Resolution modifying the General Provisions applicable to Financial Technology Institutions

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DOF: 15/12/2021

RESOLUTION modifying the General Provisions applicable to Financial Technology Institutions

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

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

The National Banking and Securities Commission, based on articles 48; first paragraph of the Law

for the Regulation of Financial Technology Institutions; 98 Bis of the Credit Institutions Law, as well

as 4, fractions III, V, XXXVI and XXXVIII and 16, fraction I of the Law of the National Banking and Securities

Commission, and

CONSIDERING

That, in accordance with article 78 of the General Law of Regulatory Improvement and with the purpose of reducing the

cost of compliance of this Resolution, the National Banking and Securities Commission by

resolution published in the Official Journal of the Federation on December 26, 2017, reformed the

" General Provisions applicable to credit institutions ", with the object of granting an

extension to the deadline to which multiple banking institutions were subject to constitute their

operational risk capital requirements;

That, in terms of the current accounting criteria, the National Banking and Securities Commission instructs

the entities subject to its regulation, to use the exchange rate to establish the equivalence of the

national currency with the United States dollar, be the FIX exchange rate (Fixed Exchange

Rate) published by the Bank of Mexico in the Official Journal of the Federation, a situation that allows

maintaining uniform criteria among said entities;

That the FIX exchange rate is determined by the Bank of Mexico based on an average of

cotizations of the wholesale foreign exchange market for operations settleable on the second next banking day

and that are obtained from foreign exchange transaction platforms and other electronic means with

representativeness in the foreign exchange market. The Bank of Mexico makes the FIX known from 12:00

hours of all banking business days, it is published in the Official Journal of the Federation one banking business

day after the date of determination and is used to settle obligations denominated in

dollars settleable in the Mexican Republic the day after its publication in said medium of dissemination;

That, due to the time that exists between the schedules established for the sampling used for

the determination of the FIX exchange rate in accordance with the applicable regulations issued by the Bank of

Mexico (from 9:00:00 to 9:59:00 hours; from 10:00:00 to 10:59:00 hours, and from 11:00:00 to

12:00:00 hours) and the value of the exchange rate at the close of the business day used by the entities

to close their operations (14:00 hours), differences arise between the exchange rate for purposes of

recognition in financial information and the exchange rates used in treasury areas;

That, in view of the above, it is necessary to use an exchange rate published by the Bank of Mexico

that considers a wider sample window in order to be consistent with the close of the business day, therefore it has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE

TO THE

FINANCIAL TECHNOLOGY INSTITUTIONS

SOLE.- The Annex 6, Accounting Criteria A-2, paragraph 10 and D-4, paragraphs 30, 40, 41, 44,

45, and Annex 7, Accounting Criteria A-3, paragraph 21 and D-4, paragraphs 27, 35 and 36 of the " General Provisions

applicable to financial technology institutions ", published in the Official Journal of the

Federation on September 10, 2018 and modified for the last time by the resolution published in the

cited Journal on March 25, 2019, are REFORMED, to read as follows:

" ANNEX 6

ACCOUNTING CRITERIA FOR COLLECTIVE FINANCING INSTITUTIONS "

"A-2 APPLICATION OF PARTICULAR STANDARDS

Paragraphs 1 to 9 . . .

In the application of NIF B-15, the exchange rate to be used to establish the equivalence of the

national currency with the United States dollar, will be the closing daily exchange rate

on the date of the transaction or of the preparation of the financial statements, as

corresponds, published by the Bank of Mexico on its Internet page www.banxico.org.mx,

or that which replaces it.

10

Paragraphs 11 to 44 . . . "

" D-4 STATEMENT OF CASH FLOWS

Paragraphs 1 to 29 . . .

Entities must present in a separate row, as applicable, the following:

a)

The effects from conversion referred to in paragraph 43, which arise from having

used different exchange rates for the conversion of the initial balance, the final balance and of

cash flows and cash equivalents, from a foreign operation;

b)

The effects from exchange gains or losses on cash and cash equivalents

referred to in paragraph 46, which includes the difference generated by the conversion

of the initial balance of cash and cash equivalents to the closing daily exchange rate

on the date of close of the previous period that the Bank of Mexico publishes on its

Internet page www.banxico.org.mx, or that which replaces it, and of the final balance of cash

and cash equivalents to the closing daily exchange rate of the current period, that

the Bank of Mexico publishes on the referred Internet page;

c)

The effects on the balances of cash and cash equivalents due to changes in their value

resulting from fluctuations in their fair value, and

d)

The effects from inflation associated with the balances and the cash flows and cash equivalents

of any of the entities that make up the consolidated economic entity

and that is in an inflationary economic environment.

30

Paragraphs 31 to 39 . . .

Conversion of the cash flow statement of a foreign operation to the reporting currency

In the conversion of the cash flow statement from the functional currency to the reporting currency

of a foreign operation that is in a non-inflationary economic environment, entities must comply with the following:

a)

The cash flows of the period must be converted to the historical closing daily exchange rate

on the date each flow in question was generated, which will be that published by

the Bank of Mexico on its Internet page www.banxico.org.mx, or that which replaces it;

b)

The initial balance of cash and cash equivalents must be converted to the closing daily exchange rate

on the date of close of the previous period, which the Bank of Mexico publishes on the referred Internet page, and

c)

The final balance of cash and cash equivalents must be converted to the closing daily exchange rate

on the date of close of the current period, which the Bank of Mexico publishes on the

referred Internet page.

40

In the conversion of the cash flow statement from the functional currency to the reporting currency

of a foreign operation that is in an inflationary economic environment,

entities must comply with the following:

a)

The cash flows of the period must be converted to the closing daily exchange rate

on the date of close of the current period, which the Bank of Mexico publishes on its Internet page

www.banxico.org.mx, or that which replaces it;

b)

The initial balance of cash and cash equivalents must be converted to the closing daily exchange rate

on the date of close of the current period, which the Bank of Mexico publishes on the referred Internet page, and

c)

The final balance of cash and cash equivalents must be converted to the closing daily exchange rate

on the date of close of the current period that the Bank of Mexico publishes on the

referred Internet page.

41

Paragraphs 42 and 43 . . .

Conversion of balances or cash flows in foreign currency

In order to determine the changes in the balances of foreign currency operational items

of operational activities, these must be converted to the closing daily exchange rate that the Bank of Mexico publishes on its Internet page

www.banxico.org.mx, or that which replaces it, on the date of close.

44

Cash flows arising from foreign currency transactions related to

investment and financing activities, will be converted to the reporting currency of the

entity applying to the amount in foreign currency the closing daily exchange rate on the

date on which each flow occurred, which will be that published by the Bank of Mexico on the

referred Internet page.

45

Paragraphs 46 to 55 . . . "

" ANNEX 7

ACCOUNTING CRITERIA FOR ELECTRONIC PAYMENT FUND INSTITUTIONS "

"A-3 APPLICATION OF GENERAL STANDARDS

Paragraphs 1 to 20 . . .

In the formulation of financial statements, the exchange rate to be used to establish the

equivalence of the national currency with the United States dollar, will be the closing daily exchange rate

on the date of the transaction or of the preparation of the financial

statements, as corresponds, published by the Bank of Mexico on its Internet page

www.banxico.org.mx, or that which replaces it.

21

Paragraphs 22 to 27 . . . "

" D-4 STATEMENT OF CASH FLOWS

Paragraphs 1 to 26 . . .

Entities must present in a separate row, as applicable, the following:

a)

The effects from exchange gains or losses on cash and cash equivalents referred to

in paragraph 37, which includes the difference generated by the conversion of the

initial balance of cash and cash equivalents to the closing daily exchange rate on the

date of close of the previous period that the Bank of Mexico publishes on its Internet page

www.banxico.org.mx, or that which replaces it, and of the final balance of cash

and cash equivalents to the closing daily exchange rate of the current period, that

the Bank of Mexico publishes on the referred Internet page;

b)

The effects on the balances of cash and cash equivalents due to changes in their value

resulting from fluctuations in the exchange rate and in their fair value, and

c)

The effects from inflation associated with the balances and the cash flows and cash equivalents

of any of the entities that make up the consolidated economic entity and

that is in an inflationary economic environment.

27

Paragraphs 28 to 34 . . .

Conversion of balances or cash flows in foreign currency

In order to determine the changes in the balances of foreign currency operational items

of operational activities, these must be converted to the closing daily exchange rate that the Bank of Mexico publishes on its Internet page www.banxico.org.mx, or that

which replaces it, on the date of close.

35

Cash flows arising from foreign currency transactions related to

investment and financing activities, will be converted to the reporting currency of the entity

applying to the amount in foreign currency the closing daily exchange rate on the date on

which each flow occurred, which will be that published by the Bank of Mexico on the referred Internet

page.

36

Paragraphs 37 to 42 . . . "

TRANSITORY

SOLE.- This Resolution will enter into force as of December 15, 2021.

Respectfully

Mexico City, December 8, 2021.- President of the National Banking and Securities Commission,

Dr. Jesús de la Fuente Rodríguez.- Signature.

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DOLLAR

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