Resolution modifying the general provisions regulating self-correction programs

DOF: 28/11/2018

RESOLUTION modifying the general provisions regulating self-correction programs

A seal bearing the National Coat of Arms, stating: 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 151, 152, and 153 of the Law to Regulate Financial Groups, 109 Bis 9, 109 Bis 10, 109 Bis 11, and 109 Bis 12 of the Credit Institutions Law, 395 Bis, 395 Bis 1, 395 Bis 2, and 395 Bis 3 of the Securities Market Law, 86 Bis 3, 86 Bis 4, 86 Bis 5, and 86 Bis 6 of the Investment Funds Law, 94 Bis 1, 94 Bis 2, 94 Bis 3, and 94 Bis 4 of the General Law of Credit Auxiliary Organizations and Activities, 136 Bis 3, 136 Bis 4, 136 Bis 5, and 136 Bis 6 of the Savings and Popular Credit Law, 108 Bis, 108 Bis 1, 108 Bis 2, and 108 Bis 3 of the Law to Regulate the Activities of Savings and Loan Cooperative Societies, 119 Bis, 119 Bis 1, and 119 Bis 2 of the Credit Unions Law, 56 Bis 1, 56 Bis 2, and 56 Bis 3 of the Law to Regulate Credit Information Societies, and 115 and 116 of the Law to Regulate Financial Technology Institutions, as well as Articles 4, fractions I, XXXVI, and XXXVIII, 9 Bis 1, 9 Bis 2, 9 Bis 3, 9 Bis 4, and 16, fraction I of the Law of the National Banking and Securities Commission, and

CONSIDERING

That in accordance with Article 78 of the General Law for Regulatory Improvement and with the aim of reducing the compliance cost of this modifying resolution, the National Banking and Securities Commission, through a resolution published in the Official Gazette of the Federation on April 12, 2018, reformed the "General Provisions applicable to entities and persons referred to in Articles 3, fractions IV, V, VI, VII, and VIII, and 4, fraction XXX, of the Law of the National Banking and Securities Commission, as well as to the general public, in the delivery and receipt of documents at the National Banking and Securities Commission" to eliminate the requirement to present the Unique Population Registry Key of those promoting the procedures before the National Banking and Securities Commission;

That on March 9, 2018, the Decree issuing the Law to Regulate Financial Technology Institutions and reforming and adding various provisions of the Credit Institutions Law, the Securities Market Law, the General Law of Credit Auxiliary Organizations and Activities, the Law for Transparency and Ordering of Financial Services, the Law to Regulate Credit Information Societies, the Law for Protection and Defense of Financial Services Users, the Law to Regulate Financial Groups, the Law of the National Banking and Securities Commission, and the Federal Law for the Prevention and Identification of Operations with Resources of Illicit Origin was published in the Official Gazette of the Federation, and

That the Law to Regulate Financial Technology Institutions establishes the possibility for financial technology institutions and authorized societies operating with novel models subject to the supervision of the National Banking and Securities Commission, which have violated the regulations applicable to them, to submit to the authorization of said Commission a self-correction program containing the manner in which they will correct the non-compliance they have incurred; it has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS REGULATING SELF-CORRECTION PROGRAMS

SINGLE.- Articles 2, fractions III and VII, and 4, last paragraph of the "General Provisions Regulating Self-Correction Programs," published in the Official Gazette of the Federation on October 20, 2014, are REFORMED, to read as follows:

"Article 2.-

...

I. and II.

...

III.

Entities: controlling societies of financial groups, credit institutions, representative offices of foreign financial entities, self-regulatory organizations, brokerage houses, representative offices of brokerage houses, stock exchanges, investment advisors, securities depository institutions, central counterparties, price providers, securities rating agencies, societies that administer systems to facilitate securities transactions, investment funds, fund management societies, fund share distribution societies, fund share valuation societies, general warehouse receipts, credit unions, exchange houses, currency centers, money transmitters, multiple-object financial societies, popular financial societies, community financial societies, savings and loan cooperative societies, credit information societies subject to the Commission's supervision, financial technology institutions, authorized societies operating with novel models subject to the Commission's supervision, as well as other institutions and public trusts that carry out financial activities, regarding which the Commission exercises supervisory powers.

IV. to VI. ...

VII.

Laws: the Law to Regulate Financial Groups, Credit Institutions Law, Securities Market Law, Investment Funds Law, General Law of Credit Auxiliary Organizations and Activities, Savings and Popular Credit Law, Credit Unions Law, Law to Regulate the Activities of Savings and Loan Cooperative Societies, Law to Regulate Credit Information Societies, Law to Regulate Financial Technology Institutions, Law of the National Banking and Securities Commission, or other applicable provisions to Entities and persons subject to the Commission's supervision, whose non-compliance corresponds to be sanctioned by the latter.

VIII. ..."

"Article 4.-

...

I. to V. ...

The respective application, as well as the draft of the Self-Correction Program, must be signed, the first by the general director or equivalent, and the second by the president of the audit committee of the Entity or the person exercising supervisory functions. Additionally, with respect to the program draft, the document containing the opinion, considerations, recommendations, suggestions, or indications of said committee or of the person exercising supervisory functions must be attached."

TRANSITIONAL

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

Respectfully,

Mexico City, November 16, 2018. - The President of the National Banking and Securities Commission, José Bernardo González Rosas. - Signature.

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