2018-07-23 | DOF 5532578

Added

Resolution modifying the Resolution modifying general provisions applicable to savings and loan cooperative societies published on April 26, 2018

The National Banking and Securities Commission amends Articles 37, 71, 112, and 166 of the April 26, 2018 Resolution to standardize the composition of the Audit Committee for savings and loan cooperative societies. The amended provisions require the Audit Committee to consist primarily of Board of Directors members designated by the Board upon the President's proposal, with a minimum of three members. At least one member must possess technical knowledge or experience in accounting, auditing, and internal control, and all members must act transparently and free from conflicts of interest. The resolution also repeals specific sub-sections within Article 112 and becomes effective the day following its publication in the Official Gazette.

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DOF: 23/07/2018

RESOLUTION modifying the Resolution modifying the general provisions applicable to the activities of savings and loan cooperative societies published on April 26, 2018

At the margin, a seal with the National Emblem, 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 of the Law to Regulate the Activities of Savings and Loan Cooperative Societies, as well as Articles 4, fractions XXXVI and XXXVIII, and 16, fraction I of the Law of the National Banking and Securities Commission, and

CONSIDERING

That on April 26, 2018, the "Resolution modifying the general provisions applicable to the activities of savings and loan cooperative societies" was published in the Official Gazette of the Federation, effective from August 1, 2018, and

That, taking into account the composition of the Board of Directors of savings and loan cooperative societies, it is necessary to adjust the integration of the Audit Committee of said societies, it has resolved to issue the following:

RESOLUTION MODIFYING THE RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO THE ACTIVITIES OF SAVINGS AND LOAN COOPERATIVE SOCIETIES PUBLISHED IN THE OFFICIAL GAZETTE OF THE FEDERATION ON APRIL 26, 2018

SOLE ARTICLE. Articles 37, second paragraph; 71, second paragraph; 112, second paragraph, and 166, second paragraph of the "Resolution modifying the general provisions applicable to the activities of savings and loan cooperative societies", published in the Official Gazette of the Federation on April 26, 2018, are REFORMED, to read as follows:

" Article 37.- . . .

The Audit Committee shall be composed primarily of members of the Board of Directors designated by the Board itself upon the proposal of its president. This Committee must have a minimum of three members and at least one of them, who may or may not be a director, must have technical knowledge or experience in accounting, auditing, and internal control, as well as possess knowledge regarding the operation and the regulations applicable to the societies. The committee must perform its functions transparently, 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.

. . .

. . .

. . . "

" Article 71.-

. . .

The Audit Committee shall be composed primarily of members of the Board of Directors designated by the Board itself upon the proposal of its president. This Committee must have a minimum of three members and at least one of them, who may or may not be a director, must have technical knowledge or experience in accounting, auditing, and internal control, as well as possess knowledge regarding the operation and the regulations applicable to the societies. The committee must perform its functions transparently, 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.

. . .

. . .

. . . "

" Article 112.-

. . .

The Audit Committee shall be composed primarily of members of the Board of Directors designated by the Board itself upon the proposal of its president. This Committee must have a minimum of three members and at least one of them, who may or may not be a director, must have technical knowledge or experience in accounting, auditing, and internal control, as well as possess knowledge regarding the operation and the regulations applicable to the societies. The committee must perform its functions transparently, 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.

. . .

I.

. . .

a) and

b)

. . .

c)

Repealed.

d) and

e)

. . .

II.

. . .

III.

Repealed.

IV. and V.

. . .

VI.

Repealed.

VII.

. . .

. . . "

" Article 166.- . . .

The Audit Committee shall be composed primarily of members of the Board of Directors designated by the Board itself upon the proposal of its president. This Committee must have a minimum of three members and at least one of them, who may or may not be a director, must have technical knowledge or experience in accounting, auditing, and internal control, as well as possess knowledge regarding the operation and the regulations applicable to the societies. The committee must perform its functions transparently, 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.

TRANSITORY

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

Respectfully

Mexico City, July 12, 2018.- The President of the National Banking and Securities Commission, José Bernardo González Rosas.- Signature.

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