Regulatory Alerts2025-11-04 | DOF 5771761Added
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 investment regime for Specialized Investment Companies (SIEFORES), specifically introducing a definition for Foreign Debt Securities and updating credit rating requirements for linked structures. It prohibits Basic Pension Investment Companies from directly acquiring FIBRAs or equities, allowing FIBRA exposure only through vehicles, and restricts basic companies from investing in commodities-linked structures. The amendments also repeal the mandatory loss compensation formula for investment companies and establish phased effective dates, with most provisions entering into force the day after publication and specific rules applying from August 1, 2025.
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DOF: 04/11/2025
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 for 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 for the Retirement Savings System, pursuant to 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
CONSIDERATIONS
That with the objective of supporting financing for Mexican companies, it is specified that in the General Provisions on financial matters of retirement savings systems and in the criteria of the Risk Analysis Committee, guidelines applicable to Vehicles whose underlying assets are composed of Simplified Issuances or Mexican companies will be established, with the aim of fostering their access to the capital market under a framework of prudential risk management;
That to facilitate the adequate investment of Workers' resources during the accumulation and decumulation phases, adjustments are made to the limits of Investment Assets denominated in Foreign Currencies, with the objective of maximizing the replacement rate for Workers;
That in order to provide greater regulatory clarity and strengthen the applicable regulatory framework, the definitions applicable to Foreign Debt Securities and the obligations regarding the monitoring of investments in Structured Instruments are specified, as well as, for Basic Pension SIEFORES, participation in FIBRAs through Vehicles is allowed; it has been decided to issue the:
MODIFICATIONS TO THE GENERAL PROVISIONS ESTABLISHING THE INVESTMENT REGIME TO WHICH SPECIALIZED INVESTMENT COMPANIES OF RETIREMENT SAVINGS FUNDS MUST BE SUBJECT
SINGLE. MODIFICATIONS are made to: the Second Provision, fraction LXXVII, Fourth, Twentieth, Twenty-Fourth, fractions II and IV, and Annex S, and DEROGATION is made of: the second paragraph of the Eleventh Provision, of the "General Provisions establishing the investment regime to which specialized investment companies of retirement savings funds must be subject", published in the Official Gazette of the Federation on May 31, 2019, with its modifications and additions published in the same instrument on May 06, 2021, June 21, 2022, August 11, 2023, May 22, 2024, October 25, 2024 and August 01, 2025, to read as follows:
" SECOND. - For the purposes of these provisions, the following shall be understood:
I. to LXXVI. ...
LXXVII.
Foreign Debt Securities, as Investment Assets, whose nature corresponds to securities, titles or documents representing a debt owed by a third party, acquired directly or through Vehicles, as well as to Marketable Instruments, issued by Foreign Issuers, or whose titles represent rights of credit, collections or cash flows, that are issued directly, or through Vehicles whose underlying assets are said rights of credit, collections or cash flows, that come from a percentage greater than 20% from sources external to the national territory. Foreign Debt Securities shall not include Debt Instruments that expressly have the guarantee of the Federal Government of the United Mexican States and that are aligned with the objectives established in article 43 of the Law;
LXXVIII to LXXX. ... "
" FOURTH.- ...
...
...
...
...
...
National Issuers and National Counterparties of the components of Structures Linked to Underlyings referred to in the Second Provision, fraction XXXIV, subsection b), must reach the minimum ratings established in Annexes A, B, C or D of these provisions. When said components of the structures are denominated in Foreign Currencies, placed in national or foreign markets, the National Issuers and National Counterparties referred to in this paragraph must reach the minimum ratings established in Annexes F, G or H of these provisions.
...
...
... "
" ELEVENTH PROVISION.- When Investment Companies fail to comply with the investment regime authorized for reasons attributable to them or, in their case, to the Mandatories they have contracted, or due to inflows or outflows of resources, in accordance with the General Provisions on financial matters of the Retirement Savings Systems, and as a consequence thereof a write-down or loss is caused in the Total Asset of the Investment Company, in the Asset Managed by the Investment Company or in the Asset Managed by the Mandatory that it has contracted, as well as in any Investment Asset, the Administrator operating the Investment Company in question must compensate for the write-down in accordance with the formula provided in Annex O of these provisions or in accordance with the formula provided in Annex W of the General Provisions on financial matters of the Retirement Savings Systems, as applicable.
Repealed
...
...
...
...
...
...
...
...
... "
" TWENTIETH.- Basic Investment Companies referred to in the Eleventh Third Provision, fractions I to III, of these provisions, may acquire Structures Linked to Underlyings in accordance with the operational guidelines issued by the Commission. Basic Pension Investment Companies shall not invest in these assets when they are linked to Commodities. "
" TWENTY-FOURTH.- Basic Investment Companies must observe the following diversification criteria:
I. ...
II. ...
...
...
...
...
Basic Pension Investment Companies shall not acquire shares of National or Foreign Issuers referred to in this fraction. Likewise, they shall not acquire FIBRAs directly, they may only acquire FIBRAs through Vehicles. Basic Pension Investment Companies may only maintain in position the investment in individual shares of National Issuers, Foreign Issuers and direct FIBRAs that they have obtained through the transfer of resources from another Basic Investment Company, in accordance with what is provided in subsection b) of the second paragraph of the previous Thirteenth Provision.
III. ...
IV. Investment in Debt Instruments, Foreign Debt Securities, Marketable Instruments, Structures Linked to Underlyings, and FIBRAs, as applicable, belonging to the same issuance, may be up to 35% of the total value of the respective issuance, together with what is invested by the other Investment Companies operated by the Administrator. Administrators must request that Mandatories, with the frequency determined by the Commission, send them the report of the investments in the assets referred to in this paragraph that they have carried out during the immediate previous period; in the event that the sum of the investments made by the Mandatories and those made by all Investment Companies operated by the same Administrator exceeds the limit provided in this fraction; the Investment Company must comply with what is provided in the general provisions on financial matters of the Retirement Savings Systems regarding the portfolio reconstruction of Investment Companies, issued by the Commission.
Investments made in Vehicles must observe what is provided in the previous paragraph. Likewise, for those Vehicles whose underlying assets are Simplified Issuances or Mexican companies, what is established in the General Provisions on financial matters of the Retirement Savings Systems and in the criteria approved by the Risk Analysis Committee shall be considered, attending exclusively to the interest of the Workers.
...
...
For the purposes of investment in Structured Instruments, compliance with what is provided in the General Provisions on financial matters of the Retirement Savings Systems regarding the authorization and monitoring of methodologies for measuring profitability and performance of said Instruments, due monitoring of net returns, risks and investment decisions, timely presentation of reports to the corresponding Committees and the Commission, as well as the definition of clear policies and procedures for the resolution of discrepancies between costs paid and those provided in the issuance documents of the Structured Instruments, shall be considered part of the investment regime. Non-compliance with the foregoing shall be sanctioned based on what is provided in article 100, fraction XIV of the Law.
...
...
...
...
V to VI. ...
... "
TRANSITORY PROVISIONS
FIRST.- These general provisions shall enter into force on the next business day following their publication in the Official Gazette of the Federation, with the exception of the following:
I.
What is provided in the Twenty-Fourth Provision, fraction IV, second paragraph, regarding Vehicles whose underlying assets are Simplified Issuances or Mexican companies, shall enter into force until such time as what is applicable is established in the General Provisions on financial matters of the Retirement Savings Systems and in the criteria approved by the Risk Analysis Committee.
II.
What is provided in the Twenty-Fourth Provision, fraction IV, shall be applicable to Structured Instruments acquired from August 01, 2025. Investments in Structured Instruments acquired prior to the entry into force of these modifications and additions may be retained under the terms that were in force at the time of their acquisition in accordance with what is provided in the General Provisions establishing the investment regime to which specialized investment companies of retirement savings funds must be subject, with its modifications and additions published in the Official Gazette of the Federation on May 31, 2019, May 06, 2021, June 21, 2022, August 11, 2023, May 22, 2024, and October 25, 2024.
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, October 29, 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 for the Retirement Savings System,
the President of the
National Commission for the Retirement Savings System, Mtro. Julio César Cervantes Parra.- Signature.
" ANNEX S
Investment Regime Limits (expressed as a percentage of the Total Asset of the Basic 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
Marketable Instruments
Investment Assets in Foreign 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
34.99
3
20.00
5.00
12.50
59.85
39.87
34.97
4
20.00
5.00
12.50
59.77
39.80
34.95
5
20.00
5.00
12.50
59.68
39.73
34.93
6
20.00
5.00
12.50
59.58
39.66
34.91
7
20.00
5.00
12.50
59.48
39.58
34.88
8
20.00
5.00
12.50
59.38
39.51
34.86
9
20.00
5.00
12.50
59.27
39.43
34.84
10
20.00
5.00
12.50
59.16
39.34
34.81
11
20.00
5.00
12.50
59.05
39.26
34.78
12
20.00
5.00
12.50
58.97
39.17
34.76
13
20.00
5.00
12.50
58.90
39.08
34.75
14
20.00
5.00
12.50
58.82
38.99
34.73
15
20.00
5.00
12.50
58.74
38.89
34.71
16
20.00
5.00
12.50
58.66
38.80
34.69
17
20.00
5.00
12.50
58.57
38.70
34.67
18
20.00
5.00
12.50
58.49
38.60
34.65
19
20.00
5.00
12.50
58.40
38.49
34.63
20
20.00
5.00
12.50
58.31
38.39
34.61
21
20.00
5.00
12.50
58.22
38.28
34.59
22
20.00
5.00
12.50
58.12
38.17
34.57
23
20.00
5.00
12.50
58.02
38.06
34.54
24
20.00
5.00
12.50
57.93
37.95
34.52
25
20.00
5.00
12.50
57.83
37.84
34.50
26
20.00
5.00
12.50
57.72
37.72
34.47
27
20.00
5.00
12.50
57.62
37.60
34.45
28
20.00
5.00
12.50
57.51
37.49
34.43
29
20.00
5.00
12.50
57.41
37.37
34.40
30
20.00
5.00
12.50
57.30
37.24
34.38
31
20.00
5.00
12.50
57.18
37.12
34.35
32
20.00
5.00
12.50
57.07
37.00
34.32
33
20.00
5.00
12.50
56.96
36.87
34.30
34
20.00
5.00
12.50
56.84
36.74
34.27
35
20.00
5.00
12.50
56.72
36.61
34.24
36
20.00
5.00
12.50
56.60
36.48
34.21
37
20.00
5.00
12.50
56.48
36.35
34.19
38
20.00
5.00
12.50
56.35
36.22
34.15
39
20.00
5.00
12.50
56.23
36.09
34.12
40
20.00
5.00
12.50
56.10
35.95
34.09
41
20.00
5.00
12.50
55.97
35.82
34.06
42
20.00
5.00
12.50
55.84
35.68
34.03
43
20.00
5.00
12.50
55.71
35.55
34.00
44
20.00
5.00
12.50
55.58
35.41
33.97
45
20.00
5.00
12.50
55.45
35.27
33.94
46
20.00
5.00
12.50
55.31
35.13
33.91
47
20.00
5.00
12.50
55.17
34.99
33.87
48
20.00
5.00
12.50
55.03
34.85
33.84
49
20.00
5.00
12.50
54.89
34.71
33.81
50
20.00
5.00
12.50
54.75
34.57
33.78
51
20.00
5.00
12.50
54.61
34.43
33.74
52
20.00
5.00
12.50
54.46
34.28
33.70
53
20.00
5.00
12.50
54.32
34.14
33.67
54
20.00
5.00
12.50
54.17
34.00
33.64
55
20.00
5.00
12.50
54.02
33.85
33.60
56
20.00
5.00
12.50
53.87
33.71
33.56
57
20.00
5.00
12.50
53.72
33.57
33.53
58
20.00
5.00
12.50
53.57
33.42
33.49
59
20.00
5.00
12.50
53.42
33.28
33.46
60
20.00
5.00
12.50
53.27
33.13
33.42
61
20.00
5.00
12.50
53.11
32.99
33.38
62
20.00
5.00
12.50
52.95
32.84
33.34
63
20.00
5.00
12.50
52.80
32.70
33.30
64
20.00
5.00
12.50
52.64
32.55
33.27
65
20.00
5.00
12.50
52.48
32.41
33.23
66
20.00
5.00
12.50
52.32
32.27
33.19
67
20.00
5.00
12.50
52.15
32.12
33.15
68
20.00
5.00
12.50
51.99
31.98
33.11
69
20.00
5.00
12.50
51.83
31.83
33.07
70
20.00
5.00
12.50
51.66
31.69
33.03
71
20.00
5.00
12.50
51.50
31.55
32.99
72
20.00
5.00
12.50
51.33
31.41
32.95
73
20.00
5.00
12.50
51.16
31.26
32.91
74
20.00
5.00
12.50
50.99
31.12
32.87
75
20.00
5.00
12.50
50.82
30.98
32.83
76
20.00
5.00
12.50
50.64
30.84
32.78
77
20.00
5.00
12.50
50.40
30.70
32.72
78
20.00
5.00
12.50
50.15
30.57
32.66
79
20.00
5.00
12.50
49.90
30.43
32.60
80
20.00
5.00
12.50
49.65
30.29
32.54
81
20.00
5.00
12.50
49.38
30.16
32.47
82
19.86
5.00
12.39
49.12
30.02
32.38
83
19.71
5.00
12.29
48.85
29.87
32.29
84
19.57
5.00
12.18
48.58
29.73
32.20
85
19.43
5.00
12.07
48.30
29.58
32.10
86
19.29
5.00
11.96
48.02
29.43
32.01
87
19.14
5.00
11.86
47.73
29.27
31.92
88
19.00
5.00
11.75
47.44
29.11
31.82
89
18.86
5.00
11.64
47.15
28.95
31.72
90
18.71
5.00
11.54
46.85
28.78
31.62
91
18.57
5.00
11.43
46.55
28.61
31.52
92
18.43
5.00
11.32
46.24
28.44
31.42
93
18.29
5.00
11.21
45.93
28.26
31.32
94
18.14
5.00
11.11
45.62
28.08
31.21
95
18.00
5.00
11.00
45.30
27.88
31.11
96
17.86
5.00
10.89
44.98
27.67
31.00
97
17.71
5.00
10.79
44.66
27.47
30.89
98
17.57
5.00
10.68
44.33
27.27
30.78
99
17.43
5.00
10.57
44.00
27.07
30.67
100
17.29
5.00
10.46
43.67
26.87
30.56
101
17.14
5.00
10.36
43.33
26.66
30.45
102
17.00
5.00
10.25
43.00
26.46
30.34
103
16.86
5.00
10.14
42.64
26.26
30.22
104
16.71
5.00
10.04
42.27
26.06
30.09
105
16.57
5.00
9.93
41.90
25.85
29.97
106
16.43
5.00
9.82
41.52
25.65
29.84
107
16.29
5.00
9.71
41.12
25.45
29.72
108
16.14
5.00
9.61
40.72
25.22
29.58
109
16.00
5.00
9.50
40.30
25.00
29.44
110
15.86
5.00
9.39
39.88
24.76
29.30
111
15.71
5.00
9.29
39.44
24.61
29.16
112
15.57
5.00
9.18
38.98
24.45
29.00
113
15.43
5.00
9.07
38.51
24.30
28.85
114
15.29
5.00
8.96
38.03
24.15
28.69
115
15.14
5.00
8.86
37.53
24.00
28.53
116
15.00
5.00
8.75
37.01
23.85
28.36
117
14.86
5.00
8.64
36.48
23.70
28.18
118
14.71
5.00
8.54
35.93
23.55
28.00
119
14.57
5.00
8.43
35.36
23.41
27.81
120
14.43
5.00
8.32
34.76
23.26
27.61
121
14.29
5.00
8.21
34.15
23.12
27.41
122
14.14
5.00
8.11
33.52
22.98
27.20
123
14.00
5.00
8.00
32.86
22.84
26.98
124
13.86
5.00
7.89
32.18
22.70
26.75
125
13.71
5.00
7.79
31.48
22.56
26.51
126
13.57
5.00
7.68
30.75
22.43
26.27
127
13.43
5.00
7.57
30.00
22.30
26.01
128
13.29
5.00
7.46
29.22
22.17
25.74
129
13.14
5.00
7.36
28.42
22.04
25.46
130
13.00
5.00
7.25
27.61
21.92
25.18
131
12.86
5.00
7.14
26.78
21.80
24.89
132
12.71
5.00
7.04
25.94
21.68
24.58
133
12.57
5.00
6.93
25.10
21.56
24.28
134
12.43
5.00
6.82
24.27
21.44
23.97
135
12.29
5.00
6.71
23.44
21.33
23.66
136
12.14
5.00
6.61
22.62
21.22
23.35
137
12.00
5.00
6.50
21.82
21.12
23.04
138
11.86
5.00
6.39
21.04
21.01
22.73
139
11.71
5.00
6.29
20.29
20.92
22.43
140
11.57
5.00
6.18
19.57
20.82
22.14
141
11.43
5.00
6.07
18.88
20.73
21.85
142
11.29
5.00
5.96
18.23
20.64
21.57
143
11.14
5.00
5.86
17.63
20.55
21.31
144
11.00
5.00
5.75
17.08
20.47
21.06
145
10.86
5.00
5.64
16.58
20.39
20.84
146
10.71
5.00
5.54
16.14
20.31
20.63
147
10.57
5.00
5.43
15.77
20.24
20.45
148
10.43
5.00
5.32
15.46
20.18
20.29
149
10.29
5.00
5.21
15.23
20.11
20.16
150
10.14
5.00
5.11
15.07
20.05
20.06
151
10.00
5.00
5.00
15.00
20.00
20.00
152
10.00
5.00
5.00
15.00
20.00
20.00
153
10.00
5.00
5.00
15.00
20.00
20.00
154
10.00
5.00
5.00
15.00
20.00
20.00
155
10.00
5.00
5.00
15.00
20.00
20.00
156
10.00
5.00
5.00
15.00
20.00
20.00
157
10.00
5.00
5.00
15.00
20.00
20.00
158
10.00
5.00
5.00
15.00
20.00
20.00
159
10.00
5.00
5.00
15.00
20.00
20.00
160
10.00
5.00
5.00
15.00
20.00
20.00
161
10.00
5.00
5.00
15.00
20.00
20.00
- 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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