Regulatory Alerts2022-12-30
Added · Updated
Compilation of Pension Fund Control Regulations - Modifications Regarding Data Safeguarding and Outsourcing
The Superintendency of Financial Services replaces Articles 30.1.1, 30.1.2, and 30.1.4 of the Compilation of Pension Fund Control Regulations to impose stricter requirements on the outsourcing of services and data processing. Administrators must obtain express authorization for services provided by third parties located abroad or from abroad, and domestic outsourcing requires contracts containing specific clauses on confidentiality, audit rights, and continuity. The resolution also updates Articles 144.1, 144.3, and 144.6 to mandate robust data safeguarding procedures, including daily backups, off-site storage, and annual integrity tests, while defining senior personnel responsible for these operations.
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