Modifications to the General Provisions Establishing the Investment Regime for Specialized Investment Societies of Retirement Savings Funds

DOF: 18/07/2018

MODIFICATIONS to the General Provisions Establishing the Investment Regime to Which Specialized Investment Societies of Retirement Savings Funds Must Be Subject

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

MODIFICATIONS TO THE GENERAL PROVISIONS ESTABLISHING THE INVESTMENT REGIME TO WHICH SPECIALIZED INVESTMENT SOCIETIES OF RETIREMENT SAVINGS FUNDS MUST BE SUBJECT.

The Board of Directors of the National Commission for the Retirement Savings System, based on articles 5, fraction II, 8, fraction IV, 12, fraction IV, and 43, second paragraph of the Law of the Retirement Savings Systems, has seen fit to issue the following:

MODIFICATIONS TO THE GENERAL PROVISIONS ESTABLISHING THE INVESTMENT REGIME TO WHICH SPECIALIZED INVESTMENT SOCIETIES OF RETIREMENT SAVINGS FUNDS MUST BE SUBJECT.

FIRST.- The Vigésima Primera (Twenty-First) provision, fraction I, subsection d), and the Vigésima Cuarta (Twenty-Fourth) provision, fraction II of the General Provisions Establishing the Investment Regime to Which Specialized Investment Societies of Retirement Savings Funds Must Be Subject, published in the Official Gazette of the Federation on January 5, 2018, are MODIFIED, to read as follows:

" VIGÉSIMA PRIMERA (TWENTY-FIRST).- It is prohibited for:

Basic Investment Societies, the following:

...

To acquire shares, as well as Debt Instruments and Foreign Debt Securities, convertible into shares, except for Basic Investment Societies 1 to 4, when it comes to the shares or obligations convertible into shares referred to in fractions XLIX, subsection b) and LII, subsections a), b), c) and d) of the previous Second provision, or of Foreign Variable Income Securities acquired through Agents;

... "

" VIGÉSIMA CUARTA (TWENTY-FOURTH).- Basic Investment Societies must observe the following diversification criteria:

...

II.

The investment in shares of National Issuers listed on a Stock Exchange authorized to organize and operate under the terms of the Securities Market Law referred to in subsections a) and b) of fraction LII of the previous Second provision, which belong to the national indices provided for in these provisions, may be a percentage of the maximum limit referred to in fraction I, subsection e) of the previous Sixteenth provision, which shall be equivalent to the sum of the value of the weight assigned to each share in the national market index determined by the Investment Committee of each Investment Society operated by the Administrator, as well as the range of modification due to marketability determined by the Risk Analysis Committee. In the case of shares of National Issuers listed on a Stock Exchange authorized to organize and operate under the terms of the Securities Market Law that do not form part of the index determined by the Investment Committee of each Investment Society operated by the Administrator, investment may be up to 4% of the limit referred to in fraction I, subsection e) of the previous Sixteenth provision. For the case of FIBRAS and Real Estate Investment Vehicles, this limit may not exceed 2% of the Total Assets Managed by the Investment Society, and in its case, the limit determined by the Risk Analysis Committee.

... "

SECOND.- Annex M, fraction I, third paragraph of the General Provisions Establishing the Investment Regime to Which Specialized Investment Societies of Retirement Savings Funds Must Be Subject, published in the Official Gazette of the Federation on January 5, 2018, is MODIFIED, to read as follows:

" ANNEX M

Stock Indices and Real Estate Indices of Countries Eligible for Investments.

...

I. ...

...

Investment Societies, when investing in indices directly, or in their case, through Derivatives, must observe that such indices are composed of at least 90% of companies supervised by some authority of the Countries Eligible for Investments.

... "

TRANSITORY

ONLY ONE. - These modifications shall enter into force the day after their publication in the Official Gazette of the Federation, with the exception of what is provided in the Vigésima Cuarta (Twenty-Fourth) provision, fraction II, and in Annex M, fraction I, third paragraph, which shall enter into force until such time as specific requirements are established in the general provisions on financial matters of the Retirement Savings Systems.

With the entry into force of these modifications, all those provisions that contravene these are abrogated.

Mexico City, July 12, 2018.- Based on what is provided by articles 9, third paragraph, 11 and 12 fractions 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 National Commission for the Retirement Savings System, the President of the National Commission for the Retirement Savings System, Carlos Ramírez Fuentes.- Rubric.

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