Resolution modifying the general provisions applicable to securities broker-dealers

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DOF: 04/01/2018

RESOLUTION modifying the general provisions applicable to securities broker-dealers

A seal with the National Coat of Arms appears on the margin, 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 205, second paragraph of the Securities Market Law; 4, fractions III, IV, XXXVI and XXXVIII and 16, fraction I of the National Banking and Securities Commission Law; 12, 15, first paragraph, 24, fraction I, subsection e), 42, fraction I and 58 of the Internal Regulations of the National Banking and Securities Commission, as well as 16, fraction I, subsection 1) and 38, fractions I, subsections 2), 3) and 11) and IV, subsection 50) of the Agreement by which the President of the National Banking and Securities Commission delegates powers to the Vice Presidents, General Directors and Assistant General Directors of said Commission, and

CONSIDERING

That it is important to incorporate certain Financial Reporting Standards issued by the Mexican Council for Financial Reporting Standards, A.C., so that they become applicable to securities broker-dealers at the time of determining the period for their application, with the object that these financial entities are able to comply with them, has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO

SECURITIES BROKER-DEALERS

SOLE.- Annex 5, Criterion A-2 "Application of particular standards" 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 Official Gazette 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, July 24, September 5, October 3 and 18, 2017, to read as follows:

TITLES FIRST to SEVENTH . . .

Annexes A to 4 BIS

. . .

Annex 5

Accounting criteria for securities broker-dealers.

Annexes 6 to 19

. . .

TRANSITORY

SOLE.- The Financial Reporting Standards B-17 "Determination of fair value", C-3 "Accounts receivable", C-9 "Provisions, contingencies and commitments", C-16 "Impairment of financial instruments for collection", C-19 "Financial instruments for payment", C-20 "Financial instruments to collect principal and interest", D-1 "Revenue from contracts with customers" and D-2 "Costs from contracts with customers" issued by the Mexican Council for Financial Reporting Standards, A.C. and referred to in paragraph 3 of Criterion A-2 "Application of particular standards" of Annex 5 which are modified through this instrument will enter into force on January 1, 2019.

Respectfully,

Mexico City, December 20, 2017.- National Banking and Securities Commission: Vice President of Regulation, Arcelia Olea Leyva.- Signature.- Vice President of Stock Market Supervision, Gloria Paola Fragoso Contreras.- Signature.

A-2 APPLICATION OF PARTICULAR STANDARDS

Objective and scope

This criterion aims to clarify the application of particular standards of the Financial Reporting Standards (NIF), as well as clarifications thereof.

1

The subject matter of this criterion is:

a)

the application of some of the particular standards made known in the NIF, and

b)

the clarifications to the particular standards contained in the NIF.

Financial Reporting Standards

2

In accordance with what is established in criterion A-1 "Basic scheme of the set of accounting criteria applicable to securities broker-dealers", entities will observe, until there is an express pronouncement by the CNBV, the particular standards contained in the bulletins or NIFs detailed below, or in the NIFs that replace or modify them:

NIF Series B "Standards applicable to financial statements as a whole"

Accounting changes and corrections of errors .................................................................... B-1

Comprehensive income ...................................................................................................... B-4

Business combinations .......................................................................................... B-7

Consolidated or combined financial statements ................................................................. B-8

Financial information at interim dates ...................................................................... B-9

Effects of inflation .............................................................................................. B-10

Subsequent events after the date of the financial statements ...................................................... B-13

Earnings per share .................................................................................................. B-14

Conversion of foreign currencies ............................................................................. B-15

Determination of fair value ............................................................................... B-17

NIF Series C "Standards applicable to specific items of financial statements"

Accounts receivable .................................................................................................. C-3

Prepayments ................................................................................................... C-5

Property, plant and equipment ....................................................................................... C-6

Investments in associates and other permanent investments ..................................................... C-7

Intangible assets ................................................................................................... C-8

Provisions, contingencies and commitments ....................................................................... C-9

Equity .................................................................................................... C-11

Financial instruments with characteristics of liability, equity or both.. ............................ C-12

Impairment of long-lived assets and their disposal ............................................................... C-15

Impairment of financial instruments for collection ............................................................... C-16

Obligations associated with the retirement of property, plant and equipment ........................................ C-18

Financial instruments for payment .............................................................................. C-19

Financial instruments to collect principal and interest ....................................................... C-20

NIF Series D "Standards applicable to profit determination problems"

Revenue from contracts with customers ............................................................................... D-1

Costs from contracts with customers ................................................................................. D-2

Employee benefits ........................................................................................ D-3

Income taxes .............................................................................................. D-4

Leases ...................................................................................................... D-5

Capitalization of comprehensive financing result .......................................................... D-6

Share-based payments ........................................................................................ D-8

3

Additionally, entities will observe the NIFs issued by CINIF on topics not foreseen in the accounting criteria for securities broker-dealers, provided that:

a)

they are in force with definitive status;

b)

they are not applied in advance;

c)

they do not contravene the philosophy and general concepts established in the accounting criteria for securities broker-dealers, and

d)

there is no express pronouncement by the CNBV, among others, regarding clarifications to the particular standards contained in the NIF issued, or regarding its non-applicability.

Clarifications to the particular standards contained in the NIFs

4

Taking into consideration that entities carry out specialized operations, it is necessary to establish clarifications that adapt the particular standards of recognition, valuation, presentation and, if applicable, disclosure, established by CINIF. In this regard, entities observing what is established in the previous paragraph must adhere to the following:

B-8

Consolidated or combined financial statements

5

Regarding the requirements for consolidation of financial statements referred to in NIF B-8, investment companies are exempt from the uniform recognition of accounting criteria for securities broker-dealers, solely with respect to the restatement of financial statements, considering that this criterion is not applicable to investment companies.

B-9

Financial information at interim dates

6

The provisions of NIF B-9 must be applicable to financial information issued at interim dates, including quarterly information that must be published or disseminated through the electronic page on the worldwide network called Internet corresponding to the entity itself, in accordance with the general provisions applicable to the financial information of securities broker-dealers published by the CNBV.

7

For the purposes of disclosing information issued at interim dates, entities must observe the provisions regarding the disclosure of financial information contained in criterion A-3 "Application of general standards".

B-10

Effects of inflation

Determination of monetary position

8

In the case of an inflationary environment based on what is stated by NIF B-10, the following must be attended to:

9

Entities must disclose the initial balance of the main monetary assets and liabilities used to determine the monetary position of the period, differentiating, if applicable, those that affect from those that do not affect the financial margin from intermediation.

Price index

10

The entity must use the value of the Investment Unit (UDI) as the price index.

Result from monetary position

11

The result from monetary position (REPOMO) that has not been presented directly in equity nor capitalized in terms of what is established in NIF B-10, must be presented in the statement of results in a specific item within the financial margin from intermediation when it comes from items of financial margin from intermediation; otherwise, it will be presented within the item of other income (expenses) of the operation.

12

The REPOMO related to items whose valuation adjustments are recognized in equity, must be presented in the equity account corresponding to its nature, for example, the REPOMO attributable to the valuation effect of available-for-sale securities must be presented in the item similar to it.

B-15

Conversion of foreign currencies

13

In the application of NIF B-15, the exchange rate to be used to establish the equivalence of the national currency with the United States dollar will be the FIX exchange rate published by the Bank of Mexico in the Official Gazette of the Federation on the business day following the date of the transaction or of the preparation of the financial statements, as applicable.

14

In the case of currencies other than the United States dollar, the respective currency must be converted to United States dollars. To carry out this conversion, they will consider the quotation that applies to the corresponding currency in relation to said dollar in international markets, as established by the Bank of Mexico in the applicable regulation.

15

Likewise, the amount of operations denominated in foreign currency by the most relevant currencies for the entity, as well as the exchange rate used and its equivalent in national currency, must be disclosed in notes to the financial statements, in accordance with what is stated in the two previous paragraphs.

C-3

Accounts receivable

Scope

16

For the purposes of Bulletin C-3, accounts receivable derived from the operations referred to in criteria B-3 "Repo agreements", B-4 "Securities lending" and B-5 "Derivatives and hedging operations", issued by the CNBV, shall not be included, since the standards of recognition, valuation, presentation and disclosure applicable are contemplated therein.

Loans to officials and employees

17

Interest derived from loans to officials and employees will be presented in the statement of results in the item of other income (expenses) of the operation.

Estimation for uncollectibility or difficult collection

18

For the loans that entities grant to their officials and employees, as well as for those accounts receivable, relating to identified debtors whose maturity is agreed for a term greater than 90 natural days, they must create, if applicable, an estimate that reflects their degree of uncollectibility.

19

Such estimate must be obtained by conducting a study that serves as a basis to determine the different future quantifiable events that could affect the amount of those accounts receivable, thereby showing the estimated recovery value of the enforceable rights.

20

The estimate of accounts receivable not included in the previous paragraph 19 must be constituted by the total amount of the debt according to the following terms:

a)

at 60 natural days following their initial registration, when they correspond to unidentified debtors, and

b)

at 90 natural days following their initial registration, when they correspond to identified debtors.

21

No estimate for uncollectibility or difficult collection will be constituted in the following cases:

a)

tax balances in favor;

b)

creditable value added tax;

c)

settling accounts, and

d)

the financing that entities grant in accordance with current regulation and that have collateral in excess of 100%, in addition to receiving ownership of the collateral.

C-7

Investments in associates and other permanent investments

22

Regarding the requirements for the application of the equity method referred to in NIF C-7, investment companies are exempt from the uniform recognition of the accounting criteria for securities broker-dealers, solely with respect to the restatement of financial statements, considering that this criterion is not applicable to investment companies.

C-9

Liability, provisions, contingent assets and liabilities and commitments

Scope

23

For the purposes of Bulletin C-9, liabilities related to the operations referred to in criteria B-3, B-4 and B-5 are not included, as these are contemplated in said criteria.

Stock market liabilities

24

Stock market liabilities, that is, those arising from fundraising through the securities market, will be distinguished according to the following classification:

a)

securities placed at par value, and

b)

securities placed at a price different from par value (with premium or at a discount).

25

Securities placed at par value will be recorded taking as a basis the contractual value of the obligation, recognizing accrued interest directly in the results of the exercise as an interest expense.

26

Those securities placed at a price different from par value, in addition to what is established in the previous paragraph, must recognize a deferred charge or credit for the difference between the par value of the security and the amount of cash received for it. Likewise, when securities are placed at a discount and do not accrue interest (zero coupon), they will be recorded at the time of issuance taking as a basis the amount of cash received for them.

27

The amount of issuance expenses, as well as the discount or premium in the placement, will be recorded as a deferred charge or credit, as applicable, and must be recognized in the results of the exercise as interest expenses or income, as applicable, as they accrue, taking into consideration the term of the security that gave rise to it, in the terms referred to in Bulletin C-9.

28

For presentation purposes, the premium or discount on placement must be shown within the liability that gave rise to it, and the deferred charge for issuance expenses will be presented within the item of other assets.

29

In addition to the disclosure required in Bulletin C-9 itself, the characteristics of the issuance of the credit securities issued must be disclosed in notes to the financial statements: amount; number of securities in circulation; par value; discount or premium; rights and form of redemption; collateral; maturity; interest rate; effective interest rate; amount amortized of discount or premium in results; amount of issuance expenses and other related expenses, and the proportion that the authorized amount holds against the issued amount.

Bank loans and from other organizations

30

For their recognition, they will adhere to what is established in paragraph 26.

31

They must disclose in notes to the financial statements the total amount of bank loans, as well as that of other organizations, indicating for both the type of currency, as well as the maturity terms, collateral and average weighted rates to which, if applicable, they are subject.

32

In the case of credit lines received by the entity in which not all the authorized amount is exercised, the unused part of them must not be presented in the balance sheet. However, entities must disclose through notes to the financial statements the unused amount, attending to what is established in criterion A-3, regarding the disclosure of financial information.

Subordinated obligations of forced conversion to equity

33

The subordinated obligations of forced conversion to equity that the entity issues and are acquired directly or through a trust by those entities that maintain direct or indirect participation in the capital of the entity itself, must be registered as a liability.

34

The amortization of the premium, the discount, as well as the issuance expenses of both those subordinated obligations of forced conversion to equity classified as liability in the terms of Bulletin C-9, as well as those indicated in the previous paragraph, must be recognized in the results of the exercise as an interest expense or income.

35

Commissions paid derived from loans received by the entity or from the placement of debt, will be recorded on the date they are generated in the results of the exercise, in the item of commissions and fees paid.

C-11

Equity

36

At the foot of the balance sheet, they must disclose the historical amount of share capital.

D-3

Employee benefits

37

The liability generated by employee benefits will be presented in the balance sheet within the item of other accounts payable.

38

Additionally, through notes to the financial statements, it must be disclosed:

a)

the manner in which the Workers' Participation in Profits (PTU) was determined, explaining the bases used for its calculation, and

b)

the identification of obligations for employee benefits in the short and long term.

39

Prepayments arising from the application of this NIF will form part of the item of other assets.

D-4

Income taxes

40

For the case of income taxes incurred, it will be disclosed through notes to the financial statements the manner in which these were determined, explaining the bases used for their calculation.

41

Regarding the disclosure required in NIF D-4 on the concepts of temporary differences, additionally, those related to the financial margin from intermediation and with the main operations of the entities must be disclosed, for example, those originated by the valuation of shares.

D-5 Leases

Capitalizable leases

Requirements

42

For the purposes of the requirements established in paragraph 33 of Bulletin D-5, it will be understood that the lease period is substantially equal to the remaining useful life of the leased asset, if said contract covers at least 75% of its useful life. Likewise, the present value of the minimum payments will be substantially equal to the market value of the leased asset, if said present value constitutes at least 90% of that value.

Operating leases

Accounting for the lessee

43

For presentation purposes, the lessee must include in the balance sheet the lease liability as part of the item of various creditors and other accounts payable, and in the statement of results the lease expense in the item of administration and promotion expenses.

D-6

Capitalization of comprehensive financing result

44

For the purposes of this NIF, Comprehensive Financing Result (RIF) will be understood as the following concepts: a) interest; b) result from monetary position, c) gain or loss on changes and d) the other costs associated with what is referred to in NIF D-6. These concepts may be capitalized to qualifying assets, instead of being recognized in the statement of results as interest income or expenses or other income (expenses) of the operation, as applicable, based on what is established in the cited NIF D-6.

45

The foregoing will not be applicable for qualifying assets in which a specific accounting criterion issued by the CNBV establishes a different treatment.

46

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