Modifications to the General Provisions Establishing the Patrimonial Regime for AFORE Administrators, PENSIONISSSTE, and Specialized Investment Societies

DOF: 02/12/2024

MODIFICATIONS to the General Provisions Establishing the Patrimonial Regime to Which Administrators of Retirement Funds, PENSIONISSSTE, and Specialized Investment Societies for Retirement Funds and the Special Reserve Shall Be Subject

A logo appears at the margin, stating: National Commission for the Retirement Savings System.

MODIFICATIONS TO THE GENERAL PROVISIONS ESTABLISHING THE

PATRIMONIAL REGIME TO WHICH ADMINISTRATORS OF RETIREMENT FUNDS,

PENSIONISSSTE, AND SPECIALIZED INVESTMENT SOCIETIES FOR RETIREMENT

FUNDS AND THE SPECIAL RESERVE SHALL BE SUBJECT.

The Board of Directors of the National Commission for the Retirement Savings System, pursuant to the provisions of Articles 5, fraction II, 8, fraction XII, 9, 20, fraction II, 24, 27, 28, and 41, fraction II, of the Law of the Retirement Savings Systems, and Articles 103 and 106 of the Law of the Institute for Security and Social Services of State Workers, has deemed it appropriate to issue the following:

MODIFICATIONS TO THE GENERAL PROVISIONS ESTABLISHING THE

PATRIMONIAL REGIME TO WHICH ADMINISTRATORS OF RETIREMENT FUNDS

FOR

RETIREMENT, PENSIONISSSTE, AND SPECIALIZED INVESTMENT SOCIETIES

FOR RETIREMENT FUNDS

AND THE SPECIAL RESERVE.

CONSIDERING

That

with the objective of optimizing the management of the special reserve and strengthening the financial stability of the Retirement Savings System against fluctuations in financial markets, the level of said reserve may be reduced, and a gradual scheme is established to achieve this. This scheme will ensure the improvement in the quality and technical capacity of the information systems and personnel of the Administrators, preparing them to manage contingencies, guarantee operational continuity, and strengthen their corporate governance;

That in terms of Article 71, fourth paragraph, of the General Law for Regulatory Improvement, and in accordance with what was determined by the National Commission for Regulatory Improvement through letter CONAMER/24/4713 dated November 19, 2024, these modifications do not imply compliance costs for private parties, it has therefore deemed it appropriate to issue the following:

MODIFICATIONS TO THE GENERAL PROVISIONS ESTABLISHING THE PATRIMONIAL

REGIME TO WHICH ADMINISTRATORS OF RETIREMENT FUNDS FOR RETIREMENT, PENSIONISSSTE, AND SPECIALIZED INVESTMENT SOCIETIES FOR RETIREMENT FUNDS AND THE

SPECIAL RESERVE SHALL BE SUBJECT.

SINGLE. MODIFICATIONS ARE MADE: to the Sixth and Tenth provisions of the "General Provisions Establishing the Patrimonial Regime to Which Administrators of Retirement Funds, PENSIONISSSTE, and Specialized Investment Societies for Retirement Funds and the Special Reserve Shall Be Subject," published in the Official Gazette of the Federation on October 22, 2019, with its modifications and additions published in the same instrument on December 31, 2021, to read as follows:

"SIXTH.

Administrators, in terms of Article 28 of the Law, must maintain a special reserve whose amount shall be determined as follows:

I.

For each of the Basic Investment Societies operated by the respective Administrator, it must invest, in said Investment Society, at least the amount equivalent to 0.55 percent of the Net Assets corresponding to said Investment Society, and

II.

For each Additional Investment Society operated by the respective Administrator, it must invest, in said Additional Investment Society, at least the amount equivalent to 1.0 percent of the Net Assets corresponding to said Additional Investment Society, until the amount reaches $900,000.00 (nine hundred thousand pesos 00/100 M.N.).

The special reserve that Administrators must maintain in each of the Investment Societies they operate shall be obtained by multiplying the result of each of the preceding fractions I to II by the following factor: the number of workers' shares whose resources are invested in the corresponding Investment Society divided by the total number of shares of said Investment Society.

The special reserve referred to in this provision shall be independent of the minimum fixed paid-in capital without right to withdrawal of the Administrators, as well as of the legal reserve established by the General Law of Commercial Companies.

The special reserve may be reduced by 0.05 percent of the Net Assets to the amount equivalent provided for in fraction I of this provision, on a one-time basis only, provided that the Basic Investment Societies have accredited to the Commission compliance with the prudential guidelines on capitalization provided for in the General Provisions on Financial Matters of the Retirement Savings Systems issued by the Commission, as well as obtained its non-objection.

Additionally, the special reserve may be reduced by 0.02 percent annually up to a limit of 0.10 percent of the Net Assets, provided that the Basic Investment Societies have an external evaluation by an independent expert who will verify the following:

i.

The quality and technical capacity of their information systems and personnel;

ii.

That the systems are prepared to manage contingencies and guarantee operational continuity, and

iii.

That the selection and valuation of assets and the governance of their Investment and Risk Committees are carried out under criteria aligned with best practices and that investments are made in the best interest of the workers.

Administrators must present the aforementioned evaluation to the Commission for authorization. The criteria or methodologies to be used by the evaluator must have the approval of the Risk Analysis Committee. The Commission will evaluate the operational and financial risks of the Administrators, on an annual basis and prior to the application of the aforementioned reduction, in order to verify the sufficiency of the special reserve with respect to said operational and financial risks.

The Board of Directors will periodically evaluate the amount and composition of the special reserve to be maintained, as well as compliance with the obligations referred to in these provisions, to determine, if applicable, the actions that Administrators must take."

"TENTH. - PENSIONISSSTE, in terms of Article 28 of the Law, must maintain a special reserve, whose amount shall be determined as follows:

I. For each of the Basic Investment Societies operated by PENSIONISSSTE, it must invest, in said Investment Society, at least the amount equivalent to 0.55 percent of the Net Assets corresponding to said Investment Society, and

II.

For each Additional Investment Society operated by PENSIONISSSTE, it must invest, in said Additional Investment Society, at least the amount equivalent to 1.0 percent of the Net Assets corresponding to said Additional Investment Society, until the amount reaches $900,000.00

(nine hundred thousand pesos 00/100 M.N.).

The special reserve that PENSIONISSSTE must effectively maintain in each of the Investment Societies it operates shall be obtained by multiplying the result of each of the preceding fractions I to II by the following factor: the number of workers' shares whose resources are invested in the corresponding Investment Society divided by the total number of shares of said Investment Society.

The special reserve referred to in this provision shall be independent of the reserves established by the Law of the Institute for Security and Social Services of State Workers and the Organic Regulation of the National Pension Fund for State Workers.

The special reserve may be reduced by 0.05 percent of the Net Assets to the amount equivalent provided for in fraction I of this provision, on a one-time basis only, provided that the Basic Investment Societies have accredited to the Commission compliance with the prudential guidelines on capitalization provided for in the General Provisions on Financial Matters of the Retirement Savings Systems issued by the Commission, as well as obtained its non-objection.

Additionally, the special reserve may be reduced by 0.02 percent annually up to a limit

of 0.10

percent of the Net Assets, provided that the Basic Investment Societies have an external evaluation by an independent expert who will verify the following:

i.

The quality and technical capacity of their information systems and personnel;

ii.

That the systems are prepared to manage contingencies and guarantee operational continuity, and

iii.

That the selection and valuation of assets and the governance of their Investment and Risk Committees are carried out under criteria aligned with best practices and that investments are made in the best interest of the workers.

PENSIONISSSTE must present the aforementioned evaluation to the Commission for authorization. The criteria or methodologies to be used by the evaluator must have the approval of the Risk Analysis Committee. The Commission will evaluate the operational and financial risks of PENSIONISSSTE, on an annual basis and prior to the application of the aforementioned reduction in this paragraph, in order to verify the sufficiency of the special reserve with respect to said operational and financial risks.

The Board of Directors will periodically evaluate the amount and composition of the special reserve to be maintained, as well as compliance with the obligations referred to in these provisions, to determine, if applicable, the actions that PENSIONISSSTE must take."

TRANSITORY

SINGLE. - These modifications shall enter into force on the first business day of 2025.

With the entry into force of these modifications, all provisions that contravene these are hereby repealed.

Mexico City, November 21, 2024. - Pursuant to the provisions of Article 9, third paragraph, 11, and 12, fractions VIII, XIII, and XVI, of the Law of the Retirement Savings Systems; Article 2, fraction III, 4, third and fourth paragraphs, and 8, first paragraph, of the Internal Regulation of the National Commission for the Retirement Savings System, the President of the National Commission for the Retirement Savings System,

Master Julio

César Cervantes Parra. - Signature.

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