Addition to General Provisions on Accounting, Financial Statement Preparation and Presentation for SAR System Participants

DOF: 25/06/2020

ADDITION to the General Provisions on the recording of accounting, preparation and presentation of financial statements to which participants in the Retirement Savings Systems shall be subject.

At the margin a seal with the National Coat of Arms, which says: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Commission of the Retirement Savings System.

ADDITION TO THE GENERAL PROVISIONS ON THE RECORDING OF ACCOUNTING, PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS TO WHICH THEY MUST BE SUBJECT THE PARTICIPANTS IN THE RETIREMENT SAVINGS SYSTEMS

The President of the National Commission of the Retirement Savings System, based on what is provided in articles 1st, 2nd, 5th fractions I, II, III, VII, XIII bis and XVI, 12 fractions I, VI, VIII and XVI, 18, 84, 85, 86, 87 and 88 of the Law of the Retirement Savings Systems; 1st, 106, 107 and 108 of the Regulation of the Law of the Retirement Savings Systems; 1, 2 fraction III and 8th first paragraph of the Internal Regulation of the National Commission of the Retirement Savings System, and

CONSIDERING

That in terms of articles 84 and 85 of the Law of the Retirement Savings Systems, the accounting of the Pension Fund Administrators, Specialized Investment Societies for Retirement Funds and Operating Companies of the National SAR Database, shall be subject to what is provided in said law, as well as in its regulation and in the general provisions issued for such effect by this Commission, and

That in order to comply with what article 21 of the General Provisions establishes on the recording of accounting, preparation and presentation of financial statements to which they must be subject participants in retirement savings systems, it is necessary to make known the methodology for calculation of compensation to workers affected by variations in the price of the share, which has been operating according to the Provisions that preceded the currently effective one, has deemed it appropriate to issue the following:

ADDITION TO THE GENERAL PROVISIONS ON THE RECORDING OF THE ACCOUNTING, PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS TO WHICH THEY MUST BE SUBJECT PARTICIPANTS IN THE RETIREMENT SAVINGS SYSTEMS

UNIQUE.- It ADDS Annex O of the General Provisions on the recording of the accounting, preparation and presentation of financial statements to which participants in retirement savings systems are subject, published in the Official Gazette of the Federation on October 23, 2019, to remain in the following terms:

ANNEX O

DETERMINATION OF COMPENSATION

For the calculation of compensation to workers affected by variations in the price of the share as provided in article 21 of these general provisions, the Administrator that operates the Investment Society in question, must compute said amount considering the following:

I. If the corrected share price was lower and the Investment Society carried out the sale of shares representative of capital, the Administrator must compensate the affected workers with the equivalent of shares that correspond to them with the correction of the share price. The formula following shows algebraically the previous mechanism:

Formula 1.- Calculation of Compensation for Overvaluation

Where:

R: Amount of Compensation per worker P0: Initial Price of the share P1: Corrected Price of the share N: Number of shares sold to the worker

II. If the corrected share price was higher and the Investment Society carried out the purchase of shares representative of the capital of the same Society, the Administrator must compensate the affected workers with the amount resulting from multiplying the price differential by the number of shares purchased from the worker. The following formula shows algebraically the previous mechanism:

Formula 2.- Calculation of Compensation for Undervaluation

Where:

R: Amount of Compensation per worker P0: Initial Price of the share P1: Corrected Price of the share N: Number of shares purchased from the worker

III. Compensation

Formula 3.- Calculation of the number of shares corresponding to the worker

Where:

A: Number of shares paid to the worker as compensation R: Amount of Compensation per worker P1: Corrected Price of the share

TRANSITORY PROVISIONS

ARTICLE FIRST.- This Addition to the General Provisions on the recording of the accounting, preparation and presentation of financial statements to which participants in the retirement savings systems are subject, will enter into force on the next business day after its publication in the Official Gazette of the Federation.

ARTICLE SECOND.- With the entry into force of these Additions to General Provisions on the recording of accounting, preparation and presentation of financial statements to which they must be subject participants in the retirement savings systems, all those provisions and other acts that are contrary to this regulation are repealed.

Mexico City, June 18, 2020. - The President of the National Commission of the Retirement Savings System, Abraham E. Vela Dib. - Rubric.

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