General Provisions Establishing the Patrimonial Regime for AFORE Administrators, PENSIONISSSTE, and Specialized Investment Societies

DOF: 22/10/2019

GENERAL PROVISIONS ESTABLISHING THE PATRIMONIAL REGIME TO WHICH AFORE ADMINISTRATORS, PENSIONISSSTE, AND SPECIALIZED INVESTMENT SOCIETIES FOR RETIREMENT FUNDS AND THE SPECIAL RESERVE WILL BE SUBJECT

A seal bearing the National Coat of Arms appears on the margin, stating: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Commission of the Retirement Savings System.

GENERAL PROVISIONS ESTABLISHING THE PATRIMONIAL REGIME TO WHICH AFORE ADMINISTRATORS, PENSIONISSSTE, AND SPECIALIZED INVESTMENT SOCIETIES FOR RETIREMENT FUNDS AND THE SPECIAL RESERVE WILL BE SUBJECT.

The Board of Directors of the National Commission of the Retirement Savings System, pursuant to Articles 5, fraction II, 9, 20, fraction II, 24, 27, 28, and 41, fraction II, of the Law of Retirement Savings Systems, and Articles 103 and 106 of the Law of the Institute for Social Security and Social Services for State Workers;

CONSIDERING

That pursuant to Articles 20, fraction II, 24, and 28 of the Law of Retirement Savings Systems, AFORE Administrators are obligated to have fully subscribed and paid a minimum capital required under the terms of the Law of Retirement Savings Systems and the general provisions issued for this purpose, as well as to constitute a special reserve based on the capital subscribed and paid by workers;

That pursuant to Article 5, fraction II of the Law of Retirement Savings Systems, the National Commission of the Retirement Savings System has the authority to issue general provisions to which participants in retirement savings systems must adhere;

That in accordance with Article 28 of the Law of Retirement Savings Systems, the Board of Directors of the National Commission of the Retirement Savings System determined the amount and composition of the special reserve, taking into account the nature of each Specialized Investment Society for Retirement Funds;

That the current level of the Special Reserve is ostensively excessive given the purpose established for it by the Law of Retirement Savings Systems;

That the reduction of the special reserve does not negatively impact the coverage of default risks, and guarantees workers compensation in case of default under the Investment Regime;

That in order to provide Administrators and PENSIONISSSTE with tools that contribute to efficient management of their resources, translating into cost efficiencies and facilitating investment in their information systems, processes, and service quality for the benefit of the account holder, it is appropriate to reduce the level of the Special Reserve;

That the reduction of the special reserve will generate savings for Administrators, allowing them to transfer these benefits to Workers;

That the reduction of the special reserve will generate incentives for Administrators to provide better services to Workers while reducing the risks of default under the Investment Regime, and

That the amount of the special reserve determined by the Board of Directors of the National Commission of the Retirement Savings System is congruent and sufficient to cover potential shortfalls that may arise from default under the investment regime, so that the reduction in the amount of said reserve would not have consequences affecting the interest of Workers, has seen fit to issue the following:

GENERAL PROVISIONS ESTABLISHING THE PATRIMONIAL REGIME TO WHICH AFORE ADMINISTRATORS, PENSIONISSSTE, AND SPECIALIZED INVESTMENT SOCIETIES FOR RETIREMENT FUNDS AND THE SPECIAL RESERVE WILL BE SUBJECT

CHAPTER I
GENERAL PROVISIONS

FIRST.- These general provisions aim to establish the capitalization regime for AFORE Administrators, Specialized Investment Societies for Retirement Funds, and the patrimony assigned to PENSIONISSSTE, as well as the special reserve that the aforementioned Administrators and PENSIONISSSTE must constitute.

SECOND.- For the purposes of these general provisions, in addition to the definitions indicated in Article 3 of the Law of Retirement Savings Systems, Article 2 of the Regulations of the Law of Retirement Savings Systems, the General Provisions establishing the investment regime to which specialized investment societies for retirement funds must be subject, the General Provisions on financial matters of Retirement Savings Systems, and the General Provisions on operations of Retirement Savings Systems issued by the Commission, the following shall be understood:

I.
Net Assets, as the book capital of the Investment Society;

II.
PENSIONISSSTE, as the National Pension Fund for Workers Serving the State referred to in Articles 6, fraction XX, and 103 of the Law of the Institute for Social Security and Social Services for State Workers;

III.
Basic Investment Societies, as those referred to in Provisions Tenth Thirteen, fractions I to III of the General Provisions establishing the investment regime to which specialized investment societies for retirement funds must be subject.

CHAPTER II
OF THE MINIMUM CAPITAL OF ADMINISTRATORS AND INVESTMENT SOCIETIES

THIRD.- The fixed minimum paid-in capital without right of withdrawal with which Administrators must operate is the amount of $25,000,000.00 (twenty-five million pesos 00/100 M.N.).

FOURTH.- The fixed minimum paid-in capital with which each Investment Society must operate is the amount of $100,000.00 (one hundred thousand pesos 00/100 M.N.).

FIFTH.- The minimum capitals referred to in the preceding third and fourth provisions must be subscribed and paid at the time the corporate deed is executed and maintained at all times.

CHAPTER III
OF THE SPECIAL RESERVE OF ADMINISTRATORS

SIXTH.- Administrators, under Article 28 of the Law, must maintain a special reserve whose amount will be determined as follows:

I.
For each Basic Investment Society operated by the respective Administrator, they must invest in said Investment Society an amount equivalent to at least 0.71 percent of the Net Assets corresponding to said Investment Society, and

II.
For each Additional Investment Society operated by the respective Administrator, they must invest in said Additional Investment Society an amount equivalent to at least 1.0 percent of the Net Assets corresponding to said Additional Investment Society, up to an amount of $900,000.00 (nine hundred thousand pesos 00/100 M.N.).

The special reserve that Administrators must maintain in each of the Investment Societies they operate is obtained by multiplying the result of each of the preceding fractions I to II by the following factor: the number of shares of workers whose resources are invested in the corresponding Investment Society divided by the total number of shares of said Investment Society.

The special reserve referred to in this provision will be independent of the fixed minimum paid-in capital without right of withdrawal of the Administrators, as well as of the legal reserve established by the General Law of Commercial Companies.

CHAPTER IV
OF PENSIONISSSTE AND THE INVESTMENT SOCIETIES IT OPERATES

SEVENTH.- PENSIONISSSTE must operate with an assigned patrimony by the Institute for Social Security and Social Services for State Workers of a minimum of $25,000,000.00 (twenty-five million pesos 00/100 M.N.).

EIGHTH.- The fixed minimum paid-in capital with which each Investment Society operated by PENSIONISSSTE must operate is the amount of $100,000.00 (one hundred thousand pesos 00/100 M.N.).

NINTH.- The fixed minimum capital referred to in the preceding provision must be subscribed and paid at the time the corporate deed is executed and must be maintained at all times.

CHAPTER V
OF THE SPECIAL RESERVE OF PENSIONISSSTE

TENTH.- PENSIONISSSTE, under Article 28 of the Law, must maintain a special reserve, whose amount will be determined as follows:

I.
For each Basic Investment Society operated by PENSIONISSSTE, it must invest in said Investment Society an amount equivalent to at least 0.71 percent of the Net Assets corresponding to said Investment Society, and

II.
For each Additional Investment Society operated by PENSIONISSSTE, it must invest in said Additional Investment Society an amount equivalent to at least 1.0 percent of the Net Assets corresponding to said Additional Investment Society, up to an amount of $900,000.00 (nine hundred thousand pesos 00/100 M.N.).

The special reserve that PENSIONISSSTE must effectively maintain in each of the Investment Societies it operates is obtained by multiplying the result of each of the preceding fractions I to II by the following factor: the number of shares of workers whose resources are invested in the corresponding Investment Society divided by the total number of shares of said Investment Society.

The special reserve referred to in this provision will be independent of the reserves established by the Law of the Institute for Social Security and Social Services for State Workers and the Organic Regulations of the National Pension Fund for Workers Serving the State.

CHAPTER VI
OF THE PROCEDURE TO COVER SHORTFALLS

ELEVENTH.- Administrators or PENSIONISSSTE, when one or more of their Investment Societies present a shortfall, under the provisions of the last paragraph of Article 44 of the Law, must cover the shortfall corresponding to each Investment Society, first liquidating the special reserve invested in the respective Investment Society.

TWELFTH.- The Administrator or PENSIONISSSTE, whose amount of special reserve invested in the Investment Society presenting a shortfall proves insufficient to cover it, under the provisions of the preceding article, must proceed as follows:

I.
It will liquidate the amounts of special reserve invested in any other Investment Society it operates that exist in excess;

II.
If the resources referred to in the preceding fraction prove insufficient to cover the shortfall, the amount of special reserve of the other Investment Societies operated by the Administrator or PENSIONISSSTE will be liquidated until the shortfall is compensated, and

III.
If the resources referred to in the preceding fraction prove insufficient to cover the shortfall, the missing amount must be covered charged against the share capital of the Administrator or the patrimony assigned to PENSIONISSSTE, as applicable.

THIRTEENTH.- Administrators must invest the remaining amount of the minimum paid-in capital referred to in Article 27, fraction II, of the Law, in shares of the Investment Societies they operate. The aforementioned investment must be made in proportion to the value of the assets representing the variable capital of each Investment Society.

FOURTEENTH.- PENSIONISSSTE must invest the assigned patrimony referred to in the preceding seventh provision, in shares of the Investment Societies it operates. The aforementioned investment must be made in proportion to the value of the assets representing the variable capital of each Investment Society.

TRANSITORY PROVISIONS

FIRST.- These general provisions will enter into force on December 16, 2019.

SECOND.- Upon entry into force of these provisions, the amount of the special reserve of each of the Basic Investment Societies operated by Administrators and PENSIONISSSTE will be determined in accordance with what is established in Provision Sixth, for the case of Administrators, and Provision Tenth, for the case of PENSIONISSSTE. Notwithstanding the foregoing, starting from April 1, 2020, the amount that the respective Administrator or PENSIONISSSTE must invest in each Basic Investment Society as a percentage of the Net Assets of said Investment Society may be reduced as follows:

I.
The 0.06 percent of net assets may be reduced from the amount equivalent provided in fraction I of Provision Sixth and fraction I of Provision Tenth of these provisions, provided that Administrators and PENSIONISSSTE carry out the process of transferring resources managed by each Basic Investment Society of Pensions 1, 2, 3, and 4 under the terms provided in fraction VI of Transitory Provision Third of the General Provisions establishing the Investment Regime to which Specialized Investment Societies for Retirement Funds must be subject.

In the event that the transfer of resources is not carried out on the date stipulated in fraction VI of Transitory Provision Third of the General Provisions establishing the Investment Regime to which Specialized Investment Societies for Retirement Funds must be subject, due to causes beyond the control of the Administrators or PENSIONISSSTE, they may reduce the aforementioned 0.06 percent provided that the Administrator or PENSIONISSSTE has the non-objection of the Commission regarding the proof that will be performed prior to the transfer process, this in accordance with the criteria issued by the Commission for such effects.

In any of the cases referred to in the preceding paragraphs, the Commission will evaluate the transfer process and notify the Administrators or PENSIONISSSTE, no later than January 31, 2020, the appropriateness, if any, to effect the reduction of the special reserve amount corresponding under this fraction.

II.
The 0.05 percent of net assets may be reduced from the amount equivalent provided in fraction I of Provision Sixth and fraction I of Provision Tenth of these provisions, provided that the Basic Investment Societies have accredited before the Commission compliance with prudential guidelines on capitalization established in the General Provisions on financial matters of Retirement Savings Systems issued by the Commission, as well as obtained its non-objection.

III.
The 0.02 percent of net assets may be reduced annually during calendar years 2020 to 2024 from the amount equivalent provided in fraction I of Provision Sixth and fraction I of Provision Tenth of these provisions, until such time as the Commission determines:

i.
That the amount of the special reserve of the Investment Societies is sufficient to control the operational risk of the Administrator or PENSIONISSSTE. The Commission will determine the sufficiency of the reserve amount based on the analysis of the value at risk of shortfalls to be compensated using historical data of defaults by Administrators and PENSIONISSSTE to the General Provisions establishing the investment regime to which Specialized Investment Societies for Retirement Funds must be subject, and

ii.
That Administrators and PENSIONISSSTE have taken actions in the matter of reducing operating expenses, implementation of sound commercial practices, improved governance of Investment and Risk Committees, improvement in account holder attention, promotion of pension education, or greater capture of Voluntary Savings, as well as any other measure that in the judgment of the Commission contributes to the adequate alignment of the interests of the Administrator or PENSIONISSSTE with the interests of Workers, as well as to mitigate financial and operational risk.

The Commission will evaluate operational and financial risks, as well as alignment with the interests of Workers of Administrators and PENSIONISSSTE according to items i and ii above, for the first occasion during the month of April 2020 to apply in that calendar year, and subsequently during the month of November of each year from 2020 until 2023 to apply in the following calendar year. Any Administrator or PENSIONISSSTE that has obtained a positive annual evaluation from the Commission may reduce its special reserve two basis points in the corresponding calendar year. The Commission will notify the Administrators or PENSIONISSSTE of the result of the evaluation referred to in this paragraph, and if applicable, the corresponding reduction. Likewise, the Commission will inform its Board of Directors.

The special reserve that Administrators and PENSIONISSSTE must effectively maintain in each of the Investment Societies they operate is obtained by multiplying the result corresponding to applying what is established in the preceding fractions I to III by the following factor: the number of shares of workers whose resources are invested in the corresponding Investment Society divided by the total number of shares of said Investment Society.

Basic Investment Societies that do not comply with what is established in the preceding fractions I to III must subject the amount of the special reserve, in accordance with what is established in Provisions Sixth and Tenth of these provisions.

THIRD.- At the date of entry into force of these general provisions, the "General Provisions establishing the patrimonial regime to which AFORE administrators, PENSIONISSSTE, and specialized investment societies for retirement funds and the special reserve will be subject," published in the Official Gazette of the Federation on May 29, 2014, added by the "Additions to the General Provisions establishing the patrimonial regime to which AFORE administrators, PENSIONISSSTE, and specialized investment societies for retirement funds and the special reserve will be subject" published in the Official Gazette of the Federation on April 8, 2015, are hereby repealed.

Mexico City, October 11, 2019.- Pursuant to Articles 9, third paragraph, 11, and 12, fractions I, VIII, XIII, and XVI of the Law of Retirement Savings Systems; Article 2, fraction III, Article 4, third and fourth paragraphs, and Article 8, first paragraph of the Internal Regulations of the National Commission of the Retirement Savings System, the President of the National Commission of the Retirement Savings System, Abraham E. Vela Dib .- Rubric.

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