Resolution modifying the general provisions applicable to general warehouse companies, exchange houses, credit unions, and regulated multiple-object financial societies

DOF: 26/04/2018

RESOLUTION modifying the general provisions applicable to general warehouse companies, exchange houses, credit unions, and regulated multiple-object financial societies

At the margin, a seal with the National Coat of Arms, 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 articles 53, third, fourth, and fifth paragraphs of the General Law of Organizations and Auxiliary Credit Activities; 30, 67, fourth and fifth paragraphs, and 70 of the Credit Unions Law; as well as 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 committee of credit unions, it is necessary to clarify that the selection of its 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 independent external audit services that must be contracted by general warehouse companies, exchange houses, credit unions, and regulated multiple-object financial societies, because 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 Audit Services for Basic Financial Statements," has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO GENERAL WAREHOUSE COMPANIES, EXCHANGE HOUSES, CREDIT UNIONS, AND REGULATED MULTIPLE-OBJECT FINANCIAL SOCIETIES

SINGLE.- Articles 1, fraction III; 21, second paragraph; 72 bis 5, fraction VIII; 108, fraction IV; 110; 111, first and second paragraphs; 116, first paragraph; 119, fractions V and VI, subsection b); 122, fraction VI, and 126 are REFORMED; Article 139 fraction V is ADDED; and Articles 1, fraction XVII; 72 Bis 3, fraction V; 72 Bis 8, fraction V; 118, fraction II; 119, fraction VI, subsections d) and f), and Chapter III of Title Two titled "Of Independent External Auditors and Audit Reports," which comprises articles 24 to 42 of the "General Provisions Applicable to General Warehouse Companies, Exchange Houses, Credit Unions, and Regulated Multiple-Object Financial Societies," published in the Official Gazette of the Federation on January 19, 2009, and amended by resolutions published in the said Gazette on July 1 and 30, 2009; February 18, 2010; February 4, April 11, and December 22, 2011; February 3 and June 27, 2012; January 31, 2013; December 3, 2014; January 8 and 12, May 19, October 19 and 28, 2015; January 22, May 13, September 28, and December 27, 2016; February 28, April 4, July 24, August 25, October 6, and November 10, December 18, 2017, and January 23, 2018, are REPEALED, to read as follows:

TITLE ONE

...

TITLE TWO

Of Financial Information and Its Disclosure and of the Valuation of Financial Entities

Chapter I and II

...

Chapter III Repealed

TITLES THREE TO EIGHT

...

" Article 1.-

...

I and II.

...

III.

Independent External Auditor: the public accountant or licensed public accountant who meets 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 Audit Services for Basic Financial Statements" and its modifications.

IV. to XVI.

...

XVII. Repealed.

XVIII. to LVII

... "

" Article 21.- ...

Regarding annual consolidated basic financial statements, they must be presented to the Board within ninety natural days following the closing of the respective fiscal year. "

" Articles 24 to 42.- Repealed. "

" Article 72 Bis 3.-

...

I. to IV.

...

V.

Repealed.

...

... "

" Article 72 Bis 5.-

...

I. to VII.

...

VIII.

Declaration by the independent external auditor stating that they comply with what is provided in article 38 of the "General Provisions Applicable to Entities and Issuers Supervised by the National Banking and Securities Commission that Contract External Audit Services for Basic Financial Statements" and its modifications.

IX. and XI.

... "

" Article 72 Bis 8.-

...

I. to IV.

...

V.

Repealed.

VI.

... "

" Article 108.-

...

I. to III.

...

IV.

Appoint, upon proposal of the Audit Committee, the internal auditor of the credit union.

V. to VI.

...

... "

" Article 110.-

The Audit Committee shall be integrated in accordance with the following provisions; its members shall be selected based on 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 credit union. Said 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 111.- The Audit Committee shall be entirely composed of a minimum of the administrative councilors, who may be regular or alternate councilors of the credit union, and must be predominantly independent, appointed by the Board of Directors upon proposal of its president. Said Committee shall be presided over by an independent councilor and must have at least three members.

The committee members may appoint their alternates, who must be regular or alternate councilors of the Board, maintaining a majority of independent councilors.

...

... "

" Article 116.- The Audit Committee must follow up on the activities of Internal Audit, as well as Internal Comptroller of the credit union, keeping the Board informed regarding the performance of said activities.

... "

" Article 118.-

...

I.

...

II.

Repealed.

III. to V.

... "

" Article 119.-

...

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 Audit, as well as of the evaluation of the Internal Control System carried out by the Audit Committee itself.

c)

...

d)

Repealed.

e)

...

f)

Repealed.

VII. to X.

...

... "

" Article 122.-

...

I. to V.

...

VI.

Facilitate to the competent financial authorities the necessary information available to them in the course of their functions, so that they may determine the timeliness and scope of the procedures followed by the Internal Audit area itself and may carry out their analysis for the corresponding effects.

VII. to XI.

...

... "

" Article 126.- The general director of the credit union shall inform in writing to the Commission within five business days following the appointment and, if applicable, the removal of the person responsible for Internal Audit functions. "

" Article 139.- ...

I. to IV.

...

V.

General Provisions Applicable to Entities and Issuers Supervised by the National Banking and Securities Commission that Contract External Audit Services for Basic Financial Statements. "

TRANSITORY

SINGLE.- This Resolution shall 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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