RESOLUTION that reforms, adds to, and repeals various general provisions referred to in Article 226 Bis of the Securities Market Law, applicable to investment advisors — SHCP — MX

DOF: 06/04/2017

RESOLUTION that reforms, adds to, and repeals various general provisions referred to in Article 226 Bis of the Securities Market Law, applicable to investment advisors

On the margin a seal with the National Shield, which reads: United Mexican States.- Ministry of Finance and Public Credit.

RESOLUTION THAT REFORMS, ADDS TO, AND REPEALS VARIOUS GENERAL PROVISIONS REFERRED TO IN ARTICLE 226 BIS OF THE SECURITIES MARKET LAW, APPLICABLE TO INVESTMENT ADVISORS

JOSÉ ANTONIO MEADE KURIBREÑA, Secretary of Finance and Public Credit, pursuant to the provisions of articles 31, sections VII and XXXIV of the Organic Law of the Federal Public Administration, as well as 226 Bis of the Securities Market Law, in exercise of the powers conferred upon me by article 6, section XXXIV of the Internal Regulations of the Ministry of Finance and Public Credit, and having the prior opinion of the National Banking and Securities Commission issued through official letter number 221/DGPORPIA-7503137/2017 dated March 8, 2017; and

CONSIDERING

That one of the most effective mechanisms within the regulatory framework for the prevention and combat of operations with illicitly sourced resources and terrorism financing consists of the implementation of client identification and knowledge policies by investment advisors, as these constitute fundamental elements to mitigate the risk that such companies may be used for the commission of such illicit acts;

That since 2000, Mexico has been a member of the Financial Action Task Force (FATF), an intergovernmental body that sets international standards for the prevention and combat of operations with illicitly sourced resources, terrorism financing, and financing for the proliferation of weapons of mass destruction;

That in this sense, Mexico has committed to the aforementioned group and its members to implement its recommendations and, consequently, to carry out a mutual evaluation consisting of a review of the systems and mechanisms that have been created in our country as a member of the FATF, as well as Mexico's response in the effective implementation of the 40 Recommendations. This, with the objective of establishing legal and operational systems for the prevention of operations with illicitly sourced resources and terrorism financing, as well as any other threat that could compromise the integrity of both the international and national financial system;

That in accordance with FATF Recommendation 1, obliged entities must identify, evaluate, and take actions to mitigate risks related to operations with illicitly sourced resources and terrorism financing through client knowledge mechanisms that are consistent with the risk they represent, which implies that investment advisors implement a "Risk-Based Approach," for which a Chapter is added establishing the use of a methodology so that investment advisors can evaluate the risks in the matter and apply mitigants to them in accordance with a Risk-Based Approach, in order to avoid being used for the commission of operations with illicitly sourced resources and terrorism financing;

That in accordance with FATF Recommendation 10, modifications are made regarding the identification policy for legal entity clients, regardless of the risk rating made by the investment advisor, in order for obliged entities to know their shareholding and corporate structures, as well as to specify the mechanisms for collecting data on ultimate beneficial owners. This, with the objective that investment advisors have more information that allows them to better evaluate the risks to which they are exposed by virtue of their commercial relationships, of being used for the commission of crimes of operations with illicitly sourced resources and terrorism financing, and can adopt the pertinent actions for their mitigation;

That based on FATF Recommendation 20 and with the purpose of strengthening the submission of reports on unusual operations and reports on concerning internal operations that are submitted by investment advisors in terms of the General Provisions referred to in Article 226 Bis of the Securities Market Law, applicable to investment advisors, it is necessary to clarify the deadlines for submitting such reports, once they have been ruled upon, with the objective that the authority has timely information for the exercise of its powers;

That in order to recognize other official identifications, new valid personal identification documents are provided for the execution of operations, and

That having heard the opinion of the National Banking and Securities Commission, I have seen fit to issue the following:

RESOLUTION THAT REFORMS, ADDS TO, AND REPEALS VARIOUS GENERAL PROVISIONS REFERRED TO IN ARTICLE 226 BIS OF THE SECURITIES MARKET LAW, APPLICABLE TO INVESTMENT ADVISORS

SOLE ARTICLE.- Sections IV in its second paragraph, XI, XII in its first paragraph and XIII in its first paragraph of 2ª; sections I, subsection b) numerals i in its second paragraph and iii, III, subsection b), second paragraph, numeral i, IV in its last paragraph, VI, VIII, subsection a), numeral vii and last paragraph of said section of 4ª; the first and last paragraphs of 9ª; section I of 11ª; the first, second, fourth, fifth, sixth and seventh paragraphs of 13ª; 14ª; 16ª; the second paragraph of 17ª; sections I in its first paragraph, II and III of 18ª; the first paragraph of 20ª; the first paragraph of 23ª; the first paragraph of 24ª; section I of 25ª; sections II and V of 27ª; the first paragraph and section V of 30ª; the first paragraph of 38ª and 43ª are REFORMED; sections VII Bis, VIII Bis and a second paragraph to section XIII of 2ª; a second paragraph to numeral iii, subsection b) of section I, a subsection c) to section II, a second and third paragraphs to section VI of 4ª; a Chapter II Bis called "RISK-BASED APPROACH" with dispositions 9ª-1 to 9ª-5; section I Bis to 11ª; a fourth paragraph, moving the subsequent one in its order to 16ª; a second paragraph, moving the subsequent one in its order to 24ª; a second paragraph to section I of 25ª; section IV Bis to 27ª; sections II Bis and II Ter to 30; a second, third and fourth paragraphs, moving the subsequent ones in their order to 38ª and 43ª-1 are ADDED, and the second paragraph of section I and the last paragraph of 18ª are REPEALED, all of them from the General Provisions referred to in Article 226 Bis of the Securities Market Law, applicable to Investment Advisors, to read as follows:

2ª.- ...

I. to III. ...

IV. ...

Additionally, it shall be understood that Control is exercised by any natural person who, directly or indirectly, acquires 25% or more of the shareholding composition or social capital of a legal entity;

V. to VII. ...

VII. Bis. Risk Level, the classification of Clients carried out by the Investment Advisor based on the evaluation of their Risk;

VIII. ...

VIII. Bis. Mitigants, the policies and procedures implemented by Investment Advisors that contribute to managing and reducing exposure to the Risks identified in the methodology referred to in Chapter II Bis of these Provisions;

IX. and X. ...

XI. Concerning Internal Operation, any Operation, activity, conduct or behavior of any of the directors, officers, attorneys-in-fact and employees of the Investment Advisor in question, regardless of the labor regime under which they provide their services, which, due to its characteristics, could contravene, violate or evade the application of the provisions of the Law or these Provisions, or any other that, for any other reason, is doubtful for Investment Advisors because they consider that it could favor or not alert about the occurrence of the assumptions provided for in articles 139 Quáter or 400 Bis of the Federal Penal Code;

XII. Politically Exposed Person, any individual who performs or has performed prominent public functions in a foreign country or in national territory, including, among others, heads of state or government, political leaders, high-ranking government, judicial or military officials, senior executives of state-owned companies or important officials or members of political parties and international organizations; understood as those entities established through official political agreements between states, which have the status of international treaties; whose existence is recognized by law in their respective member states and are not treated as resident institutional units of the countries in which they are located.

...

XIII. Ultimate Beneficial Owner, any natural person who, through another or by any act or mechanism, obtains the benefits derived from a contract or Operation and is, ultimately, the true owner of the resources, by having rights of use, enjoyment, exploitation, dispersion or disposal over them.

The term Ultimate Beneficial Owner also includes any person or group of natural persons who exercise Control over a legal entity, as well as, where applicable, persons who can instruct or determine, for their own economic benefit, the acts susceptible of being carried out through Trusts, mandates or commissions;

XIV. to XVII. ...

4ª.- ...

I. ...

a) ...

b) ...

i. ...

For the purposes of this subsection, the following documents issued by Mexican authorities shall be considered valid personal identification documents: the voter ID card, passport, professional license, national military service card, consular registration certificate, unique military identity card, affiliation card to the National Institute for Older Adults, credentials and cards issued by the Mexican Social Security Institute, by the Institute of Security and Social Services for State Workers, by the Social Security Institute for the Mexican Armed Forces or by the Popular Health Insurance, driver's license, credentials issued by federal, state and municipal authorities and other national identifications that, where appropriate, are approved by the Commission. Likewise, with respect to foreign natural persons referred to in this section, in addition to those previously referred to in this paragraph, the passport or documentation issued by the National Migration Institute that proves their migratory status shall be considered valid personal identification documents;

ii. ...

iii. Proof of address, which may be a utility bill such as, among others, electricity supply, telephony, natural gas, property tax or water supply rights or bank statements, all of them not older than three months from their date of issue, or the lease agreement valid on the date of presentation by the Client, the proof of registration with the Federal Taxpayers Registry, as well as any others that, where appropriate, are approved by the Commission;

Notwithstanding the foregoing, when the address stated in the contract entered into by the Client with the Investment Advisor coincides with that on the Client's voter ID card issued by a Mexican authority, if they have identified themselves with it, this shall serve as the proof of address referred to in the preceding paragraph;

iv. and v. ...

II. ...

a) and b) ...

c) Additionally, information must be collected from the Client that allows the Investment Advisor to know (i) its shareholding structure or social parts, as applicable, and (ii) in case it has a Risk Level other than low, its internal corporate structure; that is, the organizational chart of the legal entity Client, considering at least, the full name and position of those individuals who hold positions between general director and the immediately lower hierarchy, as well as the full name and corresponding position of the members of its board of directors or equivalent.

Likewise, Investment Advisors must identify the Ultimate Beneficial Owners of their legal entity Clients who exercise Control over them in terms of the second paragraph of section IV of 2ª of these Provisions, in accordance with the provisions of section VI of this Provision.

When there is no natural person who directly or indirectly owns or controls a percentage equal to or greater than 25% of the capital or voting rights of the legal entity in question, or who by other means exercises direct or indirect Control of the legal entity, the administrator or administrators thereof shall be considered to exercise such Control, it being understood that the administration is exercised by the natural person designated for that purpose by the legal entity.

When the designated administrator is a legal entity or Trust, it shall be understood that Control is exercised by the natural person appointed by the administrator of the legal entity or Trust.

For these purposes, Investment Advisors must collect a declaration signed by the legal representative of the legal entity Client in question, indicating who their Ultimate Beneficial Owners are in terms of this subsection.

In the event that Investment Advisors have indications that make the veracity of the declared information questionable, Investment Advisors must take reasonable measures to determine and identify the Ultimate Beneficial Owners of the corresponding legal entity Client.

III. ...

a) ...

b) ...

...

i. Document that reliably proves its legal existence, document stating the assignment of the tax identification number and/or equivalent issued by a competent authority, as well as obtaining the information and collecting the data referred to in subsection c) of section II of this Provision;

ii. and iii. ...

IV. ...

...

Investment Advisors may apply the simplified measures referred to in this section, provided that the referred companies, agencies and entities have been classified as Clients with a low Risk Level in terms of 13ª of these Provisions.

V. ...

VI. In the case of Ultimate Beneficial Owners and when Investment Advisors are obliged to identify them in accordance with these Provisions, they must record and collect in the respective Client identification file the same data and documents as those established in sections I or III of this Provision, as applicable, with the exception of the document referred to in numeral iii of subsection b), of section I, as well as numeral ii of the second paragraph, subsection b), of section III of 4ª of these Provisions, respectively, in case the obligation to identify the Ultimate Beneficial Owner derives from a Client classified with a low Risk Level. This, in accordance with the measures established for such purposes in the document referred to in 38ª of these Provisions, or in any other document or manual prepared by the Investment Advisors themselves.

In the case of legal entities whose capital stock representative securities or values representing such shares are listed on a stock exchange in the country or on foreign securities markets recognized as such in terms of the General Provisions applicable to stock exchanges published in the Official Gazette of the Federation on May 30, 2014, and their respective modifications, as well as their subsidiaries in which they have a majority participation of more than fifty percent in their capital stock, Investment Advisors shall not be obliged to collect the aforementioned identification data, considering that they are subject to stock market provisions on information disclosure.

The Ministry shall issue the guidelines that Investment Advisors may consider for compliance with the provisions of the first paragraph of this section, which shall be disseminated through the electronic means established by the Commission for such purpose;

VII. ...

VIII. ...

a) ...

i. to vi. ...

vii. with respect to the settlors, beneficiaries, fiduciary delegates and, where applicable, the members of the technical committee or equivalent governing body, legal representative(s) and legal attorney(s), identification data must be collected in the terms referred to in this Provision, as applicable.

b) ...

...

Investment Advisors that carry out Operations with Trusts may comply with the obligation (a) to collect the document referred to in numeral i. of subsection b) of this section, and (b) referred to in section VI of this Provision, respectively, by means of a certificate signed by the fiduciary delegate and the Compliance Officer of the entity, institution or company acting as fiduciary, which must contain the information indicated in subsection a) above, as well as the obligation to keep said documentation available to the Ministry and the Commission, in order to send it to them, at the request of the latter, within the period established by the Commission itself.

...

9ª.- Investment Advisors shall verify that the identification files of their legal entity Clients, regardless of their Risk level, contain all the data and documents provided for in 4ª of these Provisions, as well as that such data and documents are updated, it being understood that Investment Advisors may choose not to update the latter, in case it is a legal entity Client with a low Risk Level. This, in the terms and conditions that Investment Advisors establish in the document referred to in 38ª of the Provisions. Likewise, they shall verify, at least once a year, that the identification files of their Clients classified as high Risk Level, are updated with all the data and documents provided for in 4ª, 16ª and 18ª of these Provisions.

...

Investment Advisors must establish in the document referred to in 38ª of these Provisions, the policies, criteria, measures and procedures that they must adopt to comply with the provisions of this Provision, including the cases in which a visit to the domicile of Clients classified as high Risk Level must be carried out, in order to properly integrate the files and/or update the corresponding data and documents, in which case a record of the results of such visit must be kept in the respective file.

CHAPTER II BIS

RISK-BASED APPROACH

9ª-1.- Investment Advisors, in the terms provided for in their internal policies, criteria, measures and procedures documents referred to in 38ª of these Provisions, or in any other document or manual prepared by them, must establish a methodology, designed and implemented, to carry out a Risk assessment to which they are exposed derived from their services, practices or technologies with which they operate. Said methodology must establish the processes for the identification, measurement and mitigation of Risks, for which they must take into account the Risk factors that they have identified for such purpose, as well as the national risk assessment and its updates that the Ministry makes known to them through the Commission.

Likewise, Investment Advisors shall carry out the processes referred to in the first paragraph of this Provision, prior to the launch or use of new services, practices or technologies.

9ª-2.- Investment Advisors for the design of the Risk assessment methodology must comply with the following:

I. Consider in their identification process the indicators that explain how and to what extent the Investment Advisor may be exposed to Risk, considering at least the following elements: Clients, countries and geographical areas, services and transactions with their Clients, as well as the national risk assessment and its updates that the Ministry makes known to them through the Commission.

II. Use a method for measuring Risks that establishes a relationship between the indicators referred to in section I above and assign a weight to each of them consistently based on their importance to describe said Risks.

III. Establish the Mitigants deemed necessary based on the indicators indicated in section I above, identified by each Investment Advisor to maintain them at an acceptable tolerance level in accordance with their internal policies, criteria, measures and procedures documents referred to in 38ª of these Provisions.

In the preparation of the Risk assessment methodology, Investment Advisors must ensure that there are no inconsistencies between the information they incorporate into it and that contained in their automated systems.

9ª-3.- When, as a result of the implementation of the Risk assessment methodology, the existence of greater or new Risks for the Investment Advisors themselves is detected, they must modify the corresponding policies and measures to mitigate them, as well as their Risk assessment methodology.

Compliance and results of the obligations contained in this Chapter must be reviewed and updated by Investment Advisors every twelve months, be in writing and be available to the Ministry and the Commission, at the request of the latter, within the period established by the Commission itself.

The Commission may review and, where appropriate, order Investment Advisors to modify their Risk assessment methodology or their Mitigants, among other cases, when they do not consider a

proper administration of Risks in the procedure and criterion(ies) for the determination of the opening, limitation and/or termination of a commercial relationship with Clients, which must be consistent with said methodology, as well as requesting an action plan so that they adopt reinforced measures to manage and mitigate their Risks.

Investment Advisers shall retain the information generated by virtue of this Chapter for a period of no less than five years and provide it to the Secretariat and to the Commission, upon request by the latter, within the timeframe established by said Commission.

9th-4.- Investment Advisers shall comply with all obligations contained in these Provisions, in accordance with the results generated by their methodologies referred to in this Chapter.

9th-5.- The Commission will elaborate guidelines, guides and/or best practices that Investment Advisers will consider for the better compliance with what is provided in this Chapter, which will be made known through the electronic means established by the same.

11th.- ...

I. The policies, procedures and controls to mitigate Risks, which must be in accordance with the results of the implementation of the methodology referred to in Chapter II Bis;

I. Bis. Procedures for the Investment Adviser to follow up on Operations carried out by its Clients;

II. to V. ...

13th.- The application of the client knowledge policy shall be based on the Risk Grade that a Client represents, such that, when the Risk Grade is higher, the Investment Adviser shall collect more information about their predominant activity, as well as carry out stricter supervision of the Client's behavior related to the Operations provided by Investment Advisers.

For the purposes of the above paragraph, each of the Investment Advisers shall have an alert system that allows them to follow up and timely detect changes in the usual behavior of their Clients regarding the Operations provided by Investment Advisers, and, if applicable, adopt the necessary measures. This is without prejudice to those Trusts for which Investment Advisers provide investment management services as issuers of indexed fiduciary securities certificates that do not explicitly seek returns greater than those of the index, financial asset or benchmark parameter, as referred to in the general provisions applicable to financial entities and other persons providing investment services, issued by the Commission. The aforementioned alert system shall take into account the maximum estimated amounts referred to in the following paragraph, to evaluate Operations as established in the fifth paragraph of this Provision, as applicable according to the nature of the Operations that Investment Advisers provide to their Clients.

...

Likewise, Investment Advisers shall classify their Clients by their Risk Grade and establish, as a minimum, (i) two classifications regarding their individual Clients: High and Low Risk Grades, and (ii) three classifications regarding their corporate Clients and Trusts: High, Medium and Low Risk Grades. Investment Advisers may establish additional intermediate Risk Grades beyond the aforementioned classifications.

With the aim of determining the Risk Grade in which Clients should be located at the beginning of the contractual relationship, Investment Advisers shall consider the information provided by them at the time of the celebration of the respective contract. Additionally, Investment Advisers shall carry out, at least, one evaluation per calendar year, in order to determine if it is necessary or not to modify the initial transactional profile of their Clients, as well as classify them in a Risk Grade different from the initially considered. The evaluations will be carried out on those Clients whose contract celebration was made at least six months in advance of the corresponding evaluation.

Investment Advisers, under the terms provided in their policy documents, criteria, measures and internal procedures referred to in the 38th of these Provisions, shall apply to their Clients who have been categorized as High Risk Grade, as well as new Clients that meet such character, identification questionnaires that allow obtaining more information about the origin and destination of resources and the activities and Operations they carry out or intend to carry out.

To determine the Risk Grade in which Clients should be located, as well as whether they should be considered Politically Exposed Persons, Investment Advisers shall establish in the documents referred to in the previous paragraph the criteria conducive to that end, which take into account, among other aspects, the Client's background, their profession, activity or business sector, the origin and destination of their resources, the place of their residence, the methodology referred to in Chapter II Bis of these Provisions and the other circumstances determined by the Investment Adviser itself.

14th.- For cases where, prior to or after the start of the contractual relationship, an Investment Adviser detects that the person who intends to be a Client or who already is, as applicable, meets the requirements to be considered a Politically Exposed Person and, in addition, of High Risk Grade, the Investment Adviser shall, in accordance with what is established in its policy document, criteria, measures and internal procedures referred to in the 38th of these Provisions, obtain the approval of an official who holds a position within the three hierarchical levels below the general director within the same, in order to initiate or, if applicable, continue the contractual relationship. In case the Investment Adviser is an individual, it shall carry out the valuation in question directly.

16th.- Investment Advisers shall classify their Clients based on the Risk Grade of these.

Foreign Politically Exposed Persons shall be considered as High Risk Grade Clients. Regarding the Clients referred to in this paragraph, Investment Advisers shall collect the information that allows them to know and record the reasons why these have chosen to carry out Operations in national territory.

In the Operations carried out by Clients who have been classified as High Risk Grade, Investment Advisers shall adopt measures to know the origin of the resources and shall seek to obtain the data indicated in Chapter II of these Provisions, under the terms provided in their policy documents, criteria, measures and internal procedures referred to in the 38th of these Provisions, or in another document or manual elaborated by them regarding the spouse and economic dependents of the Client, as well as the companies and associations with which they maintain patrimonial links, for the case of individuals and, for corporate persons, their main shareholders or partners, as applicable, while in the case of Trusts, they shall seek to collect the same data regarding the spouse and economic dependents of the settlors and beneficiaries who are individuals, as well as the companies and associations with which they maintain patrimonial links and, regarding settlors and beneficiaries who are corporate persons, their corporate structure and their main shareholders or partners, under the terms provided in their policy documents, criteria, measures and internal procedures referred to in the 38th of these Provisions, or in another document or manual elaborated by them.\ In the case of Foreign Politically Exposed Persons, Investment Advisers shall obtain, in addition to the reference data, the documentation indicated in Chapter II of these Provisions, regarding the individuals and corporations previously mentioned in this paragraph.

Without prejudice to the foregoing, in the case of corporate Clients whose shares representing their share capital or securities representing said shares trade on any stock exchange in the country or in recognized foreign securities markets as such under the general provisions applicable to stock exchanges published in the Official Journal of the Federation on May 30, 2014 and its respective modifications, as well as those subsidiaries in which they have a majority participation of fifty percent in their share capital, Investment Advisers shall not be obligated to collect the aforementioned identification data, considering that they are subject to provisions in the securities matter on information disclosure.

Investment Advisers, under the terms provided in their policy documents, criteria, measures and internal procedures referred to in the 38th of these Provisions, or in another document or manual elaborated by them, shall develop mechanisms to establish the Risk Grade of the Operations they carry out with Mexican National Politically Exposed Persons and, for this purpose, Investment Advisers shall determine if the behavior of the Clients in relation to the Operations in question reasonably corresponds to the functions, level and responsibility of said persons, according to the knowledge and information available to said Investment Advisers.

17th.- ...

Both in the scenario provided in the preceding paragraph, and in that where doubts arise for the Investment Adviser regarding the truthfulness or authenticity of the data or documents provided by the Client for identification purposes, or regarding the Client's behavior in relation to the Operations in question, said Investment Adviser shall carry out a specific and comprehensive follow-up of said Operations, in accordance with what is established in its policy document, criteria, measures and internal procedures referred to in the 38th of these Provisions: The individual Investment Adviser or the person referred to in the 30th of the Provisions, in cases where it is appropriate, shall rule as an Unusual Operation, and issue the corresponding report.

18th.- ...

I. In the case of commercial corporate Clients that are classified as High Risk Grade, information relative to the name, nationality, domicile, corporate purpose and share capital of the corporations that make up the business group or, if applicable, the business groups that integrate the consortium of which the Client is part shall be required.

Paragraph repealed.

...

II. Regarding corporate persons with the character of civil societies or associations that are classified as High Risk Grade, identify the person or persons who have Control over such societies or associations, regardless of the percentage of social equity with which they participate in the society or association, and

III. Regarding Trusts, mandates or commissions, or any other type of similar legal instrument, when by their nature, the identity of the settlors, beneficiaries, mandators, principals or participants is undetermined, Investment Advisers shall collect the same data and documents indicated in the 4th of these Provisions, at the moment when the Investment Adviser has knowledge that they present themselves to exercise their rights before the securities market intermediary. This is without prejudice to those Trusts for which Investment Advisers provide investment management services as issuers of indexed fiduciary securities certificates that do not explicitly seek returns greater than those of the index, financial asset or benchmark parameter, as referred to in the general provisions applicable to financial entities and other persons providing investment services, issued by the Commission.

Paragraph Repealed.

20th.- For each Unusual Operation detected by an Investment Adviser, it shall remit to the Secretariat, through the Commission, the corresponding report, within three business days following from when its Representative rules it as such. For the purposes of carrying out the valuation in question, the Investment Adviser through its Representative shall have a period that shall not exceed sixty natural days counted from when the alert is generated through its system, model, process or by the employee of the Investment Adviser, whichever occurs first.

...

23rd.- In case an Investment Adviser has information based on indications or concrete facts that, when attempting to carry out an Operation, this could be destined to favor, provide help, assistance or cooperation of any kind for the commission of the crime provided in Article 139 Quater of the Federal Penal Code, or that could be located in the scenarios of Article 400 Bis of the same legal instrument, in the event that the Investment Adviser decides to accept said Operation, it shall remit to the Secretariat, through the Commission, within 24 hours counted from when it knows said information, an Unusual Operation report, in which, in the column of description of the Operation, the legend "24-hour Report" shall be inserted. Likewise, in those cases where the Client does not carry out the Operation referred to in this paragraph, the Investment Adviser shall present to the Secretariat, through the Commission, the Unusual Operation report under the terms indicated in this Provision.

...

24th.- For each Concerning Internal Operation detected by an Investment Adviser, it shall remit to the Secretariat, through the Commission, the corresponding report, within three business days following from when its Representative rules it as such. For the purposes of carrying out the valuation in question, the Investment Adviser through its Representative shall have a period that shall not exceed sixty natural days counted from when said Investment Adviser detects said Operation, through its system, model, process or by any employee thereof, whichever occurs first.

To this effect, Investment Advisers shall remit the reports referred to in this Provision, through electronic means and in the official format issued for such effect by the Secretariat, in accordance with the terms and specifications indicated by the latter.

...

25th.- ...

I. The provision of courses, at least once a year, which shall be directed especially to the members of their respective boards of directors or managers, sole administrator, partner or managing partners, as applicable, executives, officials and employees, including those who work in customer service areas and which contemplate, among other aspects, those related to the content of their policy documents, criteria, measures and procedures referred to in the 38th of these Provisions, which the Investment Adviser has developed for the proper compliance with them, as well as regarding the services offered by the Investment Adviser.

Without prejudice to what is stated in the previous paragraph, the training topics must be coherent with the results of the implementation of the methodology referred to in Chapter II Bis and adapt to the responsibilities of the members of their respective boards of directors or managers, sole administrator, partner or managing partners, as applicable, executives, officials and employees.

II. ...

...

27th.- ...

I. ...

II. Execute the alert system contemplated in the 13th of these Provisions and contribute to the detection, follow-up and analysis of possible Unusual Operations and Concerning Internal Operations, considering at least, the information that has been provided by the Client at the start of the contractual relationship, the behavior in the usual Operations of the Client, the respective average balances and any other parameter that may provide more elements for the analysis of this type of Operations;

III. and IV. ...

IV. Bis. Provide the information that Investment Advisers will include in the methodology they must elaborate in accordance with what is established in the 9th-1 of these Provisions, and

V. Execute an alert system regarding those Operations that are intended to be carried out with persons referred to in fraction IX of the 21st of these Provisions, and with Politically Exposed Persons, in accordance with what is stated in the 42nd of these Provisions.

30th.- Investment Advisers that are corporate persons shall designate, if applicable, through their board of directors or managers, sole administrator, partner or managing partners, as applicable, a Representative who works in the society, who shall perform, at least, the functions and obligations established below:

I. and II. ...

II. Bis. Present the methodology to carry out the Risk Evaluation referred to in the previous Chapter II Bis, as well as the results of its implementation;

II. Ter. Submit to the approval of the board of directors or managers, sole administrator, partner or managing partners of the Investment Adviser that is a corporate person, as applicable, the methodology elaborated and implemented to carry out the Risk Evaluation referred to in the previous Chapter II Bis, as well as the results of its implementation;

III. and IV. ...

V. Establish and disseminate the criteria for the classification of Clients, based on their Risk Grade, in accordance with what is stated in the 13th of these Provisions;

VI. to XVII.

...

38th.- Each Investment Adviser shall elaborate and remit to the Commission, through the electronic means indicated by it, a document in which said Investment Adviser develops its respective Client identification and knowledge policies, as well as the criteria, measures and internal procedures it shall adopt to comply with what is provided in these Provisions, and to manage the Risks to which it is exposed according to the results of the implementation of the methodology referred to in Chapter II Bis of these Provisions.

If applicable, in said document the references of those criteria, measures, internal procedures and other information that, by virtue of what is provided in these Provisions, may be reflected in a document different from the aforementioned shall also be included.

In any of the documents provided in the previous paragraph, the methodology referred to in Chapter II Bis of these Provisions shall be included. Likewise, the procedure and criterion(ies) for the determination of the opening, limitation and/or termination of a commercial relationship with Clients, which must be consistent with said methodology, shall be included.

Investment Advisers shall remit to the Commission the modifications they make to the document referred to in the first paragraph of this Provision along with a complete copy of it, within twenty business days following the date when its Representative elaborates them, under the terms provided in fraction II of the 30th of these Provisions.

...

43rd.- The Secretariat may interpret, for administrative purposes, the content of these Provisions, as well as determine the scope of their application, whenever requested by Investment Advisers, associations or societies in which they are affiliated, self-regulatory bodies referred to in the Law, and national authorities that for the fulfillment of their functions so require, for which it will hear the opinion of the Commission.

43rd-1.- In order to be able to comply with what is established in these Provisions, Investment Advisers shall request from the Commission the key that will be used to access the electronic system established for such effects by the Commission, having to have it at the moment of starting operations.

TRANSITIONAL PROVISIONS

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

Second.- The guidelines, interpretations and criteria issued by the Secretariat or by the Commission, based on what is provided in the general provisions referred to in Article 226 Bis of the Securities Market Law, applicable to investment advisers, published in the Official Journal of the Federation on December 31, 2014 and reformed by the Resolution that reforms the general provisions referred to in Article 226 Bis of the Securities Market Law, applicable to Investment Advisers, published in the Official Journal of the Federation on December 29, 2015, will continue to be applicable insofar as they do not oppose what is established in this Resolution.

Third.- Investment Advisers to whom registration is granted to operate as such on a date subsequent to the entry into force of this Resolution, shall comply with the obligations contained in these Provisions, under the terms and in accordance with the deadlines indicated below:

I. Ninety natural days counted from the date of authorization, to present to the Commission the document referred to in the 38th of these Provisions.

II. Sixty business days counted from the date of their registration, to carry out the designation referred to in the 30th of these Provisions, informing thereof to the Commission, within the mentioned timeframe.

Fourth.- Investment Advisers that are in operation at the moment of the entry into force of this Resolution, shall have a period that shall not exceed forty-five natural days counted from the entry into force of this Resolution, in order to elaborate a work schedule in which they shall establish activities, deadlines and responsibilities, so that at the latest within three hundred

sixty calendar days following the entry into force of this Resolution, (i) have automated systems updated as referred to in the 27th of these Provisions; (ii) begin to collect the corresponding information in accordance with the obligations established in this Resolution, as well as introduce it into the aforementioned automated systems, as appropriate, with respect to those Transactions that are entered into after the expiration of said term; (iii) present to the Commission the document referred to in the 38th of these Provisions with the respective modifications, and (iv) comply with the other obligations established in the said Resolution.

Fifth.- The obligation referred to in the 9th of these Provisions shall apply with respect to all corporate Clientele of Investment Advisers regardless of whether the commercial relationship with them had begun prior to the entry into force of this Resolution.

Sixth.- Investment Advisers who already have registration on the date of entry into force of this Resolution and who do not have the key referred to in the 43rd-1 of the Provisions, must request it from the Commission, at the latest within twenty business days counted from when this Resolution enters into force.

Seventh. Investment Advisers shall comply with the modifications provided for in the 4th of these Provisions, insofar as including proof of address in the Client identification file, with respect to those Transactions that are entered into from July 1, 2017.

Eighth.- The Secretariat, prior to the opinion of the Financial Intelligence Unit, shall make known to Investment Advisers through the electronic means established by the Commission, the guidelines referred to in fraction VI of the 4th of the Provisions, within sixty calendar days following the entry into force of this Resolution.

Ninth.- The Commission shall make known to Investment Advisers through the electronic means it establishes, the guidelines, guides and/or best practices referred to in the 9th-5 of the Provisions, within ninety calendar days following the entry into force of this Resolution.

Investment Advisers shall comply with the obligations derived from the implementation of Chapter II Bis of the Provisions, added by means of this Resolution, at the latest within four hundred fifty calendar days counted from when this Resolution enters into force.

Mexico City, March 29, 2017. - The Secretary of Finance and Public Credit, José Antonio Meade Kuribreña . - Rubric.

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