Regulatory Alerts2025-08-01 | DOF 5764410Added · Updated
Modifications to the General Provisions Establishing the Investment Regime for Specialized Investment Companies of Retirement Savings Funds
The National Retirement Savings System Commission modifies the General Provisions governing the investment regime for Specialized Investment Companies of Retirement Savings Funds. The amendments replace the term 'State Productive Enterprises' with 'State Public Enterprises' to align with constitutional reforms, introduce prudential risk management controls for Structured Instruments, and establish that exceeding limits in Annex S and Annex S bis constitutes a breach. The rules also adjust the extended limits for Annex S bis for quarters 148, 149, and 150 to match Annex S, prohibit Basic Investment Companies from acquiring new Structured Instruments from ID 132 onwards, and restrict Pension Basic Investment Companies from acquiring individual shares or FIBRAS directly. These modifications enter into force on the business day following their publication in the Official Journal of the Federation.
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DOF: 01/08/2025
MODIFICATIONS to the General Provisions Establishing the Investment Regime to Which Specialized Investment Companies of Retirement Savings Funds Must Be Subject
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 TO THE GENERAL PROVISIONS ESTABLISHING THE INVESTMENT REGIME TO WHICH SPECIALIZED INVESTMENT COMPANIES OF RETIREMENT SAVINGS FUNDS MUST BE SUBJECT.
The Board of Directors of the National Commission of the Retirement Savings System, based on articles 5, fraction II, 8, fraction IV, 43 and 47 of the Retirement Savings Systems Law, has seen fit to issue the following:
MODIFICATIONS TO THE GENERAL PROVISIONS ESTABLISHING THE INVESTMENT REGIME TO WHICH SPECIALIZED INVESTMENT COMPANIES OF RETIREMENT SAVINGS FUNDS MUST BE SUBJECT.
CONSIDERING
That, with the objective of preserving the clarity and coherence of the regulatory framework and as a result of the reform to articles 25, 27 and 28 of the Political Constitution of the United Mexican States, made known through "Decree reforming the fifth paragraph of article 25, the sixth and seventh paragraphs of article 27 and the fourth paragraph of article 28 of the Political Constitution of the United Mexican States, in matters of strategic areas and companies", published in the Official Journal of the Federation on October 31, 2024, the figure of State Productive Enterprises is replaced by that of State Public Enterprises;
That, with the objective of strengthening the prudential management of risks associated with investment in Structured Instruments, control mechanisms are established that allow strengthening supervision, in line with the protection of Workers' interests. Likewise, in order to maintain rigorous and transparent control over compliance with the investment regime, it is specified that breaches may be configured by exceeding the established limits in both Annex S and Annex S bis. Likewise, the extended limits of Annex S bis corresponding to quarters 148, 149 and 150 are adjusted, so that they are equivalent to those established in Annex S, has seen fit to issue the following:
MODIFICATIONS TO THE GENERAL PROVISIONS ESTABLISHING THE INVESTMENT REGIME TO WHICH SPECIALIZED INVESTMENT COMPANIES OF RETIREMENT SAVINGS FUNDS MUST BE SUBJECT.
SINGLE.
MODIFY:
the provisions
Second,
fractions
XXXa and
XXXI,
Eleventh,
Sixteenth,
fraction
I,
Twenty-Fourth,
fraction
II,
Annexes
S and
S bis,
of the "General Provisions Establishing the Investment Regime to Which Specialized Investment Companies of Retirement Savings Funds Must Be Subject",
published in the Official Journal of the Federation on
May 31, 2019,
with its modifications and additions published in the same
instrument on the days May 06, 2021, June 21, 2022, August 11, 2023, May 22, 2024 and October 25, 2024,
to remain in the following terms:
" SECOND.
- For the purposes of these provisions, it will be understood by:
I.
to
XXX.
...
XXXa.
State Public Enterprises,
to the entities of the Federal Public Administration sectorized to the Ministry of Energy,
with technical, operational and management independence;
legal personality, special regime and own assets , in accordance with what is established in the
Law of the State Public Enterprise,
Mexican Petroleum and the Law of the State Public Enterprise,
Federal Electricity Commission ,
denominated Mexican Petroleum and Federal Electricity Commission;
XXXb.
...
XXXI.
National Issuers,
to the Federal Government,
Bank of Mexico,
Private Companies,
State Public Enterprises,
federative entities,
municipalities,
Government of Mexico City and Parastatal Entities, that issue Instruments, as well as Financial Entities, that issue, accept or guarantee said Instruments;
XXXII.
to
LXXX ... "
" ELEVENTH.
- ...
It will be considered as part of the investment regime
in matters of Structured Instruments, what is provided in the General Provisions
in financial matters of the Retirement Savings Systems
in relation to the authorization and monitoring of the methodologies to measure the profitability and performance of said Instruments, the analysis of the investments made in terms of net returns, risks and investment decisions, the evaluation actions, the presentation of reports to the respective Committees and the Commission, the definition of policies and procedures for the clarification and resolution of discrepancies in the costs actually paid versus the costs defined in the placement prospectus of the Structured Instruments, as well as the actions to exhaust all legal means at their disposal to request compensation for the deviations or inconsistencies found in order not to impact the equity of the Workers.
...
...
...
...
...
...
...
...
... "
" SIXTEENTH.- The Basic Investment Companies referred to in the previous Thirteenth provision, may invest in the following:
I ...
a)
to
f) ...
g)
In Structured Instruments, observing the diversification criteria provided in fractions IV and V of the following Twenty-Fourth provision.
The investment may be up to the percentage of the Total Assets of the Investment Company established in Annex S bis, column 1, complying in turn with what is established in Annex S, column 1, of these provisions, provided that the investment in Structured Instruments complies with the requirements established in the general provisions in financial matters of the Retirement Savings Systems.
Without prejudice to the foregoing, Basic Investment Companies may not acquire new Structured Instruments from the row corresponding to ID 132, column 1, of Annex S of these provisions.
Investment Companies may acquire Structured Instruments that invest or finance the acquisition of share capital of Mexican companies whose shares are quoted on a Stock Exchange authorized to organize and operate in terms of the Securities Market Law, provided that the latter had been subject to financing through a Structured Instrument prior to their listing in said capital market, or when the aforementioned companies subject to financing are eligible in accordance with the issuance prospectus of the Structured Instrument, in which case said Structured Instrument may not acquire more than 51% of the total share capital that has been subject to public offer in the securities markets regulated by authorities of Eligible Countries for Investments.
Structured Instruments may not be acquired nor maintain exposure through Derivatives.
h)
to
i) ...
II.
to
IV. ...
... "
" TWENTY-FOURTH.
- Basic Investment Companies must observe the following diversification criteria:
I.
...
II.
The investment in shares of National Issuers listed on a Stock Exchange authorized to organize and operate in terms of the Securities Market Law referred to in sub-paragraphs a) and b) of fraction LII of the previous Second provision that belong to the national indices provided for in these provisions, may be a percentage of the maximum limits referred to in fraction I sub-paragraph e) of the previous Sixteenth provision as applicable, which will be equivalent to the sum of the value of the weight assigned to each share in the index of the national market that determines the Investment Committee of each Investment Company that operates the Administrator, as well as the range of modification for effects of marketability that determines the Risk Analysis Committee.
In the case of shares of National Issuers listed on a Stock Exchange authorized to organize and operate in terms of the Securities Market Law that do not form part of the index that determines the Investment Committee of each Investment Company that operates the Administrator, investment may be made up to 4% of the limit referred to in fraction I sub-paragraph e) of the previous Sixteenth provision as applicable.
For the case of FIBRAS and Real Estate Investment Vehicles, this limit may not exceed 2% of the Total Assets Managed by the Investment Company, and in its case, the limit determined by the Risk Analysis Committee.
...
...
...
...
Pension Basic Investment Companies may not acquire shares of National or Foreign Issuers referred to in this fraction.
Likewise, they may not acquire FIBRAS directly.
Pension Basic Investment Companies may only maintain in position the investment in individual shares of National Issuers, Foreign Issuers and FIBRAS directly that they have obtained through the transfer of resources from another Basic Investment Company, in accordance with what is provided in sub-paragraph b) of the second paragraph of the previous Thirteenth provision.
III.
to
VI. ...
... "
TRANSITORY
SINGLE.- These modifications will enter into force on the business day following their publication in the Official Journal of the Federation.
Likewise, with the entry into force of these provisions, any provision issued by the Commission that is contrary to this regulation is repealed.
Mexico City, June 30, 2025.-
Based on what is provided by articles 9, third paragraph, 11 and 12 fractions VIII, XIII and XVI of the Retirement Savings Systems Law;
2 fraction III, 4 third and fourth paragraphs and 8 first paragraph of the Internal Regulations of the National Commission of the Retirement Savings System, the President of the National Commission of the Retirement Savings System, Mtro. Julio César Cervantes Parra. - Rubric.
" ANNEX S
Limits of the Investment Regime (expressed as a percentage of the Total Assets of the Investment Company)
Identifier
Column 1
Column 2
Column 3
Column 4
Column 5
Column 6
ID: Quarter* in the life of the Basic Investment Company
Structured Instruments
Commodities
FIBRAS and Real Estate Investment Vehicles
Equity Components
Securitized Instruments
Investment Assets in Currencies
1
20.00
5.00
12.50
60.00
40.00
35.00
2
20.00
5.00
12.50
59.93
39.94
34.98
3
20.00
5.00
12.50
59.85
39.87
34.95
4
20.00
5.00
12.50
59.77
39.80
34.93
5
20.00
5.00
12.50
59.68
39.73
34.90
6
20.00
5.00
12.50
59.58
39.66
34.87
7
20.00
5.00
12.50
59.48
39.58
34.83
8
20.00
5.00
12.50
59.38
39.51
34.80
9
20.00
5.00
12.50
59.27
39.43
34.77
10
20.00
5.00
12.50
59.16
39.34
34.73
11
20.00
5.00
12.50
59.05
39.26
34.70
12
20.00
5.00
12.50
58.97
39.17
34.67
13
20.00
5.00
12.50
58.90
39.08
34.65
14
20.00
5.00
12.50
58.82
38.99
34.62
15
20.00
5.00
12.50
58.74
38.89
34.60
16
20.00
5.00
12.50
58.66
38.80
34.57
17
20.00
5.00
12.50
58.57
38.70
34.54
18
20.00
5.00
12.50
58.49
38.60
34.52
19
20.00
5.00
12.50
58.40
38.49
34.49
20
20.00
5.00
12.50
58.31
38.39
34.46
21
20.00
5.00
12.50
58.22
38.28
34.43
22
20.00
5.00
12.50
58.12
38.17
34.40
23
20.00
5.00
12.50
58.02
38.06
34.37
24
20.00
5.00
12.50
57.93
37.95
34.34
25
20.00
5.00
12.50
57.83
37.84
34.31
26
20.00
5.00
12.50
57.72
37.72
34.27
27
20.00
5.00
12.50
57.62
37.60
34.24
28
20.00
5.00
12.50
57.51
37.49
34.21
29
20.00
5.00
12.50
57.41
37.37
34.17
30
20.00
5.00
12.50
57.30
37.24
34.14
31
20.00
5.00
12.50
57.18
37.12
34.10
32
20.00
5.00
12.50
57.07
37.00
34.06
33
20.00
5.00
12.50
56.96
36.87
34.03
34
20.00
5.00
12.50
56.84
36.74
33.99
35
20.00
5.00
12.50
56.72
36.61
33.95
36
20.00
5.00
12.50
56.60
36.48
33.91
37
20.00
5.00
12.50
56.48
36.35
33.88
38
20.00
5.00
12.50
56.35
36.22
33.83
39
20.00
5.00
12.50
56.23
36.09
33.79
40
20.00
5.00
12.50
56.10
35.95
33.75
41
20.00
5.00
12.50
55.97
35.82
33.71
42
20.00
5.00
12.50
55.84
35.68
33.67
43
20.00
5.00
12.50
55.71
35.55
33.63
44
20.00
5.00
12.50
55.58
35.41
33.59
45
20.00
5.00
12.50
55.45
35.27
33.54
46
20.00
5.00
12.50
55.31
35.13
33.50
47
20.00
5.00
12.50
55.17
34.99
33.45
48
20.00
5.00
12.50
55.03
34.85
33.41
49
20.00
5.00
12.50
54.89
34.71
33.36
50
20.00
5.00
12.50
54.75
34.57
33.32
51
20.00
5.00
12.50
54.61
34.43
33.27
52
20.00
5.00
12.50
54.46
34.28
33.22
53
20.00
5.00
12.50
54.32
34.14
33.18
54
20.00
5.00
12.50
54.17
34.00
33.13
55
20.00
5.00
12.50
54.02
33.85
33.08
56
20.00
5.00
12.50
53.87
33.71
33.03
57
20.00
5.00
12.50
53.72
33.57
32.98
58
20.00
5.00
12.50
53.57
33.42
32.93
59
20.00
5.00
12.50
53.42
33.28
32.89
60
20.00
5.00
12.50
53.27
33.13
32.84
61
20.00
5.00
12.50
53.11
32.99
32.78
62
20.00
5.00
12.50
52.95
32.84
32.73
63
20.00
5.00
12.50
52.80
32.70
32.68
64
20.00
5.00
12.50
52.64
32.55
32.63
65
20.00
5.00
12.50
52.48
32.41
32.58
66
20.00
5.00
12.50
52.32
32.27
32.53
67
20.00
5.00
12.50
52.15
32.12
32.47
68
20.00
5.00
12.50
51.99
31.98
32.42
69
20.00
5.00
12.50
51.83
31.83
32.37
70
20.00
5.00
12.50
51.66
31.69
32.31
71
20.00
5.00
12.50
51.50
31.55
32.26
72
20.00
5.00
12.50
51.33
31.41
32.20
73
20.00
5.00
12.50
51.16
31.26
32.15
74
20.00
5.00
12.50
50.99
31.12
32.09
75
20.00
5.00
12.50
50.82
30.98
32.04
76
20.00
5.00
12.50
50.64
30.84
31.98
77
20.00
5.00
12.50
50.40
30.70
31.90
78
20.00
5.00
12.50
50.15
30.57
31.82
79
20.00
5.00
12.50
49.90
30.43
31.73
80
20.00
5.00
12.50
49.65
30.29
31.65
81
20.00
5.00
12.50
49.38
30.16
31.56
82
19.86
5.00
12.39
49.12
30.02
31.43
83
19.71
5.00
12.29
48.85
29.87
31.29
84
19.57
5.00
12.18
48.58
29.73
31.15
85
19.43
5.00
12.07
48.30
29.58
31.01
86
19.29
5.00
11.96
48.02
29.43
30.87
87
19.14
5.00
11.86
47.73
29.27
30.73
88
19.00
5.00
11.75
47.44
29.11
30.58
89
18.86
5.00
11.64
47.15
28.95
30.44
90
18.71
5.00
11.54
46.85
28.78
30.29
91
18.57
5.00
11.43
46.55
28.61
30.14
92
18.43
5.00
11.32
46.24
28.44
29.99
93
18.29
5.00
11.21
45.93
28.26
29.84
94
18.14
5.00
11.11
45.62
28.08
29.68
95
18.00
5.00
11.00
45.30
27.88
29.53
96
17.86
5.00
10.89
44.98
27.67
29.37
97
17.71
5.00
10.79
44.66
27.47
29.21
98
17.57
5.00
10.68
44.33
27.27
29.05
99
17.43
5.00
10.57
44.00
27.07
28.89
100
17.29
5.00
10.46
43.67
26.87
28.73
101
17.14
5.00
10.36
43.33
26.66
28.56
102
17.00
5.00
10.25
43.00
26.46
28.40
103
16.86
5.00
10.14
42.64
26.26
28.23
104
16.71
5.00
10.04
42.27
26.06
28.05
105
16.57
5.00
9.93
41.90
25.85
27.87
106
16.43
5.00
9.82
41.52
25.65
27.69
107
16.29
5.00
9.71
41.12
25.45
27.51
108
16.14
5.00
9.61
40.72
25.22
27.31
109
16.00
5.00
9.50
40.30
25.00
27.12
110
15.86
5.00
9.39
39.88
24.76
26.92
111
15.71
5.00
9.29
39.44
24.61
26.72
112
15.57
5.00
9.18
38.98
24.45
26.50
113
15.43
5.00
9.07
38.51
24.30
26.29
114
15.29
5.00
8.96
38.03
24.15
26.07
115
15.14
5.00
8.86
37.53
24.00
25.84
116
15.00
5.00
8.75
37.01
23.85
25.60
117
14.86
5.00
8.64
36.48
23.70
25.36
118
14.71
5.00
8.54
35.93
23.55
25.11
119
14.57
5.00
8.43
35.36
23.41
24.85
120
14.43
5.00
8.32
34.76
23.26
24.58
121
14.29
5.00
8.21
34.15
23.12
24.31
122
14.14
5.00
8.11
33.52
22.98
24.03
123
14.00
5.00
8.00
32.86
22.84
23.73
124
13.86
5.00
7.89
32.18
22.70
23.43
125
13.71
5.00
7.79
31.48
22.56
23.11
126
13.57
5.00
7.68
30.75
22.43
22.79
127
13.43
5.00
7.57
30.00
22.30
22.45
128
13.29
5.00
7.46
29.22
22.17
22.10
129
13.14
5.00
7.36
28.42
22.04
21.74
130
13.00
5.00
7.25
27.61
21.92
21.38
131
12.86
5.00
7.14
26.78
21.80
21.01
132
12.71
5.00
7.04
25.94
21.68
20.62
133
12.57
5.00
6.93
25.10
21.56
20.24
134
12.43
5.00
6.82
24.27
21.44
19.85
135
12.29
5.00
6.71
23.44
21.33
19.47
136
12.14
5.00
6.61
22.62
21.22
19.08
137
12.00
5.00
6.50
21.82
21.12
18.70
138
11.86
5.00
6.39
21.04
21.01
18.33
139
11.71
5.00
6.29
20.29
20.92
17.96
140
11.57
5.00
6.18
19.57
20.82
17.61
141
11.43
5.00
6.07
18.88
20.73
17.26
142
11.29
5.00
5.96
18.23
20.64
16.93
143
11.14
5.00
5.86
17.63
20.55
16.62
144
11.00
5.00
5.75
17.08
20.47
16.32
145
10.86
5.00
5.64
16.58
20.39
16.05
146
10.71
5.00
5.54
16.14
20.31
15.80
147
10.57
5.00
5.43
15.77
20.24
15.58
148
10.43
5.00
5.32
15.46
20.18
15.39
149
10.29
5.00
5.21
15.23
20.11
15.23
150
10.14
5.00
5.11
15.07
20.05
15.09
151
10.00
5.00
5.00
15.00
20.00
15.00
152
10.00
5.00
5.00
15.00
20.00
15.00
153
10.00
5.00
5.00
15.00
20.00
15.00
154
10.00
5.00
5.00
15.00
20.00
15.00
155
10.00
5.00
5.00
15.00
20.00
15.00
156
10.00
5.00
5.00
15.00
20.00
15.00
157
10.00
5.00
5.00
15.00
20.00
15.00
158
10.00
5.00
5.00
15.00
20.00
15.00
159
10.00
5.00
5.00
15.00
20.00
15.00
160
10.00
5.00
5.00
15.00
20.00
15.00
161
10.00
5.00
5.00
15.00
20.00
15.00
- The quarterly limits indicated in this Annex are applicable from the beginning of the quarters closing in the months of March, June, September and December, as applicable. "
" ANNEX S bis
Extended Limit of Structured Instruments of the Investment Regime (expressed as a percentage of the Total Assets of the Investment Company)
Identifier
Column 1
ID: Quarter* in the life of the Basic Investment Company
Structured Instruments
1
30.00
2
30.00
3
30.00
4
30.00
5
30.00
6
30.00
7
30.00
8
30.00
9
30.00
10
30.00
11
30.00
12
30.00
13
30.00
14
30.00
15
30.00
16
30.00
17
30.00
18
30.00
19
30.00
20
30.00
21
30.00
22
29.93
23
29.85
24
29.78
25
29.70
26
29.63
27
29.55
28
29.48
29
29.40
30
29.33
31
29.25
32
29.18
33
29.10
34
29.03
35
28.95
36
28.88
37
28.80
38
28.73
39
28.65
40
28.58
41
28.50
42
28.43
43
28.35
44
28.28
45
28.20
46
28.13
47
28.05
48
27.98
49
27.90
50
27.83
51
27.75
52
27.68
53
27.60
54
27.53
55
27.45
56
27.38
57
27.30
58
27.23
59
27.15
60
27.08
61
27.00
62
26.81
63
26.62
64
26.43
65
26.24
66
26.04
67
25.85
68
25.66
69
25.47
70
25.28
71
25.09
72
24.90
73
24.71
74
24.52
75
24.33
76
24.13
77
23.94
78
23.75
79
23.56
80
23.37
81
23.18
82
22.99
83
22.80
84
22.61
85
22.42
86
22.22
87
22.03
88
21.84
89
21.65
90
21.46
91
21.27
92
21.08
93
20.89
94
20.70
95
20.51
96
20.31
97
20.12
98
19.93
99
19.74
100
19.55
101
19.36
102
19.17
103
18.98
104
18.79
105
18.60
106
18.40
107
18.21
108
18.02
109
17.83
110
17.64
111
17.45
112
17.26
113
17.07
114
16.88
115
16.69
116
16.49
117
16.30
118
16.11
119
15.92
120
15.73
121
15.54
122
15.35
123
15.16
124
14.97
125
14.78
126
14.58
127
14.39
128
14.20
129
14.01
130
13.82
131
13.63
132
13.44
133
13.25
134
13.06
135
12.87
136
12.67
137
12.48
138
12.29
139
12.10
140
11.91
141
11.72
142
11.53
143
11.34
144
11.15
145
10.96
146
10.76
147
10.57
148
10.43
149
10.29
150
10.14
151
10.00
152
10.00
153
10.00
154
10.00
155
10.00
156
10.00
157
10.00
158
10.00
159
10.00
160
10.00
161
10.00
- The quarterly limits indicated in this Annex are applicable from the beginning of the quarters closing in the months of March, June, September and December, as applicable. "
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