General Provisions Establishing the Procedure for Constructing the Net Performance Indicators of Specialized Investment Companies for Retirement Funds

DOF: 04/09/2020

GENERAL PROVISIONS establishing the procedure for the construction of the Net Performance Indicators of the Specialized Investment Companies for Retirement Funds

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 for the Retirement Savings System.

GENERAL PROVISIONS OF A GENERAL NATURE THAT ESTABLISH THE PROCEDURE FOR THE

CONSTRUCTION OF THE NET PERFORMANCE INDICATORS OF THE SPECIALIZED INVESTMENT COMPANIES

FOR RETIREMENT FUNDS.

The President of the National Commission for the Retirement Savings System, pursuant to the

articles 1st., 2nd., 3rd. fraction V bis, 5th. fractions I, II and XVI, 12 fractions I, VIII and XIII, 37, 74 and 76 of the Law

of the Retirement Savings Systems; the Fifth Transitory Article of the Decree by which various provisions of the Law

of the Retirement Savings Systems are reformed and added, published in the Official Journal of the Federation on January 21, 2009; articles 1st., 12, 41, 52, 53, Third and Fifth Transitory

of the Regulations of the Law of the Retirement Savings Systems; articles 1st., 2nd. fraction III and 8th.

first paragraph of the Internal Regulations of the National Commission for the Retirement Savings System, and

CONSIDERING

That the methodology in effect for the calculation of the Net Performance Indicator for Transfers, Allocation

and Reassignment of accounts of a Basic Investment Company, considers among others, the return of

market in pension units of the Investment Companies;

That clarifications are required, particularly for the calculation of the value of the Pension Unit;

That it is important to update the mechanism of proportionality that must be observed for the distribution

of the individual accounts that will be assigned and reassigned to the Administrators whose Basic Investment Companies

are in the tertile that records the highest net performance indicators for

assignment and reassignment, it has therefore deemed it appropriate to issue the following:

GENERAL PROVISIONS OF A GENERAL NATURE THAT ESTABLISH THE PROCEDURE FOR THE

CONSTRUCTION OF THE NET PERFORMANCE INDICATORS OF THE SPECIALIZED INVESTMENT COMPANIES

FOR RETIREMENT FUNDS.

CHAPTER I

COMMON PROVISIONS

Article 1. These general provisions have as their object to establish the general criteria

and the procedure to determine the Net Performance Indicators that will be applicable to the

Basic Investment Companies in the following processes:

I.

Transfer of Individual Accounts to those Administrators whose Basic Investment

Companies have recorded a higher Net Performance Indicator for Transfers;

II.

Assignment and Reassignment of the Individual Accounts of those Workers who have not

chosen an Administrator, in accordance with what is provided in article 76 of the Law, and

III.

Net Performance Indicators that result applicable to the Basic Investment Companies,

due to the merger between Administrators or, in its case, derived from a portfolio transfer

between Administrators.

Article 2. For the purposes of these general provisions, in addition to the

definitions indicated by article 3rd. of the Law, 2nd. of the Regulations, the general provisions

that establish the investment regime to which the Specialized Investment Companies must be subject

for Retirement Funds, the general provisions on financial matters of the Systems

of

Retirement Savings and the general provisions on operations of the Systems

of

Retirement Savings issued by the Commission, it will be understood by:

I.

Merged or Ceding Administrator, that which, as a result of a merger operation or a

portfolio transfer between Administrators, directly or indirectly, is merged or its portfolio is

ceded, to a Merging or Cessionary Administrator;

II.

Merging or Cessionary Administrator, that which, as a result of a merger operation or a

portfolio transfer between Administrators, directly or indirectly, merges or acquires the portfolio

of a Merged or Ceding Administrator;

III.

Balance Fee, the charge that Administrators make as an annual percentage on

the value of the Total Assets of the Basic Investment Companies;

IV.

Stable Investment Conditions of a Group, on the measurement date on which the Indicator of

Peak-to-Peak Performance of the Investment Conditions Indicator corresponding to said

Group takes a positive value, including zero, obtained in accordance with the methodology

described in Annex "E" of these general provisions;

V.

Stressed Investment Conditions of a Group, on the measurement date on which the Indicator

of Peak-to-Peak Performance of the Investment Conditions Indicator corresponding to said

Group takes a negative value, obtained in accordance with the methodology described in the

Annex

"E" of these general provisions;

VI.

Group, the set of Basic Investment Companies that invest resources of Workers

who belong to the same age range, in terms of what is provided in the provisions of

general nature that establish the investment regime to which they must be subject the Companies

of Specialized Investment in retirement funds issued by the Commission, such that the

Basic Investment Companies 55-59 form a group, the Basic Investment Companies

60-64 another and so on;

VII.

Net Performance Indicator for Merger or Transfer, the Net Performance that each

Basic Investment Company of the Merging or Cessionary Administrator registers, in accordance with

these general provisions;

VIII.

Net Performance Indicator for Assignment and Reassignment, the moving average of the last

6 months of Market Return in Pension Units, calculated daily in accordance with what is established in Annex "A" of these general provisions, which the Basic Investment Companies register, for the purpose of participating in the process of Assignment and Reassignment of Individual Accounts, as applicable;

IX.

Net Performance Indicator for Transfers, the moving average of the last 6 months of

Market Return

in Pension Units, calculated daily in accordance with what is

established in Annex "A" of these general provisions, which the

Basic Investment Companies register for the purpose of Transfer of Individual Accounts;

X.

Peak-to-Peak Performance Indicator of the Investment Conditions Indicator, the moving

average of the last 20 business days of Market Return, calculated daily in accordance with what is established in Annex "E" of these general provisions, which the Investment Conditions Indicator of the corresponding Group registers;

XI.

Investment Conditions Indicator, the investment reference defined for each Group

formed through indices, and weights applicable to said indices, for the purpose of

determining the investment conditions on the measurement dates of the processes of

Reassignment, calculated daily in accordance with what is established in Annex "E" of the

present general provisions;

XII.

Market Price, the quotient of the equity capital of the Basic Investment Company, between the number of subscribed and paid shares of the Basic Investment Company. This price implicitly includes net commissions. For the case of Investment Conditions Indicators, this variable refers to the updated value of the indices with which in its case these Indicators are defined;

XII bis.

Market Price in Pension Units, the Market Price of the Basic Investment Company at date t, divided by the value of the Pension Unit at date t in accordance with what is established in Annex "A" of these provisions.

XIII.

Reassignment, the process by which the Commission will designate the Administrators whose Basic Investment Companies have recorded a higher Net Performance Indicator for Assignment and Reassignment to manage the Individual Accounts of Workers who had been assigned or reassigned previously and who, after two years, counted from the date on which their last Assignment or Reassignment was made, have not been registered, and which in accordance with these general provisions must be considered in the process described in this fraction;

XIV.

Market Return, the nominal return of a Basic Investment Company that is obtained by the management of the Investment Assets using the Market Prices or the nominal return of the Investment Conditions Indicator;

XIV bis.

Market Return in Pension Units, the return of a Basic Investment Company that is obtained by the management of the Investment Assets using the Market Prices in Pension Units in accordance with what is established in Annex "A" of these provisions;

XV.

Basic Investment Companies, the Investment Companies referred to in the

general provisions that establish the investment regime to which they must be subject

the specialized investment companies for retirement funds that the

Commission;

XVI.

Pension Unit, the present value of a life annuity of one peso payable twelve times a

year calculated with the methodology described in Annex "A" of these provisions, and

XVII.

Absolute Value, the value of a variable multiplied by -1 when said variable originally takes a negative value, so that the Absolute Value of the variable is positive.

CHAPTER II

OF THE NET PERFORMANCE INDICATORS

Section I

Of the Net Performance Indicators for Transfers

Article 3. The Commission will determine monthly the Net Performance Indicator for Transfers that

corresponds to each of the Basic Investment Companies, using for such purposes the weighted

average of the moving averages of the Market Returns in Pension Units calculated at

horizons of 36, 60 and 120 months.

The moving averages of the Market Returns in Pension Units will be computed

using daily information from the 6 most recent months to the date for which the Indicator

of Net Performance for Transfers of the Basic Investment Companies will be determined, assigning the following

weights:

I.

Over a 36-month horizon, a weight of 20%;

II.

Over a 60-month horizon, a weight of 30%, and

III.

Over a 120-month horizon, a weight of 50%.

The computation of the Market Returns in Pension Units, as well as the Indicator of

Net Performance for Transfers will be carried out in accordance with the methodology provided in Annex "A" of these general provisions.

To determine the Net Performance Indicators for Transfers of new Basic Investment

Companies created as a result of the transfer from the Initial Basic Investment Company of the resources of Workers who are 25 years or older, in accordance with the Thirteenth Provision, fraction II of the General provisions that establish the investment regime to which the Specialized Investment Companies for Retirement Funds must be subject, the series of Market Prices in Pension Units on dates prior to their existence will be completed with the Market Prices in Pension Units corresponding to the Initial Basic Investment Company operated by the same Administrator, in accordance with the methodology provided in Annex "B" of these general provisions.

The Commission, to determine the Net Performance Indicators for Transfers of the Basic Investment Companies

operated by

Administrators that do not complete with their own information the deadlines

provided in fractions I to III of this article, will complete the series of Market Prices in Pension Units to calculate these Indicators using the simple average of the Market Returns in Pension Units corresponding to the same tertile in which the Net Performance Indicator for Transfers of the Basic Investment Company in question is found. For the foregoing effects, the Net Performance Indicators for Transfers and the Market Returns in Pension Units referred to will be those of the Group of the Basic Investment Company in question. The series will be completed, in accordance with the methodology provided in Annex "B" of these general provisions.

Article 4. The Commission will update the Net Performance Indicators for Transfers on the fifteenth

day of each month or the next business day, in case the fifteenth day of the month is a non-business day,

corresponding to the previous calendar month.

The Commission, through publication on its Internet page, will make known to the general public and to

the Administrators the Net Performance Indicators for Transfers, as well as the updates of

said Indicators.

Article 5. Administrators must include the Net Performance Indicator for Transfers and the

Balance Fee in effect of the Basic Investment Company that corresponds to the age of each

Worker, in all documents they send to Workers in accordance with the general provisions on operations of the Retirement Savings Systems issued by

the Commission. This is regardless of whether Workers have opted to keep their pension resources in a Basic Investment Company different from the one that corresponds to the age of the

Worker.

Article 6. The Commission will inform the Operating Companies of the Net Performance Indicators for

Transfers of the Basic Investment Companies, in accordance with the deadlines and procedures provided in the Transactional Procedures Manual.

The Operating Companies must incorporate these Indicators into the information they make available to the general public.

Section II

Of the Net Performance Indicators for Assignment and Reassignment

Article 7. The Commission will determine the Net Performance Indicator for Assignment and Reassignment of

each Basic Investment Company, using for such purposes the weighted average of the moving

averages of the Market Returns in Pension Units. The Market Returns in

Pension Units must be calculated for horizons of 36, 60 and 120 months.

The moving averages of the Market Returns in Pension Units will be computed

using daily information from the 6 most recent months to the date for which the Indicator

of Net Performance for Assignment and Reassignment of the Basic Investment Companies will be determined, assigning the following

weights:

I.

Over a 36-month horizon, a weight of 20%;

II.

Over a 60-month horizon, a weight of 30%, and

III.

Over a 120-month horizon, a weight of 50%.

The computation of the Market Returns in Pension Units, as well as the Indicator of

Net Performance for Assignment and Reassignment will be carried out in accordance with the methodology provided in Annex "A" of these general provisions.

The Net Performance Indicator for Assignment and Reassignment must be calculated at the close of the last

month that forms part of the measurement period of the Assignment and/or Reassignment process.

To determine the Net Performance Indicators for Assignment and Reassignment of new

Basic Investment Companies created as a result of the transfer from the Initial Basic Investment

Company of the resources of Workers who are 25 years or older, in accordance with the provision

Thirteenth, fraction II of the General provisions that establish the investment regime to

which the Specialized Investment Companies for Retirement Funds must be subject, the series of

Market Prices in Pension Units on dates prior to their existence will be completed with the Market

Prices in Pension Units corresponding to the Initial Basic Investment Company operated by

the same Administrator, in accordance with the methodology provided in Annex "C" of these general provisions.

The Commission, to determine the Net Performance Indicators for Assignment and Reassignment of the

Basic Investment Companies

operated by Administrators that do not complete with their own information the

deadlines provided in fractions I to III of this article, will complete the series of Market Prices in Pension Units to calculate

these Indicators using the simple average of the Market Returns in Pension Units corresponding to the same tertile in which the

Net Performance Indicator for Transfers of the Basic Investment Company in question is found. For the

foregoing effects, the Net Performance Indicators for Assignment and Reassignment and the Market Returns

in Pension Units referred to will be those of the Group of the Basic Investment Company in

question. The series will be completed, in accordance with the methodology provided in Annex "C" of these general provisions.

CHAPTER III

OF THE TRANSFER OF INDIVIDUAL ACCOUNTS FROM ONE ADMINISTRATOR TO ANOTHER

Article 8. In order to compare between the Basic Investment Companies and determine if a Transfer

is appropriate before a year has elapsed since the Worker registered or the last

time they exercised their right to Transfer, in terms of what is provided in article 74 of the

Law, to an Administrator whose Basic Investment Companies have recorded a higher Net Performance Indicator for Transfers, information from the Net Performance Indicator for Transfers of Basic Investment Companies of the same Group will be used.

The Net Performance Indicator for Transfers of Workers who opt to keep their

mandatory pension resources, in a Basic Investment Company different from the one that corresponds to the

Worker according to their age, in accordance with the general provisions that establish the regime

of investment to which the Specialized Investment Companies for retirement funds issued by the Commission must be subject, will be the corresponding to the Net Performance Indicator for Transfers

of the Basic Investment Company that corresponds to the age of the Worker.

Article 9. For the purposes referred to in the previous article 8, the following criteria must be observed:

I.

Individual Accounts administered by a Transferor Administrator cannot be transferred before one year when the Basic Investment Company that corresponds:

a.

Has shown a behavior equal to or higher than the median of its Group in the Net Performance Indicator for Transfers, in 70% of the time or more for the measurement period, and

b.

Has been found within the lower quartile of the Net Performance Indicator for

Transfers of its Group no more than 20% of the time for the measurement period;

II.

Only the Receiving Administrator whose Basic Investment Company of the corresponding Group has recorded a Net Performance Indicator for Transfers higher than that of the Basic Investment Company of the same Group operated by the Transferor Administrator may receive the Transfer of Individual Accounts before one year, in accordance with the following:

a.

The Net Performance Indicator for Transfers of the Receiving Administrator must have a rating greater than or equal to that of the Net Performance Indicator for Transfers of the Transferor Administrator in terms of Annex "F" section III of these provisions, and the value of the difference between the Net Performance Indicator for Transfers of the Receiving Administrator minus the Net Performance Indicator for Transfers of the Transferor Administrator must be at least equivalent to 5% of the Absolute Value of the Net Performance Indicator for Transfers of the Transferor Administrator.

b.

The Net Performance Indicator for Transfers of the Basic Investment Company of the

Receiving Administrator must be found in the lower tertile of its Group no more than 30%

of the time for the measurement period.

For the purposes of this article, the measurement periods referred to in subsections a

and b of fraction I, and subsection b of fraction II, will be 24 months, while the calculation of the tertiles and

quartiles will be made in accordance with the methodology described in Annex "F" of these general provisions.

CHAPTER IV

OF THE ASSIGNMENT AND REASSIGNMENT OF INDIVIDUAL ACCOUNTS

Article 10. The Individual Accounts of Workers who do not choose an Administrator and who have

received Quotas and Contributions for at least six consecutive bimesters, will be Assigned to an

Administrator and their resources will be invested in the Basic Investment Company that corresponds to the age of the Worker in question.

The Assigned Individual Accounts that after two years counted from their Assignment have not

been registered with any Administrator, will be reassigned in accordance with what is provided in article

13 next, and their resources will be invested in the Basic Investment Companies that correspond to the age

of the Worker in question.

Basic Investment Companies for Pensions will not be subject to the Reassignment process to

which this chapter refers.

For the foregoing effect, the Operating Companies must classify the Individual Accounts subject

to Assignment and Reassignment in accordance with the procedures provided for such purposes in the

general provisions on operations of the retirement savings systems issued by

the Commission.

Article 11. The Commission, for the Assignment of the Individual Accounts of the workers indicated

in the previous article, will be subject to the following procedure:

I.

It will determine for each Group which are the Administrators whose Basic Investment

Companies will be eligible to receive Assigned accounts, selecting for such effect, those

Basic Investment Companies that are in the tertile that records the highest Net Performance Indicators

of Net Performance for Assignment and Reassignment, calculated in accordance with the methodology described in Annex "F" of these general provisions, and

II.

It will establish a proportionality mechanism that must be observed for the distribution to each Group of the Individual Accounts to be assigned to Administrators whose corresponding Basic Investment Companies are in the tercile recording the highest Net Performance Indicators for Assignment and Reassignment, in accordance with the methodology provided in Annex "D" of these general provisions.

For the purposes of the proportionality mechanism referred to in the preceding fraction II, the Commission will consider the following information for each Administrator that has at least one Basic Investment Company that complies with what is established in fraction I of this article:

a)
The record of assigned Individual Accounts; b) The balance commission, and c) The registered Voluntary Savings.

In the case of new Administrators participating in the Assignment process for the first time, the Commission will adhere to what is provided in Annex "D" of these general provisions.

The proportionality mechanism will be calculated by weighting the elements provided for in items a), b), and c) above, in accordance with Annex "D" of these general provisions.

Article 12. Administrators whose Basic Investment Companies are eligible to receive Individual Accounts, in accordance with what is provided in Articles 11 and 13 of these general provisions, may request the Commission to be excluded from participating in the processes of Assignment or Reassignment of Individual Accounts, for a minimum period of twelve months. The exclusion of an Administrator from the processes of Assignment or Reassignment of Individual Accounts will take effect from the next Assignment or, as applicable, Reassignment following the date on which said financial entity presents its request, subject to the calendars established in the respective procedures.

For the purposes of the provisions in the preceding paragraph, the Commission will substitute each of the Basic Investment Companies of the Administrators that have requested their exclusion with the Basic Investment Company that is in the immediately following position, until completing the number of Basic Investment Companies that originally constituted said tercile.

Article 13. For the Reassignment of Individual Accounts assigned or reassigned that are not registered after two years, in accordance with Article 76 of the Law, the Commission will adhere to the following procedure:

I.

It will determine for each Group which Basic Investment Companies, having received assigned or reassigned accounts and not having registered them in the aforementioned period, may maintain said accounts, subjecting itself for such effect to the following:

a)

In Stressed Investment Conditions for the corresponding Group, defined in accordance with the Peak-to-Peak Performance Indicator of the Investment Conditions Indicator, Individual Accounts whose resources are invested in those Basic Investment Companies whose history in the measurement period of the Net Performance Indicator for Assignment and Reassignment shows a behavior equal to or higher than the median of their Group 70% of the time or more, and in no more than 20% of the time for the measurement period were they in the lower quartile of said returns.

Individual Accounts of Basic Investment Companies that do not satisfy the conditions established in the preceding paragraph will be included in the Reassignment process.

For those Basic Investment Companies that do not comply with what is provided in the preceding paragraph, the total amounts that must be reassigned will be subject to what is provided in Annex "E" of these general provisions.

b)

In Stable Investment Conditions for the corresponding Group, defined in accordance with the Peak-to-Peak Performance Indicator of the Investment Conditions Indicator, Individual Accounts whose resources are invested in those Basic Investment Companies whose history in the measurement period of the Net Performance Indicator for Assignment and Reassignment shows a behavior equal to or higher than 60% of their Group 70% of the time or more, and in no more than 20% of the time for the measurement period were they in the lower quartile of said returns.

Individual Accounts of Basic Investment Companies that do not satisfy the conditions established in the preceding paragraph will be included in the Reassignment process.

II.

The Commission, for the Reassignment of Individual Accounts of workers, will adhere to the following procedure:

a)

It will determine for each Group which Administrators whose Basic Investment Companies will be eligible to receive reassigned accounts, selecting for such effect those Basic Investment Companies that are in the tercile that records the highest Net Performance Indicators for Assignment and Reassignment, calculated in accordance with the methodology described in Annex "F" of these general provisions, and

b)

It will establish a proportionality mechanism that must be observed for the distribution to each Group of the Individual Accounts that will be reassigned to Administrators whose corresponding Basic Investment Companies are in the tercile that records the highest Net Performance Indicators for Assignment and Reassignment, in accordance with the methodology provided in Annex "D" of these general provisions.

III.

Regardless of whether Investment Conditions are Stable or Stressed, the aggregate amount of Reassignment for each Group must not exceed 1.5% of the Net Asset of the Group in question, determined on the last business date of the measurement period of the Reassignment process. In order for the 1.5% limit of the Net Asset of the Group in question to be met, the number of Individual Accounts that each Basic Investment Company must cede will be adjusted proportionally, in accordance with what is established in Annex "E" of these general provisions and what is established in the general provisions on operations of the retirement savings systems issued by the Commission.

Administrators that maintain Individual Accounts that have not been registered in terms of what is established in fractions I and III above will have a period of two years counted from the last Reassignment carried out to register them.

For the purposes of the provisions of this article, the measurement period referred to in the preceding fraction I will be 24 months, while the calculation of terciles and quartiles will be made in accordance with the methodology described in Annex "F" of these general provisions.

Article 14. The Commission will notify the Operating Companies of the period defined for the Assignment or Reassignment process, the percentage of Individual Accounts to be assigned, and the percentage of Individual Accounts to be reassigned, to each of the Basic Investment Companies of the Administrators that will participate in the processes of Assignment or Reassignment of Individual Accounts, as applicable.

For the purposes of determining Individual Accounts that Administrators will receive in the Assignment and Reassignment processes, Operating Companies must adhere to the procedures provided for in the general provisions on operations of the retirement savings systems issued by the Commission. Likewise, for the purposes of executing the Assignment and Reassignment processes, Administrators must adhere to what is provided in said provisions in the preceding paragraph.

CHAPTER V

OF THE NET PERFORMANCE INDICATORS APPLICABLE IN THE CASE OF MERGERS OR PORTFOLIO TRANSFERS BETWEEN ADMINISTRATORS AND THEIR BASIC INVESTMENT COMPANIES

Article 15. The Commission, in the case of a merger between Administrators or the transfer of portfolio from one Administrator to another, will determine the Net Performance Indicators for Transfers, for Assignment and Reassignment of each of the Basic Investment Companies of the surviving Administrator, applying for such effect the corresponding Net Performance Indicator of the Merging or Transferring Administrator.

TRANSITORY PROVISIONS

FIRST ARTICLE. These general provisions will enter into force on the next business day following their publication.

On the date of entry into force of these general provisions, the General Provisions establishing the procedure for the construction of the net performance indicators of the investment companies specialized in retirement fund shares, published in the Official Journal of the Federation on September 17, 2019, are hereby repealed.

SECOND ARTICLE. In the case where any Administrator begins operations on a date subsequent to the entry into force of these general provisions, during the first 6 months following the start of its operations, the Commission will proceed to determine the Net Performance Indicator of its Basic Investment Companies, for each date t in said period, as the moving average of the Market Returns in Pension Units determined on each of the dates that are between the start of operations of the Administrator and date t. In this way, if the start of operations date of the Administrator is defined as t 0, the Net Performance Indicator in Pension Units corresponding to t 0 will be equal to the Market Return in Pension Units determined at t 0. For k days subsequent to the start of operations of the Administrator, the Net Performance Indicator will be equal to the average of the k+1 Market Returns in Pension Units determined at t 0 and the k subsequent days to t 0. Therefore, the number of days with which the moving average is computed will increase until covering a period of six months of information.

For the purposes of the provisions of this article, only business dates are considered.

Analytically, the above is expressed with the following formula:

Where:

Is the Net Performance Indicator corresponding to date t for Investment Company i. This indicator uses the Market Returns in Pension Units determined between the start date and date t. Only business days are considered.

Is the Market Return in Pension Units of Investment Company i, corresponding to date T. T takes values between the start date and t. This return has a calculation window of days, which means that the size of that window varies.

Corresponds to the time window for the calculation of the Market Return in Pension Units, expressed in natural days.

Denotes the date for which the Net Performance Indicator in Pension Units is calculated.

Denotes the start of operations date of the Administrator or Basic Investment Company.

THIRD ARTICLE. In order to construct the history of Market Prices in Pension Units for each corresponding Basic Investment Company for dates prior to the transfer referred to in the Third Transitory Provision of the General Provisions establishing the investment regime to which the investment companies specialized in retirement fund shares must be subject, the history of Market Prices in Pension Units of the Basic Investment Companies of Pensions, 1, 2, 3 and 4 will be used in accordance with the following:

I.

From the history of Market Prices of the Basic Investment Companies of Pensions, 1, 2, 3 and 4, the history of Market Prices in Pension Units will be calculated in accordance with what is established in Annex "A" of these provisions.

The market prices of the Initial Basic Investment Company, 90-94, 85-89, 80-84, 75-79, 70-74, 65-69, 60-64, 55-59 and the Basic Pension Company will be determined from the weighting of daily returns according to the proportion of Net Assets received from Basic Investment Companies 1, 2, 3 or 4. The market prices prior to the date on which the transfer takes place will be determined by the following formula:

Is the market price of Basic Investment Company j, j = initial, 90-94, 85-89, 80-84, 75-79, 70-74, 65-69, 60-64, 55-59 and Basic Pension Company on day t-1.

Is the market price of Basic Investment Company j, j=initial, 90-94, 85-89, 80-84, 75-79, 70-74, 65-69, 60-64, 55-59 and Basic Pension Company on day t.

For j=initial, 90-94, 85-89, 75-79, 65-69, 60-64, 55-59 and pensions, it is the return of day t of Basic Investment Companies i, i= 1, 2, 3 and 4 in accordance with fractions II, III and VI of this article.

For j=80-84 and 70-74, it is the weighted return of day t of Basic Investment Company i, i= 2, 3 and 4 in accordance with fractions IV to VII of this article.

The initial price of Basic Investment Company j that the Commission determines for the close of the day on which the transfer takes place.

II.

For Initial Investment Companies, 90-94, 85-89, 75-79, 65-69, 60-64 and 55-59, which, in accordance with the transfer process referred to, will receive resources exclusively from one of Investment Companies 1, 2, 3 or 4, the history of Market Prices in Pension Units will be taken as follows:

i.

For the Initial Basic Investment Company, the history of Market Prices in Pension Units of Basic Investment Company 4 will be taken;

ii.

For Basic Investment Company 90-94, the history of Market Prices in Pension Units of Basic Investment Company 4 will be taken;

iii.

For Basic Investment Company 85-89, the history of Market Prices in Pension Units of Basic Investment Company 4 will be taken;

iv.

For Basic Investment Company 75-79, the history of Market Prices in Pension Units of Basic Investment Company 3 will be taken;

v.

For Basic Investment Company 65-69, the history of Market Prices in Pension Units of Basic Investment Company 2 will be taken;

vi.

For Basic Investment Company 60-64, the history of Market Prices in Pension Units of Basic Investment Company 2 will be taken, and

For Basic Investment Company 55-59, the history of Market Prices in Pension Units of Basic Investment Company 1 will be taken.

III.

For the construction of the history of Market Prices in Pension Units of the Basic Investment Company of Pensions, the history of Market Prices in Pension Units of Basic Investment Company 1 will be taken.

IV.

For Basic Investment Company 80-84, which, in accordance with the transfer process referred to, will receive resources from Basic Investment Companies 4 and 3, the construction of the history of Market Prices in Pension Units will be determined from the methodology indicated in fractions I, VI and VII of this article.

V.

For Basic Investment Company 70-74, which, in accordance with the transfer process referred to, will receive resources from Basic Investment Companies 3 and 2, the construction of the history of Market Prices in Pension Units will be determined from the methodology indicated in fractions I, VI and VII of this article.

VI.

The daily return of Basic Investment Companies 1, 2, 3 or 4 will be calculated according to the following formula:

Is the return of day t of Basic Investment Companies i, i= 1, 2, 3, 4

Is the market price of basic investment companies i, i= 1, 2, 3, 4 on day t

Is the market price of basic investment companies i, i= 1, 2, 3, 4 on day t-1

VII. The daily return for the construction of Basic Investment Companies 80-84 and 70-74 will be calculated according to the following formula:

Where:

Is the return of day t of Basic Investment Company j, j=80-84 and 70-74.

Is the return of day t of Basic Investment Company i on day t, if j= 80-84 then i=4, if j= 70-74 then i =3

Net Asset as of December 13, 2019, of Basic Investment Company j, j=80-84 and 70-74 coming from Basic Investment Company i, if j= 80-84 then i=4, if j=70-74 then i=3

FOURTH ARTICLE. The references made to Net Performance Indices in the other general provisions issued by the Commission shall be understood as references to Net Performance Indicators, in the terms provided for in these general provisions.

Mexico City, August 24, 2020.- The President of the National Commission for the Retirement Savings System, Abraham E. Vela Dib.- Signature.

ANNEX A

METHODOLOGY FOR THE CALCULATION OF THE NET PERFORMANCE INDICATOR FOR TRANSFERS, ASSIGNMENT AND REASSIGNMENT OF ACCOUNTS OF A BASIC INVESTMENT COMPANY

SECTION I

OF THE NET PERFORMANCE INDICATOR FOR TRANSFERS, ASSIGNMENT AND REASSIGNMENT OF INDIVIDUAL ACCOUNTS OF BASIC INVESTMENT COMPANIES

The Commission will determine monthly the Net Performance Indicator for Transfers and for Assignment and Reassignment corresponding to each of the Basic Investment Companies, using for such purposes the weighted average of the moving averages of the Market Returns in Pension Units calculated over a horizon of 36, 60 and 120 months of the corresponding Basic Investment Company in accordance with Articles 3 and 7 of these general provisions, for the processes of Transfers or of Assignment and Reassignment respectively. The moving average for each of the horizons of 36, 60, and 120 months will be computed using daily information from the 6 most recent months to the date on which the Net Performance Indicator for Transfers will be determined.

The above, in accordance with the following formula:

SECTION II

OF THE MARKET RETURN IN PENSION UNITS OF BASIC INVESTMENT COMPANIES

To determine the Market Return of Basic Investment Companies in Pension Units, the following will apply:

1)
The Market Prices of Basic Investment Companies in Pension Units will be calculated applying the following formula:

ANNEX B

METHODOLOGY FOR THE CALCULATION OF THE NET PERFORMANCE INDICATOR FOR TRANSFERS OF A BASIC INVESTMENT COMPANY, IN THE CASE THAT THE ADMINISTRATOR DOES NOT HAVE THE COMPLETE INFORMATION FOR THE CORRESPONDING CALCULATION

I. INTRODUCTION

To calculate the Net Performance Indicator for Transfers for those Basic Investment Companies that do not have a complete history of Market Prices according to the information required by the methodologies defined in these general provisions, the series of Market Prices will be completed in accordance with the methodology of this Annex.

Once a complete historical series of Market Prices is available, the procedure of Section I and Section II described in Annex "A" of this Circular will be used to calculate the Net Performance Indicator for Transfers of said Company.

II. OF THE PROCEDURE TO COMPLETE THE HISTORICAL SERIES OF MARKET PRICES FOR TRANSFERS

The Market Prices that will be used to complete the historical series in the period prior to the start of operations of a Basic Investment Company will be constructed for each business day according to the following procedure:

1.

For Basic Investment Companies whose Administrators have less than six months of operation, the simple average of the Market Return of the Group of Basic Investment Companies corresponding to the Basic Investment Company in question, which have their own complete history and are in the intermediate tercile of Market Returns, in accordance with the methodology described in Annex "F" of these general provisions, will be considered.

2.

For Basic Investment Companies whose Administrators have six months or more of operation, the simple average of the Market Return of the Group of Basic Investment Companies corresponding to the Basic Investment Company in question, which have their own complete history and are in the same tercile of Market Returns as that in which the Net Performance Indicator of the Basic Investment Company in question is located, will be considered. The computation of the tercile referred to in this paragraph will be updated every twelve months until the Basic Investment Company has a complete series of its own Market Prices in accordance with the information requirements implied in these general provisions. To determine the tercile in which the Basic Investment Company in question is located, the one in which the Net Performance Indicator has remained for the most time during the last twelve months will be considered.

3.

For new Basic Investment Companies created as a result of the transfer from the Initial Basic Investment Company of the resources of Workers who are 25 years or older, the Market Return of the Initial Basic Investment Company operated by the same Administrator will be considered.

4.

To complete the series of Market Prices of the Investment Company for day t-1, the Market Return between date t-1 and date t of each Investment Company with its own history of Market Prices is determined, in accordance with items 1, 2 or 3 above, using the following formula:

For the cases indicated in items 1 and 2 above, steps 4 to 6 are repeated, while for the case indicated in item 3, steps 4 and 7 are repeated, until completing the series of Market Prices in the calculation period considered.

ANNEX C

METHODOLOGY FOR THE CALCULATION OF THE NET PERFORMANCE INDICATOR FOR ASSIGNMENT AND REASSIGNMENT OF A BASIC INVESTMENT COMPANY, IN THE CASE THAT THE ADMINISTRATOR DOES NOT HAVE THE COMPLETE INFORMATION FOR THE CORRESPONDING CALCULATION

I. INTRODUCTION

Regarding the Net Performance Indicator for Assignment and Reassignment for those Basic Investment

de Inversión Básicas that do not have a complete history of Market Prices, according to the information required by the methodologies defined in these general provisions, the series of Market Prices will be completed according to this Annex.

Once a complete historical series of Market Prices is available, the procedure of Section I and Section II described in Annex "A" of this Circular will be used to calculate the Net Performance Indicator for Assignment and Reassignment of Basic Investment Societies.

II. OF THE PROCEDURE TO COMPLETE THE HISTORICAL SERIES OF MARKET PRICES

FOR ASSIGNMENT AND REASSIGNMENT

The Market Prices to be used to complete the historical series in the period prior to the start of operations of a Basic Investment Society will be constructed for each business day, following the steps provided for in section II of Annex "B" of these general rules, with the following adjustment to the content of item 1:

1.

For Basic Investment Societies whose Administrators have less than six months of operation, the simple average of the Market Return of the Group of Basic Investment Societies corresponding to the Basic Investment Society in question will be considered, which have their own complete history and are in the tercile of highest Market Returns, in accordance with the methodology described in Annex "F" of these general provisions.

ANNEX D

PROPORTIONALITY MECHANISM TO BE OBSERVED FOR THE DISTRIBUTION OF

INDIVIDUAL ACCOUNTS TO BE ASSIGNED AND REASSIGNED TO ADMINISTRATORS

WHOSE BASIC INVESTMENT SOCIETIES ARE IN THE TERCILE RECORDING THE

HIGHEST NET PERFORMANCE INDICATORS FOR ASSIGNMENT AND REASSIGNMENT

The proportionality mechanism referred to in articles 11 fraction II and 13 fraction II subsection b) of these general provisions consists of determining the assignment and reassignment percentages for each Group of the total of unregistered Individual Accounts that, in accordance with these general provisions, must be assigned or reassigned to the Basic Investment Societies eligible for these purposes. For such effects, for each eligible Basic Investment Society of each Group, the assignment and reassignment percentages will be determined according to three factors, each of which has an assigned weight. These factors are described below:

I.

Factor of registration of assigned accounts: It refers to the registration percentage of the Individual Accounts assigned in the Administrators or in the Service Providers that those Administrators that will receive accounts resulting from the Assignment and/or Reassignment process have carried out. The calculation of the factor of registration of assigned accounts will be carried out as follows:

a.

The sum of the accounts that the Administrator registered in the period and that had been assigned to the same Administrator, to a different one, or to the Service Provider will be obtained.

b.

The quotient of the result of the previous subsection divided by the average of the accounts assigned in the Administrators and in the Service Provider in the measurement period will be obtained. This quotient will be called the registration proportion.

c.

Once the registration proportions of the Administrators that will receive Individual Accounts have been determined, the participation of each one will be weighted with respect to the sum of the registration proportions of the Administrators that will receive Individual Accounts in each Basic Investment Society belonging to the same Group according to the formula established in fraction IV of this Annex. This result will be the factor of registration of assigned accounts, for Assignment or Reassignment as applicable. The weight of the factor of registration of assigned accounts will be 20%.

When the history of an Administrator does not cover the established period, the Commission will consider the proportion of registered workers during those months in which it has a history.

In the case of new Administrators that participate in the Assignment and/or Reassignment process for the first time and therefore do not have a history, the average of the registration proportion observed by the Administrators whose Basic Investment Societies are in the tercile of the highest Net Performance Indicators for Assignment and Reassignment must be considered.

II.

Commission factor on balance: For each Administrator that operates at least one Investment Society eligible to receive Individual Accounts in the Assignment and/or Reassignment processes, as applicable, the arithmetic average of the current balance commission and the immediately preceding balance commission will be considered. From this average, the commission proportion will be calculated in accordance with the following formula:

Where:

Commission proportion on balance for Administrator j

Maximum value of the set of arithmetic averages of the current balance commission and the immediately preceding balance commission of the n Administrators that have Basic Investment Societies eligible belonging to the same Group.

Average balance commission of Administrator j

Each Administrator that belongs to the set of n Administrators whose Basic Investment Societies of the same Group are in the tercile that records the highest Net Performance Indicators (j=1,2, ... ,n), in accordance with articles 11 fraction I and 13 fraction II subsection a) of these general provisions.

To obtain the commission factor on balance of each Administrator, its commission proportion on balance will be weighted with respect to the sum of the commission proportions on balance of the Administrators that have at least one Basic Investment Society eligible to receive Individual Accounts of each Group, in accordance with the formula established in fraction IV of this Annex. The weight of the commission factor on balance will be 60%.

III.

The Voluntary Savings Factor will be calculated in accordance with the following:

a.

For the calculation period, for each Administrator that participates in the Assignment and Reassignment processes of Individual Accounts, the number of Voluntary Savings contributions (whose amount is greater than $50.00, without considering the Solidarity Savings sub-account, nor employer contributions) registered by the Administrators, as well as the number of Individual Accounts in which such contributions have been made, will be considered.

Additionally, the number of Individual Accounts registered in the Administrator will be considered, to obtain the Voluntary Savings proportion through the following formula:

Where:

Voluntary Savings proportion of Administrator j in period t

Number of Voluntary Savings contributions registered by Administrator j in period t.

Number of Individual Accounts in Administrator j that received voluntary contributions during period t.

Average of accounts registered in Administrator j in period t.

Calculation period, equivalent to 12 months in the case of Account Assignment and 24 months for the Reassignment of individual accounts.

each Administrator that belongs to the set of n Administrators whose Basic Investment Societies of the same Group are in the tercile that records the highest Net Performance Indicators (j= 1, 2, ... , n), in accordance with articles 11 fraction I and 13 fraction II subsection a) of these general provisions.

b.

Once the Voluntary Savings proportions for the Administrators that will receive Individual Accounts have been determined, their participation is weighted with respect to the sum of the Voluntary Savings proportions of the Administrators that will receive Individual Accounts in each Basic Investment Society belonging to the same Group according to the formula established in fraction IV of this Annex. This result will be the Voluntary Savings factor. The weight of the Voluntary Savings factor will be 20%.

When the history of an Administrator does not cover the required period, the Commission will consider the Voluntary Savings proportion during those months in which it has a history.

In the case of new Administrators that participate in the Assignment and/or Reassignment process for the first time, the average of the Voluntary Savings proportion observed by the Administrators whose Basic Investment Societies are in the tercile of the highest Net Performance Indicators for Assignment and Reassignment must be considered.

IV.

For the calculation of the factors i of the eligible Basic Investment Society j of each Group, the proportion corresponding to factor i of each of the Basic Investment Societies is weighted with respect to the sum of the proportions of all eligible Basic Investment Societies of the same Group, according to the following formula:

Where:

Factor i of Basic Investment Society j

Proportion of Factor i of Basic Investment Society j

Number of Investment Societies belonging to a Group, eligible to receive Individual Accounts in the Assignment or Reassignment process

V.

The Assignment and Reassignment percentages of Individual Accounts of the j-th eligible Basic Investment Society of each Group are determined by the sum of the product of each factor with its weight, in accordance with the following formula:

Where:

ANNEX E

METHODOLOGY TO CALCULATE THE INVESTMENT CONDITIONS INDICATOR OF EACH

GROUP, THE PEAK-TO-PEAK PERFORMANCE INDICATOR OF THE INVESTMENT CONDITIONS

INDICATOR OF EACH GROUP AND THE TOTAL AMOUNTS TO BE REASSIGNED

I.

The Investment Conditions Indicator referred to in article 2 fraction XI of these general provisions must be calculated for each Group of Basic Investment Societies and will be composed of the following instruments:

1)

A stock index, represented by the Stock and Quotation Index of the Mexican Stock Exchange.

2)

Indices of values issued by the Federal Government of short, medium, and long term, provided by Price Providers. For this effect, government instruments with a maturity term of one year or less will be considered as short term, government instruments with a maturity term greater than one year and less than ten years as medium term, and government instruments with a maturity term of ten years or more as long term.

The Investment Conditions Indicator of each Group of Basic Investment Societies is computed by exploiting the entire investment limit of Stock Equity allowed for the intermediate quarter of each Group of Basic Investment Societies in the general provisions that establish the investment regime to which the specialized investment societies for retirement funds must be subject, and the rest of the Indicator is integrated by indices of government instruments from Price Providers, so that the weights of these instruments will be the following, depending on the quarter of the existence period in which each Group of Basic Investment Societies is located:

Quarter of the investment regime corresponding to the Group of Basic Investment Societies

Instrument

Initial SB

Quarters

1 to 20

Quarters

21 to 40

Quarters

41 to 60

Quarters

61 to 80

Quarters

81 to 100

Quarters

101 to 120

Quarters

121 to 140

Quarters

141 to 160

Stock Equity

60.0%

59.16%

57.3%

54.75%

51.66%

46.85%

39.88%

27.61%

15.07%

Index of short-term

government values

0.0%

0.0%

0.0%

0.0%

0.00%

1.25%

7.68%

14.60%

27.56%

Index of medium-term

government values

0.0%

1.65%

1.96%

2.73%

2.82%

5.60%

7.04%

13.62%

21.03%

Index of long-term

government values

40.0%

39.19%

40.74%

42.52%

45.52%

46.30%

45.40%

44.17%

36.34%

The Risk Analysis Committee may adjust the composition of the Investment Conditions Indicators described in this Annex under the following conditions:

1)

When the Investment Regime of the Basic Investment Societies is modified.

2)

When the number of Basic Investment Societies operated by the Administrators is modified.

3)

When the Board of Directors of the Commission determines any addition or change.

4)

When it is agreed with the Administrators that the Investment Conditions Indicator is inadequate for the intended purposes.

The Commission will make known to the officials that each Administrator authorizes, in a qualitative manner and with due opportunity, the level at which the Investment Conditions Indicators of the Investment Societies are located.

II.

To determine the Peak-to-Peak Performance Indicator of the Investment Conditions Indicator of each Group, the following will be observed:

1)

The Market Return with a 12-month horizon of each of the stock indices and government instruments that make up the Investment Conditions Indicators will be calculated:

III.

Once the Peak-to-Peak Performance Indicator of the Investment Conditions Indicator for each Group is defined, the total amounts that must be reassigned to those Basic Investment Societies that do not meet the Individual Account conservation criteria established in article 13 fraction I subsection a) of these general provisions, will depend on the value of said indicator on the last business day that is part of the period defined for the Reassignment process, in such a way that:

1)

If the indicator is less than zero and greater than or equal to -1.0%, 75% of the total Individual Accounts whose resources are invested in the Basic Investment Societies of the corresponding Group will be reassigned.

2)

If the indicator is less than -1.0% and greater than or equal to -2.0%, 50% of the total Individual Accounts whose resources are invested in the Basic Investment Societies of the corresponding Group will be reassigned.

3)

If the indicator is less than -2.0% and greater than or equal to -3.0%, 25% of the total Individual Accounts whose resources are invested in the Basic Investment Societies of the corresponding Group will be reassigned.

4)

If the indicator is less than -3.0%, the Individual Accounts whose resources are invested in the Basic Investment Societies of the corresponding Group will not be reassigned.

For the purpose of achieving the percentages provided for in the previous items 1) to 4), the proportion of Individual Accounts that each Basic Investment Society must cede will be chosen randomly, in order for the number of Individual Accounts chosen for each Group to be a percentage equal for each case, without exceeding the percentages stated.

IV.

After applying the rules established in article 13 fraction I subsection a) of these general provisions and fraction III above, leaving the total amounts that each Basic Investment Society must reassign defined, regardless of whether the Investment Conditions are Stable or Stressed, if the aggregated amount of the Reassignment for each Group exceeds 1.5% of the Net Asset of the Group in question, determined on the last business day of the measurement period of the Reassignment process, the proportion of Individual Accounts that each Basic Investment Society must cede will be chosen randomly, in order for the amount of the Individual Accounts chosen for each Group to be equal or approximately equal to 1.5% of the Net Asset of the Group, without exceeding this limit, in accordance with the following and what is established in the general provisions on operations of the retirement savings systems issued by the Commission:

The Individual Accounts that, in accordance with the above and what is established in the general provisions on operations of the retirement savings systems issued by the Commission, have not been chosen to meet the 1.5% of the Net Asset of the Group in question, will remain in the Basic Investment Society and the Administrator will have two years, from the last Reassignment process, to register them.

ANNEX F

METHODOLOGY FOR THE CALCULATION OF TERCILES, QUARTILES AND QUINTILES OF THE

DISTRIBUTION OF MARKET RETURNS AND OF THE NET PERFORMANCE INDICATORS

OF THE BASIC INVESTMENT SOCIETIES.

This section describes how the terciles, quartiles, and quintiles of the distribution of Market Returns and of the Net Performance Indicators of Basic Investment Societies must be calculated.

For calculation purposes, the Market Returns or the Net Performance Indicators of Basic Investment Societies, for each required date, are ordered from lowest to highest, and, in general, the following expression is defined:

Percentile

Represents a measure of position to describe the set of observed returns and is the number that divides the observations in the following way:

q is defined as a percentage between 0% and 100%.

The percentile q, referred to as "Percentile(q%)", is a value of the distribution of the observations such that:

• q% of the observations are less than Percentile(q%), and

• (100-q)% of the observations are greater than or equal to Percentile(q%).

I. OF THE PROCEDURE TO CALCULATE THE TERCILES

For calculation purposes regarding item 1, section II of Annex B and item 1 of Annex C of these general provisions, the Market Returns of item 4 of section II of Annex B referred to, for each calendar month, are ordered from lowest to highest.

For the purposes of the process referred to in article 9, fraction II, subsection b), on each date of the measurement period, the Net Performance Indicator of Basic Investment Societies is ordered from lowest to highest.

For the purposes of the process referred to in article 11, the Net Performance Indicator of Basic Investment Societies is ordered from lowest to highest, on the last business day of the last month that is part of the period defined for the Assignment or Reassignment process.

To select the returns of those Basic Investment Societies that are in the lower tercile of returns, which will be denoted as j, this tercile is defined through the following set:

Where:

S 1

Represents the set of Basic Investment Societies, whose indicators of Market Returns or Net Performance Indicators (as applicable) are in the lower tercile or of lowest returns.

Proceed similarly to define the middle tercile and the upper tercile or of highest returns, which are described respectively by the following sets:

II. OF THE PROCEDURE TO CALCULATE THE QUARTILES

For the purposes of the process referred to in article 9, fraction I, subsection b) and article 13, fraction I, the Net Performance Indicator of Basic Investment Societies is ordered from lowest to highest, on each date of the measurement period and, to select those Basic Investment Societies that are in the lower quartile of the Net Performance Indicator, which will be denoted as j, this quartile is defined through the following set:

Where:

Represents the set of Basic Investment Societies whose Net Performance Indicators are in the lower quartile.

Proceed similarly to define the second, third, and fourth quartiles (upper or of highest returns), which are described respectively by the following sets:

III. OF THE PROCEDURE TO CALCULATE THE QUINTILES

For the purposes of the process referred to in article 9, fraction II, subsection a) the Net Performance Indicator of Basic Investment Societies is ordered from lowest to highest, on each date of the measurement period and, to select those Basic Investment Societies that are in the lower quintile of the Net Performance Indicator, which will be denoted as j, this quintile is defined through the following set:

Where:

S1

Represents the set of Basic Investment Societies whose Net Performance Indicators are in the lower quintile.

Proceed similarly to define the second, third, fourth, and fifth quintiles (upper or of highest returns), which are described respectively by the following sets:

Additionally, a rating on a scale of 1 to 5 will be assigned to Basic Investment Societies based on the quintile in which they are located. A rating of 5 will be given to Investment Societies located in the fifth quintile, a rating of 4 to Investment Societies located in the fourth quintile, a rating of 3 to Investment Societies located in the third quintile, a rating of 2 to Investment Societies located in the second quintile, and a rating of 1 to Investment Societies located in the first quintile.

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