Resolution modifying the General Provisions applicable to General Warehouses, Exchange Houses, Credit Unions, and Regulated Multiple-Object Financial Companies

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DOF: 15/12/2021

RESOLUTION modifying the General Provisions applicable to general warehouses, exchange houses, credit unions, and regulated multiple-object financial companies

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

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

The National Banking and Securities Commission, based on articles 52, first paragraph; 87-D, fractions I, subsection l); II, subsection i); III, subsection m); IV, subsection l) and V subsection c), and second paragraph of the General Law of Organizations and Auxiliary Credit Activities;

65 of the Credit Unions Law; 98 Bis of the Credit Institutions Law, as well as 4, fractions III, V, XXXVI and XXXVIII and 16, fraction I of the National Banking and Securities Commission Law, and

CONSIDERING

That, in accordance with article 78 of the General Law of Regulatory Improvement and with the aim of reducing the compliance cost of this Resolution, the National Banking and Securities Commission, through a resolution published in the Official Gazette 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 FIX (Fixed Exchange Rate) type of exchange published by the Bank of Mexico in the Official Gazette of the Federation to establish the equivalence of the national currency with the United States dollar, 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 wholesale foreign exchange market quotations for operations settleable on the second following banking business 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 starting at 12:00 hours on all banking business days, it is published in the Official Gazette of the Federation one banking business day after the determination date and is used to settle obligations denominated in dollars settleable in the Mexican Republic the day following its publication in said dissemination medium;

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 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 attention to the foregoing, 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 GENERAL WAREHOUSES, EXCHANGE HOUSES, CREDIT UNIONS AND REGULATED MULTIPLE-OBJECT FINANCIAL COMPANIES

SINGLE.- The Annex 1, Accounting Criteria A-3, paragraph 31 and D-4, paragraphs 32, 39, 40, 43 and 44; Annex 4, Accounting Criteria A-2, paragraph 14 and D-4, paragraphs 32, 39, 40, 43 and 44; Annex 5, Accounting Criteria A-3, paragraphs 31 and D-4, paragraphs 32, 39, 40, 43 and 44, and Annex 17, Accounting Criterion D-4, paragraphs 32, 39, 40, 43 and 44 of the "General Provisions applicable to general warehouses, exchange houses, credit unions and regulated multiple-object financial companies", published in the Official Gazette of the Federation on January 19, 2009 and last modified by the resolution published in said Gazette on November 9, 2020, are REFORMED, to read as follows:

" ANNEX 1

ACCOUNTING CRITERIA FOR GENERAL WAREHOUSES "

"A-3 APPLICATION OF GENERAL STANDARDS

Paragraphs 1 to 30 . . .

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 shall be the closing daily exchange rate on the date of the transaction or of the preparation of the financial statements, as applicable, published by the Bank of Mexico on its Internet website www.banxico.org.mx, or the one that replaces it.

31

Paragraphs 32 to 34 . . . "

" D-4 STATEMENT OF CASH FLOWS

Paragraphs 1 to 31 . . .

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

a)

The effects from conversion referred to in paragraph 44, which arise from having used different exchange rates for the conversion of the initial balance, the final balance and the cash flows, of a foreign operation;

b)

The effects from exchange gains or losses on cash and cash equivalents referred to in paragraph 47, 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 the close of the previous period that the Bank of Mexico publishes on its Internet website www.banxico.org.mx, or the one that 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 website;

c)

The effects on cash and cash equivalent balances 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 of any of the entities that make up the consolidated economic entity and that is in an inflationary economic environment.

32

Paragraphs 33 to 38 . . .

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

In the conversion of the statement of cash flows 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 shall be the one published by the Bank of Mexico on its Internet website www.banxico.org.mx, or the one that replaces it;

b)

The initial balance of cash and cash equivalents must be converted to the closing daily exchange rate on the date of the close of the previous period, that the Bank of Mexico publishes on the referred Internet website, and

c)

The final balance of cash and cash equivalents must be converted to the closing daily exchange rate on the date of the close of the current period, that the Bank of Mexico publishes on the cited Internet website.

39

In the conversion of the statement of cash flows 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 the close of the current period, that the Bank of Mexico publishes on its Internet website www.banxico.org.mx, or the one that replaces it;

b)

The initial balance of cash and cash equivalents must be converted to the closing daily exchange rate on the date of the close of the current period, that the Bank of Mexico publishes on the referred Internet website, and

c)

The final balance of cash and cash equivalents must be converted to the closing daily exchange rate on the date of the close of the current period that the Bank of Mexico publishes on the referred Internet website.

40

Paragraphs 41 and 42 . . .

Conversion of balances or cash flows in foreign currency

In order to determine the changes in the balances of foreign currency operational items from operating activities, these must be converted to the closing daily exchange rate that the Bank of Mexico publishes on its Internet website www.banxico.org.mx, or the one that replaces it, on the date of the close.

43

Cash flows arising from foreign currency transactions related to investment and financing activities, shall be converted to the entity's reporting currency by applying to the amount in foreign currency the closing daily exchange rate on the date each flow occurred, which shall be the one published by the Bank of Mexico on the referred Internet website.

44

Paragraphs 45 to 53 . . . "

" ANNEX 4

ACCOUNTING CRITERIA FOR CREDIT UNIONS "

"A-2 APPLICATION OF PARTICULAR STANDARDS

Paragraphs 1 to 13 . . .

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 shall be the closing daily exchange rate on the date of the transaction or of the preparation of the financial statements, as applicable, published by the Bank of Mexico on its Internet website www.banxico.org.mx, or the one that replaces it.

14

Paragraphs 15 to 55 . . . "

" D-4 STATEMENT OF CASH FLOWS

Paragraphs 1 to 31 . . .

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

a)

The effects from conversion referred to in paragraph 42, which arise from having used different exchange rates for the conversion of the initial balance, the final balance and the cash flows, of a foreign operation;

b)

The effects from exchange gains or losses on cash and cash equivalents referred to in paragraph 45, 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 the close of the previous period that the Bank of Mexico publishes on its Internet website www.banxico.org.mx, or the one that 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 Internet website;

c)

The effects on cash and cash equivalent balances 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.

32

Paragraphs 33 to 38 . . .

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

In the conversion of the statement of cash flows 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 shall be the one published by the Bank of Mexico on its Internet website www.banxico.org.mx, or the one that replaces it;

b)

The initial balance of cash and cash equivalents must be converted to the closing daily exchange rate on the date of the close of the previous period, that the Bank of Mexico publishes on the referred Internet website, and

c)

The final balance of cash and cash equivalents must be converted to the closing daily exchange rate on the date of the close of the current period, that the Bank of Mexico publishes on the cited Internet website.

39

In the conversion of the statement of cash flows 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 the close of the current period, that the Bank of Mexico publishes on its Internet website www.banxico.org.mx, or the one that replaces it;

b)

The initial balance of cash and cash equivalents must be converted to the closing daily exchange rate on the date of the close of the current period, that the Bank of Mexico publishes on the referred Internet website, and

c)

The final balance of cash and cash equivalents must be converted to the closing daily exchange rate on the date of the close of the current period that the Bank of Mexico publishes on the cited Internet website.

40

Paragraphs 41 and 42 . . .

Conversion of balances or cash flows in foreign currency

In order to determine the changes in the balances of foreign currency operational items from operating activities, these must be converted to the closing daily exchange rate that the Bank of Mexico publishes on its Internet website www.banxico.org.mx, or the one that replaces it, on the date of the close.

43

Cash flows arising from foreign currency transactions related to investment and financing activities, shall be converted to the entity's reporting currency by applying to the amount in foreign currency the closing daily exchange rate on the date each flow occurred, which shall be the one published by the Bank of Mexico on the referred Internet website.

44

Paragraphs 45 to 53 . . . "

" ANNEX 5

ACCOUNTING CRITERIA FOR EXCHANGE HOUSES "

"A-3 APPLICATION OF GENERAL STANDARDS

Paragraphs 1 to 30 . . .

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 shall be the closing daily exchange rate on the date of the transaction or of the preparation of the financial statements, as applicable, published by the Bank of Mexico on its Internet website www.banxico.org.mx, or the one that replaces it.

31

Paragraphs 32 to 34 . . . "

" D-4 STATEMENT OF CASH FLOWS

Paragraphs 1 to 31 . . .

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

a)

The effects from conversion referred to in paragraph 44, which arise from having used different exchange rates for the conversion of the initial balance, the final balance and the cash flows, of a foreign operation;

b)

The effects from exchange gains or losses on cash and cash equivalents referred to in paragraph 47, 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 the close of the previous period that the Bank of Mexico publishes on its Internet website www.banxico.org.mx, or the one that 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 website;

c)

The effects on cash and cash equivalent balances 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.

32

Paragraphs 33 to 38 . . .

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

In the conversion of the statement of cash flows 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 shall be the one published by the Bank of Mexico on its Internet website www.banxico.org.mx, or the one that replaces it;

b)

The initial balance of cash and cash equivalents must be converted to the closing daily exchange rate on the date of the close of the previous period, that the Bank of Mexico publishes on the referred Internet website, and

c)

The final balance of cash and cash equivalents must be converted to the closing daily exchange rate on the date of the close of the current period, that the Bank of Mexico publishes on the cited Internet website.

39

In the conversion of the statement of cash flows 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 the close of the current period, that the Bank of Mexico publishes on its Internet website www.banxico.org.mx, or the one that replaces it;

b)

The initial balance of cash and cash equivalents must be converted to the closing daily exchange rate on the date of the close of the current period, that the Bank of Mexico publishes on the referred Internet website, and

c)

The final balance of cash and cash equivalents must be converted to the closing daily exchange rate on the date of the close of the current period that the Bank of Mexico publishes on the cited Internet website.

40

Paragraphs 41 and 42 . . .

Conversion of balances or cash flows in foreign currency

In order to determine the changes in the balances of foreign currency operational items from operating activities, these must be converted to the closing daily exchange rate that the Bank of Mexico publishes on its Internet website www.banxico.org.mx, or the one that replaces it, on the date of the close.

43

Cash flows arising from foreign currency transactions related to investment and financing activities, shall be converted to the entity's reporting currency by applying to the amount in foreign currency the closing daily exchange rate on the date each flow occurred, which shall be the one published by the Bank of Mexico on the referred Internet website.

44

Paragraphs 45 to 53 . . . "

" ANNEX 17

D SERIES CRITERIA RELATIVE TO BASIC FINANCIAL STATEMENTS FOR REGULATED MULTIPLE-OBJECT FINANCIAL COMPANIES "

" D-4 STATEMENT OF CASH FLOWS

Paragraphs 1 to 31 . . .

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

a)

The effects from conversion referred to in paragraph 42, which arise from having used different exchange rates for the conversion of the initial balance, the final balance and the cash flows, of a foreign operation;

b)

The effects from exchange gains or losses on cash and cash equivalents referred to in paragraph 45, 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 the close of the previous period that the Bank of Mexico publishes on its Internet website www.banxico.org.mx, or the one that 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 website;

c)

The effects on cash and cash equivalent balances 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.

32

Paragraphs 33 to 38 . . .

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

In the conversion of the statement of cash flows 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 shall be the one published by the Bank of Mexico on its Internet website www.banxico.org.mx, or the one that replaces it;

b)

The initial balance of cash and cash equivalents must be converted to the closing daily exchange rate on the date of the close of the previous period, that the Bank of Mexico publishes on the referred Internet website, and

c)

The final balance of cash and cash equivalents must be converted to the closing daily exchange rate on the date of the close of the current period, that the Bank of Mexico publishes on the cited Internet website.

39

In the conversion of the statement of cash flows 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 the close of the current period, that the Bank of Mexico publishes on its Internet website www.banxico.org.mx, or the one that replaces it;

b)

The initial balance of cash and cash equivalents must be converted to the closing daily exchange rate on the date of the close of the current period, that the Bank of Mexico publishes on the referred Internet website, and

c)

The final balance of cash and cash equivalents must be converted to the closing daily exchange rate on the date of the close of the current period that the Bank of Mexico publishes on the referred Internet website.

40

Paragraphs 41 and 42 . . .

Conversion of balances or cash flows in foreign currency

In order to determine the changes in the balances of foreign currency operational items from operating activities, these must be converted to the closing daily exchange rate that the Bank of Mexico publishes on its Internet website www.banxico.org.mx, or the one that replaces it, on the date of the close.

43

Cash flows arising from foreign currency transactions related to investment and financing activities, shall be converted to the entity's reporting currency by applying to the amount in foreign currency the closing daily exchange rate on the date each flow occurred, which shall be the one published by the Bank of Mexico on the referred Internet website.

44

Paragraphs 45 to 53 . . . "

that occurred each flow, which will be that published by the Bank of Mexico on the aforementioned website.

44

Paragraphs 45 to 53 . . . "

TRANSITORY

SINGLE.- This Resolution shall 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.- Initials.

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