Banking & FinanceEnglish

THE MINISTRY OF FINANCE (SECRETARÍA DE HACIENDA Y CRÉDITO PÚBLICO) (“SHCP”) AND THE NATIONAL BANKING AND SECURITIES COMMISSION (COMISIÓN NACIONAL BANCARIA Y DE VALORES) (“CNBV”) AMEND THE GENERAL PROVISIONS APPLICABLE TO INVESTMENT FUNDS AND PERSONS WHO RENDER SERVICES TO THEM (DISPOSICIONES DE CARÁCTER GENERAL APLICABLES A LOS FONDOS DE INVERSIÓN Y A LAS PERSONAS QUE LES PRESTAN SERVICIOS) (“CIRCULAR ÚNICA DE FONDOS DE INVERSIÓN” OR “CUFI”).

On April 26, 2019, the SHCP and CNBV amended the general provisions applicable to investment funds and persons who render services to them (the “Investment Funds Circular”or “CUFI”), in order to further specify the concept of fiduciary certificates and correctly identify these type of securities, which includes development fiduciary certificates, real estate fiduciary certificates and indexed fiduciary certificates referred to in Article 63 Bis 1 of the Securities Market Law from time to time (Ley del Mercado de Valores) (“LMV”), as well as investment trust certificates in energy and infrastructure and the trust certificates of investment projects referred to in the general provisions applicable to issuers of securities and other participants in the securities market (Disposiciones de carácter general aplicables a las emisoras de valores y a otros participantes del mercado de valores), published in the Federal Official Gazette on March 19, 2003, as amended.

Similarly, the conditions under which investment funds may enter into transactions with derivative financial instruments, trust certificates, structured securities and asset-backed securities are determined in order to facilitate their implementation.

Finally, Annex 2 of the CUFI is replaced, which covers issues of requirements and characteristics for the preparation of the prospectus of information to the general public regarding equity investment funds and debt instruments.

Lawyers from the banking and financial practice of our Firm will be delighted to provide you with further information regarding the content of this informative note.

SINCERELY,

Miguel Angel Peralta peralta@basham.com.mx
Pedro Said psaid@basham.com.mx
Patrick Stockdale pstockdale@basham.com.mx 

Mexico City, May 3th, 2019.

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