Regulatory Alerts2008-10-30 | Circular 51/2008Added
Circular 51/2008 — Rules for Specialized Investment Companies for Retirement Funds Contracting Loans or Credits to Satisfy Liquidity Needs
Specialized Investment Companies for Retirement Funds (SIEFORES) are authorized to contract national currency loans or credits to meet liquidity needs, with a maximum outstanding amount capped at 30% of the average bimonthly collection of retirement, old-age, and disability insurance contributions from the preceding three bimesters. These funds must be obtained from domestic credit institutions regardless of ownership links, and repayment must be executed using contributions received in the bimonthly period immediately following the loan's origination. The rules remain in effect for six months from the day after their publication in the Official Gazette.
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