Resolution modifying the general provisions applicable to the activities of savings and loan cooperative societies

DOF: 26/04/2018

RESOLUTION modifying the general provisions applicable to the activities of savings and loan cooperative societies

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 31, fractions II and XI; 34, fourth and fifth paragraphs; and 37 of the Law to Regulate the Activities of Savings and Loan Cooperative Societies, as well as Articles 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 savings and loan cooperative 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 that it is necessary to 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 savings and loan cooperative societies must contract, since these are now 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", it has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO THE ACTIVITIES OF SAVINGS AND LOAN COOPERATIVE SOCIETIES

SINGLE.- Articles 1, fraction II; 37, first and second paragraphs; 71, second paragraph; 73, fraction II, second paragraph; 112, first and second paragraphs; 118, fraction II, subsection b); 166; 167, fraction VII; 174, fraction II, subsection c); 202, fractions IV, third paragraph and VI, second paragraph; 242, fraction II, second paragraph and 311, second paragraph are REFORMED, and Articles 1, fraction XXXI; 112, third paragraph, fraction I, subsection c), fractions III and VI; 114, second paragraph, fraction IV; 167, fraction I, subsection c) and fraction III; 168, second paragraph, fraction V and Chapter IV of Title Four titled "Independent External Auditors and Audit Reports" comprising Articles 203 to 222 of the "General Provisions applicable to the activities of savings and loan cooperative societies", published in the Official Journal of the Federation on June 4, 2012 and amended by resolutions published in the said Journal on January 9, 2015; January 7, 2016; April 4, July 24 and October 18, 2017 and January 23, 2018, are DEROGATED, to read as follows:

TITLES FIRST to THIRD

...

TITLE FOUR

OF THE FINANCIAL INFORMATION AND ITS DISCLOSURE AND OF THE VALUATION OF SAVINGS AND LOAN COOPERATIVE SOCIETIES

Chapters I to III

...

Chapter IV

Repealed

Chapter V

...

TITLES FIFTH to EIGHTH

...

" Article 1.-

...

I.

...

II.

Independent External Auditor: the public accountant or bachelor in public accounting 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 its modifications.

III. to XXX.

...

XXXI.

Repealed.

XXXII. to LXXXI.

...

... "

" Article 37.- The Board of Directors shall constitute an Audit Committee, whose object is to support said Board in the definition of the general guidelines of the internal control system, as well as in the verification and evaluation of said system. This, through the supervision of internal audit functions, acting as a communication channel between the Board of Directors, internal auditors and supervisory authorities.

The Audit Committee shall be composed entirely of members of the board of directors who may be full or alternate members, and must be majority independent, designated by the Board upon proposal of its president. Said Committee shall 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 related to the 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 full or alternate directors of the Board, maintaining a majority of independent directors.

...

...

... "

" Article 71 .-

...

The Audit Committee shall be composed entirely of members of the board of directors who may be full or alternate members, and must be majority independent, designated by the Board upon proposal of its president. Said Committee shall 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 related to the 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 full or alternate directors of the Board, maintaining a majority of independent directors.

...

...

... "

" Article 73.-

...

I.

...

II.

...

...

a)

a c)

...

The area referred to in this fraction must provide a report at least quarterly to the Audit Committee, the Supervisory Council and the Management or General Management on the deviations that it detects, if any, with respect to the policies, procedures and current regulations in credit matters and must keep said report available to the competent authorities.

III. to VI.

...

...

...

...

...

...

... "

" Article 112.-

The Board of Directors shall constitute an Audit Committee, whose object is to support said Board in the definition of the general guidelines of the internal control system, as well as in the verification and evaluation of said system. This, through the supervision of internal audit functions, acting as a communication channel between the Board of Directors, internal auditors and supervisory authorities.

The Audit Committee shall be composed entirely of members of the board of directors who may be full or alternate members, and must be majority independent, designated by the Board upon proposal of its president. Said Committee shall 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 related to the 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 full or alternate directors of the Board, maintaining a majority of independent directors.

...

I.

...

a) and

b)

...

c)

Repealed.

d) and

e)

...

II.

...

III.

Repealed.

IV. and V.

...

VI.

Repealed.

VII.

...

... "

" Article 114.-

...

...

I. to III.

...

IV.

Repealed.

... "

" Article 118.-

...

I.

...

II.

...

a)

...

b)

The credit control area must provide a report at least quarterly to the Audit Committee and Supervisory Council on the deviations that it detects, if any, with respect to the policies, procedures and current regulations in credit matters and with greater frequency to the Management or General Management, and must keep said report available to the competent authorities.

III. to VI.

...

...

...

... "

" Article 166.- The Board of Directors shall constitute an Audit Committee whose objective is to support said Board in the definition of the general guidelines of the internal control system, as well as in the verification and evaluation of said system. This, through the supervision of internal audit functions, acting as a communication channel between the Board of Directors, internal auditors and supervisory authorities.

The Audit Committee shall be composed entirely of members of the board of directors who may be full or alternate members, and must be majority independent, designated by the Board upon proposal of its president. Said Committee shall 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 related to the 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 full or alternate directors of the Board, maintaining a majority of independent directors. "

" Article 167.-

...

I.

...

a) and b)

...

c)

Repealed.

d) and e)

...

II.

...

III.

Repealed.

IV. to VI. ...

VII.

Review, based on the reports of the Internal Audit area at least once a year or when required by the Commission, that the Internal Audit program is carried out in accordance with adequate quality standards in accounting and internal controls and that the activities of the Internal Audit area are carried out effectively.

VIII. and IX.

...

...

... "

" Article 168.-

...

...

I. to IV.

...

V.

Repealed.

VI.

... "

" Article 174.-

...

I.

...

II.

...

a) and b)

...

c)

The credit control area must provide a report at least quarterly to the Audit Committee, the Supervisory Council and the Management or General Management on the deviations that it detects, if any, with respect to the policies, procedures and current regulations in credit matters and must keep said report available to the competent authorities.

III. to VI.

...

...

...

... "

" Article 202.-

...

I. to III.

...

IV.

...

...

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

V.

...

VI.

...

The Societies must make known to their Members, through notices placed in a visible place in their branches, their consolidated balance sheet and consolidated income statement with figures as of March, June and September of the fiscal year in question, within the month immediately following the respective closing date, as well as the annual consolidated financial statements audited by an Independent External Auditor, including their notes, within 90 natural days following the closing of the fiscal year in question.

...

...

...

VII. and VIII.

...

Articles 203 to 222 .- Repealed. "

" Article 242.-

...

I.

...

II.

...

In the procedures for the contracting of audit services referred to in this fraction, the Societies must observe, at all times, what is established 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 its modifications. The external auditor services that the Societies must contract in terms of what is established in this fraction must have the favorable opinion of the Commission prior to the celebration of the service provision contract.

III.

... "

" Article 311.-

...

Likewise, in the case of the audited consolidated basic financial statements closing the corresponding fiscal year of the Societies, as well as those that, if any, do not require auditing in accordance with the applicable provisions, prepared, approved and signed in accordance with what is established by Chapter III of Title Four of these provisions, as applicable, must be delivered to the Commission and Auxiliary Supervision Committee, in printed form within 90 natural days following the closing of the corresponding fiscal year.

... "

TRANSITIONAL

SINGLE. - 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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