Modifications and Additions to the General Provisions Governing Retirement Fund Administrators Regarding Their Promoting Agents

DOF: 10/09/2026

MODIFICATIONS AND ADDITIONS TO THE GENERAL PROVISIONS TO WHICH RETIREMENT FUND ADMINISTRATORS MUST SUBMIT IN RELATION TO THEIR PROMOTING AGENTS

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

MODIFICATIONS AND ADDITIONS TO THE GENERAL PROVISIONS TO WHICH RETIREMENT FUND ADMINISTRATORS MUST SUBMIT IN RELATION TO THEIR PROMOTING AGENTS

The President of the National Commission for the Retirement Savings System, with the favorable opinion of the Advisory and Oversight Committee, pursuant to 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 for the Retirement Savings System, and

CONSIDERING

That in accordance with Articles 5, fraction XII and 36 of the Law of the Retirement Savings Systems, the Commission is authorized to regulate the manner in which Administrators must remunerate their Promoting Agents, as well as to establish a Registry of the Promoting Agents and the requirements to access their registration or remain in said registry.

That derived from the provision of Article 36 of the Law of the Retirement Savings Systems, Administrators must directly respond for the acts carried out by their Promoting Agents or Pension Advisors, whether they maintain an employment relationship with them for the provision of their services or are independent.

That it is the duty of Administrators to promptly verify the adequate performance of the functions of their Promoting Agents or Pension Advisors, implementing the necessary measures so that in the development of their activities, they guarantee at all times the free will of the Workers, ensuring that their decisions are fully respected without any type of coercion; likewise, conduct themselves with ethics, integrity and professionalism, and provide, both to the Workers and their beneficiaries, comprehensive, true, timely and duly updated information, avoiding any omission that could induce error.

That, in order to mitigate risks of non-compliance with regulations and ensure the ethical conduct of the Promoting Agents or Pension Advisors, it is necessary to expand the catalog of restrictions provided for in Article 42 of these provisions, which are of a serious nature, so that their non-observance will result in the suspension or cancellation of the Promoting Agent Registry.

That currently Administrators already have a Code of Ethics applicable to the Promoting Agents or Pension Advisors, and it is necessary to transfer part of their rules to the general provisions in effect so that they have greater observance and effectiveness for the benefit of the Workers and the Retirement Savings System.

That it is necessary to increase the level of reliability of the Retirement Savings System, strengthen confidence in the performance of the Promoting Agents or Pension Advisors and raise the levels of efficiency in operation, therefore the figure of Integrity and Misconduct Observer is incorporated as a monitoring and control mechanism, which will allow identifying, documenting and remedying, commercial practices or misconduct, prevent fraud that could affect the interests of the Workers and the proper functioning of the Retirement Savings System; therefore, the following are issued:

MODIFICATIONS AND ADDITIONS TO THE GENERAL PROVISIONS TO WHICH

RETIREMENT FUND ADMINISTRATORS MUST SUBMIT

IN RELATION TO

THEIR PROMOTING AGENTS

SINGLE. - Articles 23, first paragraph; 42, fractions II, III and second paragraph; 43, fractions I, II and second paragraph; 47; 52; 59; 62; 63, first paragraph, fraction I, subsection a); are MODIFIED; Articles 2, with fraction XI bis; 42, with fractions IV to XXVI; 43, with fraction III; Chapter IV BIS, Section I, with its articles 58 bis, 58 ter and 58 quáter; 59 bis; and 63, with a second paragraph; all of the "GENERAL PROVISIONS to which retirement fund administrators must submit in relation to their promoting agents", with their current modifications and additions, are ADDED, to read as follows:

" Article 2. ...

I. to XI. ...

XI bis.

Integrity and Misconduct Observer, the legal entity that is jointly designated by the Administrators, including public institutions that perform similar functions, in charge of monitoring the function of the Promoting Agents or Pension Advisors, including the activities referred to in Articles 42 and 43 of these general provisions, with the purpose of identifying improper commercial practices, receiving complaints and registering findings to elaborate opinions and reports, issuing opinions and recommendations, as well as bringing to the attention of the Commission the documented cases that could affect the interests of the Workers and the proper performance of the Retirement Savings System ;

XII. to XVI . ... "

" Article 23. Pension Advisors or Promoting Agents must demonstrate their technical capacity through the processes offered for this purpose by the Evaluating Institutions or the Educational Institutions designated for this purpose by the Commission. Once technical capacity is accredited, Pension Advisors or Promoting Agents will be considered for the purposes of these General Provisions as certified or recertified, so that Administrators process their registration or renewal in the Promoting Agent Registry with Operating Companies.

...

...

...

...

... "

" Article 42. ...

I. ...

II.

Offer, grant, promise or cede money, objects or any other benefit or advantage to Workers, companies, unions or persons who may influence them to obtain their consent through fraud, bad faith or similar conduct, whether directly or indirectly, related or not to their Individual Account or to the services offered by the Administrator, with the purpose of compromising or conditioning the procedures for Registration or Transfer of the Individual Account ;

III.

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 carry out the Registration or Transfer of their individual account ;

IV.

Engage in improper practices during the Certification and Recertification processes, before the corresponding Evaluating Institution or Educational Institution;

V.

Induce Workers to carry out procedures related to their Individual Account through third parties, in exchange for any type of benefit;

VI.

Provide incorrect, incomplete or false information regarding the services, products or conditions offered by an Administrator that may generate distrust or bias in the decisions of Workers;

VII.

Communicate or disseminate false, misleading, erroneous or disparaging information regarding other Administrators with the purpose of promoting registration or transfer to a particular Administrator or so that such information affects the understanding, operation or integrity of the Retirement Savings System or its participants;

VIII.

Carry out directly or indirectly, activities related to the Transfer of Workers, whose Individual Account belongs to the portfolio of the Administrator for which the Promoting Agents or Pension Advisors provided their services the previous year, this restriction will have a duration of 12 months, counted from the date the Promoting Agent or Pension Advisor ceased to work for the corresponding Administrator;

IX.

Share or disclose contact information or Individual Account information of Workers or the Administrator with family members, acquaintances or third parties, particularly when these work for another Administrator;

X.

Modify, alter or falsify documents, whether physical or electronic, as well as biometric data that support service requests related to the Individual Account of Workers or of any procedure followed before the Social Security Institutes. Administrators are responsible for taking the appropriate actions and measures before the corresponding judicial, administrative and/or ministerial instances so that investigations and delimitations of civil, administrative and/or criminal responsibilities are carried out as appropriate ;

XI.

Process service requests related to an Administrator other than the one for which they provide their services;

XII.

Transmit, cede, lend or alienate their registration number as a Promoting Agent or Pension Advisor, as well as impersonate or improperly represent another Promoting Agent or Pension Advisor or allow themselves to be represented by a third party. Administrators are responsible for taking the appropriate actions and measures before the corresponding judicial, administrative and/or ministerial instances so that investigations and delimitations of civil, administrative and/or criminal responsibilities are carried out as appropriate;

XIII.

Process service requests related to the Individual Account that have not been presented personally by the holder, their beneficiaries or legal representative, before the Promoting Agent or Pension Advisor; Administrators are responsible for taking the appropriate actions and measures before the corresponding judicial, administrative and/or ministerial instances so that investigations and delimitations of civil, administrative and/or criminal responsibilities are carried out as appropriate ;

XIV.

Receive, for the provision of their services, money or any type of consideration coming from the holders of the Individual Account, beneficiaries or legal representative, or from third parties other than the Administrator;

XV.

Allow another Promoting Agent or Pension Advisor to sign service requests corresponding to procedures in which they intervened;

XVI.

Manage service requests related to the Individual Account of Workers that have been promoted or processed in their absence;

XVII.

Participate in illegal, improper or irregular activities, or that promote acts of corporate corruption or within the scope of the Retirement Savings System;

XVIII.

Carry out acts or participate in conduct that discredits or disparages any Administrator or the Retirement Savings System in general;

XIX.

Use the information obtained in the exercise of their functions in contravention of applicable regulations or to the detriment of Workers, Administrators, the Commission, Social Security Institutes or the Retirement Savings System;

XX.

Collect, conserve, copy, share, alienate, sell or distribute information obtained in the exercise of their functions, whether from Workers, from the Administrator or from the National SAR Database;

XXI.

Store, conserve, disclose or use information or documentation of Workers or their Individual Accounts for purposes other than those provided for in the General Provisions issued by the Commission, including the creation of databases for profit, commercial or any type;

XXII.

Carry out any practice that contravenes the express will of Workers regarding their Individual Account, such as updating the contact data of Workers, using personal data of the Promoting Agent or Pension Advisor or different from that of the person carrying out the procedure;

XXIII.

Obtain access keys or authentication mechanisms of Workers, in order to carry out the procedures associated with their Individual Account;

XXIV.

Transfer for any purpose, personal data, access or security keys of Workers, to third parties;

XXV.

Maintain simultaneously employment, contractual or service relationships with more than one Administrator, and

XXVI.

Omit, hide or falsify employment or commercial links with other entities of the Retirement Savings System.

The execution of activities by Promoting Agents or Pension Advisors referred to in this article, will be considered serious offenses and, if proven, will result in the suspension or cancellation of their registration in accordance with what is provided in Article 35 of these provisions in relation to Articles 36 of the Law and 104 and 105 of its Regulations, the reason for the suspension or cancellation of the registration must be incorporated in the SIAP . "

" Article 43. ...

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

II. Transmit, lend or alienate their registration number as a Promoting Agent or Pension Advisor, represent another Promoting Agent or Pension Advisor or have themselves represented by a third party; sign Worker 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 for which they provide their services , and

III.

The conduct established in the previous Article 42 of these general provisions.

The execution of activities by Promoting Agents or Pension Advisors referred to in this article, will be considered serious offenses and, if proven, will result in the suspension or cancellation of their registration in accordance with what is provided in Article 35 of these provisions in relation to Articles 36 of the Law and 104 and 105 of its Regulations. Without prejudice to the foregoing, Administrators will be responsible for non-compliance with this article and will respond for the actions of their Promoting Agents or Pension Advisors. "

" 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 comply with the requirements provided for in the Law, the Regulations and the general provisions issued by the Commission. Additionally, they must attend to the opinions and recommendations issued by the Integrity and Misconduct Observer, as well as consider, when applicable, the content of their monthly opinions and quarterly reports, regarding the conduct of Promoting Agents or Pension Advisors. "

" Article 52. Administrators must receive, attend to and resolve the doubts or queries presented by Promoting Agents or their Pension Advisors regarding their registration and the provision of their services, as well as attend to conflicts that may arise with their Promoting Agents or their Pension Advisors. Likewise, Administrators must make known to their clients, employees, Promoting Agents or their Pension Advisors, the data of the anonymous complaint channel implemented by the Integrity and Misconduct Observer. "

CHAPTER IV BIS

ON THE MONITORING OF THE ACTIVITY OF PROMOTING AGENTS

OR PENSION ADVISORS

Section I

On the Integrity and Misconduct Observer

" Article 58 bis. Administrators jointly, including public institutions that perform similar functions, must designate and hire an Integrity and Misconduct Observer, which must be a legal entity and meet at least the following requirements:

I.

Have recognized prestige and not be disqualified by any competent authority;

II.

Accredit a minimum experience of four years developing activities of study, analysis, qualification, certification, consulting or in the matter of auditing;

III.

The auditors, auditors or partners of the Integrity and Misconduct Observer, who prepare the quarterly report established in Article 58 ter of these provisions, cannot be the Independent External Auditor who audits the financial statements of the Administrators or their Investment Companies, and

IV.

Have the necessary human and material resources to perform the functions referred to in Article 58 ter of these general provisions.

The Integrity and Misconduct Observer may also be a guild association of the Administrators in accordance with what is provided in Articles 26, 27, fraction II of the Regulations, in which case, only fractions III and IV of this article will apply to it.

Prior to Administrators carrying out the hiring of the Integrity and Misconduct Observer, they must obtain authorization from the Commission.

To obtain authorization, Administrators must present the corresponding request in the official records of the Commission, accompanying the documentation that accredits compliance with the requirements referred to in this article. The Commission will have a maximum period of 20 business days to issue, if applicable, the pronouncement that corresponds. The validity of the authorization, if issued, will be indefinite.

Administrators jointly, including public institutions that perform similar functions, may, at any time, designate and hire another Integrity and Misconduct Observer and request authorization from the Commission in the terms established in this article. Until a new Integrity and Misconduct Observer is authorized, the originally authorized one must remain in office. "

" Article 58 ter. The Integrity and Misconduct Observer will have the following functions:

I.

Administer and operate an anonymous complaint channel to document those conduct of Promoting Agents or Pension Advisors that may be carrying out the activities referred to in Articles 42 and 43 of these general provisions.

II.

Issue a monthly opinion on all complaints received through the channel referred to in the previous fraction, broken down by Administrator and reported activity, which must also contain:

a)

Report of the reported conduct, indicating the Administrators involved and the Promoting Agents or Pension Advisors implicated, incorporating data, documents, a clear, detailed and chronological description of the conduct, including dates of occurrence and, if applicable, affected Workers or third parties, and the identification of the provisions violated in accordance with Articles 42 and 43 of these provisions ;

Likewise, in this section, the relationship and valuation of the evidence supporting the conduct, analysis of causes, recurrence and impact on the Workers and the Administrators involved must be incorporated;

b)

Perspective and evaluation of the commercial behavior of each of the Administrators, considering the Code of Ethics and the reported conduct;

c)

Analysis of the possible impacts generated in the Retirement Savings System derived from the observed commercial behavior during the month in question;

d)

Possible measures that the Administrators involved could take to avoid misconduct, and be in compliance with Article 43 of these provisions, as well as proposals for correction plans;

e)

List containing the available data of the Promoting Agents or Pension Advisors who may be involved in misconduct or transgressions to the Code of Ethics. This list will only be delivered to the Administrators involved, their Regulatory Auditors and the Commission;

The monthly opinion prepared by the Integrity and Misconduct Observer must be delivered to the Commission, to the General Directors and Executive Voice, as well as to the Regulatory Auditors of the Administrators by the last business day of the month following the report.

The monthly opinion delivered to the General Directors and Executive Voice, as well as to the Regulatory Auditors of the Administrators, must protect sensitive or confidential information of any Administrator, such information can only be consulted by the Administrator owning the information.

III.

Prepare a Quarterly Report on the performance of Promoting Agents or Pension Advisors, which must contain:

a)

The annual plan for the capacity of Promoting Agents or Pension Advisors referred to in Article 63 of these provisions;

b)

The statistics of complaints presented in accordance with the activities indicated in Articles 42 and 43 of these general provisions delivered through the monthly opinions referred to in fraction II of this article;

c)

The information provided by the Commission regarding the commercial behavior of the industry;

d)

The information provided by the Operating Companies regarding Promoting Agents and Pension Advisors;

e)

The information provided by the Administrators in terms of Article 58 quáter of these general provisions;

f)

The quality of service in accordance with the information generated in terms of the General Provisions on service to users of the Retirement Savings Systems.

g)

The methodology used, which includes the description of the criteria, techniques and evaluation procedures applied, sources of information used, size and method of sample selection and, if applicable, limitations identified during the evaluation.

h)

Recommendations and correction plans that include improvement proposals to strengthen good commercial practices, specific recommendations to prevent, correct or mitigate identified conduct, suggestions for additional internal controls and any others considered;

The quarterly report prepared by the Integrity and Misconduct Observer must be delivered to the Commission, to the General Directors and the Executive Voice, as well as to the Regulatory Auditors of the Administrators, by the last business day of the months of January, April, July, October of each year.

---

For the purposes of delivering information to the Integrity and Misconduct Observer by the Commission and the Operating Companies, the corresponding legal instruments must be executed to protect the confidentiality of the information and to establish secure transmission mechanisms.

The report must contain conclusions, annexes including relevant documentary evidence, methodological details, statistical information, and analyzed databases.

IV.

Issue opinions and recommendations on best practices for Administrators and their Regulatory Controllers, as well as bring to the attention of the Commission documented cases that could affect the interests of Workers and the proper performance of the Retirement Savings System, with the aim that the Commission, in the exercise of its powers, carry out the actions corresponding under the applicable provisions.

Regulatory Controllers must incorporate in their monthly reports the surveillance actions carried out, where applicable, regarding the observations and recommendations contained in the monthly opinion and the quarterly report prepared by the Integrity and Misconduct Observer. Similarly, they may incorporate specific observation processes or adjust their vulnerability matrix.

The Commission will provide CONDUSEF with the monthly opinion and the quarterly report prepared by the Integrity and Misconduct Observer, for their use in the exercise of its legal powers.

" Article 58 quater. Administrators must deliver to the Integrity and Misconduct Observer the information requested by it, related to the performance of Promoting Agents or Previsional Advisors, considering the operational strategy, established commercial practices, reports, and documentary or technological support for those behaviors identified in accordance with the provisions of articles 42 and 43 of these general provisions. This shall be in accordance with the legal instruments executed to protect the confidentiality of the information and establish secure transmission mechanisms.

Administrators must implement improvement actions and, where applicable, adjustments or corrections regarding situations that could be at risk of constituting a possible non-compliance and that the Integrity and Misconduct Observer has reported to them through the quarterly follow-up report or when Administrators detect them on their own. "

" Article 59. The manner in which Administrators remunerate their Promoting Agents or Previsional Advisors must consist of a fixed amount determined based on the activity performed and exceptionally accompanied by other components in accordance with what this article establishes; in any case, the remuneration must be oriented towards the protection and promotion of the free and informed decision of the Worker regarding the administration of their Individual Account, promoting among Workers the reasoned comparison of Administrators in terms of returns, commissions, and services, avoiding merely commercial strategies.

Administrators must inform the Commission about the annual remuneration scheme, as well as the structure and organizational chart, identifying the hierarchical level and corresponding remuneration of their Promoting Agents and Previsional Advisors, in the month of December of the year prior to the validity period of said scheme. Modifications made by Administrators must be informed to the Commission within ten business days following the modification.

The remuneration scheme may not include variable components related to the number of transfers or the balance of transferred Individual Accounts. Any variable component different from those mentioned, by which their Promoting Agents or Previsional Advisors are remunerated, must be reported to the Commission at least 10 days prior to its implementation, detailing its structure and conditions. Variable components, in no case, may discriminate the activities performed by the Promoting Agent or Previsional Advisor in relation to the characteristics of the Individual Accounts of the Worker holders they have attended.

Furthermore, it is prohibited to establish payments in cash or in kind, grant perks, rewards, memberships, trips, or other incentives, directly or indirectly associated with the transfer of Individual Accounts or the balance of the Individual Account of the Workers attended by the Promoting Agents or Previsional Advisors. "

" Article 59 bis. Administrators must include in the report referred to in the second paragraph of article 59 of these general provisions, the contracts, agreements, conditions, payment schemes, remuneration policies, and supporting documentation regarding:

I.

Third parties that provide the Administrator with the services of Promoting Agents or Previsional Advisors;

II.

Promoting Agents or Previsional Advisors who are independent, in the fee-based modality or are outside the corporate labor structure of the Administrator, and

III.

Promoting Agents or Previsional Advisors who have a labor relationship with the Administrator.

Administrators must keep at the disposal of the Commission any information necessary for it to verify compliance with applicable regulations.

Administrators are responsible for ensuring that the remuneration scheme of Promoting Agents or Previsional Advisors always complies with the provisions of these general provisions, regardless of the hiring modality provided for in this article. "

" Article 62. The Commission, in the exercise of its supervision powers, may request from Administrators and Operating Companies any information related to the performance of the functions of Promoting Agents and Previsional Advisors, as well as any information regarding the remuneration schemes referred to in articles 59 and 59 bis of these provisions, and that contained in the Register of Promoting Agents. "

" Article 63. Administrators must prepare and submit to the Commission and the Integrity and Misconduct Observer, within the first quarter of each calendar year, an annual capacity plan for Promoting Agents or Previsional Advisors, which shall aim to demonstrate that they have an operational strategy for attending to Workers during the corresponding calendar year.

I. ...

a)

The number of active Promoting Agents or Previsional Advisors considered for attendance at the close of the same fiscal year, according to the organizational chart indicated in article 59 of these General Provisions;

b) ...

c) ...

Updates that Administrators make to the annual capacity plan for Promoting Agents or Previsional Advisors must be informed to the Commission and the Integrity and Misconduct Observer no later than the fifth business day following the corresponding update. "

TRANSITIONAL PROVISIONS

ARTICLE FIRST. These modifications and additions shall enter into force on the next business day following their publication in the Official Gazette of the Federation, with the exception of the following:

I.

Chapter IV bis "On the Monitoring of the Activity of Promoting Agents or Previsional Advisors" and the articles contained therein, shall enter into force on the first business day of January 2027.

Participants in the Retirement Savings Systems shall have 30 business days, counted from the date of entry into force of these modifications and additions, to adjust the systems, manuals, and mechanisms necessary for the observance of these regulations.

ARTICLE SECOND. The delivery of information and performance of activities established in these modifications and additions shall be subject to the following:

I.

The monthly opinions referred to in article 58 ter, fraction II, corresponding to the months of October, November, and December, shall be delivered for the first time on the last business day of January 2027, considering the information generated during said months.

II.

The quarterly report referred to in article 58 ter, fraction III, shall be delivered for the first time on the last business day of January 2027, considering the information generated since the entry into force of these provisions.

III.

The provisions regarding article 59 shall be carried out for the first time within fifteen business days following its entry into force and must contain the information that the Administrator has projected for the remainder of the 2026 fiscal year. With respect to the delivery to be made for the year 2027, the provisions of article 59 of these modifications and additions shall apply.

IV.

The provisions regarding article 59 bis shall be carried out for the first time within fifteen business days following its entry into force and must contain the information that the Administrator has projected for the remainder of the 2026 fiscal year. With respect to the delivery to be made for the year 2027, the provisions of article 59 bis of these modifications and additions shall apply.

V.

The information referred to in articles 59 and 59 bis of these modifications and additions, corresponding to the current year, must be sent to the Commission within 15 business days following its entry into force.

ARTICLE THIRD. At the date of entry into force of these general provisions, all those provisions issued by the Commission that are contrary to this regulation are hereby repealed.

Mexico City, September 3, 2026.- The President of the National Commission for the Retirement Savings System,

Mtro. Julio César Cervantes Parra.- Signature.

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