Regulatory Alerts2024-05-22 | DOF 5727973Added
Modification to the General Provisions in Financial Matters of the Retirement Savings Systems
The National Commission for the Retirement Savings System modifies Annex D of the General Provisions in Financial Matters of the Retirement Savings Systems to include the offshore-traded Chinese yuan (CNH) in Group III of the authorized currencies classification. This amendment allows investment societies to use CNH for settling permitted instruments or covering currency exposure, subject to the Risk Analysis Committee's oversight. The modification enters into force on the next business day following its publication in the Official Gazette of the Federation.
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DOF: 22/05/2024
MODIFICATION to the General Provisions in Financial Matters of the Retirement Savings Systems
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.
MODIFICATION TO THE GENERAL PROVISIONS IN FINANCIAL MATTERS OF THE RETIREMENT SAVINGS SYSTEMS
The President of the National Commission for the Retirement Savings System, based on articles 1, 2, 5 fractions I, II, III, VI, VI bis, VII, XIII bis, and XVI; 12 fractions I, VI, VIII and XVI; 18, 25, 29, 30, 36, 39, 42, 42 bis, 43, 44, 44 bis, 45, 46, 47, 47 bis, 48, 64, 64 bis, 67, 68, 69, 70, 89, 90 fractions II, IV, V, VI, VII, IX, XII and XIII, 100 bis, 100 ter and 100 quater of the Law of the Retirement Savings Systems; 106 of the Law of the Institute for Security and Social Services of State Workers; 1, 2 fraction III, and 8 first paragraph of the Internal Regulations of the National Commission for the Retirement Savings System, and
CONSIDERING
That the Second Provision, fraction XXIX of the General Provisions establishing the Investment Regime to which Specialized Investment Societies for Retirement Funds must adhere, establishes that the Risk Analysis Committee will determine the set of permitted Currencies considering the security of investments and the development of markets.
Likewise, through agreement CAR/51/02/2024, the Risk Analysis Committee approved the modifications to Annex D of the General Provisions in financial matters of the Retirement Savings Systems, which imply the inclusion of the offshore-traded Chinese yuan, therefore this Commission,
And
That in terms of article 71 fourth paragraph of the General Law of Regulatory Improvement, and in accordance with what was determined by the National Commission for Regulatory Improvement through letter CONAMER/24/2128 dated May 10, 2024, these modifications do not imply compliance costs for private parties, therefore it has been deemed appropriate to issue the following:
MODIFICATION TO THE GENERAL PROVISIONS IN FINANCIAL MATTERS OF THE RETIREMENT SAVINGS SYSTEMS
SINGLE. It MODIFIES: Annex D of the "General Provisions in financial matters of the Retirement Savings Systems", published in the Official Gazette of the Federation on September 18, 2019, with its modifications and additions published in the same instrument, to read as follows:
"ANNEX D
Currency Classification
Investment Societies may operate with any Currency authorized in this annex, whose quotation markets are regulated and supervised by an authority belonging to an Eligible Country for Investments, considering the common name used in financial markets; likewise, they may only carry out the authorized operations of the Currencies of the Eligible Countries for Investments in accordance with the following three groups:
Group I: It is composed of those Currencies authorized to settle permitted instruments, cover exposure to the Currency, and take Pure Positions in Currencies. This group is composed of the following currencies:
| Country | Currency |
|---|---|
| Australia | Australian Dollar (AUD) |
| Canada | Canadian Dollar (CAD) |
| United States | US Dollar (USD) |
| England | British Pound (GBP) |
| Japan | Japanese Yen (JPY) |
| Switzerland | Swiss Franc (CHF) |
| European Union | Euro (EUR) |
Group II: It is composed of those Currencies authorized only to settle permitted instruments or cover the exposure to the Currency of the underlying, which are listed below.
| Country | Currency |
|---|---|
| South Korea | Korean Won (KRW) |
| Denmark | Danish Krone (DKK) |
| Hong Kong | Hong Kong Dollar (HKD) |
| New Zealand | New Zealand Dollar (NZD) |
| Singapore | Singapore Dollar (SGD) |
| Sweden | Swedish Krona (SEK) |
| Norway | Norwegian Krone (NOK) |
The elements of this group of Currencies may be evaluated, individually, by the Risk Analysis Committee for the purpose of being considered in the future within Group I or, in its case, within Group III.
Group III: It is composed of the Currencies authorized only to settle permitted instruments or cover the exposure to the Currency, which are listed below.
| Country | Currency |
|---|---|
| Saudi Arabia | Saudi Riyal (SAR) |
| Bulgaria | Bulgarian Lev (BGN) |
| Colombia | Colombian Peso (COP) |
| Chile | Chilean Peso (CLP) |
| China | Chinese Renminbi (CNY) |
| Czech Republic | Czech Koruna (CZK) |
| United Arab Emirates | Dirham (AED) |
| Hungary | Hungarian Forint (HUF) |
| Iceland | Icelandic Króna (ISK) |
| Israel | Israeli Shekel (ILS) |
| Malaysia | Ringgit (MYR) |
| Peru | Peruvian Nuevo Sol (PEN) |
| Poland | Polish Zloty (PLN) |
| Romania | Romanian Leu (RON) |
| South Africa | South African Rand (ZAR) |
| India | Rupee (INR) |
| Thailand | Thai Baht (THB) |
| Indonesia | Indonesian Rupiah (IDR) |
| Taiwan | New Taiwan Dollar (TWD) |
| Offshore Chinese Renminbi (CNH) |
In the future, some of these Currencies could be transferred to Group II, if market development conditions allow it, prior to the opinion and approval of the Risk Analysis Committee.
In case there are different nomenclatures for the same Currency and one of them can be classified in a Group of Currencies different from those provided in this Annex, it will be classified within the most conservative Group.
The modifications and additions that the Risk Analysis Committee determines for the present, will be published on the Commission's website.
It will be the responsibility of the Administrators to comply with the criteria approved by the Risk Analysis Committee and to follow up on any update and publication that occurs regarding the aforementioned modifications and additions."
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, any provision that contravenes this is hereby repealed.
Mexico City, May 16, 2024.- The President of the National Commission for the Retirement Savings System, Master Julio César Cervantes Parra.- Signature.
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Exchange Rate and Rates as of 25/08/2026
DOLLAR 16.9647 UDIS 8.807141 CCP 6.12% CCP-UDIS 4.72% CPP 5.09% TIIE 28 DAYS 6.7559% TIIE 91 DAYS 6.7931% TIIE 182 DAYS 6.8474% TIIE DE FONDEO 6.50%
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