REGULATORY LAW

Law for the regulation of financial groups

CHARACTERISTICS

Of publish and private interest. They take as a regular object the bases of organization and functioning of the financial groups, establishing the terms under which they will operate, as well as the protection of the interests of those who celebrate operations with the members of the above mentioned groups. They will be integrated by a society controller and by some of the following financial institutions: general stores of deposit, financial lessers, companies of financial factorage, foreign exchange offices, institutions of bails, institutions of assurances, financial societies of limited object, houses of stock exchange, institutions of multiple banking, as well as operator societies of societies of investment and administrator of funds for retirement.

CONSTITUTION PROCESS

- Authorization express of the S.H.C.P.

- Opinion of the bank of Mexico and as correspond of the national commissions bank, of values, of assurances and of bails, must assemble the following requirements:

- Project of bylaws of the controller;

- Associates' relation and capital that each one will contribute;

- Project of bylaws of the financial institutions that will integrate the group;

- Project of the agreement of responsibilities;

- Program and agreements in conformity with which the controller would acquire the representative shares of the full capital of the financial institutions;

- Other information and documentation that the S.H.C.P requests.

NAME

Denomination and type of society of investment to which the belong or concern

SHARE CAPITAL

RESERVES

NUMBER OF ASSOCIATES

At least 2 different types from entities (institutions of multiple banking, houses stock exchange and institutions of assurances), or in its case, 3 different types from other entities that are not operator societies of societies of investment or administratrixes of funds for the retirement and always they will count with a controller society. - Except authorization of the S.H.C.P., up to 2 % of the capital for each associate

DOCUMENTS THAT ACCREDIT THE ASSOCIATES

Stock type “O” that represents the ordinary capital and stock “L” additional with a limited vote.

ASSOCIATES' RESPONSABILITIES

FOREIGNERS' PARTICIPATION

Limited to do not exercise functions of authority and financial institutions

SOCIAL ORGANS AND FOR ALERTNESS

Council of administration with minimum of 5 and maximum 15 counsellors and them respective substitute, must be 25% independent; and a controller society.