Modification to the Agreement of the Board of Directors of the National Commission for the Retirement Savings System Establishing Policies and Criteria on Commissions

DOF: 21/07/2017

MODIFICATION to the Agreement of the Board of Directors of the National Commission for the Retirement Savings System, by which it issues policies and criteria on the matter of commissions

A seal with the National Coat of Arms, which reads: United Mexican States.- Ministry of Finance and Public Credit.- National Commission for the Retirement Savings System.

MODIFICATION TO THE AGREEMENT OF THE BOARD OF DIRECTORS OF THE

NATIONAL COMMISSION OF THE

RETIREMENT SAVINGS SYSTEM, BY WHICH

IT ISSUES POLICIES AND CRITERIA ON

THE MATTER OF COMMISSIONS

The Board of Directors of the National Commission for the Retirement Savings System, in its third ordinary session held on June 28, 2017, based on the provisions of Articles 1, 2, 8 last paragraph, 18 second paragraph, 37 sixth and seventh paragraphs and 37-B of the Law of the Retirement Savings Systems;

6, 7, 8, 9, 11, 12 and 13 of the Regulations of the Law of the Retirement Savings Systems;

1, 2 fraction I, 3, 4, 5, and 8 of the Internal Regulations of the National Commission for the Retirement Savings System, and

CONSIDERING

That according to Article 37 seventh paragraph of the Law of the Retirement Savings Systems, the Board of Directors of the National Commission for the Retirement Savings System has the authority to issue policies and criteria on the matter of commissions, through the definition of clear parameters;

That in accordance with the above, the Board of Directors of this Commission analyzes each year the commission requests presented by each Administrator within the first business days of November for their authorization, observing the following elements:

I.

The amount of assets under management,

II.

The cost structure of the administrators,

III.

The level of other commissions present in the market and

IV.

The other elements that the Board of Directors considers pertinent;

That the primary object of such powers lies in determining whether a commission presented by any of the Retirement Fund Administrators can be considered excessive for the interests of the workers;

That in the "Agreement of the Board of Directors of the National Commission for the Retirement Savings System, by which it issues policies and criteria on the matter of commissions", published in the Official Gazette of the Federation on October 23, 2015, the parameters to be considered for the evaluation of commissions have been established;

That it is necessary to modify said Agreement, to consider the reference portfolio defined by the Retirement Fund Administrators, as an element to be weighted by the Board of Directors, since said reference portfolio is the basis for the definition of the investment strategy and the deviation policy of each Specialized Investment Company for Retirement Funds;

That it is considered necessary to incorporate that element for the purposes of analysis by the Board of Directors in the terms specified, since in the determination of the commissions charged by the Retirement Fund Administrators, the efforts to obtain adequate profitability and security in the long-term investments of the Specialized Investment Companies for Retirement Funds must be considered;

That the above is aligned with what is provided in Article 18 of the Law of the Retirement Savings Systems, insofar as the Retirement Fund Administrators must carry out all necessary actions to obtain adequate profitability and security of the investments of the Specialized Investment Companies for Retirement Funds;

That for the purposes of the above, the Retirement Fund Administrators must attend exclusively to the interest of the workers and ensure that all operations they carry out for the investment of the resources of said workers are carried out with that objective;

That the publication of this Agreement is consistent with the generation of competitive conditions, through variables such as services, commissions and returns, of equality and legal certainty for all Retirement Fund Administrators, by informing them of the elements to be considered by the Board of Directors of the National Commission for the Retirement Savings System, which will allow them to project their economic and financial situation into the future, and,

Has agreed the following:

MODIFICATION TO THE AGREEMENT OF THE BOARD OF DIRECTORS OF THE NATIONAL COMMISSION FOR THE RETIREMENT SAVINGS SYSTEM, BY WHICH IT ISSUES POLICIES AND CRITERIA ON THE MATTER OF COMMISSIONS

First.- The third paragraph of the Methodology for determining excessive commissions for the interests of the workers of the "Agreement of the Board of Directors of the National Commission for the Retirement Savings System, by which it issues policies and criteria on the matter of commissions", published in the Official Gazette of the Federation on October 23, 2015, is MODIFIED, to read as follows:

"Third.- ...

METHODOLOGY FOR DETERMINING EXCESSIVE COMMISSIONS FOR THE

INTERESTS OF WORKERS

...

...

Without prejudice to the foregoing, the Board of Directors will weigh the other elements it considers pertinent in accordance with the provisions of the sixth paragraph of Article 37 of the Law of the Retirement Savings Systems such as the historical performance of the net return obtained by each Administrator, the income of each Administrator, its net profit, its Return on Capital and its Return on Assets, and the consistency of the investment strategy with the definition of the reference portfolio that each Administrator evaluates of each Investment Company that operates, as well as the follow-up to the convergence policy of the portfolio to said reference portfolio, in accordance with the General Provisions on financial matters of the Retirement Savings Systems. "

TRANSITORY

SINGLE.- This modification will enter into force on the next business day following its publication in the Official Gazette of the Federation.

With the entry into force of this modification, anything that contravenes this is repealed.

Mexico City, July 19, 2017. - Based on the provisions of Articles 8, last paragraph, 9 Third paragraph, 11 and 12 fractions I, VIII, XIII and XVI of the Law of the Retirement Savings Systems;

2 fraction III, 4 third and fourth paragraphs and 8 first paragraph of the Internal Regulations of the National Commission for the Retirement Savings System,

the President of the National Commission for the Retirement

Savings System,

Carlos Ramírez Fuentes.- Signature.

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