Modifications and Additions to the General Provisions on Financial Matters of the Retirement Savings Systems — SHCP — MX

DOF: 29/03/2022

MODIFICATIONS and additions to the General Provisions on 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 of the Retirement Savings System.

MODIFICATIONS AND ADDITIONS TO THE GENERAL PROVISIONS ON FINANCIAL MATTERS

OF THE RETIREMENT SAVINGS SYSTEMS

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

articles 1st., 2nd., 5th. 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 quáter of the Law of the Retirement Savings Systems; 106

of the Law of the Institute for Security and Social Services of State Workers; 1st., 2nd., 14, 17, 18,

19, 20, 21, 22, 23, 24, 25, 33 subsection A fraction VIII and subsection B, 139, 140, 141, 154 and 155 of the Regulation of the

Law of the Retirement Savings Systems and 1, 2 fraction III, and 8 first paragraph of the Internal Regulation of the

National Commission of the Retirement Savings System, and

CONSIDERING

That it is important to update the references to other General Provisions issued by this

Commission, due to the changes that have been made in their denomination, such as to the General

Provisions on the recording of accounting, preparation and presentation of financial statements to

which the participants in the Retirement Savings Systems must adhere; as well as to clarify

some references to avoid ambiguities in their interpretation;

That for the case of Mutual Funds it is important to provide that the Investment Committee may authorize

participation percentages higher than 35% of net assets, regarding only Mutual Funds with

active strategies that have as underlying assets shares of Mexican companies and that comply with

the criteria approved by the Risk Analysis Committee, with the aim that workers have

access to the benefits identified by the Committee to increase their participation, and

That it is necessary to clarify in ANNEX X the matter regarding the maximum total costs for

Structured Instruments due to an error identified in the formula, has seen fit to issue the

following:

MODIFICATIONS AND ADDITIONS TO THE GENERAL PROVISIONS ON FINANCIAL MATTERS

OF THE RETIREMENT SAVINGS SYSTEMS

SINGLE.- The articles 2 fractions XIV bis and XLIX, subsection iv, 30 fraction XVI subsection e),

last paragraph, 54, 77 second paragraph, 122 fraction III, Annexes J and X, are MODIFIED, and ADDED, the articles 29

fraction XI, 36 fraction IV, subsection d), of the General Provisions on 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:

" Article 2.- For the purposes of these General Provisions, in addition to the

definitions established by the Law of the Retirement Savings Systems, its Regulation, as well as the

General Provisions that establish the investment regime to which the

Investment Companies must adhere, the General Provisions that establish the patrimonial regime to which

the Administrators of Retirement Funds, Pensionissste and Investment Companies and the

Special Reserve are subject, the General Provisions that establish the procedure for the construction

of the net performance indicators of Investment Companies, and the General Provisions

on the recording of accounting, preparation and presentation of financial statements to which

the participants in the Retirement Savings Systems must adhere, the following shall be understood:

I. to XIV. ...

XIV bis.

Maximum Deviation, to the Prudential Limit of the maximum value authorized by the Committee

Financial Risks that the difference between the weight defined in the

Investment Trajectory and the investment portfolio of the Total Asset of the Investment Company may take,

for each Class of Asset or Risk Factor, determined by the Financial Risk Committee

or, in its case, the Investment Committee, as determined by the Administrator;

XV. to XLVIII. ...

XLIX.

Automated Integrated System, to the computer system or set of interconnected modules

automatically used by the Administrator to carry out the activities described in

these Provisions. Such system or set of modules must allow carrying out

the following activities:

a i) ...

...

i. to iii. ...

iv.

Have a database structure that allows compliance with what is established in

these Provisions and in the General Provisions

on the recording of accounting, preparation and presentation of financial

statements to which the participants in the Systems of

Retirement Savings must adhere.

L. to LVI. ...

" Article 29.- ...

to X. ...

XI.

In the case of Mutual Funds, ensure that the maximum amount invested by the set

of Investment Companies operated by the same Administrator in each Mutual Fund is not

higher than 10% of the net assets of said Mutual Fund. The Investment Committee may

determine to invest a percentage higher than that provided in this fraction, provided that this

does not exceed 35% of the net assets, considering fund performance criteria, size of the

fund, cost of the fund, concentration of the investment portfolio of the Investment Company in

the underlying assets of the fund, as well as the additional criteria determined by the Committee.

The foregoing must be clearly recorded in the corresponding Detailed Minutes

with the favorable vote of the majority of the Independent Councilors who are

members of said committee. The Investment Committee may authorize percentages of

participation higher than 35% of the net assets regarding only Mutual

Funds with active strategies that have as underlying assets shares of Mexican

companies and that comply with the criteria approved by the Risk Analysis Committee ;

XII. to XV. ...

...

1.1.

to 1.2. ...

...

" Article 30.- ...

I. to XVI. ...

a) to e) ...

In the event that the investment within national territory is equal to or greater than the percentage defined in the

Twenty-Fourth Provision, fraction VI of the General Provisions that establish the

investment regime to which specialized retirement fund investment companies must adhere,

the Fiduciary Investment Project Trust Certificates shall not count within

the limit referred to in the Sixteenth Provision, fraction I subsection d) of the aforementioned

provisions, if and only if, the investments both abroad and within national territory are

made in accordance with the requirements established in fraction XXIV of this article.

XVII. to XXV. ...

...

1.1. to 1.2. ...

" Article 36.- ...

I. to III. ...

IV.

The definition or modification of the Investment Trajectory requires:

a) to c) ...

The modification of the Information prospectuses and explanatory brochures, for which

they must adhere to what is established in Title XIII of these provisions.

...

1.1 to 1.3. ...

...

" Article 54.- Administrators during the implementation of the Automated Integrated System must

use simultaneously the system they have to comply with what is established in the

present Provisions. During the substitution of the Automated Integrated System, the Administrator will be

responsible for any non-compliance caused to these Provisions, to the General Provisions

that establish the investment regime to which Investment Companies must adhere, to the General Provisions on the recording of accounting, preparation and

presentation of financial statements to which the participants in the Retirement Savings Systems must adhere, to the General Provisions that establish the patrimonial regime to which

the Administrators, Pensionissste and Investment Companies and the special reserve are subject, to the

General Provisions that establish the procedure for the construction of the indicators of

net performance of Investment Companies, and to the General Rules that the

Commission establishes for the delivery of information. "

" Article 77.- ...

The Updated Prices for Valuation used to value the Investment Assets that

form the Asset Managed by Investment Companies and, in its case, the interest, must

correspond to the Valuation Day of the share of the Investment Company. The Assets Managed by the

Mandatories must be valued on the Valuation Day using prices that may be lagged in their

determination date in accordance with the timeframes described in the General Provisions

on the recording of accounting, preparation and presentation of financial statements to which the participants in the

Retirement Savings Systems must adhere, issued by the Commission. "

" Article 122.- ...

I. to II. ...

III. Have an Automated Integrated System that allows them to measure and evaluate daily the risks

arising from operations with Derivatives, their margin accounts and guarantees, as well as to register

accounting these operations and inform the Operator in case the risk level reaches the limits

provided for in the investment regime or to the Prudential Limits defined by the Financial Risk Committee.

These systems must allow access to their information by the UAIR at all times,

as well as present the consolidated position of securities and of operations with Derivatives. For this purpose, the

Automated Integrated System must be configured for the incorporation of operations with Derivatives,

and execute the activities referred to in articles 13, fraction III and 14, fractions I, II, VIII, XII, XIII,

XV and XIX; Annex L, fraction VII, subsections d), f), g) h), i), l); as well as to value the Derivatives and perform, in

its case, the independent valuation for operations in over-the-counter markets; in addition to for carrying

out its accounting record attending to what is established in the General Provisions on the recording of

accounting, preparation and presentation of financial statements to which the

participants in the Retirement Savings Systems must adhere.

IV. to VI. ...

...

" ANNEX J

On the certification of Officials

...

to 4. ...

...

" ANNEX X

Maximum total costs for Structured Instruments

Table 1: Maximum total costs of Structured Instruments based on their classification.

Classification of the Structured Instrument

Maximum threshold for total commissions of the

Structured Instruments (basis points)

Mature

150

Initial Stage

200

Administrators must annually cover the excess over the maximum total costs that

Table 1 establishes for Structured Instruments in which they have a position the Investment Companies they manage. For this purpose, on the last business day of March, they must apply the procedure

described in the following numeral.

Procedure to cover excesses over the maximum total costs of Structured Instruments.

Calculation of the total costs of Structured Instruments

Where:

CTt = Total commission of the Structured Instrument on date "t", expressed in basis points.

CAt = sum of the amounts corresponding to

the concepts reported in detail 4, id 5,

of Annex 123 of Circular CONSAR 19-8, identifiers 01 to 03 of the Catalog of Commission

Concepts, on date "t".

CPt = sum of the amounts corresponding to the concepts reported in detail 4, id 5,

of Annex 123 of Circular CONSAR 19-8, identifiers 07, 08, 17 to 19, 23, 24, 28, 29, 32 to

41, 46 and 00 of the Catalog of Commission Concepts, on date "t",

that are classified

in detail 4, id 3, of said Annex 123, with ids 00, 02 and/or 04 of the Catalog of

Payment Classification.

VN = total notional value of the issuance of the Structured Instrument.

VMt = market value of the Structured Instrument calculated by the price provider on

date "t".

LLCt = notional value of capital calls, or subscription rights,

pending of the

Structured Instrument issued under the capital call or subscription rights scheme,

on date "t".

Dt = distributions paid by the Structured Instrument on date "t".

Cash = the cash that is part of the trust's equity and the instruments

in which it is invested temporarily.

t = date of the information reported in Annex 123 of Circular CONSAR 19-8.

Classification of Structured Instruments

Administrators must classify the Structured Instruments in position of the SIEFORES

they manage based on the time elapsed since the issuance date, according to the

following:

Mature Structured Instruments, when n ≥ 6.
Structured Instruments in Initial Stage, when n < 6.

Where:

n must be rounded to 2 decimals.

t = date of the information reported in Annex 123 of Circular CONSAR 19-8.

Reimbursement of excesses

In the case of Structured Instruments whose total costs are higher than those established

in Table 1 of this Annex on the date of the information reported in Annex 123 of the

Circular CONSAR 19-8, General Rules to which the information that the

administrators of retirement funds, the specialized retirement fund investment companies,

the receiving entities and the operating companies of the National SAR Database

must adhere, deliver to the National Commission of the Retirement Savings System (Circular CONSAR 19-8), the

Administrator must reimburse the excess over said threshold to the Investment Companies

with a position in said Instruments according to the following methodology:

Where:

= reimbursement to Basic Siefore "i" on date "t".

CTt = Total commission of the Structured Instrument on date "t", expressed in basis points.

Threshold IE: Refers to the maximum threshold for total commissions of Structured

Instruments in basis points, indicated in Table 1 of this Annex.

VN = total notional value of the issuance of the Structured Instrument.

VMt = market value of the Structured Instrument calculated by the Price Provider

on date

"t".

LLCt = notional value of capital calls, or subscription rights, pending of the

Structured Instrument issued under the capital call or subscription rights scheme

on date "t".

Dt = distributions paid by the Structured Instrument on date "t".

Cash = the cash that is part of the trust's equity and the instruments in which

it is invested temporarily.

= Number of titles of the Structured Instrument in position in the Basic Investment Company

"i" on date "t".

= Number of titles of the Structured Instrument in circulation on date "t".

i = Initial Basic Siefore, Basic Siefore 90-94, Basic Siefore 85-89, Basic Siefore 80-84,

Basic Siefore 75-79, Basic Siefore 70-74, Basic Siefore 65-69, Basic Siefore 60-64,

Basic Siefore 55-59.

t = date of the information reported in Annex 123 of Circular CONSAR 19-8.

Regarding Structured Instruments acquired by Investment Companies on a date

prior to the entry into force of this Annex, the Administrator shall not cover the excess

over the maximum total costs that Table 1 above establishes. "

For the purposes of this Annex, it will be understood that the total notional value of the issuance of the

Structured Instrument is that which is recorded in the issuance act and authorized

by the CNBV.

TRANSITORY

SINGLE. - These modifications and additions will enter into force the day after their publication in

the Official Gazette of the Federation.

Mexico City, March 22, 2022. - The President of the National Commission of the Retirement

Savings System, Iván Hilmardel Pliego Moreno. - Rubric.

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