Resolution modifying the general provisions establishing accounting criteria for participants in the derivatives contracts market

DOF: 04/01/2018

RESOLUTION modifying the general provisions establishing the accounting criteria to which participants in the derivatives contracts market will be subject.

A seal with the National Coat of Arms appears at 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 the Fourteenth, first paragraph of the Rules to which participants in the derivatives contracts market must be subject, as well as Articles 4, fractions III, IV, XXXVI and XXXVIII, and 16, fraction I of the Law of the National Banking and Securities Commission, 12, 15, first paragraph, 24, fraction I, subsections b) and g), 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, fraction I, subsections 2), 3) and 11) 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 of Financial Reporting Standards, A.C., so that they become applicable to clearing houses and clearing members participating in the futures and options market traded on the stock exchange at the time of determining the deadline for their application, with the objective that these societies are able to comply with them, has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS ESTABLISHING THE ACCOUNTING CRITERIA TO WHICH PARTICIPANTS IN THE DERIVATIVES CONTRACTS MARKET WILL BE SUBJECT

SOLE.- The Annexes 1, Criterion A-2 "Application of particular standards" and 2, Criterion A-2 "Application of particular standards" of the "General provisions establishing the accounting criteria to which participants in the derivatives contracts market will be subject", published in the Official Gazette of the Federation on February 2, 2011, and modified by resolutions published in said Official Gazette on March 18, 2011, April 19, 2013 and July 23, 2015, are REFORMED, to read as follows:

Chapters I and II

...

Annex 1

Accounting Criteria for Clearing Houses.

Annex 2

Accounting Criteria for Clearing Members.

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 receivable", C-19 "Financial instruments payable" and 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 of Financial Reporting Standards, A.C., and referred to in paragraphs 3 of Criterion A-2 "Application of particular standards" of Annexes 1 and 2 that are modified by this instrument, will enter into force on January 1, 2019.

Respectfully,

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

A-2 APPLICATION OF PARTICULAR STANDARDS

Objective and scope

This criterion aims to clarify the application of particular standards of the NIFs, as well as clarifications thereof.

The subject matter of this criterion is:

a)

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

b)

the clarifications to the particular standards contained in the NIFs.

Financial Reporting Standards

In accordance with what is established in criterion A-1 "Basic scheme of the set of accounting criteria applicable to clearing houses", 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 B Series "Standards applicable to financial statements as a whole"

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

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

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

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

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

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

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

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

Investments in associates, joint ventures and other permanent investments ............................. C-7

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

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

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

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

Impairment of financial instruments receivable ............................................................... C-16

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

Financial instruments payable .............................................................................. C-19

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

Joint control agreements .................................................................................... C-21

NIF D Series "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 the comprehensive financing result .......................................................... D-6

Additionally, entities will observe the NIFs issued by CINIF on topics not foreseen in the accounting criteria for clearing houses, provided that:

a)

they are in force with definitive character;

b)

they are not applied in advance;

c)

they do not contravene the philosophy and general concepts established in the accounting criteria for clearing houses, 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

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, where applicable, disclosure, established by CINIF. In virtue of this, entities observing what is established in the previous paragraph must adhere to the following:

B-9

Financial information at interim dates

The provisions of NIF B-9 must be applicable to the financial information issued at interim dates, including quarterly, in accordance with the "Rules to which participants in the derivatives contracts market must be subject", issued jointly by the Ministry of Finance and Public Credit, Bank of Mexico and the CNBV.

For the purposes of the disclosure of 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 the monetary position

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

Entities must disclose the initial balance of the main monetary assets and liabilities used to determine the monetary position of the period, differentiating, where applicable, those that affect from those that do not affect the result of the operation.

Price index

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

Result from monetary position

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 result of the operation when it comes from items of the result of the operation.

The REPOMO related to items whose valuation adjustments are recognized in equity, must be presented in the equity account corresponding according to its nature.

B-15

Conversion of foreign currencies

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.

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 governs the corresponding currency in relation to said dollar in international markets, as established by the Bank of Mexico in the applicable regulation.

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

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" issued by the CNBV must not be included, since the applicable standards of recognition, valuation, presentation and disclosure are contemplated therein.

Loans to officials and employees

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

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 from origin to a term greater than 90 natural days, they must create, where applicable, an estimate that reflects their degree of uncollectibility.

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.

The estimate of accounts receivable not included in the previous paragraph 18 must be constituted by the total amount of the debt according to the following deadlines:

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.

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

a)

tax balances in favor;

b)

creditable value added tax, and

c)

clearing accounts.

C-9

Liabilities, provisions, contingent assets and liabilities and commitments

Scope

For the purposes of Bulletin C-9, liabilities relating to the operations referred to in criteria B-3, B-4, B-5 and B-6 are not included, since these are contemplated in said criteria.

C-11

Equity

For the purposes of NIF C-11, equity will be understood as the net assets, which corresponds to the right of the trustees of the entity over the net assets, which arises from the contributions of the settlors covered by statements of fiduciary rights, for the constitution of the minimum equity, the contribution fund, the compensation fund and the excesses of minimum equity referred to in the applicable regulation, the contributions for future increases in equity formalized by the technical committee and the premium for the issuance of fiduciary rights, as well as to the profits or losses generated in the operation of the entity. Accounting equity will be divided into contributed equity and earned equity.

Contributed equity is represented by the sum of the value of the statements of fiduciary rights.

Earned equity corresponds to the result of the operational activities of the entity and other events or circumstances that affect it.

Notes to the financial statements must disclose all characteristics of equity and its restrictions, as well as the investment regime applicable to minimum equity.

Likewise, in addition to the disclosures for capital reserves provided in NIF C-11, the policies established by the Technical Committee for the constitution of reserves by Complementary Fund and by Business Risk Mitigation must be disclosed, in accordance with applicable regulations.

D-3 Employee benefits

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

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.

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

D-4 Income taxes

In 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.

Regarding the disclosure required in NIF D-4 on the concepts of temporary differences, additionally, those related to the main operations of the entities must be disclosed.

D-5 Leases

Capitalizable leases

Requirements

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

For presentation purposes, the lessee must include the lease liability in the balance sheet 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.

Subleases and similar transactions

Accounting for the original lessee

The effects on the results of the period referred to in paragraph 76 of Bulletin D-5, relating to the termination of the original lease, will be presented in the item of other income (expenses) of the operation in the statement of results.

D-6 Capitalization of the comprehensive financing result

For the purposes of this NIF, Comprehensive Financing Result 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 said NIF D-6.

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

A-2 APPLICATION OF PARTICULAR STANDARDS

Objective and scope

This criterion aims to clarify the application of particular standards of the NIFs, as well as clarifications thereof.

The subject matter of this criterion is:

a)

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

b)

the clarifications to the particular standards contained in the NIFs.

Financial Reporting Standards

In accordance with what is established in criterion A-1 "Basic scheme of the set of accounting criteria applicable to clearing members", 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 B Series "Standards applicable to financial statements as a whole"

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

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

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

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

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

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

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

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

Investments in associates, joint ventures and other permanent investments .............................. C-7

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

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

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

Impairment of long-lived assets and

their disposal ....................................................................................................... C-15

Impairment of financial instruments receivable ................................................................ C-16

Obligations associated with the retirement of property, plant and

Equipment ............................................................................................................... C-18

Financial instruments payable ............................................................................... C-19

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

Joint control agreements .................................................................................... C-21

NIF D Series "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 the comprehensive financing result ........................................................... D-6

Additionally, entities will observe the NIFs issued by CINIF on topics not foreseen in the accounting criteria for clearing members, provided that:

a)

they are in force with definitive character;

b)

are not applied in advance;

c)

they do not contradict the philosophy and general concepts established in the accounting criteria

for liquidating partners, and

d)

there is no express pronouncement by the CNBV, among others, regarding clarifications to the

particular norms contained in the NIF that are issued, or regarding their non-applicability.

Clarifications to the particular norms contained in the NIF

Taking into consideration that entities carry out specialized operations, it is necessary to establish clarifications that adapt the particular norms of recognition, valuation, presentation and, in their case, disclosure established by the CINIF. In virtue of this, entities, observing what is established in the previous paragraph, must adjust to the following:

B-9

Financial information at interim dates

The provisions of NIF B-9 must be applicable to the financial information issued at interim dates, including quarterly, in accordance with the "Rules to which participants in the derivatives contract market must adhere", issued jointly by the Secretariat of Finance and Public Credit, the Bank of Mexico, and the CNBV.

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

B-10

Effects of inflation

Determination of the monetary position

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

Entities must disclose the initial balance of the main monetary assets and liabilities that were used for the determination of the monetary position of the period, differentiating, in their case, those that affect from those that do not affect the result of the operation.

Price Index

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

Result from monetary position

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 result of the operation when it arises from items from the result of the operation.

The REPOMO related to items whose valuation adjustments are recognized in equity, must be presented in the equity account corresponding to its nature.

B-15

Conversion of foreign currencies

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 next business day following the date of the transaction or of the preparation of the financial statements, as applicable.

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 cotization that governs the corresponding currency in relation to the aforementioned dollar in the international markets, as established by the Bank of Mexico in the applicable regulation.

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

C-3

Accounts receivable

Scope

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" issued by the CNBV shall not be included, since the norms of recognition, valuation, presentation and disclosure applicable are contemplated in them.

Loans to officials and employees

The 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.

Compensation Fund

The amounts that the clearing house requires from entities for the Compensation Fund in accordance with the applicable regulation, will be considered as an account receivable, and must be presented in a specific item in the balance sheet.

Estimation for uncollectability or difficult collection

For the loans that entities grant to their officials and employees, for the compensation fund, as well as for those accounts receivable related to identified debtors whose maturity is agreed from its origin to a term greater than 90 calendar days, they must create, in their case, an estimation that reflects their degree of uncollectability.

Such estimation 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, showing in this way, the estimated recovery value of the enforceable rights.

The estimation of accounts receivable that are 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 calendar days following their initial registration, when they correspond to unidentified debtors, and

b)

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

No estimation for uncollectability or difficult collection will be constituted in the following cases:

a)

tax balances in favor;

b)

creditable value added tax, and

c)

liquidating accounts.

C-9

Liabilities, provisions, contingent assets and liabilities and commitments

Scope

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, since these are contemplated in said criteria.

C-11

Equity

For the purposes of NIF C-11, equity will be understood as the net assets, which corresponds to the right of the trustees of the entities over the net assets, which arises from contributions covered by fiduciary rights certificates, for the constitution of the minimum equity, the excesses of initial minimum contributions and the excesses of minimum equity referred to in the applicable regulation, as well as to the profits or losses generated in the operation of the entity. Equity will be divided into contributed equity and earned equity.

Contributed equity is represented by the sum of the value of the fiduciary rights certificates.

Earned equity corresponds to the result of the operational activities of the entity and of other events or circumstances that affect it.

In notes to the financial statements, all characteristics of equity and its restrictions must be disclosed, as well as the investment regime applicable to the minimum equity.

Excesses of initial minimum contributions

The excesses of initial minimum contributions that entities receive from their clients in accordance with the applicable regulation, will be considered as part of contributed equity.

D-3

Employee benefits

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

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.

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

D-4

Taxes on income

In 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.

Regarding the disclosure required in NIF D-4 on the concepts of temporary differences, additionally, those related to the main operations of the entities must be disclosed.

D-5

Leases

Capitalizable Leases

Requirements

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 such 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 such present value constitutes at least 90% of that value.

Operating Leases

Accounting for the lessee

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.

Subleases and similar transactions

Accounting for the original lessee

The effects on the results of the period referred to in paragraph 76 of Bulletin D-5, relative to the termination of the original lease, will be presented in the item of other income (expenses) of the operation in the statement of results.

D-6

Capitalization of the comprehensive financing result

For the purposes of this NIF, Comprehensive Financing Result 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 the qualifying assets, instead of being recognized in the statement of results as income or expenses for interest or other income (expenses) of the operation, as applicable, based on what is established in the cited NIF D-6.

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

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