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Investment Funds Act

Original Language Title: Ley de Fondos de Inversión

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Investment Funds Act

INVESTMENT FUNDS ACT

(Before "Investment Companies Act")

Official Journal of the Federation on June 4, 2001

Last reform published in the DOF on June 13, 2014

On the sidelines a seal with the National Shield, which reads: United Mexican States.-Presidency of the Republic.

VICENTE FOX QUESADA, President of the United Mexican States, to its inhabitants known:

That the Honorable Congress of the Union, has served to address the following

DECREE

"THE GENERAL CONGRESS OF THE MEXICAN UNITED STATES, D E C R E T A:

INVESTMENT FUND LAW

Note: The previous "General Provisions" Chapter is repealed ; Chapter 2 "Of Companies of Investment of Variable Income"; Third Chapter "Of Investment Companies in Debt Instruments"; Chapter 4 "Of Capital Investment Companies"; Chapter 5 " Of Companies Investment of Limited Object "; Chapter 6" Of The Provision of Services to Investment Companies ", with Section I" Of The Services ", Section II" Of The Administration of Assets ", Section III" Of The Distribution ", Section IV" Of The Valuation ", Section V" Of The Rating ", Section VI" Of The Price Provider "and Section VII" Of The Deposit and Custody "; Chapter 7" Common Provisions "; Eighth Chapter" Of The Subsidiaries of Foreign Financial Institutions "; Chapter Ninth" Of Accounting, Inspection and Surveillance "; Chapter Tenth" Of The Revocation of the Authorizations and Sanctions "; and Chapter Eleventh" Final Provisions "

Title I

Preliminary Provisions

Single Chapter

Article 1.- This Law is of general public order and observance in the United Mexican States and is intended to regulate the organization and operation of the law. of the investment funds, the intermediation of their shares in the stock market, the services they will have to contract for the correct performance of their activities, as well as the organization and functioning of the people who provide them services in terms of this legal order.

In the application of this Law, the authorities will have to seek the promotion of investment companies, their balanced development and the establishment of conditions. to achieve the following objectives:

I.     The strengthening and decentralization of the stock market;

II.    The small and medium investor's access to that market;

III. The diversification of capital;

IV. The contribution to financing the country's productive activity, and

V. The protection of the interests of the investing public.

Article 2.-For the purposes of this Law:

I. Investment Object Assets: The values, titles, and documents to which you are applicable the Securities Market Act regime entered in the National Register or listed in the International System of Quotations, other securities, cash, property, rights and credits, documented in contracts and instruments, including those relating to financial operations known as derivatives, as well as the other things which are the subject of trade which, in accordance with the investment scheme provided for in this Law and in the general provisions which the Commission has issued for each type of fund, investment, be able to form an integral part of your heritage;

II. Commission: The National Banking and Securities Commission;

III. Consortium: The set of moral people linked to each other by one or more people physical that integrating a People's Group, have the Control of the first;

IV. Control: The ability to impose, directly or indirectly, decisions in the (a) the management board or general assemblies of shareholders or equivalent bodies; maintaining the ownership of rights which enable, directly or indirectly, to exercise the vote in respect of more than 50% of the share capital of a moral person, to direct, directly or indirectly, the administration, strategy or the main policies of a moral person, either through the ownership of securities, or by any other legal act;

V. Global Account: To account managed by company operating companies investment, in which the transactions of several investment funds and other third parties are recorded, individually and anonymously in relation to a stock exchange house or credit institution with which they subscribe to a stock market or administration of values;

VI. Enterprise Promotional: To national or foreign societies, to celebrate a a promotion contract with some capital investment fund in order to obtain medium and long-term resources, to generate, directly or indirectly, economic, industrial, commercial or service activity in the country;

VII. Relevant Event: The One defined as such in the Securities Market Act and the provisions of a general nature that emanate from it;

VIII. Group of Persons: To people who have agreements, of any nature, to making decisions in the same direction. It is presumed, unless proof to the contrary, that they constitute a Group of Persons:

a) People who have kinship by consanguinity, affinity, or civil to the fourth the degree, the spouses, the concubine and the concubinaire, or

b) Companies that are part of the same Consortium or Business Group and the person or a group of persons who have the control of such companies.

IX. Business Group: To the set of moral people organized under schemes of direct or indirect participation of the social capital, in which the same society maintains the control of these moral persons. Financial groups constituted under the Law for Regular Financial Pools shall also be considered as a Business Group;

X. Significant Influence: Entitlement to rights that allow, direct or indirectly, exercise the vote of at least twenty percent of the social capital of a moral person;

XI. Command Power: To the ability to decisively influence the agreements adopted in the meetings of shareholders or meetings of the board of directors, or in the management, conduct and execution of the business of a moral person or moral person who is controlling or in which he has significant influence. They are presumed to have Command Power in a moral person, unless otherwise tested, persons who are located in any of the following cases:

a) Shareholders who have the Control of Administration;

b) Individuals who have links to the moral person or moral people who make up the Business Group or Consortium to which it belongs, through lifetime, honorific or any other similar or similar titles to the above;

c) People who have transmitted the Control of the moral person under any title and free of charge or at a lower value than the market or accounting value, in favour of individuals with whom they are linked by consanguinity, affinity or civil to the fourth grade, the spouse, the concubine or the concubinaire, or

d) Who instruct relevant counselors or managers of the moral person, the taking of decisions or the execution of operations in a society or the moral persons it controls; and

XII. National Register: The National Registry of Securities referred to in the Law of Stock Market.

The above terms may be used in the singular or in the plural without meaning that it changes their meaning.

Article 3. The Securities Market Law, commercial law, stock and market practices, and common order legislation will be supplanted by law. Law, in the order cited.

In the acts or operations which are contracted between the investment funds and the companies providing them with the services referred to in Article 32 of the this Law, as well as between the companies operating investment funds and companies or entities that provide the services of distribution of shares and their investment customers, the lack of form required by this Law or by the agreement of the parties shall result in the relative nullity of such acts or operations.

Legal acts which take place in contravention of the provisions of this Law shall, where appropriate, give rise to the payment of damages and the imposition of the administrative and criminal penalties provided for by this legal order, without any such contravention of the acts in the protection of third parties in good faith, unless this law expressly provides otherwise in the case in question.

Article 4. The Federal Executive, through the Secretariat of Finance and Public Credit, may interpret the provisions of this Article for administrative purposes. Law.

Article 5.- The investment funds, shall be limited companies of variable capital, which shall exclusively aim to acquire and sell the usual and professional Assets Investment Object with resources arising from the placement of the shares representative of their social capital offering them to an undetermined person, through financial intermediation services, in accordance with the provisions of the Law of the Market of Securities and in this Law.

The representative shares of the equity capital of the investment funds shall be considered as securities for the purposes of the Securities Market Act.

Article 5 Bis.- The expressions of investment companies, investment funds, investment portfolios, or others that express similar ideas in any language, for which the exercise of the activities reserved by this Law may be inferred to the investment funds, may not be used in the name, social name, social reason, advertising, propaganda or documentation of persons and establishments different from the investment funds themselves referred to in this Article Law.

The exception of the provisions of the preceding paragraph to companies operating investment funds, distribution of shares of investment funds, companies investment fund shares, investment companies specializing in retirement funds referred to in this Law, development trust stock certificates, real estate or index securities issued in accordance with the provisions of the Securities Market Act, as well as the associations of investment funds and other persons authorised by the Commission for such purposes, provided that they do not carry out own operations of the investment funds or operators, distributors and valuers identified.

Article 6.- The investment funds, in accordance with their investment arrangements, must take one of the following types:

I. Variable Income ;

II. In debt instruments;

III. Capital, and

IV. Limited object.

Investment funds shall be subject to the supervision, regulation and sanction of the Commission, and shall observe the provisions of this Law and other provisions applicable.

Investment companies specializing in retirement funds will be subject to oversight by the National Commission on Retirement Savings Systems and will be subject to will be governed by the Law on Savings Systems for Retirement.

Article 7. -investment funds must take one of the following forms, depending on the conditions for the acquisition and sale of the shares representative of their own capital, set out in the respective prospectus of information to the public investor that this Law refers to:

I. Open: those who have the obligation, in the terms of this Law and their information leaflets to the public investor, to buy back the shares which are representative of its share capital or to be written off with the Investment Object Assets which are part of its assets, unless in accordance with the assumptions provided for in the said prospectus, it is suspended in an extraordinary and temporary manner buy-back, and

II. Closed: those that are prohibited from buying back the shares representative of their share capital and write down shares with Assets Object of Investment members of their assets, unless their shares are listed on a stock exchange, of course in which they will be adjusted for the repurchase of their own shares as set out in the Securities Market Act.

The Commission shall establish, by means of general provisions, categories of investment funds for each type and modality, on the basis of diversification, specialization of the respective investment regime, objective and horizon of investment, liquidity, among others. For such purposes, it may use the categories established by the self-regulatory bodies of investment funds and persons providing services to them.

Title II

From the investment funds

Chapter First

Of the constitution

Article 8.- For the organisation and operation of the investment funds, prior authorisation from the Commission is required without prior agreement from the Commission. Board of Government. Such authorization shall be granted to public limited liability companies organized in accordance with the special provisions contained in this legal order and, as otherwise provided for by the General Company Law. Mercantiles.

By their nature, these authorisations shall be non-communicable and shall not imply certification on the goodness of the shares or securities they issue or on the solvency, liquidity, credit quality or future performance of the funds, or the Investment Object Assets that make up your portfolio.

Investment fund operators applying for authorisation for the organisation and operation of investment funds shall submit the documentation and following information:

I. The draft constitution of an anonymous variable capital company in the which shall consist of the social statutes, which shall conform to the provisions contained in this legal order;

II. The information of the founding partner of the investment fund indicating the data relating to their authorisation to constitute an investment fund operating company;

III. The draft prospectus to the public investor and documents with key information for the investment referred to in Article 9 of this Act, indicating the type, modality and category of the investment fund;

IV. The relationship of the persons who are intended to lend to the investment fund the services referred to in Article 32 of this Law, and

V. Other documentation and related information that the Commission requires for the effect.

The Commission shall have the power to verify that the application referred to in this Article complies with the provisions of this Law, for which the Commission shall count with powers to corroborate the veracity of the information provided and, in such a virtue, the agencies and entities of the Federal Public Administration, as well as the other federal authorities, will submit the related information. The Commission may also request foreign bodies with similar supervisory or regulatory functions to corroborate the information provided to them.

Article 8 Bis.- The investment funds shall be constituted by a single founding member before the Commission and without the need to record their constituent minutes and social statutes before a notary or public corridor or its registration in the Public Registry of Commerce.

The investment funds must be registered in the National Register, having the same effects as the registration in the Public Registry of Commerce, according to the Article 2 of the General Law of Companies. In no case shall the Commission charge fees for the registration of the funds in the National Register, without prejudice to the collection of rights corresponding to the registration of the shares in that National Register.

Prior to obtaining the authorization referred to in Article 8 of this Law, the founding partner must appear before the Commission to constitute the fund of investment. For such purposes, a report shall be drawn up by the founding partner himself approved by the Commission, which shall attest to its existence. The minutes shall contain at least the following:

I. The name and address of the founding partner. Only the founding partners may be the investment fund operating companies;

II. The object of society, in terms of Article 5 of this Law;

III. Your social name.

The social denomination will be formed freely, but will be different from any other society, invariably followed by the words "Company of the Capital Variable Investment Fund", and then add the rate corresponding to the investment fund according to the provisions of Article 6 of this Law;

IV. Its duration, which may be indefinite;

V. The address of the fund which shall be located on the national territory;

VI. The fully paid minimum capital to be maintained, in terms of the provisions of a general nature to be issued by the Commission in accordance with Article 14b of this Law, and

VII. The indications relating to its shares and shareholders contained in the articles 14 Bis to 14 Bis 3 of this Law.

The requirements referred to in the previous fractions and other rules to be laid down in the constituent act on the organisation and operation of the fund shall constitute the statutes of the investment.

The amendments to the social statutes of the investment funds must be approved by the Commission.

Article 8 Bis 1.- Investment funds shall not be required to constitute the legal reserve established by Article 20 of the General Company Law Mercantiles.

Article 9.- The information leaflets to the investment fund investor, as well as their modifications, will require prior authorisation from the Commission, and will contain relevant information contributing to the appropriate decision-making process. by the investor public, including at least the following:

I.        The general data of the investment fund in question;

II.       The detailed sales policy of its shares and the equity limits of ownership by investor in accordance with Article 14 of this Act;

III.     The form of trading and settlement of the purchase and sale of its shares, taking into account the current valuation price and the time limit in which it is to be covered;

IV.      The detailed policies of investment, liquidity, acquisition, selection and, where appropriate, diversification or specialisation of assets, the maximum and minimum investment limits per instrument and, where appropriate, policies for the hiring of loans and loans, including those for the issuance of securities representative of a debt to be charged;

V. The warning to investors of the risks that may arise from the investment of its resources in the fund, taking into account the policies to be followed in accordance with the previous fraction;

VI.      The method of valuation of their shares, specifying the periodicity with which the latter is performed and the way to make the price known;

VII. Dealing with open investment funds, policies for the buyback of shares representing their share capital and the reasons for which such transactions are to be suspended. The above, taking into account the amount of its paid capital, the holding of each shareholder and the composition of the Investment Object Assets of each investment fund.

The Commission may lay down rules of general rules governing rules governing the process of suspending the repurchase or acquisition of the shares representative of the equity capital of the investment fund concerned.

In addition, where disordered market conditions exist, the Commission may to authorise investment funds to change the dates for the repurchase of their shares, without the need to amend their prospectus for information to the investor public;

VIII. The specific mention that shareholders of open investment funds will have the right of the investment fund itself, through the persons who provide the stock distribution services, to buy back or acquire a valuation price, without any differential application, up to one hundred percent of its holding a share of the stock, within the time limit set out in the same prospectus information to the investment public, in any modification to the investment regime or the repurchase arrangements for own shares;

IX. The structure of the social capital specifying, where appropriate, the different characteristics of the series or classes of action and the rights and obligations inherent in each of them;

X.        The concept and procedure for calculating the commissions and remuneration to be paid by investment funds and their shareholders, as well as the periodicity or circumstances in which they will be charged;

XI. The demonstrations under protest to tell the truth, by the people who they must subscribe to the prospectus of information to the public investor in which they expressly state that within the scope of their responsibility they have no knowledge of relevant information that has been omitted, false or misleading error;

XII. A specific section related to the operational conditions that they would apply to Case of dissolution and early settlement of the investment fund;

XIII. Preferential rights that may exist to subscribe and buy back shares representative of the share capital, as well as the possibility of suspending the acquisition and purchase of the shares representative of its share capital, by virtue of the division of the investment fund in the face of liquidity problems;

XIV. The possibility of the investment fund being spun off according to the procedure established in Article 14 Bis 7 of this Law, in the event of disorderly or high volatility conditions in financial markets, or, where the characteristics of the Investment Object Assets present liquidity or valuation problems, and

XV. Other than set up by the Commission, by means of general provisions, in relationship to the previous fractions.

In the definition of the series or class of shares referred to in the previous section IX, the operating companies applying for the authorisation for the organisation and operation of the investment fund in question must comply with the characteristics and, where appropriate, the maximum amount of recovery for the obligations resulting from them, which make it possible to differentiate them without generating Discrimination between those who provide the distribution or inequitable service between the investors, which are established by the Commission by means of general provisions, in terms of the provisions of Article 39 Bis 4 of this Law.

The investment funds that obtain the Commission's authorisation in respect of their information leaflets to the public investor, they must incorporate in a way known in the own prospectus of information to the investor public a legend in which they expressly indicate that the referred authorization does not imply certification on the goodness of the actions that they issue or on the solvency, liquidity, credit quality or future performance of the funds, or the Investment Object Assets that make up their portfolio.

Additionally, investment funds should present a document with key information for the investment, which should contain the requirements that the Commission determines by means of general provisions. Documents with key information for the investment will be part of the information leaflets for the investing public.

The Commission shall, by means of general provisions, specify the modifications to the prospectus of information to the public investor which shall not require the prior authorisation of the Agency. Without prejudice to the foregoing, each time the prospectus for information to the investor public is amended, a copy shall be sent to the Commission containing the modifications made.

The persons who lend to the investment funds the distribution services of their shares, must stipulate with the public investor, on behalf of these, to the the time of the conclusion of the respective contract, the means through which they will be made available for analysis and consultation, information leaflets to the public investor and documents with key information for the investment of the investment funds whose shares the effect they distribute and, where applicable, their amendments, while agreeing on the facts or acts that they assume their consent to.

In any case, investment funds will be required to present their information leaflets to the investor public in the format for such purposes. issue the Commission in accordance with the general provisions referred to in this Article.

Chapter Second

From the organization

Article 10.- The investment funds, as an exception to the General Law of Companies, will not have a shareholders ' meeting, nor a board of directors. Commissioner. The functions that Articles 181 and 182 of the General Law of Companies are assigned to the shareholders ' assembly, will be assigned to the founding partner and in the cases in which this Law expressly indicates it, in addition to the other partners. Similarly, the activities of the Board of Directors will be entrusted to the operating company of investment funds that it contracts in compliance with this Law. As a result of the supervision of the investment funds, the investment fund's regulatory controller is assigned to the operating company of the investment funds contracted by the fund itself, in accordance with the terms set out in this Law.

Article 11.- The companies operating investment funds that provide management services to the investment funds, through their own management board, in addition to the inherent functions that the General Companies Law Mercantiles entrusts to those who are in charge the management of the companies and those provided for in this Law will have, in respect of the investment funds to which they provide services, perform the following functions:

I. Approve:

a) The hiring of persons who lend to the investment fund services to which refers to this Law;

b) The rules to prevent and avoid conflicts of interest, and

c) Operations with persons who maintain heritage or liability ties with the founding partner or its shareholders or, of kinship by consanguinity, affinity or civil to the fourth grade, with such shareholders, with those of the controlling company of the financial group and financial institutions belonging to the group to which, in their case, the operating company itself, as well as the the shareholders of the Business Group or Consortium to which the operating company belongs;

II. Establish investment funds ' investment and investment policies, as well how to review them each time they meet taking into account whether the investments are reasonable for the investment fund, the absence of conflicts of interest, as well as the attachment to the target and investment horizon;

III. Dictate the measures that are required to be properly observed in the Information leaflet to the investing public;

IV. Analyze and evaluate the outcome of the investment fund management;

V. Refrain from paying services not accrued or not included in the prospectus information to the investment fund's public investor;

VI. Take a separate book from each investment fund you manage, in which you they shall establish all the corporate acts of the fund in question, relating to any modification to the constitutive act, including capital increases, dissolution agreements, merger, division, as well as others taken by the founding partner which be informed to the Commission for publication by means of of the National Register; in the event of an increase in the capital of the investment fund which it administers, the Secretary of the Council may authenticate the relevant registration for his presentation to the Commission.

Corporate acts notified to the Commission in terms of the provision of the This fraction shall have its effects until they are made public knowledge through the National Register;

VII. Take a record of the total outstanding shares of the shares the investment that it manages, with the information provided by the companies distributing shares of investment funds or entities that provide such a service, with the indication of the number, series, class and other particularities.

Article 12.- The members of the board of directors of the investment funds operating companies that administer the investment funds, will perform its function by seeking to create value for the benefit of the investment fund in question, without favouring a certain shareholder or group of shareholders. They must act diligently by taking reasoned decisions and fulfilling the other duties imposed on them by virtue of this and other laws, the social statutes or the corresponding service provision contract, in favour of of the investment fund in question.

Article 13.- The members of the management board of the investment fund operating company that administers the investment fund shall have the the responsibility inherent in their mandate and the derivative of the obligations that the General Law of Companies, this Law, the statutes or the statutes of the investment funds, impose on them.

The members of the management board of the investment fund operating company, in respect of the investment fund which it administers, in its act, shall be governed by the duties of diligence and loyalty referred to in Articles 30 to 37 of the Securities Market Act. The action of liability for failure to comply with such duties shall be exercised in the terms of Articles 38 to 40 of the said Securities Market Act. In any event, the liability action shall be in favour of the investment fund which suffers the property damage, and shall be without prejudice to any other actions to be taken by members, creditors and third parties in accordance with this and other laws.

Article 14.- The investment funds, through the management board of the investment fund operating company, will set maximum limits of ownership by shareholder and will determine policies for individuals to adjust to them, to temporarily acquire higher percentages than those limits, and this should be contained in their information leaflets to the public investor.

Operating companies or persons providing equity distribution services of investment funds shall implement on behalf of these, mechanisms that allow their shareholders to have timely information regarding the percentage of their shareholding in order to comply with the provisions of this Article.

Third Chapter

Of social capital and shareholders ' rights

Article 14 Bis.- The investment funds must have the minimum fully paid capital that the Commission establishes by means of a general for each type of investment fund. Fixed share capital shall be represented by the shares referred to in Article 14 Bis 1, first paragraph of this Act, and shall in no case be less than the minimum capital.

Investment funds will be variable capital, which will be unlimited. In any event, the amount of subscribed and paid capital shall be announced in the financial statements in respect of the authorized capital represented by the issued and unsubscribed shares.

The variable share of the equity capital of the investment funds may be represented by several series of shares, different classes of shares may be established for each string.

The shares of the investment funds, as a derogation from the provisions of Article 115 of the General Law on Companies, shall be issued without expression of value nominal and shall be paid in full in cash in the act of being subscribed, or in kind if, in the latter case, the Commission is authorised to do so by considering the liquidity of the goods in kind, the type and modality of the investment fund treat.

Article 14 Bis 1.- The representative shares of the fixed capital of the investment funds may only be subscribed by the person who in accordance with this Law can have the character of a founding partner. Shares representing the fixed capital shall be one and a single class, without the right to withdraw and may only be transferred on property or on a guarantee or trust, subject to the authorisation of the Commission.

The shares representing the equity capital shall be free to subscribe, as set out in the prospectus to the public investor, and shall grant the rights set out in Article 14 Bis 2 below, or any other economic rights established in the social statutes.

As a derogation from Article 132 of the General Law on Companies, there will be no right of preference to subscribe to shares in cases of increase of capital, nor to acquire them in case of alienation, unless otherwise agreed in both cases, which must be reported in the prospectus of information to the investor public.

The shareholders of the variable part of the capital shall also not have the right of separation or the right of withdrawal referred to in Articles 206 and 220 of the Law General of Companies, without prejudice to the observance of the applicable terms and conditions regarding the acquisition, repurchase and sale of the shares representative of the equity capital of the investment fund itself.

Article 14 Bis 2.- The shareholders of the equity capital of the investment funds shall have the following rights only:

I. Participate in profit sharing as provided for in Articles 16 to 19 of the General Law of Companies and Others applicable. For the investment funds referred to in Article 6, fractions I and II of this Law, this right shall be exercised, according to the price corresponding to the daily valuation allocated to the shares representative of the share capital;

II. Require the investment fund to acquire or buy back shares in the assumptions to be included in this Law and the prospectus of information to the public investor;

III. Demanding civil liability for damages in cases where the company operator of the investment fund in question, does not comply with any of the assumptions in Article 39 of this Law, or the person providing the services referred to in Article 32 (VI) of this Law, when it fails to comply with the functions referred to in Article 51 of this legal order;

IV.      Require the redemption of their shares according to the value established in the final settlement balance, if the investment fund is dissolved or liquid, and

V. Exercise the action of responsibility against the members of the board of directors management of the investment fund operating company which manages the investment fund, in the terms referred to in Articles 12 and 13 of this Act.

The shareholders of the equity capital of the investment funds shall not have the rights provided for in Articles 144, 163, 184 and 201 of the Law General de Sociedades Mercantile. Notwithstanding the foregoing, the social statutes of the capital or limited-object investment funds may provide for corporate rights and other economic rights for the shareholders of the variable share of the share capital, as well as the the right to object to the decisions taken by the management board of the investment fund operating company which administers them, with respect to the capital investment fund itself or the limited object. The rights referred to in this paragraph shall be exercised in the terms and conditions which have been agreed upon in the social statutes themselves.

For the exercise of the rights referred to in fractions III and V, it shall be necessary for the shareholders in the individual, or as a whole, to represent 0.5 percent. (a) a total of 100 000 units of capital in circulation, or, in the case of the investment fund, the equivalent in national currency to 100,000 units of investment, whichever is greater, to the date on which the action is intended.

The founding partner, in addition to the rights granted to it by this Law, will have those mentioned in the fractions I and IV mentioned in this article.

Article 14 Bis 3.- Investment funds may not issue shares of enjoyment or agree to the provisions of Article 123 of the General Company Law Mercantiles.

Investment funds will be able to maintain treasury shares that will be put into circulation in the form and terms that the board of directors of the the investment fund operating company that provides its services.

Chapter Fourth

Of the merge and spin

Article 14 Bis 4.- The merger or division of the investment funds will require the prior authorisation of the Commission.

Investment funds may only be merged with other investment funds of the same type.

The merger of the investment funds will not require the authorization that in terms of the Federal Economic Competition Act must be obtained, provided that the same the operating company of investment funds provides them with the asset management services or, where such services are provided by different investment firms of investment funds belonging to the same group financial.

Article 14 Bis 5.- The merger of the investment funds shall be made subject to the following bases:

I. The investment funds will submit to the Commission the agreements of the administration of the operating company of investment funds which manage them, which have the majority of the votes of the independent directors relating to the merger, of the merger agreement, of the modifications which it would be to make the statutes of the funds, the plan of merger of the the respective funds with an indication of the stages in which it is to be carried out; as well as the draft prospectus for information to the public investor and documents with key information for the investment of the investment funds which, if appropriate, is form or subsist of the merger, the financial statements which present the situation of the funds and which shall serve as a basis for the board authorising the merger and the projected financial statements of the fund resulting from the merger;

II. The merger agreements as well as the minutes of the board of directors of the companies operating investment funds that manage them, in which the merger is agreed, shall be notified to the Commission for publication in the National Register, and shall also be published on the electronic page of the worldwide network called Internet at the sites of the investment fund operating company as well as the distribution company of investment fund shares and entities providing that service, subject to the authorisation of the Commission. In addition, the companies operating investment funds shall give notice, on the same day as they publish the information referred to in this section, to the creditors of the investment funds to be merged for the purposes of the in the following fraction IV.

From the date on which these agreements are published in the National Register, it shall be effects of the merger, which may not occur before the expiry of the period laid down in the following subparagraph (a

;

III. The agreements of the board of directors of the operating companies of Investment in the management of the merger shall contain the bases, procedures and protection mechanisms to be adopted in favour of its shareholders.

Such bases, procedures and mechanisms shall at least establish the following:

a) Once the merger is authorized, notice will be given to its shareholders by the the company which has provided the distribution services of its shares, through means of a reliable means, at least, with forty working days in advance of the merger, making known the main characteristics of the funds investment to be formed or subsist of the merger, and

(b) During the period mentioned in the preceding paragraph, the following shall be made available to the shareholders the draft prospectus for information to the public investor and documents with key information for the investment of investment funds that are formed or subsist by the merger;

IV.      During the 90 calendar days following the date of the publication in the National Register of the agreements referred to in the previous Part II, the creditors of the investment funds may be able to oppose the same, with the sole object of obtaining payment of their claims, without the opposition suspending the merger, and

V. The Commission may require other documentation and additional information related to such effects.

The authorisations to organise and function as investment funds, of those that participate in a merger process as merged, will be without effect by the Ministry of Law, without it being necessary to issue a declaratory by express by the authority that granted it.

Article 14 Bis 6.- Investment funds may be spun off either by default, in which case the splinter fund shall divide all or part of its assets, liabilities and share capital in two or more parts, which shall be provided as a block to other newly created funds; or where the investment fund, without being extinguished, provides part of its assets, liabilities and social capital to another or other funds of new creation. Split investment funds shall be understood to be authorised to organise and operate as investment funds.

The division referred to in this Article shall be in accordance with the general provisions of the Commission for such purposes, taking into account the protection of the interests of the shareholders, and must be made subject to the following bases:

I.        The splinter fund shall submit to the Commission the agreements of the management board of the investment-fund operating company which administers it, which shall have the majority of the vote of the independent directors, who contain the agreements relating to their division and the projected financial statements of the funds resulting from the division;

II. The actions of the fund being spun off must be fully paid;

III. Each partner in the splinter fund will initially have a share of the the social capital of the splinter, equal to that of the holder in the breakaway;

IV.      The resolution approving the split must contain:

a) The description of the way, timeframes and mechanisms in which the various concepts of asset, liability and share capital will be transferred;

(b) The description of the assets, liabilities and share capital that are correspond to each split fund and, where appropriate, to the splinter, in detail sufficient to permit the identification of these;

(c) The financial statements of the splinter fund, covering at least the operations performed during the last social exercise;

d) The determination of the obligations under the terms of the division to assume each fund cleaved. If a split fund fails to fulfil any of the obligations assumed by it under the division, it shall respond in solidarity to creditors who have not given their express consent, for a period of three years from the last of the publications referred to in the fifth paragraph of this Article, up to the amount of the net asset which has been attributed to them in the division to each of them; if the division has not ceased to exist, the latter shall be liable for the whole of the the obligation;

e) The project of statutory reforms of the breakaway fund and the draft statutes of the split funds, and

f) The bases, procedures and protection mechanisms that will be adopted in favor of its shareholders. Such bases, procedures and mechanisms shall at least establish the following:

1. Once the excision is authorized, it will be given notice to its shareholders through the the company which has provided the services for the distribution of its shares, through the means of a reliable means, at least 40 working days in advance of the division, giving the main characteristics of the split-investment funds and the splinter fund, in the case of the subsidiary; and

2. During the period referred to in the preceding paragraph, the shareholders the draft prospectus for information to the public investor and documents with key information for the investment of the split investment funds and the splinter, in case of subsidise;

V. The agreements of the board of directors of the operating companies of the investment funds, which relate to the division, as well as the minutes of the investment fund and the constituent act of the split, shall be notified to the Commission for publication in the National Register and shall also be published in the Electronic page of the worldwide network called Internet at sites of the holding company of investment funds as well as of the distribution company of investment fund shares and entities providing that service, after the authorisation of the Commission has been obtained. As from the date on which they are published, the division shall take effect, which shall not be possible before the expiry of the period laid down in paragraph IV (f), numeral 1 of this Article. In addition, the companies operating investment funds shall give notice, on the same day as they publish the information referred to in this section, to the creditors of the investment funds to be merged for the purposes of the in the following fraction;

VI. The creditors of the splinter fund may be judicially opposed to the division, within 90 calendar days following the date of the notice referred to in the preceding section, with the sole purpose of obtaining payment of their claims, without the opposition suspending the effects of the latter, and

VII. The Commission may require other documentation and related additional information for such effects.

Article 14 Bis 7.- As an exception to the provisions of Article 14 Bis 6 of this Law, and in the event of disordered or high conditions volatility in the financial markets, or, where the characteristics of the Investment Facility Assets of the investment funds, present liquidity or valuation problems, the investment funds themselves may be spun off with subject to the rules laid down in this Article and in Article 14 Bis 8 below.

Investment funds which comply with the provisions of this Article shall not require the authorisation of the Commission, and shall comply with the following conditions:

I.        accredit to the Commission at the time of reporting on the division that it was not possible to obtain the updated valuation price of the Investment Object Assets in question;

II.       The Investment Object Assets to be allocated to the split investment fund shall represent at most the percentage of the net assets of the breakaway investment fund which the Commission determines by means of general character;

III.     The head of the integral risk management of the breakaway investment fund, determines that not to spin off the investment fund, this would incur a liquidity risk that would negatively impact the valuation or liquidity of others. Investment Object assets or to the investment fund itself in its general operation, and

IV.      The excision of the investment fund shall be made in the protection of the investors of the investment fund.

Article 14 Bis 8.- For the excision of the investment funds to be made in accordance with the provisions of this Article and Article 14 Bis 7 above, the funds Investment shall be subject to the general provisions issued by the Commission for such purposes and shall send the following documentation to the Commission:

I. Act of the management board of the investment fund operating company to administer them, with the favourable vote of the majority of the independent directors, in which the agreement is made to effect the division;

II. Constitutive act of the split investment fund containing the elements to which Article 8 Bis of this Law is referred to. In this case, the Commission shall immediately enter the minutes of the split fund in the National

;

III. The projected financial statements of the funds resulting from the split;

IV. The Commission may require other documentation and related additional information for such effects.

The investment fund in question must also prove to the Commission that the division has been adjusted as provided for in points II to IV (a) to (e) of the Article 14 Bis 6 of this Law.

The split investment funds will be understood to be authorised to organise and operate as investment funds, and they will invariably have to adopt closed.

Investment funds shall suspend the acquisition and repurchase of their shares, on the basis that they have submitted to the Commission the information referred to in this Article. Article 14 Bis 7 of this Law.

The Commission may order amendments to the terms and conditions under which the division of the investment fund concerned has been agreed upon, where these are contrary to the interests of investors.

The Commission shall establish by general provisions the operational mechanics, for the administration, valuation of the Assets of Investment, disclosure information and settlement of the split investment fund. In addition, the provisions of this Regulation shall determine the characteristics of the Investment Object Assets which may be allocated to the split investment fund.

Chapter Fifth

Of dissolution, liquidation, and merchant contest

Article 14 Bis 9.- The agreement by which the management board of the investment fund operating company that manages the investment fund, decides the change of nationality shall place the investment fund in the state of dissolution and liquidation, in addition to the assumptions provided for in Article 229 of the General Law on Companies.

The investment fund which resolves to change its nationality must ask the Commission to revoke its authorisation in accordance with the provisions of Article 81 Bis 4 of this Act.

In no case shall the investment funds be able to agree on their transformation into a company other than an investment fund. The agreement which, if any, contravenes this forecast will be null.

Article 14 Bis 10.- The dissolution and liquidation of the investment funds shall be governed by the provisions of the commercial companies for shares in the Law General of Companies with the following exceptions:

The designation of the liquidators shall be:

I. To the investment fund operating company that manages the investment fund, when the dissolution and liquidation has been voluntarily settled by its board of directors. In this case, they shall make the Commission's knowledge of the appointment of the liquidator within five working days of their appointment.

The Commission may object to its veto on the appointment of the person who will exercise the a liquidator, where he considers that he does not have sufficient technical quality, good repute and satisfactory credit history for the performance of his duties, does not meet the requirements for the established effect or has committed infringements serious or repeated to this Law or to the provisions of a general which results from it.

The Commission shall promote before the judicial authority to appoint the liquidator, if in the a period of 60 working days of publication of the revocation has not been designated by the investment fund operating company which administers the investment fund, and

II. To the Commission, when the dissolution and liquidation of the investment fund is the consequence of the revocation of their authorisation in accordance with the provisions of Article 82 of this Law.

At the event that the liquidator appointed by the Commission should resign for justified reasons The person who is in charge of the job must designate the person who replaces him within the fifteen calendar days following which the resignation takes effect.

Where this fraction is concerned, the responsibility of the Commission will be limited. the designation of the liquidator, and therefore the acts and results of the liquidator's performance shall be the sole responsibility of the liquidator.

Article 14 Bis 11.- The appointment of an investment fund liquidator shall be placed in credit institutions, stock exchange houses, in the Administration and disposal of goods, or in natural or moral persons with experience in the liquidation of financial institutions.

When the appointment of liquidator is placed on a natural person, it shall be observed that such persons are resident in national territory in terms of the provisions by the Tax Code of the Federation and meeting the following requirements:

I. Do not have pending litigation against the investment fund or the company the operator that provides you with the asset management services;

II. Not having been sentenced for property crimes, or disabled to exercise the trade or to carry out a job, job or commission in the public service, or in the Mexican financial system;

III.     Not having been declared as a specified;

IV. Not having held the post of external auditor of the operating company provides the asset management services or any of the companies that make up the Business Group or Consortium to which the Business Group is a member, during the 12 months prior to the date of appointment;

V.        Submit a special credit report, in accordance with the Law to Regulate Credit Reporting Companies, provided by credit information companies that contains their records of at least five years prior to the the date on which the charge is intended to be initiated; and

VI. Be enrolled in the registry that is carried by the Federal Institute of Specialists Competitions, or have the certification of a guild association recognized as a self-regulatory body by the Commission.

Dealing with moral persons in general, the natural persons designated to carry out the activities linked to this function, must comply with the requirements referred to in this article.

The Service of Administration and Disposal of Goods may exercise the order of liquidator with its personnel or through proxies that for this purpose it designates. The proxy may be made through credit institutions, stock houses, or natural persons who meet the requirements set forth in this article.

Institutions or persons having an opposite interest to that of the investment fund shall refrain from accepting the charge of liquidator by stating such circumstance.

Article 14 Bis 12.- In the performance of its function, the liquidator shall:

I.        To draw up an opinion on the overall situation of the investment fund. In the event that the opinion is given that the investment fund is located in the grounds of a commercial competition, it must ask the judge to declare the commercial competition in accordance with the provisions of the Law on the Commercial Concourses, informing this to the Commission;

II. Instrumentation and adopt a calendarised work plan containing the the procedures and measures necessary to ensure that the obligations under the fund arising from operations reserved for investment funds are terminated or transferred to other intermediaries at the latest within the year following the date of who has protested and accepted his appointment;

III. Receivable what is owed to the investment fund and pay what it should.

If the assets are not sufficient to cover the liabilities of the fund, the liquidator must apply for the trade contest;

IV. Present the founding partner, at the conclusion of its management, a complete report of the settlement process. This report shall contain the final balance sheet of the settlement.

In the event that the settlement does not conclude within the immediate twelve months The liquidator shall submit to the founding member a report on the state in which the settlement is located, indicating the reasons for which it has not been responsible, and the settlement of the settlement. The conclusion is possible. This report shall contain the financial statement of the fund and shall be at all times available to the founding partner itself;

V.        Promote to the judicial authority the approval of the final settlement balance, in cases where it is not possible to obtain the approval of the founding partner, when the balance sheet is objected to by the founding partner in the judgment of the liquidator. The above is without prejudice to the legal actions that correspond to the founding partner in terms of the laws;

VI. Making the knowledge of the competent judge that there is physical and material impossibility to carry out the legal settlement of the fund in order for it to order the investment firm operating company which would have provided the management services to the investment fund concerned, the publication of such a circumstance in its the global network electronic page called the Internet.

Interested parties may object to the settlement of the investment fund within a period of Sixty calendar days following publication, before the judicial authority itself;

VII. Exercise legal action to determine responsibilities (a) economic activity which, where appropriate, exists and disregards the responsibilities which in law and other provisions are applicable

and

VIII. Refrain from buying for yourself or for another, the property owned by the investment fund in liquidation, without the express consent of the founding partner.

Article 14 Bis 13.- The Commission shall not exercise supervisory functions in respect of the functions of the investment fund liquidator. The foregoing, without prejudice to the powers conferred in this order in respect of the offences referred to in Section II, Section F, Chapter V of Title IV of this Law.

Article 14 Bis 14.- The commercial contest of the investment funds will be governed by the provisions of the Law of the Commercial Concourses, with the exceptions following:

I. When there are elements that can update the assumptions for the declaration of the Trade competition and the operating company of investment funds which it administers to the investment fund concerned does not apply for the declaration of the respective market competition, the Commission shall request;

II. Declared the commercial contest, the Commission, in defense of the interests of the creditors, may request that the procedure be initiated at the stage of bankruptcy, or the early termination of the conciliation stage, in which case the judge shall declare bankruptcy, and

III. The role of conciliator or receiver will correspond to the person who for that purpose The Commission shall designate the Commission within a maximum of 10 working days. Such appointment may be made by credit institutions, exchange houses, the Service of Administration and the disposal of goods, or by moral or natural persons who comply with the requirements of Article 14 Bis 11 of this Law.

Article 14 Bis 15.- The Commission may request the judicial declaration of dissolution and liquidation or commercial competition of the investment funds.

Article 14 Bis 16.- The Commission, after agreement of its Governing Board, may allocate resources from its annual budget to the Administration and Disposal Service (a) to the effect that the said body carries out winding-up or competition procedures for investment funds which are subject to the supervision of the Commission, on the understanding that such resources may be used exclusively to cover the expenditure associated with publications and other formalities relating to such procedures, where it is noted that they may not be faced with the equity of the investment funds themselves due to the lack of liquidity, or by insolvency.

Article 14 Bis 17.- In case of dissolution, liquidation or commercial competition of the investment funds and when the companies distributing funds shares investment or financial institutions which provide such services are not able to locate the shareholders of the variable part of the investment fund concerned in order to provide them with the corresponding resources, they must comply with the provided for in Article 40 Bis 4 of this Law.

Chapter Sixth

From the operation of the investment funds

Article 15.- Investment funds may only perform the following operations:

I. Acquire or dispose of Assets Object of Investment in accordance with the the appropriate investment;

II. Celebrate reporting and lending operations on values that result Securities Market Law, as well as derivative financial instruments; with credit institutions, exchange houses and foreign financial institutions, may act, as the case may be, as reported, reported, or lenders;

III. Acquire the shares that they issue, without the effect of the Article 134 of the General Law on Commercial Companies is prohibited. The foregoing shall not apply to capital investment funds or closed, unless they are in stock exchanges, in which they shall carry out such repurchase in accordance with the provisions of the Securities Market Act;

IV.      Buy or sell representative shares of the share capital of other investment funds without prejudice to the investment regime to which they are subject;

V.        Obtain loans and loans from credit institutions, non-bank financial intermediaries and financial institutions from abroad;

VI.      Issue securities representative of a debt to your office, for the fulfillment of its object, and

VII.     The analogous and related ones authorised by the Commission by means of general provisions.

In carrying out the operations referred to in this Article, the investment funds shall be subject to the general provisions issued by the Commission, except in the case of the reporting, securities lending, lending and credit operations, securities issuance and the holding of financial transactions known as derivatives and with foreign currency, in which case they shall comply with the provisions the Bank of Mexico is generally issued by the Bank of Mexico.

In the event that the Commission intends to incorporate into the investment regime of investment funds of any kind, the holding of financial operations known as derivatives or with foreign currency, you will have to obtain the favorable opinion of the Bank of Mexico.

The Commission shall be empowered to issue provisions of a general nature to which investment funds for acquisition, purchase and disposal shall be adjusted of the actions they issue, the reports on such operations by the operating company of investment funds that administer them, the disclosure rules in the information and the form, terms and means in which these transactions are given to to know the Commission and the public. As a result of the repurchase of their own shares, the investment funds will proceed to the reduction of the capital on the same date of the acquisition, making them treasury shares.

The Commission shall also, by means of general provisions, limit or prohibit investment funds from acquiring or participating in such operations. to determine that they involve a conflict of interest, with the ability to resolve in cases of doubt.

Article 16.- The securities, securities and documents entered in the National Register, which are part of the assets of the investment funds, must be deposited in an account that for each fund will be held in some institution for the deposit of securities granted in the terms of the Law of the Market of Securities, except in the case of shares representing the social capital of other funds of investment.

In the case of Investment Object Assets other than those mentioned in the preceding paragraph, which by its nature cannot be deposited in any institution for the deposit of securities, national or foreign, shall be maintained in the terms specified by the Commission by means of general provisions.

Article 17.- The investment funds must obtain a qualification from a securities rating institution that reflects the risks of the the assets which are part of their assets and the operations they carry out, as well as the quality of their administration, when determined by the Commission by means of general provisions, in which it shall also indicate the frequency with which it is carry out, as well as the terms and conditions in which such information must be diffused.

Article 18.- Investment funds will be prohibited:

I.      Receive money deposits;

II.    Give in security its movable property, immovable property, securities, securities and documents which it maintains in its assets, except in order to guarantee the fulfilment of obligations under the fund, resulting from the performance of the operations to which referred to in Article 15, fractions II, V and VI of this Law, as well as those in which they may participate and which in accordance with the provisions applicable to such transactions must be guaranteed;

III. Grant your endorsement or warranty with respect to third party obligations;

IV.    Repurchase or sell the shares that they issue at a price other than the one indicated in accordance with the provisions of Article 44 of this Law, considering the commissions that correspond to each series of actions. In the case of investment funds that are listed in stock exchange, they shall be in accordance with the repurchase agreement provided for in the Securities Market Act applicable to issuing companies;

V. Practice active credit operations, except loans and securities reporting, in accordance with the provisions of Article 15 (II) of the this Act, and

VI. What I pointed out to you this or other laws.

Article 19.- Repeals

Article 20.- Repeals

Article 21.- When an investment fund has acquired an Investment Object Asset within the minimum and maximum percentages applicable to it, but which, on the basis of variations in the prices of the same or, where applicable, significant and unusual purchases or sales of shares representing their paid capital, does not cover or exceed such percentages, shall comply with the provisions of general character for such an effect to be issued by the Commission, in order to regularise their situation.

Chapter Seventh

From variable income investment funds

Article 22.- Variable income investment funds shall operate with Investment Object Assets whose nature corresponds to shares, obligations and other securities, securities or documents representing a debt held by a third party in the terms of the following Article, which shall be designated for the purposes of this Chapter as Securities. They may also operate with the other securities, rights, receivables, documents, contracts, deposits of money and other goods subject to trade, as authorised by the Commission by means of general provisions.

Article 23.- The investments made by such funds shall be subject to the arrangements established by the Commission by means of general provisions; and which they shall consider, inter alia:

I. The maximum percentage of the net asset of the fund that may be invested in Securities of a same issuer;

II. The maximum percentage of Securities of the same issuer that may be acquired by a investment fund;

III. The minimum percentage of the net asset of the fund to be invested in Securities and transactions whose liquidity enables it to acquire the shares representative of its shareholders ' equity that are required to do so; and

IV. The minimum percentage of the net asset of the fund to be invested in shares and other securities or variable income documents.

When issuing the provisions referred to in this Article, the Commission may lay down the basis for calculating the percentages referred to and different schemes taking into account investment policies, liquidity, selection and, where appropriate, diversification or specialisation of assets, as well as providing for investment in other securities, rights, receivables, documents, contracts, money deposits and other goods subject to trade.

Eighth Chapter

Of investment funds in debt instruments

Article 24.- Investment funds in debt instruments will operate exclusively with Investment Object Assets whose nature corresponds to securities, securities or documents representing a debt held by a third party, to which they shall be designated for the purposes of this Chapter as Securities. The Commission may determine by means of general provisions other types of Investment Object Assets in which investment funds in debt instruments may be invested in an exceptional manner.

Article 25.- The investments that make the funds of this type, will be subject to the regime that the Commission establishes by provisions of a general nature, and which they shall consider, inter alia:

I. The maximum percentage of the net asset of the fund that may be invested in securities of a same issuer;

II.       The maximum percentage of Securities of the same issuer that can be acquired by an investment fund, and

III. The minimum percentage of the net asset of the fund to be invested in securities and transactions whose liquidity enables it to acquire the shares representative of its shareholders ' equity that are required to do so.

When issuing the provisions referred to in this Article, the Commission may lay down the basis for calculating the percentages referred to and different schemes taking into account investment policies, liquidity, selection and, where appropriate, diversification or specialisation of assets, as well as providing for investment in other securities, rights, receivables, documents, contracts, money deposits and other goods subject to trade.

Chapter Ninth

From Capital Investment Funds

Article 26.- Capital investment funds will operate preponderantly with Investment Object Assets whose nature corresponds to shares or shares social, obligations and bonuses in charge of companies promoted by the investment fund itself.

Article 27.- The investments made by such funds shall be subject to the arrangements established by the Commission by means of general provisions; and which they shall consider, inter alia:

I.        The generic characteristics of the Promotive Companies in which the net asset of the investment funds may be invested;

II.       The maximum percentage of the net asset of the investment funds that may be invested in shares or social parts of the same Promoted Enterprise;

III.     The maximum percentage of the net asset of the investment funds that may be invested in bonds and bonds issued by one or more Promotive Enterprises, and

IV.      The maximum percentage of the net asset of the investment funds that may be invested in shares issued by Companies Promotions.

The resources that are temporarily not invested according to the preceding fractions must be used for the formation of deposits of money, as well as for the the acquisition of shares representing the share capital of equity investment funds or debt instruments, securities, securities and documents which are the subject of investment funds in debt instruments and other instruments instruments to be provided for by the Commission, by means of a general.

When issuing the provisions referred to in this Article, the Commission may lay down the basis for calculating the percentages referred to and different schemes, taking into account investment policies, liquidity, selection and, where appropriate, diversification or specialisation of assets, as well as providing for investment in other securities, rights, receivables, documents, contracts, money deposits and other goods subject to trade.

Article 28.- Capital investment funds will hold with each of the Promotional Companies, a promotion contract that will have the the terms and conditions to which the investment is to be subject and which shall meet the following minimum requirements:

I. The determination of the percentage of shares and, where applicable, debt instruments to Promotion of the Company Promovida that will be able to acquire the capital investment fund, in consistency with what is established in the prospectus of information to the investor public.

II. The reason or end that is pursued with the investment.

III. The target time of the investment.

IV. Disinvestment mechanisms possible according to the characteristics of your own investment.

V.        The prohibitions which, if any, would have been provided for in the prospectus for information to the public investor, to which the companies promoted.

VI. The conditions for early termination or termination of the contract promotion, and

VII. The way and terms in which Business Promos will be required to provide information to the capital investment fund, as well as the obligation of the above mentioned companies to provide information to the latter, the investment fund itself or the Commission.

The Commission may object to the terms and conditions of the promotion contracts if they do not meet the minimum requirements set out above, as well as to order any amendments which it considers relevant are made.

In addition, the Commission may carry out inspection visits to the Companies Promovides, circumscribing the exercise of that power to the provisions of the contracts promotion.

Article 29.- Capital investment funds may maintain investments in shares or social parts of Companies that have ceased to be such character, on the occasion of termination of the contract of promotion by agreement of both parties or by termination, or, when they obtain the registration of their shares in the National Register and put, with or without public offer, such shares in some stock exchange. Such investments shall in no case be increased.

In the event of updating the assumptions mentioned in the previous paragraph, the Promovida Company shall lose such character and shall not compute for the purposes of the minimum number of Companies Promoted that must have a capital investment fund.

The holding of shares of companies which have been the character of Companies Promovides, shall be subject to a period not greater than five years, in order for the fund to capital investment in the case of the investment in question is not included in its asset. Such an assumption should be set out in the prospectus to the investor public. Capital investment funds shall stipulate in the promotion contracts, as a cause for early termination of that instrument, the assumptions referred to in the first paragraph of this Article.

Chapter Tenth

From Limited Object Investment Funds

Article 30.- Limited-object investment funds will operate exclusively with the Investment Object Assets that they define in their statutes and prospectus. information to the investor public.

Article 31.- The investments made by such funds shall be subject to the arrangements established by the Commission by means of general provisions and to the information leaflets to the investor public, in which the percentage of their assets must be considered as being represented by the Investment Bank's own assets of its preponderant activity, without prejudice to the fact that the Non-invested transitional resources are allocated to the establishment of deposits of money, as well as the acquisition of shares representing the share capital of equity investment funds or in debt instruments, and securities, securities and documents which are the subject of investment by the investment in debt instruments.

Title III

From providing services to investment funds

Chapter First

Generalities

Article 32.- The investment funds in the terms and cases that this Law points out, for the fulfillment of their object will have to contract the services that The following are indicated:

I. Asset management of investment funds;

II. Distribution of investment funds shares;

III. Investment fund stock valuation;

IV. Investment fund rating;

V.        Investment Object Asset Pricing Provider;

VI. Deposit and custody of Investment Object Assets;

VII. Investment fund accounting;

VIII. Administrative for Investment Funds, and

IX.      The others authorised by the Commission by means of general provisions.

The investment funds shall be obliged to contract the services referred to in the previous section IV, where the Commission so provides in the provisions of general character referred to in Article 17 of this Law, except in cases referred to in the last paragraph of Article 80 Bis of this order.

Capital investment funds shall not be required to contract the services specified in Sections II, IV, V and VIII of this Article, but in any case must be adjusted in respect of valuation as laid down in Article 44 of this Law. The Commission may, by means of general provisions, exempt investment funds for the limited purpose from the procurement of some of the services referred to in this provision. Capital and limited-object investment funds shall be required to contract the independent external audit services.

If a company distributing investment fund shares or entities providing such services, submits to an operating company of funds of investment an offer to buy or sell the shares representative of the share capital of an investment fund which it administers, the latter may not refuse to conclude such operations provided such an offer is in accordance with the conditions of the Information leaflet to the investor public that the investment fund itself has made public and disseminated by any means of access and general knowledge. For such purposes, the distribution company of investment fund shares or entity providing such services shall comply with the contract of accession of the operating company for the settlement of the transactions and the custody of the shares corresponding. An unrestricted equal treatment of equality between and for the distributors and entities concerned must be provided for in both the accession contract and the prospectus for information to the public investor. In no case, discriminatory practices may be established.

In any event, the distribution company or entity that provides such services shall comply with the provisions of the general provisions that the distribution of shares of investment funds issued by the Commission and the other applicable provisions.

Article 33.- To organize and function as operating companies of investment funds, distribution companies or valuers of equity investment, authorisation is required to be granted to the Commission, subject to the agreement of its Governing Board.

By their nature these authorizations will be untransmittable.

Only authorized, anonymous companies organized in accordance with the provisions of the General Law of Companies and Companies in all that is not provided for in this Act.

The Commission once it grants the authorization referred to in this Article, shall notify it within five working days of the respective decision, thus as their favourable opinion on the draft constitution of the company concerned, in order to ensure that the acts laid down for the constitution of that company or the transformation of its organisation and operation are carried out, corresponds. The applicant shall, within a period of 90 days from that notification, submit to the Commission itself, for approval, the public instrument in which the constitution of the company is constituted in terms of this Law, To be registered in the Public Registry of Commerce without requiring a judicial injunction in this respect.

The Commission may authorise the abovementioned operating companies, distributors or valuers, to carry out activities which are related or complementary to those which they are specific to their subject matter, as well as the provision of services which assist financial intermediaries in the conduct of their operations, by means of general provisions.

The Commission shall, by means of general provisions, establish the amount of the minimum capital of the companies referred to in this Article, which shall be in all time paid in full. In addition, in these provisions the Commission may establish different capital requirements, applicable to operating companies which only carry out the activities referred to in Article 39 (IV) of this Law. The accounting capital of the companies referred to in this Article shall at no time be less than the minimum paid.

The shares of the companies referred to in this Article shall also be paid in full in cash on the act of being subscribed.

Article 34.- The application for authorization to constitute operating companies of investment funds, distribution companies or stock valuers of investment funds, shall be accompanied by the following:

I. Social Charter Project;

II. General operating plan comprising at least:

a) Operations to be performed in accordance with Articles 39, 39 Bis, 40, 40 Bis, or 44 of this Act, as applicable;

b) Security measures to preserve information integrity;

c) Geographical coverage forecasts by pointing out the regions and places where you are intend to operate;

d) Society's financial feasibility study, and

e) The bases for your internal organization and control.

III. Operation and Operation Manual, as well as conduct manual, including the policies for the solution of potential conflicts of interest against the investment funds they manage. Such manuals shall contain the rules to be determined by the Commission by means of general provisions;

IV. Relationship and information of persons directly or indirectly intending to to maintain a participation in the social capital of the company to be set up, which it shall contain, in accordance with the general provisions which the Commission shall issue, as follows:

a) The amount of social capital that each of them will subscribe to and the origin of the resources to be used for that purpose;

b) The patrimonial situation, in the case of natural persons, or financial statements, for moral people, in both cases over the last three years, and

c) Aquella to verify that they have honorability and credit history and successful business.

Financial institutions that under their regime are seeking to participate as shareholders of the company to be constituted, they shall indicate the data relating to their authorisation to replace the information requested in relation to the likely shareholders;

V. Relationship of likely counselors, CEO and senior managers the company, accompanied by the information showing that such persons comply with the requirements laid down by this Law for such charges;

VI. The name of the person who serves as a regulatory controller, as well as the a procedure for the general assembly of shareholders to designate, suspend, remove or revoke the appointment of such a regulatory controller, and the manner in which the latter shall report to the assembly itself on the exercise of its functions;

VII. Proof of deposit in national currency constituted as an institution of credit or of Government securities for their market value, in favor of the Federation's Treasury, for an amount equal to ten percent of the minimum capital with which the company must operate in accordance with this Law.

The principal and, if applicable, accessories of the said deposit will be returned to the applicant in case of withdrawal, as well as in the event that the application is denied or when the investment fund operating company, distribution company or investment fund stock valuer starts operations on the terms provided for in this Law. In the event that the authorisation is revoked as provided for in Article 83, section VII of this Act, the amount of the deposit shall be made effective, and

VIII. The other documentation and information required by the Commission for this purpose.

The Commission shall have the power to verify that the application referred to in this Article complies with the provisions of this Law for which the Commission shall count with powers to corroborate the veracity of the information provided, and in such a virtue, the agencies and entities of the Federal Public Administration, as well as the other federal authorities will give the related information. The Commission may also request foreign bodies with similar supervisory or regulatory functions to corroborate the information provided.

Where the public instrument in which the statutes of the company are established is not present, for approval, within the period of ninety days referred to in the fourth paragraph of article 33 of this Law; do not obtain the authorization to initiate operations in terms of article 34 Bis 5 of this Law, or revoke the authorization to organize and operate as an operating company of investment funds, society (a) the distribution or valuer of shares of investment funds, under cover of the fraction VII of article 83 of this Law, the Commission shall instruct the Treasury of the Federation to make the guarantee effective for the original amount of the deposit mentioned in section VII of this article.

In the case of variable capital companies, the Minimum Capital Requirement under the Act shall be composed of shares without the right to withdraw. The variable capital amount shall in no case be higher than that of the capital paid without the right to withdraw.

Article 34 Bis.- The board of directors of the investment fund operating companies and the stock-valued companies of investment, will be made up of a minimum of five and a maximum of 15 members. The board of directors of the investment companies must be made up of at least forty per cent of independent directors, and for the companies valued by investment funds the directors (i) the Commission should be able to take account of the An alternate member may be appointed by each of the advisory members, on the understanding that the alternate members of the independent directors must have this same character.

Shareholders representing at least ten per cent of the ordinary paid capital of the company shall be entitled to appoint a counsellor, without the percentage referred to in Article 144 of the General Law on Companies. The appointment of the minority members may be revoked only if the appointment of all other members is revoked, in which case the persons replaced may not be appointed with such a character for the immediate 12 months. following the revocation date.

The members of the board of directors of the companies referred to in this Article shall have technical quality, good repute and credit history satisfactory, as well as with extensive knowledge and experience in financial, legal or administrative matters.

The charges of independent directors of the companies referred to in this Article shall be borne by persons other than the administration of the respective entity which meet the requirements and conditions to be determined by the Commission, by means of general provisions, in which the cases under which a counsellor is deemed to cease to be independent for the purposes of this article.

In no case can they be independent counselors:

I. Employees or managers of the society concerned;

II. Shareholders who are not employees or directors of the company, have Command Power in society;

III. Partners or persons holding a job, position or commission in partnerships or associations (b) important to provide services to the company concerned or to undertakings belonging to the same Business Group as it is party to.

A partnership or partnership is considered to be important when the income you receive for the provision of services to the operating company, distribution company or valuer company or to the same Business Group or Consortium of which it is a party, as the case may be, they represent more than five percent of the total income of the the partnership or partnership in question;

IV. Customers, suppliers, service providers, debtors, creditors, partners, members or employees of a company that is a client, supplier, service provider, debtor or major creditor of the company.

A customer, supplier or service provider is considered to be important when the services provided by the company in question or the sales made to it, account for more than 10% of the total services or sales of the customer, the supplier or the service provider, respectively, during the 12 months prior to the date of appointment. In addition, a debtor or creditor is considered to be important when the amount of credit is greater than 15% of the assets of the operating, distribution or valuer company, or its counterparty;

V. Employees of a foundation, association or civil society receiving donations of the company concerned.

Important donations are considered to those representing more than fifteen percent of the total donations received by the civil society or association concerned;

VI. Directors-general or senior management of a company on whose board of directors The managing director or senior management of the operating company, the distribution company or the valuer company, as the case may be, is involved;

VII. General managers or employees of financial institutions belonging to the the same Business Group or Consortium to which the operating company, the distribution company or the valuer company belongs, as the case may be;

VIII. Spouses, concubines or concubinals, as well as those with kinship to consanguinity, affinity or civil to the first degree, with respect to one of the persons referred to in fractions III to VII above, or, up to the third degree, in relation to those identified in fractions I, II and IX of this Article;

IX. Directors or employees of companies in which the shareholders of the company operator, distribution company or valuer company exercise control;

X. Those who have conflicts of interest or are subject to personal interests, economic or economic interests of any person who maintains the control of the operating company, distribution company or valuer company, or of the Consortium or Business Group to which the operating company itself belongs, a company Distributor or valuer company, as the case may be, or the Power of Command in any of these, and

XI. Those who have been included in any of the above assumptions, during the year before the time the appointment is intended to be made.

The members of the management board of the investment fund operating company, in their act, shall be governed by the duties of diligence and loyalty to which they are refer to Articles 30 to 37 of the Securities Market Act. The action of liability for failure to comply with such duties shall be exercised in the terms of Articles 38 to 40 of the said Securities Market Act.

Article 34 Bis 1.- The regulatory comptroller of the operating companies of investment funds, distribution companies or valuers of equity investment, will be responsible for:

I. Establish procedures to ensure compliance with external normativity In addition, it applies to the regulatory controller of the investment fund operating companies to verify the proper observance of the prospectus of information to the investment fund investor. provide services to them, and to learn about non-compliances;

II. Propose to the board of directors the establishment of measures to prevent conflicts of interest and the avoidance of misuse of information in accordance with the provisions of a general nature which the Commission is required to do so;

III. Receive the Commissioner's reports and the opinions of the external auditors, for their knowledge and analysis;

IV. Report annually to the Governing Board on any irregularities that may arise affect the healthy development of the company, as well as the complaints and complaints that the shareholders of the investment funds to which they provide their services;

V.        To present to the Management Board an annual report containing the cases provided for in the previous section;

VI. Attend the sessions of the board of directors with voice and no vote, and

VII. Other than determined by the Commission by means of general provisions and to be established in the social statutes for the proper performance of their responsibilities.

The functions of the regulatory controller shall be exercised without prejudice to the functions of the commissioner and the external auditor of the respective company, in accordance with the applicable legislation.

Article 34 Bis 2.- In addition to the provisions of Article 34 Bis 1 of this Law, the regulatory controller of the investment fund operating companies shall be in respect of the investment funds administered by the respective operating company, to monitor the following:

I. The due compliance with what is established by the investment funds in their information leaflets to the investing public;

II. The existence of the Investment Object Assets in which the fund invests investment, as well as to verify the proper application of the shareholders ' resources to the Investment Object Assets;

III. The valuation of the representative shares of the equity capital of the fund investment to which it provides its services, shall be carried out in accordance with the general provisions issued by the Commission;

IV. investment to which it provides its services, any revenue or performance is recognised in the accounts of that fund, in accordance with the general provisions issued by the Commission;

V. The systems and accounting of the investment fund are appropriate. For the purposes of the above, it shall propose to the management board of the investment fund operating company the processes or procedures to perform the function to which this fraction refers. The provisions of this fraction shall not apply in the case of capital or limited-object investment funds, and

VI. The arcing process that is performed to verify that the actions of the investment that has been distributed by the distribution company or the entities providing such a service, corresponds to the authorised social capital of the investment fund itself.

For the exercise of these functions, the operating companies shall provide and provide access to all the information necessary for their compliance.

The regulatory controller referred to in this Article shall not be placed in any of the alleged lack of independence that the effect establishes Commission, by means of general provisions.

Article 34 Bis 3.- The regulatory controller of the operating company that manages the investment funds, in addition to the provisions of Articles 34 Bis 1 and 34 Bis 2 of this Law, shall be obliged to:

I. Submit to the board of directors, shareholders of the investment fund of in the case, and to the Commission, a detailed report on the situation observed, indicating whether during the performance of its surveillance functions irregularities affecting the liquidity, stability or solvency of any of the funds of the investment. The above subject to the general provisions for such purposes issued by the Commission, which shall indicate the periodicity of the report and the means for its delivery;

II. Making information regarding the exercise of the exercise available to the general public its tasks to be determined by the Commission, by means of general rules. The Commission shall take into account the relevance of this information in order to make the public the solvency, liquidity and operational security of the investment funds concerned to the public;

III. Keep documentation, information, and other items used to perform his duties, for a period of at least five years. They shall also provide the Commission with the reports and other evidence on which the performance of their surveillance functions is sustained, and

IV. Where appropriate, convene the operator's board of directors to provide services to the investment fund concerned.

Article 34 Bis 4.- The regulatory comptroller, director general and officials who hold the immediate post of the director general, in the companies investment fund operators, as well as those of the distributors or valuers of investment fund shares, in no case may they occupy any other employment, position or commission in any of the financial institutions referred to above; or companies controlling financial groups, credit institutions, houses of exchange, insurance institutions, insurance institutions, credit institutions, credit institutions, exchange houses, multi-purpose financial corporations. Without prejudice to the foregoing, it may be performed as a regulatory controller in the operating companies of investment funds, which in turn is a regulatory controller of the credit institution or the exchange house belonging to the same financial group as the operating company.

Article 34 Bis 5.- The companies referred to in Article 33 of this Law, prior to the commencement of operations, must prove to the Commission that they comply with the Following requirements:

I. That the society be properly constituted, providing the data of registration in the Public Registry of Commerce;

II. They have the minimum capital that corresponds to them;

III. What your counselors, managers and proxies to conduct operations with the public, comply with the requirements laid down in this Law and with the general provisions issued by the Commission, and

IV. They have the necessary internal infrastructure and controls to perform their activities and the granting of their services, in accordance with applicable provisions.

The companies referred to in this Article shall notify the Commission in writing, at least 30 working days in advance, of the date of commencement of their operations, pointing to the address of your main office.

The Commission shall conduct the inspection visits it deems necessary for the purpose of verifying compliance with the requirements referred to in this Article.

The Commission may deny the commencement of operations where compliance with the provisions of this Article is not proven.

Article 35.- The companies operating investment funds in the management of the assets of the latter or in favor of third parties, as well as the distributors and financial institutions that carry out the distribution of investment fund shares by providing advisory services on securities or on the promotion, purchase and sale of investment fund shares, or fiduciary, in question, they must use the services of natural persons authorised by the Commission, provided that they are accredited with technical quality, good repute and satisfactory credit history. In any case, the corresponding powers shall be granted.

Such authorization shall be granted to natural persons who credit technical quality, good repute and satisfactory credit history with any association The Commission has recognised the Commission as a self-regulatory body. The above, in accordance with the general provisions which the Commission itself will issue.

In no case shall the natural persons who obtain the authorization referred to in this Article, simultaneously offer their services to more than one financial institution, unless they are part of the same financial group or act as the distribution of investment fund shares.

Article 36.- The amendments to the statutes of the companies referred to in Article 33 of this Law shall be approved by the Commission. With this approval the amended social statutes may be entered in the Public Registry of Commerce.

In any event, the companies in question must provide the Commission with the notarial testimony or the policy issued by notary or public corridor, in which Record the formalization of the amendments to the social statutes and, a copy of the public instrument issued by the public fedatary, relating to the minutes of their assemblies.

Article 37.- The acquisition, affectation or in trust of the shares of the investment funds operating companies, as well as the (a) the distribution of funds and valuers of investment funds shall require the prior authorisation of the Commission. In any event, persons intending to acquire the shares must prove that they comply with the provisions of Article 34 (IV) of this Law.

At no time shall they be able to participate in the capital of the companies referred to in the preceding paragraph, directly or indirectly, foreign governments, except in the The following cases:

I. When they do so, on the grounds of temporary prudential measures such as financial support or bailouts.

Investment fund operators as well as distributors and valuers (a) of any investment fund shares which are within the meaning of this fraction, they shall provide the Commission with the information and documentation to satisfy the above, within 15 working days of the date on which they are located. in that case. The Commission shall have a period of 90 working days, counted from the receipt of the information and documentation concerned, in order to resolve, subject to the agreement of its Governing Board, if the participation in question is located in the case of exception provided for in this fraction.

II. When the corresponding participation implies that control of the investment fund operating companies, as well as the distribution and valuation of investment fund shares, in terms of Article 2, fraction IV of this Act, and conducted through official moral persons, such as funds, Government agencies to promote, among others, prior Discretionary authorisation of the Commission, with the agreement of its Governing Board, provided that those persons are entitled to the judgment that:

a) Do not exercise authority functions, and

b) Your decision-making bodies operate independently of the foreign government that you are treat.

III. When the corresponding participation is indirect and does not imply that the control of the operating companies of investment funds, as well as of the distributors and valuers of shares of investment funds, in terms of Article 2, fraction IV of this Law. The above, without prejudice to the notices or requests for authorization to be made in accordance with this Law.

The company in question must refrain from registering in the register of its shares, the acquisitions that are made in contravention of the provisions of this The Commission shall, within five working days of the date on which they are aware of this, inform the Commission of such circumstances.

Where acquisitions and other legal acts through which the ownership of shares representing the capital of the capital is directly or indirectly obtained companies operating investment funds, as well as distributors and valuers of investment funds, are made in contravention of the provisions of this article the property and corporate rights inherent in the shares of the operators of investment funds, as well as of the distributors and valuers of shares of investment funds, shall be suspended and, therefore, may not be exercised until it is established that the appropriate authorization or resolution has been obtained, or that the requirements have been met that this law contemplates.

Credit institutions, exchange houses, credit auxiliary organizations, exchange houses and insurance institutions will require the authorization of the Secretariat of Finance and Public Credit or the Commission, as appropriate in accordance with its powers, to participate in the social capital of the operating companies or companies distributing investment funds. In any event, the investments they make must be carried out by their capital in accordance with the provisions applicable to them.

Article 37 Bis.- The Commission, after agreement of its Governing Board, may authorize by general provisions to the operating companies, distributors or valuers, to participate in the social capital of undertakings which provide them with complementary or ancillary services in their administration or in the performance of their object, within the percentages and subject to the conditions laid down for them in those provisions.

Article 38.- Persons who provide the services referred to in Article 32, fractions I, II and VI of this Law, than for the activities they perform in favour of the investment fund which has been contracted to them, must act vis-à-vis third parties, they must at all times have the mandate or the trade commission, as the case may be, to conclude the relevant legal acts in the name and on behalf of the the sending or principal investment fund.

Chapter Second

Of Asset Management

Article 39. Asset management services will consist of performing the following activities:

I. The celebration of the operations referred to in Article 15, fractions I, II, IV and V of this Law, as the manager of the investment fund in question, in the name and on behalf of the investment fund, for which they must comply with the following:

a) Ensure that the investment funds you manage will comply with the the investment to which they are responsible, prior to ordering the holding of the operations concerned;

b) Act in accordance with the interest of the investment fund;

c) Refrain from intervening in operations where conflicts of interest exist, and

d) Refrain from engaging in conduct contrary to healthy uses or market practices for the performance of their operations.

II. The management, if any, of the issue of the values referred to in the VI fraction of that Article 15;

III. The management of securities portfolios in favor of investment funds, without any time may charge fees or receive any person consideration for the purchase of the Investment Object Assets, and

IV. Provide administrative services to investment funds.

Persons who provide asset management services shall be constituted as investment fund operating companies, and shall have all types of powers and obligations to administer, as if it were a proxy with a general power to carry out such acts, and in any event, the investment scheme applicable to the investment fund in question, as well as its Information leaflet to the investing public, safeguarding in all the interests of the shareholders of the same, for which they must provide them with the relevant information, sufficient and necessary for the decision-making process.

The operations referred to in fractions I and III of this Article which are to be concluded by the operating companies for the provision of the services they provide investment funds must be carried out with the intermediation of stock exchange houses or credit institutions whose arrangements allow them to operate with the Investment Object in question, in accordance with the applicable provisions. The intermediation performed by the operating companies with the shares representative of the capital of investment funds may be carried out directly, as well as with those securities which the Bank of Mexico, by means of a general, allows them to operate on those terms.

The Commission may authorise the companies operating investment funds to provide exclusively the services referred to in section IV of this Article, in which case they shall include in their name the words 'limited operating company of investment funds'. In no case shall these companies be able to receive resources derived from the provision of asset management services or the distribution of investment funds shares.

Investment fund operators will be able to provide investment funds, jointly, with the services referred to in this article and those to which they are refers to the following Article 39 Bis.

Article 39 Bis.- Investment fund operating companies, in addition to the provision of asset management services, may perform the following activities:

I. Provision of investment fund share distribution services.

Investment fund operators will be jointly and severally responsible for the clients of the companies distributing shares of investment funds or entities that provide such service, in the event that they distribute shares of an investment fund that are not covered by the authorised social capital of the relevant investment fund, provided that the company the operator concerned has received the full payment for the sale of such shares. In any event, the operating company shall be the only one to know the updated valuation price of the shares.

II. Provision of investment fund accounting services;

III. Provision of asset custody services;

IV. Provide the equity valuation services of investment funds, in the terms of this order, subject to the authorisation of the Commission and subject to the general provisions to the effect that it has issued;

V. Preserve the portfolio management service for third-party securities;

VI. Act as Trustees in the terms of this Law, and

VII. The analogous, related or complementary authorized by the Commission.

Article 39 Bis 1.- The operating companies of investment funds in the service referred to in Article 39 Bis, part V of this Law, may advise to their clients in the investments that, if any, are made, stipulating to the effect the responsibilities that derive from their advice, regardless of whether in the contract the discretionary management is appropriate or not.

Investment fund operating companies shall be understood to provide advice services when making recommendations by any means personalised to their clients or such entity conduct transactions in discretionary contracts without the participation of the client. Where the investment companies of the investment fund execute flat and flat the instructions that their clients transmit to them, they shall be deemed not to provide services. In the case of recommendations provided in a verbal form or instructions received in such a way, the companies operating investment funds shall be required to keep an electronic or written record, with consecutive folios, in the the date and time at which it was given or received, as the case may be, as well as the data necessary to identify the values, subject to each recommendation.

It is understood that the account is discretionary, when the client authorizes the operating company of investment funds to act to its arbitration, as the prudence (a) to provide and take care of investments as their own, subject to the provisions of Article 39 Bis 2 of this Law, and to the general framework for action which must contain the minimum elements to be determined by the Commission by means of a general.

Also, investment fund operating companies may promote and market securities independently of the customer's profile, when due to the characteristics of the of these values can be adapted to the needs of the investors, without the need to formulate personalized recommendations. The Commission shall state in general provisions the type of securities to be updated in this case, taking into account the type of investor.

Article 39 Bis 2.- At all times, investment fund operators will be required to act in the interest of their clients, and they shall refrain from providing advice on advisory services without complying with this Law or general provisions resulting from it or acting with conflicts of interest.

Investment fund operators in providing advised services shall issue recommendations and carry out reasonable operations. For the determination of the reasonableness of the recommendations or operations, there shall be consistency between:

I. The client or account profile;

II. The financial product and its adequacy with the customer or account profile, and

III. The policy for diversification of the investment portfolio establish the own operating companies of investment funds, in terms of the general provisions issued by the Commission.

The operations that are performed without the congruence to which this article refers, will not be able to come from the advisory of the operating society of funds of investment and may only be carried out with the prior written consent of the client, retaining the said entities as an integral part of the file of the client concerned. Investment fund operating companies shall be liable for damages and damages to the client for non-compliance with the provisions of this paragraph.

In no case should it be understood that the advice in the terms of this article guarantees the outcome or success of the investments or their returns.

Article 39 Bis 3.- The companies operating investment funds that provide services to their clients must determine the profiles of each one of them or their accounts, assigning a level of tolerance to the risk in each case, as appropriate.

The Commission by means of general provisions shall determine the elements to be taken into account by the companies operating the investment funds for establish the policies and guidelines in the integration of the profile of their clients or the accounts that they take, considering at least the evaluation of the financial situation, the knowledge and experience of the client, as well as the objectives of investment in both cases.

Additionally, in the provisions referred to in this article, the Commission shall establish the minimum elements to be considered by the operating companies of investment funds in their policies and guidelines to determine the profile of financial products, including their risk and complexity.

Article 39 Bis 4.- Investment fund operating companies shall provide their clients with information regarding financial products that offer, the activities and services that they provide, as well as the commissions charged, so they must have guidelines for the dissemination of such information. The Commission may issue general provisions laying down both the minimum elements for the dissemination of this information and the determination of the concepts and criteria for charging fees.

Article 39 Bis 5.- Investment fund operators will be required to record or document all electronic or digital media. communications with its clients regarding advisory services, promotion, purchase and sale of securities, fiduciary services, related to the above mentioned activities, as well as to preserve for at least five years as part of the Member of the accounting officer of the holding company of funds investment, such recordings or documents, without prejudice to the provisions of Article 91 of this Law. Such information and documentation shall be at the disposal of the Commission at all times, which may require immediate delivery.

Third Chapter

and the distribution

Article 40.- The distribution services of shares representing the social capital of investment funds, shall comprise the promotion and advice to third parties, as well as to instruct the purchase and sale of such shares for account and order of the investment fund that contracts these services, as well as for the account and order of the customer who intends to acquire or dispose of them.

The services referred to in the preceding paragraph may be provided by operating companies and companies distributing investment fund shares directly, in both cases, without the participation of other intermediaries in the securities market for the conclusion and improvement of the transactions they carry out with that character.

Investment funds shall not be able to contract the distribution services of their shares exclusively with a company or entity referred to in this Article, In any event, it is necessary to observe the provisions of the penultimate paragraph of Article 32 of this Law, so that the operating companies which provide them with the services of asset management will not be able to reject the offers of purchase or sale of the shares in that fund, drawn up by the distribution companies or entities to provide distribution services, provided that they are in accordance with the conditions of the prospectus to the investor public. For such purposes, the distribution company of investment fund shares or entity providing such services shall comply with the contract of accession of the operating company for the settlement of the transactions and the custody of the shares corresponding. An unrestricted equal treatment of equality between and for the distributors and entities concerned must be provided for in both the accession contract and the prospectus for information to the public investor. In no case, discriminatory practices may be established.

The Commission may authorise the creation of electronic mechanisms for the negotiation of investment fund shares, through which investment funds are to be held and refined. operations for the purchase and sale of investment fund shares. The authorisation and operation of such mechanisms shall at all times comply with this Law and the general provisions issued by the Commission.

Credit institutions, exchange houses, insurance institutions, credit unions, credit unions, popular financial corporations, cooperative savings and loan companies, regulated multiple-object financial corporations and exchange houses, will be able to provide, directly, to investment funds equity distribution services, adjusting at all times to this Law and the legal provisions applicable to them, remaining in any case, subject to the supervision of the Commission in carrying out such activities.

The distribution companies and financial institutions that provide the equity distribution services of investment funds may only operate with the public on shares of investment funds in the case of the purchase or sale of shares representing the share capital of investment funds, in the days provided for in the prospectus to the public investor information at the updated price of valuation, or, in disordered market conditions in days different, provided that this has been established in the prospectus for information to the relevant investor. The distribution companies may only maintain in their own position the shares of the investment funds they distribute, in accordance with the terms and conditions to be determined by the Commission by means of general provisions. In no case shall the distribution companies be able to operate on their own account with the public on investment fund shares of which they are holders, nor may they carry out the distribution of shares of investment funds at a price other than the the valuation price of the day on which the buying or selling transaction takes place, taking into account the time limits for the settlement of the transactions established in the respective prospectus for information to the investor, except as provided for in the the fourth paragraph of this article or the provisions of Article 45 of this Law.

The companies distributing investment funds shares may conclude contracts with natural and moral persons who have natural persons to assist them. in the performance of their activities, provided that they are accredited to comply with the provisions of Article 35 of this Law.

Any person involved in the distribution of investment fund shares shall be prohibited from offering to the public the grant of benefits, benefits or other rights, other than those set out in the prospectus for information to the investment fund investor, to which they provide services, related to their participation as shareholders of the fund of investment in question.

The companies distributing investment fund shares and other entities providing the distribution services shall be jointly and severally liable to the company investment fund operator to the clients of the latter, when they distribute shares of investment funds that are not covered by the authorised social capital of the investment fund in question, provided that the company the operator concerned has received the full payment for the sale of such actions. In any event, the operating company shall be the only one to know the updated valuation price of the shares.

The provisions of the preceding paragraph shall be observed regardless of the liability of the distribution company itself or entity providing such liability. services, in front of their clients.

Article 40 Bis.- Companies that provide the equity distribution services of investment funds may perform the following activities:

I. Transmitting, for account and order of third parties, orders for the purchase and sale of shares representing the share capital of investment funds.

The operations that you take for account and order of your clients can be performed at Non-representative mandates or commissions. In the case of transactions taking into account and order of the investment fund, they shall be made on behalf of the investment fund. The referred commands will not require for your public-write formalization;

II. Request your clients for the resources required to perform the operations purchase referred to in the previous fraction and transfer them to the operating company that corresponds to the settlement of those transactions, as well as to receive the resources resulting from the sales of investment funds shares and to transfer them to the clients who correspond or celebrate with them other operations of purchase of investment fund shares, according to the instructions you receive from your clients.

To this effect, you will have to agree with your clients the possibility of rotating instructions to the financial intermediaries that correspond, in order for them to transmit the resources and values necessary for the settlement of the transactions, as well as to receive resources to carry out the said settlement;

III. Elaborate account statements that contain the minimum information noted in the Article 61 Bis of this Law, as well as the place or means through which the information regarding the composition of the total assets, percentage of ownership holdings, category and rating of the investment fund in which it is located may be consulted. keep the resources and the amount and concept of each commission invested copper is charged to customers under any title;

IV.      Carry out the operations which are of its own in external markets, as provided for in the general provisions to be issued by the Commission for this purpose, subject to the agreement of its Governing Board, and subject to the laws of the Member States. of the countries in which they perform such activities;

V.        Act as the commission of the credit institutions for the conduct of the operations of the latter, and

VI.      The like, related or complementary to be authorised by the Commission, by means of general provisions.

The characteristics of the activities carried out by the companies referred to in this Article shall comply with the general provisions which issue the Commission with the aim of addressing the proper development of the activities of the companies themselves distributing investment funds and protecting the interests of their clients.

Insurance institutions, credit auxiliary organizations and exchange houses, acting as distributors will not be able to provide their clients in a manner direct management and custody services of investment fund shares.

The companies distributing shares of investment funds which are authorized by the Commission to carry out only the operations to which they relate Fractions I and VI of this Article, under no circumstances may they receive third party resources from the conduct of transactions in the purchase and sale of the shares of the investment funds they distribute, so the liquidation of such funds transactions shall be carried out by means of the distribution company which it may carry out all the operations referred to in this Article, or the financial institution acting with such a nature. Without prejudice to the foregoing, those companies distributing investment funds shares shall be obliged to draw up and deliver to their clients a report on transactions or transactions.

Article 40 Bis 1.- Companies and financial institutions that provide the distribution services of investment funds must carry a system for the receipt, transmission and registration of the purchase and sale orders of investment funds that are provided by their clients. The Commission shall, by means of general provisions, lay down the characteristics to be met by those systems and their operating manuals.

Article 40 Bis 2.- The companies distributing shares of investment funds and other financial institutions acting with such a character, in the provision of the services, must keep individualized records of the positions of investment funds held by their clients, separated from the positions on their own account, as well as to deliver to the operating company that provides the services of asset management of the relevant investment fund, the information relating to the purchases, sales or transfers of shares representing the capital of the investment funds that they distribute, the resources they receive for payment for the sale of those shares and, where appropriate, the fees which they These correspond to the schedules, terms and conditions for the conduct of operations with the public to provide information to the respective investors.

Article 40 Bis 3.- The companies distributing shares of investment funds and other companies and financial institutions acting with such a character, providing advice or non-advice on investment fund shares, they shall comply with the provisions of Articles 39 Bis 1 to 39 Bis 5 of this Act. The foregoing without prejudice to the provisions of Article 61 Bis of this Law.

Article 40 Bis 4.- The distribution companies of investment funds and other financial institutions acting with such a character, when for any If they are unable to apply the resources of their clients at the end of their receipt on the same day, they shall, if they remain unable to apply, deposit them at a credit institution at the latest on the following working day or acquire shares representing the share capital of an investment fund in debt instruments, by depositing them in the respective customer's account, or by investing them in short-term reports on government securities. In both cases, the resources shall be recorded in a different account than those that are part of the asset of the distribution company or financial institution acting with such a character.

Article 41.- The shareholders of the investment funds must designate to the holding company investment funds or to the distribution company or the entity providing the stock distribution services, its beneficiaries and may at any time replace them, as well as amend, where appropriate, the proportion corresponding to each of them.

In the event of the death of the holder, the distribution company of investment funds shares or the entity providing that service shall deliver the amount of the actions to be held in each investment fund to which the holder himself has expressly and in writing, as beneficiaries, have expressly designated in the proportion stipulated for each of them.

The beneficiary shall have the right to choose between the delivery of the shares of the relevant investment fund or the amount of its repurchase.

If there are no beneficiaries, the amount shall be delivered in accordance with the terms of the common legislation.

Article 42.- Companies distributing investment fund shares, when conducting operations with the public, shall use documentation containing them information related to their legal personality and the character with which they appear in those acts, highlighting the name of the investment fund on behalf of which it is acted.

Article 43.- The Commission may, by means of general provisions, establish additional capital requirements as provided for in the last paragraph Article 34 of this Law, applicable to companies distributing investment funds shares that handle third-party resources, proceeds from the purchase and sale of such shares.

Chapter Fourth

Of the valuation

Article 44.- The valuation service of shares representative of the equity capital of investment funds shall be provided by securities companies of investment fund shares. The valuation result will determine the valuation price of the different series or classes of shares.

For the purposes of the capital and limited-object funds, the price of the shares representing their share capital may be determined by valuer companies or, by valuation committees designated by them.

Companies that value investment funds shares may keep the accounts of the investment funds to which they provide their services, being required to corroborate the records they carry out with the information they support from each of the movements made.

To determine the share price of the investment funds, the securities companies shall use updated valuation prices of the securities, documents and financial instruments which are members of the assets of the investment funds, which are provided to them by the price provider of those companies, or the prices that are obtained by the valuation method authorised by the Commission in the case of assets which by their nature cannot be valued by such suppliers.

The investment funds should establish the necessary mechanisms for the direct access of the investment fund stock companies to the investment fund. information on the composition of its investment portfolio, as well as the number of outstanding shares and outstanding transactions to be settled by the appropriate fund. In addition, companies that value investment fund shares must verify on a daily basis that the balances and movements that are made in the accounts are consistent with those reflected in the account statements in question.

The valuation of investments that capital investment funds will maintain in Companies Promovides, will be adjusted to the guidelines that will establish the Commission, by means of general provisions.

The valuer companies, in the provision of their services, shall comply with the general provisions issued by the Commission.

Article 45.- The updated valuation prices of the shares of the investment funds, will be made public through printed media or electronic services of wide circulation or disclosure, but in any case those responsible for providing this service shall provide such prices to the Commission and to the persons referred to in Article 32, fractions I, II and VII of this Law, subject to provisions of a general nature which the Commission may issue. Furthermore, the Commission shall, in the interests of the public, lay down by general provisions the procedures for investment funds to be able to apply differentials to the updated valuation price of the different series of actions to be issued, for the conduct of purchase and sale operations on their own shares.

The provisions of this Article shall not apply to capital investment funds and limited-object funds where the Commission so determines, by means of general character.

Article 46.- In open investment funds, the allocation of net profits or losses among shareholders shall be determined at the same frequency. with which their shares are valued without the need to hold a shareholders ' meeting, by determining the price per share of the valuer society which the company will provide services to them.

Article 47.-Companies that value investment funds must have at the disposal of the Commission reports relating to the valuation of the shares representing the share capital of investment funds.

Chapter Fifth

From the rating

Article 48.- Investment fund rating services will be awarded by securities qualifying institutions, which in the conduct of their activities, must comply with the applicable legal and administrative provisions.

Chapter Sixth

From the pricing provider

Article 49.-The pricing provider service will be performed by authorized price providers under the Securities Market Act.

Article 50.- The price provider must resolve the objections raised by the investment funds users of their services, on the updated prices for valuation, on the same day of their delivery, when in their judgment there are elements that allow (a) to assume incorrect application of the valuation methodology (s) used for the calculation and determination of such prices or, if they do not adequately represent the market levels, and should inform the Commission thereof, same opportunity.

Where an updated price for valuation is modified, the price provider shall communicate the modification for all the investment funds of the its services and the Commission, on the same date as it resolves its provenance.

Chapter Seventh

Of the repository and custody

Article 51.-The deposit services of the securities entered in the National Register that make up the asset of the investment funds, shall be provided by institutions for the deposit of securities or, where applicable, institutions determined by the Commission in accordance with Article 16 of this Act.

Securities other than those referred to in the preceding paragraph that are part of the assets of the investment funds shall be deposited at all times in institutions for the deposit of securities or in financial institutions, domestic or foreign, which provide deposit services in accordance with the applicable law. Investment funds, in terms which the Commission may indicate by means of general provisions, must demonstrate compliance with the provisions of this paragraph and disclose to the public the identity of the institutions. for the deposit of securities or financial institutions in which the assets referred to in this subparagraph are deposited, as well as the mechanisms implemented to ensure the existence of the securities held in the institutions for the deposit of foreign securities or foreign financial institutions.

The deposit service referred to in this Article shall be constituted by the delivery of the securities to the institution for the deposit of securities, who shall be responsible for the keeping and proper conservation of the securities. Where the securities deposit is made in administration, the institution for the securities deposit shall be understood to provide the securities management and custody services.

The services of administration and custody of securities obligate the service provider to make timely use of the property rights derived from the securities the purpose of their services, as well as to practice how many acts are necessary to ensure that the effects deposited retain the value and the rights that correspond to them in accordance with the laws.

Investment funds shall contract the service of administration and custody of securities with financial institutions, domestic or foreign, which provide these services in accordance with the applicable law, for which they must demonstrate compliance with the provisions of this article and disclose to the public investor the identity of the financial institutions that provide them with the service of administration and custody of securities, in the terms indicated by the Commission by means of general provisions.

Credit institutions, exchange houses and companies distributing investment funds shares may provide the companies operating with funds to investment in administration and custody services in respect of the securities they hold within their own assets.

The financial institutions referred to in the preceding paragraph shall keep a register of the shareholders of those investment funds, which shall contain:

I. The name, nationality and domicile of the shareholder, and the indication of the shares which is owned by the numbers, series, classes and other particularities, and

II. The action transmissions to be performed. Investment funds shall consider as the owner of the shares to which they are registered as such in the register referred to in this Article. To this end, the financial institutions identified shall register at the request of any holder the transmissions which are carried out.

Eighth Chapter

Of the administrative services

Article 51 Bis.- The administrative services shall consist of the following activities in favour of the investment funds:

I. Control, tracking, and treasury operation;

II.       Submission of the statements of account referred to in this Law;

III. Development and implementation of operational or technological processes for the the transmission, storage, processing, safeguarding and custody of the information, as well as the administration of databases of the investment funds themselves or of third parties;

IV. Generation and distribution of reports that conform to applicable provisions must be delivered;

V. Comprehensive Risk Management;

VI. Elaboration, distribution and publication of statistical and analytical information of the investment funds or third parties, and

VII. Provision of information related to the Investment Object Assets, with the exception of the information related to its updated valuation prices.

Chapter Ninth

Of Trust Services

Article 51 Bis 1.- Investment fund operating companies may act as trustees exclusively in trusts that meet the following features:

I.        The purposes of the trust are business directly related to the activities that are owned by them;

II.       Whether it is administration or warranty trusts;

III.     Resources are exclusively received from persons fully identified when the transaction is concluded and which are intended to acquire or manage assets, rights, cash or securities authorised for the investment funds they administer, allowing the accession of third parties once constituted, nor the issue of securities with the trust's assets to be placed among the public, except in the case of investment trusts referred to in Article 51 Bis 8 of this Act, and

IV.      The fideicomitting estate is only composed of goods, rights, cash or securities authorised for the investment funds that they administer.

In the conduct of financial operations known as derivatives that are intended to be held through trusts, the companies operating investment funds they must comply with the general provisions of the Commission's opinion, in accordance with the provisions of Article 15, third paragraph of this Law.

Additionally, investment fund operating companies acting as trustee in terms of this Act will be subject to the conduct of such activities. the general provisions that the Bank of Mexico will issue to the effect.

Article 51 Bis 2.- In the trusts referred to in Article 51 Bis 1 of this Law, property, rights or securities may be affected In such articles, only in cases where the Secretariat of Finance and Public Credit authorizes it by means of general provisions.

Article 51 Bis 3.- Investment fund operating companies acting as a trustee, prior to the conduct of fiduciary activities they shall establish the necessary measures to prevent conflicts of interest that may arise in the provision of fiduciary services and those that they provide to their clients, as well as to avoid practices affecting a healthy operation or going to to the detriment of the interests of the persons to whom they provide their services.

Likewise, the operating companies in their capacity as fiduciaries, must conform, in the conduct, to the provisions of the General Law of Titles and Operations of Credit and shall perform their duties and exercise their powers by means of fiduciary delegates. The aforementioned fiduciary delegates shall satisfy the requirements of technical quality, good repute and satisfactory credit history, in terms of the provisions of Article 35 of this Law.

Article 51 Bis 4.- The companies operating investment funds in the trust operations in which they serve as trustees, will open accounts (a) special provisions for each contract, with the same and in their own accounts, the money and other goods, securities or rights entrusted to them, as well as increases or decreases in the respective revenue or expenditure.

Invariably the balances of the accounts held in the accounts of the operating company of investment funds with those of the accounts must be matched special.

In no case shall these assets be affected by other liabilities than those arising out of the trust or those that are against them by third parties in accordance with the Law.

Article 51 Bis 5.- Investment fund operating companies acting as fiduciary institutions shall be liable in a civil manner for damages which cause the failure to comply with the terms or conditions outlined in the trust.

In the act establishing the trust or in its reforms, the formation of a technical committee, the rules for its functioning and the powers of the trustee may be foreseen. Where the companies operating investment funds are in accordance with the opinions or agreements of this committee, they shall be free from any liability, provided that in the execution or fulfilment of such opinions or agreements the purposes set out in the escrow contract and comply with applicable legal provisions.

The staff that the investment fund companies use directly or exclusively for the purpose of performing trusts may not be part of their personnel, in which case they shall be deemed to be the property service given in trust. However, the rights of such persons under the law shall be exercised against those companies, which, where appropriate, in order to comply with the decisions which the competent authority dictates, shall, as far as it is necessary, the assets, rights, cash or securities of the trust.

In the absence of a procedure expressly agreed by the parties to the act establishing the trusts which are intended to ensure compliance with the obligations, the procedures laid down in Title Third Bis of the Fifth Book of the Code of Commerce shall apply, at the request of the trustee.

Article 51 Bis 6.- Investment fund operating companies acting on the status of fiduciaries shall be prohibited:

I. Use assets, rights, cash or securities in trust, when have the discretion in the handling of such assets, for the conduct of operations under which they are or may result in debtors or beneficiaries:

(a) The members of the board of directors, the director-general or managers who occupy the immediate level below, or their equivalents, as well as the Controller or external auditors of the operating company;

b) Trust delegates or members of the technical committee of the respective trust, in case it has a technical committee;

c) Ascendants or descendants in the first degree or spouse, concubine or concubinaire of persons referred to in points (a) and (b) above, and

d) Companies in the capital of which the majority of the persons referred to are referred to (a) to (c) above or the same operating company.

II. Celebrate operations for your own account. The foregoing, except in the case of those authorized by the Bank of Mexico by means of general or general provisions, those provided for in Article 40 of this Law, when they do not involve conflict of interest;

III. Reply to the trustees or trustees of the debtors ' default for the goods, rights or securities to be acquired, except for their fault in accordance with the provisions of the final part of Article 391 of the General Law on Credit Titles and Operations, or to ensure the collection of returns for the resources of which investment is entrusted to them.

If at the end of the trust, the goods, rights or securities have not been paid by debtors, the trustee shall transfer them, together with the cash, property and other rights or securities that constitute the trust's assets, to the trustee or trustee, as the case may be, by refraining from covering their amount.

In the trust contracts will be inserted in obvious way the previewed in this fraction and a statement by the trustee that she made her content known to the persons of whom she has received the goods for her fiduciary involvement;

IV. Act as Trustees in trusts through which they are captured, direct or indirectly, resources of the public by means of any act causing direct or contingent liabilities;

V. Act on trusts through which limitations or prohibitions are avoided contained in the financial laws;

VI. Act as Trustees in the trusts referred to in the second paragraph of the Article 88 of this Law, and

VII. Celebrate trusts in which sums of money are administered periodically integrated consumer groups through marketing systems intended for the purchase of certain goods or services, including those provided for in the Federal Consumer Protection Act.

Any covenant that contravene the provisions of this article will be null and void.

Article 51 Bis 7.- Investment fund operating companies acting as a trustee, when required to not be held accountable for their management within a period of 15 working days, or where they are declared by the executing judgment, guilty of the loss or impairment suffered by the goods given in trust or liable for such losses or by gross negligence, shall proceed his removal as a trustee.

The actions to ask for accounts, to demand the responsibility of the aforementioned operating companies of investment funds as well as to ask for the removal, will correspond the trustee or his legal representatives, and in the absence of these to the public ministry, without prejudice to the power of the person to reserve in the act establishing the trust or in the modifications of the trust, the right to exercise this action.

In case of resignation or removal, the provisions of Article 385 of the General Law on Credit Titles and Operations will be provided.

Article 51 Bis 8.- Investment fund operating companies may act as trustees in investment trusts, which are intended to issue the The following securities: development trust stock certificates, real estate, indexed, or any of the securities referred to in Article 62 (II) of the Securities Market Act, adjusting for such purposes as provided for in that legal order.

In the trusts referred to in the preceding paragraph, the accession of third parties may or may not be accepted after their incorporation.

Investment fund operating companies acting as a trustee for the issuance of indexed trust stock certificates seeking to obtain explicitly higher returns than those of the index, financial asset or reference parameter, in no case may the managers of the trust that issue such certificates be administered in terms of the law of the Stock Market, with the contract of another operating company investment funds for such purposes. The companies operating the investment funds contracted to manage the assets of the trust in issues of previously mentioned indexed trust stock certificates shall adjust their activities to Article 39, fraction I, points (a) to (d) of this Law.

Title IV

Final Provisions

Chapter First

General Provisions

Article 52.-In no case, persons who provide rating, valuation, and price provider services may acquire shares in the funds of investment to be hired by them.

Article 53.-Investment fund operating companies, distributors and equity valuers of investment funds, shall be liable for damages and damage caused to the investment fund which contracts them, where such damages are the result of intentional or intentional action, or an inexcusable negligence.

The liability action referred to in this article may be exercised by:

I. The affected investment fund, or

II. The shareholders of the affected investment fund, which individually or in their In the case of a joint venture, they represent 0.5% of the social capital in circulation or, in the investment fund, keep the equivalent of the national currency equivalent to 100,000 units of investment, whichever is greater, to the date on which it is intended to be used. the action.

Article 54.- The disputes that may arise between the investment fund and its shareholders, as well as between the latter and the persons provide the services referred to in Article 32, fractions I, II and VI of this Law, subject to the provisions of the Law on Protection and Defense of the User of Financial Services.

Article 55.- The investment funds and the persons providing the services referred to in Article 32 of this Law shall in no case be given any news or information on the operations or services they carry out or on which they intervene, but on the holder or beneficiary of the shares representing the social capital of the investment fund concerned, their legal representatives or those who have them granted power to dispose of such actions.

By way of derogation from the foregoing paragraph, investment funds and persons providing services in accordance with Article 32 of this Regulation Law shall be obliged to give the news or information referred to in that paragraph, when requested by the judicial authority under providence given in judgment in which the holder or, where appropriate, the principal, commission or be a party or a defendant. For the purposes of this paragraph, the judicial authority may make its request directly to the investment fund and persons providing the services referred to in Article 32 of this Act, or through the Commission.

Investment funds and persons providing them with the services referred to in Article 32 of this Law shall also be exempt from the prohibition provided for in the the first paragraph of this article and, therefore, obliged to give the news or information mentioned, in cases where they are requested by the following authorities:

I. The Attorney General of the Republic or the public servant in whom you delegate powers to require information, in matters relating to the verification of a crime;

II. The attorneys general of the States of the Federation and of the Federal District or subprocurators, in matters relating to the verification of a crime;

III. The Attorney General of Military Justice, in matters relating to the verification of some crime;

IV. Federal law enforcement authorities, for tax purposes;

V. The Secretariat of Finance and Public Credit, for the purposes of the Article 91 of this Law;

VI. The Treasurer of the Federation, when the act of surveillance warrants it, to request statements of account and any other information relating to the personal accounts of the public servants, auxiliaries and, where appropriate, individuals related to the investigation in question;

VII. The Higher Audit of the Federation, in exercise of its powers of review and audit of the Federal Public Account and in respect of accounts or contracts through which federal public resources are administered or exercised;

VIII. The holder and the undersecretaries of the Secretariat of the Civil Service, in exercise of their research or audit faculties to verify the evolution of the federal public servant's heritage.

The request for information and documentation referred to in the preceding paragraph shall be be made in any case, within the verification procedure referred to in Articles 41 and 42 of the Federal Law on Administrative Responsibilities of Public Servants;

IX. The Unit of Taxation of the Resources of Political Parties, technical organ of the General Council of the Federal Electoral Institute, for the exercise of its legal powers, in the terms established in the Federal Code of Electoral Institutions and Procedures. The electoral authorities of the federative entities shall request and obtain the information necessary for the exercise of their legal privileges through the first mentioned unit, and

X. The Center for National Security and Research, for the exercise of its legal privileges, in the terms set forth in the National Security Act.

The authorities mentioned in the above fractions shall request the news or information referred to in this Article in the exercise of their powers and compliance with the applicable legal provisions.

The applications referred to in the third paragraph of this Article shall be made with due account and motivation, through the Commission. The public servants and the institutions identified in fractions I, VII and the audit unit referred to in the IX fraction may choose to request the judicial authority to issue the relevant order, in order to ensure that the fund of investment or persons providing the services referred to in Article 32 of this Law, provide the required information, provided that such servers or authorities specify the name of the entity, the account number, name of the holder or user and other data and elements enabling his/her full identification, agreement with the operation in question.

The employees and officials of the investment funds and the persons providing the services referred to in Article 32 of this Law shall be responsible, in the terms of the applicable provisions, for the violation of the secrecy established, and the companies and persons identified shall be obliged in the event of undue disclosure of the secrecy, to make good the damage caused.

The above does not affect in any way the obligation of the investment funds and persons providing services referred to in Article 32 of this Law to provide the Commission with all information and documents which, in the exercise of its inspection and surveillance functions, requests them in connection with the operations to be carried out and the services they provide, as well as the obligation of to provide the information requested by the Bank of Mexico, the Commission for the Protection and Defense of Financial Services Users and the Secretariat of Finance and Public Credit, in the terms of the applicable legal provisions.

The documents and data provided by the investment funds and persons providing services in accordance with Article 32 of this Law, such as As a consequence of the exceptions to the first paragraph of this article, they can only be used in the actions that correspond in terms of the law and, in respect of those, the strictest confidentiality must be observed, even if the server The public concerned shall be separated from the service. To the public servant who improperly breaks the reservation of the actions, provides copies of the same or the documents with them related, or that in any other way reveals information in them contained, will be subject to the administrative, civil or criminal liability.

The investment funds and the persons providing the services referred to in Article 32 of this Law shall be in response to the requirements of the Commission, in accordance with the requests of the authorities referred to in this article, within the time limits determined by the Commission. The Commission itself may sanction investment funds and persons where they do not comply with the time limits and conditions laid down in accordance with Articles 84 to 86 of this Law.

The Commission shall issue provisions of a general nature setting out the requirements to be met by the requests or requests for information which it makes the authorities referred to in fractions I to X of this Article, in order to ensure that investment funds and persons providing services in accordance with Article 32 of this Law to which information is required are in ability to identify, locate and contribute news or information requested.

Article 55 Bis.- In order to preserve financial stability, avoid disruptions or disruptions to the functioning of the financial system, as well as in order to facilitate the proper performance of its tasks, the Secretariat of Finance and Public Credit, the Commission and the Bank of Mexico, shall, at the request of an interested party and in terms of the conventions referred to in the last paragraph of this Article, exchange of information with each other in their possession if you have obtained it:

I. In the exercise of their faculties;

II. As a result of your performance in coordination with other entities, persons, or authorities or,

III. Directly from other authorities.

The right mentioned in the preceding paragraph shall not be subject to restrictions on the information reserved or confidential in terms of the applicable legal provisions. Anyone who receives the information referred to in this Article shall be responsible, in administrative and criminal terms, in terms of the applicable law, for the dissemination to third parties of confidential or reserved information.

For the purposes of this Article, the authorities identified therein shall conclude information exchange agreements in which the specify the information to be exchanged and determine the terms and conditions to which they are to be subject. In addition, such agreements must define the degree of confidentiality or the reservation of information, as well as the respective control bodies to which cases where the delivery of information is denied or its delivery is made out of the time limits set.

Article 55 Bis 1.- The Secretariat of Finance and Public Credit, the Commission and the Bank of Mexico, in the field of their competence, will be empowered to to provide the financial authorities with all kinds of information they deem appropriate to meet the requirements of their competence, such as documents, constances, records, declarations and other information. evidence that such authorities have in their power to obtain it in the exercise of their powers.

For the purposes of the foregoing paragraph, the authorities shall have an agreement to exchange information with the financial authorities of the This is the case, in which the principle of reciprocity is envisaged.

The National Banking and Securities Commission shall be empowered to provide the external financial authorities with information protected by provisions of confidentiality which it holds in its possession in the exercise of its powers, acting in coordination with other entities, persons or authorities or directly from other authorities.

The Bank of Mexico shall be empowered to provide the financial authorities with the information protected by confidentiality provisions in its power to have obtained it directly in the exercise of its powers. Likewise, the Bank of Mexico will be empowered to provide the financial authorities with information protected or not by confidentiality provisions obtained from other authorities of the country, only in cases where it has expressly authorised in the Convention for the exchange of information, by virtue of which it has received such information.

In any event, the Commission and the Bank of Mexico may refrain from providing the information referred to in the previous two paragraphs, when the use of the intends to give to the same one for which it has been requested, contrary to public order, national security or the terms agreed upon in the respective information exchange agreement.

The Secretariat of Finance and Public Credit, the Commission and the Bank of Mexico will have to establish coordination mechanisms for the delivery of information to This article refers to the financial authorities of the outside world.

The delivery of information pursuant to this Article shall not imply any breach of the reservation, confidentiality, secrecy or otherwise similar to be observed in accordance with applicable legal provisions.

Article 55 Bis 2.- The Commission, at the request of the authorities referred to in Article 55 Bis 1 above and, on the basis of the principle of reciprocity, may carry out inspection visits to the subsidiaries. At the discretion of the latter, the visits may be carried out through the pipeline or, in cooperation with the external financial authority concerned, may permit the latter to carry out the visits.

The application referred to in the preceding paragraph must be made in writing, at least 30 calendar days in advance and must be accompanied by next:

I. Description of the object of the visit, and

II. Legal provisions applicable to the object of the request.

The Commission may ask the external financial authorities to carry out visits in terms of this article with a report of the results obtained.

Article 56. The services referred to in Article 32 of this Law may be provided by one or more persons, as long as it is established in the itself, they are in the ability to provide them.

The services referred to in Article 32 may be subcontracted exclusively to persons who have the legal capacity to grant them, in which case the Commission should be notified of such circumstances. The services referred to in Article 32 (III) to (V) of this Law may not be subcontracted.

The subcontracting referred to in this Article shall not exempt the subcontracting company, its directors, employees and other persons holding a job, or (a) the obligation to observe the provisions of this legal order and of the general provisions of the subcontracting company in the subcontracting company. Also, the subcontracted company will respond jointly and severally to the liability of the subcontractor, to the investment fund and its shareholders.

Article 56 Bis.- Investment fund operating companies may agree with other operating companies and financial institutions outside the same type, commissions to perform the asset management services of the investment funds, in accordance with the general provisions issued by the Commission, subject to the agreement of its Governing Board.

The operations carried out by the commission shall be carried out in the name and on behalf of the investment fund companies with which they hold the legal acts referred to in the first paragraph of this Article. In addition, the legal instruments to be documented by the committees shall provide that the companies operating the investment funds shall be responsible for the operations which the commission shall carry out on behalf of those companies operating the funds of the investment, even if these are carried out in terms other than those provided for in such legal instruments. The general provisions referred to in the first paragraph of this Article shall contain, inter alia, the following elements:

I. The technical and operational guidelines to be observed for the realization of such operations and provide that the applicable provisions are complied with in the conclusion of such operations;

II. The characteristics of the investment fund companies that will be able to be contracted by investment fund operating companies as third parties in terms of this Article;

III. The requirements regarding the operational and control processes that the companies Investment fund operators shall require third parties to contract;

IV. Service delivery contracts or commissions to be awarded in terms of This Article shall be determined by the Commission to be delivered by the investment fund operators as well as the form, conditions and time limits for such delivery;

V. The limits applicable to the operations that may be carried out through third parties on behalf of the investment fund operating company itself;

VI. The policies and procedures to be followed by the operating societies of investment funds to monitor the performance of third parties who are engaged, as well as the performance of their contractual obligations, including the obligation of such third parties to provide the Commission, and external auditors of the investment fund operating companies, at the request of the latter, the records, information and technical support relating to the services provided to the investment fund operating company, and

VII. The ban on pactar that the third party provides to the operating company investment funds their services exclusively.

The provisions of Article 55 of this Law shall also apply to the third parties referred to in this Article, as well as the representatives, managers and employees of such third parties, even if they cease to work or provide their services to such third parties.

The Commission may order the partial or total suspension, temporary or final, to be granted to the investment company operating company, subject to the right of the holding company. the provision of services or commissions through the investment fund operator when the provisions referred to in this Article are not complied with or the operational continuity of the operating company of funds of the investment or protection of the interests of the public investor. The above, unless the Commission itself approves a programme of regularisation which meets the requirements to be laid down in the general provisions referred to above.

Article 56 Bis 1.- The hiring of the services or commissions referred to in Article 56 Bis of this Law shall not exempt operating companies from funds (a) investment funds, managers, officials, employees, proxies and other persons holding a job, position or commission in the holding company of investment funds, of the obligation to observe the provisions of this legal order and in the general provisions emanating from it.

Article 57. The Commission may authorise a person to provide one or more of the services mentioned in the previous article, provided that they are compatible with each other. The services referred to in Article 32 (IV) and (V) of this Law shall not be compatible with any other service.

Article 58.- The Commission shall, by means of general provisions, determine the characteristics of the operations to be carried out by the investment funds, as those of the investment fund operating companies and the distribution of investment fund shares, with the investment public.

Article 59.- The commissions and remuneration that the investment funds or their shareholders will cover to the persons providing the services to which it relates This Chapter, together with those to be paid by the abovementioned service providers, shall be subject to the general provisions which the Commission may give to the Commission, on the basis of criteria of fairness and transparency, other.

Article 60.- Investment fund operating companies and investment fund shares, when holding operations with the public investor, may agree to the use of automated or telecommunication equipment and systems, provided that the following are established in the respective contracts:

I.      The basis for determining the operations and services the benefit of which is agreed upon;

II. User identification means and responsibilities for their use, and

III. The means by which the creation, transmission, modification or extinction of rights and obligations inherent in the operations and services is recorded what it's all about.

The use of the means of identification established in accordance with the provisions of this article, replacing the autograph, will produce the same effects as the laws give the corresponding documents and, consequently, they will have the same evidentiary value.

The installation and use of automated or telecommunication equipment and systems, intended for the purpose of the celebration and the provision of direct services to the public, shall be subject to provisions of a general nature which, if necessary, dictate to the Commission.

Article 61.- The appointments of directors, comptroller, general manager, and directors who occupy positions with the immediate hierarchy lower than that of this (a) of the operators of the investment funds, distributors and stock valuers, must be placed in persons who are accredited with technical quality, good repute and satisfactory credit history, as well as with extensive knowledge and experience in financial, legal or administrative matters.

Counselors will be obliged to refrain expressly from participating in the deliberation and voting on any matter that involves a conflict of interest to them. They shall also maintain absolute confidentiality in respect of all acts, acts or events which have not been made public knowledge, as well as any deliberation carried out in the council, without prejudice to the the obligation of the above companies to provide all the information requested to them under this Law.

Persons who are designated as directors, regulatory comptroller, general manager and managers who occupy the immediate hierarchy lower than the latter, must accredit the company concerned, prior to the commencement of its proceedings, of the fulfilment of the requirements set out in the first and second paragraphs of this Article. The Commission may, by means of general provisions, establish criteria by which the dossiers certifying compliance with the provisions of this Article shall be integrated.

In any case, the persons referred to in the preceding paragraph must state:

I.      That they are not located in any of the cases referred to in Article 34 Bis 4 of this Law, in the case of the comptroller, director general and officials who hold the immediate post inferior to that of the director general in the companies Investment fund operators, distribution companies or valuers, and

II. That they are aware of their credit obligations of any kind.

The companies referred to in this Article must inform the Commission of the appointments of directors, comptroller, general manager and level managers. less than that of the latter, within five working days after its designation, expressly stating that they comply with the applicable requirements.

The Commission may, by means of general provisions, determine the persons in accordance with their duties to prove their technical quality, good repute and a satisfactory credit history to a trade association recognised by the Commission as a self-regulatory body in terms of the Securities Market Act.

Article 61 Bis.- Account statements that are sent by the companies or entities that provide the distribution services of investment funds to their clients, they must contain the following:

I. The position of the shares of which is a holder, valued at the last day of the the corresponding period and the cut-off of the previous period;

II. The movements of the corresponding period;

III. In your case, notices about modifications to information leaflets public investor, pointing out the place or medium through which shareholders will be able to access their consultation;

IV. The deadline for the formulation of observations on the information identified in the fractions I to III above;

V. Where appropriate, information on the hiring of loans or loans by the investment fund, transactions in derivative financial instruments, or on the issue of securities representative of a debt;

VI. The result of calculating the performance of your clients ' investment portfolios. Such calculations shall be carried out in accordance with the general provisions laid down by the Commission, and

VII. Other information to be established by the Commission by means of a provision of general.

Where the requirements for the remission of the statement of account are met, where the information referred to in this Article is included, or the instructions given by the client in question, the records contained therein, as well as in the accounts of the investment fund, shall be presumed, unless proof to the contrary, in the respective judgment, without prejudice to the (a) to be kept safe from the exercise of the actions by other concepts or grievances exercise the shareholder.

Chapter Second

From the Foreign Financial Institutions of Institutions

Article 62. For the purposes of this Law:

I.      Subsidiary: The Mexican company authorized to organize and operate, in accordance with this Law, as the operating company of investment funds or distribution of investment funds, in the capital of which a Financial Institution of the External or a Philippine Controlling Society, in the terms of this Chapter;

II.    Financial Institution of the Foreign Office: The financial institution incorporated in a country with which Mexico has concluded an international treaty or agreement under which the establishment is permitted in the national territory of the Philippines; and

III. Controlling Society Subsidiary: The Mexican company authorized to constitute and operate as a controlling company in the terms of the Law to Regulate Financial Pools, and in whose capital a Foreign Financial Institution participates.

Article 63.- The Philippines shall be governed by the provisions of the relevant international treaties or agreements, this Chapter, the provisions of this Chapter. contained in this Law applicable to the companies operating investment funds or distribution of investment funds, as appropriate, and the rules for the establishment of filiales that the Secretariat of Finance will issue to the effect Public Credit, hearing the opinion of the Commission.

The Secretariat of Finance and Public Credit will be empowered to interpret for administrative purposes the provisions on financial services that are included in the international treaties or agreements referred to in the preceding paragraph, as well as to provide for their observance.

Article 64. To organize and function as a subsidiary, the Federal Government is required to grant the Commission. By their nature these authorisations shall be non-communicable.

Article 65. The financial authorities, within the scope of their respective powers, shall ensure that the commitments of national treatment that are assumed by Mexico, in the terms established in the treaty or international agreement, are fulfilled. applicable.

Subsidiaries may perform the same operations as the companies operating investment funds or distribution of investment funds, as corresponds, unless the applicable international agreement or treaty establishes any restrictions.

Article 66.- To acquire a majority share in the share capital of a subsidiary, where the share capital is a holding company investment or distribution of investment funds, the Financial Institution of the Foreign Office shall, in the country in which it is constituted, directly or indirectly, in accordance with applicable law, the same type of operations that the Filipino in question is entitled to perform in Mexico, conformity with the provisions of this Law and the rules referred to in the first paragraph of the Article 63.

Article 67. The application for authorisation to organise and operate as a subsidiary shall comply with the requirements laid down in this Law and in the rules referred to in the first paragraph of Article 63.

Article 68.- A Foreign Financial Institution, directly or indirectly, or a Philippine Controller Company shall at any time be the owner of shares representing at least fifty-one percent of the share capital of the trading companies of the Philippine investment funds or of the distribution of shares in the Philippines.

Article 69.- The representative shares of the social capital of investment funds operating companies or distribution of investment funds shares Subsidiaries may be provided by a Foreign Financial Institution or by a subsidiary of the Philippine Controller Company, subject to the authorization of the Commission.

Except in the case where the acquirer is a Foreign Financial Institution or a Philippine Controller Company, to carry out the disposal shall be modified the social statutes of the subsidiary whose shares are the subject of the operation, in order to comply with the provisions of Article 37, first paragraph of this Law.

Where the acquirer is a Foreign Financial Institution or a Philippine Controller Company, the provisions of Article 70 (I) shall be observed.

Article 70.- The Commission may authorise the Foreign Financial Institutions or the Philippine Controlling Societies, the acquisition of shares representative of the share capital of an investment fund operating company or an equity distributor of investment funds, provided that the following requirements are met:

I. The Foreign Financial Institution or the Philippine Controlling Society, as the case, must acquire shares representing at least fifty-one percent of the share capital, and

II. The social statutes of the operating company of investment funds or of the the distribution of shares of investment funds, the shares of which are the subject of disposal, shall be amended in order to comply with the provisions of this Chapter.

In all matters relating to foreign governments, the provisions of Article 37 of this Law shall apply.

Article 71. The affiliates may not establish branches or subsidiaries outside the national territory.

Article 72.- The affiliates, in the integration of their management boards, shall, as appropriate, be adjusted as provided for in Articles 34 Bis and 61 of the Law.

Article 73.- The regulatory comptroller, directors general of the Philippines, the officials who hold the immediate post of the director general and the persons in charge of the promotion and sale of shares of investment funds shall comply with the requirements laid down in Articles 34 Bis 4, 35 and 61 of this Law, as appropriate, as well as residing in territory national.

Article 74.- The Philippine operating and distribution companies will have a regulatory controller, whose designation, responsibilities and exercise of functions, shall be subject to the provisions of Article 34 Bis 1 of this Law.

Article 75.- With regard to the Philippines, the Commission shall have all the powers conferred upon it by this Law in relation to the companies operating the funds. investment and distribution of investment fund shares.

Third Chapter

From Accounting, Inspection, and Surveillance

Article 76.- Investment funds, investment fund operating companies, companies distributing investment fund shares and companies (a) valuers of investment fund shares shall bear the accounting system which prevents the Trade Code and the records or auxiliaries ordered by the Commission.

The records to be carried by the said companies shall be in accordance with the accounting criteria established by the Commission itself.

Article 77.- The Commission, by means of general provisions, shall identify the bases to which the approval of the financial statements of the companies operating investment funds, companies distributing investment funds shares and investment fund securities companies, on the part of their board of directors; their dissemination through any means of communication including electronic, optical or any media another technology, as well as the procedure to be followed by the Commission's own review.

The Commission shall establish by means of general provisions, the form, the periodicity and the content to be submitted by the financial statements of the companies referred to in this Article, in the same way, may order that the financial statements be disseminated with the relevant amendments where they contain errors or alterations and within the time limits set for that purpose.

Annual financial statements shall be issued by an independent external auditor, who shall be directly appointed by the Board of Directors of the investment fund operating companies, companies distributing investment funds shares and companies that value investment funds shares.

The Commission itself, by means of general provisions, may lay down the characteristics and requirements to be met by the external auditors independent; to determine the content of its opinions and other reports; to issue measures to ensure an adequate alternation of such auditors in the companies referred to in this Article, and to identify the information to be disclosed in its opinions, on other services and, in general, on relations between professionals or businesses that lend or maintain with the companies they audit, or with related companies.

External auditors shall provide the Commission with the reports and other evidence on which they support their opinions and conclusions. If, during practice or as a result of the audit, irregularities affecting the stability or solvency of the companies concerned are found, the auditors shall be obliged to communicate that situation to the Commission.

Article 77 Bis.- The external auditors who subscribe to the opinion to the financial statements on behalf of the moral persons who provide the External audit services shall be of good repute; meet the personal and professional requirements established by the Commission by means of general provisions, and be partners of a moral person providing professional services audit of financial statements and meet the requirements of quality control to be established by the Commission itself in these provisions.

In addition, the above external auditors, the moral person of which they are partners and the partners or persons forming part of the audit team shall not be located in none of the cases of lack of independence which the Commission establishes, by means of general provisions, in which they are considered, inter alia, financial links or economic dependence, provision of services additional to the audit and maximum time limits during which the auditors external audit services may be provided by external audit services to investment fund operating companies, companies distributing investment funds shares or companies that value investment funds.

Article 77 Bis 1.- The Commission shall, by means of general provisions, identify the bases to which the approval of the financial statements of the investment funds by the management board of the investment fund operating company that provides them with their services; their dissemination through the electronic website of the worldwide network called the Internet at the company's website investment fund operator who manages them, or in any other (a) means of communication including electronic, optical or any other technology, as well as the procedure to be followed by the Commission's own review. Such publications shall be the strict responsibility of the administrators who have approved the authenticity of the data contained in those financial statements. Such persons should take care that financial statements reveal the true financial situation of the investment funds and will be subject to the appropriate sanctions in the event that the publications do not conform to this situation. In addition, the external auditor of the investment fund operating companies that manages equity investment funds and debt instruments, in the opinion of its financial statements, shall include an opinion on the the reasonableness of the accounting process and the financial statements of the investment funds concerned. In the case of capital and limited-object investment funds, the external auditor who contracts the operating company of investment funds that provides them with its services, shall additionally be required to give an opinion on its financial statements, adjusting to the provided for in Articles 77, third and last paragraphs and 77 Bis of this Law.

The investment funds as set out in Article 177 of the General Law on Companies are exempted from the provisions of Article 177 of the General Law on Companies. financial statements in the Official Journal of the Federation.

Article 78.- The accounting books and records referred to in this Law shall be kept available in the offices of the investment fund, company investment fund operator, equity distribution company of investment funds or investment fund stock companies.

Article 79. The companies operating investment funds, companies distributing investment funds shares and securities companies investment funds, shall publish in printed or electronic means of broad circulation or disclosure, the financial statements formulated in accordance with the provisions of Article 77 of this Law. Such publications shall be subject to the strict responsibility of the administrators, commissioners and auditors of the companies which have approved or established, as appropriate, the authenticity of the data contained in those financial statements. Such persons should take care that financial statements reveal the true financial situation of the companies and will be subject to the appropriate sanctions in the event that the publications do not comply with this situation. Except for companies operating in investment funds, companies distributing investment funds shares and companies that value investment funds, as set out in Article 177 of the General Law of the European Union, Mercantile Companies.

Article 79 Bis.- Investment funds shall be required to provide the Commission, its shareholders and the general public with ongoing information, and the relevant events, through the means of communication and in the terms that the Commission determines by means of general provisions.

Article 80.- The Commission shall have supervisory powers, in terms of its Law, in respect of investment funds, persons providing services to them in accordance with the provisions of Article 32 of this Law, as well as of the insurance institutions in respect of the activities which they carry out in the field of the distribution of investment funds. The persons referred to in this Article, without prejudice to the information and documentation to be provided regularly to the Commission, shall submit the information and documentation required by the Commission within the time limits set out in this Article. and other features which the Commission establishes, in order to be able to comply with its supervisory powers, within the scope of the applicable provisions.

In the exercise of its inspection and surveillance powers, the Commission may:

I.           Dictate accounting records applicable to investment funds, investment fund operating companies, investment fund equity distributors and investment fund stock valuers, as well as provisions of a general nature under which investment funds, through the operating and distribution companies, shall disclose to the public the composition of the assets belonging to their assets;

II.         Review the financial statements of the investment funds, the operating companies, the distribution companies and the securities companies, as well as, where appropriate, order their dissemination in the terms of Article 77, second paragraph of this Law, by publication;

III.        Determine, with agreement of its Governing Board, that the removal of the members of the board of directors, commissars, regulatory comptroller, director general, officials occupying posts with the immediate hierarchy inferior to the person, authorised to operate with the public, and officials who are able to bind the company concerned with his signature, as well as to suspend from three months up to five years the persons mentioned above, when he considers that have sufficient technical quality, good repute and satisfactory credit history for the performance of their duties; they do not fulfil the requirements for the purpose laid down or they incur in a serious or repeated manner in breach of this Law or the provisions of a general nature resulting therefrom. In the last two cases, the Commission itself may also disable the persons mentioned for employment, office or commission within the Mexican financial system, for the same period of three months up to five years, irrespective of the penalties which, in accordance with this or other legal orders, are applicable. Before issuing the relevant decision, the Commission shall hear the person concerned and the company concerned.

The Commission itself may, also with the agreement of its Governing Board, order the removal of independent external auditors from the companies providing services in accordance with Article 32 of this Law, as well as the suspension of such persons for the period referred to in the preceding paragraph, when they incur in a serious or repeated in breach of this Law or the general provisions which of the same emanen, without prejudice to the penalties to which creditors may be made.

For the purposes of this fraction, the following definitions shall apply:

a) Emotion, the separation of the offender from the employment, position or commission you have in the company concerned at the time when the offence was committed or detected;

b) Suspension, to temporary interruption in performance of the functions that the the infringer has within the society concerned at the time the offence has been committed or detected, and may perform functions other than those that gave rise to the sanction, provided that they are not directly related or indirectly with the charge or activity which gave rise to the suspension, and

c) Disablement, temporary impediment to the exercise of a job, position or commission within the Mexican financial system.

IV.         Practice home visits to the persons referred to in the first paragraph of this article, in order to review, verify, verify and evaluate the operations, organization, operation, processes, control systems internal, risk management and information management, as well as equity, capital adequacy to risks, asset quality and, in general, all that may affect the financial and legal position, is recorded or must be recorded in the records, in order to ensure that these persons comply with the provisions laid down by the This is a question of the European Parliament. Home visits may be ordinary, special and research.

Ordinary visits shall be those carried out in accordance with the programme annual approval by the President of the Commission.

Special visits will be those that are not included in the annual program referred to in the preceding paragraph, be practised in any of the following cases:

a) To examine and, if applicable, correct operational special situations;

b) To track the results obtained on an inspection visit;

(c) When changes or modifications are made to the accounting, legal, economic, financial or administrative of any of the companies governed by this Law;

d) When any of the companies governed by this Law initiate transactions with after the Commission has drawn up the annual programme referred to in the third paragraph of this fraction;

e) When acts, facts, or omissions are presented that have not originally been referred to in the annual programme referred to in the second paragraph of this fraction, which shall motivate the completion of the visit

and

f) When they derive from international cooperation.

The investigation visits shall be carried out whenever the Commission has any evidence of which may lead to the conduct of a conduct which is presumed to contravene the provisions of this Law and other provisions of a general nature which emanate from it.

In any case, the visits to which this fraction refers will be subject to the provisions in this Law, in the Law of the National Banking and Securities Commission, in their respective regulations, as well as the other provisions that are applicable.

When, in the exercise of the function envisaged in this fraction, the Commission so require, may contract the services of auditors and other professionals who assist you in such a function;

V.          Intervene in the management of investment funds, investment fund operators, distributors and investment fund valuers, with the aim of suspending, normalizing or resolving operations that endanger their investment. solvency, stability or liquidity, or those violations of this Law, of the Securities Market Act or of the general provisions arising from both legal orders;

VI.         Order the partial suspension or normalisation of investment fund activities, investment fund operating companies, investment fund shares of investment funds and equity securities companies investment, as well as activities under this Law by credit institutions, exchange houses, insurance institutions, credit institutions and exchange houses;

VII.       To issue general provisions on the terms and conditions to which all kinds of propaganda and information directed to the public, both from investment funds, and from the operating companies of funds of investment and persons providing distribution services for investment funds, and the first to announce their authorised capital without the payment of the capital paid.

Such provisions should ensure that propaganda and information is expressed in clear and precise form, in order not to mislead the public into deception, error or confusion about the provision of the services offered by the investment funds and the persons providing services to them.

The Commission may, after hearing the interested party, order the suspension or rectification of the propaganda or information deemed to be contrary to the provisions of this article;

VIII.      Determine the days when investment funds, investment fund operators, distributors and investment fund share valuers, must close their doors and suspend their operations;

IX. Impose pecuniary sanctions for violations of this Law or the provisions of a general nature resulting from it;

X.          Watch out for compliance with what is set up by each investment fund in their information leaflets to the investing public;

XI.         Authorize information leaflets to the investor public issued by the investment funds and their modifications;

XII.       Order the temporary suspension of the placement of shares representative of the capital of investment funds against disorderly market conditions or, where appropriate, temporary or final, for the conduct of non-healthy operations market practices or practices or, where in their judgment, the composition of the Investment Object Assets which are part of their assets, as such;

XIII.      Formulate the observations or objections that it considers appropriate to the interests of the investing public, about the valuation of the representative shares of the social capital of investment funds;

XIV.       Suspend the valuation service from any investment fund, where there is a conflict of interest between the investment fund and the valuer company or the committee providing such a service; and

XV. Exercise the other powers attributed to you in this legal order and the which are applicable to you.

The Commission may, as a result of its supervisory powers, make observations and, where appropriate, order the adoption of measures to correct the facts, any irregular acts or omissions that you have detected in connection with those functions, in terms of this Act.

Article 80 Bis.- The Commission may lay down prudential rules aimed at preserving the liquidity, solvency and stability of investment funds in the field. internal controls, prevention of conflicts of interest, social and audit practices, risk management and transparency, disclosure of income and equity in operations and services, in the protection of the public and clients in (a) the general budget, to which the investment funds will have to be secured; investment fund operating companies, investment fund equity distribution companies and investment fund equity securities companies.

The Commission shall also establish, by means of general provisions, the methodologies to be used by the investment fund operators, the companies distributing shares of investment funds and companies that value investment funds shares, in the calculation and disclosure of:

I.        The market risk of the investment fund in question;

II. The historical performance of each class and series of actions, and

III. The level of indebtedness derived from the operating characteristics of the assets an investment object that forms the portfolios of the investment funds.

The Commission itself may lay down by general provisions the criteria applicable to the identification, calculation and disclosure of credit risks. and the liquidity of the investment funds, taking into account the corresponding type and classification. Similarly, in those provisions the Commission may exempt investment funds from the obligation to contract the rating service provided for in Article 32 (IV) of this Law.

Article 80 Bis 1.- The Commission shall have powers of inspection and surveillance in respect of moral persons providing external audit services in terms of this Law, including the members or employees of those who are part of the audit team, being able to do so and in order to verify the compliance with this Law and the observance of the general provisions that of it emanen:

I. Require all kinds of information and documentation;

II. Practice inspection visits;

III. Require the appearance of partners, representatives, and other employees Moral to provide external audit services, and

IV. Recognize auditing standards and procedures to be observed by people (a) a legal entity that provides external audit services by ruling or issuing opinions concerning the financial statements of financial institutions, and may distinguish by type of entity. The Commission may also issue audit rules and procedures at the event that there are no applicable rules or procedures in relation to any matter, or where, in the opinion of the Commission itself, the rules recognised in terms of This paragraph is insufficient.

The exercise of the powers referred to in this Article shall be limited to the opinions, opinions and audit practices that in terms of this Law practice the moral people who provide external audit services.

Article 81.- The Commission shall be empowered to investigate, in the administrative sphere, acts or acts which are alleged to constitute or may constitute an infringement of the provisions of this Law or of the general provisions which result from it.

For this purpose, as well as to verify compliance with the provisions of this Law and other general provisions emanating from it, the Commission shall be Empowered to:

I. Require all kinds of information and documentation to anyone who can contribute to the development of the relevant research;

II. Practice home visits to anyone who can contribute to the development of the research;

III. Requiring the appearance of persons who may contribute or contribute elements to the research, which may have the effect of questioning, and

IV.      Hire the services of auditors and other professionals who assist you in this function.

In the conduct of the hearings referred to in section III of this Article, the Commission shall make any such inquiries as it considers relevant, in which case the They must respond, in protest to the truth of the questions asked of them.

Article 81 Bis.- The Commission, in the exercise of the powers referred to in this Law, may point out the manner and terms in which the persons to whom it is request information, must comply with your requirements.

The Commission, in order to enforce its determinations, may, without distinction, use the following means of award:

I. Mounting with warning;

II. Multa of 2,000 to 5,000 days of salary;

III. Additional 100 days of salary for each day the violation persists, and

IV. The help of the public force.

If the award is insufficient, the Commission may ask the competent authority to proceed against the rebel for disobedience to a legitimate mandate of authority competent.

For the purposes of this article, federal judicial or ministerial authorities and law enforcement or law enforcement bodies shall issue the support in an expeditious manner. Request the Commission.

In the cases of public security bodies of the federal entities or municipalities, the support will be requested in the terms of the orders that regulate the public security or, where appropriate, in accordance with the administrative cooperation agreements concluded with the Federation.

Chapter Fourth

Of the merge and spin

Article 81 Bis 1. -the merger or division of operating companies of investment funds, companies distributing investment funds shares and valuers of investment funds, or of any company or financial institution with operating companies of investment funds, companies distributing investment fund shares and investment fund stock valuers, shall be authorised by the Commission, subject to the agreement of its Governing Board.

Where the merger of the companies referred to in this Article is to result in a company other than the merging companies, their constitution shall be subject to the requirements of the legal provisions applicable to the type of company concerned.

Article 81 Bis 2. -The merger of the companies referred to in Article 81 Bis 1 of this Law shall be subject to the following bases:

I. The companies will submit to the Commission the projects of the agreements of the extraordinary general meetings of shareholders, of the merger agreement, of the modifications which it would be necessary to make to the statutes of the companies and, where appropriate, to the convention of responsibilities referred to in the Law for Regular Financial groupings, the merger plan of the respective companies with an indication of the stages in which it is to be carried out; the financial statements which present the situation of the companies and which shall serve as a basis for the assembly authorising the merger and the projected financial statements of the company resulting from the merge.

They shall also submit the information referred to in fractions I, II, IV, V, VI and VII of Article 34 of this Law;

II. The merger agreements as well as the minutes of assembly will be entered in the Register Public of Commerce after obtaining the authorization referred to in the previous article.

From the date on which the merger takes effect, the merger will take effect. Likewise, in the event of the extinction of the merging companies, the public register of commerce must be requested to cancel the registration of the social statutes of those companies;

III. The agreements of the extraordinary general assembly of shareholders concerning the merger must contain the bases, procedures and protection mechanisms to be adopted in favour of its customers or shareholders;

IV. The merger agreements adopted by the respective general assemblies extraordinary shareholders shall be published in the Official Journal of the Federation and in two newspapers of broad circulation in the place where the companies have their domicile, once the registration is made in the Public Registry of Commerce;

V. During the ninety calendar days following the date of publication In the case of the former, the creditors of any of the companies, including the other financial institutions or the financial groups to which the companies which are the subject of the merger belong, may be liable to challenge the merger, with the sole purpose of obtaining payment of their claims, without the suspend the merge, and

VI. The Commission may require other documentation and related additional information for such effects.

The authorisations to constitute and operate as operating companies of investment funds, companies distributing shares of investment funds and valuers In the case of the merger, it will be revoked by the Ministry of Law, once the merger takes effect, without the need for the issuance of a declaratory by law. expressed by the authority that granted it.

The merger of an investment fund operating company or a distribution company of investment fund shares, which are members of a financial group in The terms of the Law for Regular Financial Pools, either as a merger or merged, shall be subject to the provisions of this Article and shall not apply to it as provided for in Article 10 of that Act.

Article 81 Bis 3.- The companies referred to in Article 81 Bis 1 of this Law may be spun off, in which case the company is divided. it shall divide all or part of its assets, liabilities and share capital into two or more parts, which shall be provided as a block to other newly created companies; or where the company is, without being extinguished, part of its assets, liabilities and liabilities; social capital to another or other newly created companies.

The division referred to in this Article shall be subject to the following bases:

I. The breakaway company shall submit to the Commission the draft assembly minutes an extraordinary general of shareholders containing the agreements relating to their division and the projected financial statements of the companies resulting from the division;

II. The actions of the company being spun off must be fully paid;

III. Each partner in the breakaway society will initially have a share of the social capital of the splintered, equal to that of the holder in the breakaway;

IV. The resolution approving the split must contain:

a) The description of the way, timeframes and mechanisms in which the various concepts of asset, liability and share capital will be transferred;

(b) The description of the assets, liabilities and share capital that are correspond to each split-off society and, where appropriate, to the splinter, in detail sufficient to permit the identification of these;

c) The financial statements of the breakaway company, which cover at least the operations carried out during the last social year, duly delivered by external auditors.

It will be up to the administrators of the breakaway, to inform the assembly about the operations to be carried out until the division takes full legal effects;

d) The determination of the obligations under the excision of each company cleavida. If a company being divided fails to fulfil any of the obligations assumed by it under the division, it shall respond in solidarity to creditors who have not given their express consent, or the other divided companies, during a three-year period from the last of the publications referred to in the sixth paragraph of this Article, up to the amount of the net asset which has been attributed to them in the division to each of them; if the division has not ceased if there is, it will be liable for the entire obligation;

e) The project of statutory reforms of the breakaway society and the projects of the statutes of the divided companies, and

f) The bases, procedures and protection mechanisms that will be adopted in favor of your customers or shareholders.

V. The agreements of the general assembly of shareholders concerning the division, the minutes of assembly, as well as the constitutive writing of the split, shall be entered in the Public Registry of Commerce after obtaining the authorization referred to in Article 81 Bis 1. The division shall take effect from the date on which the division takes effect. Likewise, in the event of the extinction of the company being divided, the public register of commerce must be requested to cancel the registration of the social statutes of the company;

VI. The excision agreements adopted by the extraordinary general assembly of shareholders of the company being divided shall be published in the Official Journal of the Federation and in two newspapers of wide circulation in the place where the company has its registered office, once the registration has been made in the Public Registry of Commerce;

VII. Creditors of the breakaway company may be judicially opposed to the division, within 90 calendar days following the date of publication referred to in the preceding section, with the sole purpose of obtaining payment of their claims, without the opposition suspending the effects of the latter, and

VIII.   The Commission may require other documentation and related additional information for such purposes.

The split company shall not be deemed to be authorised to organise and operate as an investment fund operating company, a distribution company of shares of investment fund or investment company valuer company.

In the event that the excision produces the extinction of the societies referred to in article 81 Bis 1 of this Law, the authorization granted to organize and operate as such shall be without effect, without the need for the issuance of a declaratory in this respect.

Split companies which are established as a result of the division may be companies of the same type as those which are separate or of any other legal type.

Chapter Fifth

Of revocation and administrative procedures

Section I

Of Revocation

Article 81 Bis 4.- The Commission, at the request of the company and after agreement of its Governing Board, may revoke the authorization to operate as a company investment fund operator, investment fund share holding company or investment fund stock valuer, provided that the following is met:

I. The shareholders ' assembly of the company has agreed to its change of nationality, processing or, as the case may be, its dissolution and liquidation and the approval of financial statements in which no obligations under the company's own account are already registered, arising from transactions booked as an intermediary;

II. The society has presented to the Commission the mechanisms and procedures for carry out the delivery or transfer of the securities or cash of its shareholders or, where applicable, customers, as well as the estimated dates for its application; and

III. The company has submitted to the Commission the financial statements, approved by the the shareholders ' meeting, accompanied by the opinion of an external auditor, including the auditor's views relating to components, accounts or specific items in the financial statements, where the status of the records is confirmed; refers to the previous fraction I.

The provisions of this Article shall also be applicable in the case of investment funds, without the agreement of the Governing Board being necessary. In addition, the agreements referred to in fractions I and III shall be made by the management board of the investment fund operating company which provides them with their services.

Article 82.- The Commission may, after the right of hearing, revoke the authorization of the investment funds in the following cases:

I.        If you do not start your operations within 90 days of the date on which you are notified of the authorization referred to in Article 8 of this Law. The time limit laid down may be extended when the Commission considers that there is a justified reason for it;

II.       If it operates with a capital less than the legal minimum and does not reconstitute it within the time limit set by the Commission;

III. If you refrain from performing your object for a period of six months;

IV. Repeals

V. If you repeatedly fail to comply with the provisions applicable to the registration accounting;

VI. If you commit serious or repeated violations of legal or legal provisions administrative that are applicable to you;

VII. If the background repeatedly omits to provide the information it is required to the law or the general provisions arising from it;

VIII.   If you enter dissolution and settlement process, and

IX. If declared bankrupt by the judicial authority.

Article 82 Bis.- The Commission shall publish in the Official Journal of the Federation and in two newspapers of broad circulation in the country, the declaration of revocation and shall be entered in the Public Register of Commerce corresponding to the registered office of the company. The revocation shall put in a state of dissolution and liquidation the operating company of investment funds, the distribution company of investment funds or valuer shares, in question, without the need for the agreement of the shareholders ' assembly or, in the case of investment funds without the need for the agreement of the management board of the investment fund operating company providing them with its services, in the latter case, in relation to the assumptions referred to in Article 82 of the This Law. The publication referred to in this Article in respect of investment funds shall only be made by the Commission in the National Register.

Article 83.- The Commission, with the agreement of its Governing Board and prior to the right of the hearing, may revoke the authorization of the companies referred to in the Article 33 of this Law, when in his judgment:

I.        Incur serious or repeated breaches of the provisions of this Law, the Securities Market Act, or the general provisions deriving from both orders;

II.       Perform the activities of their object in an inappropriate manner or offer services other than those provided for in the authorization granted in accordance with Article 33 of this Law;

III. Repeatedly providing the Commission with the information they are obliged to in accordance with this Law or the general provisions arising therefrom, or provide false or misleading information;

IV.      Intervene in operations that do not adhere to the healthy practices of the stock market;

V. Repeatedly do not comply with the information leaflet to the public investment fund investors to whom they provide their services or carry out transactions that move away from the investment profiles of the clients to which the securities portfolio management services provide them; carry out transactions on behalf of investment funds other than those permitted by this Act; or either, do not comply with their object;

VI. False for cause to be imputable to the fulfillment of the obligations contracted;

VII. Do not present the public instrument in which the constitutive writing of the company, for approval within 90 days of the date of the granting of the authorisation; initiate operations without submitting such a public instrument for approval, or do not initiate its operations within a period of one hundred 80 days from the date on which the authorisation is notified to referred to in Article 33 of this Law. The time limits provided for may be extended by a single occasion when the Commission considers that there is a justified reason for it;

VIII. Operate with a capital less than the legal minimum and do not reconstitute it within the deadline to set the Commission;

IX. When for reasons attributable to those who lend to the investment funds the the valuation services of its shares are not reflected in the accounting or valuation of the latter's operations;

X. Entrain in dissolution and settlement process, and

XI. Sean declared bankrupt by the judicial authority.

Article 83 Bis.- The dissolution and liquidation of the companies referred to in Article 33 of this Law shall be governed by the provisions of Chapters X and XI of the General Law of Companies, with the following exceptions:

The designation of the liquidators shall be:

I. To the shareholders ' assembly when the dissolution and liquidation has been voluntarily agreed by that body and subject to the procedure laid down in Article 81 Bis 4 of this Law. In this case, they shall make the Commission's knowledge of the appointment of the liquidator within five working days of their appointment.

The Commission may object to its veto on the appointment of the person who will exercise the a liquidator, where he considers that he does not have sufficient technical quality, good repute and satisfactory credit history for the performance of his duties, does not meet the requirements for the established effect or has committed infringements serious or repeated to this Law or to the provisions of a general which results from it.

The Commission shall promote before the judicial authority to appoint the liquidator, if in the a period of 60 working days of publication of the revocation has not been designated by the relevant company; and

II. To the Commission, when the dissolution and liquidation of the society is a consequence the revocation of their authorisation in accordance with the provisions of Article 83 of this Law.

At the event that the liquidator appointed by the Commission should resign for justified reasons The person who is to replace him shall be the person who replaces him within the 15 calendar days following the date on which the resignation takes effect.

Where this fraction is concerned, the responsibility of the Commission will be limited. the designation of the liquidator, and therefore the acts and results of the liquidator's performance shall be the sole responsibility of the liquidator.

Article 83 Bis 1.- The appointment of the liquidator of the companies referred to in Article 33 of this Law shall be made by credit institutions, houses of stock, in the Service of Administration and Disposal of Goods, or in natural or moral persons with experience in the liquidation of financial institutions.

Where the appointment of the liquidator falls to natural persons, it shall be observed that such persons comply with the requirements set out in fractions II, III, V and VI of Article 14 Bis 11 of this Law, as well as the following:

I. Do not have pending litigation against the society in question, and

II. Not having held the position of external auditor of the society concerned or of any of the companies that make up the Business Group or Consortium to which the Business Group belongs, during the 12 months immediately preceding the date of appointment.

Dealing with moral persons in general, the natural persons designated to carry out the activities linked to this function, must comply with the requirements referred to in the previous two paragraphs.

The Service of Administration and Disposal of Goods may exercise the order of liquidator with its personnel or through proxies that for this purpose it designates. The proxy may be done in favour of credit institutions, of stock houses or of natural persons who meet the requirements of this fraction.

Institutions or persons having an opposite interest to that of the company shall refrain from accepting the charge of liquidator by stating such a circumstance.

Article 83 Bis 2.- In the performance of its function, the liquidator shall:

I. Elaborate an opinion on the integral situation of the society that I know treat. In the event that the opinion of the company is found in the grounds of commercial competition, the company must ask the judge for the declaration of the commercial competition as provided for in the Law on the Commercial Concourses, informing the Commission;

II. to the Commission for approval, the procedures for carrying out the the delivery or transfer of the securities or cash of its clients arising from the company's operations on behalf of third parties, as well as the estimated dates for its implementation. The above shall not be applicable in the case of companies that value investment funds;

III. Without prejudice to the provisions of the previous Section II, implement and adopt a a plan for the work of the staff, which shall contain the procedures and measures necessary to ensure that the obligations borne by the company arising from the operations reserved for the companies referred to in Article 33 of this Law are completed or transferred to other intermediaries at the latest within the year following the date on which he protested and accepted his appointment;

IV.      Charge what is due to society and pay what it is due.

For the purposes of the above, the liquidator must first separate and perform the the delivery or transfer of the securities or cash of its clients arising from the operations of the companies on behalf of third parties, as referred to in point II of this Article.

In case the securities or cash of the clients of the company, derived from transactions on behalf of third parties are not sufficient for the fulfilment of their obligations, in order to protect the interests of the clients of such companies, the liquidator must allocate the assets available to the company for its own account preferably the payment of the operations which it has carried out in accordance with the law their clients, in compliance with their object, including the payment of transactions made by the company on behalf of third parties. The foregoing, provided that those securities, cash or assets, are not affected by other commitments or are not infringed on the rights of third parties.

If the assets are not sufficient to cover the liabilities of the company, the liquidator must apply for the trade contest;

V. Convening the general assembly of shareholders, at the conclusion of their management, for submit a complete report to the settlement process. This report shall contain the final balance sheet of the settlement.

In the event that the settlement does not conclude within the immediate twelve months The liquidator shall, from the date on which the liquidator has accepted and protest his position, convene the shareholders ' assembly in order to present a report on the state of the settlement of the settlement. pointing out the reasons why its conclusion has not been possible. The report shall contain the financial statement of the company and must be at all times available to the shareholders. Without prejudice to the provisions of the following paragraph, the liquidator shall convene the shareholders ' meeting in the terms described above, for each year that the settlement lasts, in order to present the report.

When the liquidator is summoned to the assembly, the assembly does not meet with the quorum necessary, must publish in two newspapers of the most circulation in national territory, a notice addressed to the shareholders indicating that the reports are at their disposal, indicating the place and time in which they can be consulted;

VI. Promote to the judicial authority the approval of the final settlement balance, in cases where it is not possible to obtain the approval of the shareholders to that balance sheet in terms of the General Law of Companies, because that assembly, however, has not been convened, does not meet the necessary quorum; or This balance sheet is objected by the assembly in an unfounded manner of the liquidator. The foregoing is without prejudice to the legal actions that correspond to the shareholders in terms of the laws;

VII. Making the knowledge of the competent judge that there is physical and material impossibility to carry out the legal settlement of the company so that it orders the cancellation of its registration in the Public Registry of Commerce, which will take its effects from one hundred and eighty calendar days from the judicial order.

The liquidator must publish in two newspapers of greater circulation in the territory national, a notice addressed to shareholders and creditors on the request to the competent judge.

Interested parties may object to this cancellation within sixty days natural following the notice, before the judicial authority itself;

VIII. Exercise legal action to determine responsibilities (a) economic activity which, where appropriate, exists and disregards the responsibilities which in law and other provisions are applicable

and

IX. Refrain from buying for yourself or for another, the property owned by society in settlement, without express consent of the assembly.

Article 83 Bis 3.- The Commission shall exercise the supervisory functions only in respect of the compliance with the procedures referred to in Part II Article 83 Bis 2 of this Law. The foregoing, without prejudice to the powers conferred in this order in respect of the offences referred to in Section II, Section F, Chapter V of Title IV of this Law.

Article 83 Bis 4.- The commercial tender of the companies referred to in Article 33 of this Law shall be governed by the provisions of the Law of Concourses Mercantiles, with the following exceptions:

I. The Commission shall request the declaration of the commercial contest of a company referred to in Article 33 of this Law, where there are elements which may update the assumptions for the declaration of the trade contest;

II. Declared the commercial contest, the Commission, in defense of the interests of the creditors, may request that the procedure be initiated at the stage of bankruptcy, or the early termination of the conciliation stage, in which case the judge shall declare bankruptcy;

III. The role of conciliator or receiver will correspond to the person who for that purpose The Commission shall designate the Commission within a maximum of 10 working days. Such appointment may be made by credit institutions, stock exchange houses, in the Service of Administration and in the disposal of goods or in moral or physical persons who comply with the requirements laid down in Article 83 Bis 1 of this Law;

IV. Declared the merchant contest, who is in charge of the administration of the the company must submit to the judge for approval the procedures for the delivery or transfer of the securities or cash of its clients, derivatives of the company's operations on behalf of third parties, as well as the dates for its application. The judge, prior to his approval, shall hear the opinion of the Commission, and

V. The Commission shall exercise oversight functions only in respect of the compliance with the procedures mentioned in the previous fraction.

If the Commission detects any non-compliance it must do so from the judge's knowledge.

Article 83 Bis 5.- The Commission, after agreement of its Governing Board, may allocate resources from its annual budget to the Administration and Disposal Service In order to ensure that the competent authority of the Federal Public Administration carries out the procedures for the liquidation or contest of the companies referred to in Article 33 of this Law, it shall, on the understanding that those resources are exclusively may be used to cover the associated costs publications and other formalities relating to such procedures, where it is noted that they may not be dealt with by the assets of the companies themselves due to the lack of liquidity, or by insolvency.

Section II

Of the administrative procedures

Section A

Preliminary Provisions

Article 84.- Failure or violation of the rules of this Law and the provisions emanating from it shall be punishable by a fine which administratively impose the Commission and become effective by the Secretariat of Finance and Public Credit, once they have become firm.

For the purposes of the fines set forth in this chapter, the general minimum wage in force in the Federal District at the time of the payment shall be deemed to be days of salary. to commit the violation.

In the case of moral persons, these fines may be imposed on both those persons and their administrators, officials, employees or proxies who are responsible for the infringement.

Fourth paragraph.-Repeated

Fifth paragraph.-Repeated

The Commission, in the imposition of administrative sanctions referred to in this Law, shall be subject to the following:

I. The alleged offender will be granted a hearing, who, within ten working days If the following notification is made out of the working day following that in which the relevant notification takes effect, it shall state in writing what is appropriate for it, to provide evidence and to make submissions. The Commission may, at the request of a party, extend for a single occasion the period referred to in this section for up to the same period, for which it shall consider the particular circumstances of the case. The notification shall have effect on the working day following the day on which it is practised.

II. In case the alleged infringer does not use the right of hearing within the period granted or, having exercised it, shall not result in the imputations discharged against it, the offences imputed shall be credited and the corresponding administrative penalty shall be imposed.

III. The following will be taken into account:

a) The impact to third parties or the financial system that you have produced or can produce;

b) The recidivism, the causes that originated it, and, if applicable, the corrective actions applied by the alleged infringer. The offender shall be deemed to have been a repeat offender and, in addition to that offence, committed the same offence within two years of the date on which the decision was signed. corresponding;

The recidivism shall be punishable by a fine of equivalent to twice the amount of the originally planned.

c) The amount of the operation;

d) The economic condition of the offender to the effect that the penalty is not excessive, and

e) The nature of the violation committed.

IV. Dealing with conduct qualified by this law as serious, in addition to set out in the previous fraction III, may take into account any of the following:

a) The amount of the breach or property damage caused;

b) Profit obtained;

c) Lack of good repute by the offender, as provided by this Law and the general provisions of this Directive which emanate from it;

d) Inexcusable negligence or intent to act;

e) That the offending conduct referred to in the administrative process may be constitutive of a crime, and

f) The other circumstances that the Commission considers applicable for such purposes.

The fines to be imposed by the Commission must be paid within 15 working days of the date of notification. Where the fines are not paid on the date set, the amount of the fines shall be updated from the month in which the payment was made and until the payment is made, in the same terms as the Tax Code of the Federation for these fines. cases.

If the infringer pays the fines imposed by the aforementioned Commission within the 15 days referred to in the preceding paragraph, a reduction shall be applied in Twenty percent of its amount, provided that no defense has been filed against that fine.

The administrative penalties referred to in this Law shall not affect the criminal procedure which, where appropriate, corresponds.

Article 84 Bis.- In the administrative procedures for the imposition of sanctions provided for in this Law, the evidence leading to the subject acts shall be admissible the procedure provided that they are offered within the time limit of the hearing guarantee. In the case of the confessional in charge of the authorities, the confessional must be de-drowned in writing.

Once the right of the hearing referred to in Article 84, fraction I of this Law, or, presented in writing by which it is filed, has been removed review facility provided for in Article 87 of this legal order, only supervenlient evidence shall be permitted, provided that the relevant decision has not been issued.

The Commission may be entitled to the means of proof it deems necessary, as well as to agree on the admissibility of the evidence offered. Only the evidence provided by the persons concerned may be rejected where they are not offered in accordance with the law, are not related to the substance of the case, are imparted, unnecessary or contrary to morality or law. The assessment of the evidence shall be in accordance with the provisions of the Federal Code of Civil Procedure.

The power of the Commission to impose administrative sanctions provided for in this Law, as well as the provisions emanating from it, shall lapse within a period of time. five years from the working day following the day of the conduct or the case of the alleged infringement was updated.

The expiry period referred to above shall be interrupted at the start of the related procedures. The procedure in question shall be understood to have initiated, on the basis of the notification of the alleged infringer of the trade by which the right of hearing is granted to the likely offender referred to in Article 84 (1), of this Law.

Article 84 Bis 1.- The penalties shall be imposed by the Governing Board of the Commission, which may delegate that power to the nature of the infringement or the amount of the fine, the president or other public servants of the Commission itself.

The penalties provided for in this Law for investment funds may be imposed on the operating company of investment funds, distributors or stock valuers of investment funds that are responsible for the violations committed.

The Commission will consider as mitigating the imposition of administrative sanctions, when the alleged infringer accredits to the Commission that the damage has been damaged caused, as well as the fact that it provides information that it helps in the exercise of the Commission's powers, in order to be responsible.

Section B

From imposing administrative sanctions

Article 85.- Violations that consist of performing prohibited or unauthorized operations, or exceeding maximum percentages or failing to maintain minimum provided by the general provisions deriving from this Law, or, by the information leaflets to the respective investor public, they will be sanctioned with a fine of 10,000 to 100,000 days of salary.

The fines referred to in this chapter, after hearing, shall be imposed on the holding company of investment funds, distribution or valuer of shares of investment funds or other persons who are responsible for the infringements.

Article 86. The violations referred to in this article will be sanctioned as follows:

I. Multa from 2,000 to 20,000 days of salary, to the person who infringes the provisions of the first paragraph of Article 5 Bis of this Law, and the respective negotiation may be administratively closed by that Commission until its name is changed;

II. Repeals

III. Multa of 10,000 to 50,000 days of salary, which is responsible for causes that is attributable to him, where the limit on the ownership of the share held pursuant to Article 14 of this Law is exceeded, in accordance with the valuation of those same shares at the date of his acquisition, as well as a fine for the the amount equivalent to the updated valuation of the shares, where they are acquired in contravention of the provisions of Article 52 of that order. Without prejudice to the fine established in this fraction, the shares unduly acquired must be settled within 30 days of their acquisition, which, if the sale has not been made, the Commission shall order the reduction of the capital necessary to write down such shares at the valuation price in force at the date of payment and the procedure for their payment;

IV. Multa of 5,000 to 20,000 days of salary, to the operating society of funds of investment or investment fund stock valuer, which infringes the provisions of Article 46 of this Law, without prejudice to the liability required under Article 53 of this Regulation;

V. Multa of 10,000 to 100,000 days of salary, to the operating societies of funds of investment and persons providing equity distribution services of investment funds, which do not comply with the information leaflets for the investment public;

VI. Multa of 10,000 to 50,000 days of salary, to the societies to which the Article 33 of this Law, the performance of which results in the investment fund to which it provides its services incurs the assumption established by Article 82 (VII) of this Law;

VII. Multa of 15,000 to 50,000 days of salary, to the operating societies of funds of investment, the auditors of the latter, in respect of the operators themselves or of the investment funds they administer, and the persons providing accounting and administrative services to the investment funds, which distorts, conceals, omits or disseminates the accounting records and financial statements of such funds; regardless of the civil or criminal liability they incur;

VIII. Multa of 5,000 to 20,000 days of salary, to the operating societies of funds of investment and distribution of investment fund shares, which infringe the provisions of Article 80 (VII) of this Law and the general provisions emanating from it;

IX. Multa of 20,000 to 100,000 days of salary, to the societies referred to in the article 33 of this Act, which omit to provide in time and form the information to which they are bound under this Act or the applicable administrative provisions arising therefrom, or is false;

X. Multa of 25,000 to 100,000 days of salary, to persons performing acts of the reserved by this legal order to investment funds, investment funds operating or distribution of investment funds, without the corresponding authorization in the terms of this Law;

XI. Multa of 20,000 to 100,000 days of salary, to people performing duties directives, jobs, posts or commissions in an investment fund or investment fund operating company, which have the assets belonging to the equity of the investment fund to which they belong, applying them for purposes other than those which are provide information to the public investor in the prospectus;

XII.     Fine of 10,000 to 100,000 days of salary, members of the board of directors, officers, officials, employees, proxies to conduct operations with the public, commissioners or external auditors of an operating company investment or distribution company which, in accordance with Article 76 of this Law and the general provisions of this Law, do not register the operations carried out, including, as applicable, the operations carried out by the investment fund in terms of such an article, or alter such records;

XIII. Multa from 30,000 to 150,000 days of salary, to:

a) Persons who perform any of the activities provided for in Articles 88 and 33 of this Law, without the corresponding authorization;

b) Investment fund operating companies that do not comply with any of the obligations laid down in Article 39 (I) (a) to (d) of this Law;

c) Financial entities that do not have electronic or written records which are referred to in the second paragraph of Article 39 Bis 1 of this Law, in the terms stated therein;

d) Financial institutions that promote or market values across the board, other than those identified by the Commission by means of general provisions referred to in Article 39 Bis 1, last paragraph of this Law;

e) Financial institutions that issue recommendations or conduct operations (a) a reasonable amount of the service provided in accordance with Article 39 (2), second subparagraph, in its fractions I to III of this Law;

f) Financial institutions that hold operations in contravention of what is planned by Article 39 Bis 2, third paragraph;

g) Financial institutions that provide services that are advised without the policies and guidelines referred to in Articles 39 Bis 2, fraction III and 39 Bis 3 of this Law, or which do not have the minimum elements to be established by the Commission by means of general provisions;

h) Financial entities that omit to provide their clients with information about the financial products which they offer, the activities and services they provide to them, including the fees charged, in contravention of the provisions of Article 39 Bis 4 of this Law and provisions of a general nature that of the emanen;

i) Financial entities that omit to record or document, or keep within the established legal period, the documentation and information referred to in Article 39 Bis 5 of this Law, and

j) Companies distributing investment fund shares that they omit to provide its clients with information on the returns on investment portfolios, or any other information determined by the Commission by means of general provisions, in contravention of Article 61-Bis, fractions VI and VII of this Law and provisions of a general nature that of the emanen.

XIV. Multa of 5,000 to 100,000 days of salary, to the offenders of any other provision of this Law or of the general provisions of this Law which do not have a particular sanction in this order.

If any of the violations contained in Articles 85 and 86 of this Law create property damage or a benefit, the penalty may be imposed. it is appropriate to add to it up to one and a half times the equivalent of such damage or to the benefit obtained by the infringer, whichever is greater. Profit or loss avoided for itself or for a third party shall be understood for profit.

Article 86 Bis.- The Commission may refrain from sanctioning entities and persons governed by this Law, provided that the cause of such law is justified. Abstention in accordance with the guidelines that the Governing Board of the Commission itself issues for such purposes, and to facts, acts or omissions that are not serious, there is no recidivism, no elements to permit demonstrate that the interests of third parties or of the financial system itself are affected and do not constitute a crime.

serious infringements of the violation as provided for in Articles 8; 33; 35; 39, fraction I, points (a) to (d); 39 Bis 2; 39 Bis 3; 39 Bis 4; 39 Bis 5; 85; 86, fractions IV, VII, X and XI, 91, fractions I for what it does to the lack of presentation to the National Banking and Securities Commission, of the document of policies of identification and knowledge of the client and II, first paragraph, point a. for non-reported operations, third paragraph of section II, points e. and F., and in the case of companies operating investment funds and companies or entities that distribute shares of investment funds, in addition to carrying out transactions in the purchase and sale of shares of investment funds at a price other than the price updated for valuation.

Article 86 Bis 1.- The Commission may take into account the circumstances of each case, in addition to the imposition of the appropriate sanction, admonish the infringer, or (a) only to admonish, in the light of their personal history, the seriousness of the conduct, that there is no evidence of the interests of third parties or of the financial system itself, which has caused damage this has been repaired, as well as the existence of attenuants.

Article 86 Bis 2.- To protect the exercise of the right of access to government public information, the Commission is adjusting to the guidelines it approves. its Governing Board, must make known to the general public, through its Internet portal the penalties that the effect imposes for violations of this Law or the provisions that emanate from it, for which they must point out:

I. The name, name, or social reason for the offender;

II. The legal precept infringed, the type of sanction imposed, amount or time limit, according to corresponds, the offending conduct, and

III. The state that saves the resolution, indicating whether it is firm or whether it is liable to be contested and in the latter case if any means of defence and its type have been brought, where such circumstances are known to have been duly notified by competent authority.

In any case, if the sanction imposed is left without effects by any competent authority, Such a circumstance shall also be published.

The above information will not be considered as reserved or confidential.

Section C

Of the self-correction programs

Article 86 Bis 3.- The investment funds or persons who grant the services referred to in Article 32 of this Law for fractions I to VI the director-general or equivalent and, with the opinion of the person or area exercising the functions of supervision of the company itself, may subject to the authorization of the Commission a programme of self-correction when the company is treat, in the performance of your activities, or the person or area exercising the functions of Surveillance as a result of the functions conferred by it, detect irregularities or non-compliance with the provisions of this Law and other applicable provisions.

shall not be subject to a self-correction programme in the terms of this Article:

I. Irregularities or non-compliance detected by the Commission in exercise of its powers of inspection and surveillance, prior to the submission by the investment fund or persons granting the services referred to in Article 32 of this Law of fractions I to VI of the self-correction programme respective.

It is understood that the irregularity was previously detected by the Commission in the case of the surveillance powers, where the irregularity has been notified to the institution; in the case of the inspection powers, where it has been detected during the inspection visit, or corrected after the inspection has been carried out; Requirement in the course of the visit;

II. When the violation of the rule in question corresponds to one of the offences referred to in this Act, or

III. When dealing with any of the violations considered to be serious in terms of this Act.

Article 86 Bis 4.- The self-correction programmes referred to in Article 86 Bis 3 of this Law shall be subject to the general provisions which issue the Commission. In addition, they must be signed by the person or area who exercises the surveillance functions in the investment fund or in the persons who grant the services referred to in Article 32 of this Law, and be presented the management board or equivalent body in the immediate post-session of the application for authorisation submitted to the Commission. It shall also contain any irregularities or non-compliance with the provisions which have been considered to be contrary to the effect; the circumstances which gave rise to the irregularity or non-compliance with which it was committed; actions taken or intended to be taken by the company to correct the irregularity or non-compliance that prompted the programme.

Where the investment fund or persons granting the services referred to in Article 32 (I) to (VI) of this Law requires a period of time in order to remedy the irregularity or non-compliance, the self-correction programme shall include a detailed calendar of activities to be carried out for that purpose.

If the Commission does not order the company concerned to amend or amend the self-correction programme within 20 working days of its presentation, the program will be authorized in all its terms.

Where the Commission orders the investment fund or persons to provide the services referred to in Article 32 (I) to (VI) of this Law amendments or corrections for the purpose of which the programme shall comply with the provisions of this Article and other applicable provisions, the company concerned shall have a period of five working days from the date of respective notification to remedy such deficiencies. That period may be extended for only five additional working days, subject to the authorisation of the Commission.

If the deficiencies referred to in the preceding paragraph are not remedied, the self-correction programme shall be for failure to be submitted and, consequently, the Irregularities or non-compliances committed may not be the subject of another self-correction programme.

Article 86 Bis 5.- For the duration of the self-correction programmes authorised by the Commission in terms of Articles 86 Bis 3 and 86 Bis 4 (a) the Commission shall refrain from imposing on investment funds or persons who grant the services referred to in Article 32 (i) to (VI) of this Law, the penalties provided for in this Law, for irregularities or non-compliances whose correction is provided for in those programmes In addition, the time limit for imposing the penalties shall be interrupted for such a period, resuming until it is determined that the irregularities or non-compliance of the self-correction programme have not been remedied.

The person or area carrying out the surveillance functions in the investment funds or in the persons who provide the services referred to in fractions I to VI Article 32 of this Law will be required to follow up the implementation of the authorized self-correction program and report its progress to both the board of directors and the director-general or the equivalent organs or persons of the on the form and terms which it lays down in the provisions of the of a general nature referred to in Article 86 Bis 4 of this Law. The above, irrespective of the power of the Commission to monitor, at any time, the degree of progress and compliance with the self-correction programme.

If as a result of the reports of the person or area exercising the surveillance functions in the investment funds or in the persons who grant the services to (a) the provisions of Article 32 of this Law or of the Commission's inspection and surveillance tasks relate to the fact that the irregularities or non-compliances which are the subject of the self-correction programme have not been remedied within the prescribed period; impose the corresponding sanction by increasing the amount of the penalty Forty percent, being updatable said amount in terms of applicable tax provisions.

Article 86 Bis 6.- Natural persons and other moral persons subject to the supervision of the Commission may submit to the authorization of the Commission itself a a self-correction programme where, in the course of its activities, irregularities or non-compliance with the provisions of this Law and other applicable provisions are detected, subject to the provisions of Articles 86 Bis 3 to 86 Bis 5 of this Law, as applicable.

Section D

Of the review facility

Article 87.- Those affected by the acts issued by the Commission that end the procedures for authorization, registration, suspension, cancellation and the imposition of administrative sanctions, may seek to defend their interests by bringing an appeal for review, the interposition of which shall be optional.

The review appeal shall be made in writing within 15 working days of the date on which the notification of the respective act takes effect and shall be submitted to the Governing Board of the Commission, where the act has been issued by the Board or by the President of the Commission, or to the latter in the case of acts performed by other public servants.

The writing by which the review facility is interposed should contain:

I. The appellant's name, name, or social reason;

II. Home to hear and receive all kinds of appointments and notifications;

III. The documents with which the personality of who promotes is credited;

IV. The act that is used and the date of its notification;

V. The grievances caused to you on the occasion of the act mentioned in the 4th fraction previous, and

VI. The evidence to be offered, which must be immediately and directly related with the act contested.

Where the appellant does not comply with any of the requirements referred to in fractions I to VI of this Article, the Commission shall prevent such requirements in writing and in writing. The Commission shall, in order to ensure that the notification of such prevention is provided for in the three working days following the notification of such prevention and, if the omission is not remedied within the period referred to in this subparagraph, shall be subject to the notification. for not interposed. If the tests will be omitted they will be held for not offered.

The interposition of the review facility shall suspend the effects of the contested act in the case of fines.

Article 87 Bis.- The organ responsible for resolving the review facility may:

I. Dismiss it;

II. Oversee it in the following cases:

a) For express withdrawal of the appellant;

b) For over-coming a causation of improvenance;

c) For having ceased the effects of the contested act, and

d) Other than under the law proceed;

III. Confirm the contested act;

IV. Revoke fully or partially the contested act, and

V. Modify or command to replace the contested act or dictate or order to issue a new one to replace it.

The administrative acts may not be revoked or amended in the non-contested part by the appellant.

The body responsible for resolving the review appeal shall be responsible without the intervention of the public servant of the Commission which has ruled the sanction. administrative that has caused the imposition of the corresponding resource.

The resolution of the review resources shall be issued within a period not exceeding 90 working days after the date on which the appeal was lodged, where it is to be resolved by the President of the Commission, not more than one hundred and twenty working days in the case of resources falling within the competence of the Governing Board.

The Commission should provide for mechanisms to prevent conflicts of interest between the area issuing the resolution which is the subject of the appeal and the resolution.

Article 87 Bis 1.- The penalties provided for in this Law will be reduced by one third when the damage has been repaired or the damage has been damaged caused.

Section E

From Notifications

Article 87 Bis 2.- Notification of requirements, regular and special inspection visits, precautionary measures, requests for information, and documentation, citations, sites, resolutions imposing administrative sanctions or any act terminating the procedures for the registration, suspension, cancellation or revocation of authorisations referred to in this Law, as well as the acts which deny the authorisations to which it refers This Law and the administrative resolutions that fall to the review resources and the requests for forgiveness brought in accordance with the applicable laws, may be carried out in the following ways:

I. Personally, as follows:

a) In the offices of the Commission, as provided for in Article 87 Bis 5 of this Act;

(b) At the address of the person concerned or his/her representative, in accordance with the provisions of the Articles 87 Bis 6 and 87 Bis 9 of this Law, and

c) Anywhere the data subject or his/her representative is located in the assumptions as set out in Article 87 Bis 7 of this Act;

II. By trade delivered by courier or certified mail, both with receipt;

III. For edicts, in the cases referred to in Article 87 Bis 10 of this Law, and

IV. By electronic means, in the case provided for in Article 87 Bis 11 of this Law.

With regard to the information and documentation to be displayed to the inspectors of the Commission under an inspection visit, the provisions of the inspection visit must be observed. a regulation issued by the Federal Executive, in the field of supervision, pursuant to Article 5, first paragraph of the Law of the National Banking and Securities Commission.

Article 87 Bis 3.- The authorizations, revocation of authorizations requested by the person concerned or his representative, the acts that come from formalities promoted at the request of the person concerned and other acts other than those referred to in Article 87 Bis 2 of this Law, may be notified by the delivery of the trade in which the corresponding act is recorded, in the offices of the authority carrying out the notification, seeking the signature and the name of the person in copy of the trade receive it.

The Commission may also make such notifications by ordinary mail, telegram, fax, e-mail or courier when the person concerned or his representative are requested in writing by pointing out the data necessary to receive the notification, stating in the respective file, the date and time it was made.

The acts referred to in the first paragraph of this Article may also be notified in respect of any of the forms of notification referred to in Article 87 Bis 2 of this Act.

Article 87 Bis 4.- The notifications of inquiry visits and the intervention declaration referred to in this law shall be made in a single act and as provided for in the regulation referred to in the last paragraph of Article 87 Bis 2 of this Law.

Article 87 Bis 5.- Personal notifications may be made in the offices of the Commission only if the person concerned or his/her representative is and express their compliance in receiving the notifications; for which the person who carries out the notification shall, in duplicate, lift a record that complies with the regulation applicable to such acts.

Article 87 Bis 6.- Personal notifications may also be made with the person concerned or with his/her representative, at the last address of his/her provided to the Commission or at the last address which it has indicated to the authority itself in the administrative procedure concerned, for which the minutes referred to in the second paragraph of this Article shall be drawn up.

If the person concerned or his/her representative is not at the address mentioned above, the person who is to be notified will provide the person with the notification. In order to ensure that the person concerned or his representative waits for him at a fixed time on the following working day and in such a summons, he shall inform the person that he is not appearing at the time and on the day to be fixed, the notification shall be made by the person who In the case of the closure of the said address or the refusal to receive the address, the (a) the information provided by the Member State concerned shall be made by means of instruction as provided for in Article 87 Bis 9 of this Law. Those who make the notification shall record the terms provided for in the penultimate paragraph of this Article.

The reference summons must be drawn up in duplicate and addressed to the person concerned or his representative, indicating the date of issue, date and time of issue, he must wait for the notifier, who must establish his name, position and signature in that summons, the object of the appearance and the respective warning, as well as the name and signature of the person who receives it. If the latter does not wish to sign, such a circumstance shall be settled in the summons, without affecting its validity.

The day and time set for the practice of the due diligence of the summons shall be carried out by the person in charge of the diligence at the appropriate address, and By finding this, you will proceed to take up the minutes in the terms referred to in the penultimate paragraph of this article.

In the event that he does not appear, the notification shall be understood to mean any person who is at the address in which the due diligence is performed; such effects shall be recorded in the terms of this Article.

In any case, the person who carries out the notification shall, in addition to the circumstances mentioned above, record his name, position and record in duplicate. signature, which was determined to be constituted and acted in the registered office, which notified the person concerned, his representative or person who attended the care, after identification of such persons, the trade in which the administrative act is which must be notified, shall also include the appointment of witnesses, place, time and date of release, identification details of the trade mark, means of identification displayed, name of the person concerned, legal representative or person who takes care of the care and of the designated witnesses. If the persons involved refuse to sign or receive the act of notification, that circumstance shall be recorded in the minutes, without affecting their validity.

For the appointment of witnesses, the person who carries out the notification shall require the person concerned, his/her representative or the person to attend the service to designate them; Case of refusal or that the appointed witnesses shall not accept the designation, shall be made by the notifier himself.

Article 87 Bis 7.- In the event that the person responsible for the notification does the search for the person or his/her representative at the address referred to in the first paragraph of Article 87 Bis 6 of this Law, and the person with whom the diligence is understood to deny that it is the address of the person concerned or his representative, who carries out the diligence shall take the record to make such a statement circumstance. Such minutes shall, as appropriate, bring together the requirements laid down in the penultimate paragraph of Article 87 Bis 6 of this legal order.

In the case provided for in this precept, the person who carries out the notification may make the personal notification in any place where the person concerned or his/her representative. For the purposes of this notification, the person who carries out the notification shall record in which it states that the person notified is of his or her personal knowledge or has been identified by two witnesses, in addition to establishing, in the course of the conduct, that provided for in the The final paragraph of Article 87 Bis 6 of this Law, or to record the diligence before the public purse.

Article 87 Bis 8.- Notifications that are made by mail delivered by courier or certified mail, with acknowledgement of receipt, shall have their effects on the working day following the date of receipt of the acknowledgement.

Article 87 Bis 9.- On the assumption that the day and time indicated in the summons that was left in terms of article 87 Bis 6 of this Law, who performs the notification shall be closed to the address concerned or the person concerned, his or her representative or who is in charge of the care, refuse to receive the trade mark of the notification, shall make effective the warning referred to in that Cytatory. For such purposes, it shall carry out the notification by means of an instruction which shall be affixed in a visible place to the address, annexed to the trade in which the act is to be notified, in the presence of two witnesses which the effect designates.

The reference instruction shall be drawn up in duplicate and shall be addressed to the person concerned or his representative. This instruction shall include the circumstances in which the notification by that means, place and date of issue was necessary; the name, position and signature of the person who lifts the instruction; the name, identification data and the signature of the witnesses; the indication that the person making the notification was satisfied that it was constituted and acted at the address sought, and the data identifying the trade in which the administrative act to be notified is recorded.

The instruction shall provide proof of the existence of the acts, acts or omissions which are recorded in it.

Article 87 Bis 10.- The notification by edicts shall be made in the event that the person concerned has disappeared, has died, his or her (s) where there is no known representative or address on national territory or is abroad without having left a representative.

For such purposes, a summary of the respective trade, in a national circulation newspaper, shall be published for three consecutive times, without prejudice to the Commission's to notify the edict on its website of the worldwide network known as the Internet; indicating that the original office is at its disposal at the address which will also be indicated in that edict.

Article 87 Bis 11.- The notifications by electronic means, with acknowledgement of receipt, may be made as long as the person concerned or his representative so they have expressly accepted or requested in writing the Commission through the automated systems and security mechanisms which they establish.

Article 87 Bis 12.- Notwithstanding the provisions of this paragraph, if the notified or unnotified person is to appear before the court, the providence, prior to promoting the appropriate means of defence, the misinformed or omitted notification shall have its effects, as if it were made in accordance with the law. In this case, the means of defense that will be promoted will be discarded outright.

Article 87 Bis 13.- For the purposes of this Act, you will be registered to hear and receive notifications related to the performance of your commissioned as members of the Board of Directors, Directors-General, Commissioners, Directors, Managers, Officials, Directors who occupy the immediate hierarchy below that of the Director-General, and other persons who may compel their signature to the companies governed by this Law, the place where they are finds the company to which they provide their services, unless such persons have written to the Commission a separate address, which must be located within the national territory.

In the cases referred to in the preceding paragraph, the notification may be made with any person in the said address.

For the purposes of this Article, the address of the company shall be deemed to be the address of the company which it has provided to the Commission itself or in the proceedings administrative in question.

Article 87 Bis 14.- The notifications referred to in this paragraph shall have effect on the following working day:

I. You would have done personally;

II. The respective trade has been handed over in the alleged cases in the Articles 87 Bis 3 and 87 Bis 11 above;

III. The last publication referred to in Article 87 Bis 10 of the this Act, and

IV. It has been effected by ordinary mail, telegram, fax, electronic means or messaging.

Section F

Of Crimes

Article 88.- They will be punished with imprisonment of five to fifteen years for persons who perform acts of those reserved for this legal order in the articles 5, 39, 39 Bis, 40, 40a and 44 to investment funds, investment fund operators or investment fund shares, as appropriate, without the corresponding authorisation in the terms of the This Act.

Equal penalty will be applied to whoever offers to indeterminate person to invest in two or more securities of any kind on behalf of third parties, through a trust, mandate, commission or any other legal act, stipulating the obligation to mutualise between the various accounts the profits or losses resulting from such investments. The provisions of this paragraph shall not apply to public offerings of securities which comply with the provisions of the Securities Market Act and the provisions of the Securities Market Act.

Article 89.- It will be sanctioned with imprisonment of five to fifteen years for persons carrying out directives, jobs, posts or commissions in a fund of investment fund or investment company which has the assets belonging to the equity of the investment fund to which it belongs, applying them for purposes other than those provided for in the prospectus to the public investor.

Article 90.- The members of the board of directors, directors, officials, employees, proxies for the purpose of the conduct operations with the public, commissioners or external auditors of an investment fund or investment fund operating company that intentionally:

I.        omitan to register in the terms of Article 76 of this Law, the operations carried out by the investment fund in question, or which, by means of manoeuvres, alter or allow the records to be altered to conceal the true nature of the the operations performed, affecting the composition of assets, liabilities, order accounts or results, and

II.       Register or order that false data be entered in the accounts or that they provide or allow false data to be included in the documents or reports to be provided to the Commission.

Article 90 Bis.- Persons who hold any office, mandate, commission or any other legal title that, for the performance of the activities and operations which correspond to the companies operating investment funds and companies distributing investment funds shares, they shall have granted them, shall be regarded as officials or employees of such companies for the purposes of administrative and criminal responsibilities established in This Section.

Article 91.- The companies operating investment funds and distributing investment funds in terms of the provisions of the The General Secretariat of Finance and Public Credit, listening to the Commission's prior opinion, shall be obliged, in addition to comply with the other obligations applicable to them, to:

I.     Establish measures and procedures to prevent and detect acts, omissions or operations that may favor, assist, assist or cooperate in any kind for the commission of the offences referred to in Articles 139 or 148 Bis of the Federal Criminal Code or which may be located in the cases of Article 400 Bis of the same Code, and

II. to the Secretariat of Finance and Public Credit, through the Commission, reports on:

a. The acts, operations, and services they perform with their clients and users, relative to the previous fraction, and

b. All act, operation, or service, which could be placed in the supposed event in the (i) part I of this Article or which, where appropriate, may contravene or infringe the proper application of the provisions set out therein, which I make or where any member of the board of directors, administrator, director, or manager is involved; official, employee, or proxy.

The reports referred to in section II of this Article, in accordance with the general provisions laid down therein, shall be drawn up and submitted taking into account, at least, the arrangements which the effect of which is referred to in those provisions; the characteristics to be met by the acts, operations and services referred to in this Article for reporting, taking into account their amounts, frequency and nature, the monetary instruments and financial and commercial practices which are observed in the places where they are carried out, as well as the periodicity and systems through which the information is to be transmitted. Reports should refer to at least operations that are defined as relevant, internal worrying and unusual.

Likewise, the Secretariat of Finance and Public Credit in the aforementioned general provisions will issue the guidelines on the procedure and criteria that the companies operating on investment funds and distribution of investment funds shares, shall note with respect to:

a. The proper knowledge of their clients and users, for which they should consider the background, specific conditions, economic or professional activity and the places in which they operate;

b. The information and documentation that such companies and distributors should collect for the opening of accounts or the conclusion of contracts relating to the operations and services provided by them and which fully establishes the identity of their clients;

c. The way the same institutions and societies and distributors will have to safeguard and ensure the security of the information and documentation relating to the identification of its customers and users or those who have been, as well as those of those acts, operations and services reported in accordance with this Article

and

d. The terms for providing training within societies and distribution on the subject matter of this article. The general provisions referred to in this Article shall state the terms for their due compliance.

e.      The use of automated systems that contribute to compliance with the measures and procedures that are established in the general provisions of this article.

f.      The establishment of those internal structures that should function as areas of compliance in the matter, within each operating company of investment funds, distribution of investment funds shares and, where appropriate, investment funds.

Operating companies of investment funds and the distribution of investment funds shares shall retain, for at least ten years, the information and documentation referred to in point (c) of the preceding paragraph, without prejudice to the provisions of this or other applicable ordinances.

The Secretariat of Finance and Public Credit shall be empowered to require and collect, through the Commission, information and documentation related to the acts, operations and services referred to in section II of this Article. Companies operating investment funds and investment fund shares shall be required to provide such information and documentation relating to the acts, operations and services referred to in this Article. The Secretariat of Finance and Public Credit shall be empowered to obtain additional information from other persons for the same purpose and to provide information to the competent authorities.

Operating companies of investment funds and distribution of investment fund shares shall immediately suspend the performance of acts, operations or services with the clients or users that the Secretariat of Finance and Public Credit informs them through a list of blocked persons that will have the character of confidential. The list of blocked persons shall be intended to prevent and detect acts, omissions or operations that may be placed in the cases provided for in the articles referred to in the section I of this article.

The suspension obligation referred to in the preceding paragraph shall cease to have its effects when the Secretariat of Finance and Public Credit removes from the list of people locked to the client or user in question.

The Secretariat of Finance and Public Credit will establish, in the general provisions referred to in this article, the parameters for the determination of the introduction or removal of people in the list of blocked people.

Compliance with the obligations set forth in this article shall not imply any breach of the provisions of Article 55 of this Law.

The general provisions referred to in this Article must be observed by the companies operating investment funds and distributors of investment fund shares, as well as by the members of the board of directors, administrators, managers, officials, employees and respective proxies, whereby both the entities and the persons mentioned will be responsible for the strict compliance with the obligations imposed by the provisions are set.

The violation of the provisions referred to in this Article shall be sanctioned by the Commission in accordance with the procedure laid down in Article 84 of this Law, with an equivalent fine of 10% to 100% of the amount of the act, operation or service carried out with a customer or user who has been reported to be on the list of blocked persons referred to in this Article; with an equivalent fine of 10% 100% of the unusual operation not reported or the series of related operations of the same customer or user, which should have been reported as unusual operations; dealing with relevant, unreported, concerning operations, as well as non-compliances to any of the points a., b., c. or e. The third paragraph of this article shall be punishable by a fine of 20,000 to 100,000 days of salary and in other cases of non-compliance with this precept and to the provisions that give rise to a fine of 3,000 to 30,000 days of salary.

The above fines may be imposed, both on the companies operating on investment funds, on the distribution of shares of investment funds and on the members of the board of directors, administrators, officers, officials, employees and proxies, as well as the natural and moral persons who, by reason of their acts, cause or intervene for such financial institutions they incur the irregularity or are responsible for the irregularity. Without prejudice to the foregoing, the Commission may, in accordance with the circumstances of each case, proceed as provided for in Article 80 of this Law.

The public servants of the Secretariat of Finance and Public Credit and the Commission, the companies operating investment funds and distribution of shares of investment funds, its members of the board, directors, officers, officials, employees and proxies shall refrain from reporting any reports and other documentation and information referred to in this article; persons or authorities other than those expressly authorised in the relative orders to require, receive or retain such documentation and information. The violation of these obligations will be sanctioned in the terms of the corresponding laws.

Article 92.- The offences provided for in this Law will be pursued only at the request of the Secretariat of Finance and Public Credit, following the opinion of the Commission, or, as a result of the offence or the holder of the account in question.

The Commission may refrain from issuing the opinion referred to in this Article, in the case of offences in which the damage caused does not exceed 25,000 days of the daily minimum daily wage in force for the Federal District, provided that the damage to the victim or offence has been repaired and the damage has been damaged, without any act of authority being mediated; participate persons who have not previously been related to illegal facts affect the financial system; that it is not a serious crime in terms of Article 194 of the Federal Code of Criminal Procedures, and that the Commission considers that the probable perpetrators would have collaborated effectively, providing information true for the respective investigation.

In cases where the Commission has refrained from issuing the opinion referred to in the first paragraph of this Article, it shall inform the Secretariat of Finance and Public Credit on their determination.

Article 93.- The offences provided for in this Law will only admit wilful commission. The criminal action in the crimes referred to in this Law will be prescribed in three years from the day when the Secretariat of Finance and Public Credit or person with legal interest has knowledge of the crime and the probable responsible, and if they do not have that knowledge, in five years they will be computed according to the rules laid down in Article 102 of the Federal Criminal Code. Once the procedural requirement is met, the prescription will continue to run according to the rules of the Federal Criminal Code.

The penalties provided for in this Law will be reduced to one third when the damage has been repaired or the damage caused.

In the absence of this Law on crime, the provisions of the Federal Criminal Code and the Federal Code of Criminal Procedures will be in place.

Chapter Sixth

Common Provisions

Article 94. Unless otherwise specified in the specific provisions, the time limit may not exceed four months for the administrative authorities to resolve what it is up to. After the applicable time limit, the negative decisions shall be construed as negative to the advocate unless otherwise provided for in the applicable provisions. At the request of the person concerned, a record of such a circumstance shall be issued within two working days following the submission of the respective application to the competent authority to be resolved, in accordance with the rules of procedure or agreement The respective delegated acts; the same constancy shall be issued where the specific provisions provide for the termination of the decision to be deemed to be positive. If the evidence referred to above is not issued within the time limit, the liability to be applied shall be determined.

The filing requirements and deadlines, as well as other relevant information applicable to the promotions made by the investment funds, operating companies of investment funds and distribution companies and investment fund stock valuers shall be specified in general provisions.

Where the initial document does not contain the data or does not comply with the requirements laid down in the applicable provisions, the authority shall prevent the data subject from written and for one time, so that within a term that cannot be less than ten working days subsane the omission. Unless otherwise specified in the specific provisions, such prevention shall be made no later than half of the time limit for the response of the authority and where that is not expressed, within 20 working days of the date of the notification. presentation of the initial document.

Notified of prevention, the time limit for the administrative authorities to be resolved shall be suspended and resumed from the immediate working day following that in which the the interested person replied. In the event that prevention is not disapproved in the designated term, the authorities will discard the initial writing.

If the authorities do not make the information requirement within the relevant time limit, they will not be able to reject the initial writing as incomplete.

Unless otherwise stated, the time limits for the authorities to reply shall begin to run on the immediate working day following the submission of the written procedure. corresponding.

Article 95.- The period referred to in the foregoing Article shall not apply to promotions where the authorities expressly provide this Law. In addition to those related to the authorisations relating to the formation of the companies operating investment funds and distribution companies and valuers of shares in the European Union, they must listen to the opinion of other authorities. investment funds. In such cases, the time limit for the administrative authorities to decide what is appropriate shall not exceed eight months, the other rules referred to in Article 94 of this Law being applicable.

Article 96. The competent administrative authorities may, at the request of an interested party, extend the time limits laid down in this Law, without In any event, the extension of the period of time exceeds the period originally provided for in the applicable provisions, where the case so requires and they are not aware that third parties are harmed in their rights.

Article 97. Articles 94 to 96 shall not apply to administrative authorities in the exercise of their supervisory powers, inspection and surveillance.

TRANSIENT

FIRST. This Decree, issued by the Investment Companies Act, will enter into force six months after the date of its publication the Official of the Federation, with the exception of Articles 61 and 6 of the transitional period, the validity of which shall start from the respective publication, for the purposes laid down in this last article.

The provisions of Articles 94 to 97 shall enter into force on 1 January 2002.

SECOND. The entry into force of this Decree is repealed by the Investment Companies Act published in the Official Journal of the Federation on January 14, 2012. 1985, and the incites are repealed (m) and (n) of Article 7 of the Foreign Investment Act.

THIRD. Investment companies that have divided their fixed capital into two or more classes of shares, will have a period of six months from the date of the date of publication of this Decree, in order to convert such shares into a single equity series, without requiring the shareholders ' assembly agreement, as well as to carry out the respective swap in accordance with the following:

I. The exchange will be formalized at the request of the investment company, to the institution for the deposit of securities held by the actions to be exchanged;

II. The actions resulting from the exchange shall represent the same share of the paid capital as the shares exchanged;

III. It will not be considered that there is a disposal of shares, for the purposes of the Income Tax Law, as long as the exchange referred to in this article Article does not imply a change of the holder of the shares, and

IV. For the purposes of the preceding fraction, the average cost of the shares resulting from the exchange shall be that corresponding to the shares exchanged.

FOURTH. Investment companies, operating companies of investment companies and previously authorized valuer companies, must comply with the established in this Decree, once its validity has begun.

The investment companies that, upon the entry into force of this Decree, make modifications to their information leaflets to the public investor, in order to adjust to Article 9 of the Law on Investment Companies, which is issued by this Decree, may make such changes known, through its operating company or the persons providing them with distribution services. actions and through mass media, without the need to comply with some other formality.

QUINTO. As the National Banking and Securities Commission dictates the general provisions referred to in the Investment Companies Act, which is issued by this Decree, those issued prior to the entry into force of this Decree shall continue to apply.

SIXTH. The appointments of directors, directors-general and managers with the immediate hierarchy lower than that of the latter, investment companies and investment companies, which at the date of publication the Official Journal of the the Federation of this Decree, are in the process of approval by the Board of Government of the National Banking and Securities Commission, will be subject to the provisions of article 61 of the Law of Investment Companies that This Decree, by counting those companies within thirty working days of the from that date, to demonstrate to the Commission that they have carried out the verification referred to in that Article.

Mexico, D.F., at April 28, 2001.-Sen. Enrique Jackson Ramirez, President.-Dip. Ricardo Francisco García Cervantes, President.-Sen. Yolanda González Hernández, Secretary.-Dip. Manuel Medellin Milan, Secretary.-Rubicas".

In compliance with the provisions of Article 89 of the Political Constitution of the United Mexican States, and for their due publication and observance, I request the present Decree at the residence of the Federal Executive Branch, in Mexico City, Federal District, at thirty-one day of May two thousand one month.- Vicente Fox Quesada.-Heading.-The Secretary of the Interior, Santiago Creel Miranda.-Heading.