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

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DOF: 28/09/2016

RESOLUTION modifying the General Provisions applicable to investment funds and 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 34, fraction IV and 37 of the Investment Funds Law, as well as 4, fractions XXXVI and XXXVIII and 16, fraction I of the Law of the National Banking and Securities Commission, and

CONSIDERING

That in order to avoid duplication and as an administrative convenience, in the case where one or more persons intend to participate indirectly in the share capital of an investment fund operating society or a fund share distributing society that belongs to a financial group, due to the acquisition of shares of the share capital of the controlling society, it is deemed convenient that for the purposes of the corresponding procedure before the National Banking and Securities Commission, the information considered relevant to possible shareholders be that which is presented to the Ministry of Finance and Public Credit and regarding which opinion is requested from the Commission itself, since it is the same information, and

That additionally, in consistency with what is provided by the Investment Funds Law, it is necessary to clarify that regarding the indirect participation carried out by individuals through legal entities in the share capital of an investment fund operating society, fund share distributing society or fund share valuer society, the National Banking and Securities Commission may request the necessary information from all shareholders of said legal entities, has resolved to issue the following:

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

SOLE.- Article 26, fraction II, subsection b), third paragraph and second paragraph of said article are REFORMED; a second paragraph is ADDED to Article 27, and Annex 13 of the "General Provisions applicable to investment funds and persons providing services to them", published in the Official Gazette of the Federation on November 24, 2014, modified through Resolutions published in the said Gazette on December 26, 2014, January 6 and 9, July 23, August 3, September 1 and 18, 2015 and January 6, 2016, is SUBSTITUTED, to read as follows:

"FIRST to EIGHTH TITLES

...

Annexes 1 to 12

...

Annex 13

Information format for persons who intend to participate in the share capital of an investment fund operating society, distributor society or fund share valuer society and persons who intend to constitute themselves as secured creditors with respect to the paid-up share capital of said societies.

Annexes 14 to 21

..."

"Article 26.- ...

I.

...

II.

...

a)

...

b)

...

...

In the event that there are schemes of indirect participation in the share capital of the society in question, the Commission will evaluate, in terms of the Law, 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 society up to the ultimate beneficiaries, for which all of them must present the information referred to in this article, considering the provisions in the previous paragraph.

III. and IV.

...

The provisions of fraction II, subsection b) of this article shall not apply when the possible shareholders of the society to be constituted have the status of financial entities supervised by the Commission or by any of the other 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, to the effect that their financial situation has not varied with respect to that previously sent to the aforementioned Commissions in such a way as to prevent them from carrying out the acquisition in question. Additionally, the provisions of the aforementioned fraction II, subsection b) shall not apply to foreign financial entities that intend to constitute an investment fund operating society or a fund share distributing subsidiary society. The foregoing, without prejudice to the powers that the Commission has to corroborate the truthfulness of the information provided.

...

Article 27.- ...

Persons who intend to indirectly acquire shares representing the share capital of investment fund operating societies or fund share distributing societies due to the acquisition of shares of a controlling society of a financial group, will be exempt from presenting to the Commission the information referred to in the previous paragraph, provided that said persons have submitted the information referred to in article 28 of the Law to Regulate Financial Groups to the Ministry of Finance and Public Credit, in the respective authorization procedure before said agency. For the purposes of the corresponding evaluation, the Commission will take into account the information sent to it by the Ministry of Finance and Public Credit in accordance with said legal provision and the other applicable provisions. The foregoing, without prejudice to the powers that the Commission has to corroborate the truthfulness of the information provided, as well as to require in any case the presentation of the information and documentation referred to in the previous paragraph."

TRANSITORY

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

Respectfully

Mexico City, September 19, 2016.- The President of the National Banking and Securities Commission, Jaime González Aguadé.- Signature.

ANNEX 13

INFORMATION FORMAT FOR PERSONS WHO INTEND TO PARTICIPATE IN THE SHARE CAPITAL OF AN INVESTMENT FUND OPERATING SOCIETY, DISTRIBUTOR SOCIETY OR FUND SHARE VALUER SOCIETY AND PERSONS WHO INTEND TO CONSTITUTE THEMSELVES AS SECURED CREDITORS WITH RESPECT TO THE PAID-UP SHARE CAPITAL OF SAID SOCIETIES

Name or possible name of the society.

Date of preparation.

This information is part of the request 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 request authorization procedure to organize and operate as investment fund operating societies, distributor societies or fund share valuer societies 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 own society.

b) Persons who intend to obtain authorization to acquire directly or indirectly more than five percent of shares representing the share capital of an investment fund operating society, distributor society or fund share valuer society.

c) Persons who intend to obtain authorization to constitute themselves as secured creditors with respect to more than five percent of shares representing the share capital of an investment fund operating society, distributor society or fund share valuer society.

No spaces should be left blank. In any case, 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.

INDIVIDUALS.

First name(s).

Paternal surname.

Maternal surname.

Nationality.

Tax ID (RFC).

Population Registry Code (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 ascending and descending straight line up to the first degree.

IDENTIFICATION DATA.

LEGAL ENTITIES.

Name or trade name.

Main activity.

Nationality.

Tax ID (RFC).

Date of constitution.

Legal representative.

Profession.

Work history.

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

(%)

• Regarding legal entities, trusts or other investment vehicles, the direct and indirect participations of individuals in the capital of these, must be related and broken down in such a way that allow the identification of the individuals who are the ultimate beneficiaries of said participations.

According to statutes, can it invest in other societies?

Yes ______

No _____

Has the investment in question been approved by its board of directors?

Yes ______

No _____

Does it have or has it had investment in financial entities?

Yes ______

No _____

Specify: __% equity

Name:__________

Section 2.

Participation of the person in the investment fund operating society, distributor society or fund share valuer society.

Shareholder.

___ % shareholding.

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