Modifications to the Agreement of the Board of Directors of the National Commission for the Retirement Savings System Regarding Commission Policies and Criteria

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DOF: 26/10/2021

MODIFICATIONS to the Agreement of the Board of Directors of the National Commission for the Retirement Savings System, by which it issues policies and criteria on the matter of commissions

At the margin, a seal with the National Coat of Arms, which says: United Mexican States.- TREASURY.- Ministry of

Treasury and Public Credit.- National Commission for the Retirement Savings System.

MODIFICATIONS TO THE AGREEMENT OF THE BOARD OF DIRECTORS OF THE

NATIONAL COMMISSION FOR THE

RETIREMENT SAVINGS SYSTEM,

BY WHICH IT ISSUES POLICIES AND CRITERIA ON

THE MATTER OF COMMISSIONS

The Board of Directors of the National Commission for the Retirement Savings System, in the Fourth Extraordinary Session of 2021, held on October 14, 2021, based on the provisions of articles 1, 2, 8, last paragraph, 18 second paragraph, 37 fifth, sixth, seventh, eighth and sixteenth paragraphs, and 37-B of the Law of the Retirement Savings Systems; 6, 7, 8, 9, 11, 12 and 13 of the Regulations of the Law of the Retirement Savings Systems; Tenth Transitory of the DECREE by which various provisions of the Social Security Law and the Law of the Retirement Savings Systems are reformed, added and repealed, published in the Official Gazette of the Federation on December 16, 2020, 1, 2 fraction I, 3, 4,

5, and 8 of the Internal Regulations of the National Commission for the Retirement Savings System, and

CONSIDERING

That the Board of Directors of the National Commission for the Retirement Savings System in the First

Extraordinary Session of 2021, held on February 12, 2021 and the Second Ordinary Session

held on April 28, 2021 approved the Agreement of the Board of Directors of the National Commission of

the Retirement Savings System, by which it issues Policies and Criteria on the matter of commissions, in which it

establishes the methodology to calculate the maximum to which the commissions charged by AFOREs will be subject;

That a simplified formula of the Agreement of the Board of Directors of the National Commission

of the Retirement Savings System, by which it issues policies and criteria on the matter of commissions, published

in the Official Gazette of the Federation on May 21, 2021, with the purpose of establishing a methodology

simple and consistent with those used by the Organisation for Economic Co-operation and Development

(OECD), which simplifies the comparison of commissions of Mexico with Chile, Colombia and the United States, has

deemed it appropriate to issue the following:

MODIFICATIONS TO THE AGREEMENT OF THE BOARD OF DIRECTORS OF THE NATIONAL COMMISSION FOR THE RETIREMENT SAVINGS

SYSTEM, BY WHICH IT ISSUES POLICIES AND CRITERIA ON THE MATTER OF COMMISSIONS

First.- The third paragraph of the second policy and the single annex of the "Agreement of the Board of

Directors of the National Commission for the Retirement Savings System, by which it issues policies and criteria

on the matter of commissions", published in the Official Gazette of the Federation on May 21, 2021, as well as the

Third Transitory Article, are MODIFIED, to read as follows:

" First.- ...

Second.-

...

...

In order to guarantee legal certainty to the Retirement Fund Administrators,

and in congruence with the annual procedure for requesting authorization and approval or

denial of commissions established in the fifth and sixth paragraphs of article 37 of the

Law of the Retirement Savings Systems, annually the charges in

the matter of commissions in the United States of America, Colombia and Chile will be reviewed with the data

available until the close of the month of September. Based on this information, the Board

of Directors of the National Commission for the Retirement Savings System will make known to

the latest by the last business day of the month of October of each year, the maximum of the commissions

that Retirement Fund Administrators may charge from the following calendar year.

This will be done through the publication made by the National Commission of

the Retirement Savings System on its internet page of the maximum of commissions,

as well as its modification or ratification. Likewise, the Commission will make known on the

same date the values of the parameters used in the calculation of the maximum of

commissions.

...

...

...

Third to Ninth.-

...

TRANSITORIES

FIRST to SECOND.- ...

THIRD.- The maximum to which the commissions charged by the Administrators

of Funds for Retirement will be subject, will be published on the internet page of the National Commission of

the Retirement Savings System, for the first time by the latest on the last business day of October

of 2021. Subsequently, said maximum will be notified annually as established in

the Second Article, third paragraph, of this Agreement. "

" SINGLE ANNEX: METHODOLOGY FOR THE CALCULATION OF THE MAXIMUM OF COMMISSIONS.

...

...

CHILE AND COLOMBIA

To determine the equivalences between Chile, Colombia and Mexico, the assets

managed and income from commissions were considered, according to the following formula:

The Implicit Balance Commission allows making comparable the commission scheme

of Chile and Colombia with the one in force in Mexico since 2008, which is used by the

OECD. Specifically, the following will be considered according to each country:

ASSETS OF PENSION FUNDS 2020

Month

Chile (millions of Chilean pesos)

Colombia* (millions of Colombian pesos)

jan-20

164,231,143

284,454,367

feb-20

159,313,758

280,430,681

mar-20

144,456,632

261,786,703

apr-20

155,540,228

267,983,993

may-20

160,032,875

270,358,307

jun-20

164,069,831

272,597,477

jul-20

163,723,260

281,665,414

aug-20

160,617,585

290,960,598

sep-20

152,944,378

293,741,526

oct-20

153,639,943

293,800,787

nov-20

160,610,114

305,909,532

dec-20

151,975,242

316,968,453

Annual Average

157,596,249

285,054,820

Total Commission Income

2020

789,428.8

1,577,773.4

*Colombia records managed assets as "Value of funds".

Source: Own elaboration with data from the Pension Superintendence of Chile and

Financial Superintendence of Colombia.

Chile

Where

Colombia

Where

FINAL SIMPLE AVERAGE FOR THE CALCULATION OF THE MAXIMUM OF COMMISSIONS

TRANSITORY

ONLY.- These modifications will enter into force the day following their publication in the Official

Gazette of the Federation.

With the entry into force of this modification, anything that contravenes this is repealed.

Mexico City, October 21, 2021.- Based on the provisions of articles 8, last

paragraph, 9 third paragraph, 11 and 12 fractions I, VIII, XIII and XVI of the Law of the Retirement Savings Systems;

2 fraction III, 4 third and fourth paragraphs and 8 first paragraph of the Internal Regulations of the Commission

National for the Retirement Savings System,

the President of the National Commission for the Retirement

Savings System,

Ivan H. Pliego Moreno.- Rubric.

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