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

DOF: 25/07/2025

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

A seal with the National Emblem appears at the margin, 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 the provisions of articles 76, second paragraph, and 77, second paragraph of the Investment Funds Law; 4, sections III, V, XXXVI, and XXXVIII, and 16, section I of the National Banking and Securities Commission Law; as well as 98 Bis of the Credit Institutions Law, 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 modifying resolution, the National Banking and Securities Commission, through the issuance of the "Resolution modifying the General Provisions applicable to the activities of savings and loan cooperative societies" published in the Official Gazette of the Federation on April 26, 2018, made clarifications regarding the selection of members of the audit committee of credit unions based on their knowledge and experience in matters such as accounting, auditing, internal control, as well as those specific to the business; requiring such members to perform their functions in a transparent, independent, free from conflicts of interest, and without being subordinated to personal, patrimonial, or economic interests;

That, it is necessary to make adjustments to the regulations applicable to investment funds, investment fund operating societies, investment fund share distributing societies, and investment fund share valuation societies, regarding special accounting criteria and special accounting records, in order to provide legal certainty regarding the natural phenomena that update the assumption for their authorization and the requirements that must be met to demonstrate adverse impact on the solvency or liquidity of the aforementioned financial entities and, in their case, on the stability of the financial system as a whole, or when such financial entities are carrying out financial cleanup or corporate restructuring processes;

That, in this sense, and in order to provide better elements to investment funds, investment fund operating societies, investment fund share distributing societies, and investment fund share valuation societies, the information that must be presented to obtain authorization and application of said special accounting criteria and special accounting records is established, which will benefit the stability of the financial system as a whole, and which in turn will allow the National Banking and Securities Commission to better exercise its authorization and supervision powers;

Therefore, it has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO INVESTMENT FUNDS AND TO PERSONS PROVIDING SERVICES TO THEM

SINGLE.- Articles 66; 68; 70, and 72 are REFORMED and Articles 66 Bis and 66 Bis 1 are ADDED to 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 resolutions published in the aforementioned medium of dissemination, to read as follows:

"Article 66.- The Commission may authorize investment funds special accounting criteria on a temporary basis regarding the application of the accounting criteria contained in Annex 5 of these provisions, when the competent authorities issue declarations of emergency or natural disaster due to the occurrence of disruptive natural phenomena that generate effects on the economy that, in the judgment of the Commission, could cause an adverse impact on the solvency or liquidity of two or more investment funds and, in their case, on the stability of the financial system.

For the purposes of the foregoing, disruptive natural phenomenon shall be understood as referred to in the General Law for Civil Protection or the one that replaces it.

To obtain authorization for the application of special accounting criteria, at least the following must be sent to the Commission:

I. Detailed description of the special accounting criteria requested, as well as the period and geographic area of application.

II. Detailed narrative of the economic effects that the disruptive natural phenomenon has caused or is estimated to cause.

III. Estimation of the impact that the economic effects could cause on the solvency, liquidity indicators, and those related to the application of the special accounting criteria of the affected investment funds and, in their case, on the stability of the financial system.

IV. Explanation of how the special accounting criteria will help reduce or prevent the effects referred to in the preceding sections.

The authorization request must be sent in free format, signed by the legal representative of the investment funds, accompanied by documents accrediting their legal personality, or in their case, signed by the legal representative of the self-regulatory bodies recognized by the Commission or of some trade representation body.

Until the Commission authorizes the application of the special accounting criteria, investment funds must continue to use the accounting criteria contained in Annex 5 of these provisions.

The validity for the application of the authorized special accounting criteria may be extended only once for a period that may not exceed the originally granted term, when, in the judgment of the Commission, the applicants demonstrate that the economic effects persist on the date of the extension request.

Article 66 Bis.- The Commission may authorize investment funds, regarding the application of the accounting criteria provided for in Annex 5 of these provisions, to carry out special accounting records, when, in the judgment of the Commission, these are necessary to ensure the stability and correct functioning of investment funds during Financial Cleanup or Corporate Restructuring processes, provided that such processes do not result from non-compliance with the applicable regulatory framework and that the investment fund in question is not applying special accounting records on the date of the request.

The request to obtain authorization for the application of special accounting records must be sent to the Commission in free format, signed by its legal representative, accompanied by documents accrediting its personality, and must contain at least the following:

I. Detailed description of the special accounting records requested, indicating at least the items of the financial statements that would be affected, amounts, and period for their application.

II. Detailed explanation of the causes that have generated the need to carry out the Financial Cleanup or Corporate Restructuring process.

III. The solvency, liquidity, capital indicators, and those related to the application of special accounting records, determined on the date of the request, as well as a detailed description of the effects that such indicators could present in case of not having the requested authorization.

IV. The actions and remediation measures that constitute the Financial Cleanup or Corporate Restructuring processes required by the investment fund.

V. Evidence that the actions and measures indicated in the request have been approved by the board of directors of the investment fund operating society that administers the requesting investment fund.

In the case of requests made by the societies referred to in articles 68, 70, and 72 of this title, the actions and measures must be approved by the board of directors or its equivalent.

For the purposes of this article, it must be understood by:

a) Financial Cleanup, the reorganization process to improve the financial situation of an investment fund that results from an effect on its solvency, stability, or liquidity that puts the continuity of the investment fund at risk.

b) Corporate Restructuring, the set of actions that transform the legal structure of an investment fund and that result from an effect on its solvency, stability, or liquidity that puts its business continuity at risk and that are carried out with the purpose of obtaining an economic effect aimed at its recovery, such as mergers, spin-offs, and discontinued operations.

Until the Commission authorizes the application of special accounting records, investment funds must continue to use the accounting criteria contained in Annex 5 of these provisions.

Article 66 Bis 1.- Investment funds that have obtained authorization from the Commission to apply special accounting criteria or special accounting records, in terms of articles 66 and 66 Bis respectively, must disclose in the explanatory notes to the audited annual and quarterly consolidated basic financial statements corresponding to the periods in which these are applied and in the public communications of financial information, the following:

I. That they have authorization from the Commission to apply special accounting criteria or special accounting records, specifying, in their case, the period for which they have authorization for their application.

II. The description of the authorized special accounting criteria or special accounting records and how they have been applied, as well as the records that should have been made in accordance with the accounting criteria contained in Annex 5 of these provisions.

III. The amounts that would have been recorded and presented both in the statement of financial position and in the statement of comprehensive income if they did not have authorization to apply the special accounting criteria or special accounting records.

IV. The detail of the concepts and amounts for which the accounting effect was made.

V. The impact that the application of special accounting criteria or special accounting records generates on the solvency, liquidity, capital indicators, and those related to the application of these.

VI. The additional information that the Commission determines in the authorization of the special accounting criteria or special accounting records.

In the case of the annual financial statements referred to in this article, the disclosure must be made through a specific note.

The Commission may revoke the special accounting criteria or special accounting records authorized under articles 66 and 66 Bis, respectively, when investment funds fail to comply with what is provided in any of the sections I to VI of this article regarding the information to be disclosed, or with the requirements contained in the authorized special accounting criteria or special accounting records, as applicable.

In case that, if applicable, investment funds to which the Commission has revoked the authorization to apply special accounting criteria will have the obligation to maintain the agreements they have made with their clients as a consequence of the application of said criteria, prior to the date on which the revocation is determined."

"Article 68.- The Commission may authorize investment fund operating societies special accounting criteria and special accounting records regarding the application of Annex 6 of these provisions, subject to what is provided in articles 66, 66 Bis, and 66 Bis 1 of these provisions."

"Article 70.- The Commission may authorize investment fund share distributing societies special accounting criteria and special accounting records regarding the application of Annex 7 of these provisions, subject to what is provided in articles 66, 66 Bis, and 66 Bis 1 of these provisions."

"Article 72.- The Commission may authorize investment fund share valuation societies special accounting criteria and special accounting records, subject to what is provided in articles 66, 66 Bis, and 66 Bis 1 of these provisions."

TRANSITORY

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

Respectfully,
Mexico City, July 15, 2025. - President of the National Banking and Securities Commission, Dr. Jesús de la Fuente Rodríguez. - Rubric.

In the document you are viewing, there may be text, characters, or objects that do not display correctly due to conversion to HTML format, so we recommend always taking the digitized image of the DOF or the PDF file of the edition as a reference. The content, form, and scope of published documents are the strict responsibility of their issuer.

INQUIRY

BY DATE

Do Mo Tu We Th Fr Sa

INDICATORS

Exchange Rate and Rates as of 23/08/2026

UDIS

8.805888

SURVEYS

Did you like the new image of the Official Gazette of the Federation website?

Yes

Official Gazette of the Federation

Río Amazonas No. 62, Col. Cuauhtémoc, C.P. 06500, Mexico City Tel. (55) 5093-3200, where you can access our service menu

Electronic address: dof.gob.mx

111