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

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DOF: 11/08/2023

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

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 for the Retirement Savings System.

MODIFICATIONS TO THE GENERAL PROVISIONS ESTABLISHING THE INVESTMENT REGIME

TO WHICH SPECIALIZED INVESTMENT SOCIETIES OF RETIREMENT FUND FUNDS MUST BE SUBJECT.

The Board of Directors of the National Commission for the Retirement Savings System, pursuant to

Articles 5, fraction II, 8, fraction IV, 43 and 47 of the Law of the Retirement Savings Systems, has

deemed it appropriate to issue the following:

MODIFICATIONS TO THE GENERAL PROVISIONS ESTABLISHING THE INVESTMENT REGIME

TO WHICH SPECIALIZED INVESTMENT SOCIETIES OF RETIREMENT FUND FUNDS MUST BE SUBJECT.

SINGLE.- The Second provisions, fractions LVIII and LXXVI, Ninth, Eleventh third

paragraph, Thirteenth, Sixteenth fraction I, subsection h), Twenty-First subsection f), Twenty-Second

first and last paragraphs, Twenty-Fourth fractions II and IV, Twenty-Seventh, Twenty-Eighth, Transitory

Sixth, Annexes M, N, P and R of the General Provisions establishing the investment regime to

which specialized investment societies of retirement fund funds must be subject, published in the

Official Gazette of the Federation on May 31, 2019, with its modifications and additions published on May 6

2021 and the Agreement by which the update of its Annexes "A", "B", "C", "D", and

"E" published on June 21, 2022, is MODIFIED, to read as follows:

" SECOND.-

...

I. to LVII. ...

LVIII.

Goods, to physical exposure to gold, silver or platinum through Vehicles that

meet the criteria established by the Risk Analysis Committee, as well as the

underlyings stated in the Bank of Mexico's provisions on matters of

derivatives operations, which have the character of fungible goods other than shares, price indices on shares, rates, national currency, Foreign Currency, Investment Units, loans and

credits;

LIX. to LXXV. ...

LXXVI.

Foreign Securities, to all Foreign Debt Securities and Foreign Equity Securities, Structures Linked to Underlyings, the components thereof referred to in

the Second provision, fraction XXXIV, Real Estate Investment Vehicles issued by

Foreign Issuers, acquired directly or through Vehicles, as well as to

cash bank deposits made in foreign financial entities authorized for such purposes and to Derivatives whose underlying is Foreign Equity Securities, Real Estate Investment Vehicles, Stock Indices of Countries Eligible for Investments and Real Estate Indices of Countries Eligible for Investments of foreign issuers, sponsors or administrators ;

LXXVII. to LXXX. ... "

" NINTH.- The Risk Analysis Committee will determine the criteria to authorize Vehicles, the

Stock Indices of Countries Eligible for Investments, the Real Estate Indices of Countries Eligible for Investments, the Commodity Indices of Countries Eligible for Investments and the Debt Indices of Countries Eligible for Investments that may be the subject of investment by Investment Societies, always ensuring the protection of Workers' interests.

Administrators may provide evidence of compliance with the criteria determined by the

Risk Analysis Committee referred to in the previous paragraph, having the opinion of an

independent expert, provided that it meets the requirements set forth in the general provisions

on financial matters of the Retirement Savings Systems issued by the

Commission. Likewise, Administrators, and where applicable, those they authorize, must report to the

Commission with the frequency established in the general provisions on financial matters

of the Retirement Savings Systems and the general rules to which the

information that retirement fund administrators, specialized investment societies of retirement fund funds, receiving entities and operators of the National SAR Database must be subject, deliver to the National Commission for the Retirement Savings System, the information on the opinions, indices and Vehicles referred to in this provision.

The Commission will make known to the Risk Analysis Committee, the Advisory and Oversight Committee

and the Board of Directors of the Commission, the modifications and additions to the list of indices and

Vehicles assessed, in accordance with the criteria issued by the Risk Analysis Committee.

Likewise, it will publish, with the periodicity determined by the Commission, only for informational purposes,

the list of assessed indices and Vehicles, without this exempting Administrators from the

obligations established in these provisions, in the general provisions on financial matters of the Retirement Savings Systems and the general rules to which the

information that retirement fund administrators, receiving entities and

operators of the National SAR Database must be subject, deliver to the National Commission for the

Retirement Savings System.

In the event that the Commission detects any anomaly or lack of compliance with the criteria issued by

the Risk Analysis Committee or any non-compliance with the requirements established in Annex S

of the general provisions on financial matters of the Retirement Savings

Systems, by the independent expert, the Commission will notify Administrators about the

temporary or definitive suspension until such time as the independent expert complies again with the

requirements established to resume their functions, or until a new

designation takes place, meanwhile Administrators must carry out the evaluation of compliance

with the criteria referred to in the first paragraph of this provision. "

" ELEVENTH.- ...

...

Nor shall they be considered as non-compliance with the authorized investment regime attributable to

Investment Societies,

regarding compliance with the criteria determined by the Committee of

Risk Analysis referred to in the first paragraph of the Ninth provision of these

provisions, when Vehicles, Stock Indices of Countries Eligible for Investments, Indices

Real Estate Indices of Countries Eligible for Investments, Commodity Indices of Countries Eligible for

Investments or Debt Indices of Countries Eligible for Investments have been assessed by an

independent expert who meets the eligibility requirements set forth in the general provisions

on financial matters of the Retirement Savings Systems and have a

valid approving opinion of compliance with the criteria determined by the Committee of

Risk Analysis referred to.

...

...

...

...

...

...

... "

" THIRTEENTH.-

...

I.

Basic Investment Societies must invest the resources of Workers and

pensioners whose date of birth is in accordance with the tables in Annexes Q and R ;

II.

The Initial Basic Investment Society must invest the resources of Workers whose

date of birth corresponds to a year subsequent to those covered by the Investment Societies

provided for in Annexes Q and R .

III.

The Pension Basic Investment Society must invest the resources of Workers

who do not belong to any of the Basic Investment Societies provided for in the

fractions I and II above of this provision .

With a quinquennial periodicity, starting in 2024, the transfer of

the following will take place:

a)

In accordance with what is provided in Annex R, of the resources of Workers who

are 25 years of age or older, who remain invested in the Initial Basic Investment Society towards a Basic Investment Society, named in accordance with the last two

digits of the years corresponding to the year of birth of the Workers.

b)

In accordance with what is provided in Annexes Q and R, of the resources of Workers

who are 65 years of age or older or who will turn 65 years of age in the year in which the

transfer takes place, who remain invested in a Basic Investment Society,

named in accordance with the last two digits of the years corresponding to the year of

birth of the Workers towards the Pension Basic Investment Society. "

" SIXTEENTH.-

...

I. ...

a) to g) ...

h)

In Goods, up to the percentage of the Total Asset of the Investment Society established in

Annex S, column 2, of these provisions.

i) ...

II. to IV. ...

...

... "

" TWENTY-FIRST.-

...

I. ...

a) to e) ...

f)

Make bank deposits and carry out repo operations, securities lending, and

Derivatives with Financial Entities, Counterparties, banks or brokerage houses with which

they have Patrimonial Links;

g) to h) ... "

" TWENTY-SECOND.- The Basic Investment Societies referred to in the Thirteenth

provision, fractions I to III, of these provisions, must maintain the following maximum limits:

I. to III. ...

For the calculation of Value at Risk, Pension Basic Investment Societies and Basic Investment

Societies must be subject to the methodology provided for in sections I and II of Annex L of the

present provisions. Pension Basic Investment Societies and Basic Investment

Societies, in their operation, will determine the Value at Risk limit, for the Assets Managed by the

Investment Societies, which will not exceed the maximum limit established in fraction II and III, according

to the case, of this provision. To this effect, they will use as input the matrix of differences in

prices, described in section I of the aforementioned Annex L, which must meet the criteria for such effect

established in the general provisions on financial matters of the Retirement Savings

Systems, which will be provided by the Price Provider that the Administrator has contracted. "

" TWENTY-FOURTH.-

...

I. ...

II.

...

...

Without prejudice to the foregoing, the sum of investments in individual shares both of National Issuers

and Foreign Issuers may not exceed 30% of the maximum limits referred to in fraction I subsection e) of the Sixteenth provision of these provisions. The limit

referred to in this paragraph will follow the methodology to be determined in the

General Provisions on financial matters of the Retirement Savings Systems

...

Pension Basic Investment Societies may not acquire shares of National or Foreign Issuers

to which this fraction refers. Pension Basic Investment Societies may only maintain in position the investment in

individual shares of National Issuers that have been obtained by the transfer of

resources from another Basic Investment Society, in accordance with what is provided in subsection b)

of the second paragraph of the previous Thirteenth provision .

III.

...

IV.

...

...

For investment in Structured Instruments, the group of Investment Societies

operated by the same Administrator must be subject to the following:

a) to c) ...

...

...

...

...

...

...

V. to VI. ...

... "

" TWENTY-SEVENTH.- Additional Investment Societies may invest their resources in Assets

Object of Investment and any other documents permitted by the Law, observing the

prohibitions established for Investment Societies, indicated in the Law. "

" TWENTY-EIGHTH.- Additional Investment Societies must establish in their

information prospectuses the matters related to risk parameters, as well as observe what is provided in the Fourth, Fifth, Eighth, Twenty-First and Twenty-Fourth fractions IV provisions above. "

" TRANSITORIES

FIRST to FIFTH.- ...

SIXTH.-

...

a) to d) ...

For the purpose of computing the value of investments made with each Counterparty or issuer of

accordance with this provision, the provisions of

Annex G of the General Provisions on financial matters of the Retirement Savings Systems and in the present

provisions will apply.

SEVENTH

to NINTH. -

... "

TRANSITORIES

FIRST.- These modifications will enter into force on the next business day following their publication

in the Official Gazette of the Federation, with the exception of:

I.

What is established in the Ninth, Eleventh provision and Annex M, which will enter into

force until such time as the Risk Analysis Committee determines the criteria to authorize

Vehicles, Stock Indices of Countries Eligible for Investments, Indices

Real Estate Indices of Countries Eligible for Investments, Commodity Indices of Countries Eligible for

Investments and Debt Indices of Countries Eligible for Investments that

may be the subject of investment by Investment Societies.

II.

What is established in the Twenty-Fourth provision, numeral II third paragraph, which will enter into

force until such time as the methodology is established in the General Provisions on financial matters

of the Retirement Savings Systems.

SECOND.- 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, August 4, 2023.- 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,

Mtro. Julio

César Cervantes Parra .- Rubric.

" ANNEX M

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

Stock Indices of Countries Eligible for Investments, Debt Indices of Countries Eligible for

Investments, Commodity Indices of Countries Eligible for Investments or Real Estate Indices of Countries Eligible for Investments acquired directly, through Vehicles or Derivatives by Investment Societies in eligible capital markets, may only refer to indices assessed by the

independent expert referred to in the Ninth provision of these provisions that

have a valid approving opinion. The Commission will request from Administrators the

information related to the assessment carried out by the independent expert of the indices and, where applicable, Vehicles in accordance with what is established in the general provisions on financial matters of the Retirement Savings Systems and the general rules to which the

information that retirement fund administrators, specialized investment societies of retirement fund funds, receiving entities and operators of the National SAR Database must be subject, deliver to the National Commission for the Retirement Savings System.

It will be the responsibility of Administrators to verify that the assets included in the index of

reference of Foreign Equity Securities, Foreign Debt Securities, Equity Instruments, Debt Instruments, Goods, FIBRAs or Real Estate Investment Vehicles, or the Vehicles that represent them have a valid approving opinion

issued by the independent expert referred to in the Ninth provision of these

provisions .

...

I. Index replication criteria and others

In the case of replication of Stock Indices of Countries Eligible for Investments, Indices

Real Estate Indices of Countries Eligible for Investments or Debt Indices of Countries Eligible for Investments,

placed in foreign markets, as well as Foreign Equity Securities, Foreign

Debt Securities and Real Estate Investment Vehicles acquired directly by Investment Societies in international capital markets, they must refer to the shares, to the Foreign

Debt Securities and Real Estate Investment Vehicles that make up the indices and sub-indices,

following the official weights of each of the issuers, both of Foreign Debt Securities

and of Real Estate Investment Vehicles that make up the aforementioned indices and sub-indices. In

this case, considering the stock, debt or Real Estate Investment Vehicle indices that

have a valid approving opinion issued by the independent expert referred to in the

Ninth provision of these provisions ,

the official weights may be modified for marketability effects within a range that does not exceed +/- 6.5 percentage points, avoiding that the weight of each issuer, Foreign Debt Security and/or Real Estate Investment Vehicle is negative.

...

...

...

In the event that there are modifications in the denomination of the indices or sub-indices

stated in this Annex, or if it is intended to modify or include new

indices or sub-indices in the list of indices that have an approving opinion issued by the

independent expert referred to in the Ninth provision of these provisions, the latter

must re-evaluate the indices or sub-indices if such modifications or

additions are made and will determine the changes that must be made in that list.

The modifications and additions to the set of indices will be reported to the Advisory and Oversight Committee and to the Board of Directors of the Commission in the first session that these bodies hold after the update carried out by the independent expert referred to in the Ninth provision of these provisions .

... "

" ANNEX N

Methodology for calculating the exposure of investments through the Component

of Equity

or to FIBRAs and Real Estate Investment Vehicles.

Section I.

...

...

...

...

I. Exposure of investments through Notes, Structures Linked to Underlyings or

Equity Component:

...

...

The amount exposed to each share that is part of the investment portfolio through Notes, Structures

Linked to Underlyings or Equity Components, will be calculated as follows:

...

a) to c) ...

d)

In the case of the optional titles referred to in the Second provision, fraction LII, subsection d) of

these provisions: the number of titles will be used multiplied by the size of the

corresponding contracts .

...

ValMkt i

It is the Market Value, which will be:

a) to c) ...

d)

In the case of the optional titles referred to in the Second provision, fraction LII, subsection d)

of

these provisions: they are the closing points of the underlying shares of the optional

titles .

...

...

II. ...

Section II.

... "

" ANNEX P

List of Countries Eligible for Investments

In accordance with fraction LX of the Second provision of these provisions, the list of Countries Eligible for Investments is presented:

I.

Committee on the Global Financial System (CGFS) of the Bank for International Settlements (BIS)

Germany

Hong Kong

Saudi Arabia

India

Australia

England

Belgium

Italy

Brazil

Japan

Canada

Luxembourg

China

Mexico

South Korea

Netherlands

Spain

Singapore

United States

Sweden

France

Switzerland

II. to IV. ...

V.

Countries determined considering the security of investments and the development of the

markets

United Arab Emirates

Thailand

Indonesia

Taiwan

Malaysia

South Africa

New Zealand "

" ANNEX R

Basic Investment Societies will invest the resources of Workers and pensioners whose

date of birth corresponds to the following table:

Basic Investment Society

Year of birth

Basic Investment Society

95-99

Workers who were born between

1995 and 1999

Basic Investment Society

00-04

Workers who were born between

2000 and 2004

Basic Investment Society

05-09

Workers who were born between

2005 and 2009

Basic Investment Society

10-14

Workers who were born between

2010 and 2014

Basic Investment Society

15-19

Workers who were born between

2015 and 2019

The procedure for the operation of Basic Investment Societies for subsequent generations, as well as the applicable corporate changes, will be made known through guidelines issued by the Commission. "

---

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