Board of Directors

Executive Committee

Message to our Members

Report of the General Director

1. Regulation

• Brokerage Firms
• Risks
• Global Market
• Mutual Funds
• Derivatives
• Self-Regulation

2. Trading

• Instruments
• Securities Deposits
• Fiscal Matters
• Accounting Aspects
• Human resources
• Trading
• Money Market
• Technology

3. Image

• Market Promotion
• Securities Market Education
• Events and conferences
• Communications
• Certification

Financial Highlights

• Securities in Custody
• Paid in Capital
• Equity
• Number of Accounts
• Number of Employees
• Securities in Custody / Number of Employees
• Securities in Custody / Number of Accounts

Committees and Subcommittees

• Administration Committee
• Analysis Committee
• Capital Market Committee
• Certification Committee
• Compliance Committee
• Compliance Officers Committee
• Corporate Financing Committee
• Disciplinary Committee
• Legal Finance Committee
• Money Market Committee
• Mutual Funds Committee
• Risks Committee
• Systems Committee
• Trade of Derivate Products Committee
• Accounting Subcommittee
• Compliance Mutual Funds Subcommittee
• Fiscal Subcommittee
• Human Resources Subcommittee
• Operations Subcommittee

AMIB Members

AMIB Affiliates

Executives

Global Market

UNIDROIT and The Hague International Agreements

AMIB and Indeval are by nature involved in matters of international law that affect securities market participants, and in this area they organized an event to provide information on The Hague Convention regarding the laws that would be applied to securities traded on securities markets.  Basically, it establishes that the laws of the place where the securities are originally deposited, or of the broker, will be applied.

It was agreed that every securities industry trade representation organization would express its agreement (if such was the case) with the terms of the Convention before the Ministry of Foreign Relations.

Additionally, the Ministry of Foreign Relations forwarded to us a Draft Convention on Substantive Rules Regarding Intermediated Securities, which resulted from the Third Session of Government Experts held in November 2006 by the International Institute for the Unification of Private Law (UNIDROIT).  A fourth meeting was scheduled for May 2007, in which a consensus would be sought on matters such as brokerage firm liability, default, and risk management, for which AMIB's opinions were requested.

The Legal Committee went over the Conventions, in consultation with the administrative areas, in order to determine what implications they might have on trading.  The response was that there were no objections.

 

AMIB in the International Investment Fund Association (IIFA)

From October 31 to November 3, the IIFA held its 21st annual meeting, in which AMIB was involved through a representative of the Mutual Fund Managers committee.  It participated in a panel entitled "What's happening behind the hard data?", presenting information on the mutual funds industry in Latin America.

Also, as a result of agreements reached on that meeting, AMIB formally joined this international association, and intends to have a much more active participation and presence in the future.

 

The Ibero-American Federation of Mutual Funds (FIAFIN).

The Ibero-American Federation of Mutual Funds was created in 2007, with representatives from the mutual fund associations of 13 countries: Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Spain, Mexico, Peru, Portugal and Venezuela.  In the first meeting, in which AMIB participated as a presenter on the topic of Mutual Fund Share Distribution, four Technical Committees were created:

Regulatory: Its purpose is to keep collect information on regulations in member countries in order to propose venues for cooperation and synergy.  The Costa Rican National Chamber of Mutual Funds was appointed to chair this committee.

Development: Its purpose is to compare advertising and information published by the mutual fund industry.  Chaired by the Association of Mutual Fund Managers of Chile.

Finance: Its purpose is to analyze and propose solutions to financial and investment topics affecting the industry.  Chaired by Spain's INVERCO.

Information and Communications: Its purpose is to collect and distribute statistical information on the mutual fund industry in Ibero-American markets. Chaired by AMIB.

So far, the Information and Communications Committee has designed and launched a new webpage that will collect, concentrate and distribute information on the mutual fund industry in Ibero-American markets, through the Federation's web page.

We also secured the acquisition of the domain name www.fiafin.org for the Federation, and will use it for the website that will present information on its mission, vision, objectives, member countries, statistical information, press releases by the Chairman and by the various committees, as well as the studies carried out by the committees.

AMIB will be in charge of designing, maintaining, registering and paying for the domain, and for keeping it up to date by inputting information from member countries in whatever format and frequency is decided upon. The statistical information this site will contain will initially be: net assets, number of funds, number of asset managers, total clients. Gradually, in accordance with industry needs, other information of interest, as defined by the Committee, will be added.

 

Modifications to the International Quotations System (SIC)

As a result of AMIB's efforts, on February 23, the Official Gazette of the Federation published the Ruling to Modify General Provisions applicable to the International Quotations System (known as the SIC), specifying the requirements on recognition:

• Direct or sponsored recognition of securities issued in the United Mexican States or by Mexican corporations, directly or through trusts or similar or equivalent arrangements, whose public offering abroad has been communicated to the commission.
• Recognition of foreign mutual funds or collective investment mechanisms equivalent or analogous to closed-end mutual funds.

 

Custody and Settlement of foreign securities

Several meetings were held by a work group put together to analyze, among others, SEC Rule 17 F-6 on Global Custody, as well as the decision published in the Official Gazette of the Federation on guidelines for the handling of liquid assets of the state-owned or administered companies of Mexico.

The decision established rules on the securities custody that such companies must follow.  The work group also studied the basic definition of a Transfer Agent, a concept that would be used in defining the rules for mutual funds.

The work group reiterated that the function of the Transfer Agent was to maintain shareholder records, issue certificates and resolve issues with the loss or theft of certificates.  Such entities are registered with and regulated by the SEC, and must follow specific rules including minimum standards of operation.  If they are banks, they are subject to banking regulations.

The concept of Transfer Agent and local and global custodians must be recognized in Mexico because these parties handle custody and registration of transactions on international markets, and also issue account statements to the fund manager. This is because global custodians currently sign sub-custody contracts with Transfer Agents, which duplicates the costs and makes trading more expensive overall, without contributing any added value.  For this reason, the CNBV was presented with a proposal to include this concept in the draft amendments to the Mutual Funds Law, which is currently being reviewed by the authorities.

 

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