Resolution modifying the general provisions applicable to savings and credit entities, integration organisms, community financial societies, and rural financial integration organisms under the Savings and Credit Popular Law

DOF: 26/04/2018

RESOLUTION modifying the general provisions applicable to savings and credit entities, integration organisms, community financial societies, and rural financial integration organisms, referred to in the Savings and Credit Popular Law.

At the margin, a seal with the National Coat of Arms, which reads: 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 18, third paragraph; 118, fourth and fifth paragraphs of the Savings and Credit Popular Law, as well as 4, fractions VI, XXXVI and XXXVIII and 16, fraction I of the Law of the National Banking and Securities Commission, and

CONSIDERING

That given the functions assigned to the audit committee of popular financial societies and community financial societies, it is necessary to clarify that the selection of its members must be made taking into account their knowledge and experience in matters such as accounting, auditing, internal control, as well as those specific to the business; and it must establish the obligation for such members to perform their functions in a transparent, independent manner, free from conflicts of interest and not subordinate to personal, patrimonial, or economic interests, and

That it is necessary to repeal the norms regarding the independent external audit services that popular financial societies and community financial societies must contract, due to the fact that these are integrated into a new regulatory body called "General provisions applicable to entities and issuers supervised by the National Banking and Securities Commission that contract external audit services for basic financial statements", has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO SAVINGS AND CREDIT ENTITIES, INTEGRATION ORGANISMS, COMMUNITY FINANCIAL SOCIETIES AND RURAL FINANCIAL INTEGRATION ORGANISMS, REFERRED TO IN THE SAVINGS AND CREDIT POPULAR LAW

SOLE.- Articles 1, fraction II; 2, fraction VII; 45, first paragraph; 66, first paragraph; 101, first paragraph; 123, last paragraph; 127, fraction V; 130, fraction II, subsection b); 150, first paragraph; 183, first and second paragraphs; 192, fraction II, subsection c); 205 Bis 12, fraction II, second paragraph; 212, fractions IV, third paragraph and VI, second paragraph; 335, fraction XIV and 336, fraction X are REFORMED and Articles 1, fractions XIV, XXXII and XLIV; 127, fraction IV; 184, fraction I, subsection b) and fractions III and VI; 185, fraction V as well as Chapter VI of Title Four entitled "Independent External Auditors and Audit Reports" comprising Articles 218 to 232 Bis 4 of the "General provisions applicable to savings and credit entities, integration organisms, community financial societies and rural financial integration organisms, referred to in the Savings and Credit Popular Law", published in the Official Gazette of the Federation on December 18, 2006 and reformed through resolutions published in the said Gazette on January 18 and August 11, 2008; December 16, 2010; December 18, 2012; January 12, February 6, April 2, September 22, October 29, 2015; January 7, February 2, April 22, July 11, September 28 and December 27, 2016; March 10, May 31, July 24 and October 6, 2017; January 23 and 26, 2018, to read as follows:

TITLES FIRST to THIRD

...

TITLE FOUR

On the functioning of Popular Financial Societies

Chapters I to V

...

Chapter VI Repealed.

Chapters VII to IX

...

TITLE FIFTH to TITLE NINTH

...

" Article 1.-

...

I.

...

II.

Independent External Auditor: the public accountant or licensed public accountant who meets the characteristics and requirements contained in the "General provisions applicable to entities and issuers supervised by the National Banking and Securities Commission that contract external audit services for basic financial statements" and their respective modifications.

III. to XIII.

...

XIV. Repealed.

XV. to XXXI.

...

XXXII.

Repealed.

XXXIII to XLIII.

...

XLIV.

Repealed.

XLV to LXXXVI.

... "

" Article 2 .- ...

I. to VI.

...

VII.

...

...

The financial statements referred to in the previous paragraph shall be prepared, in accordance with the Accounting Criteria for Popular Financial Societies, Community Financial Societies and Rural Financial Integration Organisms referred to in the First Section of Chapter V of Title Four of these provisions and shall correspond to the amount in UDIS of total assets, net of their corresponding depreciation and estimates, that the respective Society has on the date of the application. Likewise, for the preparation of the aforementioned financial statements, the Societies must have a bank appraisal of their real estate, which must not be older than one year from the date of submission of the authorization application referred to in the second paragraph of this fraction. The amount thus determined shall be considered as the acquisition cost of said assets for the purposes of the financial statements referred to in this paragraph.

The financial statements that the Society must have at the time of starting operations must reflect, in accordance with the Accounting Criteria for Popular Financial Societies, Community Financial Societies and Rural Financial Integration Organisms referred to in the First Section of Chapter V of Title Four of these provisions, the financial effects and operations carried out between the date of submission of the respective authorization application and the date of commencement of operations.

The aforementioned Societies must recognize within a line item called "Effect by incorporation into the savings and credit entity regime" the net effect on the equity capital of the Societies, due to the application of the Accounting Criteria for Popular Financial Societies, Community Financial Societies and Rural Financial Integration Organisms referred to in the First Section of Chapter V of Title Four of these provisions, according to what is stated in the previous paragraph.

...

Seventh paragraph.- Repealed.

...

Regarding this, the Societies must present information regarding the adjustments resulting from the initial application of the Accounting Criteria for Popular Financial Societies, Community Financial Societies and Rural Financial Integration Organisms referred to in the First Section of Chapter V of Title Four of these provisions. For these purposes, they must disclose in an explanatory note, which shall form an integral part of their financial statements, a comparative table that includes: (i) the balance sheet items that will be affected by the initial application of the aforementioned accounting criteria, with the figures the Society would show prior to the application of said criteria (corresponding to the date of preparation of its balance sheet); (ii) the adjustments made to each of the aforementioned items, as well as their total effect on the line item called "Effect by incorporation into the savings and credit entity regime", and (iii) the figures of said items once the adjustments derived from the recognition of the aforementioned criteria are included. Likewise, they must include in the aforementioned note, a detailed explanation of the differences between the accounting treatment the Society had been applying and the corresponding accounting criterion, with respect to each of the items for which the accounting effect was made, as a result of the initial application of the Accounting Criteria for Popular Financial Societies, Community Financial Societies and Rural Financial Integration Organisms referred to in the First Section of Chapter V of Title Four of these provisions.

The audit report to be prepared in accordance with what is stated in this fraction must be made, at least, in accordance with the methodology established in the International Standards on Auditing, issued by the International Auditing and Assurance Standards Board of the International Federation of Accountants, for which the external auditor must consider what is stated in the preceding paragraphs. Additionally, the Societies must inform of subsequent events that may have been known between the date of the financial statements and the date of submission of the respective authorization application.

...

VIII. to XII. ...

... "

" Article 45.- Popular Financial Societies must maintain a net capital which cannot be lower than the capital requirement established in this Section. For these purposes, the operations must be valued in accordance with the Accounting Criteria for Popular Financial Societies, Community Financial Societies and Rural Financial Integration Organisms referred to in the First Section of Chapter V of Title Four of these provisions.

...

... "

" Article 66.-

Popular Financial Societies must maintain a net capital in relation to the credit and market risks they incur in their operation, which cannot be lower than the capital requirements established in this Section. For these purposes, the operations must be valued in accordance with the Accounting Criteria for Popular Financial Societies, Community Financial Societies and Rural Financial Integration Organisms referred to in the First Section of Chapter V of Title Four of these provisions.

...

... "

" Article 101.-

Popular Financial Societies must maintain a net capital in relation to the risks they incur in their operation, which cannot be lower than the capital requirements established in this Section. For these purposes, the operations must be valued in accordance with the Accounting Criteria for Popular Financial Societies, Community Financial Societies and Rural Financial Integration Organisms referred to in the First Section of Chapter V of Title Four of these provisions.

...

... "

" Article 123 .- ...

I. to III.

...

Likewise, the Director or General Manager or, in their case, the technical committee referred to in Article 119 of these provisions, must submit to the approval of the Board of Directors, the operation manuals indicated in Article 120 of these provisions, except those related to risk management and credit; and the adoption of a code of ethics. "

" Article 127 .- ...

I. to III.

...

IV.

Repealed.

V.

Inform the Board of Directors, at least once a year, about the status of the Entity's internal control system.

... "

" Article 130.-

...

I.

...

II.

...

a)

...

b)

The credit oversight area must provide a report at least quarterly to the Board of Directors regarding any deviations it may detect with respect to policies, procedures and current regulations in the matter of credit and with greater frequency to the Management or General Management, and must keep said report available to the competent authorities.

III. to VI.

... "

" Article 150.- Popular Financial Societies must maintain a net capital in relation to the risks they incur in their operation, which cannot be lower than the capital requirements established below. For these purposes, the operations must be valued in accordance with the Accounting Criteria for Popular Financial Societies, Community Financial Societies and Rural Financial Integration Organisms referred to in the First Section of Chapter V of Title Four of these provisions.

...

... "

" Article 183.- The Board of Directors must constitute an audit committee, whose object is to support the said council in the definition of the general guidelines of the internal control system, as well as in the verification and evaluation of said system. The foregoing, through the supervision of internal audit functions, acting as a communication channel between the Board of Directors and the internal auditors and supervisory authorities.

The Audit Committee will be composed entirely of members of the Board of Directors who may be owners or alternates of the society, and must be mostly independent, designated by the Board of Directors upon proposal of its president. Said Committee will be presided over by an independent director and must have at least three members, who will be selected for their capacity, experience and professional prestige and at least one of them must have technical knowledge and experience in accounting, auditing, and internal control, as well as possess technical knowledge regarding societies. Said committee must perform its functions in a transparent, independent manner, free from conflicts of interest and its members must conduct themselves without being subordinate to personal, patrimonial or economic interests. The members of the committee may appoint their substitutes, who must be owner or alternate directors of the Council, maintaining a majority of independent directors.

...

Article 184.-

...

I.

...

a)

...

b)

Repealed.

c) and d)

...

II.

...

III.

Repealed.

IV. and V.

...

VI.

Repealed.

VII.

...

...

...

Article 185 .- ...

...

...

I. to IV.

...

V.

Repealed.

VI.

... "

" Article 192 .- ...

I.

...

II.

...

a) and b)

...

c)

The credit oversight area must provide a report at least quarterly to the Board of Directors and to the management or general management regarding any deviations it may detect with respect to policies, procedures and current regulations in the matter of credit and must keep said report available to the competent authorities.

III. to VI.

... "

" Article 205 bis 12.-

...

I.

...

II.

...

In the procedures for contracting the audit services referred to in this fraction, Popular Financial Societies must observe, at all times, what is provided by the "General provisions applicable to entities and issuers supervised by the National Banking and Securities Commission that contract external audit services for basic financial statements" and their modifications. The external auditor services that Popular Financial Societies contract in terms of what is provided in this fraction must have the favorable opinion of the Commission prior to the celebration of the service provision contract. "

" Article 212.-

...

I. to III.

...

IV.

...

...

Regarding the annual consolidated basic financial statements, these must be presented for approval to the Board of Directors of the Popular Financial Society, within 90 natural days following the closing of the respective fiscal year.

V.

...

VI.

...

Popular Financial Societies must disseminate through their Internet page the consolidated basic financial statements with figures for March, June and September of the fiscal year in question, within the month immediately following their respective closing date, as well as the annual consolidated basic financial statements audited with figures for the month of December of each year, including their notes, and the opinion issued by the Independent External Auditor within 90 natural days following the closing of the fiscal year in question.

...

...

...

VII. to IX. ...

"

" Articles 218 to 232 Bis 4.- Repealed. "

" Article 335 .- ...

I. to XIII. ...

XIV.

The General provisions applicable to entities and issuers supervised by the National Banking and Securities Commission that contract external audit services for basic financial statements and their modifications.

XV. to XX. ...

... "

" Article 336.- ...

I. to IX.

...

X.

The General provisions applicable to entities and issuers supervised by the National Banking and Securities Commission that contract external audit services for basic financial statements and their modifications.

XI. and XII. ...

... "

TRANSITIONAL

SOLE. - This Resolution will enter into force on August 1, 2018.

Respectfully,

Mexico City, April 17, 2018. - The President of the National Banking and Securities Commission, José Bernardo González Rosas.- Signature.

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