Payment Systems Act

Original Language Title: Ley de Sistemas de Pagos

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Payment Systems Act

PAGOS SYSTEMS ACT

Official Journal of the Federation December 12, 2002

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:

PAGOS SYSTEMS LAW IS DISPLAYED

PAGOS SYSTEMS ACT

CHAPTER I

General provisions

Article 1o. This Law is of public order and social interest and aims to promote the smooth functioning of payment systems as the Law itself points out, in establishing, for the purposes set out in this order, the definitive and irrevocable nature of the transfer orders and the clearing and settlement thereof, which are processed through such systems, including the related to operations with values.

The provisions of this Law shall also apply to guarantees and other acts which the participants in the payment systems provided for in this Act grant or hold for the due compliance with the payment obligations that are generated by the transfer orders that are cured through such systems.

In addition, this Law shall apply to the operations that the Bank of Mexico holds in terms of Article 7, fractions I and II of its law.

Article 2o. For the purposes of this Act, it is understood by:

I. Administrator System: in singular or plural, the company, entity or financial institution operating a System of Payments, establishes its Internal Rules or, where appropriate, carries out according to the regulations applicable to that System of Payments, the actions to coordinate the action of the Participants;

II. Compensation: the replacement that takes place in terms of the Internal Rules of a Payment System, the rights and obligations arising from the Transfer orders, by a single credit or by a single obligation, so that only such credit or net obligation is payable, without the express consent of the Participants being required;

III. Liquidation: the charges and credits made in the accounts of the Participants that are carried in the same Payment System in accordance with the Internal Rules, corresponding to the debtor or creditor balances resulting in his or her charge as a result of the processing of Accepted Transfer Orders;

IV. Internal Rules: regarding the same Payment System, internal rules of accession and operation, including manuals, procedures and mechanisms prevention for the case of non-compliance with a Participant in that system, adopted in accordance with this Law;

V. Transfer Order: in singular or plural,

a) the unconditional instruction given by a Participant, through a Payment System, to another Participant in that same Payment System, to put to provision of the designated beneficiary in that instruction, a given amount in national or foreign currency, or

b) the unconditional instruction or notice given by a Participant, through a Payment System, to another Participant in that same Payment System, to be perform the disposal, settlement, affectation or delivery of securities.

VI. Transfer Order Accepted: in singular or plural, that Order of Transfer that has passed all the risk controls established in accordance with the Internal Standards of a System of Payments and that, therefore, its Liquidation can be carried out in accordance with the referred to in the above Rules of the System of Payments concerned;

VII. Participant: in the singular or plural, the Bank of Mexico and any financial institution, company or entity that has been admitted to Transfer in any Payment System, in accordance with the Internal Rules applicable to that Payment System, and

VIII. System of Payments: in singular or plural, agreements or procedures that meet the requirements set out in Article 3o. of this Act, which have the purpose of the Transfer Order Compensation or the Acceptable Transfer Order Clearance.

They will also be considered Payments Systems and will be subject, as appropriate, to the provisions of this Law, the procedures that will be subject to the Compensation of Transfer Orders or the Settlement of Accepted Transfer Orders, in which the Bank of Mexico acts as System Administrator.

Article 3o. They will be considered as Payment Systems that meet the following requirements:

I. Participating, directly or indirectly, at least three companies authorized to act as financial institutions under applicable laws, and

II. That the average monthly amount of payment obligations that accepts the agreement or procedure in question for compensation or settlement in one year calendar, equal to or greater than the equivalent of one hundred billion units of investment.

The Bank of Mexico will calculate the average monthly amount referred to in the previous paragraph, based on the information provided by the respective entities that administer agreements or procedures which aim at clearing or settlement of payment obligations arising out of orders for the transfer of funds or securities involving, directly or indirectly, at least three institutions financial. For such purposes, the entities indicated in this paragraph shall be required to provide the information required by the Bank of Mexico.

To determine the minimum amount that this fraction refers to, the value of the investment units made known by the Bank of Mexico through the Official Journal of the Federation, corresponding to the last day of the month of December of the immediate year preceding that in which the publication referred to in the following article is carried out.

Article 4o. The Bank of Mexico will publish in the Official Journal of the Federation, in the month of January each year, the list of agreements or procedures that have as their object the clearing or settlement of payment obligations arising from transfer orders of funds or securities that have met the requirements set out in the previous article, as well as those in which the Bank of Mexico acts as System Administrator. From the day following the publication of the respective publication, such agreements or procedures shall be considered as Systems of Payments subject to the provisions of this Law.

Article 5o. In the publication referred to in the previous article, the Bank of Mexico will also release the list of Payment Systems as appropriate. have ceased to comply with the requirements laid down in Article 3o. of this Law. From the day following that publication, the agreements or procedures indicated by the Bank of Mexico in accordance with this article will cease to be considered as Payment Systems for the purposes of this order.

Article 6o. The Internal Rules of any Payment System shall promote their efficiency and security, as well as the competitive development of services that are lend using the said System of Payments. In addition, the Internal Rules shall be subject to the authorization of the Bank of Mexico and to the general provisions which, if applicable, the latter issue.

In any case, the Internal Rules, with regard to the rules of accession and operation or the manuals, as appropriate, shall provide for at least:

I. The time when the Transfer Orders sent to the Payment System in question are considered Accepted Transfer Orders;

II. The criteria for determining who may be Participants in the respective Payments System;

III. The means available to the Payment System for the control of risks arising from Compensation or Settlement;

IV. Other measures that would be taken in the event of a Participant's default;

V. Operating system security measures and corrective actions that would be followed in the event of failures of that system, including plans for respective contingency;

VI. The fees or any other charges that, if any, may be charged to each other the Participants in the corresponding Payment System, as well as the System Administrator may charge those Participants, which shall not be discriminatory, and

VII. That the goods, rights and values which are granted as a guarantee for the fulfilment of both the Accepted Transfer Orders and the Compensation and Settlement resulting therefrom must be at all times free of any other lien.

Article 7o. Within ten banking business days following the one in which the publication referred to in Article 4 is made. of this Law, the Administrators of the Systems shall subject to the authorization of the Bank of Mexico the regulations referred to in the previous article. This shall not apply to the Administrators of the Systems who, during the previous calendar year, have been subject to the provisions of this order and which have presented the aforementioned regulations to the Bank of Mexico.

Any modification to the Internal Rules of the Payment Systems must have the prior authorization of the Bank of Mexico. Likewise, the Bank of Mexico may require the Administrators of the Systems to make the modifications to those Internal Rules that the Bank deems appropriate, on the basis of the provisions of this Law.

Dealing with modifications to the commissions or any other charge referred to in Article 6o fraction VI. of this Law, the Bank of Mexico will have the power to veto them within the fifteen working days following the one in which the System Administrator in question makes their knowledge of the respective modifications. Before exercising this power, the Bank of Mexico will listen to the corresponding System Administrator.

Article 8o. The Bank of Mexico may interpret, for administrative purposes, the provisions of this Law.

Article 9o. They are of application to this Law, in the order listed below: the Law of the Bank of Mexico; the special commercial laws; the Code of Commerce; the Federal Civil Code; commercial uses, and the Federal Code of Civil Procedures.

Article 10. This Law is a regulation of the seventh paragraph of Article 28 of the Political Constitution of the United Mexican States, including the relative to the powers of the Bank of Mexico in matters of regulation of financial intermediation and services, counting such authority with the necessary powers to issue it and to provide for its observance.

CHAPTER II

Irrevocability and validity of the Accepted Transfer Orders and the obligations arising from them

Article 11. The Accepted Transfer Orders, their Compensation and Settlement, as well as any act that, in terms of the Internal Rules of a System of Payments, to be made to ensure compliance, will be firm, irrevocable, enforceable and enforceable against third parties.

Any judicial or administrative decision, including the embargo and other implementing acts, as well as those arising from the application of rules of a judicial or judicial nature procedures involving the liquidation or dissolution of a Participant, which are intended to prohibit, suspend or in any way limit the payments which it is required to make to the Payment Systems, shall only have its effects, and shall therefore be (i) an executable, starting on the banking business day following that in which it is notified to the System Administrator in terms of Article 13 of this Law.

By way of derogation from the foregoing paragraphs, the creditors, the connexo organs or any third party with a legal interest may require, through the exercise of the legal actions leading, the benefits, allowances and responsibilities that come under the law, as appropriate.

Article 12. When, in terms of the applicable legal provisions, the merchant tender declaration of any Participant or any other of the the equivalent nature, which is intended to prohibit, suspend or in any way limit the payments to be made by a Participant in the Payment Systems, when the application is answered, the Participant concerned must submit a complete of the Payment Systems in which it has that character, indicating, the address of the Administrators of the respective Systems, as well as any other information necessary to carry out the notifications which correspond to the following Article. If the Participant does not present the information referred to in this Article or is confusing, incorrect or incomplete, the Judge shall, for one time, prevent the actor from making the present, clear, correct or complete, according to be the case, within a maximum of three working days.

Not to be provided with the information provided in the preceding paragraph together with the response to the claim or not to clarify, correct or complete its content when so request, the judge will use against the Participant of any of the means of aaward provided for in the Federal Code of Civil Procedures.

Article 13. For the purposes indicated in section I of the following article, the authority that dictates a resolution prohibiting, suspending or in any way limit to any Participant to make payments, even in the case of a procedure of a bankruptcy nature, must send the Bank of Mexico, the National Banking and Securities Commission and the Administrators of the Systems of which the Participant is a member subject to such a resolution, no later than the third banking business day following that in which it was issued.

At the event that the Institute for the Protection of Banking Savings or the National Banking and Securities Commission demands the declaration of a commercial contest credit institution in accordance with the law of the matter, on the date of filing of the respective claim shall inform the institution concerned in writing of the filing of the same, for the purposes provided for in the second paragraph Article 246 of the Law on Commercial Concourses. Also, in case the Institute for the Protection of Banking Savings or the National Banking and Securities Commission presents such demand and knows in which Payment Systems the respective institution acts as a Participant, it shall report by in writing to the persons referred to in the preceding paragraph, as appropriate, on the filing of the said claim, for the purposes provided for in Article 14 (I) of this order.

Received any of the notifications referred to in the preceding paragraphs, the System Administrator shall make the knowledge of all Participants in the respective Payments System the content of the same, as soon as possible.

Failure to comply with the obligations provided for in this Article shall be sanctioned in terms of the applicable legal provisions.

Article 14. Judicial or administrative decisions, including those arising from the application of rules of the insolvency or proceedings which involve the dissolution or liquidation of a Participant, which is intended to prohibit, suspend, or in any way limit the payments which it is required to make in the Payment Systems, shall not prevent the clearing and settlement of Accepted Transfer Orders, subject to the following rules:

I. Payment Systems may not accept Transfer Orders from the Participant subject to the resolution in question, starting on the following banking business day the person in which the System Administrator receives any of the notifications referred to in the previous Article;

II. No Compensation, Settlement, as well as any other act relating to the fulfillment of Accepted Transfer Orders performed at the latest on the banking business day on which the notification referred to in the previous fraction has been received, and

III. Compliance with payment obligations arising from the acts referred to in the preceding fraction shall be carried out in accordance with the Internal Rules. of the respective Payment System, without being subject to credit recognition procedures or any other similar nature.

CHAPTER III

Of Guarantees and Prelate

Article 15. The guarantees and resources from the accounts that the Participants, in terms of the Internal Rules of Payment Systems, have affections to the compliance of both the Accepted Transfer Orders and the Compensation and Settlement that result from them, will be inembargable from the start of the daily operation of the Payment System until the obligations of the payment resulting from the Settlement of such Transfer Orders Accepted every day. For the period referred to above, no enforcement or administrative or judicial authority may be carried out during the period referred to above.

The accounts that credit institutions are required to hold in the Bank of Mexico, whether in national currency or in U.S. dollars, will be inembargables.

Likewise, the guarantees, including those provided for in Article 16 of the law governing the Bank of Mexico, that are in their favor by any person who is counterparty or guarantor in any of the operations referred to in the last paragraph of Article 1. of this Law, will be inembargable.

Article 16. The acts necessary for the execution of the guarantees referred to in the previous article shall be carried out without being limited, suspended or revoked by judicial or administrative order of any nature. Such execution, as well as the prior view of the data subject, shall be carried out in accordance with the Internal Rules of the Payment System concerned and the provisions applicable to the legal act by which they were constituted.

Article 17. Acts for which guarantees are constituted, increased, replaced or accepted to comply with payment obligations arising from the Accepted Transfer Orders, as well as their Compensation and Settlement, shall be valid as long as they have been made at the latest on the day when the System Administrator concerned receives any of the notifications referred to in the Article 13 of this order and the Internal Rules have been observed of the respective Payments System.

Article 18. In the event that the guarantees referred to in Article 15 of this Law are required to be executed, the product of such execution shall be used, as corresponds to, to pay the obligations arising from the Accepted Transfer Orders, their Compensation and Liquidation, as well as the ones contracted in favor of the Bank of Mexico for the operations referred to in the last paragraph of Article 1. of this Law, with preference to any other obligation.

When the product of the execution of the guarantees and, where applicable, any other act that is carried out in terms of the Internal Rules of the Payment Systems The respective creditors may exercise their rights in accordance with the provisions that apply.

If the execution of such guarantees results in any remnant, it must be made available to the bodies of the conchent, the Participant or the corresponds, in terms of the applicable provisions.

CHAPTER IV

From the faculties of the Bank of Mexico

Article 19. The Bank of Mexico, on the basis of information that, to that effect, is presented in accordance with the provisions of this Law, will exercise functions of monitoring and monitoring of the Systems and Payment Systems Administrators in order to ensure their proper functioning.

The monitoring of the Payment Systems shall be aimed at assessing the risks to which the Payment Systems are subject, their control systems and the mechanisms that have been adopted in the case of non-compliance, as well as the quality of their administration. The above, in order for such Payment Systems to conform to the provisions of this Law, to which, if necessary, the Bank of Mexico itself issues, as well as to the uses and healthy practices of the payment systems and, in general, of the markets financial.

Article 20. The System Administrators will be required to provide the Bank of Mexico with the information it requires to verify the compliance with this Law and the provisions deriving from it, in the terms and deadlines that the Bank of Mexico itself determines.

Article 21. The Bank of Mexico will be empowered to design and implement, after hearing the System Administrator in question, adjustment programs enforced compliance with the removal of irregularities in the Payment Systems. These programs will be established when, from the information provided by the System Administrator to the Bank of Mexico, deficiencies are detected in the respective Payments System, which, in the opinion of the Bank of Mexico itself, may affect its correct operation, put at risk the security of the Transfer Orders submitted through that, or imply continuous or repeated non-compliances to this Law, to the provisions issued by the Bank of Mexico or to the Internal Rules of the corresponding Payment System.

The adjustment programmes provided for in this Article shall be carried out without prejudice to the penalties which, in accordance with this or other laws, are applicable.

Article 22. They are violations of the Administrators of the Systems to this Law:

I. Refrain from adjusting the Internal Rules of the respective Payment System to the general provisions that, if applicable, issue the Bank of Mexico or make any changes to such regulations as they require within the time limit to be determined;

II. Skip the presentation to the Bank of Mexico of the regulations referred to in Article 7o. of this Law, within the time limit provided for in the first paragraph of that Article;

III. Modify the Internal Rules without prior authorization from the Bank of Mexico for this;

IV. Put in effect modifications to the commissions or any other charges of those mentioned in section VI of article 6o. of this Law, without the deadline for the Bank of Mexico to exercise the power of veto referred to in the last paragraph of Article 7o. of this Law or, when within that period, the Bank of Mexico itself has vetoed them;

V. Omit to present the information that the Bank of Mexico requests in accordance with this order, or to present it extemporaneously, imprecise or incomplete;

VI. Provide the Bank of Mexico with false information that is related to the respective Payments System;

VII. Failure to comply with any of the obligations arising from the implementation of an adjustment program established in accordance with Article 21 of this Law, and

VIII. Failure to comply with any other obligation under this Law or in the general provisions that under the law, if applicable, issue the Bank of Mexico.

Article 23. The Bank of Mexico may impose administrative penalties on the Administrator of the System in question, for the violations provided for in the article. 22, as follows:

I. To be placed in any of the assumptions provided for in fractions I, II, III, IV, VI and VII, fine of 5,000 to 10,000 times the daily minimum wage in force in the Federal District, and

II. To be placed in one of the assumptions established in fractions V and VIII, a fine of 500 to 2,000 times the daily general minimum wage in force Federal District.

Article 24. The Bank of Mexico will be able to sanction a fine of 500 to 2,000 times the daily minimum daily wage in the Federal District, to whom it manages or operate agreements or procedures which aim at the clearing or settlement of payment obligations arising out of orders for the transfer of funds or securities, involving, directly or indirectly, three or more institutions financial, which omitan to present the information that the Bank of Mexico requests in the terms of the second paragraph of Article 3 (II) of the second subparagraph. of this Law, or present it extemporaneously, in an imprecise or incomplete manner.

Article 25. The Bank of Mexico, prior to the imposition of the fines to be applied in accordance with this Law, shall be as follows:

I. You must notify the alleged offender in writing of the facts you are charged with and the provisions deemed to be in violation, and

II. The alleged infringer shall have a period of five business days, counted from the banking business day following that of the corresponding notification, to express what is in your interest, to provide evidence and to make written submissions.

Article 26. In the event that the alleged infringer does not use the right of hearing referred to in Article 25 precedent within the time allowed or, If the Bank of Mexico does not succeed in misusing the facts and the provisions deemed to be in breach, the Bank of Mexico shall impose the fine corresponding to Articles 23 and 24 of this Law, and shall take into account, for the purposes of fixing of its amount, the following:

I. The severity of the violation;

II. The economic capacity of the offender;

III. If the offender is a repeat offender. To this effect, the offender who, having been punished, will again be considered as a repeat offender, will again incur any of the offences provided for in Articles 22 and 24 of this Law, if it has not elapsed, since the most recent a fine that has been imposed in terms of this order, a period of three hundred and sixty-five calendar days, and

IV. If the violation is continuous, it is understood when its consummation is prolonged in time.

To calculate the amount of the fines, the general minimum wage corresponding to the Federal District will be based on the day in which the consumption of the violation.

When, by an act or an omission, various provisions are violated to which several fines correspond to them, only the one corresponding to the infringement shall apply. amount of the fine is greater.

Article 27. When any of the cases referred to in Article 26 (III) and (IV) are given, the infringer shall be charged up to twice the amount of the the appropriate fine.

Article 28. It shall be taken as mitigating in the imposition of the fines, when the infringer, prior to the notification referred to in Article 25, fraction I of the This Law, a written report to the Bank of Mexico, the infringement, expressly recognizes this, corrects the omissions or contraventions to the applicable rules in which it has incurred and is obliged to the own Bank to present a program of correction. In this case, the minimum amount of the fine provided for in Articles 23 and 24 of this Law, as the case may be, shall be imposed on the infringer.

Article 29. The faculty of the Bank of Mexico to impose the fines provided for in this Law will expire within three years, starting from the date on which the consumes the infringement. The period referred to in this Article shall be interrupted at the beginning of the administrative procedure. It shall be deemed to initiate such proceedings, when the Bank of Mexico notifies the alleged infringer of the acts discharged against it, in accordance with Article 25, fraction I of this Law.

Article 30. The fines that the Bank of Mexico imposes must be paid within the fifteen business days following the date of its notification.

In the event that the fine in question is paid within five business days following the date of its notification, the amount of the fine reduce by 50% without the need for the Bank of Mexico to dictate a new resolution. The reduction referred to in this paragraph is still applicable in the case provided for in Article 28 of this order.

Article 31. Of all disputes arising out of the implementation and application of this Law, in which the Bank of Mexico is a party or is affected their interests, they will know the courts of the Federation.

Article 32. The provisions of this Law are without prejudice to the powers that other laws grant to the National Banking and Securities Commission and other authorities, in the field of regulation, supervision, granting of authorizations and the establishment of forced compliance programs, with respect to the subjects to which the Law itself applies.

Likewise, what is provided for in this order is without prejudice to the privileges that other laws grant to the Bank of Mexico in the field of payment and transfer systems. of funds.

CHAPTER V

The Review Facility

Section I

General Rules

Article 33. Against the decisions of the fines provided for in Articles 23 and 24 of this Law, the review action shall proceed, which shall be compulsory exhaustion. This appeal shall be substantiated and resolved in accordance with the provisions of Articles 64 and 65 of the Law of the Bank of Mexico; 42 to 52 of the Rules of Procedure of the Bank itself, as well as the provisions contained in this Chapter; not provided for in such provisions, the Federal Code of Civil Procedures shall apply.

Article 34. In the review review procedure, actions must be performed in business days and hours. These are business days every year, except on Saturdays, Sundays, and bank indefers to be determined by the National Banking and Securities Commission by means of general provisions published in the Official Journal of the Federation. understand business hours from nine to nineteen hours.

Article 35. The notifications in the review facility procedure will be personal, per instructional, or per stratum. Notifications to the issuing authorities of the act shall be made on their own initiative.

Article 36. The authority to which the Federal Bank of Mexico's Rules of Procedure corresponds in accordance with the Rules of Procedure of the Bank of Mexico shall have the powers to certify and to issue copies of the documents in the file of the appeal itself, to be displayed in court cases or before any other authority, relating to the scope of its jurisdiction.

Section II

From the interposition and substantiation of the resource

Article 37. In the document in which the review facility is interposed, it must be expressed:

I. The social naming of the appellant and the name of the person promoting it in its representation;

II. The place, located in the Federal District, to be notified to them and to practice the necessary steps, concerning the use of review;

III. The identification data of the contested resolution;

IV. The grievances that are enforced, and

V. The autograph signature of who promotes on behalf of the appellant.

Furthermore, in the document in which the review appeal is lodged, all the evidence with which it is intended to prove the facts in which it is They confuse the grievances. For this purpose, all types of evidence shall be admissible, provided that they are recognised by law, except the testimonial and confessional of the authorities by the absolution of positions.

The appellant must display all documents that it offers as evidence in conjunction with the document by which it interputs the resource. The following shall not be admitted, except for those who are over-lieutenants.

In the same way, they must be accompanied by such a copy: a copy of the same for each of the issuing authorities of the contested act; the documents certifying the the personality of the person who promotes; the document in which the act is contested, and the record of notification of the latter.

To offer the expert, the corresponding expert opinion must be accompanied, without which it will not be accepted.

If the appellant omitted to provide evidence or accompany documents, their right to do so will be lost.

Article 38. If there is no reason to discard or cause for failure to bring the action, you will be admitted requesting a report with justification to the authorities which have issued the contested decision, to which the corresponding written copy shall be made available to them.

Article 39. The report provided for in the previous article must be submitted by the authorities concerned within a maximum period of six working days, counted from the day following the date on which they receive the corresponding trade, accompanying the original file relating to the imposition of the penalty, together with all the necessary constances to support it.

Article 40. With the report of the authorities it will be sent to the appellant, to the effect that within three days it will manifest what is in its interest

Article 41. After the period provided for in the previous article, with or without the manifestations of the appellant, the file for the dictation of the the corresponding resolution.

Section III

From resource resolution

Article 42. The review facility must be resolved within a maximum of forty-five business days, counted from the date of the review. If not, the contested act shall be deemed to have been confirmed.

Article 43. Against the decisions given in the review or as a result of the review, no means of defence shall be provided to the Federal Court. Tax and Administrative Justice.

Article 44. For the execution of the fines provided for in Articles 23 and 24 of this Law, the provisions of Articles 66 and 67 of the Law of the Bank of Mexico.

TRANSIENT ITEMS

FIRST. This Law will take effect on the day following its publication in the Official Journal of the Federation.

SECOND. Agreements or procedures that have as their object the clearing or settlement of payment obligations arising from funds transfer orders or securities which, on the basis of the information provided by the Bank of Mexico, have complied with the requirements laid down in Article 3o. of this Law during the twelve months prior to the date of its entry into force, as well as those administered by the Bank of Mexico, shall be subject to the same as from the day following the publication provided for in the Article Third Transitional and until as long as the Bank of Mexico carries out the publication referred to in Articles 4 or 4. and 5o. of this Law, corresponding to the month of January 2003.

For the purposes of determining compliance with the requirement laid down in Article 3o (II). of this Law, the Bank of Mexico will use the value of the investment units made known by the Central Bank itself in the Official Journal of the Federation, corresponding to the last working day of the month before the date of entry into force of this Law.

THIRD. During the twenty business days following the entry into force of this Law, the Bank of Mexico will publish in the Official Journal of the Federation the list of agreements or procedures that are in the case referred to in the first paragraph of the previous article, as well as the names of the entities that administer them.

Within ten banking business days following the one in which the publication referred to in the preceding paragraph is made, the Administrators of the Systems they must submit to the authorization of the Bank of Mexico, the rules referred to in Article 7. of this Law. In the event of non-compliance, the Bank of Mexico may sanction the Administrators of the Systems in accordance with the provisions of Article 23, fraction I, of the Law itself.

FOURTH. All orders and provisions are repealed as they object to this Law.

Mexico, D.F., 7 November 2002.-Sen. Enrique Jackson Ramírez, President.-Dip. Beatriz Elena Paredes Rangel, President.-Sen. Sara Castellanos Cortes, Secretary.-Dip. Rodolfo Dorador Perez Gavilan, 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 ask for this decree at the Federal Executive Branch, in Mexico City, Federal District, on the eleven days of December, two thousand two days. Vicente Fox Quesada.-Heading.-The Secretary of Government, Santiago Creel Miranda.-Heading.