Resolution modifying the General Provisions establishing accounting criteria for participants in the derivatives contracts market

DOF: 15/12/2021

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

At the margin, a seal with the National Coat of Arms, which says: United Mexican States.- TREASURY.- Ministry of

Treasury and Public Credit.- National Banking and Securities Commission.

The National Banking and Securities Commission, based on articles 4, fractions II, V, XXXVI and

XXXVIII and 16, fraction I of the Law of the National Banking and Securities Commission; 98 Bis of the Law of

Credit Institutions, as well as on the Sixtieth of the Prudential Provisions to which

participants in the derivatives market will be subject, and

CONSIDERING

That, in accordance with article 78 of the General Law for Regulatory Improvement and with the purpose of reducing the

compliance cost of this Resolution, the National Banking and Securities Commission through

resolution published in the Official Journal of the Federation on December 26, 2017, reformed the

"General Provisions applicable to credit institutions", with the object of granting an

extension to the deadline to which multiple banking institutions were subject to constitute their

operational risk capital requirements;

That, in terms of the current accounting criteria, the National Banking and Securities Commission instructs

the entities subject to its regulation, to use the exchange rate to establish the equivalence of the

national currency with the United States dollar, being the FIX exchange rate (Fixed Exchange

Rate) published by the Bank of Mexico in the Official Journal of the Federation, a situation that allows maintaining

uniform criteria among said entities;

That the FIX exchange rate is determined by the Bank of Mexico based on an average of

cotizations from the wholesale foreign exchange market for operations settleable on the second next banking business day and that are obtained from foreign exchange transaction platforms and other electronic means with

representativeness in the foreign exchange market. The Bank of Mexico makes the FIX known starting from 12:00

hours of all banking business days, it is published in the Official Journal of the Federation one banking business day after the date of determination and is used to settle obligations denominated in dollars settleable in the Mexican Republic the day after the publication in said dissemination medium;

That, derived from the time that exists between the schedules established for the taking of samples used for

the determination of the FIX exchange rate in accordance with the applicable regulation issued by the Bank of

Mexico (from 9:00:00 to 9:59:00 hours; from 10:00:00 to 10:59:00 hours, and from 11:00:00 to

12:00:00 hours) and the value of the exchange rate at the close of the operating day used by the entities to close their operations (14:00 hours), differences arise between the exchange rate for purposes of

recognition in financial information and the exchange rates used in treasury areas, and

That, in attention to the foregoing, it is necessary to use an exchange rate published by the Bank of Mexico

that considers a broader sample window in order to be consistent with the close of the operating day, therefore it has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS ESTABLISHING

THE ACCOUNTING CRITERIA TO WHICH THE PARTICIPANTS

OF THE

DERIVATIVES CONTRACTS MARKET WILL BE SUBJECT

SOLE.- The Annex 1, Accounting Criteria A-2, paragraph 13 and D-4, paragraphs 32, 38 and 39 and

Annex 2, Accounting Criteria A-2, paragraph 13 and D-4, paragraphs 32, 38 and 39 of the "General Provisions

establishing the accounting criteria to which participants in the derivatives contracts market will be subject"

are REFORMED, published in the Official Journal of the Federation on February 2, 2011 and modified

for the last time through the resolution published in said Journal on November 9, 2020, to read as follows:

" ANNEX 1

ACCOUNTING CRITERIA FOR CLEARING HOUSES "

"A-2 APPLICATION OF PARTICULAR STANDARDS

Paragraphs 1 to 12 . . .

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 end-of-day exchange rate

on the date of the transaction or of the preparation of the financial statements, as

corresponds, published by the Bank of Mexico on its Internet page www.banxico.org.mx,

or the one that replaces it.

13

Paragraphs 14 to 37 . . . "

" D-4 STATEMENT OF CASH FLOWS

Paragraphs 1 to 31 . . .

Entities must present in a separate line item, as applicable, the following:

a)

The effects from exchange gains or losses on cash and cash equivalents referred to in paragraph 42, which includes the difference generated by the conversion of the

initial balance of cash and cash equivalents to the end-of-day exchange rate on the

close of the previous period published by the Bank of Mexico on its Internet page

www.banxico.org.mx, or the one that replaces it, and of the final balance of cash and cash equivalents

to the end-of-day exchange rate of the current period, published by the Bank of

Mexico on the aforementioned Internet page, and

b)

The effects from inflation associated with the balances and cash flows of any of the

entities that make up the consolidated economic entity and that is in an

inflationary economic environment.

32

Paragraphs 33 to 37 . . .

Conversion of foreign currency balances or cash flows

In order to determine the changes in the balances of foreign currency operational items

from operating activities, these must be converted to the end-of-day exchange rate published by the Bank of Mexico on its Internet page www.banxico.org.mx, or the

one that replaces it, on the closing date.

38

Cash flows from foreign currency transactions related to

investment and financing activities, will be converted to the entity's reporting currency

applying to the amount in foreign currency the end-of-day exchange rate on the date on which

each flow occurred, which will be the one published by the Bank of Mexico on the aforementioned Internet page.

39

Paragraphs 40 to 48 . . . "

" ANNEX 2

ACCOUNTING CRITERIA FOR CLEARING MEMBERS "

"A-2 APPLICATION OF PARTICULAR STANDARDS

Paragraphs 1 to 12 . . .

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 end-of-day exchange rate

on the date of the transaction or of the preparation of the financial statements, as

corresponds, published by the Bank of Mexico on its Internet page www.banxico.org.mx, or the

one that replaces it.

13

Paragraphs 14 to 39 . . . "

" D-4 STATEMENT OF CASH FLOWS

Paragraphs 1 to 31 . . .

Entities must present in a separate line item, as applicable, the following:

a)

The effects from exchange gains or losses on cash and cash equivalents referred to in paragraph 42, which includes the difference generated by the conversion of the

initial balance of cash and cash equivalents to the end-of-day exchange rate on the

close of the previous period published by the Bank of Mexico on its Internet page

www.banxico.org.mx, or the one that replaces it, and of the final balance of cash and cash equivalents

to the end-of-day exchange rate of the current period, published by the Bank of

Mexico on the aforementioned Internet page, and

b)

The effects from inflation associated with the balances and cash flows of any of the

entities that make up the consolidated economic entity and that is in an

inflationary economic environment.

32

Paragraphs 33 to 37 . . .

Conversion of foreign currency balances or cash flows

In order to determine the changes in the balances of foreign currency operational items

from operating activities, these must be converted to the end-of-day exchange rate published by the Bank of Mexico on its Internet page www.banxico.org.mx, or the

one that replaces it, on the closing date.

38

Cash flows from foreign currency transactions related to

investment and financing activities, will be converted to the entity's reporting currency

applying to the amount in foreign currency the end-of-day exchange rate on the date on which

each flow occurred, which will be the one published by the Bank of Mexico on the aforementioned Internet page.

39

Paragraphs 40 to 48 . . . "

TRANSITORY

SOLE.- This Resolution will enter into force as of December 15, 2021.

Respectfully

Mexico City, December 8, 2021.- President of the National Banking and Securities Commission,

Dr. Jesús de la Fuente Rodríguez.- Signature.

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