and Municipal governments for the fiscal year in which the income and destination of the financing are documented.

8.

Regarding autonomous agencies of federative entities and municipalities; decentralized agencies, majority state-owned companies, and trusts of states and municipalities, as well as any other public entity over which states and municipalities have control over their decisions or actions, documentation accrediting legal personality, as well as a copy of the law, decree, or congressional approval for the creation of such entities, as applicable.

9.

Regarding municipal governments, a copy of the council minutes and a copy of the official state media issue containing the decree of the local congress stating the authorization for contracting credits, in accordance with what is established in the Financial Discipline Law for States and Municipalities and in the Regulation of the Unique Public Registry referred to in said Law or the one replacing it.

10.

Regarding state governments, a copy of the official state media issue containing the decree of the local congress stating the authorization for contracting credits, in accordance with what is provided in the Financial Discipline Law for States and Municipalities and in the Regulation of the Unique Public Registry referred to in said Law or the one replacing it.

11.

For cases where a trust is established to guarantee or be a source of payment for obligations, a copy of the corresponding contract, as well as, if applicable, a copy of the decree ordering its establishment, and of the local congressional authorization allowing the allocation of participations, federal contributions, or local revenues in the aforementioned guarantee or source of payment trust.

12.

Document stating that the credit is registered in the Unique Public Registry referred to in the Financial Discipline Law for States and Municipalities or the one replacing it. The foregoing shall also apply to refinancings and restructurings of said credits.

Regarding short-term credits referred to in the Financial Discipline Law for States and Municipalities, Institutions shall have a period not exceeding 40 calendar days to integrate into the credit file the document stating the registration in the aforementioned registry. For the case of refinancings and restructurings of credits referred to in Article 23 of the aforementioned law, Institutions shall have a period not exceeding 15 calendar days. The aforementioned periods shall be calculated from the day following the day said credits were contracted.

As an exception to the foregoing and once the stated periods have elapsed without having the registration in the Unique Public Registry, Institutions must have the corresponding registration request, as well as evidence that they requested the public entity within the stated periods and terms in the Financial Discipline Law for States and Municipalities to register the credit in the Unique Public Registry, delivering to said entities the necessary information for this purpose. Without prejudice to the foregoing, when registration in the Unique Public Registry is obtained, Institutions must integrate the document demonstrating it into the respective file.

Additionally, when dealing with credits corresponding to Guaranteed State Debt under the terms of the Financial Discipline Law for States and Municipalities, evidence of registration in the Federal Public Sector Debt Registry must be held.

13.

Document substantiating that the credit is within the Net Financing Ceiling allowed to the public entity, according to the publication made by the Ministry regarding the indicators comprising the alert system for public entities referred to in the Financial Discipline Law for States and Municipalities.

Identification of the accredited entity and its guarantors

1.

Evidence that the person(s) signing the credit contract(s) or titles have the legal authority to do so.

2.

Legal opinion validating the information mentioned in the previous point.

Follow-up

1.

Evidence that credits are registered in the public account accounting of the corresponding accredited entity, when applicable.

2.

Regarding autonomous agencies of states and municipalities; decentralized agencies, majority state-owned companies, and trusts of states and municipalities, as well as any other public entity over which states and municipalities have control over their decisions or actions, information allowing evaluation of the financial situation of the accredited entity for credit rating purposes and in accordance with the Institution's internal policies, such as internal financial statements signed manually by the legal representative or attorney-in-fact, as well as audited financial statements of the last three fiscal years of the accredited entity.

3.

Information allowing appreciation of the accredited entity's behavior in fulfilling its credit obligations with the Institution, such as disbursements, payments made, renewals, restructurings, debt forgiveness, adjudications, or dation in payment, as well as any other supporting the rating granted to the credit in question.

4.

Annual update of the Credit Information Report of the credit applicant and, if applicable, of the joint obligor, guarantor, or surety.

5.

Report on the fulfillment of obligations stipulated in the credit contract.

6.

Quarterly update of the credit status in the Unique Public Registry in accordance with the Financial Discipline Law for States and Municipalities.

7.

Document stating the latest status of the accredited entity in the Alert System, in accordance with the Financial Discipline Law for States and Municipalities.

8.

Regarding credits to states and municipalities that are guaranteed in accordance with Chapter IV of Title Third of the Financial Discipline Law for States and Municipalities, the most recent document stating the follow-up to the evaluation carried out by the Ministry regarding compliance with agreements for contracting Guaranteed State Debt under Article 40 of the aforementioned law by the state or municipality.

Likewise, regarding public entities referred to in Article 47 of the Law mentioned in the previous paragraph, Institutions must have the latest document stating the follow-up to the evaluation carried out by the state or municipality, as applicable, of the agreement referred to in said Article.

Regarding credits that Institutions grant to Mexico City, they must have the latest reports referred to in fraction VIII of Article 33 of the Financial Discipline Law for States and Municipalities.

Guarantees or Source of Payment

1.

If applicable, documentation evidencing the existence of federal participations or contributions or local revenues as guarantees or source of payment for the credit.

2.

For cases where a trust is established to guarantee and be a source of payment for obligations, a copy of the corresponding contract, as well as, if applicable, copies of the decree ordering its establishment, and of the local congressional authorization allowing the allocation of federal participations in the aforementioned guarantee or source of payment trust, in accordance with what is established in Article 34, fraction II of the Financial Discipline Law for States and Municipalities.

Credits in judicial collection

1.

Periodic and updated information according to Institution policies, regarding the person responsible for judicial or extrajudicial collection of the credit.

2.

Information accrediting the settlement of debts (dation in payment, adjudication of guarantees, and debt forgiveness).

Restructured Credits

1.

Feasibility studies of the restructuring.

2.

Authorization of the restructuring or judicial agreement, debt forgiveness, and write-offs according to Institution regulations, or if applicable, the necessary information according to applicable institutional programs.

3.

Restructuring contracts or judicial agreement or promissory notes, if applicable.

Written-off Credits

1.

Information accrediting that different recovery instances were exhausted, if applicable, or the necessary information according to institutional policies in this matter.

2.

Information through which the corresponding instances request the application of the credit.

Necessary to exercise the collection action

Credit contracts or promissory notes with which said credit was documented.

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