Modification to the General Provisions Governing Retirement Fund Administrators Regarding Their Promoting Agents

DOF: 22/02/2022

MODIFICATION to the General Provisions to which Retirement Fund Administrators must be subject regarding their Promoting Agents

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

MODIFICATION TO THE GENERAL PROVISIONS TO WHICH RETIREMENT FUND ADMINISTRATORS MUST BE SUBJECT REGARDING THEIR PROMOTING AGENTS

The President of the National Commission of the Retirement Savings System, with the favorable opinion of the Advisory and Oversight Committee, based on articles 1, 2, 5, fractions I, II, XII and XVI, 12 fractions I, VIII and XVI, 16 fraction XIII and 36, of the Law of the Retirement Savings Systems; 1, 34, 45, 60, 67 fractions II, XII and XIII, 68 fractions XI, subsection b) and XXIII, 104 and 105 of the Regulations of the Law of the Retirement Savings Systems; 1, 2, fraction III and 8 of the Internal Regulations of the National Commission of the Retirement Savings System, and

CONSIDERING

That article 18 of the Law of the Retirement Savings Systems establishes that Retirement Fund Administrators (Administrators) are financial entities that habitually and professionally dedicate themselves to the administration of individual accounts, in order to obtain adequate profitability and security in the investments they make. Furthermore, in the fulfillment of their functions, they must attend exclusively to the interest of Users;

That the results of the 2017 national survey "Knowledge and perception of the Retirement Savings System 20 years after its creation" indicate that only 11% of those interviewed mentioned saving for their retirement, 60% indicated that they chose their Administrator by recommendation, 44% were unaware that their Administrator generates returns from the investment of their resources, 61% were unaware of the approximate percentage of returns generated by their retirement savings, and 32% knew that Administrators charge a commission for the administration and investment of their resources;

That as a result of the low knowledge of the rights derived from the individual account, the worker has low sensitivity in the choice of their Administrator in the search for better returns and services. This has generated a distortion in the spending of Administrators, dedicating a large part of their resources to the dispute of clients based on promotion and not on the search for services or returns that contribute to a better replacement rate;

That the affiliation and transfer spending of Administrators increased from 7,360.2 billion pesos in 2013 to 8,778.1 billion pesos for 2020, and it is estimated that for 2021 it will exceed that figure, which represents, on average, more than 40 percent of the total spending of the administrators during this period;

That in accordance with article 5, fraction I of the Law of the Retirement Savings Systems, the Commission has the authority to regulate, through the issuance of general provisions, matters related to the operation of retirement savings systems, determining the procedures for their proper functioning;

That in accordance with article 5, fraction XII of the Law of the Retirement Savings Systems, the Commission has the authority to issue general rules to determine the manner in which administrators must remunerate their promoting agents, whether these have an employment relationship with the administrator or provide their services through third parties;

That through the exercise of the regulatory powers of the Commission in matters of determining the manner in which Administrators must remunerate their Promoting Agents, it is possible to influence improvements to the System as a whole by aligning incentives with the interest of workers;

That, in some cases, the economic incentives that Administrators grant to their Promoting Agents generated the adoption of unfair commercial practices to the detriment of the interests of savers, such as the illegal sale of personal databases and that Promoting Agents from various Administrators collude to maintain a continuous transfer of individual accounts between Administrators, with the objective of increasing their remuneration;

That the factors mentioned above generate inefficient competition that causes high costs for Administrators and there is no benefit for the worker that translates into better returns or quality of services;

That the incentives of the personnel of Administrators must be focused on factors that contribute to increasing retirement savings and consequently improve the replacement rate or help the worker exercise their right to choose which institution will manage their Individual Account for the first time;

That in accordance with article 36 of the Law of the Retirement Systems, the Commission must keep a registry of the promoting agents of the Administrators and establish the requirements that said promoting agents must meet for their registration therein;

That in order to comprehensively align incentives in favor of workers, it is necessary to make regulatory modifications to the current scheme of requirements necessary for Promoting Agents to perform the functions of Registration, Transfer and those others they carry out for the Administrators;

That, in order to achieve efficiencies in the training processes, Administrators must be allowed to directly determine the training programs for their Promoting Agents;

That currently in the Retirement Savings System there is the figure of Promoting Agent and Service Agent, which share similar characteristics regarding training, requirements to function, evaluation, among others;

That in order to generate a reduction in spending and generate efficiencies, it is necessary to create a figure that brings together the functions of Promoting Agents and Service Agents, so that they complement each other and create positive synergies to provide better service to workers, while simplifying the applicable regulations in this matter to Administrators;

That the figure that simplifies these functions in benefit of the workers is that of the Previsional Advisor, with which the regulatory costs of having two figures with separate functions, but similar regulatory requirements, are reduced;

That with the creation of the figure of Previsional Advisor, objective promotion of pension education for the worker will be fostered so that he/she is sensitive to the variables of the system to make the best decision regarding his/her Individual Account;

That it is necessary for Administrators to transform their current business schemes so that they focus on increasing the quality of user attention and obtaining better returns, seeking at all times the interest of the workers;

That as a result of the evolution of information technologies, it is necessary to update the rules on the issuance of credentials that identify Promoting Agents, as well as to establish clear and precise rules for their treatment in the case of cancellation or loss of validity, and

That in order to comply with what is established in article 78 of the General Law of Regulatory Improvement, deregulation actions derived from the issuance of these modifications must be considered, specifically in articles 3, fraction III; 7, fractions IX and XX; 11, fraction III; 21, fifth paragraph; 50, second paragraph; 53; 54; 55 and Transitory Second; as well as those derived from articles 176 and 210 of the Modifications and additions to the General Provisions in matters of operations of the retirement savings systems, published in the Official Journal of the Federation on May 15, 2020, whose deregulatory actions were recognized through the letter CONAMER/20/1832 dated April 23, 2020, all of the above in terms of the corresponding Regulatory Impact Analysis that was ruled on by the National Commission for Regulatory Improvement, has issued the following:

MODIFICATION TO THE GENERAL PROVISIONS

TO WHICH MUST BE SUBJECT

RETIREMENT FUND ADMINISTRATORS

REGARDING THEIR PROMOTING AGENTS

The denomination of Chapter II and its sections I, II, IV, V, VI; VIII; the denomination of Chapter III; the denomination of Chapter IV; the denomination of Chapter V; the denomination of Chapter VI;

IV, V and VI, articles 1; 2 fractions I, II, IV, XI, XIII, XIV and XV; 3 first paragraph, fraction II, and third paragraph; 4; 5; 6; 7 fraction XV; 8; 9; 10; 11 fractions II, IV, VI and third paragraph;

12 fraction I; 13 fractions II and III and second paragraph; 14; 15; 16 first, third and fourth paragraphs; 17 first paragraph, fraction II and second paragraph; 18; 19; 20; 21 first, second and fifth paragraphs; 22; 27 second paragraph; 28; 32 third paragraph; 34; 35; 38; 39 first paragraphs, fractions I, II, III, subsection d, IV in its first paragraph and subsection g, and second paragraph; 40 first paragraphs, fractions I, III, IV and V; 41; 42, first paragraph,

fractions II and III, and second paragraph; 43, first paragraph, fraction II, and second paragraph; 44; 45 first and second paragraphs; 46; 47; 48; 49; 50; 51; 52; 57, first paragraph, second, fractions I and II; 58 second paragraph; 59; 60 and 62; Annex A, its denomination, on the front of the format, its numeral 4 and last paragraph;

Annex B, its denomination, first paragraph, fractions I, IV, V, IX and X; articles 1 with fractions I bis, V bis, VII bis, XII bis and XVI are ADDED; 12 with a second paragraph; 21 with sixth and seventh paragraphs; 23 bis, 39 with a fraction V; articles 3, fraction III; 7, fractions IX and XX; 11, fraction III; 12, fraction II; 36; 53; 54; 55; 56; Annex B fractions, V, subsection b and VIII, are REPEALED, to read as follows:

" INDEX

...

CHAPTER II

OF THE REGISTRATION AND PERMANENCE OF THE PROMOTING AGENT AND THE PREVISIONAL ADVISOR

CHAPTER III

OF THE FUNCTIONS AND OBLIGATIONS OF THE PROMOTING AGENT AND THE PREVISIONAL ADVISOR

CHAPTER IV

OF THE LIABILITY OF ADMINISTRATORS FOR THE ACTS CARRIED OUT BY THEIR

PROMOTING AGENTS AND THEIR PREVISIONAL ADVISORS

CHAPTER V

OF THE REMUNERATION REGIME OF PROMOTING AGENTS AND PREVISIONAL

ADVISORS

CHAPTER VI

OF THE INFORMATION OF PROMOTING AGENTS AND PREVISIONAL ADVISORS "

" Article 1. These general provisions have as their object to establish the obligations, responsibilities and requirements that Administrators must comply with regarding persons who perform the function of Promoting Agent and Previsional Advisor. "

" Article 2.

...

I .

Promoting Agent, to natural persons who are registered in the Registry of Promoting Agents referred to in article 36 of the Law, who in terms of said numeral may carry out, on behalf and for the account of an Administrator, commercialization, promotion, orientation and attention of requests activities, in order to carry out the Registration or Transfer of Individual Accounts, in the cases provided for in the Law, the Regulations and these general provisions;

I bis.

Previsional Advisor: to natural persons who are registered in the Registry of Promoting Agents referred to in article 36 of the Law, who in terms of said numeral may carry out, on behalf and for the account of an Administrator, commercialization, promotion, orientation and attention of requests activities, in order to carry out the Registration or Transfer of Individual Accounts, in the cases provided for in the Law, the Regulations and these general provisions, as well as to the person hired or subcontracted by a Retirement Fund Administrator in accordance with the applicable provisions in labor matters, authorized to intervene in the formation, updating and validation of the Worker's Identification Files, to receive and attend to service requests in accordance with the provisions in matters of user service of the Retirement Savings System issued by the Commission and other procedures that Workers request from the Administrators in terms of the General Provisions in matters of Operations of the Retirement Savings Systems;

II.

Code of Ethics, to the Code of Ethics of Promoting Agents and Previsional Advisors issued by the Pension Council;

III.

...

IV .

Credential of Promoting Agent or Previsional Advisor, to the unique and non-transferable identification document issued by an Administrator in favor of its Promoting Agents or Previsional Advisors, which may be physical or electronic;

V.

...

V bis.

Certification Exam. To that applied by the Evaluating Institution designated by the Commission so that the latter certifies the Previsional Advisors to exercise their functions, in addition to evaluating their technical capabilities;

VI.

...

VII.

...

VII bis.

Recertification Exam, to that applied by the Evaluating Institution designated by the Commission to the Previsional Advisors that the Administrators nominate to renew their Previsional Advisor certification, in order to evaluate their technical capabilities;

VIII to X

...

XI .

Unique Training Manual, to that designed by the Administrators to carry out the training of Promoting Agents and Previsional Advisors;

XII .

...

XII bis .

Evaluation Program, to that prepared by the Evaluating Institution designated by the Commission for the evaluation of the technical capabilities of Previsional Advisors;

XIII .

Registry of Promoting Agents, to the database in which Promoting Agents and Previsional Advisors who provide services to Administrators will be registered, provided for in article 36 of the Law;

XIV .

SIAP, to the Promoting Agent and Previsional Advisor Information System operated by Operating Companies for the consultation and verification of records and data related to Promoting Agents and Previsional Advisors, by the general public, and which is available online through the means determined by the Transactional Procedures Manual;

XV .

Independent Third Party, to the legal entity that Administrators hire jointly, to prepare and apply the Validation and Revalidation Exams for Promoting Agents, and

XVI .

Evaluating Institution, the one designated by the Commission to apply the exams for the certification and recertification of Previsional Advisors. "

" CHAPTER II

OF THE REGISTRATION AND PERMANENCE OF THE PROMOTING AGENT AND THE PREVISIONAL ADVISOR "

" Section I

Of the Requirements to be a Promoting Agent or Previsional Advisor "

" Article 3. Administrators must verify that persons who apply to serve as Promoting Agents or Previsional Advisors meet the following requirements:

I .

...

II .

Have the necessary technical capacity to perform the functions of Promoting Agent or Previsional Advisor, which will be accredited with the certificate of approval of the Validation, Revalidation, Certification, Recertification or Control Exams administered to them, as the case may be;

III .

Repealed.

IV. to VI

...

...

Administrators must keep available to the Commission the documents with which it is accredited that their Promoting Agents and their Previsional Advisors meet the requirements to serve as such. "

" Article 4. In protection of the interests of Workers, Administrators must ensure that officials, employees and other persons who direct, coordinate or execute the policies and commercial activities of an Administrator, as well as those who supervise Promoting Agents and Previsional Advisors, with the exception of the General Director and the Commercial Director or the official with the highest level within the commercial structure of the Administrator, have a valid registration of Promoting Agent or Previsional Advisor. "

" Section II

Of the Registry of Promoting Agents "

" Article 5. Administrators, prior to initiating the registration process of a Promoting Agent or Previsional Advisor in the Registry of Promoting Agents, must consult through the SIAP that they do not have a valid registration relating them to another Administrator, and must also ensure that they meet the requirements referred to in article 3 of these general provisions. "

" Article 6. The Commission, through the Operating Companies, will maintain the Registry of Promoting Agents in which Administrators have registered their Promoting Agents and Previsional Advisors, as well as officials and other persons who must have such character in terms of these general provisions.

Operating Companies, based on the information provided to them by Administrators, must identify in the Registry of Promoting Agents the CURP and the registration number of the Promoting Agent or Previsional Advisor in question and relate it to the CURP and the registration number of the Promoting Agent or Previsional Advisor of the official to whom they are subordinate, according to the commercial structure of the Administrator. "

" Article 7. The Registry of Promoting Agents must contain, at least, the following information:

I to VIII. ...

IX .

Repealed.

X. to XIV . ...

XV .

History of Administrators for whom they have served as a Promoting Agent or Previsional Advisor;

XVI to XIX . ...

XX .

Repealed. "

" Article 8. Operating Companies will have a registration number for each Promoting Agent or Previsional Advisor.

Operating Companies must ensure that they maintain the historical information of the Promoting Agent or Previsional Advisor in the Registry of Promoting Agents. "

" Article 9 . Operating Companies are responsible for guaranteeing the security, integrity, confidentiality and traceability of the information of Promoting Agents and Previsional Advisors provided to them by Administrators.

Administrators are responsible for updating the information related to Promoting Agents and Previsional Advisors in the Registry of Promoting Agents, as well as that the information they provide is true and meets the technical characteristics determined for such effect by the Operating Companies. "

" Article 10 . Administrators must request the registration of natural persons who apply as Promoting Agents or Previsional Advisors, which, to be effectively registered, must meet the requirements to perform the functions of Promoting Agent or Previsional Advisor, in accordance with what is provided in these general provisions.

Administrators must not allow a person to perform activities characteristic of a Promoting Agent, on behalf and for the account of the Administrator, until their registration in the Registry of Promoting Agents is carried out, in accordance with what is provided in these general provisions. "

" Article 11.

...

I . ...

II .

Certificate with which it is proven that the person passed the Validation or Certification Exam;

III.

Repealed.

IV.

The documentation with which it is accredited that the Promoting Agent or Previsional Advisor meets the requirements established in article 3 of these general provisions.

V . ...

VI .

The Electronic File in accordance with what is provided in " Annex B " of these provisions.

...

Likewise, the information referred to in this article must be added to the Electronic File of the Promoting Agent or Previsional Advisor. "

" Article 12 . ...

I .

Persons regarding whom their registration as a Promoting Agent or Previsional Advisor is requested do not have a valid registration of Promoting Agent or Previsional Advisor registered by another Administrator;

II .

Repealed.

III .

...

The integration and verification of the information of the registration requests will correspond to the Administrators who request it. "

" Article 13. Operating Companies must reject registration requests in the Registry of Promoting Agents presented by Administrators when:

I .

...

II.

It is identified that in the Registry of Promoting Agents there is a valid registration of Promoting Agent or Previsional Advisor for the same person in another Administrator, and

III.

It is identified that, if there is a registration of Promoting Agent or Previsional Advisor, it had been cancelled or suspended by the Commission.

Operating Companies must assign a registration number for each Promoting Agent or Previsional Advisor. The registration number of Promoting Agent or Previsional Advisor assigned by Operating Companies will be unique, personal and non-transferable. "

" Article 14 . The registration numbers of Promoting Agents and Previsional Advisors will have a validity of three years, counted from the date of registration in the Registry of Promoting Agents and may be renewable for equal periods. "

" Article 15 . Operating Companies must inform Administrators of the result of the registration request in the Registry of Promoting Agents and, if applicable, the number of Promoting Agent or Previsional Advisor, the date of registration, or the reason for rejection as appropriate, no later than the next business day after they received the registration requests.

Operating Companies must update the Registry of Promoting Agents no later than the next business day after they have received the registration requests that are deemed appropriate. "

" Section IV

Of the renewal of the registration of Promoting Agents or Previsional Advisors "

" Article 16 . Administrators may request from Operating Companies the renewal of the registration of their Promoting Agents or Previsional Advisors, within the forty-five business days prior to their expiration date.

...

This, without prejudice to the fact that Administrators may request the registration of the Promoting Agent or Previsional Advisor in the Registry of Promoting Agents again, in accordance with what is provided in the previous section.

The renewal of the registration cannot be carried out by an Administrator different from the one that registered the Promoting Agent or Previsional Advisor in the Registry of Promoting Agents. "

" Article 17 . Administrators that request the renewal of the registration of a Promoting Agent or a Previsional Advisor must present to Operating Companies the following:

I.

...

II.

Certificate of revalidation or recertification of the Promoting Agent or Previsional Advisor, with which it is proven that they passed the Revalidation or Recertification Exam.

Administrators cannot process the renewal of the registration of those Promoting Agents or

Pension Advisors who have not accredited the Revalidation or Recertification Exam.

Article 18. Operating Companies must receive and process the renewal applications for the registration of Promoting Agents and Pension Advisors submitted by the Administrators, and verify that these are accompanied by the documentation referred to in the previous article, as well as that it meets the characteristics foreseen in the Transactional Procedures Manual.

Article 19. Administrators, prior to requesting the renewal of the registration of their Promoting Agents or Pension Advisors, must ensure that each of them has accredited the Revalidation or Recertification Exam referred to in these general provisions.

Article 20. Administrators are responsible for the revalidation or recertification of the registration of their Promoting Agents and their Pension Advisors.

Section V
Of the Credential of Promoting Agent or Pension Advisor

Article 21. Administrators must issue credentials that fully identify their Promoting Agents and Pension Advisors, which must be issued considering the elements foreseen in "Annex A" of these general provisions.

Administrators must generate the Credential of Promoting Agent or Pension Advisor in such a way that they are inalterable. Likewise, said Credentials shall be non-transferable and exclusive to the Administrator issuing them.

...

...

Administrators may use electronic credentials for Promoting Agents or Pension Advisors or Electronic Media that substitute the credential, provided they comply with the elements foreseen in "Annex A" of these general provisions.

The Administrator must update the Electronic File of the Promoting Agents or Pension Advisors with the image of the current credential, within a period not exceeding 30 calendar days, counted from its date of issuance.

The Electronic Media that substitute the credential of Promoting Agent or Pension Advisor must be made known to the Commission.

Article 22. In cases where the registration of a Promoting Agent or Pension Advisor is cancelled or deregistered, the Administrator must ensure that the credential identifying them as such, as well as access keys or other resources associated with the activity of Promoting Agent or Pension Advisor, are rendered void, within a period not exceeding 10 calendar days following the conclusion of the relationship linking them.

Administrators must maintain evidence of the foregoing, available to the Commission at all times.

Section VI
Of the Validation and Revalidation of Promoting Agents and of the Certification and Recertification of Pension Advisors

Article 23 bis. Pension Advisors must accredit their technical capacity through the Evaluating Institution designated by the Commission for this purpose, so that the latter certifies them to perform the functions they carry out. The certification shall have a validity of 3 years.

The minimum passing grade for the Certification and Recertification Exam shall be 80% of the content thereof, as applicable.

The Commission will publish through its internet portal and the Evaluating Institution, study guides based on which the Certification or Recertification Exams will be established, with the objective that Administrators can establish their training program.

The Commission must issue the corresponding call for the certification or recertification processes, in which it must indicate the requirements, the calendar of events for the application of the exams, and the application modalities.

Persons who are certified as Pension Advisors will automatically obtain validation as Promoting Agents.

Article 27.

...

The results referred to in the preceding paragraph must be available to the Commission at any time.

Article 28. The candidate who does not obtain a passing grade, based on what is established in Article 26 of these general provisions, may present in subsequent validation or revalidation events the exams that the Administrator deems convenient. Once the candidate has accredited the Revalidation Exam, the Administrator sponsoring them must attend to the registration renewal procedure for the Promoting Agent referred to in these general provisions. The foregoing shall also apply to Certification and Recertification attending to what is provided in Article 23 bis of these provisions.

Article 32. ...

...

Registration and Transfer applications associated with the Promoting Agent who has been suspended for the reason referred to in this article, will remain pending until concluded in accordance with the general provisions on operations of the retirement savings systems issued by the Commission.

...

Section VIII
Of the deregistration, suspension or cancellation of the number of Promoting Agent or Pension Advisor

Article 34. Administrators must request Operating Companies to deregister the numbers of Promoting Agents or Pension Advisors who cease to act in the name and on behalf of said financial entities, within fifteen calendar days following the conclusion of the relationship linking them, through the electronic communication means established in the Transactional Procedures Manual.

Within the same period referred to in the preceding paragraph, Administrators must provide Operating Companies with the name of the Promoting Agent or Pension Advisor, CURP, registration number, as well as the reason for the deregistration. The reasons for which the suspension or cancellation of the registration of a Promoting Agent or Pension Advisor originates must be registered in the SIAP.

On the same day that the deregistration of the Promoting Agents or Pension Advisors in question is applied, Operating Companies cannot receive or attend to new requests for any procedure carried out by them.

Requests managed prior to the deregistration of the Promoting Agent or Pension Advisor referred to in this article, will remain pending until concluded in accordance with the general provisions on operations of the retirement savings systems issued by the Commission.

Without prejudice to what is provided in the preceding paragraph, Administrators must establish the necessary controls to prevent prejudice to the rights of Workers who chose to have their Individual Account registered or transferred to that Administrator through the Promoting Agent or Pension Advisor who has been deregistered.

The omission in the presentation of the notice mentioned in the first paragraph of this article, holds the Administrator responsible for the acts carried out by the Promoting Agents or Pension Advisors who have ceased to provide their services, from the date of termination of the existing relationship between them and until the presentation of the corresponding notice. Likewise, the presentation of said notice does not exempt the Administrator from the responsibility imposed by Article 36 of the Law, for all the time in which the Promoting Agent or Pension Advisor has served as such.

Operating Companies, no later than the next business day after the notice referred to in the first paragraph of this article, will register the deregistration of the Promoting Agent or Pension Advisor in the Register of Promoting Agents.

Article 35. In accordance with what the Law establishes and according to the procedure provided in the Regulation, the Commission will suspend or cancel the registration of a Promoting Agent or Pension Advisor when:

I.
The Promoting Agent or Pension Advisor processes the Registration or Transfer of an Individual Account under the following circumstances:

a)
Without express consent, through mechanisms authorized by the Commission, of the Worker who is the holder of the Individual Account;

b)
The Worker's consent is obtained through deception, fraud, bad faith, or any other similar conduct, and

c)
It is carried out through the use of false or altered documents or through the falsification of signatures, or through the delivery of any counter-performance or benefit.

II.
The Promoting Agent or Pension Advisor fails to comply with any of the requirements foreseen in these provisions;

III.
The Promoting Agent or Pension Advisor commits serious offenses in the exercise of their activity, and

IV.
The Promoting Agent does not accredit the Control Exams referred to in these provisions.

Serious offenses in the exercise of the activities of Promoting Agent or Pension Advisor are understood to be those referred to in Articles 42 and 43 of these general provisions; the infractions or non-compliance with the general provisions issued by the Commission and those that are thus valued by it at the time of suspending or cancelling the registration of the Promoting Agent or Pension Advisor, considering the gravity of the offense, in accordance with what is provided in the Law and its Regulation.

Article 36. Repealed.

CHAPTER III
OF THE FUNCTIONS AND OBLIGATIONS OF THE PROMOTING AGENT AND THE PENSION ADVISOR

Article 38. Administrators must verify that their Promoting Agents and Pension Advisors perform their functions personally, in the name and on behalf of the Administrator that registers them in the Register of Promoting Agents.

Article 39. The functions of Promoting Agents and Pension Advisors are:

I.
To direct, supervise, and execute policies and activities of guidance, promotion, and attention of requests whose objective is to obtain the Registration or Transfer of Workers' Individual Accounts;

II.
To supervise and monitor the performance and conduct of other Promoting Agents or Pension Advisors who, in their case, have subordinates;

III. ...

a. to c. ....

d. Processes, requirements, and duration of the Registration and Transfer processes of Individual Accounts;

e. to g. ...

IV.
To receive and process the Registration and Transfer requests submitted by Workers to the Administrators, in accordance with what is provided in the general provisions on operations of the retirement savings systems issued by the Commission, for which they must:

a. to f. ...

g. Those others established in the Registration and Transfer processes of Individual Accounts.

V.
Likewise, they may attend to service requests and provide pension advice.

The functions referred to in fractions I and II above may only be performed by the Promoting Agents and Pension Advisors that Administrators designate to direct or supervise the execution of policies and activities of guidance, promotion, and attention of requests.

Article 40. Administrators must verify that Promoting Agents and Pension Advisors, in their relationship with Workers, carry out at least the following:

I.
To provide their full name, their Promoting Agent registration number, and exhibit the Credential of Promoting Agent or Pension Advisor to identify themselves;

II. ...

III.
To inform the Worker about the powers and obligations they have as a Promoting Agent or Pension Advisor;

IV.
To inform the requirements for the Registration and Transfer of Individual Accounts, as applicable, and

V.
To inform that Administrators cannot guarantee, in any way, returns, preferential commissions, special benefits, return of resources, disposal of resources, diverse goods, prizes in kind or in money, for the fact of carrying out procedures related to the functions of the Promoting Agent or Pension Advisor.

Article 41. Administrators must ensure and guarantee that Promoting Agents and Pension Advisors, in the performance of their functions, respect the decisions of Workers; act with ethics and transparency; provide Workers with truthful, complete, and updated information. Likewise, both Administrators and Promoting Agents and Pension Advisors must abstain from using payrolls, checklists, files, databases, computer systems, or any other mechanism or tool that have been obtained without having the right to do so, that violate the privacy of Workers or that allow them to generate massive procedures for the Registration or Transfer of Individual Accounts.

Article 42. Administrators must inform their Promoting Agents and Pension Advisors that they are prohibited from carrying out the following activities:

I. ...

II.
To offer, grant, promise, or cede money, objects, or any other performance or benefit to Workers, companies, unions, or persons who can influence them to obtain their consent through fraud, bad faith, or similar conduct, whether directly or indirectly, whether related or not to their Individual Account or to the services offered by the Administrator, with the purpose of compromising or conditioning the Registration or Transfer procedures of the Individual Account, and

III.
To offer or grant products or services from other entities, financial institutions, service providers, or marketers of products of any kind or nature, in exchange for the consent of Workers to perform the Registration or Transfer of their individual account.

The execution of the activities by Promoting Agents and Pension Advisors referred to in this article, will be considered serious offenses.

Article 43. Administrators will verify that, through their Promoting Agents and Pension Advisors, the following activities are not carried out:

I.
Requests are processed that have as support false or altered documents or through the falsification of documents, images, or signatures, and

II.
They transmit, lend, or alienate their Promoting Agent or Pension Advisor registration number, represent another Promoting Agent or Pension Advisor, or have themselves represented by a third party; sign Workers' requests that had not been managed personally and directly by them; as well as receive requests or intervene in the management of procedures that Workers request from an Administrator other than the one they serve.

The execution of the activities by Promoting Agents or Pension Advisors referred to in this article, will be considered serious offenses.

Article 44. Administrators must verify that Promoting Agents and Pension Advisors, outside the strict exercise of their function and for the times established in the general provisions issued by the Commission for this effect, are prohibited from accumulating, conserving, sharing, or alienating any information that has been provided to them by Workers, whether in physical or digital form.

CHAPTER IV
OF THE LIABILITY OF ADMINISTRATORS FOR THE ACTS CARRIED OUT BY THEIR PROMOTING AGENTS AND THEIR PENSION ADVISORS

Article 45. Administrators will respond directly for the activities of their Promoting Agents and Pension Advisors.

Likewise, Administrators are responsible for the correct functioning of the Registration and Transfer processes of Individual Accounts managed by their Promoting Agents and Pension Advisors, and that they are carried out in strict compliance with the Law, its Regulation, and the general provisions issued by the Commission for this effect.

...

Article 46. Administrators are responsible for verifying that their Promoting Agents and Pension Advisors maintain the confidentiality of the information of Workers and their Individual Accounts.

The Electronic Media that Administrators make available to Promoting Agents and Pension Advisors, for the exercise of their functions, must guarantee that, through them, no information is conserved that allows the external generation of databases and will be available to the Commission.

Article 47. Administrators must have control mechanisms that allow them to verify and guarantee that the activities and procedures carried out by Promoting Agents and Pension Advisors, adjust to and comply with the requirements provided in the Law, the Regulation, and the general provisions issued by the Commission.

Article 48. Administrators, when they identify risk factors in the Registration and Transfer processes of Individual Accounts, must implement the necessary preventive or corrective measures to mitigate them.

Article 49. When, in the exercise of its supervision and monitoring powers, the Commission detects that the rejections of Registration or Transfer Requests by Operating Companies are attributable to Promoting Agents or Pension Advisors, Administrators will be subject to the sanctions provided by the Law.

Additionally, Administrators must attend to the opinions that the Pension Council may issue, in their case, on the conduct of Promoting Agents and Pension Advisors that, contrary to the principles and guidelines contained in the Code of Ethics, affect the interests of Workers, so that appropriate measures are established.

Article 50. Administrators must have personnel responsible for receiving and processing complaints that Workers present regarding the service and conduct of their Promoting Agents or Pension Advisors.

In the case that complaints related to the service and conduct of their Promoting Agents or Pension Advisors are presented, Administrators must inform the Commission within ten business days following the verification or confirmation of the complaint.

Article 51. The Governing Body of each Administrator must establish policies and procedures to avoid any possible conflict of interest in the development of the activities of their Promoting Agents or Pension Advisors.

Article 52. Administrators must receive, attend to, and resolve doubts or queries presented by Promoting Agents or their Pension Advisors regarding their registration and the provision of their services, as well as give attention to conflicts that may arise with their Promoting Agents or Pension Advisors.

Article 53. Repealed.

Article 54. Repealed.

Article 55. Repealed.

Article 56. Repealed.

Article 57. Administrators must integrate, safeguard, and update, at least every 3 years, the Electronic Files of Promoting Agents and Pension Advisors in a centralized manner, under standards that guarantee the security, integrity, and confidentiality of their information.

The Electronic Files of Promoting Agents or Pension Advisors must contain at least the following:

I.
The Digital Manual Signature of the Promoting Agent or Pension Advisor, and

II.
The data and digitized documents that allow the identification of the Promoting Agent or Pension Advisor, as well as the information referred to in Annex B of these general provisions.

...

...

Article 58. ...

Operating Companies must integrate, safeguard, administer, and update the databases that are necessary, related to the Electronic Files of Promoting Agents and Pension Advisors.

...

CHAPTER V
OF THE REMUNERATION REGIME OF PROMOTING AGENTS AND PENSION ADVISORS

Article 59. The manner in which Administrators remunerate and incentivize their Promoting Agents or Pension Advisors must be by the activity performed by them, seeking the free and informed decision of the worker regarding the administration of their Individual Account.

Administrators must inform the Commission about the annual remuneration scheme of their Promoting Agents and Pension Advisors in the month of December of the year prior to the validity period of said scheme. Modifications that Administrators make to said schemes must be informed to the Commission within ten business days following their modification.

The payment schemes referred to in the preceding paragraph, must only contemplate that the resources that the Administrator allocates to its Promoting Agents and Pension Advisors, in their variable part, are based on the following:

a)
The Registration of individual accounts that they carry out.

b)
The Voluntary Savings contributions that Workers make by any available means, as a result of the management of the Promoting Agent or Pension Advisor. The transfer of Individual Accounts that have voluntary contributions in any of their sub-accounts will not be considered.

The remuneration scheme in its variable part cannot include cash or in-kind payments for the concept of transfers of Individual Accounts or of the balance of the Individual Account.

CHAPTER VI
OF THE INFORMATION OF PROMOTING AGENTS AND PENSION ADVISORS

Article 60. The Commission, on its internet page, will make available to the general public the electronic address of the SIAP, which will contain the following information about Promoting Agents and Pension Advisors who are registered in the Register of Promoting Agents:

I.
Data of the Promoting Agent or Pension Advisor:

II.
Promoting Agent or Pension Advisor registration number;

III.
Status of the Promoting Agent or Pension Advisor registration (active/Inactive);

IV.
Name of the Administrators and the time periods during which they have provided their services as Promoting Agent or Pension Advisor, and

V.
In their case, cause of deregistration, cancellation, or suspension.

Article 62. The Commission, in the exercise of its supervision powers, may require from Administrators and Operating Companies any information related to the performance of the functions of Promoting Agents and Pension Advisors and that contained in the Register of Promoting Agents.

Participants in the Retirement Savings Systems must keep available to the Commission the information, data, or documents related to Promoting Agents and Pension Advisors

that register in the Register of Promoting Agents, in accordance with the Law, the Regulations, and the general provisions issued by the Commission. "

" ANNEX "A"

Format of the Promoting Agent and Pension Advisor Credential

...

1. to 3. ...

4.

NAME OF THE PROMOTING AGENT OR PENSION ADVISOR. The full name of the natural person registered in the Register of Promoting Agents by the Administrator, to carry out the activity of Promoting Agent or Pension Advisor, in the name and on behalf of the Administrator, will be indicated.

5. to 7. ...

...

8. to 10.

...

Without prejudice to complying with the requirements and format provided in this Annex, Administrators may choose the design of the credential for their Promoting Agents or Pension Advisors, in accordance with their corporate image. "

" ANNEX B

Electronic File of the Promoting Agent and the Pension Advisor

The Electronic File of the Promoting Agents and Pension Advisors hired by the Administrators must contain the following:

I.

Personal data of the Promoting Agent and the Pension Advisor, considering at least:

a. to J.

...

II. and III.

...

IV.

History of Administrators for whom they have provided services;

V.

Certificate of approval of the Validation, Revalidation, Certification, and Recertification Exams for Promoting Agents and Pension Advisors, as applicable;

a.

Digital fingerprint, and

b.

Repealed

VII.

...

VIII. - Repealed.

IX.

Image of the Promoting Agent or Pension Advisor credential;

X.

Information and documentation related to the activity and performance of the position of the Promoting Agent or Pension Advisor, including communications to and from authorities related to said activity and performance;

XI. to XII.

...

TRANSITORY PROVISIONS

FIRST. These modifications shall enter into force the day following their publication in the Official Gazette of the Federation, with the exception of what is provided in:

I.

Article 23 bis. of these modifications, regarding certification, which shall enter into force on the first business day of October 2022. However, with the publication of the syllabus on which the Certification and Recertification Exams will be based, Administrators may begin the design and application of the training and control program determined by the Administrator, and

II.

Article 59 of these modifications, Administrators may present to the Commission by the last business day of February 2022 their remuneration and incentive scheme that they will apply starting from March 1, 2022.

SECOND. Starting from the first business day following the publication of these provisions, what is provided in Chapter V, Sections III and IV, of the General Provisions on User Service in Retirement Savings Systems is repealed.

Starting from the first business day of January 2023, what is provided in Chapter V of Section II, of the General Provisions on User Service in Retirement Savings Systems is repealed.

With the entry into force of these modifications, all those provisions that contravene these are repealed.

THIRD. Starting from the first business day of January 2023, what is provided in the General Provisions on Operations of Retirement Savings Systems, and the General Provisions on User Service in Retirement Savings Systems, regarding the Service Agent, shall be understood to refer to the Pension Advisor, defined in these provisions.

Pension Advisors who are not certified as of the first business day of January 2023 shall not be able to carry out any procedures.

FOURTH. The Promoting Agent who is not certified as a Pension Advisor as of the first business day of January 2023 shall not be able to process the registration and transfer of individual accounts.

FIFTH. In cases where the validity of the Promoting Agent number concludes in the year 2022, it will not be necessary for them to undergo the revalidation process; the Administrator shall only be required to issue the Promoting Agent credential with validity until December 31, 2022.

SIXTH. In accordance with what is provided in article 13, Promoting Agents and Pension Advisors must have only one number.

SEVENTH. Once Pension Advisors have obtained certification, they may attend to what is provided in Article 39, fraction V of these provisions.

Mexico City, February 14, 2022.- The President of the National Commission for the Retirement Savings System, Iván Hilmardel Pliego Moreno.- Signature.

In the document you are viewing, there may be text, characters, or objects that do not display correctly due to conversion to HTML format, so we recommend always taking the digitized image of the DOF or the PDF file of the edition as a reference. The content, form, and scope of published documents are the strict responsibility of their issuer.

INQUIRY

BY DATE

Do Mo Tu We Th Fr Sa

INDICATORS

Exchange Rate and Rates as of 08/28/2026

DOLLAR
16.9712 UDIS
8.808812 TIIE 28 DAYS
6.7559% TIIE 91 DAYS
6.7931% TIIE 182 DAYS
6.8474% TIIE DE FONDEO
6.50%

See more

SURVEYS

Did you like the new look of the Official Gazette of the Federation website?

No
Yes

Official Gazette of the Federation

Río Amazonas No. 62, Col. Cuauhtémoc, C.P. 06500, Mexico City Tel. (55) 5093-3200, where you can access our services menu

Electronic address: dof.gob.mx

113

LEGAL NOTICE | SOME RIGHTS RESERVED © 2026