Resolution modifying the general provisions applicable to securities broker-dealers

DOF: 05/09/2017

RESOLUTION modifying the general provisions applicable to securities broker-dealers

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, with the agreement of its Board of Directors, and based on the provisions of articles 173, first paragraph, 180, last paragraph, and 200, fraction III of the Securities Market Law, as well as 4, fractions II, XXXVI and XXXVIII and 16, fraction I of the National Banking and Securities Commission Law, and

CONSIDERING

That it is necessary to exert pressure on the information that broker-dealers must identify in their order reception and assignment systems in consistency with the systems of the stock exchanges, as well as to clarify the normative references of the obligations of broker-dealers consisting of designating an information security officer and including in their internal control system the objectives applicable to the business continuity plan, and

That it is necessary to improve the recognition of credit risk and determine the capital that broker-dealers must have to face operations subject to credit risk held by or guaranteed or endorsed by development banking institutions in which the Federal Government responds at all times, has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO SECURITIES BROKER-DEALERS

FIRST.- Articles 58, fraction IV, and 159, fractions I and II of the "General Provisions Applicable to Securities Broker-Dealers", published in the Official Gazette of the Federation on September 6, 2004, and modified through Resolutions published in said dissemination medium on March 9, 2005; March 29, June 26, December 6 and 22, 2006; January 17, 2007; August 11, September 19 and October 23, 2008; April 30 and December 30, 2009; February 4, July 29 and November 26, 2010; August 23, 2011; February 16, March 23 and December 17, 2012; January 31, July 2 and 11, 2013; January 30, June 5 and 30 and December 19, 2014; January 6, 8 and 9, March 13, September 18 and December 31, 2015; May 12, September 28 and December 27, 2016; June 23 and July 24, 2017, are REFORMED, to read as follows:

" Article 58.- . . .

I. to III.

. . .

IV.

Date and time of transmission of order positions to the relevant stock exchange.

V. to VII.

. . .

. . . "

" Article 159.- . . .

I.

RC-1 Group: Cash; deposits and securities held by the Bank of Mexico; securities issued or endorsed by the Federal Government; securities, titles and documents, issued or guaranteed by the Institute for the Protection of Bank Savings; deposits, values and credits held by or guaranteed or endorsed by development banking institutions in which, according to their respective organic laws, the Federal Government responds at all times for said operations; securities held by or guaranteed or endorsed by central banks or governments of countries whose titles in the market are classified with a high degree of investment by some rating agency of recognized international prestige; spot exchange of currencies and titles, repo operations, money flow exchange operations (swap), forward contracts, securities lending, options, structured operations, packages of financial derivative instruments and contingent operations, carried out with the persons indicated in this group, as well as the other authorized operations that are assimilated to this group. Likewise, operations with financial derivative instruments that are settled in clearing houses that are authorized by the Ministry or, in the case of clearing houses established abroad, that are recognized by the Bank of Mexico or that are established in countries whose financial authorities are designated members to form the council of the International Organization of Securities Commissions and over which said public authorities publicly recognize that they apply supervision that is consistent with the Principles for Financial Market Infrastructures published jointly by the referred Organization and by the Payment and Settlement Systems Committee of the Bank for International Settlements.

II.

RC-2 Group: Deposits, values and credits held by or guaranteed or endorsed by financial entities that are subsidiaries of the securities broker-dealer or financial entities that are part of the financial group to which the securities broker-dealer belongs, including the financial subsidiaries of these, by credit institutions or other securities broker-dealers; values and credits held by or guaranteed or endorsed by central banks or governments of countries other than those included in the RC-1 group, whose titles in the market are qualified with investment grade by some rating agency of recognized prestige; values and credits guaranteed with the instruments related to the operations indicated in fractions I, sub-paragraphs a), b) and d), II and III of article 46 of the Credit Institutions Law, provided that the guarantee is constituted with liabilities held by credit institutions, these latter cannot be withdrawn on a date prior to the maturity of the operation they are guaranteeing and it is agreed that the resources corresponding to said liabilities will be applied to the payment of the operation itself in case of default; deposits, values and credits held by or guaranteed or endorsed by banks constituted in the countries included in the RC-1 group, whose titles in the market are qualified with a high degree of investment by some rating agency of recognized prestige; deposits, values and credits held by or guaranteed or endorsed by insurance institutions constituted in the countries included in the RC-1 group that are qualified with a high degree of investment by some rating agency of recognized prestige or by insurance institutions authorized in Mexico that are qualified with a high degree of investment by some rating agency of recognized prestige; deposits, values and credits held by or guaranteed or endorsed by development banking institutions other than those considered in the RC-1 group; credits and values held by or guaranteed or endorsed by public trusts constituted by the Federal Government for economic promotion; values and credits held by decentralized organisms of the Federal Government and state-owned productive companies; repo operations, money flow exchange (swap), forward contracts, securities lending, options, structured operations, packages of derivative instruments and contingent operations carried out with the persons indicated in this fraction; as well as the other authorized operations that are assimilated to this group.

III.

. . . "

SECOND.- Article SECOND TRANSITORY, fraction I, first paragraph and fraction II of the "Resolution modifying the general provisions applicable to securities broker-dealers", published in the Official Gazette of the Federation on June 23, 2017, are REFORMED, to read as follows:

" SECOND.-

. . .

I.

Up to three months, to prepare or, in its case, modify the manuals, policies and procedures referred to in articles 15 Bis; 59; 87, last paragraph; 106, fraction VIII; 117 Bis; 117 Bis 6; 117 Bis 13 and 117 Bis 15 that are added to the "General Provisions Applicable to Securities Broker-Dealers" through this instrument, and submit them to the authorization of the National Banking and Securities Commission, as applicable.

. . .

II.

Up to six months, for the general director of the securities broker-dealers to designate the person who will serve as information security officer in accordance with what is provided for in article 117 Bis 8 that is reformed in the "General Provisions Applicable to Securities Broker-Dealers" through this instrument.

III. to V.

. . . "

TRANSITORY

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

Respectfully

Mexico City, August 25, 2017. - The President of the National Banking and Securities Commission, Jaime González Aguadé.- Rubric.

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