Modifications and Additions to the General Provisions on Advertising and Promotion of Retirement Savings Systems

DOF: 22/12/2020

MODIFICATIONS AND ADDITIONS TO THE GENERAL PROVISIONS ON ADVERTISING AND PROMOTION OF RETIREMENT SAVINGS SYSTEMS

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.

MODIFICATIONS

AND

ADDITIONS

TO

THE

GENERAL

PROVISIONS

ON

ADVERTISING

AND

PROMOTION

OF

RETIREMENT

SAVINGS

SYSTEMS

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, fractions I and II, 12, fractions I, VIII and XVI, 16, fraction XIII, and 53 of the Law of the Retirement Savings Systems; articles 1, 2, fraction III, and 9 of the Internal Regulations of the National Commission of the Retirement Savings System, has seen fit to issue the following:

CONSIDERING

That advertising in the Retirement Savings Systems must adhere, among other principles, to those of clarity, purpose, truthfulness, and verification, which aim to ensure that information is direct, simple, timely; that it allows the dissemination and consolidation of the image of the Retirement Savings System; that it is true and does not induce error; and that it can be verified and checked;

That to reaffirm the aforementioned principles, it is necessary to establish clarifications regarding prohibitions in all Advertising, Promotion, and Sponsorship, relative to indicators on returns, services, and investments, which Administrators and their Investment Societies may use;

That information on the returns generated by the resources of the individual account is one of the most relevant in the Retirement Savings System, as it serves as a natural source for generating comparative advertising, which serves to incentivize competition and allows workers to make better decisions regarding their individual account;

That to align comparative advertising on returns with the principles that must govern advertising in the Retirement Savings Systems, it is necessary to strengthen the meaning of the regulations governing comparative advertising, guaranteeing that the source is cited and that truthful and verifiable information is used; and

That to comply with what is established in article 78 of the General Law for Regulatory Improvement, as well as in the Fifth Article of the "Agreement that establishes the guidelines that must be observed by the departments and decentralized bodies of the Federal Public Administration, regarding the issuance of administrative acts of a general nature to which article 69-H of the Federal Administrative Procedure Law applies," the eliminations made in articles 140 bis and 197, of the Modifications and Additions to the General Provisions on matters of operations of the retirement savings systems, published in the Official Gazette of the Federation on May 15, 2020, in terms of the corresponding Regulatory Quality Annex, have been considered, has seen fit to issue the following:

MODIFICATIONS AND ADDITIONS TO THE GENERAL PROVISIONS ON ADVERTISING AND PROMOTION OF RETIREMENT SAVINGS SYSTEMS

SINGLE.- Articles 4, fraction IV Bis, 5, and 7 are MODIFIED, and Article 4 is ADDED with a fraction IV ter, all of the "General Provisions on matters of advertising and promotion of the retirement savings systems," published in the Official Gazette of the Federation on December 15, 2017, modified and added on September 6, 2018, and May 31, 2019, through publication in the same official communication instrument, to read as follows:

"Article 4.

...

I. to IV. ...

IV Bis. Modify, adapt, or combine statistical information published by the Commission on the page https://www.gob.mx/consar;

IV ter. Use any comparative indicator on returns other than the Net Performance Indicator published by the Commission on the page https://www.gob.mx/consar, in the spaces designated for the Administrator's advertising in the account statement format, nor in any type of advertising;

V. to X. ... "

"Article 5. Administrators and Investment Societies, when conducting advertising regarding returns, commissions, services, and investments, must mention the source from which they obtained the information and use the most recent figures or statistical data published by the Commission on the page https://www.gob.mx/consar, in order to promote healthy competition, within a framework of strict adherence to current regulations."

"Article 7. All comparative advertising between Administrators or between Investment Societies must use as its source the most recent information at the time of its issuance published on the Commission's Internet page (https://www.gob.mx/consar) regarding commissions, Net Performance Indicator, services, and investments. Administrators or Investment Societies that carry out comparative advertising on returns may only use the Net Performance Indicator and must include the following legends:

"Important: To register or transfer to an Administrator, you must take into account the Net Performance Indicator"

"Past returns do not guarantee future returns"

TRANSITORY PROVISIONS

FIRST.- These modifications and additions shall enter into force thirty natural days after their publication in the Official Gazette of the Federation.

SECOND.- All general provisions and other acts issued by the Commission that are contrary to this regulation are hereby repealed.

Mexico City, December 15, 2020.-

The President of the National Commission of the Retirement Savings System,

Abraham E. Vela Dib.-

Signature.

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