Resolution modifying the General Provisions applicable to investment funds and persons providing services to them

DOF: 15/12/2021

RESOLUTION modifying the General Provisions applicable to investment funds and to persons providing services to them

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 76, first paragraph of the Investment Funds Law; 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 for Regulatory Improvement and with the purpose of reducing the compliance cost of this Resolution, the National Banking and Securities Commission through 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 current accounting criteria, the National Banking and Securities Commission instructs entities subject to its regulation, to use the exchange rate to establish the equivalence of the national currency with the United States dollar, the FIX exchange rate (Fixed Exchange Rate) published by the Bank of Mexico in the Official Gazette 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 from the wholesale foreign exchange market for operations settleable on the second next 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 from 12:00 hours of all banking business days, it is published in the Official Gazette 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 following the publication in said dissemination medium;

That, derived from the time that exists between the schedules established for the sampling used for determination of the FIX exchange rate in accordance with the applicable regulation 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, and

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 INVESTMENT FUNDS AND TO PERSONS PROVIDING SERVICES TO THEM

SOLE.- The Annex 5, Accounting Criterion A-3, paragraph 32; Annex 6, Accounting Criteria A-3, paragraph 32 and D-5, paragraphs 32, 38, 39 and Annex 7, Accounting Criteria A-3, paragraph 32 and D-4, paragraphs 32, 38 and 39 of the "General Provisions applicable to investment funds and to persons providing services to them", published in the Official Gazette of the Federation on November 24, 2014 and modified by last time through the resolution published in said Gazette on November 9, 2020, are REFORMED, to read as follows:

" ANNEX 5

ACCOUNTING CRITERIA FOR INVESTMENT FUNDS "

"A-3 APPLICATION OF GENERAL STANDARDS

Paragraphs 1 to 31 . . .

In the preparation 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 page www.banxico.org.mx, or that which replaces it.

32

Paragraphs 33 to 36 . . . "

" ANNEX 6

ACCOUNTING CRITERIA FOR FUND OPERATING COMPANIES "

"A-3 APPLICATION OF GENERAL STANDARDS

Paragraphs 1 to 31 . . .

In the preparation 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 page www.banxico.org.mx, or that which replaces it.

32

Paragraphs 33 to 35 . . . "

" D-5 STATEMENT OF CASH FLOWS

Paragraphs 1 to 31 . . .

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

a)

The effects of exchange gains or losses on cash and cash equivalents referred to in paragraph 41, 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 close of the previous period published by the Bank of Mexico 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 publishes the Bank of Mexico on the referred Internet page;

b)

The effects on cash and cash equivalent balances due to changes in their value resulting from fluctuations in their fair value, and

c)

The effects of inflation associated with cash flows and cash equivalents of any of the entities that make up the consolidated economic entity and that are in an inflationary economic environment.

32

Paragraphs 33 to 37 . . .

Conversion of foreign currency cash balances or flows

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 published by the Bank of Mexico on its Internet page www.banxico.org.mx, or that which replaces it, at the close date.

38

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

39

Paragraphs 40 to 48 . . . "

" ANNEX 7

ACCOUNTING CRITERIA FOR COMPANIES DISTRIBUTING SHARES OF INVESTMENT FUNDS "

"A-3 APPLICATION OF GENERAL STANDARDS

Paragraphs 1 to 31 . . .

In the preparation 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 page www.banxico.org.mx, or that which replaces it.

32

Paragraphs 33 to 35 . . . "

" 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 of exchange gains or losses on cash and cash equivalents referred to in paragraph 41, 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 close of the previous period published by the Bank of Mexico 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 publishes the Bank of Mexico on the referred Internet page;

b)

The effects on cash and cash equivalent balances due to changes in their value resulting from fluctuations in their fair value, and

c)

The effects of inflation associated with cash flows and cash equivalents of any of the entities that make up the consolidated economic entity and that are in an inflationary economic environment.

32

Paragraphs 33 to 37 . . .

Conversion of foreign currency cash balances or flows

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 published by the Bank of Mexico on its Internet page www.banxico.org.mx, or that which replaces it, at the close date.

38

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

39

Paragraphs 40 to 48 . . . "

TRANSITIONAL

SOLE.- 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.- Signature.

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