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

DOF: 14/04/2017

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

A seal with the National Coat of Arms appears at the margin, stating: 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 9, second paragraph, and 32, last paragraph, of the Investment Funds Law, as well as articles 4, fractions XXXVI and XXXVIII, and 16, fraction I, of the National Banking and Securities Commission Law,

CONSIDERING

That it is indispensable to make certain clarifications regarding the concepts under which differentiated commissions may be agreed upon in the distribution of investment fund shares, taking into account the value of the securities portfolios of clients that could be assimilated to pension funds and institutional investors, without generating discriminatory practices, has resolved to issue the following:

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

SINGLE.-

Article 106, fraction IV, subsection e) 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, and modified by Resolutions published in the said Gazette on December 26, 2014, January 6 and 9, July 23, August 3, September 1 and 18, 2015, January 6, September 28, November 17, and December 27, 2016, is REFORMED to read as follows:

" Article 106.- . . .

I. to III.

. . .

IV.

. . .

a) to d)

. . .

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 Gazette of the Federation on January 9, 2015, and their respective modifications, to pension funds, institutional investors, or clients who maintain a securities portfolio by virtue of the investment management contract with an average equivalent amount in national currency of at least 10 million UDIS during the last twelve months or during the period from the opening of the investment management contract, in case it was entered into with less than twelve months' advance, and the investment funds are distributed precisely under the auspices of said investment services.

f) to g)

. . .

. . .

. . .

. . . "

TRANSITORY

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

Respectfully,

Mexico City, April 4, 2017. - The President of the National Banking and Securities Commission, Jaime González Aguadé.- Signature.

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