Resolution modifying the General Provisions establishing the accounting criteria to be followed by participants in the derivatives contracts market

DOF: 25/07/2025

RESOLUTION modifying the General Provisions establishing the accounting criteria to be followed by participants in the derivatives contracts market

A seal with the National Emblem appears at the margin, which reads: United Mexican States.- Treasury.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.

The National Banking and Securities Commission, based on the provisions of Articles 98 Bis; 99, first paragraph of the Credit Institutions Law; 205, second paragraph of the Securities Market Law, as well as 4, fractions II, III, V, XXXVI and XXXVIII and 16, fraction I of the National Banking and Securities Commission Law, in relation to the Sixtieth of the Prudential Provisions to be followed by participants in the derivatives contracts market, 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 modifying resolution, the National Banking and Securities Commission, through the issuance of the "Resolution modifying the general provisions applicable to credit institutions," published in the Official Gazette of the Federation on June 22, 2022, incentivized the use of central counterparties for the settlement of derivatives operations, as well as supported efforts related to the centralized clearing of standardized Over-The-Counter (OTC) derivatives contracts and promoted a reduction in the systemic risk of the derivatives market in Mexico;

That, it is necessary to make adjustments to the regulations applicable to clearing houses and clearing members regarding special accounting criteria and special accounting records, in order to provide legal certainty regarding the natural phenomena that trigger the condition for their authorization and the requirements that must be met to demonstrate the adverse impact on the solvency or liquidity of those financial entities and, if applicable, on the stability of the financial system as a whole, or when they are undergoing financial rehabilitation or corporate restructuring processes;

That, in this sense, and to provide clearing houses and clearing members with better elements, the information that must be submitted to obtain authorization and application of said special accounting criteria and special accounting records is established, which will benefit the stability of the financial system as a whole, and which will in turn allow the National Banking and Securities Commission to better exercise its authorization and supervision powers;

Therefore, it has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS ESTABLISHING THE ACCOUNTING CRITERIA TO BE FOLLOWED BY PARTICIPANTS IN THE DERIVATIVES CONTRACTS MARKET

SINGLE.- The FOURTH provision is REFORMED and the FOURTH Bis and FOURTH Bis 1 provisions are ADDED to the "General Provisions establishing the accounting criteria to be followed by participants in the derivatives contracts market," published in the Official Gazette of the Federation on February 2, 2011, and modified by resolutions published in the aforementioned medium of dissemination, to read as follows:

"FOURTH.- The Commission may authorize Clearing Houses and Clearing Members special accounting criteria on a temporary basis regarding the application of the accounting criteria contained in Annexes 1 and 2 of these provisions, respectively, when the competent authorities issue declarations of emergency or natural disaster due to the occurrence of disruptive natural phenomena that generate effects on the economy that, in the Commission's judgment, could cause an adverse impact on the solvency or liquidity of two or more Clearing Houses or Clearing Members and, if applicable, on the stability of the financial system.

For the purposes of the preceding paragraph, disruptive natural phenomenon shall be understood as referred to in the General Civil Protection Law or the law that replaces it.

To obtain authorization for the application of special accounting criteria, the following must be sent to the Commission at a minimum:

I. Detailed description of the special accounting criteria requested, as well as the period and geographic area of application.

II. Detailed narrative of the economic effects caused or estimated to be caused by the disruptive natural phenomenon.

III. Estimation of the impact that the economic effects could cause on the solvency, liquidity indicators, and those related to the application of the special accounting criteria of the affected Clearing Houses and Clearing Members and, if applicable, on the stability of the financial system.

IV. Explanation of how the special accounting criteria will help reduce or prevent the effects referred to in the preceding fractions.

The authorization request must be sent in a free format, signed by the legal representative of the Clearing Houses and Clearing Members, accompanied by documents accrediting their legal personality.

Until the Commission authorizes the application of the special accounting criteria, Clearing Houses and Clearing Members must continue to use the accounting criteria contained in Annexes 1 and 2 of these provisions, as applicable.

The validity for the application of the authorized special accounting criteria may be extended only once for a period that may not exceed the originally granted term, when, in the Commission's judgment, the applicants demonstrate that the economic effects persist at the date of the extension request.

FOURTH Bis.- The Commission may authorize Clearing Houses and Clearing Members, regarding the application of the accounting criteria provided for in Annexes 1 and 2 of these provisions, as applicable, to carry out special accounting records, when, in the Commission's judgment, these are necessary to ensure the stability and correct functioning of the Clearing Houses and Clearing Members during Financial Rehabilitation or Corporate Restructuring processes, provided that such processes do not result from non-compliance with the applicable regulatory framework and that the Clearing House or Clearing Member in question is not applying special accounting records on the date of the request.

The request to obtain authorization for the application of special accounting records must be sent to the Commission in a free format, signed by its legal representative, accompanied by documents accrediting its legal personality, and must contain at a minimum the following:

I. Detailed description of the special accounting records requested, indicating at a minimum, the items of the financial statements that would be affected, amounts, and period for their application.

II. Detailed explanation of the causes that have generated the need to carry out the Financial Rehabilitation or Corporate Restructuring process.

III. The solvency, liquidity, capital indicators, and those related to the application of the special accounting records, determined on the date of the request, as well as a detailed description of the effects that such indicators could present in the event of not having the requested authorization.

IV. The actions and remediation measures that constitute the Financial Rehabilitation or Corporate Restructuring processes required by the financial entity.

V. Evidence that the actions and measures indicated in the request have been approved by the Technical Committee of the requesting Clearing Houses and Clearing Members.

For the purposes of this article, it must be understood by:

a) Financial Rehabilitation, the reorganization process for the improvement of the financial situation of a Clearing House or Clearing Member, which results from an effect on its solvency, stability, or liquidity that puts the continuity of said financial entities at risk.

b) Corporate Restructuring, the set of actions that transform the legal structure of a Clearing House or Clearing Member and which result from an effect on its solvency, stability, or liquidity that puts its business continuity at risk and which are carried out with the purpose of obtaining an economic effect aimed at its recovery, such as mergers, spin-offs, and discontinued operations.

Until the Commission authorizes the application of the special accounting records, Clearing Houses and Clearing Members must continue to use the accounting criteria contained in Annexes 1 and 2 of these provisions, as applicable.

FOURTH BIS 1.- Clearing Houses and Clearing Members that have obtained authorization from the Commission to apply special accounting criteria or special accounting records, under the terms of the FOURTH and FOURTH Bis provisions respectively, must disclose in the explanatory notes to the annual audited consolidated basic financial statements and corresponding quarterly reports for the periods in which these are applied and in public financial information communications, the following:

I. That they have authorization from the Commission to apply special accounting criteria or special accounting records, specifying, if applicable, the period for which authorization for their application is held.

II. The description of the authorized special accounting criteria or special accounting records and how they have been applied, as well as the records that should have been made in accordance with the accounting criteria contained in Annexes 1 and 2 of these provisions.

III. The amounts that would have been recorded and presented in the statement of financial position as well as in the statement of comprehensive income had authorization not been obtained to apply the special accounting criteria or special accounting records.

IV. The detail of the concepts and amounts for which the accounting effect was made.

V. The impact that the application of the special accounting criteria or special accounting records generates on the solvency, liquidity, capital indicators, and those related to the application of these.

VI. The additional information that the Commission determines in the authorization of the special accounting criteria or special accounting records.

Regarding the annual financial statements referred to in this article, the disclosure must be made through a specific note.

The Commission may revoke the special accounting criteria or special accounting records authorized under the FOURTH and FOURTH Bis provisions respectively, when Clearing Houses and Clearing Members fail to comply with what is provided in any of the fractions I to VI of this article regarding the information to be disclosed, or with the requirements contained in the authorized special accounting criteria or special accounting records, as applicable.

In the event that it is applicable, Clearing Houses and Clearing Members to which the Commission has revoked the authorization to apply special accounting criteria will have the obligation to maintain the agreements they have made with their clients as a consequence of the application of said criteria, prior to the date on which the revocation is determined."

TRANSITORY

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

Respectfully,
Mexico City, July 15, 2025. - President of the National Banking and Securities Commission, Dr. Jesús de la Fuente Rodríguez. - Signature.

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