Modifications and Additions to the General Provisions Establishing the Procedure for Constructing Net Performance Indicators of Investment Companies Specialized in Retirement Fund Societies — SHCP — MX

DOF: 02/09/2026

MODIFICATIONS AND ADDITIONS TO THE GENERAL PROVISIONS ESTABLISHING THE PROCEDURE FOR THE CONSTRUCTION OF THE NET PERFORMANCE INDICATORS OF THE INVESTMENT COMPANIES SPECIALIZED IN 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.

MODIFICATIONS AND ADDITIONS TO THE GENERAL PROVISIONS ESTABLISHING THE

PROCEDURE FOR THE CONSTRUCTION OF THE

NET PERFORMANCE INDICATORS OF THE

INVESTMENT COMPANIES

SPECIALIZED

IN RETIREMENT FUNDS

The President of the National Commission for the Retirement Savings System, based on articles 1, 2, 3, fraction V bis, 5, fractions I, II and XVI, 12 fractions I, VIII and XIII, 37, 74 and 76 of the Law of the Retirement Savings Systems; the Quinto Transitorio 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 1, 12, 41, 52, 53, Third and Fifth Transitory Articles of the Regulations of the Law of the Retirement Savings Systems; articles 1, 2, fraction III and 8, first paragraph of the Internal Regulations of the National Commission for the Retirement Savings System, and

CONSIDERING

That, Article 74 of the Law of the Retirement Savings Systems establishes the right of workers to the opening of an individual account with the Administrator of their choice;

That, articles 3, fraction V bis, 74 and 76 of the Law of the Retirement Savings Systems empower the Board of Directors to authorize the methodology to construct the Net Performance Indicators of the Investment Companies Specialized in Retirement Funds so as to adequately guide the decision of workers in case of Transfers, as well as for the Assignment and Reassignment of accounts;

That, article 53 of the Regulations of the Law of the Retirement Savings Systems, in compliance with what is stated in article 74 of the Law of the Retirement Savings Systems, provides that Administrators carry out the necessary actions to locate the holders of the Individual Accounts that they have assigned for their registration;

That, in order to incentivize and increase the registration of assigned and reassigned Individual Accounts, it is necessary to adjust the proportionality factors and include search, location, and contact activities to achieve communication with the person holding the Individual Account in order to finalize its registration, and

That, to consider the above, it is important to update the Investment Conditions Indicator to carry out the Reassignment process, therefore, the following are issued:

MODIFICATIONS AND ADDITIONS TO THE GENERAL PROVISIONS

THAT ESTABLISH THE

PROCEDURE FOR THE CONSTRUCTION OF THE

NET PERFORMANCE INDICATORS OF THE

INVESTMENT COMPANIES

SPECIALIZED

IN RETIREMENT FUNDS

SINGLE. Article 2, fractions III, V, VI, IX, X, and XIV; 7, fourth paragraph; 8, second paragraph; 9 fraction II, item a and last paragraph; 10, second paragraph; 11 second paragraph; 13, fraction I, items a) and b) both in their second paragraph, fraction II, item b), and last paragraph; Annexes "D" and "E" are MODIFIED; Article 2, fraction VI bis; 11 with a fifth paragraph; 13, fraction I with a second paragraph are ADDED; Article 2, fractions VII and VIII, 9, fraction I and fraction II item c. of the GENERAL PROVISIONS establishing the Procedure for the construction of the net performance indicators of the investment companies specialized in retirement funds, published in the Official Journal of the Federation on June 2, 2022 with its current modifications and additions, are REPEALED, to remain in the following terms:

" Article 2. ...

I. to II. ...

III. Retirement Calculator, any tool that, based on the demographic and labor characteristics of the worker, estimates the amount of pension that they could obtain in accordance with the scheme of scheduled withdrawals or according to retirement, advanced disability and old-age insurance established in the Social Security Law and, in the Law of the Institute of Security and Social Services for State Workers, or that projects balances, Replacement Rate or personalized estimates of Voluntary Savings that comply with the guidelines issued by the Commission;

IV. ...

V. Stable Investment Conditions of the System, the scenario in which the System Index and the slope of the last 30 observations of the System Index take the values described in Annex "E" of these general provisions such that this implies that the Investment Conditions Indicator takes the value of 1;

VI. Stressed Investment Conditions of the System, the scenario in which the System Index and the slope of the last 30 observations of the System Index take the values described in Annex "E" of these general provisions such that this implies that the Investment Conditions Indicator takes the value of 0;

VI. bis Neutral Investment Conditions of the System, the scenario in which the System Index and the slope of the last 30 observations of the System Index take the values described in Annex "E" of these general provisions such that this implies that the Investment Conditions Indicator takes the value of 0.5;

VII. Repealed

VIII. Repealed

IX. Group, the set of Basic Investment Companies, Initial Basic Investment Companies and Pension Basic Investment Companies that invest resources of Workers belonging to the same age range, in terms of what is provided in the general provisions establishing the investment regime to which the Investment Companies specialized in retirement funds issued by the Commission must be subject, such that Basic Investment Companies 95-99 form a group, Basic Investment Companies 90-94 another and so on. Initial Basic Investment Companies will form a group and Pension Basic Investment Companies will form another group;

X. Investment Conditions Indicator, the quantitative reference metric used to evaluate the market trend and determine if investment conditions on the analysis dates are adequate for the execution of the Reassignment process, which is calculated from the System Index, its 30-day simple moving average and their respective slopes, calculated monthly in accordance with what is established in Annex "E" of these general provisions;

XI. to XIII. ...

XIV. Net Performance Indicator per Administrator, the weighted average by assets managed of the Net Performance Indicator for Transfers of the Basic Investment Companies, the Initial Basic Investment Company and the Basic Pension Company managed by the same Administrator, calculated in accordance with what is established in Annex "G" of these general provisions;

XV. to XXVI. ..."

" Article 7. ...

...

The Net Performance Indicator for Assignment and Reassignment must be calculated on the last business day of the quarter prior to the date determined to carry out the Assignment or Reassignment process. To determine the Net Performance Indicators for Assignment and Reassignment of the 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 establishing the investment regime to which the Investment Companies specialized in retirement funds must be subject, the series of Market Prices on dates prior to their existence will be completed with the Market Prices 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.

..."

" Article 8. ...

For informational purposes, Administrators may present to the Worker the information corresponding to the Market Returns calculated over a 36-month horizon of the Basic Investment Company, the Initial Basic Investment Company or the Pension Basic Investment Company that corresponds.

..."

" Article 9. ...

I. Repealed

II. ...

The Net Performance Indicator for Transfers of the Basic Investment Company and Initial Basic Investment Company of the Receiving Administrator must be at least in the 75th percentile of the Net Performance Indicators observed in the corresponding Group.

...

Repealed

For the purposes of the provisions of this article, the calculation of percentiles will be made in accordance with the methodology described in Annex "F" of these general provisions. "

" Article 10. ...

Under no circumstances may Basic Investment Companies and Initial Basic Investment Companies retain the administration of assigned or reassigned Individual Accounts for more than two consecutive periods, therefore, once these have passed without the Individual Account having been registered, it will be included in the Reassignment process.

...

..."

" Article 11. ...

I. ...

II. ...

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

a) ...

b) ...

c) ...

...

For the Reassignment process, the proportionality mechanism will additionally consider the search, location, and contact factors referred to in article 13, fraction II, item b) and in accordance with the methodology established in Annex "D" of these general provisions. "

" Article 13.

...

I. ...

...

The Individual Accounts of the Basic Investment Companies and Initial Basic Investment Companies that do not satisfy the conditions established in the previous paragraph, will be included in the Reassignment process. Likewise, Individual Accounts for which there is no evidence of the search, location, and contact activities carried out by the Administrator regarding the person holding the assigned or reassigned account will be included in the Reassignment process, regardless of whether the Basic Investment Companies or Initial Basic Investment Companies of said Administrator comply with the conditions established in the previous paragraph. The total amounts to be reassigned must be subject to what is provided in Annex "E" of these general provisions.

...

The Individual Accounts of the Basic Investment Companies and Initial Basic Investment Companies that do not satisfy the conditions established in the previous paragraph, and for which there is no evidence of the search, location, and contact activities carried out by the Administrator regarding the person holding the assigned or reassigned account will be included in the Reassignment process.

For the items above, under no circumstances may Basic Investment Companies and Initial Basic Investment Companies retain the administration of assigned or reassigned Individual Accounts for more than two consecutive periods, therefore, once these have passed without the Individual Account having been registered, it will be included in the Reassignment process.

II. ...

...

Establish a proportionality mechanism that must be observed for the distribution to each Group of the Individual Accounts to be reassigned to the Administrators whose Basic Investment Companies and Initial Basic Investment Companies corresponding are in the tertile that records the highest Net Performance Indicators for Assignment and Reassignment, in accordance with the methodology provided in Annex "D" of these general provisions. This methodology will consider both the Reassignment of assigned or reassigned Individual Accounts that are not registered, as well as the Reassignment of those Individual Accounts for which there is no evidence of the search, location, and contact activities carried out by the Administrator regarding the person holding the assigned or reassigned account.

III. ...

...

For the purposes of validating the evidence regarding the search, location, and contact activities carried out by the Administrator regarding the person holding the assigned or reassigned account referred to in this article, Administrators must make the corresponding information available to the Commission. "

TRANSITORY

SINGLE. These general provisions will enter into force on January 1, 2027.

At the date of entry into force of these general provisions, all Provisions that oppose them are abrogated.

Mexico City, August 26, 2026.- The President of the National Commission for the Retirement Savings System, Mtro. Julio César Cervantes Parra.- Rubric.

" ANNEX D

PROPORTIONALITY MECHANISM THAT MUST BE OBSERVED FOR THE DISTRIBUTION OF INDIVIDUAL ACCOUNTS TO BE ASSIGNED AND REASSIGNED TO ADMINISTRATORS WHOSE BASIC INVESTMENT COMPANIES OR INITIAL BASIC INVESTMENT COMPANIES ARE IN THE TERTILE THAT RECORDS THE HIGHEST NET PERFORMANCE INDICATORS FOR ASSIGNMENT AND REASSIGNMENT

The proportionality mechanism referred to in articles 11, fraction II, relative to Individual Accounts to be assigned, and 13, fraction II item b), relative to the Reassignment of assigned or reassigned Individual Accounts that are not registered of these general provisions, consists of determining the percentages of Assignment and Reassignment 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 Companies and to the Initial Basic Investment Companies eligible for these purposes. For such purposes, for each eligible Basic Investment Company and Initial Basic Investment Company of each Group, the percentages of Assignment and Reassignment will be determined according to three factors, each of which has an assigned weighter. These factors are described below:

I. The Individual Account Registration Factor will be calculated as follows:

a. ...

b. Once the proportions described in item a) above are obtained, the registration of assigned accounts will be calculated in accordance with the following formula:

Where

Proportion of individual account registration by Administrator j in period t

Weighter that affects the proportion of registration of assigned individual accounts originating from the same Administrator j in period t, with a value of 2/3

Weighter that affects the proportion of registration of assigned individual accounts originating from another Administrator or from the Service Provider by Administrator j in period t, with a value of 1/3

Calculation period, equivalent to 12 months for 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 Companies or Initial Basic Investment Companies of the same Group are in the tertile that records the highest Net Performance Indicators (j= 1, 2, ... , n), in accordance with articles 11 fraction I and 13 fraction II item a) of these general provisions.

c. ...

...

II. to IV. ...

V. ...

For the Assignment process

PA j : Percentage of Assignment of the j-th eligible Basic Investment Company or Initial Basic Investment Company of each Group.

...

b) For the Reassignment process

PR j Percentage of Reassignment of the j-th eligible Basic Investment Company or Initial Basic Investment Company of each Group

FR j : Registration Factor of assigned accounts of the j-th eligible Basic Investment Company or Initial Basic Investment Company of each Group.

FC j : Commission Factor on balance of the j-th eligible Basic Investment Company or Initial Basic Investment Company of each Group.

FAV j : Voluntary Savings Factor of the j-th eligible Basic Investment Company or Initial Basic Investment Company of each Group.

FB j : Search Factor of the j-th eligible Basic Investment Company or Initial Basic Investment Company of each Group, which measures the Administrator's commitment to the development of mechanisms that contribute to finding ways to approach the working person holding the assigned or reassigned Individual Account.

FL j : Location Factor of the j-th eligible Basic Investment Company or Initial Basic Investment Company of each Group, which measures the Administrator's performance in the development of mechanisms to achieve approach with the working persons holding the assigned or reassigned Individual Accounts.

FCO j : Contact Factor of the j-th eligible Basic Investment Company or Initial Basic Investment Company of each Group, which measures the Administrator's performance to achieve communication with the person holding the Individual Account in order to finalize its registration.

VI.

Regarding the Reassignment of those Individual Accounts for which there is no evidence of the search, location, and contact activities carried out by the Administrator regarding the person holding the assigned or reassigned account, the following will apply:

In each Reassignment process, each Administrator will not be able to receive again the Individual Accounts for which there was no evidence of the search, location, and contact activities carried out regarding the person holding the assigned or reassigned account.

In this way, these Individual Accounts will be Reassigned to the rest of the Administrators whose Basic Investment Companies and Initial Basic Investment Companies corresponding are in the tertile that records the highest Net Performance Indicators for Assignment and Reassignment, without any Administrator being able to receive, in each Reassignment process, more than one m-th part of the total of the Individual Accounts referred to in this fraction, in accordance with the following formula:

Percentage of Reassignment of those Individual Accounts for which there is no evidence of the search, location, and contact activities carried out by the Administrator regarding the person holding the assigned or reassigned account of the j-th eligible Basic Investment Company or Initial Basic Investment Company of each Group.

Percentage of Reassignment of the j-th eligible Basic Investment Company or Initial Basic Investment Company of each Group.

Number of Investment Companies belonging to a Group, eligible to receive Individual Accounts in the Reassignment process, without considering the Investment Company of the Administrator that did not have evidence of the search, location, and contact activities carried out regarding the person holding the Individual Accounts assigned or reassigned.

The excess that, if any, results from the application of the limit of one m-th part referred to in this fraction will be distributed among the other eligible Administrators, in proportion to their respective Reassignment percentages, without any of them exceeding said limit. "

"ANNEX E

METHODOLOGY FOR CALCULATING THE INVESTMENT CONDITIONS INDICATOR OF THE SYSTEM, AND THE

TOTAL AMOUNTS TO REASSIGN

The methodology for calculating the Investment Conditions Indicator aims to evaluate the behavior and trend of the market by analyzing the System Index and applying trend criteria, with the objective of determining if market conditions are adequate to carry out the Reassignment process.

The Investment Conditions Indicator referred to in article 2 fraction X of these general provisions must be calculated as stated below:

The inputs for the calculation will be the following:

The daily value of the System Index of the last 60 days from the analysis date t is considered

For each observation of the System Index, the simple average of the last 30 days will be calculated to obtain the moving average, such that:

Where:

Simple average of the System Index of the last 30 days up to the date

System Index corresponding to the day

The slopes for the System Index and , on the date , will be calculated, both for the last 30 observations, as detailed below:

Where:

Slope of the last 30 observations up to the date of the System Index

Slope of the last 30 observations up to the date of the simple moving averages

Average of the System Index of the last 30 days up to the date . This will coincide with

System Index corresponding to the day .

Numerical representation of the date corresponding to the observation .

Average of the numerical values corresponding to the dates of the last 30 observations

Value of the simple moving average corresponding to the last 30 observations up to day

Average of the moving averages of the last 30 days up to date t

The Investment Conditions Indicator will be determined based on the following criteria:

Case 1. Stressed Investment Conditions of the System

It will be understood that there are Stressed Investment Conditions of the System and the Investment Conditions Indicator will take the value of zero on the analysis date t, when any of the following assumptions occur:

The slope of the last 30 observations of the System Index is less than 0, that is:

Or,

Simultaneously, the following scenarios occur:

The observed value of the System Index on date t is less than the value of the simple moving average of the last 30 days, also on date t, that is:

and,

The slope of the last 30 observations of the System Index is less than the slope of the last 30 observations of the simple moving average of 30 days, on date t, that is:

Case 2. Neutral System Investment Conditions

It will be understood that there are Neutral System Investment Conditions and the Investment Conditions Indicator will take the value of 0.5 on the analysis date t, when any of the following scenarios occur:

The observed value of the System Index on date t is less than the value of the simple moving average of the last 30 days, up to date t, that is:

or,

The slope of the last 30 observations of the System Index is less than the slope of the last 30 observations of the simple moving average of 30 days, on date t, that is:

Case 3. Stable System Investment Conditions

It will be understood that there are Stable System Investment Conditions and the Investment Conditions Indicator will take the value of 1 on the analysis date t, when the following scenarios occur:

The observed value of the System Index on date t is greater than or equal to the value of the simple moving average of the last 30 days, up to date t, that is:

and,

The slope of the last 30 observations of the System Index is greater than or equal to the slope of the last 30 observations of the simple moving average of 30 days, on date t, that is:

Under these conditions, the Investment Conditions Indicator is formed as follows:

The Commission will make known the level at which the Investment Conditions Indicator is located through publication on its Internet page.

Once the Investment Conditions Indicator has been calibrated, the total amounts that must be reassigned to those Basic Investment Companies 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 of the quarter prior to the date determined to carry out the Reassignment process, such that:

If the indicator takes a value of 1, 100% of the total Individual Accounts whose resources are invested in Basic Investment Companies or Initial Basic Investment Companies will be reassigned,

If the indicator takes a value of 0.5, 50% of the total Individual Accounts whose resources are invested in Basic Investment Companies or Initial Basic Investment Companies will be reassigned, and

If the indicator takes a value of 0, no Individual Accounts whose resources are invested in Basic Investment Companies or Initial Basic Investment Companies will be reassigned.

For the purposes of achieving the percentages provided for in the previous items 1) and 2), the proportion of Individual Accounts that each Basic Investment Company or Initial Basic Investment Company must cede will be chosen randomly, so that the number of Individual Accounts chosen for each Group is a percentage equal for each case, without exceeding the percentages stated.

After applying the rules established in Article 13, fraction I, subsection a) of these general provisions and the previous fraction III, having defined the total amounts that each Basic Investment Company or Initial Basic Investment Company must reassign, regardless of the result of the Investment Conditions Indicator, if the aggregated amount of the Reassignment for each Group exceeds 1.5% of the Net Asset Value 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 Company or Initial Basic Investment Company must cede will be chosen randomly, so that the amount of the Individual Accounts chosen for each Group is equal or approximate to 1.5% of the Net Asset Value of the Group, without exceeding this limit, in accordance with the following and what is established in the general provisions on the operations of the retirement savings systems issued by the Commission:

Where:

Is the adjusted amount that Investment Company j must cede (that is, it is the amount that Investment Company j will effectively cede)

Is the Amount that Investment Company j must cede after applying the rules established in Article 13, fraction I and Annex "E", fraction III of these provisions.

Corresponds to the number of Investment Companies belonging to a Group, which must cede the totality or partiality of their accounts for reasons of Reassignment.

Is the Net Asset Value of the Group on the last business day of the measurement period defined for the Reassignment process.

Likewise,

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

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