Resolution modifying the General Provisions applicable to financial entities and other persons providing investment services

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DOF: 13/09/2023

RESOLUTION modifying the General Provisions applicable to financial entities and other persons providing investment services

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- TREASURY.- Ministry of

Treasury and Public Credit.- National Banking and Securities Commission.

The National Banking and Securities Commission, based on the provisions of Articles 171,

first paragraph, fractions II, VII, IX and X; 189, third paragraph, fraction III; 190, second and third paragraphs;

190 Bis; 190 Bis 1, first and second paragraphs, fraction I; 191; 200, fraction VIII, second paragraph; 203,

first paragraph; 224, first paragraph; 226, first paragraph, fraction IX and fourth, and 413 of the Securities Market Law;

46, first paragraph, fraction IX; 53, first paragraph; 81 Bis, first paragraph and 98 Bis of the Law of

Credit Institutions;

39 Bis 1, third and fourth paragraphs; 39 Bis 2, second paragraph, fraction III; 39 Bis 3,

second and third paragraphs; 39 Bis 4; 39 Bis 5; 40 Bis 3 and 80 Bis, first paragraph of the Investment Fund Law;

as well as 4, fractions II, XXXVI and XXXVIII and 16, fraction I of the Law of the National Banking and Securities Commission, and

CONSIDERING

That, on January 9, 2015, the "General Provisions applicable to financial entities and other persons providing investment

services" were published in the Official Gazette of the Federation, due to the reforms to the Securities Market Law and the Investment Fund Law,

through the "Decree reforming, adding and repealing various provisions in financial matters and issuing the Law to Regulate Financial Aggregations",

published on January 10, 2014,

stating the authority of the National Banking and Securities Commission to regulate the provision of investment

services by investment advisors, investment fund operating companies,

investment fund share distribution companies, as well as brokerage houses and credit institutions, and

That, it is necessary to make adjustments to the regulatory framework applicable to financial entities and

other persons providing investment services in order to provide them with greater elements to allow them

to properly comply with their obligations, as well as legal certainty in the provision of the

services they provide, and that, in turn, allow the National Banking and Securities Commission to better

exercise its supervisory powers, ensuring the healthy and balanced development of the securities market

in Mexico, has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS

APPLICABLE TO

FINANCIAL ENTITIES AND OTHER PERSONS

PROVIDING

INVESTMENT SERVICES

SINGLE.- Articles 2, second and third paragraphs, fraction I, second paragraph; 3; 5,

first paragraph, fractions I and II; 9, third paragraph; 15, first paragraphs, fraction I and third; 16, first paragraph

are REFORMED; 21, first paragraph; 29; 30; 31, second paragraph; 38, first paragraph, fraction I; 44, first paragraph;

45, third paragraph; Articles 5, first paragraph, fraction III and 19, fifth paragraph are ADDED, and the

Annexes 1, 3, 4, 6, 12, 13, 14, 17 and 18 of the "General Provisions applicable to

financial entities and other persons providing investment services", published in the Official

Gazette of the Federation on January 9, 2015 and last reformed by resolution published in the

said Gazette on February 9, 2016, are SUBSTITUTED, to read as follows:

" FIRST to SIXTH TITLES

. . .

ANNEX 1

Formats for declarations regarding compliance with the requirements to be

considered as a Sophisticated Client as well as that relative to the provision of the Execution of

operations service when an Investment Advisor has been hired, in turn.

ANNEX 2

. . .

ANNEX 3

Elements to determine the client profile in advisory investment services.

ANNEX 4

Elements to determine the financial product profile in advisory investment

services.

ANNEX 5 and 5 Bis

. . .

ANNEX 6

Securities or instruments subject to commercialization or promotion.

ANNEXES 7 to 11

. . .

ANNEX 12

Standards for the disclosure of information via the worldwide electronic network

called the Internet.

ANNEX 13

On conflicts of interest.

ANNEX 14

Additional information that account statements and operation reports will contain.

ANNEXES 15 and 16

. . .

ANNEX 17

Data of the person responsible for providing information via SITI (Capture the data of the person who will provide the information via the system, to this person

access keys will be assigned).

ANNEX 18

Equivalence between short and long-term ratings.

ANNEX 19

. . . "

" Article 2.-

. . .

Persons who intend to be considered as Sophisticated Clients must sign an agreement letter

with Format A, contained in Annex 1 of these provisions. This letter must be presented

and signed in a document separate from any other required by the Financial Entities or by the

Investment Advisors and does not exempt them from carrying out the evaluation to determine the client profile,

in the case of Advisory Investment Services. The letter that clients sign, pursuant to the provisions

of this paragraph, must be kept in the client files in question.

. . .

The request referred to in the previous paragraph shall in no case apply when it concerns

Institutional Investors that are credit institutions, brokerage houses, investment fund operating companies,

investment fund share distribution companies,

retirement fund administrators, insurance institutions or guarantee institutions, so

that these entities shall not be subject to the provisions of these provisions;

II. to V.

. . .

Article 3.- The provision of Investment Services must be carried out by Financial Entities through

natural persons authorized by the Commission, provided they are certified to conduct

operations with the public regarding advice, promotion, purchase and sale of Securities with the public, pursuant to the

Securities Market Law and applicable provisions. In the case of Investment Advisors that are

legal entities, the provision of Investment Services must be carried out through persons who

possess technical quality, honorability and satisfactory credit history, before a self-regulatory

organization recognized by the Commission, in accordance with Article 226, fraction VI of the Securities Market Law, and for the case of Investment Advisors that are natural persons must comply

with Article 225 of said Law. "

" Article 5.-

. . .

The profile of the client or account in question;

II.

The profile of the Financial Product and its adequacy with the profile of the client or account, and

III.

The policy for the diversification of the investment portfolio that Financial Entities

or Investment Advisors establish for this purpose.

. . .

. . . "

" Article 9.-

. . .

Financial Entities or Investment Advisors are obligated to train staff who

provide Investment Advice on the characteristics of Financial Products and the own

Advisory Investment Service they offer prior to the presentation of said service. In the case of

Investment Advisors that are natural persons, they are obligated to know the information referred to in

fractions I to III above.

. . . "

" Article 15.-

. . .

They warned the client that the requested operations would not come from a recommendation in

terms of what is provided for in Article 5 of these provisions, made known to them the

risks inherent to this type of non-advisory Investment Service and that therefore, it would be the

client himself who is responsible for verifying that the Securities or Financial Derivative Instruments are

consistent with his investment objectives as well as evaluating their inherent risks. Likewise, they must

explicitly point out the differences between the Execution of operations and Advisory Investment

Services, and

II.

. . .

Additionally, Financial Entities may provide through the same account, the service of

Commercialization or promotion to those clients who have hired the Execution of

operations service, provided that they explicitly identify the operations that come from a client

instruction from those whose origin was the Commercialization or promotion, pursuant to what is provided for in fraction

V of Annex 11 of these provisions.

Article 16.- Financial Entities, to provide the Execution of operations service when

the client has in turn hired an Investment Advisor or any other financial entity that makes

recommendations on Securities or Financial Derivative Instruments, must obtain from their

clients a letter in Format B contained in Annex 1 of these provisions to be able to assume that the

client is a Sophisticated Client. This is without prejudice to the liabilities to which the

Investment Advisor is subject in the provision of its services.

. . . "

" Article 19.-

. . .

The policies and guidelines established under this article shall be mandatory for

directors, employees and personnel who provide Investment Services to clients of Financial

Entities or Investment Advisors. "

" Article 21.- Financial Entities must have a person responsible for supervising the

compliance with these provisions, as well as the policies and guidelines referred to in

Article 19 of these provisions, who shall be appointed by the board of directors. Likewise,

this person must have independence, resources, knowledge and experience necessary for the performance of their

functions, as well as access to all information related to Investment Services, without in

any case being able to participate in their provision or in the structuring of Financial Products.

. . .

. . . "

" Article 29.- Financial Entities are obligated to record or document, as well as to conserve,

any verbal or written communication they maintain with their clients, at the time of the provision of the

Investment Services and the execution of transactions, if applicable, as well as to keep it available

to the Commission for a period of at least five years.

Article 30.- Financial Entities or Investment Advisors must make available to their

clients and to the Commission, when so requested, all documents contained in their

files; regarding documentation provided by the Financial Entity or Investment

Advisor during the provision of any Investment Service, this must be made available to clients

equally when so requested, unless they are the clients referred to in fractions I to V of

Article 2 of these provisions.

Article 31.-

. . .

Regarding advertising and promotion related to investment funds that investment fund operating

companies and companies and entities that provide investment fund share distribution services

discover via the worldwide electronic network called the Internet pursuant to what is provided for in

this article, additionally they must comply with what is provided for in the General Provisions

applicable to investment funds and persons who provide services to them, published in the

Official Gazette of the Federation on November 24, 2014, or those that replace them. "

" Article 38.-

. . .

Provide Advisory Investment Services regarding equity instruments that can

be considered for the purposes of capital integration, pursuant to the General Provisions

applicable to credit institutions published in the Official Gazette of the Federation on December

2, 2005 and their respective modifications, in case that the issuer of said

instruments is part of the same Consortium or Business Group to which the

brokerage house, credit institution, investment fund operating company, investment fund share distribution

company or Investment Advisor that is not independent belongs.

II. and III.

. . .

. . . "

" Article 44.- Brokerage houses, investment fund operating companies and companies or

entities that provide investment fund share distribution services, as well as

Investment Advisors must inform their clients prior to the provision of any

Investment Service, the commissions or consideration they will charge for these, ensuring to

differentiate them from those coming from any other service they provide. The disclosure must be carried out

through the Investment Services guide referred to in Article 24 of these provisions and the

concepts of said commissions must be consistent with those disclosed via account

statements pursuant to Annex 14, or, in the case of investment fund share distribution companies that are authorized by the Commission to carry out only the operations referred to in Article 40 Bis, fractions I and VI of the Investment Fund Law, as well as Investment

Advisors, through the reports on the operations they deliver to their clients pursuant to what is

stated in these provisions.

. . .

Article 45.-

. . .

Regarding investment fund operating companies, investment fund share distribution

companies that are authorized by the Commission to carry out only the operations

referred to in Article 40 Bis, fractions I and VI of the Investment Fund Law and Investment Advisors

must provide their clients with reports on the securities positions they maintain

of their own clients. Said reports must contain the specifications indicated in Annex 14 of

these provisions. Investment Advisors must provide said reports to their

clients at least semi-annually. "

TRANSITIONAL

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

of the Federation.

Respectfully

Mexico City, September 4, 2023.- President of the National Banking and Securities

Commission, Dr. Jesús de la Fuente Rodríguez.- Rubric.

ANNEX 1

FORMATS FOR DECLARATIONS REGARDING COMPLIANCE WITH THE REQUIREMENTS

TO BE CONSIDERED AS A SOPHISTICATED CLIENT AS WELL AS THAT RELATIVE

TO THE

PROVISION OF THE EXECUTION OF OPERATIONS SERVICE WHEN AN

INVESTMENT ADVISOR HAS BEEN HIRED, IN TURN.

Format A.

Declaration of compliance with the requirements to be considered as a Sophisticated

Client.

I, [CLIENT NAME], declare that it is my interest to be considered as a Sophisticated Client.

I am aware that acting with the quality of Sophisticated Client entails the following implications:

I acknowledge that I have the capacity to determine that the investments I make are consistent with

my investment objectives; I have the experience and knowledge in financial matters to

understand the risks, as well as the economic capacity to determine the impact of the

potential losses of the same on my assets.

Receive promotional information in a language other than Spanish regarding products or services

that may not be supervised by the Commission, as they are traded in the international system of

stock exchange quotations.

Receive information on any type of Security or Financial Derivative Instrument under the

service of Commercialization or promotion of securities, so that the Financial Entity is not

obligated to evaluate if it is consistent with my investment objective, financial situation and

knowledge or financial experience.

Receive the Investment Advice service regarding any type of Security or Financial

Derivative Instrument, so that the Financial Entity or Investment Advisor will only be obligated to

know my investment objective in order to provide said service.

Have access to investments in Securities that due to their structure, volatility or liquidity, among other

characteristics, could represent greater risks, which could include, among others, the possibility

of:

Losing my investment, both capital and interest, and, if applicable, in attention to the nature of the

operation in question, generating additional obligations at my expense.

Not receiving my invested resources in a timely manner.

Invest in Securities whose compensation and settlement is not carried out through a central

counterparty nor under standardized terms, which could mean a higher counterparty risk.

Invest based on complex investment strategies that could generate very volatile returns.

Invest in Securities and Financial Derivative Instruments in which neither the Issuer, nor the market,

nor investors, would be able to have relevant and timely information, which

could hinder the evaluation of risks, returns or investment decision-making. This is

due to the legal or economic structure of the operation, the scarce availability

of information on the Securities and underlying assets, as well as the difficulty in interpreting it.

Invest in Securities or Financial Derivative Instruments whose return is subject to the

behavior of one or more underlying assets, goods or rights, regarding which it is difficult to evaluate their risk compared to other Securities.

Invest in Securities or Financial Derivative Instruments that do not have a

secondary market, or this is limited, which would complicate or even prevent selling or

unwinding the position in the Security or Financial Derivative Instrument, as applicable, at a

certain time and under favorable conditions.

Having recognized the risks involved in the investments to which I might have access by being

considered as a Sophisticated Client, I declare that I meet one of the following requirements: [CHECK THE

BOX]

I have gross income of at least the equivalent in national currency to 1,000,000 (one million)

investment units, during each of the last two years.

I maintain in average investments in Securities in one or more Financial Entities for an amount equal

to or greater than the equivalent in national currency to 3,000,000 (three million) investment units, during

the last year.

I understand that [NAME OF THE FINANCIAL ENTITY IN QUESTION] has no duty to verify

the truthfulness of this declaration.

(___________________________________)

Name of the investor or their legal representative and signature

INCLUDE DATE FROM WHICH THE TREATMENT AS A

SOPHISTICATED CLIENT IS SIGNED AND TAKES EFFECT.

[FREE PRINT FORMAT. FONT OF AT LEAST 12 POINTS. ISSUED IN DUPLICATE].

Format B.

Declaration relative to the provision of the Execution of operations service

when an Investment Advisor has been hired in turn.

Regarding investors who enter into contracts with Financial Entities to provide them with

the Execution of operations service when they have in turn hired an Investment Advisor,

they must declare the following:

I am aware that pursuant to Article 16 of the "General Provisions applicable to

financial entities and other persons providing investment services", by having a

service provision contract with an Investment Advisor, I will instruct the execution of operations on

Securities and Financial Derivative Instruments only through a non-advisory investment service.

(___________________________________)

Name of the investor or their legal representative and signature

INCLUDE DATE FROM WHICH IT IS SIGNED.

[FREE PRINT FORMAT. FONT OF AT LEAST 12 POINTS. ISSUED IN DUPLICATE].

ANNEX 3

ELEMENTS TO DETERMINE THE CLIENT PROFILE IN ADVISORY INVESTMENT

SERVICES

Elements to consider

Client knowledge and experience:

The level of education, age, occupation, current professional activity and, if applicable, the

occupations or previous professional activities that are relevant for the determination

of the profile;

The Securities and Financial Derivative Instruments in which the client has invested, indicating their

frequency, term and volume, specifying the type of Security or Financial Derivative Instrument,

including, by way of example and not limitation:

Debt instruments issued by the United Mexican States;

Instruments representing debt owed by legal entities or trusts;

Shares representing the equity of investment funds;

Structured Securities referred to in the General Provisions applicable to

security issuers and other participants in the securities market, published in the

Official Gazette of the Federation on March 19, 2003 and their respective modifications;

Asset-backed Securities referred to in the General Provisions

applicable to security issuers and other participants in the securities market,

published in the Official Gazette of the Federation on March 19, 2003 and their respective

modifications;

Fiduciary certificates for development, real estate, energy and

infrastructure investment and investment projects referred to in the General Provisions

applicable to security issuers and other participants in the

securities market, published in the Official Gazette of the Federation on March 19, 2003 and their

respective modifications;

Shares of public limited companies or public limited companies promoting

stock market investment of high, medium, low or null stock marketability;

Foreign Securities, and

Collective investment vehicles, listed and quoted throughout the trading sessions

on stock exchanges, whose primary objective is to seek to reproduce the

behavior of one or more indices, financial assets or benchmark parameters.

For the purposes of the above, Financial Entities or Investment Advisors must

consider the investments the client has made in the last 2 years and cannot take into account isolated operations.

Investment strategies of the operations carried out by the client;

d)
The Investment Services the client knows about, and

e)
The general level of financial knowledge regarding the operations carried out, where applicable, and

regarding the Investment Services advised to be contracted.

II.

Client's financial situation and capacity:

The origin and approximate percentage of their income and assets that will be destined for the

Investment Services operations;

The percentage of financial commitments that, where applicable, the client assumes in the

contracting of the Investment Services, in relation to the client's equity, and

The percentage that the resources invested in the Financial Entity represents, in relation to those

invested in others.

III.

Client's investment objectives, regarding the amounts invested in the account in question:

Purpose of the investment;

Expected duration for the investment;

The client's risk tolerance level for each investment objective, and

Limitations and restrictions for the investment, by the client's will.

Financial Entities and Investment Advisors must evaluate the client's knowledge and experience,

financial situation and capacity, as well as investment objectives considering more or fewer

elements than those indicated in the previous subsections, prior to determination by the committee responsible for the analysis

of Financial Products, and whose justification must be included in the policies and guidelines provided for in

subsection I of article 19 of these provisions.

When Financial Entities or Investment Advisors do not have the necessary elements

to determine the investment profile of the client referred to in this Section, or when the client themselves

do not provide sufficient information, the Financial Entity or Investment Advisor must assume

that regarding the omitted or insufficient aspect, the client has no prior knowledge or experience in

financial matters, has not invested in Securities or Financial Derivative Instruments or that their level of

risk tolerance is the most conservative or the highest risk aversion of the Financial Entity or the

Investment Advisor, as applicable.

The client's profile may be specified in each of the accounts they maintain with the Financial

Entity or Investment Advisor, in accordance, where applicable, with their different investment objectives

regarding the amounts invested in each of the accounts.

In the case of clients that are legal entities, the Financial Entity or Investment Advisor

determines those aspects contained in this Section that are applicable to them, in order to evaluate

their financial situation, knowledge and experience in financial matters, as well as their objectives

investment.

Regarding clients considered as Sophisticated Clients, for the preparation of the profile

referred to in this Annex, Financial Entities or Investment Advisors are only obligated to know their investment objectives.

Obligations in determining the client's investment profile

Financial Entities or Investment Advisors may carry out the evaluation regarding the

subsections of Section A of this Annex simultaneously or individually for each of them.

Additionally, the information that Financial Entities or Investment Advisors obtain in order to carry out the evaluation of said subsections will depend on the Financial Product or Investment Service

advised, and may consider a greater or lesser number of the aspects indicated in each of them.

When Financial Entities or Investment Advisors, in accordance with the policies and guidelines

approved by their board of directors or equivalent body, or those determined by the Investment Advisor themselves if they are natural persons, use the interviews or questionnaires referred to in

the penultimate paragraph of article 19 of these provisions, said interviews or questionnaires may not

induce the client to respond in a certain way; contain answers referring only to numerical scales without being

associated with qualitative elements; allow for the possibility of generating multiple

responses for the same client with respect to the same account. Likewise, the interviews or questionnaires

must contain clear and easy-to-understand questions for clients that allow them to respond appropriately.

The evaluation referred to in this Annex must be carried out again, in order to determine a

different investment profile, when the clients themselves provide additional information to the Financial Entity or

to the Investment Advisor, when in their judgment elements that could

modify the profile must be considered, or when the information available to the Financial Entity or Investment Advisor

is insufficient to verify that the Financial Product recommended is reasonable.

Report of the investment profile to clients

Once the evaluation has been carried out considering the elements indicated in Section A of this Annex,

Financial Entities or Investment Advisors must inform the client of the profile that has

resulted, explaining its meaning in detail in order to obtain their consent to said profile. In case

that the client does not give their consent, the Financial Entity or Investment Advisor must request them

more information so that this determines a profile that is acceptable to the client and that the Financial Entity

or Investment Advisor considers applicable. Regarding clients who do not provide more

elements or information but who wish for their investment profile to be riskier with respect to the

proposed by the Financial Entity or by the Investment Advisor, it will be necessary that for its determination

the person responsible for supervising compliance with the provisions on Investment Services

advised referred to in article 22 of these provisions, the regulatory controller, or the person or

area that in accordance with the code of conduct of Investment Advisors that are legal entities is

in charge of internal control mechanisms, in which case said person must verify that the

client is informed of the risks of receiving the Investment Services advised with such profile. When the

Financial Entity or Investment Advisor does not have the client's consent regarding their profile of

investment, they cannot provide Investment Services advised.

Additionally, the Financial Entity or Investment Advisor must request the client to confirm,

at least once every two years, that the elements used to determine their profile have not suffered

significant changes. In the event of not having this confirmation, Financial Entities or Investment Advisors

must warn their clients that they will continue to provide the Investment Services

advised with that same investment profile.

Financial Entities or Investment Advisors that use profile categories, in no

case may request their clients to select any of them and must:

Associate them with quantitative and qualitative variables;

II.

Explain the differences between the different categories, using clear and easy-to-understand language,

as well as refrain from using phrases open to interpretation or value judgments, and

III.

Explicitly reflect the relationship between risk and return of the category in question.

Use of systems

Financial Entities or Investment Advisors that use systems or electronic means as

tools for carrying out the client evaluation referred to in this Annex in order to determine their

profile, must ensure that said systems or electronic means are used in the circumstances and

in the markets in accordance with which they were designed. Additionally, Financial Entities or the

Investment Advisors that are legal entities must ensure that the personnel, areas or collegiate

bodies responsible for determining the client's profile, adequately know the systems or electronic means

they use to carry out such evaluation.

Likewise, Financial Entities or Investment Advisors must determine the scope in the

use of systems or electronic means, as well as have tools that allow them to validate the

general results or of each of the concepts evaluated by such systems or electronic means.

Other obligations

Financial Entities or Investment Advisors must keep documentary support of the

evaluation referred to in this Annex, identifying the date on which it was carried out, as an integral part

of the client's file, mentioning, where applicable, the account in question. Likewise, Financial

Entities or Investment Advisors that are legal entities must identify and designate the

persons, areas or collegiate bodies responsible for carrying out the evaluation of clients, as well as for the

systems, tools or electronic means used in terms of Section D of this Annex. For the

case of Investment Advisors that are natural persons, they must identify and clearly document the

corresponding systems, tools or electronic means.

Financial Entities or Investment Advisors may deliver the justification referred to in

article 7 of these provisions, regarding the Investment Strategy or composition of the recommended investment portfolio being reasonable, together when they inform their clients of the determination

their investment profile.

ANNEX 4

ELEMENTS FOR DETERMINING THE PROFILE OF THE FINANCIAL PRODUCT

IN ADVISED INVESTMENT SERVICES

Financial Products in general

For the purposes of carrying out a reasonable analysis of the Financial Products referred to in the present

subsection and to determine their profile, Financial Entities or Investment Advisors must consider

public information related to the following elements, when applicable to said

Financial Products and attending to their nature:

The investment needs that could be satisfied;

II.

The objectives and specifications;

III.

The associated risks, including credit risk, liquidity risk and market risk, as well as the

evaluation of risks inherent to the underlying assets.

Financial Entities or Investment Advisors regarding Securities that have a

rating granted by a securities rating agency, must consider

additional elements to said rating to determine credit risk;

IV.

Its liquidity, the existence of a secondary market and the options that exist for its negotiation.

Additionally, they must consider if the distribution of the Security is to the general investing public;

The current and historical financial situation of the Issuer of the Security, counterparty or provider of the

Financial Derivative Instrument;

VI.

The volatility of its price;

VII.

The associated operating costs, including commissions and compensations that must be paid;

VIII.

The quality of the custodians, trustees, asset managers or guarantors associated with the

Security or Financial Derivative Instrument;

IX.

The price in function of the risks of the Financial Product;

Information about its characteristics;

XI.

The priority in its payment, in the event of commercial bankruptcy of the Issuer or counterparty;

XII.

For the case of Securities representing capital, consider if they are subject to an initial public offering or

if they are considered for the calculation of any of the stock market indices, and

XIII.

Regarding the Securities or Financial Derivative Instruments indicated in Section B of this

Annex, they must additionally evaluate the following:

The underlying assets or components from which the cash flows associated

with the Security or Financial Derivative Instrument depend, where applicable;

The structure of the Security or Financial Derivative Instrument, including its cash flows, the

way in which the associated risks are mitigated or enhanced and the functions and

responsibilities of third parties in said structure, where applicable;

The availability and relevance of information on the Security or Financial Derivative Instrument in

the market in which it is traded, as well as of the underlying assets or components that it

integrates, and

That the analysis of the underlying assets or components of the Security or Financial Derivative

Instrument has been carried out based on relevant information about said assets or

components, where applicable.

Financial Entities or Investment Advisors must ensure that the profiling referred to in

this Annex is updated at all times. In virtue of this, they are obligated to

consider any change in the elements provided for in it, as well as relevant events of the

Issuers.

Other Financial Products

To the Financial Products indicated below, subsection XIII of Section A

above applies for the purposes of determining their profile:

Structured Securities.

II.

Asset-backed securities, fiduciary trust certificates for development, real estate,

investment in energy and infrastructure and investment projects referred to in the

General Provisions applicable to securities issuers and other participants in the

securities market published in the Official Journal of the Federation on March 19, 2003 and their

respective modifications.

III.

Securities issued abroad recognized by the Commission in terms of the Provisions of

general character applicable to the International Quotation System published in the Official Journal

of the Federation on December 18, 2003 and their respective modifications, or analogous.

IV.

Capital instruments that can be considered for the purposes of capital integration, in

terms of the General Provisions applicable to credit institutions

published in the Official Journal of the Federation on December 2, 2005 and their respective

modifications, in case the issuer of said instruments is part of the same Consortium

or Business Group to which the Financial Entity belongs;

Securities issued by collective investment vehicles, listed and quoted throughout the trading

sessions on stock exchanges, registered in the Registry whose main objective consists in

seeking to reproduce the behavior of one or more indices, financial assets or reference parameters,

when such vehicles fall under any of the following circumstances:

Maintain invested directly or indirectly less than 80 percent of their equity

in assets that are part of the index, financial asset or reference parameter to which they are

referenced.

The above circumstance will not be applicable regarding collective investment vehicles,

listed and quoted throughout trading sessions on stock exchanges, registered in the

Registry whose main objective consists in seeking to reproduce the behavior of one or

more indices, financial assets or reference parameters, whose underlying, in all

cases, are financial derivative instruments referred to commodities. It will be understood by

financial assets as defined in the glossary of terms contained in the

Financial Information Standards issued by the Mexican Council of Financial Information Standards, A.C.

Be of active management understanding this as acts that result in the revolving of

any good or right integral to the assets of the vehicle, with the purpose of procuring

market opportunities and increasing the expected return, and thereby

surpass the reference parameter;

There are credits, loans or financing on behalf of the investment vehicle that must be

paid with the financial assets of the vehicle itself;

Take short positions in any of the assets subject to investment, which result from

different operations than the lending of securities;

Seek to reproduce mathematically or statistically in inverse or exponential form, the

assets, the index or reference parameter;

The indices, financial assets, or reference parameters that reproduce mathematically or

statistically, are inverse or exponential of other indices, financial assets or

reference parameters, and

The indices, financial assets or reference parameters that reproduce mathematically or

statistically do not have a public methodology that allows replicating said indices,

assets or reference parameters.

VI.

Securities issued by collective investment vehicles, listed and quoted throughout the trading

sessions on stock exchanges, registered in the Registry, whose main objective consists in

seeking to reproduce the behavior of one or more indices, financial assets or reference parameters,

when at the same time they invest directly or indirectly in Securities issued by societies or

investment mechanisms known internationally as "hedge funds".

VII.

Financial Derivative Instruments.

VIII.

Other Complex Financial Products, including Foreign Securities not listed in the system

international quotations of stock exchanges nor registered in the Registry.

Financial Entities and Investment Advisors may consider more or fewer elements

to those indicated in this Annex, prior to determination by the committee responsible for the analysis of the

Financial Products, and whose justification must be included in the policies and guidelines provided for in the

subsection II of article 19 of these provisions.

ANNEX 6

SECURITIES OR INSTRUMENTS SUBJECT TO COMMERCIALIZATION OR PROMOTION

Financial Entities may only Commercialize or promote to clients who are not

considered as Sophisticated Clients, the following Securities:

Government Securities as defined in Circular 3/2012 issued by the Bank of Mexico or the

instrument that replaces it, as well as those Securities guaranteed or backed by the Mexican

States, whose maturity term at the time of providing the Commercialization or promotion service is equal to or less than three years;

II.

Securities that are:

Bank deposit securities registered in the Registry that have a rating granted by

any securities rating agency equal to AAA, or its equivalent in terms of the table

contained in Annex 18 of these provisions.

Those that have a rating granted by a securities rating agency

equal to AAA, or its equivalent in terms of the table contained in Annex 18 of

these provisions.

Optional titles, issued by financial entities that are part of the same Group

financial, Business Group or Consortium as the Financial Entity, or Issuers that also

have a rating granted by a securities rating agency equal to AAA, or

its equivalent in terms of the table contained in Annex 18 of these provisions, in

case they are the final responsible for the payment of the Security.

The above, provided that the maturity term of the Securities referred to in subsections a) to c) of

this subsection, at the time of providing the Commercialization or promotion service is equal to or

less than one year and oblige their maturity to liquidate an amount at least equal to the principal

invested by the client.

III.

Structured Securities referred to in the Provisions of general character applicable to the

securities issuers and other participants in the securities market, published in the Official Journal

of the Federation on March 19, 2003 and their respective modifications, provided that the maturity term

of the security at the time of providing the Commercialization or promotion service is

equal to or less than one year, oblige their maturity to liquidate an amount at least equal to the

principal invested by the client, as well as that the entity backing the payment of the invested principal

has a rating granted by a securities rating agency equal to AAA, or its

equivalent in terms of the table contained in Annex 18 of these provisions;

IV.

Securities that are debt instruments on behalf of legal entities or trusts, provided that

the maturity term of the security at the time of providing the Commercialization or

promotion service is equal to or less than one year and have a rating granted by a securities rating agency

equal to AAA, or its equivalent in terms of the table contained in Annex

18 of these provisions, and

Shares of investment funds whose assets subject to investment are exclusively the Securities

indicated in subsections I and IV above, or shares of investment funds in

debt instruments that are classified according to the duration of their assets subject to

investment as short or medium term in accordance with the General Provisions applicable to investment funds and to the persons who provide them services, published in the

Official Journal of the Federation on November 24, 2014 and their respective modifications.

VI.

Indexed fiduciary trust certificates referenced to Government Securities as defined in

Circular 3/2012 issued by the Bank of Mexico or the instrument that replaces it, as well

as those Securities guaranteed or backed by the Mexican States, provided that

they are managed by Financial Entities and Investment Advisors.

Financial Entities, except for share distribution companies of investment fund shares and

entities that provide such services, may recommend to their clients in a generalized manner under the

auspices of the Commercialization or promotion service, carry out repo operations with a term equal to or less than one

year, in terms of the Rules to which credit institutions, brokerage houses,

investment funds, specialized investment societies for retirement funds, and the Rural Finance Company must adhere in their

repo operations, issued by the Bank of Mexico on January 12, 2007 and their respective

modifications or those that replace them, regarding Securities that have a rating granted by

any securities rating agency equal to AAA, or its equivalent in terms of the table contained in the

Annex 18 of these provisions or when the counterparty of the operation also has such rating.

ANNEX 12

STANDARDS FOR THE DISCLOSURE OF INFORMATION VIA THE WORLDWIDE ELECTRONIC NETWORK KNOWN AS THE INTERNET

The minimum specifications in the use of the worldwide electronic network known as the Internet, by Financial Entities or Investment Advisors, in the event that they have one, for the disclosure of information, are as follows:

I. That the information published on the Internet page be drafted in the Spanish language and also be consistent with that contained in printed documents;

II. The possibility of downloading documents containing information that clients must know prior to the celebration of an operation or the contracting of an Investment Service;

III. That all modifications made by the Financial Entity or by the Investment Advisor to the information published on the electronic page of the worldwide network known as the Internet be registered, and

IV. In the event of using hyperlinks, the clear signaling to the client of the moment when they are leaving the electronic page of the worldwide network known as the Internet of the Financial Entity or the Investment Advisor, warning that they are entering a different site, whose content is not the responsibility of the Financial Entity or the Investment Advisor in question.

In any case, Financial Entities or Investment Advisors must allow free consultation and download by the general public of the guide to investment services referred to in Article 24 of these provisions through their electronic page on the worldwide network known as the Internet, as well as the characteristics of the interviews or questionnaires referred to in Article 19, penultimate paragraph of these provisions.

ANNEX 13

ON CONFLICTS OF INTEREST

A. On the conflicts of interest referred to in Article 36 of these provisions

I. Financial Entities or non-independent Investment Advisors must have policies and procedures to avoid conflicts of interest, which refer at least to the following scenarios:

a) Providing Advised Investment Services regarding Securities that have been issued by the Financial Entity itself or by Persons related to it directly or through trusts and are placed by the brokerage firm as Placement Leader, member of the placement syndicate, or as Participant in the placement, and the Financial Entity or the non-independent Investment Advisor whose shareholders, partners, directors, executives, agents, or employees participate in the capital or administrative bodies of said Financial Entity intends to sell to its own clients up to twenty percent of the issuance in question, unless it concerns clients who are Sophisticated Clients to whom the Investment Advisory service is being provided;

b) Providing Advised Investment Services regarding Securities that have been issued by persons who are not related, and are placed by the brokerage firm as Placement Leader, member of the placement syndicate, or as Participant in the placement, and the Financial Entity or the non-independent Investment Advisor whose shareholders, partners, directors, executives, agents, or employees participate in the capital or administrative bodies of said Financial Entity intends to sell to its own clients up to forty percent of the issuance in question, unless it concerns clients who are Sophisticated Clients to whom the Investment Advisory service is being provided;

c) Providing Marketing or promotion to Sophisticated Clients regarding Securities that have been issued by the Financial Entity itself or by Persons related to it directly or through trusts and are placed by the brokerage firm as Placement Leader, member of the placement syndicate, or as Participant in the placement, and the Financial Entity that forms part of the Consortium or Business Group to which the brokerage firm belongs intends to sell such Securities to its own clients;

d) Providing Investment Advisory to Sophisticated Clients situated in any of the scenarios referred to in Article 38, fraction III or Section D of this Annex;

e) Providing Advised Investment Services or, providing Marketing or promotion regarding Securities and Financial Derivative Instruments regarding which the Financial Entity itself or the non-independent Investment Advisor whose shareholders, partners, directors, executives, agents, or employees participate in the capital or administrative bodies of said Financial Entity has participated in their structuring, and

f) Providing Advised Investment Services regarding Securities subject to public offering that have been issued by the Financial Entity itself or by Issuers that form part of the same Financial Group, Business Group, or Consortium as the Financial Entity or non-independent Investment Advisor, resulting in a holding among the clients of the Financial Entity or non-independent Investment Advisor of up to twenty percent of the total issuance, unless it concerns clients who are Sophisticated Clients to whom the Investment Advisory service is being provided.

II. Investment Advisors in the provision of Advised Investment Services must have policies and procedures to avoid conflicts of interest, which refer at least to the following scenarios:

a) When additionally providing any other service or activity, including but not limited to, mergers, acquisitions, credit management, and wills.

b) When exclusivity agreements are entered into or non-economic benefits for the client can be obtained with certain intermediaries of the securities market or foreign financial institutions of the same type, which imply an interest in the recommendations they make to their clients.

c) Providing Advised Investment Services when there is any other potential conflict of interest that due to the nature of their operations had not been identified, having to inform their clients immediately of the existence of said potential conflict of interest, explicitly indicating what it consists of, as well as the mechanisms for its management.

B. Minimum content of policies and guidelines to avoid the existence of conflicts of interest

The policies and guidelines referred to in Article 36 of these provisions must contain, at least, the following:

I. Procedures to supervise the flow of information within the different areas that integrate the Financial Entity or the Investment Advisor that is a legal entity, including communications made by personnel assigned to Business Areas or any other that could imply a conflict of interest, with those persons who work in the areas responsible for providing Investment Services;

II. The prohibition to avoid any pressure, persuasion, or transmission of confidential information from personnel working in the areas, in their case, responsible for the design and structuring of Financial Products, corporate financing, investment banking, placement of Securities, administration of assets of investment funds, distribution of shares of investment funds, or any other that could imply a conflict of interest, regarding the activities of the persons working in the areas responsible for providing Investment Services and their clients;

III. Procedures to prevent or control the exchange of information between executives and employees of the Financial Entity or the Investment Advisor that is a legal entity, when such exchange of information may be detrimental to the interests of one or more clients;

IV. The definition of those responsible for handling proprietary operations of the Financial Entity or the Investment Advisor that is a legal entity, as well as the obligation to adequately separate the functions and responsibilities of said persons regarding the employees and executives of the Financial Entity or the Investment Advisor that is a legal entity responsible for the provision of Investment Services, and

V. The prohibition for Analysts, agents authorized to conduct transactions with the public, stock operators, and other employees of Financial Entities or Investment Advisors that are legal entities providing Investment Services, to accept economic benefits or of any other kind from persons who have an interest in the direction of the recommendations or operations they formulate or carry out.

C. On the conflicts of interest referred to in Article 37 of these provisions

Financial Entities or non-independent Investment Advisors whose shareholders, partners, directors, executives, agents, or employees participate in the capital or administrative bodies of the Financial Entity in question that are situated in any of the following scenarios will incur in a conflict of interest for not having fulfilled the obligation to diversify the issuance. The scenarios are:

I. Providing Advised Investment Services regarding Securities in public offering, whose placement among their own clients exceeds twenty percent of the total issuance as a result of said Advised Investment Services, regarding Securities issued by the Financial Entity itself or by Persons related to it, or when the non-independent Investment Advisor whose shareholders, partners, directors, executives, agents, or employees participate in the capital or administrative bodies of the Financial Entity in question recommends the acquisition of such Securities;

II. Providing Advised Investment Services regarding Securities in public offering, whose placement among their own clients exceeds forty percent of the total issuance when it concerns issuances of persons who are not related to the Financial Entity or non-independent Investment Advisor whose shareholders, partners, directors, executives, agents, or employees participate in the capital or administrative bodies of the Financial Entity in question, in the following cases:

a) It concerns Securities subject to public offering in which the Financial Entity acts as Placement Leader, member of the placement syndicate, forms part of the process of said public offering, or is a Participant in the placement, or when the non-independent Investment Advisor whose shareholders, partners, directors, executives, agents, or employees participate in the capital or administrative bodies of the Financial Entity in question recommends the acquisition of such Securities;

b) It concerns Securities subject to public offering and a part or the entirety of the resources obtained through it are destined to pay obligations or liabilities in favor of the placing Financial Entity or the legal entities that form part of the same Consortium or Business Group to which said Financial Entity belongs, or when the non-independent Investment Advisor whose shareholders, partners, directors, executives, agents, or employees participate in the capital or administrative bodies of the Financial Entity in question recommends the acquisition of such Securities;

c) It concerns Securities backed by assets referred to in the General Provisions applicable to securities issuers and other participants in the securities market published in the Official Journal of the Federation on March 19, 2003, and their respective modifications, when the assets are of the Financial Entity or of the persons who form part of the same Consortium or Business Group to which it belongs, or when the non-independent Investment Advisor whose shareholders, partners, directors, executives, agents, or employees participate in the capital or administrative bodies of the Financial Entity in question recommends the acquisition of such Securities, or

d) It concerns Securities that are in the proprietary position of the Financial Entity, the non-independent Investment Advisor, or in that of any entity that forms part of the same Consortium or Business Group to which they belong, if in the initial public offering it acted with the character of Placement Leader, member of the placement syndicate, or Participant in the placement.

D. Exceptions to the limits provided in Article 38, fraction III and Section C of this Annex to avoid a conflict of interest

It will be considered that Financial Entities or non-independent Investment Advisors do not incur in any of the conflicts of interest referred to in Article 38, fraction III and Section C above, in the cases and under the following conditions:

I. When they provide Advised Investment Services exceeding the limits referred to in Article 38, fraction III or Section C above, fraction II, provided that: a) they have obtained prior authorization from the committee responsible for the analysis of Financial Products or equivalent body or responsible person for each issuance or for each placement program, the latter concerning short-term issuances; the authorization will be granted regarding placement programs in which successive realization is foreseen, provided that in each of the corresponding issuances the conditions provided in these provisions are met, and b) it concerns any of the following values:

a) Securities that have a rating equal to or higher than AAA or AA or its equivalent, in terms of the table contained in Annex 18 of these provisions, issued by some securities rating institution, or

b) Structured Securities referred to in the General Provisions applicable to securities issuers and other participants in the securities market, published in the Official Journal of the Federation on March 19, 2003, and their respective modifications, when the total term at the time of issuance of the instrument is equal to or less than one year and obligate their maturity to liquidate an amount at least equal to the principal invested by the client.

II. When they exceed the limits provided in fractions I and II, subsections a) and d) of Section C of this Annex, or when they exceed the limit provided in Article 38, fraction III of these provisions and in any of these cases provide Advised Investment Services, provided that they have obtained prior authorization of the placement program by the committee responsible for the analysis of Financial Products, it concerns optional titles, and the following is met:

a) In the event that the optional title contains a returnable portion of its amount, the debt instruments that form part of the coverage of said amount cannot be Securities issued by the Financial Entity itself or by Persons related to it;

b) The Financial Entity maintains until the maturity of each issuance of optional titles a hedging portfolio that compensates in an interval between 95% and 105% the exposure of the Issuer derived from the placement of the titles, to the movements of the underlying of the optional title (measured by its "delta"). This is understood that the hedging portfolio must be formed by Securities or Financial Derivative Instruments correlated with the underlying of the issued title. Without prejudice to the foregoing, if the coverage is located outside the mentioned interval due to movements in market conditions, in order to consider that no conflict of interest is incurred, adjustment operations must be carried out within a period that does not exceed two business days counted from when the deviation occurs. In any case, the foregoing must be duly documented by the committee responsible for the analysis of Financial Products, equivalent body, or responsible person;

c) Issuing Financial Entities of optional titles must have a rating granted by some securities rating institution equal to AAA or AA, or its equivalent in terms of the table contained in Annex 18 of these provisions, in case it is the final responsible for the payment of the Security.

The authorization referred to in this fraction may only be granted by the cited committee or equivalent body or responsible person when they ensure that what is provided in all and each of the preceding subsections is met and this is recorded in the corresponding minutes.

III. When it concerns any of the following Values:

a) Shares representing the social capital of Issuers or credit titles that represent them;

b) Shares representing the social capital of investment funds;

c) Securities issued by collective investment vehicles, listed and traded throughout stock exchange sessions on stock exchanges, registered in the Registry whose primary objective consists of seeking to reproduce the behavior of one or more indices, financial assets, or reference parameters;

d) Fiduciary development, real estate, energy and infrastructure investment, and investment project trust certificates referred to in the General Provisions applicable to securities issuers and other participants in the securities market, published in the Official Journal of the Federation on March 19, 2003, and their respective modifications, or

e) Securities referred to in Annex 6 of these provisions.

E. On conflicts of interest regarding Investment Advisors that are natural persons

Investment Advisors that are natural persons must have policies and guidelines to avoid incurring conflicts of interest. It will be considered in an enunciative but not limiting manner that Investment Advisors that are natural persons incurred in a conflict of interest in the following scenarios:

I. Obtain any non-economic benefit, including reports or analysis of Financial Products, from a Financial Entity in exchange for executing their clients' orders with said Entity or in exchange for any other arrangement between the parties and do not reveal said situation to their clients.

II. Recommend to their clients celebrate a brokerage intermediation contract or securities administration contract in a Financial Entity to execute orders, when the Investment Advisor itself is a shareholder of a credit institution, brokerage firm, investment fund operating company, investment fund share distributing company, securities rating institution, or foreign financial entity, or if it is a member of the board of directors, executive, manager, agent, employee, or participates in the administrative bodies of a credit institution, brokerage firm, investment fund operating company, investment fund share distributing company, securities rating institution, or foreign financial entity and do not reveal said situation to their clients.

In the event that the Investment Advisor does reveal to their clients that they are situated in the scenario established in the preceding paragraph, it will not be considered that they incurred in a conflict of interest but in said revelation they must additionally explain the reasons why they make such recommendation.

ANNEX 14

ADDITIONAL INFORMATION THAT ACCOUNT STATEMENTS AND OPERATION REPORTS WILL CONTAIN

A. Minimum information

I. The Securities, Financial Derivative Instruments, repo operations, guarantees, loan of Securities, and cash that constitute the investment portfolio of their clients, as well as the Intermediation Expenses and Commissions incurred in the realization and execution of any operation carried out in the period to which the information refers;

II. The result of the calculation of the Portfolio Investment Return as well as the Net Portfolio Investment Return, carried out in accordance with what is provided in Section B of this annex;

III. The valuation differential for each of the Securities, Financial Derivative Instruments, repo operations, guarantees, and loan of Securities, in accordance with the following:

a) For each of the Securities, Financial Derivative Instruments, repo operations, guarantees, and loan of Securities that constitute the investment portfolio at the close of the reported period, between the price provided by a price provider for the close of said period and the price at the close of the previous reported period or in the event that said instruments had been acquired or transferred to the contract for which the account statement or operation report is issued during the reported period, regarding the acquisition cost or transfer cost, possibly using the average cost, and

b) For each of the Securities, Financial Derivative Instruments, repo operations, guarantees, and loan of Securities that Financial Entities had sold or transferred to another account or contract different from the contract for which the account statement is issued during the reported period, between the sale or transfer price and the acquisition or transfer price, possibly using the average cost determined on the date of sale.

Likewise, any payment received or paid, including in their case dividends, in relation to each Security, Financial Derivative Instrument, repo operation, guarantee, and loan of Securities that form part of the client's investment portfolio must be reported.

Investment Advisors will not be obligated to incorporate the information referred to in this fraction.

IV. When a reference index had previously been agreed upon between the brokerage firm or the Investment Advisor and the client, a comparison between the Portfolio Investment Return during the reported month and the return of said index must be included, and

V. The breakdown of Intermediation Commissions and Expenses, for Investment Services and Administrative charges billed to the client, as well as the Withheld Income Tax, including the method of calculation and the amount of these as a proportion of the total value of the investment portfolio, including a declaration to the effect that additional more detailed information can be provided at the client's request. The Commissions charged to the client must be consistent with what is established in Article 44 and with the criteria referred to in Article 45 of these provisions, and expenses paid must also be included. For purposes of their presentation in the account statement or in the operation report, in the case of Investment Advisors, they must be classified according to the following:

a) Under the item "Intermediation Commissions and Expenses"

all amounts charged to the client related to operations carried out during the period being reported must be included. The disclosed amounts must incorporate the Value Added Tax (V.A.T.) pertaining to each operation carried out.

b)
In the item "Commissions and Expenses for Services", all amounts charged to the client by reason of portfolio management, commissions for types of Investment Services, and performance commissions, among others, must be included. The disclosed amounts must incorporate the Value Added Tax (V.A.T.) corresponding to each expense or commission charged to the client.

c)
In the item "Commissions and Administrative Expenses", all amounts charged to the client for each concept that is not considered as "Commissions and Expenses for Services" nor as "Intermediation Commissions and Expenses" must be included. The expenses and commissions disclosed must include, among others: custody commission for Securities, commission for check collection service, interest on debit balances. The disclosed amounts must incorporate the Value Added Tax (V.A.T.) pertaining to each expense or commission charged to the client.

d)
In the item "Withheld Income Tax", the total amount of Withheld Income Tax in terms of fiscal legislation must be disclosed, for the corresponding period.

VI.
Regarding the account statements sent by societies or entities that provide distribution services for mutual fund shares to their clients, in addition to what is provided in Article 61 Bis of the Mutual Fund Law, they must contain the following information:

a)
The detailed description of all operations carried out by the investor, as well as the charges levied against them by the fund operating society that administers the respective mutual fund or, where applicable, the society or entity acting as a distributor of mutual fund shares.

b)
The indication of the price at which purchase and sale operations with the investor were effected, which must correspond to the updated valuation price of the shares of variable-income mutual funds and debt instruments.

c)
In the event that the mutual fund in debt and variable-income instruments has applied the differential referred to in Article 15 of the General Provisions applicable to mutual funds and persons providing services to them, published in the Official Journal of the Federation on November 24, 2014, or those that replace them, regarding the updated valuation price, such fund must indicate in the account statement both the adjusted valuation price and the applied differential and the resulting market price, including the position of each investor at the end of the month in question, taking into consideration the valuation price of the day of the closing of the corresponding period and, where applicable, the differential applied on that date.

d)
The share position on the last day of the monthly cutoff and the position at the previous monthly cutoff.

e)
The list of assets comprising the investment portfolio of the mutual fund, or specifying the website address on the worldwide network known as Internet of the societies or entities providing asset administration services for mutual funds and distribution of mutual fund shares, where the list of said assets is published.

f)
The category corresponding to the mutual fund, in accordance with what is established in Annex 1 of the General Provisions applicable to mutual funds and persons providing services to them, published in the Official Journal of the Federation on November 24, 2014, or those that replace them.

g)
The current rating granted by a securities rating agency, in the case of mutual funds in debt instruments.

h)
The data of the website address on the worldwide network known as Internet where the mutual fund information is located.

i)
The data of the Specialized Unit that will handle inquiries and complaints that clients may file, in their case, in accordance with Article 50 Bis of the Law for the Protection and Defense of Users of Financial Services.

j)
At the bottom of the corresponding account statement, the following legend: "Investments in shares of the indicated mutual funds do not guarantee future returns, nor are their operating societies responsible for losses that the investor may suffer as a consequence of said investments or assume the risk of variations in the differential in favor of clients".

k)
The notice regarding modifications related to the investment regime or acquisition of own shares characteristic of variable-income mutual funds and debt instruments provided for in the second paragraph of Article 14 of the General Provisions applicable to mutual funds and persons providing services to them, published in the Official Journal of the Federation on November 24, 2014, or those that replace them.

B.
Calculation of Investment Portfolio Performance

Brokerage houses, Investment Advisors, and societies distributing mutual fund shares, as well as entities providing said service, that provide Investment Services, will disclose to their clients through their account statements or operation reports, the performance of their investment portfolios, adhering to the following:

I.
It must be performed:

a)
For the calculation of Portfolio Performance, deducting Intermediation Commissions and Expenses of the reported period, and

b)
At the close of the last calendar day of the month in question.

II.
It must be performed through the calculation of time-weighted performance rates that adjust External Cash Flows, in accordance with the following:

Where

= The portfolio return rate for month t

= The final value of the portfolio for month t

= The initial value of the portfolio for month t

= the number of external cash flows (1, 2, 3 . . . I ) in month t

= the value of cash flow i in month t

= the weighting of cash flow i in month t (considering the cash flow at the end of the day), calculated according to the following formula:

Where

= the total number of calendar days in month t

= the number of calendar days from the beginning of month t for cash flow i

III.
Securities, Derivative Financial Instruments, Repo Operations, Guarantees, and Lending of Securities, must be recorded in investment portfolios on the dates they are settled or transferred for the purposes of calculating performance.

Notwithstanding, purchase or sale operations of said instruments must be recognized in the account statement on their agreement date, including a section in which each pending settlement operation is presented;

IV.
In each reported period, the Portfolio Performance (as indicated in subsection a) of numeral I of this Section B) and the Net Portfolio Performance (deducting Intermediation Commissions and Expenses, Service Commissions and Expenses, Administrative Commissions and Expenses, and Withheld Income Tax) must be presented, clearly differentiating both performances;

V.
Account statements and operation reports must include the Net Portfolio Performance of the 11 months prior to the corresponding month, and

VI.
The reference to the currency used in the performance calculation must be included.

Performance calculated for time periods less than one year cannot be annualized.

ANNEX 17
DATA OF THE PERSON RESPONSIBLE FOR PROVIDING INFORMATION VIA SITI (CAPTURE THE DATA OF THE PERSON WHO WILL PROVIDE THE INFORMATION THROUGH THE SYSTEM; ACCESS KEYS WILL BE ASSIGNED TO THAT PERSON)

Name of the Financial Entity or Investment Advisor:

Key of the Financial Entity or Investment Advisor:

Name:

Name of the person responsible for providing via the system the information corresponding to the SITI reports

Federal Taxpayer Registry (RFC):

(Capture the RFC of the person responsible for providing the information, not that of the society)

Position:

Telephone:

(Corresponding to that of the society, not personal)

Full Address of the Society:

(Street and number, neighborhood, delegation / municipality / town, city, state, and postal code)

Email Address:

(Institutional email of the person responsible for providing the information)

Reports requiring access
(It must be specified each of the reports to which access is required)

Data of the person responsible for sending and quality of information. (Capture the data of the person responsible for supervising compliance with the provisions)

Name:

The person responsible for supervising compliance with the provisions is who has the authority to respond for the sending and quality of the data submitted.

Federal Taxpayer Registry (RFC):

(Capture the RFC of the responsible person, not that of the society)

Position:

Telephone:

(Corresponding to that of the society, not personal)

Full Address of the Society:

(Street and number, neighborhood, delegation / municipality / town, city, state, and postal code)

Email Address:

Institutional email

Report(s) they are responsible for:
(The person responsible for supervising compliance with the provisions will be responsible for the sending and quality of the information referred to in Article 53 of these provisions)

The document must be presented duly filled out. Access to the system will exclusively be provided to the responsible person(s) for providing information via SITI.

The document must be duly signed by executives who are within the 2 hierarchies below the general director of the Financial Entity or Investment Advisor, as well as by the person responsible for supervising compliance with provisions in matters of investment services, and sent previously digitized to the Coordination of Design and Receipt of Information, at the following email address: cesiti@cnbv.gob.mx

ANNEX 18
EQUIVALENCE BETWEEN SHORT-TERM AND LONG-TERM RATINGS

To the effect that Financial Entities and Investment Advisors can determine the equivalences between issuer and issuance ratings, to which these provisions refer, they must use the tables indicated below, depending on the rating agency involved in each case.

Rating Equivalence Tables

A.
Long Term

Local Mexico Scale
S&P FITCH MOODY'S HR RATINGS VERUM A.M. BEST
Correspondence mxAAA AAA(mex) AAA.mx HR AAA AAA/M aaa.mx AAA mxA A+ AA+(mex) AA+.mx HR AA+ AA+/M aa+.mx AA mxA A AA(mex) AA.mx HR AA AA/M aa.mx AA mxA A- AA - (mex) AA - .mx HR AA - AA - /M aa - .mx AA

B.
Short Term

Local Mexico Scale
S&P FITCH MOODY'S HR RATINGS VERUM A.M. BEST
Correspondence mxA-1+ F1+ ML A-1.mx HR1 1+/M AMB-1+ AAA mxA-1 F1+ ML A-1.mx HR1 1/M AMB-1 AA __________________________________

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