Resolution modifying the general provisions applicable to development agencies and development entities

DOF: 26/04/2018

RESOLUTION modifying the general provisions applicable to development agencies and development entities

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, based on the provisions of Article 125, last paragraph of the Credit Institutions Law; Article 33, first paragraph of the Law of the National Institute for the Consumption of Workers; Article 66, fractions II and IV of the Law of the National Institute for the Housing Fund for Workers; Article 190, second paragraph of the Law of the Security and Social Services Institute for State Workers; as well as Articles 4, fractions VI, XXXVI and XXXVIII and 16, fraction I of the Law of the National Banking and Securities Commission, and

CONSIDERING

That given the functions assigned to the audit committees of the public trusts subject to the supervision of the National Banking and Securities Commission, the Housing Fund of the Security and Social Services Institute for State Workers, and the National Institute for the Consumption of Workers, it is necessary to clarify that the selection of their members must take into account their knowledge and experience in matters such as accounting, auditing, internal control, as well as those specific to the business; and it is necessary to establish the obligation for such members to perform their functions in a transparent, independent manner, free from conflicts of interest and not subordinate to personal, patrimonial, or economic interests, and

That it is necessary to repeal the norms regarding the services of independent external auditing that the entities mentioned in the previous paragraph, as well as the National Institute for the Housing Fund for Workers, must contract, since these are integrated into a new regulatory body called "General Provisions applicable to entities and issuers supervised by the National Banking and Securities Commission that contract external auditing services for basic financial statements", has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO DEVELOPMENT AGENCIES AND DEVELOPMENT ENTITIES

SOLE.- Articles 1, fraction VII; Article 16, last paragraph; Article 19, fifth paragraph; Article 150, fraction IV; Article 151, first paragraph; Article 152; Article 155, first paragraph; Article 156, fifth paragraph; Article 163, fractions V and VI, subsection b); Article 166, fraction VI; Article 171; Article 304, second paragraph; Article 306, first paragraph; Article 310, second paragraph; and Article 338, second paragraph are REFORMED; and Articles 1, fraction XXIV; Article 162, fraction II; Article 163, fraction VI, subsections d) and f); and Chapter IV of Title Four titled "Independent External Auditors and Audit Reports" comprising Articles 312 to 330 of the "General Provisions applicable to development agencies and development entities", published in the Official Gazette of the Federation on December 1, 2014 and reformed by resolutions published in said Gazette on August 27, 2015; January 25, 2016 and July 24, 2017 and January 4, 2018, are REPEALED, to read as follows:

TITLES FIRST to THIRD

...

TITLE FOUR

On financial information and its disclosure

Chapters I to III

...

Chapter IV

Repealed.

TITLES FIFTH and SIXTH

...

" Article 1 .-

...

I. to VI.

...

VII.

Independent External Auditor: the public accountant or licensed public accountant, as the case may be, designated by the Ministry of Public Function who meets, where applicable, the characteristics and requirements contained in the "General Provisions applicable to entities and issuers supervised by the National Banking and Securities Commission that contract external auditing services for basic financial statements" and their respective modifications.

VIII. to XXIII.

...

XXIV.

Repealed.

XXV. to XCV.

...

... "

" Article 16 .- ...

...

...

The credit manual must designate the area responsible for the safekeeping of the minutes or records and documents referred to in the previous paragraph, which must be available to those responsible for Internal Comptroller and Internal Audit functions. This is without prejudice to the fact that, in accordance with the credit manual, copies of such minutes and documents must be sent to other areas of the Development Agency or Development Entity. Competent authorities may, at any time, request the Development Agencies and Development Entities the documents indicated in this paragraph. "

" Article 19 .-. ...

...

...

...

The Heads of the Development Agencies and Development Entities will inform at least quarterly to the Councils, the Audit Committee, as well as the risk committee, about the deviations they detect with respect to the objectives, guidelines, policies, procedures, strategies and current regulations in credit matters. These reports must be available to the internal auditor and the Commission may request them from the aforementioned Development Agencies and Entities at any time.

... "

" Article 150 .- ...

I. to III. ...

IV.

Designate, upon proposal of the Audit Committee, the internal auditor.

V. to VII.

...

... "

" Article 151.- The Audit Committee must follow up on the Internal Audit activities, as well as those of the Internal Comptroller of the Development Agency or Development Entity in question, keeping the Council informed regarding the performance of these activities.

...

Article 152.-

The Audit Committee must be integrated in accordance with what is provided in these provisions according to what is established for each Development Entity or Development Agency in question, and in any case its members must be selected for their capacity, experience and professional prestige and at least one of them must have technical knowledge and experience in accounting, auditing and internal control, as well as possess technical knowledge related to the Development Entity or Development Agency in question. This committee must perform its functions in a transparent, independent manner, free from conflicts of interest and its members must conduct themselves without being subordinate to personal, patrimonial or economic interests. "

" Article 155.- The Audit Committee of Infonacot, Fovissste and the Development Entities will be integrated with members of the Council who may be full or substitute members, and must be mostly independent designated by the Council upon proposal of its president, this Committee will be presided over by an independent councilor and must have at least three members.

... "

Article 156 .-. ...

...

...

...

The members of the committee may appoint their substitutes, who must be full or substitute councilors of the Council, maintaining a majority of independent councilors.

...

... "

" Article 162 .- ...

I.

...

II.

Repealed.

III. to VI.

...

" Article 163 .- ...

I. to IV.

...

V.

Review, with the support of Internal Audit, the application of the Internal Control System, evaluating its efficiency and effectiveness.

VI.

...

a)

...

b)

The mention and follow-up of the implementation of preventive and corrective measures derived from the observations of the Commission and the results of internal audits, as well as of the evaluation of the Internal Control System carried out by the Audit Committee itself.

c)

...

d)

Repealed.

e)

...

f)

Repealed.

g)

...

... "

" Article 166 .- ...

I. to V.

...

VI.

Facilitate to the competent financial authorities the necessary information they have at their disposal regarding their functions, so that these determine the timeliness and scope of the procedures followed by the Internal Audit area itself and can carry out their analysis for the corresponding effects.

VII. to XII.

...

... "

" Article 171.- The Head of the Development Agency or Development Entity will inform in writing to the Commission the designation and, if applicable, the removal of the person responsible for Internal Audit functions. "

" Article 304 .- ...

In the case of annual consolidated basic financial statements, they must be presented for approval to the Council, within ninety (90) natural days following the closing of the fiscal year. In the case of Infonavit, the Assembly must examine and, if applicable, approve within the first four months of the year, the financial statements audited by the Independent External Auditor and approved by the Board of Administration.

... "

" Article 306.- The Development Agencies and Development Entities must disseminate through the electronic page on the worldwide network called Internet corresponding to them, the annual consolidated basic financial statements audited with figures as of December of each year, including their notes, as well as the opinion issued by the Independent External Auditor, within ninety (90) natural days following the closing of the respective fiscal year. Additionally, they must disseminate jointly with the aforementioned information:

... "

" Article 310 .- ...

Likewise, the Development Agencies and Development Entities will publish the annual consolidated balance sheet and income statement, audited by an Independent External Auditor, within ninety (90) natural days following the closing of the respective fiscal year, in a newspaper of wide national circulation. Without prejudice to the foregoing, the Development Agencies and Development Entities may carry out the publication of the balance sheet and income statement not audited, provided that they have been approved by the Council and this circumstance is specified in the notes. With respect to Infonavit, the aforementioned publication will be carried out in accordance with what is stipulated in Article 21 of its own Law.

...

...

... "

" Articles 312 to 330.- Repealed. "

" Article 338.-

...

In the case of the annual audited basic financial statements of the Development Agencies and Development Entities, prepared, approved and signed in accordance with what is provided in these provisions, they must be delivered to the Commission within ninety (90) natural days following the closing of the corresponding fiscal year. Additionally, a general report on the activities of the Development Agency or Development Entity in question will be provided within one hundred twenty (120) natural days following said closing.

...

... "

TRANSITORY

SOLE.- This Resolution will enter into force on August 1, 2018.

Respectfully,

Mexico City, April 17, 2018. - The President of the National Banking and Securities Commission, José Bernardo González Rosas.- Signature.

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