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

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DOF: 17/11/2016

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

At the margin, a seal with the National Coat of Arms, which says: 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 32, fourth and last paragraphs, 34 Bis 1, fraction VII, 40, third, fourth and fifth paragraphs, 40 Bis, second paragraph and 79 Bis of the Investment Funds Law, as well as 4, fractions XXXVI and XXXVIII, 16, fraction I and 19 of the National Banking and Securities Commission Law, and

CONSIDERING

That it is indispensable to make some clarifications to the norms applicable to the societies that administer electronic negotiation mechanisms of shares of investment funds or of disclosure of information of investment funds, in order to facilitate their operation and the proper implementation of the open distribution scheme of shares of investment funds contained in the Investment Funds Law, which will foster competition in the market and the availability of investment options for the public;

That these adjustments will also allow investment fund operating societies, societies or entities that provide the service of distribution of shares of investment funds, share valuation societies of investment funds and other persons, to have more legal certainty when contracting the services of the societies referred to in the previous paragraph, or alternatively develop schemes for the implementation of the aforementioned open distribution scheme of shares of investment funds;

That in addition, it is important to clarify and strengthen the obligations that must be included in the adherence contracts that are celebrated between the investment fund operating societies and the societies or entities that provide the service of distribution of shares of investment funds to promote a better performance of these, as well as to include in a clear and detailed manner the relevant information that must be revealed to the investing public, and

That it is equally necessary to make various adjustments to the norms relative to the spin-off of investment funds under disordered conditions or high volatility in financial markets, or when due to the characteristics of their Investment Assets, they present liquidity or valuation problems, in order to ensure an adequate operation of the spin-off process and of the resulting funds, and at the same time make other adjustments, has resolved to issue the following:

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

SOLE.- Articles 3; 5, fraction VI and third paragraph; 10; 25 Bis, fraction I; 25 Bis 2, first paragraph; 25 Bis 6; 25 Bis 10; 25 Bis 13; 49 penultimate paragraph; 64 Bis, first paragraph; 64 Bis 1, fractions I, II, subsection c), III, IV, subsections c) and d), V, VII, subsections a), b), c) and e) and penultimate paragraph; 64 Bis 2; 64 Bis 3, first paragraph; 64 Bis 4, penultimate and last paragraphs; 64 Bis 5, fraction V; 64 Bis 6, fraction I; 64 Bis 7, fraction I; 64 Bis 8, first paragraph and its fraction I as well as the second paragraph, 64 Bis 9, fractions I, V to IX, XI and XIII; 64 Bis 10, first paragraph, second paragraph of fraction I and fraction II; 64 Bis 11, first and second paragraphs; 64 Bis 12; 64 Bis 13, first and penultimate paragraphs; 64 Bis 14, first and second paragraphs; 64 Bis 19, first paragraph and fraction I, as well as the second and third paragraphs; 64 Bis 20; 64 Bis 36; 78, fourth paragraph; 81, fraction II, subsections a), second paragraph and b); 105, first paragraph, 106 first paragraph and its fraction III, as well as the second paragraph; are REFORMED; Articles 1, with a fraction XV, moving the remaining fractions in their order and as appropriate; 25 Bis 2, with a second paragraph moving the current second to be the third paragraph; 62 Bis; a Fourth Bis Section to be named "On the adherence contract and commissions" to the Fifth Chapter of the Third Title comprising articles 63 Bis to 63 Bis 4; 64 Bis 1, fraction VII with a subsection f); 64 Bis 7, with a fraction IV; 64 Bis 19, with fractions V and VI and a last paragraph; the Eleventh Section to be named "On the obligations", with a Subsection A to be named "On the obligations of societies that administer electronic negotiation mechanisms of shares of investment funds" comprising articles 64 Bis 40 to 64 Bis 43 and a Subsection B to be named "On the obligations of societies that administer electronic disclosure mechanisms of information of investment funds" comprising articles 64 Bis 44 and 64 Bis 45; the Twelfth Section to be named "On the revocation" comprising articles 64 Bis 46 to 64 Bis 48, both sections to the Sixth Chapter of the Third Title; the Seventh Chapter to be named "On Relevant Information" to the Third Title comprising articles 64 Bis 49 and 64 Bis 50; 106, fraction IV and penultimate and last paragraphs; 108 Bis to 108 Bis 2; are ADDED; the Fifth Section named "On the service provision contract" of the Fifth Chapter of the Third Title comprising article 64; articles 64 Bis 3, penultimate and last paragraphs; 64 Bis 5, penultimate and last paragraphs; 64 Bis 6, fraction IV; 64 Bis 7, fraction III and its last paragraph; 64 Bis 9, fractions XV and XVI; the Fifth Section named "On the obligations derived from the service provision by societies that administer electronic negotiation or disclosure mechanisms" of the Sixth Chapter of the Third Title, comprising articles 64 Bis 15 to 64 Bis 18; 64 Bis 19, fraction II; 64 Bis 21 and 64 Bis 22; the Seventh Section named "On adherence contracts for the negotiation of shares of investment funds" of the Sixth Chapter of the Third Title comprising from article 64 Bis 23 to 64 Bis 27; the Eighth Section named "On commissions and disclosure of information in the prospectus of information to the investing public" of the Sixth Chapter of the Third Title comprising from article 64 Bis 28 to 64 Bis 34; the Tenth Section named "On the suspension of operations and on the revocation" of the Sixth Chapter of the Third Title comprising articles 64 Bis 37 to 64 Bis 39; are REPEALED; and Annexes 2, 3, 13, 15, 19, 20 and 21 to the "General Provisions applicable to investment funds and to the persons providing services to them", published in the Official Gazette of the Federation on November 24, 2014 and modified by resolutions issued on December 26, 2014, January 6 and 9, July 23, August 3, September 1 and 18, 2015, January 6 and September 28, 2016, are SUBSTITUTED, to read as follows:

Titles

First and Second

...

Third Title

...

Chapters First to Fourth

Fifth Chapter

...

Sections First to Fourth

...

Fourth Bis Section

On the adherence contract and commissions

Fifth Section

Repealed.

Sixth Chapter

...

Sections First to Fourth

...

Fifth Section

Repealed.

Sixth Section

...

Seventh Section

Repealed.

Eighth Section

Repealed.

Ninth Section

...

Tenth Section

Repealed.

Eleventh Section

On the obligations

Subsection A

On the obligations of societies that administer electronic negotiation mechanisms of shares of investment funds

Subsection B

On the obligations of societies that administer electronic disclosure mechanisms of information of investment funds

Twelfth Section

On the revocation

Seventh Chapter

On relevant information

Titles Fourth to Eighth

...

ANNEX 1

...

ANNEX 2

Requirements and characteristics for the preparation of the prospectus of information to the investing public of equity and debt instrument investment funds.

ANNEX 3

Requirements and characteristics for the preparation of the document with key information for the investment of equity and debt instrument investment funds.

ANNEXES 4 to 12

...

ANNEX 13

Information format for persons intending to participate in the share capital of an investment fund operating society, distributor society or investment fund share valuation society and persons intending to constitute themselves as secured creditors with respect to the paid-up share capital of said societies, as well as for persons intending to participate in the share capital of a society that administers electronic negotiation mechanisms of shares of investment funds or of disclosure of information of investment funds.

ANNEX 14

...

ANNEX 15

Curriculum vitae information format for persons proposed to occupy the positions of council member, general manager, regulatory controller or official within the two immediate lower hierarchies to that of general manager of investment fund operating societies, distributor societies or investment fund share valuation societies and societies that administer electronic negotiation mechanisms of shares of investment funds or of disclosure of information of investment funds.

ANNEXES 16 to 18

...

ANNEX 19

Norms that must contain the operation and functioning manual of investment fund operating societies, distributor societies and share valuation societies of investment funds.

ANNEX 20

Minimum requirements of the Business Continuity Plan.

ANNEX 21

Format of protest letter for persons intending to participate in the share capital of a society that administers electronic negotiation mechanisms of shares of investment funds or of disclosure of information.

" Article 1.- ...

I to XIV ......

XV.

Unmodified (or favorable) or modified (or unfavorable) opinion, those defined as such in the International Auditing Standards issued by the International Auditing and Assurance Standards Board of the International Federation of Accountants.

XVI.

to XXV.

... "

" Article 3.- Equity and debt instrument investment funds must indicate in their bylaws and in the prospectus of information to the investing public the amount of fixed social capital and indicate that variable capital is unlimited. "

" Article 5.- ...

I.

to V.

...

VI.

Foreign Securities that are registered, authorized or regulated for sale to the general public in the States that make up the Pacific Alliance, provided that they are traded through Mexican stock exchanges when these have subscribed agreements with the stock exchanges of said States to facilitate access to their trading systems.

VII. to IX ......

...

Debt instrument investment funds may invest in Asset-backed Securities and Structured Securities, provided that said Securities, as well as the underlying assets to which they are linked, are contemplated within their investment regime according to their category.

In the case of investment in Structured Securities, the referred Security must have an obligation to pay the principal and with a minimum determined yield. Additionally, they may invest in indexed fiduciary exchange certificates, provided they refer to securities, titles or documents representing a debt owed by a third party and said securities are contemplated within their investment regime.

...

...

...

...

... "

" Article 10.- Investments in Investment Assets whose percentages are related to the net assets of the investment funds, shall be computed at the updated valuation price. "

" Article 25 Bis.- ...

I.

The project of social bylaws that must indicate the minimum fixed capital with which the society will count. Spin-off investment funds will not be obligated to maintain the minimum capital referred to in article 2 of these provisions.

II. to VIII.

...

... "

" Article 25 Bis 2.- Investment fund operating societies that administer spin-off investment funds must make known to their shareholders, through the societies or entities that provide distribution services of shares of investment funds, the causes and justification that were taken into consideration to carry out the spin-off of the investment fund in question, no later than the next business day after the board of directors has agreed upon it.

The societies or entities that provide distribution services of shares of investment funds must make known to their clients their resulting shareholding from the spin-off referred to in the previous paragraph, which must be proportional to the amount of their investment in the spin-off fund on the date the spin-off takes place. The disclosures referred to in this paragraph and the previous one must be made through the means agreed upon for such effect in the contracts they have celebrated.

... "

" Article 25 Bis 6.- Investment funds that have been spun off in accordance with what is established in article 14 Bis 7 of the Law, which are equity or debt instrument funds, as an exception to what is stated in article 39 of these provisions, must determine and inform the updated valuation price of their shares, at the close of each quarter in the months of March, June, September and December of each year, or on the next business day after acts, facts or events that significantly vary the valuation of their Investment Assets occur. "

" Article 25 Bis 10.- Distributor societies of shares of investment funds or entities that provide said services to spin-off investment funds, based on the information provided to them by the investment fund operating society that administers them, must keep investors informed, through the means previously agreed upon with them in the respective contract, about the updated price for valuation of the shares representing the social capital of the spin-off investment funds. "

" Article 25 Bis 13.- Spin-off investment funds will not be obligated to comply with the following:

I.

Adopt a category.

II.

Determine investment and own share buy/sell policies.

III.

Prepare the prospectus of information to the investing public and the document with key information for investment.

The obligations provided in the Seventh Title of these provisions regarding Integral Risk Management will not be applicable to investment fund operating societies that administer the investment funds referred to in this article, but in any case, what is stated in article 25 Bis 4 of these provisions will be applicable to them. "

" Article 49.-

...

...

...

In the same way, said investment funds must send to the Commission within ten business days following the day they receive them, a copy of the account statements provided to them by financial entities regarding cash deposits denominated in any currency that form part of their Investment Assets.

... "

" Article 62 Bis.- Integral distributor societies or entities that provide distribution services of shares of investment funds must inform their clients when they intend to stop distributing shares of a certain investment fund with twenty business days of advance notice to the date when it is expected to stop providing said service, through the account statement issued on the date closest to that on which the shares of the respective investment funds will cease to be distributed or well, in the means previously agreed upon with the client for such effect.

In these cases, the distributor society must consult with its clients on their interest in transferring their shares free of charge to another society or entity that provides distribution services of shares of investment funds or selling them, without in any case being able to charge commissions for these movements.

What is provided in this article is without prejudice to the fact that the distributor society of shares of investment funds in question carries out the pending liquidations.

Fourth Bis Section

On the adherence contract and commissions

Article 63 Bis.- Investment fund operating societies that use the services of societies or entities that distribute shares of investment funds, for the purposes of what is established in articles 32, fourth paragraph and 40, third paragraph of the Law, must celebrate adherence contracts in which at least the following is established:

I.

The terms and conditions under which the purchase and sale operations of shares of investment funds will be negotiated and agreed upon.

II.

The terms for the transmission and confirmation of requests for purchase and sale orders of shares of investment funds, which must contemplate the identification data of the investment fund in question, the number of titles, the amount of the purchase or sale, the date and time of the operation and the series or series that will be distributed.

III.

The procedure for the reconciliation of balances corresponding to the orders transmitted during the operating hours established in the prospectus of information to the investing public.

Such reconciliation must be daily.

IV.

The procedure that will be followed for the operation of the shares of the investment funds in case the requests for purchase and sale orders of the shares of the investment funds are received outside the hours established in the prospectus of information to the investing public.

V.

The means, mechanisms and schedules for the settlement of operations, indicating the means through which the transfer of corresponding resources will be carried out, as well as the way in which the custody of the shares in question will be carried out.

VI.

The commissions that the investment funds will pay to the societies or entities that provide distribution services of shares of investment funds for the provision of their services.

VII.

The obligations on the societies or entities that provide distribution services of shares of investment funds, which include, at least, the following:

a )

Provide their clients with account statements in a timely manner.

b )

Provide the investment fund operating society with the information referred to in article 60 of these provisions, on the same day the operations are carried out.

c )

Transmit to their clients, in the same terms in which they receive it, the information that the investment fund operating societies communicate to them regarding the investment funds they administer, adhering to what is established in these provisions.

d )

Assign the shares of the investment funds among their clientele, in accordance with the terms and conditions stated in the prospectuses of information to the investing public.

e )

Establish the mechanics for the receipt and validity of client instructions, as well as the schedule for their transmission to the corresponding investment fund operating society.

f )

Make available to their clients the prospectuses of information to the investing public and the documents with key information for the investment of the investment funds whose shares they distribute, for their analysis and consultation, as well as their modifications.

g )

Keep detailed control of the shareholding of the social capital of investment funds that each of their clients maintain and its equivalent amount in national currency, as well as any excess cash.

h )

The prohibition of receiving, administering, maintaining or delivering cash resources, by the societies and financial entities acting as referenced distributors.

VIII.

The obligations on the investment fund operating societies, which include, at least, the following:

a )

Provide the societies or entities that provide distribution services of shares of investment funds, daily information relative to the number of treasury shares to be placed, the individual holding limit per investor of the shares of the fund they administer, the amount of social capital and the number of shares representing said capital of the investment funds and the updated valuation prices of the shares of the investment funds.

b )

Notify the societies or entities that provide distribution services of shares of investment funds of the application of differentials to the updated valuation price that, if any, has been determined by disordered market conditions, on the same day the differential is applied.

c )

Deliver to the societies or entities that provide distribution services of shares of investment funds, a confirmation of each received order request, which includes the information of each assignment and operation carried out, specifying the number of shares, volume, price, type of operation and series of the investment fund in question. Such confirmations must be provided no later than the next business day after the request was received or the assignment or operation was carried out, through the means agreed upon with such societies or distributor entities.

d )

Inform the modifications they make to the prospectuses of information to the investing public and to the documents with key information for investment.

IX.

The form and terms in which the investment fund operating society and the society or entity that provides distribution services of shares of investment funds:

a )

May terminate their contractual relationship.

b )

Must request the personal information of clients for the purposes of complying with what is established in article 91 of the Law and document such request.

Additionally, the schedules in which the investment fund operating societies and the societies or entities that provide distribution services of shares of investment funds can carry out what is established in fractions III and VIII, subsections a) and b) above, as appropriate, must be included in the adherence contracts.

The model of adhesion contract that each investment fund operating company intends to enter into with the companies or entities providing services for the distribution of investment fund shares, as well as any modifications thereto, must be sent to the Commission for authorization prior to its execution. Such contract models may cover one or more investment funds and contain special clauses for companies or entities providing distribution services that have similar characteristics, provided that this does not imply discriminatory treatment for other companies or entities providing distribution services for investment fund shares.

Self-regulatory bodies may establish self-regulatory norms aimed at standardizing the content of the contracts referred to in this article.

Investment fund operating companies may not condition the execution of adhesion contracts on the companies or entities providing distribution services for investment fund shares contracting additional operations or services.

Article 63 Bis 1.- Investment fund operating companies may not reject buy and sell orders for investment fund shares presented to them by companies or entities providing distribution services for investment fund shares with which they have executed an adhesion contract referred to in Article 63 Bis of this instrument, except when:

I.

These do not comply with the terms and conditions of the prospectuses for information to investor public of the investment funds in question or of the adhesion contract referred to in these provisions.

II.

Any circumstance arises for rejection in accordance with what is established in the adhesion contracts and provided that it does not contravene what is provided in the Law and these provisions.

Orders shall be deemed firmly presented from the moment they are received by the investment fund operating company, which shall have a maximum period of three hours to reject them in accordance with this article.

Article 63 Bis 2.- It shall be understood that investment fund operating companies and companies or entities providing the service of distribution of investment fund shares engage in activities contrary to sound stock market usages and market practices when:

I.

Investment fund operating companies:

a)

Establish clauses that condition the execution of adhesion contracts with companies or entities providing the service of distribution of investment fund shares to the distribution of a minimum number of shares, the distribution of shares of certain investment funds, or all investment funds they administer.

b)

Reject, without observing what is provided in the executed adhesion contract, the buy or sell offers for investment fund shares requested by a company or entity providing distribution services for investment fund shares, when such offers comply with the conditions established in the prospectus for information to investor public and provided that there are shares available for subscription.

c)

Offer differentiated commissions to companies or entities providing distribution services for shares of investment funds that have similar characteristics.

Investment fund operating companies may only establish commission ranges for the distribution of investment fund shares that do not imply discriminatory practices among and for companies or entities providing distribution services for investment fund shares, and such ranges must be approved by their board of directors.

d)

Grant to companies or entities providing the service of distribution of investment fund shares any benefit, monetary or otherwise, other than those referred to in the following fraction II or the commission for the provision of distribution services, which imply discriminatory practices among said companies or entities distributing shares of investment funds.

II.

Regarding companies or entities providing the service of distribution of investment fund shares, receiving from investment fund operating companies any benefit, monetary or otherwise, other than the commission for the provision of distribution services, except regarding training or any material to carry out the promotion and sales activities of the investment funds in question. In these cases, the same training or material must be offered without distinction among companies or entities providing the service of distribution of investment fund shares under the same terms and conditions.

Article 63 Bis 3.- The regulatory controller of investment fund operating companies and of companies or entities providing distribution services for investment fund shares, in addition to what is provided in the Law and these provisions, must comply with the following:

I.

Monitor compliance with the terms and conditions agreed upon in the adhesion contracts referred to in these provisions, by the company to which it provides its services.

II.

Regarding investment fund operating companies, verify daily the existence of circulating shares of the investment funds they administer and certify the amount thereof to the stock valuation company for investment fund shares that has been contracted. This is without prejudice to said certification being carried out by an institution for the deposit of securities authorized by the Commission.

Article 63 Bis 4.- The adhesion contracts referred to in these provisions must contain the commissions that investment fund operating companies and companies or entities providing the service of distribution of investment fund shares agree upon, or in their case, the methodology for determining them. The clauses corresponding to the commissions referred to in this article must:

I.

Be clear and transparent.

II.

Use simple and understandable language, as well as establish the concept of its charge, its periodicity, and the elements that integrate it.

III.

Determine the calculation methodology or, in its case, indicate the current commission.

IV.

Provide for the period it covers or, in case of single charge, indicate this circumstance, as well as its date, terms, and conditions for enforceability.

V.

Comply with what is provided in the prospectus for information to investor public.

Fifth Section

Repealed

Article 64.- Repealed.

Article 64 Bis.- Authorization from the Commission will be required for a company to carry out the administration of electronic trading mechanisms for investment fund shares, or electronic information dissemination mechanisms for investment funds.

...

Article 64 Bis 1.-

...

I.

Draft articles of incorporation in which the administration of the electronic mechanisms referred to in this Chapter is provided as the object, as the case may be, which must also include the services they intend to offer in accordance with articles 40, fourth paragraph, and 45 of the Law, as well as 64 Bis 2 of these provisions, as applicable.

Likewise, the draft articles of incorporation must include the additional activities they intend to carry out.

II.

...

a) and b) ...

c)

That which allows verifying that they have satisfactory honorability and credit and business history.

In addition to the above, the company in question must present with the respective authorization request, regarding each of the persons intending to subscribe the share capital of said company, the number, series, class, and nominal value of the shares they will subscribe, the amount and percentage these will represent with respect to the share capital, as well as the formats contained in Annexes 13 and 21 of these provisions, accompanied by the documentation indicated therein.

The presentation of the forms cited in the previous paragraph will not be required regarding those persons intending to subscribe an amount lower than two percent of the share capital of the company in question, in which case, only their full name or, in their case, denomination or corporate name, nationality, domicile, federal taxpayer registry, the occupation they perform or activities they carry out, as well as the declaration on the origin of the resources they will use to make the investment in the company to be constituted, must be provided.

Additionally, the provision in the second paragraph of this subsection will not apply when the potential shareholders of the company to be constituted have the status of a financial entity supervised by the Commission or by any of the National Supervisory Commissions, or these are shareholders of said financial entities and their participation has been authorized in a period not greater than five years prior to their request, in which case they must present a declaration, under oath, stating that their financial situation has not varied with respect to that previously sent to said Commissions in such a way as to prevent them from carrying out the acquisition in question.

In the event of indirect participation schemes in the share capital of the company in question, the Commission will evaluate the suitability of any person or investment vehicle such as trusts, mandates, commissions, or other similar figures, that participate directly or indirectly in the share capital of the company up to the ultimate beneficiaries, for which all of them must present the information referred to in this subsection, considering what is provided in the previous paragraph.

Without prejudice to the exceptions noted in the previous paragraphs, in all cases, potential shareholders must declare the source of the resources of their investment in accordance with the format contained in Annex 13 of these provisions.

III.

List of potential directors, administrators, or managing partners, general director, and principal executives of the company in question, accompanied by information that accredits that these persons have the necessary technical capacity, honorability, and satisfactory credit history for the adequate performance of their functions.

Additionally, they must present their curriculum vitae in accordance with Annex 15 of these provisions, as applicable.

IV.

...

a) and b) ...

c)

Security measures to preserve the integrity and confidentiality of information, as well as responsibilities related to the use of automated systems through which they carry out their activities, and

d)

The bases relative to their organization.

V.

Financial viability study, which includes projected financial statements for the first 24 months of operation under a normal scenario and an adverse scenario, in which it is shown that the company has sufficient resources to maintain adequate operation for at least said period. Likewise, a general description of the financial model used must be included, indicating the main assumptions as well as expected expenses and income from the collection of corresponding counter-performance.

VI.

...

VII.

...

a)

The indication of the services they will provide, in accordance with these provisions.

b)

The terms, conditions, and manner to carry out the negotiation and perfection of buy and sell operations for investment fund shares in the case of companies administering electronic trading mechanisms for investment fund shares, or to carry out the dissemination of information of investment funds in the case of companies administering electronic information dissemination mechanisms for investment funds.

c)

Regarding companies administering electronic trading mechanisms for investment fund shares, the terms and conditions for the timely and systematic sending of information about the operations carried out in their systems, to investment fund operating companies, entities and companies distributing shares of investment funds, and service providers of investment funds, including, in their case, companies administering electronic information dissemination mechanisms for investment funds.

d)

...

e)

The causes for which the provision of their services may be suspended.

f)

The requirements that companies, entities, or persons to whom they will provide their services must meet prior to contracting. In all cases, said requirements must provide for the granting of unrestricted equal treatment among and for such companies, entities, or persons. In no case may discriminatory practices be established.

VIII. and IX ...

Companies administering electronic trading mechanisms for investment fund shares or information dissemination mechanisms for investment funds must accredit to the Commission, prior to the start of their operations, that they have the necessary capacity and infrastructure to carry out their object.

...

Article 64 Bis 2.- The negotiation and perfection of buy and sell operations for investment fund shares may be carried out through electronic trading mechanisms for investment fund shares administered by companies that obtain the authorization referred to in Article 64 Bis of this instrument. These mechanisms may include services related to the routing of orders for the buy and sell of investment fund shares, transfers of free shares without payment, reclassification of investment fund investors, and registration of the exercise of property rights of investment fund shares, and may be provided to investment fund operating companies and companies or entities providing distribution services for investment fund shares.

Investment fund operating companies and companies or entities providing distribution services for investment fund shares will be responsible for compliance with the obligations corresponding to them derived from the Law and these provisions, regardless of whether they use the services of companies administering electronic trading mechanisms for investment fund shares.

Companies that obtain the authorization referred to in Article 64 Bis of these provisions to administer electronic information dissemination mechanisms for investment funds may provide their services to any of the service providers of investment funds referred to in Article 32 of the Law.

Article 64 Bis 3.- The board of directors of companies administering electronic trading mechanisms for investment fund shares or information dissemination mechanisms for investment funds must be composed of a minimum of five and a maximum of fifteen directors, of which at least twenty-five percent must be independent. For each owner director, their respective substitute may be designated, understanding that substitute directors of independent directors must have this same character.

...

...

Penultimate paragraph.- Repealed.

Last paragraph.- Repealed.

Article 64 Bis 4.-

...

I. to IV ...

...

Regarding auditors, the designation must fall on persons who accredit having technical quality, honorability, and satisfactory credit history, extensive knowledge and experience in financial or administrative matters, as well as complying with what is provided in fractions III and IV of this article.

Companies administering electronic trading mechanisms for investment fund shares or information dissemination mechanisms for investment funds must verify that persons designated as directors, auditor, general director, and executives with the hierarchy immediately inferior to the latter comply, prior to the start of their management and during the development thereof, with the requirements indicated in this article.

Article 64 Bis 5.-

...

I. to IV ...

V.

Those who have kinship by consanguinity, affinity, or civil up to the fourth degree, as well as spouses, concubines, and concubines, of any of the natural persons referred to in fractions I to IV of this article.

VI.

...

...

Penultimate paragraph.- Repealed.

Last paragraph.- Repealed.

Article 64 Bis 6.-

...

I.

Ensure that mechanisms and operational procedures are consistent with the strategies and objectives of the company in question, allowing to foresee, identify, administer, follow up, and evaluate risks that may arise from the development of its object, with the purpose of avoiding possible losses that may be incurred in the realization of voluntary or involuntary acts or facts.

II. and III.

...

IV. Repealed.

Article 64 Bis 7.-

...

I.

Monitor compliance with the provisions applicable to the company in question.

II.

...

III.

Repealed.

IV.

Inform the board of directors of the status of services contracted with third parties in accordance with Article 64 Bis 10 of these provisions.

Last paragraph.- Repealed.

Article 64 Bis 8.- The general director must report semi-annually to the board of directors of the company administering electronic trading mechanisms for investment fund shares or information dissemination mechanisms for investment funds, the exercise of their functions, including compliance with the applicable regulatory framework for the company in question, considering adherence to its code of conduct.

The report must contain, at a minimum, a description of:

I.

Compliance with the policies, guidelines, and procedures implemented by the company in question to achieve its object.

II. to V ...

The report referred to in this article must be delivered to the Commission no later than within five business days following that in which it has been presented to the board of directors of the company, without prejudice to communicating to the Commission, immediately, any irregularities in the provision of services of the company of which they have knowledge in the exercise of their functions.

Article 64 Bis 9.-

...

I.

Ensure that said systems allow for identification by strict chronological order of all operations carried out or events and relevant information disseminated through them.

II. to IV.

...

V.

Establish security measures that guarantee the integrity and confidentiality of generated, stored, and, in their case, transmitted information, as well as the integrity of the systems. These measures must be consistent with the degree of criticality of the information.

VI.

Maintain access control schemes for said systems, providing for the delivery and use of identification and authentication means consistent with the use required by each person using them.

Additionally, they must provide for the responsibilities of persons using automated systems, procedures for periodic review of the validity of such persons' data, and the procedure for modification of user data.

VII.

Keep records of accesses made to their systems and, in their case, of operations carried out through them, including detailed information of operations carried out by users. These records must have mechanisms that prevent alteration.

VIII.

Have policies and procedures for periodic review of access records and, in their case, of operations carried out by companies, entities, or persons contracting their services.

IX.

Have backup mechanisms and information recovery procedures that minimize the risk of loss, as well as alternate means for companies administering electronic trading mechanisms for investment fund shares to exchange information with investment fund operating companies, companies or entities providing distribution services for investment fund shares, or other companies of the same type, as well as for companies administering electronic information dissemination mechanisms for investment funds to receive the corresponding information.

X.

...

XI.

Implement mechanisms that measure and ensure adequate levels of availability and response times, guaranteeing the adequate execution of operations and provision of their services.

XII.

...

XIII.

Define control schemes and policies for operation, authentication, authorization, and access to their systems, databases, and applications implemented for the provision of their services through any electronic means.

XIV.

...

XV. and XVI.

Repealed.

Article 64 Bis 10.- Companies administering electronic trading mechanisms for investment fund shares or information dissemination mechanisms for investment funds may contract with third parties the provision of services related to some operational or technological process involving the transmission, storage, processing, safeguarding, and custody of information, or with the administration of databases. When it comes to the contracting of services provided in accordance with the Law and these provisions, they will be subject to the provisions indicated in this article and the following 64 Bis 11.

...

I.

...

Companies must keep available to the Commission the documentation accrediting the selection procedure applied.

II.

Have policies and procedures to monitor the performance of the service provider and compliance with their contractual obligations, which must contain aspects relative to:

a)

The quantity, quality, and costs of contracted services, specifying performance goals and methods of measurement thereof.

b)

The confidentiality and security of client and proprietary account information.

c)

The responsibilities of the company in question and of the service provider, the

procedures to monitor compliance with such responsibilities, as well as guarantees and indemnifications in case of non-compliance.

d)

The service provider's commitment to provide, upon request by the respective society, the records, information, and technical support related to the services provided to said society, its auditors, and supervisors.

e)

The mechanisms for dispute resolution regarding the service provision contract.

f)

Measures to ensure business continuity, as well as contingency procedures that include a disaster recovery plan.

III.

. . .

. . .

. . .

Article 64 Bis 11.- The contracting of services referred to in the preceding Article 64 Bis 10 shall not exempt the societies that administer electronic trading mechanisms for investment fund shares or for the dissemination of investment fund information, nor their directors, executives, and employees, from the obligation to strictly observe what is established in these provisions.

The legal provisions regarding the confidentiality of information referred to in the Law shall be extended to the providers of the services in question. Such provisions shall also be applicable to their representatives, executives, and employees even when they cease to work or provide their services at said providers.

. . .

Article 64 Bis 12.- The societies referred to in this Chapter must develop a Business Continuity Plan to restore their operations in the event of an Operational Contingency.

Such plan must be approved by the board of directors of the respective society.

Article 64 Bis 13.- The general manager of the respective society must prepare the Business Continuity Plan, observing the provisions established in Annex 20 of these provisions; modifications to the aforementioned plan must be submitted for approval by the board of directors.

. . .

Additionally, the general manager must ensure that the functioning of the Business Continuity Plan is subjected to effectiveness tests at least once a year and made known to the personnel. Likewise, the plan must be reviewed and, where applicable, updated at least once a year in accordance with what is determined for this purpose by the board of directors itself or as a result of the effectiveness tests.

. . .

Article 64 Bis 14.- Societies that administer electronic trading mechanisms for investment fund shares or for the dissemination of investment fund information must have a methodology to estimate the quantitative and qualitative impacts of Operational Contingencies, for use in the impact analysis referred to in Annex 20, fraction I, subsection d) of these provisions, which must have the prior approval of the board of directors.

The general manager must verify annually the effectiveness of the methodology by comparing its estimates against observed Operational Contingencies.

. . .

Fifth Section

Repealed

Articles 64 Bis 15 to 64 Bis 18.- Repealed.

Article 64 Bis 19.- Societies that administer electronic trading mechanisms for investment fund shares or for the dissemination of investment fund information, in the contracts they enter into for the provision of their services with the societies, entities, or service providers referred to in Article 64 Bis 2 of these provisions, as applicable, must include, in addition to the stipulations corresponding by their nature, the following:

I.

The means to be used for the identification of persons authorized by the societies, entities, or persons who hire their services, to operate in automated or communication systems, as well as the responsibilities related to their use.

II.

Repealed.

III. and IV.

. . .

V.

The commissions agreed upon for the provision of their services, specifying at least the concepts indicated in Article 63 Bis 4 of these provisions.

VI.

The means and procedures through which they will inform the societies, entities, or service providers referred to in Article 64 Bis 2 of these provisions about any merger, spin-off, dissolution, liquidation, or commercial bankruptcy proceedings.

In order to determine the feasibility of entering into the corresponding contracts, societies that administer electronic trading mechanisms for investment fund shares may conduct comprehensive reviews regarding the matters established for this purpose in their operation and functioning manuals, in investment fund operating societies, societies or entities that provide investment fund share distribution services, to verify compliance, always ensuring that unrestricted equal treatment is granted among and for investment fund operating societies and societies or entities distributing investment fund shares. The review referred to in this paragraph may be carried out through third parties hired by the society that administers electronic trading mechanisms for investment fund shares.

The model of service provision contract that each society administering electronic trading mechanisms for investment fund shares intends to enter into, as well as its modifications, must be sent to the Commission for authorization. Such contract may be a master contract signed by societies that administer electronic trading mechanisms for investment fund shares with all parties to whom they provide their services. Instead of the master contract, societies that administer electronic trading mechanisms for investment fund shares may opt to enter into contracts with investment fund operating societies that contain stipulations in favor of societies or entities distributing investment fund shares, as well as contracts with societies or entities providing investment fund share distribution services that contain stipulations in favor of investment fund operators. In these latter cases, the stipulations in favor of third parties will only refer to investment fund operating societies and societies or entities distributing investment fund shares that use the services of societies that administer electronic trading mechanisms for investment fund shares.

Societies that administer electronic trading mechanisms for investment fund shares shall in no case be liable for the non-compliance with the obligations that the Law and these provisions impose on investment fund share operating societies or on societies or entities providing investment fund share distribution services.

Article 64 Bis 20.- The board of directors of investment fund operating societies or of societies or entities providing investment fund share distribution services shall be responsible for approving, where applicable, the contracting of services from societies that administer electronic trading mechanisms for investment fund shares or for the dissemination of investment fund information.

Articles 64 Bis 21 and 64 Bis 22.- Repealed.

Seventh Section

Repealed

Articles 64 Bis 23 to 64 Bis 27.- Repealed.

Eighth Section

Repealed

Articles 64 Bis 28 to 64 Bis 34.-

Repealed.

Article 64 Bis 36.- Instructions that societies and entities providing investment fund share distribution services receive from their clients for the purchase or sale of investment fund shares must be registered immediately in the system referred to in the preceding Article 64 Bis 35, in the terms and in the order in which they were issued.

Once the clients' instructions are registered in said system, they shall acquire the status of orders and must be transmitted immediately to the corresponding investment fund operating society. Such transmission may be carried out, where applicable, through the society that administers electronic trading mechanisms for investment fund shares that had been contracted.

The transmission of the orders referred to in the preceding paragraph must be carried out continuously throughout the schedule established in the prospectus for the investing public, with the exception of those originating from instructions for future transactions, which must be transmitted on the date established in each order.

In any case, the systems referred to in this article must have processes that allow generating audit trails.

Societies or entities providing investment fund share distribution services must ensure the entry into their systems of all buy and sell orders for investment fund shares, without discriminating based on the type of investment fund in question.

Tenth Section

Repealed

Articles 64 Bis 37 to 64 Bis 39.- Repealed.

Eleventh Section

Of obligations

Subsection A

Of the obligations of societies that administer electronic trading mechanisms for shares

of investment funds

Article 64 Bis 40.- Societies that administer electronic trading mechanisms for investment fund shares shall have the following obligations:

I.

Provide access to automated and electronic trading systems, allowing investment fund operating societies and societies or entities providing investment fund share distribution services to operate on equal terms, in accordance with what is provided in Articles 32, fourth paragraph, and 40, third paragraph of the Law.

II.

Have processes that allow generating audit trails of order routing.

III.

Guarantee the continuous processing of orders for the execution of transactions with investment fund shares throughout the day, under the conditions and within the operating hours established in the prospectuses for the investing public of the investment funds, as well as the correct and timely assignment of orders and instruction for their settlement.

IV.

Keep at all times updated the information necessary for the trading of investment fund shares.

V.

Make known in advance to investment fund operating societies and societies or entities providing investment fund share distribution services the terms and conditions of the service they provide and keep such information available to them.

VI.

Establish procedures for the identification and resolution of those acts or events that may generate risks derived from:

a)

Commission of fraudulent facts, acts, or operations through electronic means.

b)

Improper use of access channels to electronic systems by their users.

VII.

Submit annually to the Commission their financial statements, within ten days following the date on which they were approved by their general shareholders' meeting.

Additionally, societies that administer electronic trading mechanisms for investment fund shares may open accounts at securities depository institutions, solely on behalf of third parties.

Article 64 Bis 41.- Societies that administer electronic trading mechanisms for investment fund shares must generate and maintain records of the operations carried out through their systems, identifying the number, volume, price, type of operation, and series of the investment fund in question, as well as the societies or entities carrying out such operations. Such information must be kept available to the Commission from the date of the execution of the operations and preserved for a period of five years.

Societies that administer electronic trading mechanisms for investment fund shares are obligated to provide the Commission with the data, reports, records, minute books, auxiliary books, documents, correspondence, and in general, any information deemed necessary in the form and terms indicated by them, as well as to allow access to their offices, premises, and other facilities.

Societies referred to in this article must prepare and make available to societies or entities providing investment fund share distribution services a confirmation of each received order request, including the information of each assignment and operation carried out, specifying the data referred to in the first paragraph of this article. Such confirmations must be provided no later than the next business day after the request was received or the assignment or operation was carried out, through the means agreed upon with such societies or distributing entities.

Article 64 Bis 42.- Societies that administer electronic trading mechanisms for investment fund shares must adhere to sound stock market practices and market practices in the conduct of their activities.

By way of illustration and not limitation, the activities of the societies referred to in the preceding paragraph shall be considered not to adhere to sound stock market practices or market practices when:

I.

They limit the provision of their services to certain types of investment funds or users.

II.

They engage in discriminatory practices regarding investment fund operating societies and societies or entities providing investment fund share distribution services, which imply, among others, any distinction in the provision of their services or that prevents, inhibits, limits, or conditions the distribution of some or several series or classes of shares of the investment funds.

III.

They establish inequitable entry barriers for the provision of their services.

IV.

They determine differentiated commissions for investment fund operating societies and societies or entities providing investment fund share distribution services, with similar characteristics.

Article 64 Bis 43.- Societies that administer electronic trading mechanisms for investment fund shares may not reject buy and sell orders for investment fund shares that they receive, unless the societies or entities providing investment fund share distribution services do not comply with the terms and conditions of the prospectuses for the investing public of the investment fund in question or the service provision contracts referred to in Article 64 Bis 19 of these provisions.

The orders referred to in this article shall be understood as firm from the moment they are received by the society that administers electronic trading mechanisms for investment fund shares; the investment fund operating society may only reject the orders received, through the systems of the societies that administer electronic trading mechanisms for investment fund shares and through them, within the timeframe referred to in Article 63 Bis 1 of this instrument and always provided that it is done in accordance with what is established in the service provision contracts cited in the preceding paragraph and does not contravene what is provided in the Law and these provisions.

Subsection B

Of the obligations of societies that administer electronic dissemination mechanisms for

investment fund information

Article 64 Bis 44.- Societies that administer electronic dissemination mechanisms for investment fund information shall have the following obligations:

I.

Store and make available to the public immediately upon receipt, the relevant information and information regarding Relevant Events referred to in these provisions.

II.

Provide their services under competitive and non-discriminatory conditions, as well as give equal treatment to their users.

III.

Incorporate adequate means to support and, where applicable, recover the information disseminated through their systems.

Additionally, the obligations provided for societies that administer electronic trading mechanisms for investment fund shares in subsections V, VI, and VII of Article 64 Bis 40 of these provisions shall apply to them.

Likewise, societies referred to in this article must provide the Commission with the data, reports, records, minute books, auxiliary books, documents, correspondence, and in general, any information deemed necessary in the form and terms indicated by them, as well as to allow access to their offices, premises, and other facilities.

Article 64 Bis 45.- Societies that administer electronic dissemination mechanisms for investment fund information will provide the dissemination services of relevant information referred to in Article 64 Bis 49 of these provisions.

Twelfth Section

Of revocation

Article 64 Bis 46.- The Commission, at the request of the society that administers electronic trading mechanisms for investment fund shares or for the dissemination of investment fund information, may revoke the authorization granted to operate with such status, provided that:

I.

The shareholders' assembly of the respective society has agreed to its change of object and, where applicable, its dissolution and liquidation, and

II.

The respective society has presented to the Commission the mechanisms and procedures to terminate its contractual relationships with its users, as well as the documentation that proves it no longer has obligations on its behalf.

Article 64 Bis 47.- The Commission, prior to the right to be heard, may revoke the authorization of societies that administer electronic trading mechanisms for investment fund shares or of societies that administer electronic dissemination mechanisms for investment fund information, when in its judgment:

I.

They incur in serious or repeated violations of what is established in the Law or these provisions.

II.

They repeatedly omit to provide the Commission with the information they are obligated to provide according to the Law or these provisions, or provide false or misleading information.

III.

They participate in operations that do not adhere to sound stock market practices or market practices.

IV.

They fail to comply with the object for which they were authorized.

V.

They enter into a process of dissolution and liquidation, or are declared in commercial bankruptcy by the judicial authority.

Article 64 Bis 48.- Revocation shall incapacitate the society that administers electronic trading mechanisms for investment fund shares or for the dissemination of investment fund information from carrying out the operations referred to in Article 64 Bis of these provisions, from the date on which such revocation is notified. In the case of revocation referred to in Article 64 Bis 47 of this instrument, from its notification, the society shall enter a state of dissolution and liquidation, without the need for a shareholders' assembly agreement.

Seventh Chapter

Of relevant information

Article 64 Bis 49.-

Investment funds, through the general manager of the investment fund operating society that administers it and the investment fund operating societies, societies or entities providing investment fund share distribution services, as well as other service providers of investment funds referred to in Article 32 of the Law through their general manager, must reveal, as applicable, the following information which shall be considered relevant:

I.

With respect to investment funds:

a)

Regarding their structure:

i)

Agreements on merger, spin-off, dissolution, or liquidation.

ii)

The initiation of the liquidation process.

iii)

Agreements for the spin-off carried out in accordance with Articles 14 Bis 7 and 14 Bis 8 of the Law, detailing:

The terms and conditions of the transfer of the Investment Assets to the spun-off investment fund, as well as the description of these and the percentage they represent of the total Investment Assets of the spin-off investment fund. The information referred to in this subsection must be disaggregated by asset type or value.

That the spun-off investment fund will not be obligated to repurchase its shares until the moment its liquidation is carried out.

iv)

The revocation of the authorization granted by the Commission to constitute and operate as an investment fund.

v)

The report, where applicable, of the causes for which the liquidation of the spun-off investment fund was not concluded in accordance with what is established in Articles 14 Bis 7 and 14 Bis 8 of the Law, or the final liquidation balance of the spun-off investment fund.

b)

Regarding its regime and operation:

i)

Agreements of the board of directors of the investment fund operating society that approve changes in the object, category, type, or modality of the investment fund, qualification, benchmark index, investment regime, shareholding limits per shareholder, and repurchase regime.

ii)

A notice when they make modifications to the prospectus for the investing public of the investment fund or to the key information document for investment, indicating what the change refers to, as well as the means through which such documents can be consulted.

iii)

Non-compliance with the investment regime and the measures taken to regularize the situation.

iv)

Significant changes in the investment policy referred to in Annex 2 of these provisions.

v)

A notice regarding the application of price differentials on investment fund shares by the investment fund operating society that administers them, indicating the start date of such measure, as well as the reason that gave rise to its application.

vi)

A notice regarding the termination of the application of price differentials on investment fund shares referred to in subsection v) above.

vii)

Measures to manage the liquidity of the investment fund that result in changes

in the policies for the purchase and sale of its shares.

viii)

Modifications to the rating that, if applicable, any securities rating agency may make.

ix)

Operations carried out by the investment fund operating company that result in a change of category of the investment fund, in accordance with the provisions of articles 4 and 143 of these provisions.

x)

A notice regarding modifications to the fees, quotas, or commissions agreed upon with the service providers referred to in article 32 of the Law, as well as, if applicable, with the companies that administer electronic mechanisms for the disclosure of investment fund information or with the stock exchange on which, if applicable, its shares are listed for the disclosure of their information, specifying the means through which investment fund clients can consult the composition and total amounts of the corresponding fees, quotas, or commissions.

c)

Regarding its financial situation:

i)

The contracting of credits, loans, or financing for an amount equal to or greater than five percent of the investment fund's equity, as well as the justification for such contracting.

ii)

Modified or adverse opinions issued by Independent External Auditors.

iii)

A notice regarding compliance with any special accounting regime that has been authorized, notifying both the start of the special regime and the moment when they cease to use it.

iv)

Any other event that impacts the financial situation of the investment fund.

d)

Regarding the service providers referred to in article 32 of the Law:

i)

The substitution of said service providers.

ii)

The designation of the financial entities responsible for the deposit of assets that by their nature cannot be deposited in a securities depository institution.

e)

Regarding litigation and regulatory modifications, judicial, administrative, or arbitral procedures related to the investment fund that could have a significant impact on it, as well as the outcome of the resolutions issued in said procedures.

II.

With respect to the investment fund operating company and the companies or entities that provide the service of distributing investment fund shares:

a)

Mergers, spin-offs, and declarations of commercial bankruptcy, as well as the revocation of the authorization granted by the Commission.

b)

Facts that constitute force majeure or fortuitous events that hinder the provision of services.

c)

The reasons why the investment fund operating company or companies or entities that provide the service of distributing investment fund shares have retransmitted information that, according to applicable provisions, should be made known to the general public. Regarding financial information, they must also identify, if applicable, the observations of the Independent External Auditor.

d)

The appointment and changes of members of their corporate bodies, their relevant executives, and the compliance officer, including their professional profile and work experience.

e)

A notice regarding compliance with any special accounting regime that has been authorized for the company, notifying both the start of the special regime and the moment when they cease to use it.

f)

Modified or adverse opinions issued by Independent External Auditors.

g)

Changes in the composition of the board of directors of the investment fund operating company, identifying independent and non-independent directors in accordance with article 34 Bis of the Law, as well as those holding the status of owner or alternate. The professional profile and work experience of the members comprising said board must be included.

h)

In the case of investment fund operating companies, the contracting of investment advisors.

i)

Judicial, administrative, or arbitral procedures related to the operating company or with the legal entities it controls or in which it has Significant Influence, which could have a significant impact on said company, as well as the outcome of the resolutions issued in said procedures, or those issued against shareholders with Significant Influence, directors, and relevant executives that could affect the company.

j)

Modifications to the adhesion contract model referred to in article 63 Bis of these provisions.

III.

Regarding companies that value investment fund shares:

a)

Facts that constitute force majeure or fortuitous events that hinder the provision of their services.

b)

Any situation that impacts their financial structure, results, solvency, profitability, and use of assets.

c)

A notice regarding compliance with the special accounting regime that has been authorized for the company.

d)

Modified or adverse opinions issued by Independent External Auditors.

e)

Changes in the composition of their board of directors, identifying independent and non-independent directors in accordance with article 34 Bis of the Law, as well as those holding the status of owner or alternate. The professional profile and work experience of the members comprising said board must be included.

Without prejudice to the foregoing, the companies or entities referred to in this article are obligated to send to the Commission through the STIV and to the company that administers electronic mechanisms for the disclosure of investment fund information, the relevant information referred to in the preceding sections, on the next business day following the occurrence of such relevant information.

Investment funds, through the operating companies that administer them, may comply with the obligation to reveal the information referred to in section I of this article, as well as with all other information disclosure obligations referred to in these provisions, through the companies that administer electronic mechanisms for the disclosure of investment fund information or through the SEDI of the stock exchange on which, if applicable, their shares are listed.

This is without prejudice to the information that, in accordance with the Law and these provisions, must be sent to the Commission.

Likewise, investment funds, through the operating companies that administer them, are obligated to send the same day to the Commission through the STIV and to reveal to the public through a company that administers electronic mechanisms for the disclosure of investment fund information or through the SEDI, information on Relevant Events.

Article 64 Bis 50.- Investment fund operating companies and companies or entities that provide the service of distributing investment fund shares must include in their promotional material the link to the internet page of the company that administers electronic mechanisms for the disclosure of investment fund information, or of the stock exchange on which, if applicable, the shares of the investment funds in question are listed, so that the public information of the investment funds administered or whose shares they distribute, as applicable, can be consulted.

Article 78.- . . .

. . .

. . .

Investment funds may make the aforementioned publications through the electronic page on the worldwide network known as the Internet of the operating companies that provide them with asset administration services, of the companies that administer electronic mechanisms for the disclosure of investment fund information contracted, or through the SEDI of the stock exchange on which, if applicable, their shares are listed, in which case the obligations referred to in the preceding paragraphs shall be considered fulfilled.

" Article 81.- . . .

I.

. . .

II.

. . .

a )

. . .

Additionally, the operating companies of said investment funds must maintain for a period of five years counted from the date of generation, a record confirming the updated valuation prices of the shares representing the social capital of the investment fund in question, and the operations carried out with them, during the corresponding period, which must be duly signed by the responsible executives of said investment fund operating company, as well as by the company that provides the service of valuing investment fund shares, and formulated in accordance with the format contained in the report B-1422 Prices and operations for the purchase-sale of investment fund shares (VA-AC) of Series R14, of Annex 8 of these provisions.

. . .

b )

Regarding the distributing companies of investment fund shares, the reports B-1422 Prices and operations for the purchase-sale of investment fund shares (VA-AC), D-1441 Information by type of investor (IN-TI) and D-1443 Shareholder and corporate structure (IN-AC) of Series R14, such information must be sent within five business days following the date of its month-end closing. Financial entities other than the aforementioned distributing companies, which according to applicable legal provisions are authorized to provide the service of distributing investment fund shares, must provide with the periodicity indicated in this subsection the reports B-1422 Prices and operations for the purchase-sale of investment fund shares (VA-AC) and D-1441 Information by type of investor (IN-TI) of Series R14.

c )

. . .

III. and IV.

. . .

"

" Article 105.- Independent External Auditors, in all cases, when in the course of the audit they find irregularities or any other situation that, based on their professional judgment, puts at risk the stability, liquidity, or solvency of the investment fund or the audited company, or if acts detrimental to the equity of the investment fund or the company in question have been committed, regardless of whether they have or do not have effects on the financial information of the fund or the company, without prejudice to the penalties or sanctions to which the investment fund or the company in question may have become liable, in accordance with applicable legislation, must immediately present to the president of the board of directors, the auditors, as well as to the Commission, a detailed report on the observed situation.

. . .

. . .

Article 106.-

Equity and debt instrument investment funds may agree on commissions and charges for the provision of services in accordance with the following:

I and II.

. . .

III.

In the service provision contracts entered into by investment funds with their suppliers, including the service providers referred to in article 32 of the Law, commissions or remuneration derived from the following concepts may be agreed upon:

a )

For the administration of assets.

b )

For the performance of the asset administrator.

c )

For the distribution of shares.

d )

For the valuation of shares.

e )

For the rating of investment funds.

f )

For the provision of prices of Investment Assets.

g )

For the accounting of investment funds.

h )

For the provision of the deposit and custody service of Investment Assets.

i )

For the provision of administrative services for investment funds.

j )

For the provision of information disclosure services.

k )

For external audit services.

l )

For advisory services.

m )

For any other service necessary for the fulfillment of its corporate purpose.

IV.

Investment funds may establish commissions for the administration of their assets or for the distribution services of their shares, differentiated by share series, taking into account the following concepts:

a )

Minimum investment amounts required by share series of the investment funds or the total amount invested in the funds administered by the investment fund operating company.

b )

Applicable tax regime for the type of investor in question.

c )

Minimum holding period in the investment fund.

d )

For being share series or classes directed exclusively to employees, executives, directors, or retirees of the investment fund operating company or of financial entities that are part of the financial or business group to which said operating company belongs.

e )

In the event that investment fund operating companies or financial entities that are part of the same Business Group or Consortium to which said operating company belongs, provide investment management services in terms of the " General Provisions applicable to financial entities and other persons providing investment services ", published in the Official Journal of the Federation on January 9, 2015, and their respective modifications, to pension funds or institutional investors and the investment funds are distributed precisely under the auspices of said investment services.

f )

For share series acquired exclusively by other equity or debt instrument investment funds, in whose investment regime the investment in investment fund shares is foreseen, provided that these are administered by the same investment fund operating company.

g )

Regarding share series of investment funds that are constituted under programs promoted by the Federal Government and are contemplated in the prospectus of information to the investing public.

The provisions of this section are without prejudice to the issuance of series that do not have distribution or administration commissions, and abstention from generating discriminatory practices among those who provide the service of distributing investment fund shares or inequitable treatment among investors.

The policies and guidelines for the collection of commissions, as well as the increases or decreases thereof that investment fund operating companies intend to carry out with respect to the equity or debt instrument investment funds they administer or, if applicable, the company or entity that provides services of distributing investment fund shares, must be previously approved by their respective boards of directors, who cannot delegate such authority to other corporate bodies or executives, officials, or employees. Regarding investment funds, the approval must be agreed upon by the majority of the independent directors of the board of directors of the operating company that administers the investment fund.

Modifications to the commissions must be informed to the share holders prior to their entry into force, through the means established for such purpose in the contracts.

The policies and guidelines for the collection of commissions referred to in this article must guarantee at all times equitable treatment between clients and service providers of investment funds with similar characteristics. The Commission may at any time request changes to said policies and guidelines for the benefit of investment fund clients.

Article 108 Bis.- Investment fund operating companies may only transmit resources to a service provider for the payment of commissions or consideration corresponding to the service in question.

Article 108 Bis 1.- Investment funds must incorporate in their prospectuses of information to the investing public, in addition to what is provided in articles 13 and 20 of these provisions, the provisions of articles 32, fourth paragraph, and 40, third paragraph of the Law, as well as the following:

I.

Investment funds may not establish differentiated commissions by type of entity that distributes them for each of the share series and classes they issue.

II.

Investment fund operating companies may only differentiate access to different share series or classes in accordance with the provisions of article 106, section IV, of these provisions.

Article 108 Bis 2.- Companies or entities that provide services of distributing investment fund shares that determine to make any type of discount, bonus, or refund for the concept of the distribution service they provide, must disclose it to their clients and to the Commission, clearly detailing the scheme applied, including the timing of payments and the percentage of total benefit received by the client, and apply it in a non-discriminatory manner among all clients of the same share series of the investment fund in question.

TRANSITIONAL PROVISIONS

FIRST.- This Resolution shall enter into force the day following its publication in the Official Journal of the Federation, except for what is provided in the following article.

SECOND.- The provisions of article 106, section IV, subsection e) added by this instrument to the General Provisions applicable to investment funds and persons providing services to them, shall be applicable within three months counted from the entry into force of this Resolution.

Investment fund operating companies shall have a period of three months counted from the entry into force of this Resolution to submit to the approval of the National Banking and Securities Commission the adhesion contract model referred to in article 63 Bis added by this instrument.

Investment fund operating companies shall have a period of up to six months counted from the date the National Banking and Securities Commission approves the adhesion contract model referred to in the preceding paragraph, to adapt the contracts they have entered into as of the entry into force of this Resolution.

THIRD.- Investment funds, through the investment fund operating company that administers them, and investment fund operating companies, companies or entities that provide services of distributing investment fund shares, as well as companies that value investment fund shares, shall have a period of twenty-four months counted from the entry into force of this Resolution, to comply with the obligation to send to the National Banking and Securities Commission the relevant information referred to in article 64 Bis 49 added by this instrument through the Securities Information Transfer System implemented by said Commission, meanwhile, such information must be presented in writing before said Decentralized Body.

Respectfully,

Mexico City, October 27, 2016. - The President of the National Banking and Securities Commission, Jaime González Aguadé. - Signature.

ANNEX 2

REQUIREMENTS AND CHARACTERISTICS FOR THE PREPARATION OF THE PROSPECTUS OF INFORMATION TO THE INVESTING PUBLIC OF EQUITY AND DEBT INSTRUMENT INVESTMENT FUNDS

I.

GENERAL GUIDELINES

This instruction includes the information disclosure requirements to which equity investment funds and debt instrument investment funds (Investment Funds) must adhere for the preparation of prospectuses of information to the investing public (Prospectuses).

The Prospectus must be prepared based on an information disclosure approach; that is, providing the investor with all necessary information so that they can make a reasoned and well-informed investment decision regarding the Investment Fund in question.

The order in which the different sections of the Prospectus are presented must adhere to this instruction, except for particular cases that require a different order and are previously authorized by the Commission.

In the preparation of the Prospectus, clear and easy-to-understand language must always be used, avoiding technical terms or complicated legal formalisms that cannot be easily understood by a person who does not have specialized knowledge in the subject matter. Likewise, superlative terms and value judgments must be avoided; however, if deemed necessary, they must be adequately justified.

A.

PRINCIPLE OF RELEVANCE

In addition to the information explicitly required in the various sections of the Prospectus, all relevant information must be included, understood as all information of the Investment Fund necessary to know its real and current situation in financial, administrative, economic, and legal matters, and its risks, as well as information about the investment fund operating company that administers the Investment Fund and, if applicable, about the financial group to which the latter belongs, regardless of its position in the group, provided that it influences or affects said situation, and that it is necessary for making reasoned investment decisions and estimating the price of the Fund's shares, in accordance with uses and practices of analysis of the Mexican securities market.

This principle must be followed at all times in the preparation of the Prospectus when determining the depth and breadth with which the various topics established in this instruction must be developed.

It shall be the responsibility of the Investment Funds, as well as the persons who sign the document, to determine what information is considered relevant in the context of the particular characteristics of each Investment Fund, taking into account both quantitative and qualitative factors.

The Commission may require the inclusion of additional information or in substitution of the information required in this instruction, when the disclosure of such information is deemed necessary.

B.

SPECIFICATIONS OF THE PROSPECTUS

The Prospectus will contain detailed information regarding the Investment Fund. Likewise, the document with key information for investment that must be delivered to investors and always used for commercial purposes, which must comply with what is stated in Annex 3 of these provisions, will be part of the Prospectus.

The information prospectus sent through the STIV to the Commission, for its authorization, may

omit information regarding dates of authorization or modification of the Prospectus, share capital, number of shareholders, investors holding more than 30% of a series or more than 5% of the share capital, returns, ticker symbols, investment portfolio composition, minimum investment amounts, commissions, remuneration, observed risk value in the last year, members of the board of directors, and names of service providers, which shall not be subject to authorization and may be modified at any time. The corresponding sections may be indicated with a blank space, and once the Prospectus is authorized, information regarding each of them must be included as appropriate. The Prospectuses and documents with key investment information must be available to the investing public at all times through the website on the worldwide network known as the Internet of the fund operating company that administers the Investment Funds or, if applicable, that of the financial group to which the latter belongs, as well as on the website on the worldwide network known as the Internet of the other entities that distribute their shares in an integral manner.

Regarding shared information, corresponding to Investment Funds administered by the same operating company, this may be presented for authorization in a single document. Likewise, the information presented in detail for each Investment Fund may in no case make exceptions to the shared information by the other Investment Funds.

The copies of the Prospectuses sent to this Commission with observations formulated by this supervisory body must show the changes highlighted and be accompanied by another document signed by a person designated by the board of directors of the operating company that administers the Investment Fund, stating that the highlighted changes are the only ones made to the last version delivered to this authority.

Additionally, Investment Funds must update their Prospectus at least once a year and provide it to the Commission, through the STIV, on the tenth business day immediately following the date on which the board of directors of the fund operating company that administers the Investment Fund approves the annual financial statements of said Fund.

In any case, Investment Funds must send through the STIV to the Commission, and to the companies and entities that provide them with the service of distributing their shares, a copy of the Prospectus no later than the next business day following the notification of the authorization of the modifications or updates made to it.

C.

EXTERNAL INFORMATION SOURCES AND EXPERT DECLARATION

When a report, statistic, or other information contained in the Prospectus has been obtained from a public source of information, it must be cited. In the event that the information comes from an expert, a declaration must be included indicating that said information has been included with the consent of the person.

D.

REFERENCES TO LAWS AND OTHER REGULATIONS

When reference is made to any provision contained in a law or secondary regulation, its content must be described.

II.

INFORMATION REQUIRED IN PROSPECTUSES

A.

COVER

The cover of the Prospectus must contain at least the following information:

·

Corporate name and ticker symbol.

·

Category of the Investment Fund.

·

Specify the share classes and series.

·

Corporate address and address of the operating company that administers the Investment Fund or, if applicable, the public service offices of this or any of the entities that provide the integral share distribution service to the Fund itself.

·

Website on the worldwide network known as the Internet of the operating company that administers the Investment Fund, as well as contact data to request additional information.

·

Date of authorization of the Prospectus.

·

Transcription of Article 9, third paragraph of the Investment Funds Law: "The authorization of prospectuses for information to the investing public does not imply certification regarding the goodness of the shares they issue or regarding the solvency, liquidity, credit quality, or future performance of the funds, nor of the assets that make up their investment portfolio."

·

Corporate name of the operator that administers the Investment Fund.

·

Days and hours for the receipt of orders. In the event that this information is extensive, refer to the corresponding section, indicating only the periodicity and schedule.

·

Include a declaration stating that the information contained in the Prospectus is the responsibility of the operating company that administers the Investment Fund in question.

·

Indicate that investment in the Investment Fund is not guaranteed by the Institute for the Protection of Bank Savings.

·

Mention that the operating company that administers the Investment Fund and, if applicable, the distributing company that provides services to it have no payment obligation in relation to the aforementioned Fund and that investment in it is only backed up to the amount of the Fund's own equity.

·

Mention that the updated version of the Prospectus can be consulted on the website on the worldwide network known as the Internet of the operating company that administers the Investment Fund or, if applicable, of the financial group to which it belongs, as well as on the page of the other entities that distribute the Fund's shares in an integral manner.

·

Regarding Investment Funds categorized as discretionary, it must be warned that these are funds that, due to their degree of specialization, are recommended for investors with extensive financial knowledge.

·

In the case of Investment Funds categorized as money market funds, it must be warned that the purchase of their shares is not equivalent to constituting money deposits in credit institutions.

B.

TABLE OF CONTENTS

On the first page of the Prospectus, a table of contents of its content must be incorporated according to the following:

INVESTMENT OBJECTIVES AND HORIZON, INVESTMENT STRATEGIES, RETURNS AND RELATED RISKS

a )

Investment objectives and horizon

b )

Investment policies

c )

Investment regime

i).

Participation in financial derivative instruments, Structured Securities, Fiduciary Exchange Certificates, or Asset-Backed Securities.

ii).

Temporary investment strategies

d )

Risks associated with investment (include only those that are applicable)

i )

Market risk

ii )

Credit risk

iii )

Liquidity risk

iv )

Operational risk

v )

Counterparty risk

vi )

Loss in disordered market conditions

vii )

Legal risk

e )

Returns

i )

Returns graph

ii )

Nominal returns table

OPERATION OF THE INVESTMENT FUND

a )

Possible acquirers

b )

Policies for the purchase and sale of shares

i )

Day and time for the receipt of orders

ii )

Execution of operations

iii )

Settlement of operations

iv )

Causes for possible suspension of operations

c )

Minimum amounts

d )

Minimum holding period

e )

Limits and policies on holdings by investor

f )

Service providers

i )

Operating company that administers the Investment Fund

ii )

Distributing company

iii )

Valuation company

iv )

Other providers

g )

Costs, commissions, and remuneration

ORGANIZATION AND CAPITAL STRUCTURE

a )

Organization of the Investment Fund according to what is provided in Article 10 of the Law.

b )

Capital structure and shareholders.

TAX REGIME

DATE OF AUTHORIZATION OF THE PROSPECTUS AND PROCEDURE TO DISCLOSE ITS MODIFICATIONS

PUBLIC DOCUMENTS

FINANCIAL INFORMATION

ADDITIONAL INFORMATION

RESPONSIBLE PERSONS

ANNEX.- INVESTMENT PORTFOLIO

The Prospectus must include in "bold" the following paragraph at the end of the index, ensuring that it is at least 2 points larger in font size than that used in the index:

"No intermediary, agent authorized to conduct operations with the public, or any other person, has been authorized to provide information or make any declaration that is not contained in this document. As a consequence of the foregoing, any information or declaration that is not contained in this document shall be understood as not authorized by the Investment Fund."

C.

CONTENT

INVESTMENT OBJECTIVES AND HORIZON, INVESTMENT STRATEGIES, RETURNS AND RELATED RISKS

a )

Investment objectives and horizon

In this section, the type of assets in which the Investment Fund invests must be briefly described in accordance with its category, mentioning whether they are shares, Debt Securities, financial derivative instruments, Structured Securities, Asset-Backed Securities, or Fiduciary Exchange Certificates; as well as the bases that will be used as reference to determine the expected return, indicating whether they are related to financial models or to indices, interest rates, exchange rates, or any other indicator, provided that its composition and the source where it can be consulted publicly are indicated.

In any case, Investment Funds must disclose the main risk associated with the investments they make. Likewise, the term in days, months, or years that is estimated or considered adequate for the investor to maintain their investment must be revealed, taking into consideration the objectives of the Fund itself.

The Investment Fund must indicate the type of investors to which it is oriented, that is, small, medium, or large investors, considering the minimum investment amounts required and their level of complexity or sophistication. Likewise, it must indicate whether it is directed at investors seeking high, medium, or low-risk investments, based on their objective, strategy, and rating.

b )

Investment policies

In this section, it must be explained whether the Investment Fund follows an active management strategy, in which it takes risks seeking to take advantage of market opportunities to try to increase its expected return and surpass its reference base; or whether asset management is passive or conservative, which seeks a return similar to its reference base, without taking additional risks.

Additionally, the investment, liquidity, acquisition, selection, and, if applicable, diversification and specialization policies of assets must be described in a general manner; likewise, when applicable, policies for the contracting of loans and credits must be mentioned, including those for the issuance of securities representing debt on their part, as well as whether the Investment Fund will invest and in what proportion, in assets issued by Investment Funds of the same Consortium or Business Group to which, if applicable, the operating company that administers the Investment Fund belongs.

In the case of maintaining investments in shares, selection criteria must be indicated such as: activity sector, marketability, dividend policy, nationality of the issuer, or company size, among others.

Regarding Securities representing debt, the duration of the Investment Fund's portfolio as a whole must be revealed, indicating whether it is short, medium, or long term; as well as whether the securities that make it up are governmental, state, municipal, banking, or corporate, or if it will be integrated by a mixture of such securities, including the credit risk rating of these.

If they are indexed or hedging Investment Funds, the different alternatives or instruments that will be used must be indicated.

c )

Investment regime

In this section, the Investment Objects of the Investment Fund and the minimum and maximum percentages allowed must be mentioned. This information must be included in a table indicating the investment parameters determined by the Fund, including, if applicable, securities lending and financial derivative instrument operations, in which the type of Security and the percentage of these in relation to the net asset, share capital of the issuer, of the issuance or series, as applicable, are indicated.

Additionally, in the event that it is applicable, the following policies will be described:

i )

Participation in financial derivative instruments, Structured Securities, Fiduciary Exchange Certificates, or Asset-Backed Securities.

In the event that the Investment Fund foresees entering into operations with financial derivative instruments, it must mention the applicable operating policies, indicating whether their purpose is exclusively for risk hedging or if they will also be used for taking speculative risks. Additionally, in the case of investments in Structured Securities, Fiduciary Exchange Certificates, or Asset-Backed Securities, the types of structures in which the Investment Fund plans to invest must be detailed.

Regarding Investment Funds that take risks through financial derivative instruments, the manner in which they will be used, the types of underlying assets in accordance with their category and investment regime, the limits that will be established, the types of operations that may be entered into, and the markets in which they may operate must be indicated.

ii )

Temporary investment strategies

In the event that the Investment Fund foresees making temporary investments different from those indicated in its investment regime, in conditions of high volatility in financial markets, or in the event of economic or political uncertainty, this must be indicated in this section.

Additionally, it must be indicated that when adopting temporary investment strategies, the fund operating company that administers it or the company that provides the service of distributing its shares will make them known to the shareholders of the Investment Fund through the account statement and on the website on the worldwide network known as the Internet of the operating company that administers the Investment Fund, describing the strategy to be implemented and the reasons for its adoption.

In the event that the Prospectus does not foresee the possibility of implementing temporary investment strategies, the Investment Fund must indicate that, at all times, it will adhere to its original strategy regardless of the environment.

d )

Investment risks

In this section, the main risks to which the Investment Fund will be exposed according to its category and investment regime will be included, including first the most relevant one indicated in its objective. In any case, it will be explained clearly what they consist of, the reason for being considered risks by the operating company that administers the Investment Fund, and how they can affect its return or equity.

In this sense, they must disclose the risks that may have a negative impact on the price of the shares of said Fund.

It must be indicated that regardless of whether they are equity or debt instrument Investment Funds, of their objective, category, or rating, there is always the possibility of losing the resources invested in said Fund.

For each of the types of risk to which the Investment Fund is exposed, the following must be described, as applicable:

i )

Market risk

In this section, the market risks to which the Investment Fund will be exposed, such as interest rates, exchange rates, and price indices, among others, must be indicated, explaining the manner in which these risks affect the price of the shares of the Fund itself.

The market risk rating in which the Investment Fund will be located and its meaning must be included, mentioning the range of the rating scale, where a certain indicator corresponds to the lowest market risk, while another represents the highest, as well as the definition of the level in which it is located.

Additionally, the maximum and average observed limit during the last year of its risk value must be indicated, as well as a brief description of its meaning, methodology, and assumptions used for its obtaining, including that the definition of risk value is valid only under market conditions.

ii )

Credit risk

In this section, the credit risks to which the Investment Fund will be exposed, derived from the failure to pay by an issuer of Debt Securities in which it invests, must be explained.

If applicable, the credit risk rating in which the Investment Fund will be located and the meaning of the same must be included, mentioning that the rating scale goes from "AAA to B", where "AAA" corresponds to the lowest credit risk, while "B" represents the highest, as well as the definition of the level in which it is located.

iii )

Liquidity risk

In this section, the liquidity risk to which the Investment Fund will be exposed, derived from the potential loss that could be caused by the early or forced sale of securities in which the Fund itself invests, at unusual discounts to meet its repurchase obligations, must be explained.

iv )

Operational risk

In this section, the operational risk to which the Investment Fund will be exposed, derived from the potential loss that could be caused by failures or deficiencies in internal controls, errors in the processing and storage of operations or in the transmission of information, as well as by fraud or theft, must be explained.

v )

Counterparty risk

In this section, the risk to which the Investment Fund will be exposed, derived from a possible loss generated by the failure to comply with obligations contracted by its counterparties in operations with Securities, instruments, or documents in which it invests, must be revealed.

vi )

Loss in disordered market conditions

In this section, the Investment Fund must reveal that the investor is exposed to a loss due to the possibility of the application of a differential in the valuation price of the purchase and sale operations of its shares, under disordered market conditions that could generate significant and unusual purchases or sales of said shares.

To this effect, it must be indicated that the aforementioned differential will be applied consistently to all operations carried out with investors, the amount of which will remain in the Investment Fund for the benefit of the shareholders who remain in it, and the mechanics for its application must be briefly described, as well as the history of its use by the Fund itself.

vii )

Legal risk

In this section, the legal risk to which the Investment Fund will be exposed, derived from the potential loss due to the possible non-compliance with applicable legal and administrative provisions, by the issuance of unfavorable administrative and judicial resolutions, or by the application of sanctions related to the operations of the Fund itself, must be explained.

e )

Returns

In this section, the historical return of the Investment Fund must be disclosed, if applicable, by share series. Return information will be calculated based on the methodology established by the Commission. Regarding the versions of the Prospectus presented on the website on the worldwide network known as the Internet, a link to this information may be included in this section.

In the event that the Investment Fund has undergone any transformation, from which the investment regime has changed significantly, the information presented regarding returns will start from when said change takes effect. The information presented in this section will apply to all share series with which the Fund has.

In the event of not having the required information, the historical information available from the date of the start of operations of the Investment Fund will be used, provided that it is more than six months.

The aforementioned Fund must include a declaration stating that its past performance may not be indicative of the performance it will have in the future.

In this section of the Prospectus, the following information regarding returns must be included:

i )

Returns graph

In this section, a graph with information related to the price of the Investment Fund's share and its return during the last three years will be presented.

The graph must present the information assuming a hypothetical initial investment of $10,000 pesos, comparing it against the performance of a similar investment in some market index or reference base, in the same time period. Likewise, daily prices will be shown, through a linear graph, on the vertical axis, right of the graph, while on the horizontal axis, nominal monthly returns of the Investment Fund will be shown by means of bar graphs.

The following shows an example of the manner in which the information must be presented:

Regarding Protected Capital Investment Funds, in substitution for the graph with the information referred to in the preceding paragraphs, they must show a table, assuming an initial investment of $10,000 pesos, with three prospective scenarios: "positive", "base", and "negative", and whose data are shown in monetary terms, allowing the investor to have a clear representation of the risk and return profile of the Investment Fund.

The table must contain a result column and a comment column for each scenario, considering the following:

The "positive" scenario must assume that market conditions at the end of the capital protection period are better than current ones.

The "base" scenario must assume that current market conditions remain unchanged during the period in which the Investment Fund protects the capital.

The "negative" scenario must consider that market conditions at the end of the capital protection period are worse than current ones.

For the comments column, complementary information that could be useful for a better understanding of the results of each scenario must be considered.

The following shows an example of the manner in which the information must be presented:

The following results assume an initial investment of 10,000 pesos

Scenario

Result

Comment

Positive

Base

Negative

ii )

Table of Nominal Returns

In this section, the nominal returns of the last month, the last three months, the last twelve months, and the last three years of the Investment Fund, the risk-free instrument, and, where applicable, the reference index, shall be included, in accordance with the following table:

Table of Annualized (Nominal) Returns

Last Month Last 3 Months Last 12 Months Year x, x-1 and x-2

Gross Return Net Return Risk-Free Rate (28-day Cetes) Reference Index

If there are commissions and/or costs not reflected in these returns, the Fund must clarify that the returns may be lower than those shown due to this circumstance.

For Investment Funds whose investment horizon is short-term, the average return in the last calendar year, as well as the highest and lowest monthly returns obtained within the same period, must be mentioned, in accordance with the following table:

Table of Annualized (Nominal) Returns

Last Month Last 3 Months Last 12 Months Month Low Return Month High Return

Gross Return Net Return Risk-Free Rate (28-day Cetes) Reference Index

The provisions of this subsection shall not apply to Capital Protected Investment Funds.

OPERATION OF THE INVESTMENT FUND

In this section, information regarding the general operational guidelines of the Investment Fund must be included, mentioning the policies and requirements for participation. Where applicable, this information must be specified by share class. In this regard, the following information must be provided:

a ) Possible Acquirers

Mention the persons who may acquire its shares given the tax regime applicable to shareholders, indicating whether they are individuals or legal entities, as well as persons not subject to withholding.

Likewise, institutions that may invest in the Fund's Securities must be included, taking into account the authorization granted by the Commission for said Securities to be the subject of institutional investment.

b ) Policies for the Purchase and Sale of Shares

The terms and conditions for investors to carry out share purchase and sale operations must be mentioned, specifying the procedure for the receipt, transmission, and registration of buy and sell orders for the Fund's shares, and the terms through which investors can liquidate their entire participation.

For Open Investment Funds, the policies for the repurchase of shares representing its share capital and the causes for which such operations could be suspended must be mentioned.

Likewise, any preferential rights to subscribe and repurchase shares representing its share capital must be mentioned.

Likewise, the obligation of the Investment Fund to acquire 100% of the investors' shares at valuation price and without any differential, due to changes in the investment or repurchase regime, must be mentioned, specifying the deadlines for this.

i ) Day and Time for Receipt of Orders

In this section, the days and hours in which buy and sell share orders may be received will be indicated.

ii ) Execution of Operations

The Investment Fund must indicate the deadline in which orders will be executed in relation to the date of their sending, as well as the price at which the operations will be concluded.

In any case, it must be revealed whether a reduction in the price of the shares will be applied under disordered market conditions.

iii ) Settlement of Operations

Indicate the settlement period for purchase and sale operations, counted from their execution, indicating whether the investor is required to have available funds from the date the operation is ordered, either in cash or in other types of Securities.

iv ) Causes for Possible Suspension of Operations

It must be established whether purchase and sale operations of the Investment Fund would be suspended in cases of fortuitous events or force majeure. Likewise, it will be indicated that the Commission may suspend operations under these circumstances or in cases of repeated non-compliance with provisions that could cause harm to shareholders.

c ) Minimum Amounts

Mention if there are minimum investment amounts to participate in the Investment Fund and their amount; as well as the consequences and/or commissions that will be generated for being below the mentioned minimum amounts.

d ) Minimum Stay Period

If there is a mandatory minimum period during which the investor must remain in the Investment Fund, this period must be indicated in days, months, or years.

In this case, it will be indicated if the investor will be subject to the payment of any commission in case of withdrawing their resources before the established deadline and the basis for calculation or amount.

e ) Limits and Policies on Holdings by Investor

The maximum shareholding limits per investor must be indicated, as well as the actions to be taken in case of non-compliance. Additionally, where applicable, the policies established by the board of directors of the operating company that manages the Investment Fund will be indicated, so that persons who meet the same, temporarily acquire percentages higher than such limits.

f ) Service Providers

The Investment Fund must indicate the companies or entities that provide it with the services referred to in the Law. Likewise, it must indicate that the board of directors of the operating company that manages the Fund has the obligation to evaluate the performance of such persons at least once a year, and mention whether the result of said evaluation, as well as any changes in said service providers, will be notified to shareholders through the account statement or the website on the worldwide network known as the Internet.

Additionally, the area or personnel that investors may contact in case of requiring information about the Investment Fund, as well as the means by which they can be contacted, must be mentioned.

Regarding service-providing companies, the following information must be provided:

i ) Investment Fund Operating Company

Include the main data related to the operating company, such as name, address, website on the worldwide network known as the Internet, and telephone numbers.

ii ) Investment Fund Share Distribution Company

Where applicable, the entities or companies contracted to distribute the Fund's shares will be specified, indicating whether they are reference or integral distributors.

iii ) Investment Fund Share Valuation Company

The frequency with which the Fund's shares will be valued must be mentioned, as well as the entity or company that provides this service.

Likewise, it must be indicated that the Investment Fund will not be valued on days determined as non-working days in the calendar issued by the Commission.

iv ) Other Providers

In this section, the names of other persons who, in accordance with the Law, provide services to the Investment Fund must be included, as well as the type of service provided.

g ) Commissions and Remuneration

The Investment Fund must indicate the costs, commissions, and remuneration that its shareholders and the Fund itself must pay, respectively. For these purposes, the concepts that generate them, the procedure and bases for their calculation, as well as the frequency or circumstances in which they will be charged, must be specified.

The Investment Fund must indicate the commissions and remuneration, expressed in annual terms, with respect to each share class of the Fund itself, considering the concepts detailed below:

a ) Commissions paid directly by the client

Concept Series "n" Series "n+1" % $ % $

Failure to meet minimum stay period Failure to meet minimum investment balance Purchase of shares Sale of shares Advisory Service Share Administration Service Others Total

b ) Commissions paid by the Investment Fund

Concept Series "n" Series "n+1" % $ % $

Asset Management Asset Management / Performance Share Distribution Share Valuation Deposit of Investment Assets Share Deposit Accounting Others Total

In the event that Investment Funds maintain investments in shares of other Investment Funds or collective investment mechanisms, in order to present the above information, they must add to the remuneration accrued or paid, expressed in annual terms, in the corresponding item, those derived from the investment in said Funds or mechanisms. Regarding investments in foreign Investment Funds or collective investment mechanisms, to comply with the provisions of this paragraph, they will use the last information provided to them or to which they have access.

ORGANIZATION AND CAPITAL STRUCTURE

In this section, information regarding how the Investment Fund is organized and its capital structure must be provided.

In any case, the following legend must be inserted:

" Investment Funds, as an exception to the General Law of Commercial Companies (LGSM), do not have a shareholders' assembly, board of directors, or inspector.

· The functions that the LGSM assigns to the shareholders' assembly are assigned to (Name of the founding partner) and in some cases to the rest of the partners of the Fund.

· The activities that the LGSM assigns to the board of directors are entrusted to (Name of the operating company that manages the Investment Fund).

· The supervision of the Investment Fund is assigned to the regulatory controller of (Name of the operating company that manages the Investment Fund) " .

a ) Administration of the Investment Fund

Regarding the board of directors of the operating company that manages the Investment Fund, the number of members that compose it (principal and alternate), the type of directors (independent, patrimonial, or related), must be mentioned.

Additionally, the following information must be provided, both for the directors, general manager, and regulatory controller of the operating company that manages the Investment Fund: name, position, time spent working in the company, sectors where they have or have collaborated as executives or as members of the board of directors, indicating if they have any type of relationship with the Investment Fund and any other information necessary to know their professional capacity.

On the other hand, the policies established to prevent and avoid conflicts of interest in accordance with the code of conduct of the operating company that manages the Investment Fund must be described, as well as, among others, those related to the carrying out of operations with members of the board of directors and persons who participate in the determination and execution of operations of the Investment Fund, or with the shareholders of the operating company that provides services to it, and, where applicable, with those of the entities that are part of the financial or business group to which, where applicable, the investment fund operating company belongs or is linked.

b ) Capital Structure and Shareholders

The composition of the share capital of the Investment Fund must be included, in its fixed and variable part, mentioning that the shares of the fixed part can only be subscribed by the investment fund operating company in its capacity as founding partner, are of a single series and class, without withdrawal rights, and their transfer requires prior authorization from the Commission.

The different characteristics of the share series or classes that make up the Fund's capital must be mentioned, including the rights and obligations inherent to each of them.

Likewise, information relative to the total number of shareholders of the Investment Fund and, where applicable, the number of investors who own more than 30% of a series or more than 5% of the share capital, as well as the total sum of their holdings, corresponding to the date of the last update or modification, must be provided.

It must also be mentioned whether the Investment Fund is controlled, directly or indirectly, by any person or Group of Persons, if these are related or not to the investment fund operating company that manages it, and if they actively participate or not in the administration of the Investment Fund.

TAX REGIME

In this section, the tax regime applicable to the Investment Fund in general, as well as the share series and type of shareholder in particular, will be mentioned. Likewise, the regime applicable to investors who do not reside in the country must be indicated.

Where applicable, mention will be made of the tax regime applicable to foreign securities, the corresponding withholding and credit, and that related to financial derivative operations and securities lending.

DATE OF PROSPECTUS AUTHORIZATION AND PROCEDURE FOR DISSEMINATING ITS MODIFICATIONS

In this section, the date and number of the letter of authorization of the Prospectus, the policies or criteria for modifying it, as well as the means to make modifications known, must be indicated.

On the other hand, important changes that the Investment Fund has made to its Prospectus with respect to the previously authorized version must be highlighted.

PUBLIC DOCUMENTS

In this section, the place and manner of accessing the public information of the Investment Fund will be indicated, mentioning the address of the website on the worldwide network known as the Internet where this can be consulted. Likewise, the information that the Fund itself is obliged to deliver to the Commission and if this can be consulted in public media must be mentioned.

In any case, the manner of making all relevant information relative to the Investment Fund known to shareholders and the general public must be mentioned.

FINANCIAL INFORMATION

The place where the investor can find the financial statements of the Investment Fund must be indicated, according to the CO-BR Report of Annex 7 of these provisions.

ADDITIONAL INFORMATION

Any other information that the Investment Fund considers relevant and important for the investor must be included, including legal processes that could negatively affect the performance of the Fund itself.

RESPONSIBLE PERSONS

The Prospectus used for dissemination to the general public must be initialed on all pages by the general manager of the operating company that manages the Investment Fund, at the foot of the following legend:

" I, the undersigned, as general manager of the operating company that manages the Investment Fund, declare under oath that within the scope of my functions I have prepared and reviewed this prospectus of information to the investing public, which, to the best of my knowledge and belief, reasonably reflects the situation of the Investment Fund, being in agreement with its content. Likewise, I declare that I have no knowledge that relevant information has been omitted, is false, or induces error in the preparation of this prospectus of information to the investing public. "

Regarding modifications to the prospectus of information to the investing public that result from non-compliance with the investment regime, integral risk management, or well, modifications in the repurchase policies of the fund in question, they must have the prior approval of the board of directors of the investment fund operating company that manages it.

ANNEX.- Investment Portfolio.

The investment portfolio must indicate if the Investment Fund is in a temporary investment strategy. This information must be available at all times to the investing public through the website on the worldwide network known as the Internet of the operating company that manages the Investment Fund or, where applicable, on that of the financial group to which the latter belongs, on the page of the self-regulatory organization to which the said operator is associated, or on the page of the entity or company that provides them with the service of distribution of investment fund shares.

In the case of Investment Funds categorized as discretionary, they must include the historical evolution of the investment portfolio of the last 6 months.

ANNEX 3

REQUIREMENTS AND CHARACTERISTICS FOR THE PREPARATION OF THE DOCUMENT WITH KEY INFORMATION FOR THE INVESTMENT OF EQUITY AND DEBT INSTRUMENT INVESTMENT FUNDS

I. GENERAL GUIDELINES

This instruction includes the information disclosure requirements to which equity investment funds and debt instrument investment funds (Investment Funds) must adhere for the preparation of the document with key information for investment (Document), which is part of the prospectuses of information to the investing public.

The Document must be prepared with the most recent information available and based on an information disclosure approach; that is, providing the investor with the necessary information so that they can make an investment decision regarding the Fund in question.

The order in which the different sections of the Document are presented must adhere to this instruction, except for those particular cases that require a different order and are previously authorized by the Commission.

In the preparation of the Document, clear and easy-to-understand language must always be used, avoiding technical terms or complicated legal formalisms that cannot be understood by a person who does not have specialized knowledge in the matter in question. Likewise, superlative terms and value judgments must be avoided; however, if considered necessary, they must be adequately justified.

II. DOCUMENT WITH KEY INFORMATION FOR INVESTMENT

The Document contains the most important aspects of the Investment Fund for making informed investment decisions. This Document must be prepared in accordance with the format available in this Annex. The order in which the content of the Document is presented must adhere to this section, and the typography used must be no less than 8 points.

The sections " F " Fund Performance and Historical Performance, and " H " Costs, Commissions, and Remuneration, will refer to the most representative series of the Investment Fund, as well as that which is of interest to the investor, as appropriate.

III. CONTENT OF THE DOCUMENT

A. GENERAL DATA

In this section, the following information must be included:

· [Corporate Name], administered by [Corporate Name of the operating company that manages the Investment Fund]

· Type of Fund,

· Category,

· Board Code,

· Share Class and Series, possible acquirers, and minimum investment amounts, and

· Date of Authorization.

Funds must add to their category, as appropriate and considering the composition of their investment portfolio, the suffix established in the regulatory report F-2461 Information of investment funds for the investing public (IP-IN) contained in Annex 8 of these provisions.

B. FUND INVESTMENT OBJECTIVES

In this section, the type of assets in which the Fund invests in accordance with its category must be briefly described, mentioning whether they are shares, Debt Securities, financial derivative instruments, Structured Securities, Asset-Backed Securities, or Fiduciary Exchange-Traded Certificates, as well as the term considered adequate for the investor to maintain their investment in the Investment Fund.

C. INVESTMENT REGIME AND POLICY

In this section, the following must be briefly described:

a ) Management strategy: active or passive.

b ) Maximum or minimum amounts of the most important investment parameters for the Fund.

c ) Investment Policy: the markets in which they may operate, diversification, contracting of loans, etc.

d ) Index or base that will be used as a reference to compare the expected return, indicating if it is related to financial models, or if it refers to indices, interest rates, exchange rates, or any other indicator.

e ) If the Investment Fund will invest in assets issued by companies of the same Consortium or Business Group to which the operating company that manages the Investment Fund belongs.

f ) If it will carry out securities lending operations, financial derivative instruments (for trading and/or speculative purposes).

g ) If the Fund will operate with Structured Securities, Fiduciary Exchange-Traded Certificates, or Asset-Backed Securities, as well as the characteristics and selection criteria.

D. IMPORTANT LEGEND

The following legend must be incorporated: " The value of an Investment Fund, regardless of its investment policy, is subject to market fluctuations, so the investor may obtain gains or losses. "

E. MAXIMUM VALUE AT RISK LIMIT

Investment Funds must indicate and explain their maximum expected loss in accordance with the methodology established for the determination of the market risk level by the Funds themselves.

It must be indicated that the definition of value at risk is valid only under normal market conditions.

F. PERFORMANCE OF THE INVESTMENT FUND AND HISTORICAL PERFORMANCE

In this section, the nominal and annualized net returns of the last month, the last three months, the last twelve months, and the last three years, in accordance with the following table, shall be included:

Table of Annualized Nominal Returns

Last Month Last 3 Months Last 12 Months Year x, x-1 and x- 2

Gross Return Net Return Risk-Free Rate (28-day Cetes) Reference Index

Net returns are considered free of any commission and/or costs, except those related to the commissions for the sale of shares of the Investment Fund in question.

For Investment Funds whose investment horizon is short-term, the average return in the last calendar year, as well as the highest and lowest monthly returns must be mentioned

obtained within the same period, according to the following table:

Annualized Returns Table (nominal)

Last Month

Last 3 Months

Last 12 Months

Month

Return

Low

Month

Return

High

Gross Return

Net Return

Risk-Free Rate (28-day Cetes)

Reference Index

Additionally, a legend must be included stating that the Investment Fund's past performance is not indicative of its future performance.

In the event that historical information regarding the returns of the Investment Fund in question is not available, the aforementioned table may be omitted.

In the case of Capital Protected Investment Funds, the aforementioned tables shall not apply.

Likewise, for Capital Protected Investment Funds, a table with three prospective scenarios: "positive", "base" and "negative" shall be shown, with data presented in monetary terms.

The three prospective scenarios must assume an initial investment of $10,000 pesos, allowing the investor to have a clear representation of the Investment Fund's risk profile and possible return.

The table must present a result column and a comment column for each of the scenarios. For the result column, the prospective scenarios must consider the following:

The "positive" scenario must consider that market conditions at the end of the capital protection period are better than current conditions.

The "base" scenario must consider that current market conditions remain unchanged during the period in which the fund protects capital.

The "negative" scenario must consider that market conditions at the end of the capital protection period are worse than current conditions.

For the comments column, complementary information that could be useful for a better understanding of the results of each scenario must be considered.

Below is an example of how the information should be presented:

The following results assume an initial investment of 10,000 Mexican pesos.

Scenario

Result

Comment

Positive

Base

Negative

G.

COMPOSITION OF THE INVESTMENT PORTFOLIO

At this point, a list of the 10 main Investment Assets must be included, and if applicable, the underlying assets to which they are linked, provided that such underlying assets count towards the composition of the investment portfolio, indicating the Issuer and the percentage that each of these represents in the total investment portfolio of the Fund.

In the event that the investments referred to in the previous paragraph correspond to assets issued by Investment Funds of the same Consortium or Business Group to which the fund operating company that administers the Investment Fund belongs, as well as to collective investment mechanisms, the indirect holding of Investment Assets corresponding to them must be included in proportion to their shareholding.

In the case of Investment Funds that invest mainly in other Investment Funds or foreign collective investment mechanisms, the information cited must be presented in relation to the Investment Assets of the latter, using the most recent information available.

Investment Asset

Amount ($)

%

Ticker Symbol

Issuer

Name (if applicable,

underlying)

Type

1

2

3

4

5

6

7

8

9

10

Total Portfolio

$

For the purpose of filling out the above table, the following shall be understood:

·

Ticker Symbol: the key with which the security is traded on the stock exchanges

·

Issuer: the name of the issuer of the investment asset

·

Underlying: the underlying assets to which derivatives, structured notes, asset-backed securities, fiduciary exchange certificates are linked must be included; in the case of collective investment mechanisms, describe in general terms the assets in which they invest.

·

Type: debt, equity, checks, currencies, repurchase agreements, derivatives must be included.

·

Amount: the amount in pesos of the investment expressed in thousands will be shown.

·

Percentage: corresponds to the percentage of the investment with respect to the total portfolio.

Additionally, the percentage composition of the portfolio by economic activity sector to which the Investment Assets correspond must be presented, through a pie chart. To this effect, the classification established by the National Institute of Statistics and Geography must be considered.

H.

COSTS, COMMISSIONS AND REMUNERATIONS

The Investment Fund must indicate the costs, commissions and remunerations that its shareholders and the Fund itself must pay, respectively, expressed in annual terms, with respect to the share series in question and that which is most representative of the investment company, defined based on the number of investors, considering the concepts detailed below:

a )

Commissions paid directly by the client

Concept

Series "n"

Most representative Series

%

$

%

$

Failure to meet minimum holding period

Failure to meet minimum investment balance

Purchase of shares

Sale of shares

Advisory Service

Custody Service for Investment Assets

Share Administration Service

Others

Total

b )

Commissions paid by the Investment Fund

Concept

Series "n"

Most representative Series

%

$

%

$

Asset Management

Asset Management / Performance-based

Share Distribution

Share Valuation

Deposit of Investment Assets

Share Deposit

Accounting

Others

Total

The Document must include in "bold" the following information regarding conflicts of interest to which the providers of services to the Investment Fund may potentially be subject:

·

Some service providers may establish agreements with the Investment Fund and offer discounts for their services. To know of their existence and the possible benefit for you, ask your distributor.

·

The information prospectus contains greater detail of the conflicts of interest to which any service provider of the Investment Fund may be subject.

In addition to the above, in the case of Equity Investment Funds, the following legend must be included:

·

Commissions for the purchase and sale of shares may reduce the total amount of your investment. This implies that you would receive a lower amount after a transaction. The above, together with the commissions paid by the Investment Fund, represents a reduction in the total return you would receive for your participation in the Fund itself.

I.

SHARE PURCHASE AND SALE POLICIES

At this point, the share purchase and sale policies must be indicated, in terms of what is stated in Section II, Section C, paragraph 2, subsection b), sub-subsections i) to iii) of Annex 2 of these provisions.

Additionally, minimum holding periods, as well as holding limits per investor, must be included, considering:

a )

Liquidity: Include the period in which the fund operating company repurchases its own shares of the Investment Fund in question, that is, whether it is daily, weekly, etc.

b )

Repurchase Limit: Include the percentage of shares representative of the social capital on the day of the operation that the Investment Fund will repurchase.

c )

Differential: Inform the maximum percentage or range that could be applied to the valuation price of the Investment Fund under disordered market conditions or unusual operations, according to the methodology used by the Investment Fund itself and described in the information prospectus.

The following legend must be included: "The investment fund, in the event of disordered market conditions or unusual operations, may apply to the valuation price of its shares, the differential it has previously determined, in favor of those who remain in the Fund".

J.

INFORMATION ON THE INVESTMENT FUND

At this point, the following information must be included:

·

Website address on the worldwide network known as the Internet of the fund operating company that provides services to you and, if applicable, of the companies responsible for the distribution of its shares.

·

Customer service center, including address, telephone number and hours of operation

·

Service providers: operating company, distributing company(ies), valuation company, rating company, etc.

K.

WARNINGS

·

Indicate that investments made in the Investment Fund are not protected or guaranteed by the Institute for the Protection of Bank Savings.

·

Transcription of Article 79 of the Securities Market Law: "Registrations in the National Registry shall have declarative effects and do not validate legal acts that are null in accordance with applicable laws, nor do they imply certification regarding the merit of the securities registered therein or regarding the solvency, liquidity or credit quality of the Issuer."

·

No financial intermediary, attorney-in-fact to conduct transactions with the public or any person, is authorized to provide information or make any declaration additional to the content of the document with key information for investment, so they shall be understood as not authorized by the Investment Fund.

·

Mention that in case of requiring greater detail regarding the Investment Fund, the information prospectus must be consulted, which must be available on the website of the worldwide network known as the Internet of the fund operating company that administers the Investment Fund, of its operating company or, if applicable, of the financial group to which the latter belongs, as well as on the page of the other companies or entities that distribute its shares.

·

The Document and the information prospectus are the only sales documents recognized by the Investment Fund as valid.

L.

RELEVANT INFORMATION

In this section, information that the Investment Fund considers relevant may be included.

It is the responsibility of the Investment Funds to determine what information is relevant in the context of the particular characteristics of each Fund, taking into account both quantitative and qualitative factors for this purpose.

Likewise, the Commission may require the inclusion of additional information or in substitution of the information required in this instruction, when the disclosure of such information is considered necessary.

Information must be provided on how the Investment Fund is organized. In all cases, the following legends must be inserted:

"Investment Funds do not have a shareholders' assembly, board of directors or auditor:

·

The functions of the shareholders' assembly, as well as the activities of the board of directors, are entrusted to (Name of the operating company that administers the Investment Fund).

·

The oversight of the Investment Fund is assigned to the regulatory controller of said operating company".

M.

FORMAT

The information contained in this Annex must be presented in the format established at the end of this same Annex.

IV.

UPDATABLE SECTIONS OF THE DOCUMENT

The information indicated below may be considered updatable and does not require prior authorization from the Commission:

·

Ticker Symbol,

·

Historical performance,

·

Minimum investment amounts,

·

Commissions and remunerations for the provision of services,

·

Composition of the investment portfolio,

·

Authorization date, and

·

Rating, if applicable.

ANNEX 13

INFORMATION FORMAT FOR PERSONS WHO INTEND TO PARTICIPATE IN THE SHARE CAPITAL OF A FUND OPERATING COMPANY, DISTRIBUTING COMPANY OR SHARE VALUATION COMPANY OF INVESTMENT FUNDS AND PERSONS WHO INTEND TO CONSTITUTE THEMSELVES AS SECURED CREDITORS WITH RESPECT TO THE PAID-UP SHARE CAPITAL OF SAID COMPANIES, AS WELL AS FOR PERSONS WHO INTEND TO PARTICIPATE IN THE SHARE CAPITAL OF A COMPANY THAT ADMINISTERS ELECTRONIC MECHANISMS FOR THE TRADING OF INVESTMENT FUND SHARES OR FOR THE DISCLOSURE OF INFORMATION OF INVESTMENT FUNDS

Name or possible name of the

company.

Date of preparation.

This information is part of the application submitted to the Commission, its content is confidential and will be subject to review and verification.

Filling instructions.

This format must be duly filled out by:

a )

Persons who, within the application process for authorization to organize and operate as fund operating companies, distributing companies or share valuation companies of investment funds in terms of what is stated in Article 33 of

the Law, intend to subscribe two percent or more of the share capital of the company itself.

b )

Persons who intend to obtain authorization to acquire directly or indirectly more than five percent of shares representative of the share capital of a fund operating company, distributing company or share valuation company of investment funds.

c )

Persons who intend to obtain authorization to constitute themselves as secured creditors with respect to more than five percent of shares representative of the share capital of a fund operating company, distributing company or share valuation company of investment funds.

d )

Persons who, within the application process for authorization to organize and operate as a company that administers electronic mechanisms for the trading of investment fund shares or for the disclosure of information of investment funds, intend to subscribe two percent or more of the share capital of the company in question.

No blank spaces should be left. In all cases, mention: None, No, I don't have, Not applicable.

All names and data required must be expressed in full (e.g. persons with two names).

SECTION 1.

PERSONAL IDENTIFICATION DATA.

NATURAL PERSONS.

Name(s).

Paternal surname.

Maternal surname.

Nationality.

RFC.

CURP.

Address for hearing and receiving notifications.

Street and exterior and interior number.

Neighborhood.

Delegation or municipality.

Federal Entity.

Postal code.

Country.

Marital status.

Name of spouse or concubine.

Name of relatives in direct line

ascendant and descendant up to the first

degree.

IDENTIFICATION DATA.

LEGAL ENTITIES.

Name or trade name.

Main activity.

Nationality.

RFC.

Date of constitution.

Legal representative.

Profession.

Work experience.

Address for hearing and receiving notifications.

Street and exterior and interior number.

Neighborhood.

Postal code.

Delegation or municipality.

Federal Entity.

Country.

Name of shareholders who participate with 5% or more of the share capital of the legal entity.*

Shareholder

(%)

• In the case of legal entities, trusts or other investment vehicles, the direct and indirect participations of natural persons in the capital of these must be related and broken down in a way that allows the identification of the natural persons who are the ultimate beneficiaries of such participations.

Can you invest in other companies according to the statutes?

Yes ______

No _____

Has the investment in question been approved by your board of

directors?

Yes ______

No _____

Do you have or have you had investment in financial entities?

Yes ______

No _____

Specify: __% shareholding

Name:__________

SECTION 2.

Participation of the person in the fund operating company, distributing company or share valuation company of investment funds, company that administers electronic mechanisms for the trading of investment fund shares or for the disclosure of information of investment funds

Shareholder.

___ % shareholding.

Position (if applicable).

President of the board of directors.

Proprietary Councilor.

Independent:

Yes

No

Alternate Councilor.

Independent:

Yes

No

Secretary of the board of directors.

General Director.

Legal Director.

Finance Director.

Commercial Director.

Other(s).

Specify: ____________________________________

SECTION 3

ASSET RELATIONSHIP.

In the case of natural persons:

a) Assets and rights.

AMOUNT

(thousands of pesos)

1.- REAL ESTATE.

Total:

2.- SECURITIES AND OTHER MOVABLE ASSETS.

Total:

3.- BANK BALANCES.

Total:

4.- OTHERS.

Total:

5.- TOTAL ASSETS AND RIGHTS (gross equity).

b) Debts and obligations.

6.- MORTGAGES AND CREDITS FROM FINANCIAL ENTITIES.

Total:

7.- OTHERS.

Total:

8.- TOTAL DEBTS AND OBLIGATIONS.

9.- EQUITY (Subtract 8 from 5).

10.- GUARANTEES AND BONDS GRANTED.

11.- INSURANCE POLICIES.

12.- TOTAL INCOME.

Amount

(thousands of

pesos)

Main source(s) of income

Last year 20_ _.

Second to last year 20_ _.

Third to last year 20_ _.

In the case of the participation of legal entities, the corresponding financial statements for the last 3 fiscal years must be attached to the application.

13.- ORIGIN OF RESOURCES 2.

SOURCE

ENTITY OR PERSON

AMOUNT

(thousands of pesos)

(%)

Own resources.

N/A

Others. Specify:________

TOTAL RESOURCES:

100 %

14.- COMMENTS AND CLARIFICATIONS.

2/ In the case of those persons who constitute themselves as secured creditors with respect to shares representative of more than five percent of the share capital of a fund operating company, distributing company or share valuation company of investment funds, the origin of the resources subject to the guaranteed obligation must be indicated.

SECTION 4.

ADDITIONAL INFORMATION.

If you consider that there is any other relevant information not contemplated in the previous sections, you must list the information and comment in the following box.

Section

Information

SECTION 5.

DECLARATIONS AND SIGNATURES.

By this document, the undersigned authorizes the Commission, regarding the information provided here, to:

a )

Verify it as it deems appropriate, as well as to obtain from any other authority it deems convenient information about my person, in connection with the authorization application submitted to said Commission.

b )

Share it on a confidential basis with the National Insurance and Bonds Commission, the National Savings for Retirement System Commission, the Bank of Mexico, the Tax Administration System, the Attorney General's Office and other authorities, for the exclusive fulfillment of their functions.

I confirm that I have carefully read this format and that I understand its content and legal implications.

I understand that providing false data will be grounds for the exclusion of the undersigned, without prejudice to the criminal penalties or legal sanctions that may apply depending on the case.

I DECLARE UNDER OATH THAT THE DATA CONTAINED IN THIS

DECLARATION ARE TRUE.

Signature of the person

Name

Date

SECTION 6.

DOCUMENTS THAT MUST ACCOMPANY THIS APPLICATION.

NATURAL PERSONS:

Copy of valid official identification (voter credential or valid passport and in the case of foreign nationals, migratory form or passport).

If applicable, copy of the tax identification card.

Copy of the CURP.

Credit information reports, with an issue date not more than three months prior to the date of the application.

Copy of the professional card or certificate of studies or of the document that accredits the highest degree of education achieved.

Documents that allow showing the asset situation as provided in Section 3 above, as well as the last 3 annual income tax returns.

LEGAL ENTITIES:

Certified copy of the current social statutes.

Copy of the tax identification card.

Authenticated copy by the sole administrator or by the secretary of the board of directors, of the audited annual financial statements and of the external auditor's report, if obliged to do so, approved by its administrative body for the last three fiscal years, or those corresponding in accordance with the date of its constitution.

If applicable, authenticated copy by the secretary of the board of directors of the resolution of the administrative body that approves the subscription and payment of the shares of the fund operating company, distributing company or share valuation company of investment funds to be constituted or in which it is intended to participate.

Credit information reports, with an issue date not more than three months prior to the date of the application.

Financial statements for the last three years.

Copy of the annual tax returns for the last three fiscal years.

ANNEX 15

CURRICULAR INFORMATION FORMAT FOR PERSONS PROPOSED TO OCCUPY THE POSITIONS OF COUNCILOR, GENERAL DIRECTOR, REGULATORY CONTROLLER OR OFFICIAL WITHIN THE TWO IMMEDIATELY LOWER HIERARCHIES TO THAT OF GENERAL DIRECTOR OF

FUND OPERATING COMPANIES, DISTRIBUTING COMPANIES OR

SHARE VALUATION COMPANIES OF INVESTMENT FUNDS AND COMPANIES THAT

ADMINISTER ELECTRONIC MECHANISMS FOR THE TRADING OF INVESTMENT FUND SHARES OR FOR THE DISCLOSURE OF INFORMATION OF INVESTMENT FUNDS

Name of the company.

Date of preparation. (dd/mm/yyyy)

This information is part of the application submitted to the National Banking and Securities Commission, its content is confidential and may be subject to review and verification.

Filling instructions.

This format must be filled out by:

a)

Councilors.

b)

General Director

c)

Regulatory Controller

d)

Officials who hold positions with the hierarchy immediately inferior to that of General Director.

No blank spaces should be left; in all cases mention: None, No, I don't have, Not applicable.

All names and data required must be presented in full (e.g. persons with two names).

SECTION 1.

PERSONAL IDENTIFICATION DATA.

Name(s).

Paternal surname.

Maternal surname.

Nationality.

RFC (with homoclave)

Address for hearing and receiving notifications.

Street and exterior and/or interior number.

Neighborhood.

Delegation or Municipality.

Federal Entity.

Postal code.

Country.

Marital status.

Name of spouse or concubine(rio).

Name of relatives in direct line ascendant and

descendant up to the fourth degree.

SECTION 2.

PARTICIPATION OF THE PERSON IN THE FUND OPERATING COMPANY,

DISTRIBUTING COMPANY OR SHARE VALUATION COMPANY OF INVESTMENT FUNDS AND

COMPANY THAT ADMINISTERS ELECTRONIC MECHANISMS FOR THE TRADING OF INVESTMENT FUND SHARES

INVESTMENT FUNDS OR DISCLOSURE OF INFORMATION OF INVESTMENT FUNDS.

Position.

£

President of the Board of Directors.

£

Proprietor Director.

£

Independent:

Yes

£

No

£

£

Alternate Director.

£

Independent:

Yes

£

No

£

£

Secretary of the Board of Directors.

£

General Manager.

£

Compliance Officer

£

Finance Director.

£

Legal Director.

£

Commercial Director.

£

Other(s).

Specify: ____________________________________

SECTION 3.

ACADEMIC EXPERIENCE.

Institution

Date

Degree

SECTION 4.

PROFESSIONAL EXPERIENCE (PREVIOUS 5 YEARS).

Institution

Period

Position

SECTION 5.

ADDITIONAL INFORMATION.

If you consider that there is any other relevant information not contemplated in the previous sections, you must list the information and comment in the following box.

Section.

Information.

SECTION 6.

DECLARATIONS AND SIGNATURES.

By this document, the undersigned authorizes the National Banking and Securities Commission, regarding the information provided herein, to:

a)

Verify it as deemed pertinent, as well as to obtain from any other authority deemed convenient information about my person, in connection with the authorization request submitted to that Commission.

b)

Share it on a confidential basis with the National Insurance and Sureties Commission, the National Retirement Savings System Commission, the Bank of Mexico, the Tax Administration Service, the Attorney General's Office, and other authorities, for the exclusive fulfillment of their functions.

I confirm that I have read and filled out this form with care, such that I understand its content and legal implications.

I understand that providing false data will be grounds for the exclusion of the undersigned, without prejudice to the criminal penalties or sanctions that may apply according to the case.

I DECLARE UNDER OATH THAT THE DATA CONTAINED IN THIS DECLARATION ARE TRUE.

Signature of the person or legal representative.

NAME.

DATE.

SECTION 7.

DOCUMENTS THAT MUST ACCOMPANY THIS APPLICATION.

Copy of valid official identification (voter credential or valid passport and, in the case of foreign nationals, migration form or passport).

If applicable, copy of the tax identification card.

ANNEX 19

NORMS THAT THE OPERATION AND FUNCTIONING MANUAL OF INVESTMENT FUND MANAGEMENT COMPANIES, DISTRIBUTION COMPANIES AND FUND SHARE VALUERS MUST CONTAIN

I.

OBJECTIVES AND SCOPE OF THE MANUAL

The operation and functioning manual shall have as its objective to regulate the activities and services of investment fund management companies and distribution companies or fund share valuers. It shall indicate the different services that will be offered, as well as the activities that will be carried out, describing the processes in accordance with which such services and activities will be performed.

Likewise, the operation and functioning manual must incorporate the organizational chart of the company in question and contain, if applicable, the flowcharts corresponding to each of the different processes required for the adequate performance of activities and services.

The operation and functioning manual shall only contain the services provided by the company in accordance with what is provided in the Law and these provisions, and must include whether the company contemplates subcontracting the corresponding services, or if applicable, if it does not intend to provide any of the services or carry out the activities in question.

II.

PREPARATION AND REVIEW OF THE MANUAL

In this section, the administrative unit or corporate body responsible for the preparation, review, and, if applicable, modification of the operation and functioning manual must be indicated, stating the procedure and the conditions or circumstances for its modification, as well as the minimum frequency of review. In all cases, it must be established that the board of directors of the entity shall be responsible for approving the content and modifications of the operation and functioning manual.

III.

STRUCTURE OF THE OPERATION AND FUNCTIONING MANUAL

A.

COVER

The cover of the operation and functioning manual of the companies must contain the following:

a)

Corporate name.

b)

Processes and responsible area(s) for the preparation, authorization, review, and modification of the manual.

c)

Date of its authorization and modifications.

d)

The following legend: "The operation and functioning manual shall have as its objective to regulate the activities and services of (name of the entity) in order to ensure the quality of the services provided and compliance with regulations and sound practices, under the best market conditions, caring for the best interest of the clients and the investment funds to which they provide services".

e)

Regulatory framework, including the laws, provisions, and self-regulatory norms applicable to the different services provided by the company.

f)

Record of modifications to the manual.

g)

Assumptions and processes for the modification of the manual.

h)

Signatures of the responsible parties.

B.

INDEX

The operation and functioning manual must contain an index that includes, at a minimum, the following aspects:

ORGANIZATION AND RESPONSIBILITIES

a)

Corporate structure.

b)

Board of Directors.

c)

Committees.

d)

General Manager.

e)

Relevant executives.

f)

Compliance Officer.

g)

Responsible for comprehensive risk management.

h)

Responsible for the prevention and detection of acts, omissions, or operations that could favor, provide help, aid, or cooperation of any kind for the commission of the crimes provided for in Articles 139 Quater or 400 Bis of the Federal Penal Code.

i)

Organizational chart.

j)

Description and job profiles.

SERVICES AND ACTIVITIES

a)

Asset management.

b)

Distribution of investment fund shares.

c)

Management of securities portfolios on behalf of third parties.

d)

Accounting.

e)

Deposit and custody.

f)

Valuation of investment fund shares.

g)

Treasury control, monitoring, and operation.

h)

Other administrative services to investment funds.

i)

Complementary services.

j)

Internal control.

k)

Human resources.

CONTINGENCIES

a)

Recovery actions.

b)

Information backup.

c)

Information recovery.

C.

CONTENT

ORGANIZATION AND RESPONSIBILITIES

In this section, the integration of the different governing bodies and areas of the company, as well as their respective functions, regarding the investment funds or clients to which they provide services, will be described, possibly referring to the corresponding manuals. Likewise, it must be indicated whether the company is part of any Financial Group, Consortium, or Business Group.

a)

Corporate structure

In this section, the company must include in an organizational chart its shareholders, the entities that maintain a property link with the company, as well as, if applicable, the complementary or auxiliary service companies in its administration or in the realization of its object.

b)

Board of Directors

In this section, the composition of the board of directors of the company will be described, identifying those that are proprietors and alternates, including the independent ones, as well as the percentage of the latter. Likewise, the bases regarding their operation must be incorporated, including the minimum frequency of meetings and the quorum necessary to take agreements.

Additionally, the obligations and responsibilities entrusted to it in terms of the Law and general provisions emanating from it, including what is established in its corporate bylaws, must be described.

c)

Committees

In this section, the functions and responsibilities of the different committees that, if applicable, the company has determined to constitute to support its functions, such as the investment, risk, communication and control, financial product analysis, and any other, must be indicated. Additionally, the bases regarding their integration and operation must be included, including the quorum necessary to meet, powers, frequency of meetings, means to formalize and make known the agreements, as well as procedures to follow up on them, and if applicable, independence and technical capacity requirements of the members of the different committees.

d)

General Manager

In this section, the obligations and responsibilities of the general manager in terms of the Law and the general provisions emanating from it, including those established in the corporate bylaws, must be described.

e)

Relevant executives

The main functions and responsibilities of the relevant executives and responsible for the different business areas of the entity must be described, as well as the main processes and procedures in which they are involved.

f)

Compliance Officer

In this section, the main functions and responsibilities of the compliance officer must be indicated, as well as the form, processes, procedures, and methods in accordance with which they will comply with these, in terms of the Law and the general provisions emanating from it, including what is provided in the corporate bylaws of the company in question. In the event that the compliance officer falls under the circumstance of Article 34 Bis 4 of the Law, a mention to that effect must be included.

g)

Responsible for comprehensive risk management

For the case of investment fund management companies that provide asset management services to investment funds in debt and equity instruments, the main functions and responsibilities of the responsible for comprehensive risk management or risk committee must be included, in accordance with what is provided in the Law and in the general provisions emanating from it, including, if applicable, what is provided in the corporate bylaws.

h)

Responsible for the prevention and detection of acts, omissions, or operations that could favor, provide help, aid, or cooperation of any kind for the commission of the crimes provided for in Articles 139 Quater or 400 Bis of the Federal Penal Code

In this section, investment fund management companies and investment fund share distribution companies must indicate the policies and procedures oriented to the effective fulfillment of their obligations provided for in the general provisions emanating from Article 91 of the Law, or those that replace it, possibly referring to the corresponding manuals contemplated by the Law and other general provisions emanating from it.

i)

Organizational chart

In this section, a graphical representation of the organizational structure of the company will be included, which must reflect in a schematic form the position of the different business areas, administrative and support areas, as well as the different hierarchical levels.

j)

Description and job profiles

In this section, the descriptions, profiles, and objectives of the positions will be included, specifying lines of command and main functions.

SERVICES AND ACTIVITIES

In this section, the policies and guidelines, flowcharts, processes, or procedures, if applicable, as well as the activities that will be carried out in chronological and sequential order, applicable to each of the services provided and activities performed by the company, which will guide decision-making in the provision of these, must be described. If included, the flowcharts must allow the graphical and consecutive development of the procedure in question to be seen. Additionally, the position or job of the personnel responsible for the different activities necessary to provide the service in question must be included, as well as the interrelationships existing between the different areas participating in said activities, identifying at least:

If applicable, the service providers necessary for such purposes.

The information flows generated between the different areas participating as well as with the service providers.

The communication lines between the persons responsible for the processes or procedures in relation to the provision of the service in question.

The guidelines, manuals, or information linked to the processes or procedures of the service in question.

Likewise, in this section, the different technological platforms, whether own or third-party, databases, and other available information for the realization of the activities associated with the different services provided must be described. Finally, if applicable, as annexes to the manual, the working documents, formats, and other relevant documents related to the activities necessary to provide the service must be included.

a)

Asset management

For investment fund management companies, they must describe all those activities and procedures necessary to provide the asset management service, breaking down each of the fractions I, II, IV, and V indicated in Article 15 of the Law in relation to fractions I to III of Article 39 of the Law, in the order indicated in the aforementioned Article 39. Additionally, they must incorporate the description of the activities and procedures for:

Regarding the acquisition or disposal of the assets subject to investment:

·

The analysis that must be carried out for the selection of assets subject to investment.

·

The evaluation of compliance with the investment regime, prior to the celebration of operations.

·

Quotation, confirmation, and assignment of operations.

The registration of purchase or sale operations of shares representing the social capital of the investment funds they manage.

The fulfillment on behalf of the investment funds of their information disclosure obligations to the Commission, as well as to the investing public and to the persons who provide the distribution services of their shares.

Likewise, the description of the mechanisms implemented to prevent the shares of the investment funds they manage from being traded exclusively with clients of any investment fund distribution company or companies providing such service, or only through the management company itself in terms of what is provided in Article 32, fourth paragraph of the Law, must be included.

Additionally, the policies approved by the board of directors to modify or suspend the repurchase of investment funds that present disordered market conditions or liquidity and valuation problems, as well as any restriction on the purchase or sale of the investment funds they manage, must be incorporated.

In the event of agreeing commissions with other management companies or financial entities from outside the same type to carry out the asset management services of the investment funds, the technical and operational guidelines, as well as the general policies that must be observed in terms of these provisions, must be incorporated.

Likewise, the activities and procedures to carry out the intermediation of the shares of the investment funds, including the channeling of the purchase and sale orders for these, as well as the disclosure of the corresponding information, in terms of the Law and other applicable provisions, must be incorporated.

b)

Distribution of investment fund shares

For investment fund management companies and investment fund share distribution companies, they must describe all those activities and procedures necessary to provide the investment fund share distribution service, breaking down each of the fractions I to V indicated in Article 40 Bis of the Law, in the order indicated in the aforementioned Article 40 Bis, and include what relates to Article 40 Bis 4 of the Law. Additionally, they must incorporate the activities and procedures for:

The administration of client accounts (opening, maintenance, and cancellation of contracts).

The receipt, transmission, and registration of purchase and sale orders for investment fund shares, considering what relates to modifications or cancellations of orders.

Providing investment services (possibly referring to the policies and guidelines they must have in accordance with applicable provisions or in the corresponding manual).

3.1)

Unadvised services.

§

Transmission on behalf and order of their clients of orders for the purchase and sale of shares representing the social capital of investment funds.

§

Promotion or marketing.

3.2)

Advised services.

§

Evaluation to determine the investment profiles of their clients or the account.

§

Analysis of the financial products to be offered to their clients, in order to determine their profile, taking into account both their complexity and the advised investment service to be provided.

§

Evaluation of the reasonableness of recommendations or operations in Advised Investment Services, including the diversification policy.

§

Elaboration of the general framework of action in the case of contracts in which the provision of the investment management service is agreed.

Additionally, they must include the policies and guidelines for the dissemination to their clients of the information relating to the investment funds they offer, transaction or operation reports referred to in the last paragraph of Article 40 Bis of the Law, the activities and services they provide, the commissions charged, as well as the others relating to investment services in terms of the general provisions issued by the Commission.

Likewise, they must foresee the activities and procedures to maintain records of the recommendations provided and instructions received from clients regarding the investment service corresponding, as well as to record or document in electronic or digital media the communications with their clients regarding the advisory, promotion, purchase, and sale services of investment fund shares.

Carry out the distribution processes through companies that provide systems for such purposes, the implementation of adhesion contracts, the operational conditions, the implementation of distribution contracts, as well as the processes carried out in the companies that administer mechanisms for the disclosure of information of investment funds.

The additional information dissemination obligations to clients, which must contemplate at least the following information:

§

The prospectuses of information to the investing public of the investment funds and their modifications, as well as the documents with key information for investment.

§

The composition of the total assets of the investment funds.

§

The percentage of shareholding by shareholder of the investment funds.

§

Amount and concept of the commissions that the investment funds and their service providers charge the clientele under any title, as well as their modifications.

§

Notices related to the transformation of the investment funds (merger, spin-off, dissolution, liquidation, or bankruptcy proceedings)

§

Other relevant information (excesses or defects to investment limits, investments made outside applicable limits, realization of operations that imply changes in qualification or category, etc.)

§

The basic consolidated financial statements of the investment fund management company and of the investment funds.

c)

Management of securities portfolios on behalf of third parties.

For investment fund management companies, they must describe the policies and guidelines necessary to provide investment services or, make reference to the corresponding manual. Additionally, incorporate the activities and procedures for:

The receipt, transmission, and registration of purchase and sale orders for financial products, considering what relates to modifications or cancellations of orders.

Providing investment services (possibly referring to the policies and guidelines they must have in accordance with applicable provisions or in the corresponding manual).

2.1)

Unadvised services.

§

Transmission on behalf and order of third parties of orders for the purchase and sale of financial products.

§

Promotion or marketing.

2.2)

Advised services.

§

Evaluation necessary to determine the profiles of their clients.

§

Analysis of the financial products to be offered to their clients, in order to determine their profile, taking into account both their complexity and the advised investment service to be provided.

§

Evaluation of the reasonableness of recommendations or operations in Advised Investment Services, including the diversification policy.

§

Elaboration of the general framework of action in the case of contracts in which discretionary management in advised services is agreed with clients.

Additionally, they must include the policies and guidelines for the dissemination to their clients of the information relating to the investment funds they offer, transaction or operation reports referred to in the last paragraph of Article 40 Bis of the Law, the activities and services they provide, the commissions charged, as well as the others relating to investment services in terms of the general provisions issued by the Commission.

Likewise, they must foresee the activities and procedures to maintain records of the recommendations provided and instructions received from clients regarding the investment service corresponding, as well as to record or document in electronic or digital media the communications with their clients regarding the advisory, promotion, purchase, and sale services of investment fund shares.

d)

Accounting

In this section, the activities and procedures associated with the accounting of the company and, if applicable, of the investment funds to which they provide services, in terms of what is provided by the Code of Commerce, as well as the records or auxiliaries and accounting criteria established by the Commission, must be described, describing according to the case, at least those activities and procedures related to:

The administration of the account catalog and the maintenance of accounting guides

for the registration of the various types of operations.

The registration of the buy and sell operations of the instruments that make up the securities portfolio, as well as the application of results and the exercise of corporate rights related to the operations carried out.

The establishment of mechanisms to corroborate that the records made correspond with the information supporting each of the movements carried out.

The approval of accounts payable and the application of records related to the provisioning of expenses.

The reconciliation of the investments that form part of the securities portfolio with respect to the account statements issued by the institutions for the deposit of securities, as well as of the shares distributed with respect to the share capital of the investment funds.

The valuation of the securities portfolio using updated valuation prices, which are provided to them by price providers.

The recognition of tax obligations arising from their operation.

The accounting determination of the valuation price of the different series or classes of shares of the investment funds.

The recording of asset depreciation and expense amortization.

The restatement of financial statements.

The accounting and operational reconciliations.

The generation and approval of financial statements.

The recognition of the application of differentials to the valuation price of the purchase or sale of the shares of the investment funds applied.

e)

Deposit and Custody

Investment fund operating companies shall determine whether they provide custody services in terms of Article 39 Bis, Section III of the Investment Funds Law. In the contrary case, they shall designate the entity or entities that carry it out, both for the case of the Investment Assets and for the shares of the investment funds in question.

Likewise, they shall describe the different activities related to the deposit and custody of the investment assets and, where applicable, of the shares representing the share capital of the investment funds, in order to ensure the existence of the deposited securities and to guarantee both the safekeeping and conservation of these, including the mechanisms that ensure the proper updating of the corresponding records.

f)

Valuation of Investment Fund Shares

Share valuation companies of investment funds shall describe all those activities and procedures necessary to provide the service of valuation of investment fund shares in terms of Article 44 of the Law.

Additionally, they shall incorporate the activities and procedures for:

The receipt of the necessary operational and accounting information from the investment funds for the determination of valuation prices.

The application of the updated valuation prices of the securities, documents, and financial instruments that are part of the assets of the investment funds, which are provided to them by the price providers of the investment funds in question.

The necessary mechanisms to access directly and verify daily the information on the composition of the investment portfolio of the investment funds in question, as well as on the number of shares in circulation and the operations pending settlement.

The daily corroboration that the balances and movements made in the accounting are consistent with the account statements in question, as well as in relation to the other operational information generated.

Recognize the application of differentials to the valuation price of the purchase or sale of the shares of the investment funds applied.

To provide the valuation prices to the Commission and to the persons referred to in Article 32, Sections I, II, and VII of the Law.

Register the failures, errors, or omissions presented in the receipt, processing, and analysis of information, which impact the determination of the valuation prices of the shares of the investment funds.

In the event that the service is provided by investment fund operating companies, these shall describe the services and activities taking into account what is provided in the above subsections, as well as the processes and procedures to verify compliance with the obligations provided for in the Law.

g)

Treasury Control, Monitoring, and Operation.

In this section, the activities and procedures to be observed for the operation of treasury, as well as for the control and monitoring of the daily operation process of the investment funds and the verification, confirmation, and settlement of operations, shall be described, considering at least the following:

The determination of initial cash flows, describing the processes related to the verification of transfers between bank accounts, transfers to payment systems, to define daily cash flows.

The verification of the application of the exercise of property rights derived from the holding of securities in the portfolios of the investment funds, indicating among other aspects, the source from which they obtain the information on the decreed rights, the mechanisms to verify the payments corresponding to each investment fund, the means through which they make known to the entity contracted for the provision of the deposit and custody service for the application, where applicable, of the new positions, holdings, or cash payments.

The settlement of the operations resulting from the purchase and sale of investment assets and shares of the investment funds, determining among other aspects, the balances of the operations pending settlement, the areas authorized to transfer and fund the corresponding cash, and the necessary controls to verify that they are duly settled.

Programming, concentration, and dispersion of cash flows, specifying among other aspects, the policies to fund the means established for the payment of the corresponding settlement obligations, the requirements that bank accounts must have to cover the needs for concentration, dispersion, and settlement of operations, establishing the necessary controls relative to privileges and powers of the personnel who will carry out these functions.

Reconciliation of cash, of the securities portfolio positions, and operational closing, detailing the processes of reconciliation of cash and securities, with the account statements of financial institutions and custodians, the periodicity, as well as the procedure that will result in case of presenting differences and the corrective actions that will be carried out, generating the necessary reports that support said procedure.

h)

Integral Risk Management.

In the case of investment fund operating companies that provide asset management services to investment funds in debt and equity instruments, they shall include policies and procedures in the matter of integral risk management, in accordance with what is provided in the Law and in the general provisions emanating from it, being able to refer to the corresponding integral risk management manual.

i)

Other Administrative Services.

In the case of investment fund operating companies that provide administrative services, they shall describe all those activities and procedures necessary to provide the administrative services, breaking down each of the Sections II to IV indicated in Article 51 Bis of the Law.

Additionally, they shall describe the systems and interconnections established with those service providers of said funds, from which they receive the information required for the adequate provision of their services.

j)

Internal Control.

In this section, the activities and procedures necessary to ensure the adequate functioning of the company and of the investment funds to which it provides services, and that this is in accordance with its strategies, purposes, and activities, as well as with what is provided in the Law and general provisions emanating from it, shall be described, being able to refer to the corresponding manual.

In the case of investment fund operating companies, additionally, they shall develop with respect to the investment funds they administer, at least what relates to:

Compliance with investment and operation policies.

Adherence to the prospectuses of information to the public investor.

The adequate functioning of the systems and of the accounting through which it can be verified:

§

The existence of the Investment Assets in which the investment fund invests.

§

The proper application of the resources of the shareholders.

§

The valuation of the shares representing the share capital of the investment funds.

§

The due recognition of the income or returns in the accounting of the investment funds.

§

The correspondence between the distributed shares and the share capital of the investment funds.

Additionally, in the event of agreeing commissions with other investment fund operating companies or foreign financial entities of the same type to carry out the asset management services of the investment funds, they shall incorporate the policies and procedures to monitor the performance of the commissioner and the compliance with its contractual obligations in terms of these provisions. Likewise, they shall include the compliance with obligations in the matter of internal controls in the case of distribution of shares of the investment funds and management of securities portfolios on behalf of third parties.

k)

Human Resources.

In this section, the companies shall include the procedures related to the administration of the human resources necessary for the adequate and efficient functioning of their different business units, considering the policies to carry out the recruitment and selection of personnel; the hiring and removal of personnel; the remunerations and benefits; the training; the certification and authorization of the attorneys to celebrate operations with the public, and the integration of files of the councilors, executives, and employees.

l)

Complementary Services

In this section, the services and related or complementary activities that have been previously authorized by the Commission shall be described, as well as the description of the processes and procedures associated with these services. In these cases, in addition, the different business relationships shall be clearly included, as well as the information flows that are generated by said services.

CONTINGENCIES

a)

Recovery Actions

In this section, the responsible persons, personnel involved, and activities defined for the execution of timely corrective measures in cases of contingency or emergency, for eventual technological failures, operational problems, or exogenous issues, in order to ensure the continuity in the functioning of the operating company, shall be described.

b)

Information Backup

In this section, the processes and activities, as well as the responsible persons for the safeguarding and conservation of the information generated in the provision of the services of the company in question, shall be described.

c)

Information Recovery

In this section, the processes and procedures established for the timely recovery of the information generated by the different services that the company provides, the persons authorized to request the recovery of the information in question, as well as the responsible persons, shall be described.

ANNEX 20

MINIMUM REQUIREMENTS OF THE BUSINESS CONTINUITY PLAN

I.

The companies that administer electronic trading mechanisms for investment fund shares or the dissemination of information of investment funds, prior to the development of the Business Continuity Plan, must carry out a business impact analysis that:

a)

Includes all processes, identifying those critical processes indispensable for the continuity of operations.

b)

Determines the minimum resources (human, logistical, material, technological infrastructure, and of any other nature) necessary to maintain and restore the services of the companies that administer electronic trading mechanisms for investment fund shares or the dissemination of information of investment funds, in the event of an operational contingency, as well as at the end of it.

c)

Relevant scenarios, relative to possible operational contingencies, considering among others, the following:

i.

Natural and environmental disasters.

ii.

Infectious diseases.

iii.

Cyberattacks or attacks on computer activity.

iv.

Sabotage.

v.

Terrorism.

vi.

Interruptions in energy supply.

vii.

Failures or unavailability in technological infrastructure (application functionality, telecommunications, information processing, and networks).

viii.

Unavailability of human, material, or technical resources.

ix.

Interruptions occurred in services provided by third parties.

d)

Estimate the quantitative and qualitative impacts of operational contingencies, with defined scenarios for each process and through the methodologies referred to in Article 64 Bis 14 of these provisions.

e)

Define the recovery priority for each of the identified processes.

f)

Determine the Recovery Time Objective (known as RTO, from its English acronym), for each of the processes.

g)

Establish, where applicable, the Recovery Point Objective (known as RPO, from its English acronym) understood as the maximum tolerable data loss for each of the processes.

h)

Identify and evaluate the risks related to operational processes and services of data processing and transmission contracted with providers, as well as those related to custody and safeguarding of information of the company in question or its clients.

i)

Determine the risks derived from the geographic location of the main data processing centers and of the operation of the processes identified as critical in accordance with subsection a) of this numeral, to avoid that the alternative data processing and operation centers are exposed to the same risks as the main ones.

II.

In the elaboration of the Business Continuity Plan, the following strategies shall be incorporated:

a)

Of prevention, which will include at least the determination, based on the business impact analysis referred to in Section I of this Annex, of the actions and procedures related to:

i.

Reducing the vulnerability of processes and services to operational contingencies.

ii.

The availability of the human, financial, material, technical, and technological infrastructure resources necessary to act in a timely manner in the face of an operational contingency.

iii.

The establishment of a testing program for the functioning and sufficiency of the Business Continuity Plan that contemplates annual updating, or earlier if there is a significant change in the technological infrastructure, processes, products, and services, and that evaluates all stages and components of the Business Continuity Plan.

iv.

A training program that allows all clients of the company in question to know and apply the Business Continuity Plan.

v.

Determine a communication policy, which must attend to all moments of operational contingencies, from its occurrence and containment until its resolution and evaluation, in attention to the nature of said contingency and the different recipients of its communications.

vi.

Procedures for recording, attending to, monitoring, and disseminating to relevant personnel the findings, incidents, or observations resulting from the tests carried out on the Business Continuity Plan or the execution of the Plan itself in case an operational contingency has occurred.

b)

Of contingency, which will include the definition of the authorized response actions and procedures for:

i.

Timely identifying the nature of the Operational Contingencies that affect critical processes.

ii.

Containing the effects of operational contingencies on critical processes and favoring the restoration of operation to the required levels of functioning based on what is established in subsections f) and g) of the previous Section I.

iii.

Procuring the continuity of the operation, equality of conditions for the celebration of operations, equality in the dissemination of information, and availability and equality for clients to consult the information of the operations and orders.

c)

Of restoration, which will include the definition of the actions and procedures so that the services and processes carried out return to minimum levels of service and eventually to normality, including mechanisms for updating and reconciliation of information, observing in effect, the standards established in subsections f) and g) of Section I above.

d)

Of evaluation, which will include what relates to the collection and analysis of relevant information on the development of the Operational Contingency and of the actions and procedures followed for its prevention, containment, and restoration in order to, where applicable, make the necessary adjustments to the Business Continuity Plan.

The companies that administer electronic trading mechanisms for investment fund shares or the dissemination of information of investment funds, when defining the different actions and procedures referred to in the previous sections, must clearly determine the responsible personnel, as well as provide for their replacement or substitution in case the holders are prevented from carrying out what the Business Continuity Plan establishes.

ANNEX 21

FORMAT OF PROTEST LETTER FOR PERSONS WHO INTEND TO PARTICIPATE IN THE SHARE CAPITAL OF A COMPANY THAT ADMINISTERS ELECTRONIC TRADING MECHANISMS FOR INVESTMENT FUND SHARES OR THE DISSEMINATION OF INFORMATION

A.

FORMAT OF PROTEST LETTER FOR NATURAL PERSONS.

Mexico City, on

NATIONAL BANK AND SECURITIES COMMISSION

Present,

The undersigned, ( name of the person signing ), by my own right and with the object of providing the information that proves necessary in relation to the authorization request [to be submitted] [submitted]

before that National Bank and Securities Commission for [the organization and functioning of the company that administers electronic trading mechanisms for investment fund shares or the dissemination of information of investment funds to be named ____________] declare under oath of telling the truth the following:

I.

That I have a satisfactory credit history according to the Credit Information Reports and I am up to date in the fulfillment of my credit obligations in favor of financial entities subject to the supervision of the National Bank and Securities Commission in terms of its Law, including regarding credits that have been the subject of restructuring. Attached hereto, please find as Annex 1, the Credit Information Reports of the undersigned, in which that Commission can verify that there is no default whatsoever with my credit obligations in favor of financial entities subject to the supervision of the National Bank and Securities Commission, or well that if there is any prevention key in that sense, from the reports themselves it can be appreciated:

a)

The existence of a favorable resolution for the debtor due to the challenge of the record in question, due to errors attributable to the users of the credit information companies that are financial entities subject to the supervision of the National Bank and Securities Commission;

b)

The existence of payment of overdue debts as of the date of the consultation and evidence of sustained payment in a period of 1 year;

c)

Payment of losses caused to a financial entity, regardless of its amount, promoted voluntarily by the borrower, or

d)

The existence of judicial resolutions favorable to the borrowers, in litigation with the creditors.

Likewise, I declare that I do not have nor have had control, nor do I exercise nor have I exercised command power of an issuing company that has defaulted on its debt title payment obligations in the securities market.

II.

That I am not nor have I been, subject to a criminal process for an intentional crime sanctioned with a penalty of more than one year of imprisonment, and that, in case I have been, this concluded with an acquittal sentence.

III.

That I have not been subject to inquiry or investigation procedures of an administrative nature before the National Bank and Securities Commission for serious infractions to national or foreign financial laws, or before other Mexican supervisory and regulatory institutions of the financial system or of other countries, or well that having been, these concluded with a firm and definitive resolution or agreement/convention in which my exoneration was expressly determined.

IV.

That I have not been declared in civil or commercial bankruptcy, or well that even if I have been, this was given as terminated by the causes indicated in Sections I, II, or V of Article 262 of the Commercial Bankruptcy Law or, in the case of civil bankruptcy, by having paid in full to the creditors or having entered into an agreement with them, in terms of the local laws.

V.

That I am or have been subject or party in the processes before jurisdictional tribunals of the common or federal order, criminal investigations, as well as any other procedure that by its relevance must be declared by the applicant, which are indicated below: (1)

Type of

procedure

Body before whom

the procedure

is carried out

Capacity in which

I intervened

Status of the

procedure,

including start date and, where applicable,

conclusion

Sense of the

definitive resolution,

where applicable

The person signing this document authorizes the National Bank and Securities Commission to, where applicable,

verify before Mexican financial entities, credit information companies, the Institute for the Protection of Bank Savings, and any other competent authority, the truthfulness of the

declarations contained in this document, regarding any type of operations, in terms and with the breadth referred to in articles 142 of the Credit Institutions Law, 192 and 295 of the Securities Market Law, 55 of the Investment Funds Law, and other relevant provisions that apply.

The declarations under oath contained in this document are made for the purpose of allowing the National Banking and Securities Commission to have elements of judgment to evaluate the honorability, satisfactory credit history, and business history of the signatory, and to determine if it is prudent and timely for them to participate as a shareholder in the share capital of the society that administers electronic trading mechanisms for investment fund shares or information disclosure to be named ___________ with the proposed shareholding percentages [to be proposed] in the authorization request we are addressing.

Sincerely,

(Name and signature of the interested party)

Filling Instructions:

Fill in all blank spaces and provide the information indicated in parentheses, as appropriate.

Attach the Credit Information Reports that make up Annex 1, with an issuance date no more than three months prior to the application date.

In the event that the interested party is unable to make any of the declarations referred to in fractions I to IV of this letter, they must express this circumstance in the corresponding number, detailing the facts, acts, and reasons that prevent them or for which they do not fall under the referred circumstances.

In the event that the person has caused any financial loss, damage, or detriment directly or through an intermediary, to the detriment of financial entities due to non-compliance with obligations under their charge or due to debt write-offs, forgiveness, or discounts received regarding credits, unless these were under general programs implemented by the financial entities themselves or the Federal Government, the interested party must declare this situation, indicating the terms and characteristics of the credit in question, with indication of the lending entity, as well as a detailed description of the circumstances under which the financial loss, damage, or detriment occurred.

For these purposes, it will be understood that a natural person acted through the interposition of a legal person when the former has or has had control of the latter, or when they exercise or have exercised command power over the society or association in question.

In the event that the person has caused financial loss, damage, or detriment to the detriment of issuers in the securities market in which they exercise or have exercised control or have or have had command power, due to non-compliance with payment obligations contracted with these, the interested party must declare this situation, indicating the terms and characteristics of the operation in question, with indication of the issuing society, as well as a detailed description of the circumstances under which the financial loss, damage, or detriment occurred.

B. FORMAT OF PROTEST LETTER FOR LEGAL PERSONS

Mexico City, to

NATIONAL BANKING AND SECURITIES COMMISSION

Present,

(Name or corporate name of the legal person), through its representative (name of the legal representative), personality accredited through power contained in (data of the deed and its registration in the Public Commerce Registry), declares under oath and with the object of providing the information that may be necessary in relation to the authorization request [submitted] [to be submitted] before that National Banking and Securities Commission for [the organization and functioning of the society that administers electronic trading mechanisms for investment fund shares or information disclosure of investment funds to be named ____________] the following:

I.

That it enjoys a satisfactory credit history according to the Credit Information Reports and is up to date in the fulfillment of its credit obligations in favor of financial entities subject to the supervision of the National Banking and Securities Commission in terms of its Law, including regarding credits that have been subject to restructuring. Attached to this, please find as Annex 1, the Credit Information Reports in which that Commission can verify that there is no non-compliance with its credit obligations in favor of financial entities subject to the supervision of the National Banking and Securities Commission, or that if there is any key of prevention in this sense, from the reports themselves it can be appreciated:

a )

The existence of a favorable resolution for the debtor regarding the challenge of the record in question, due to errors attributable to the users of the credit information societies that are financial entities subject to the supervision of the National Banking and Securities Commission;

b )

The existence of payment of overdue debts as of the date of the consultation and evidence of sustained payment over a period of 1 year;

c )

Payment of losses caused to a financial entity, regardless of its amount, promoted voluntarily by the lender, or

d )

The existence of favorable judicial resolutions for the lenders, in litigation with creditors.

Likewise, we declare that our represented party has not failed to comply with its payment obligations for debt instruments in the securities market, nor does it exercise or has it exercised command power of an issuing society that has done so.

II.

That it has not been subject to inquiry or investigation procedures of an administrative nature before the National Banking and Securities Commission for serious infractions to national or foreign financial laws, or before other Mexican supervisory and regulatory institutions of the financial system or from other countries, or that, having been so, these concluded with a firm and definitive resolution or agreement/convention in which its exoneration was expressly determined.

III.

That it has not been declared in civil or commercial bankruptcy, or that even if it has been, this was terminated due to the causes indicated in fractions I, II, or V of article 262 of the Commercial Bankruptcy Law, or, regarding civil bankruptcy, by having paid in full to creditors or entered into an agreement with them, in terms of local laws.

IV.

That it is or has been a subject or party in processes before common or federal jurisdictional courts, criminal investigations, as well as any other procedure that by its relevance must be declared by the applicant, which are indicated below: (2)

Type of procedure

Body before which the procedure is carried out

Capacity with which I intervened

Status of the procedure, including start date and, if applicable, conclusion

Sense of the definitive resolution, if any

The signatory of this on behalf of their represented party authorizes the National Banking and Securities Commission to verify, if applicable, before Mexican financial entities, credit information societies, the Institute for the Protection of Bank Savings, and any competent authority, the truthfulness of the declarations contained in this document, regarding any type of operations, in terms and with the breadth referred to in articles 142 of the Credit Institutions Law, 192 and 295 of the Securities Market Law, 55 of the Investment Funds Law, and other relevant provisions that apply.

The declarations under oath contained in this document are made for the purpose of allowing that National Banking and Securities Commission to have elements of judgment to evaluate the honorability, satisfactory credit history, and business history of the person represented by the signatory, and to determine if it is prudent and timely for them to [participate as a shareholder in the share capital of the society that administers electronic trading mechanisms for investment fund shares or information disclosure of investment funds to be named ___________ with the proposed shareholding percentages [to be proposed] in the authorization request we are addressing.

Sincerely,

(Name and signature of the legal representative)

(Name or corporate name of the legal person)

Filling Instructions:

Fill in all blank spaces and provide the information indicated in parentheses, as appropriate.

Attach the Credit Information Reports that make up Annex 1, with an issuance date no more than three months prior to the application date.

In the event that the interested party is unable to make any of the declarations referred to in fractions I to III of this letter, they must express this circumstance in the corresponding number, detailing the facts, acts, and reasons that prevent them or for which they do not fall under the referred circumstances.

In the event that the person has caused any financial loss, damage, or detriment directly or through an intermediary, to the detriment of financial entities due to non-compliance with obligations under their charge or due to debt write-offs, forgiveness, or discounts received regarding credits, unless these were under general programs implemented by the financial entities themselves or the Federal Government, the interested party must declare this situation, indicating the terms and characteristics of the credit in question, with indication of the lending entity, as well as a detailed description of the circumstances under which the financial loss, damage, or detriment occurred.

For these purposes, it will be understood that a legal person acted through the interposition of another legal person when the former has or has had control of the latter, or when they exercise or have exercised command power over the society or association in question.

In the event that the person has caused financial loss, damage, or detriment to the detriment of issuing societies in the securities market in which they exercise or have exercised control or have or have had command power, due to non-compliance with payment obligations contracted with these, the interested party must declare this situation, indicating the terms and characteristics of the operation in question, with indication of the issuing society, as well as a detailed description of the circumstances under which the financial loss, damage, or detriment occurred.

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1

Only for the case in which the signatory has been subject to any process before common or federal jurisdictional courts, criminal investigations, as well as any other that by its relevance must be declared by the applicant. Otherwise, the fields must be filled with "N/A".

2

Only for the case in which the legal person has been subject to any process before common or federal jurisdictional courts, criminal investigations, as well as any other that by its relevance must be declared by the applicant. Otherwise, the fields must be filled with "N/A".

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