Resolution modifying the General Provisions applicable to Popular Savings and Credit Entities, Integration Organizations, Community Financial Societies, and Rural Financial Integration Organizations under the Popular Savings and Credit Law

DOF: 12/15/2021

RESOLUTION modifying the General Provisions applicable to Popular Savings and Credit Entities, Integration Organizations, Community Financial Societies, and Rural Financial Integration Organizations, referred to in the Law

A seal with the National Coat of Arms, which reads: United Mexican States.- TREASURY.- Ministry of Treasury and Public Credit.- National Banking and Securities Commission.

The National Banking and Securities Commission, based on articles 117 of the Popular Savings and Credit Law; 98 Bis of the Credit Institutions Law, as well as 4, fractions III, V, XXXVI and XXXVIII and 16, fraction I of the Law of the National Banking and Securities Commission, and

CONSIDERING

That, in accordance with article 78 of the General Law for Regulatory Improvement and with the purpose of reducing the compliance cost of this Resolution, the National Banking and Securities Commission through a resolution published in the Official Gazette of the Federation on December 26, 2017, reformed the "General Provisions applicable to credit institutions", with the object of granting an extension to the deadline to which multiple banking institutions were subject to constitute their operational risk capital requirements;

That, in terms of current accounting criteria, the National Banking and Securities Commission instructs entities subject to its regulation, to use the exchange rate to establish the equivalence of the national currency with the United States dollar, being the FIX exchange rate (Fixed Exchange Rate) published by the Bank of Mexico in the Official Gazette of the Federation, a situation that allows maintaining uniform criteria among said entities;

That the FIX exchange rate is determined by the Bank of Mexico based on an average of cotizations from the wholesale foreign exchange market for operations settleable on the second following banking business day and that are obtained from foreign exchange transaction platforms and other electronic means with representativeness in the foreign exchange market. The Bank of Mexico makes the FIX known starting from 12:00 hours of all banking business days, it is published in the Official Gazette of the Federation one banking business day after the date of determination and is used to settle obligations denominated in dollars settleable in the Mexican Republic the day following the publication in said dissemination medium;

That, derived from the time that exists between the schedules established for the sampling used for determination of the FIX exchange rate in accordance with the applicable regulations issued by the Bank of Mexico (from 9:00:00 to 9:59:00 hours; from 10:00:00 to 10:59:00 hours, and from 11:00:00 to 12:00:00 hours) and the value of the exchange rate at the close of the operating day used by the entities to close their operations (14:00 hours), differences arise between the exchange rate for purposes of recognition in financial information and the exchange rates used in treasury areas, and

That, in attention to the foregoing, it is necessary to use an exchange rate published by the Bank of Mexico that considers a wider sample window in order to be consistent with the close of the operating day, therefore it has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO POPULAR SAVINGS AND CREDIT ENTITIES, INTEGRATION ORGANIZATIONS, COMMUNITY FINANCIAL SOCIETIES AND RURAL FINANCIAL INTEGRATION ORGANIZATIONS, TO WHICH THE POPULAR SAVINGS AND CREDIT LAW REFERS

SINGLE.- The Annex E, Accounting Criteria A-3, paragraph 32 and D-4, paragraphs 32, 38 and 39 of the "General Provisions applicable to popular savings and credit entities, integration organizations, community financial societies and rural financial integration organizations, referred to in the Popular Savings and Credit Law", published in the Official Gazette of the Federation on December 18, 2006 and last modified by the resolution published in said Gazette on July 6, 2021, are REFORMED, to read as follows:

" ANNEX E

ACCOUNTING CRITERIA FOR POPULAR FINANCIAL SOCIETIES, COMMUNITY FINANCIAL SOCIETIES AND RURAL FINANCIAL INTEGRATION ORGANIZATIONS "

"A-3 APPLICATION OF GENERAL STANDARDS

Paragraphs 1 to 31 . . .

In the preparation of financial statements, the exchange rate to be used to establish the equivalence of the national currency with the United States dollar, shall be the closing-of-the-day exchange rate on the date of the transaction or of the preparation of the financial statements, as applicable, published by the Bank of Mexico on its Internet page www.banxico.org.mx, or the one that replaces it.

32

Paragraphs 33 to 35 . . . "

" D-4 STATEMENT OF CASH FLOWS

Paragraphs 1 to 31 . . .

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

a)

The effects from gains or losses on foreign exchange of cash and cash equivalents referred to in paragraph 40, which includes the difference generated by the conversion of the initial balance of cash and cash equivalents to the closing-of-the-day exchange rate on the date of the close of the previous period published by the Bank of Mexico on its Internet
page www.banxico.org.mx, or the one that replaces it, and of the final balance of cash and
cash equivalents to the closing-of-the-day exchange rate of the current period, which publishes the Bank of Mexico on the referred Internet page;

b)

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

c)

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

32

Paragraphs 33 to 37 . . .

Conversion of foreign currency cash balances or flows

In order to determine the changes in the balances of foreign currency operational items from operating activities, these must be converted to the closing-of-the-day exchange rate published by the Bank of Mexico on its Internet page www.banxico.org.mx, or the one that replaces it, on the date of close.

38

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

39

Paragraphs 40 to 48 . . . "

TRANSITIONAL

SINGLE.- This Resolution shall enter into force as of December 15, 2021.

Respectfully

Mexico City, December 8, 2021.- President of the National Banking and Securities Commission, Dr. Jesús de la Fuente Rodríguez.- Signature.

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