Modifications to the General Provisions Establishing the Procedure for Constructing the Net Performance Indicators of Specialized Investment Companies for Retirement Fund Societies — SHCP — MX

DOF: 23/04/2024

MODIFICATIONS to the General Provisions that establish the procedure for the construction of the Net Performance Indicators of the Specialized Investment Companies for Retirement Funds.

At the margin, a seal with the National Coat of Arms, which says: United Mexican States.- TREASURY.- Ministry of

Public Finance and Public Credit.- National Commission for the Retirement Savings System.

MODIFICATIONS TO THE GENERAL PROVISIONS THAT ESTABLISH THE

PROCEDURE FOR THE CONSTRUCTION OF THE NET PERFORMANCE INDICATORS OF

THE SPECIALIZED INVESTMENT COMPANIES FOR RETIREMENT FUNDS

The President of the National Commission for the Retirement Savings System, based on the

articles 1st, 2nd, 3rd fraction V bis, 5th fractions I, II and XVI, 12 fractions I, VIII and XIII, 37, 74 and 76 of the Law

of the Retirement Savings Systems; the Fifth Transitory Article of the Decree by which various provisions of the Law of the Retirement Savings Systems are reformed and added, published in the Official Journal of the Federation on January 21, 2009; articles 1st, 12, 41, 52, 53, Third and Fifth Transitory Articles of the Regulations of the Law of the Retirement Savings Systems; articles 1st, 2nd fraction III and 8th

first paragraph of the Internal Regulations of the National Commission for the Retirement Savings System, and

CONSIDERING

That Article 74 of the Law of the Retirement Savings Systems establishes the right of

workers to transfer their individual account from one administrator to another, whose investment companies

have registered a higher Net Performance, in the immediately preceding calculation period;

That articles 3rd fraction V bis., 74 and 76 of the Law of the Retirement Savings Systems empower the

Board of Directors to authorize the methodology to construct the Net Performance Indicators of the

Specialized Investment Companies for Retirement Funds to adequately guide the

decision of workers in case of Transfers, as well as for the Assignment and Reassignment of accounts;

That it is important to establish specific and dynamic guidelines for the Retirement Calculators,

issued by the Commission, in order to provide certainty to the regulated parties regarding the elements that must be

considered in their elaboration, and allow their adaptation based on the circumstances specific to the

Retirement Savings Systems;

That it is necessary to make adjustments to Annex "D" regarding the Proportionality Mechanism that

must be observed for the distribution of the individual accounts that will be assigned and reassigned to the

administrators with the purpose of incentivizing their registration and voluntary savings, and

That in terms of article 71 fourth paragraph of the General Law of Regulatory Improvement, and in accordance with what

determined by the National Commission for Regulatory Improvement through letter CONAMER/24/1440 dated April 4

of 2024, these modifications do not imply compliance costs for private parties, therefore it has

deemed it appropriate to issue the following:

MODIFICATIONS TO THE GENERAL PROVISIONS THAT ESTABLISH THE

PROCEDURE FOR THE CONSTRUCTION OF THE NET PERFORMANCE INDICATORS OF

THE SPECIALIZED INVESTMENT COMPANIES FOR RETIREMENT FUNDS

SOLE. Articles 2 and 17 and Annex D of the General Provisions that

establish the procedure for the construction of the Net Performance Indicators of the Specialized

Investment Companies for Retirement Funds are MODIFIED, to read as follows:

" Article 2: ...

I. to II. ...

III. Retirement Calculator, any tool that, based on the demographic and

labor characteristics of the worker, estimates the amount of pension that they could obtain in accordance with

the scheme of programmed withdrawals or according to retirement, disability in old age and old age

insurance established in the Social Security Law and, in the Law of the Institute of Social Security Services for

State Workers, or that projects balances, replacement rate or personalized estimates of Voluntary

Savings that comply with the guidelines issued by the Commission; "

" Article 17. For informational and promotional purposes, Administrators that so wish, may make

available to the general public or to Pension Advisors a Retirement Calculator. For this

effect, Administrators must comply with the procedure, requirements and deadline contained in the

guidelines established by the Commission.

Likewise, the information provided by the Retirement Calculator will comply with the principles of Clarity,

Truthfulness, Purpose, Relevance and Verification established in the General Provisions in

matters of advertising and promotion of the Retirement Savings Systems, which may be supervised by

the Commission.

Future performance projections must be related to the indicator established in

Annex "A" of these general provisions or to the Investment Trajectory or the

reference portfolio defined by the Investment Committees in accordance with what is provided in the General Provisions

in financial matters of the Retirement Savings Systems. "

" ANNEX D

PROPORTIONALITY MECHANISM THAT MUST BE OBSERVED FOR THE DISTRIBUTION OF

THE INDIVIDUAL ACCOUNTS THAT WILL BE ASSIGNED AND REASSIGNED TO THE ADMINISTRATORS

WHOSE BASIC INVESTMENT COMPANIES OR INITIAL BASIC INVESTMENT COMPANIES

ARE IN THE TERCELE THAT RECORDS THE HIGHEST NET PERFORMANCE INDICATORS

FOR ASSIGNMENT AND REASSIGNMENT

The proportionality mechanism referred to in articles 11, fraction II and 13, fraction II

subparagraph b) of these general provisions, consists of determining the percentages of

assignment and reassignment for each Group of the total of Unregistered Individual Accounts that, in accordance

with these general provisions, must be assigned or reassigned to the Basic Investment Companies

and to the Initial Basic Investment Companies eligible for these purposes. For such

effects, for each eligible Basic Investment Company and Initial Basic Investment Company of each

Group, the assignment and reassignment percentages will be determined according to three factors, each of

which has an assigned weighter. These factors are described below:

The Account Registration Factor will be calculated as follows:

For the calculation period, for each Administrator that participates in the processes

of Assignment and Reassignment of Individual Accounts, the Account Registration Factor of

assigned accounts will be obtained, which will consider

the registration performance of the Assigned Individual Accounts

in the Administrators or in the Service Providers that have carried out those

Administrators that will receive accounts resulting from the Assignment and/or Reassignment process,

taking into consideration the origin of the individual account for its registration (Same or different

Administrator), as follows

The proportion of registration of individual accounts in the same Administrator

that were assigned to it will be obtained, as follows:

Where

Proportion of registration of assigned individual accounts originating from the same

Administrator j in period t

Number of individual accounts assigned in Administrator j registered by

the same during period t

Average of Assigned Accounts with resources in the Administrators and

Service Providers during period t.

Calculation period, equivalent to 12 months in the case of Account Assignment and 24

months for the Reassignment of individual accounts.

each Administrator that belongs to the set of n Administrators whose Basic Investment

Companies or Initial Basic Investment Companies of the same Group are

in the tercele that records the highest Net Performance Indicators (j= 1, 2,

... , n), in accordance with articles 11 fraction I and 13 fraction II subparagraph a) of the

present general provisions.

ii.

The proportion of registration of individual accounts originating from another

Administrator or the Service Provider will be obtained, as follows:

Where

Proportion of registration of assigned individual accounts originating from another

Administrator or in the Service Provider by Administrator j in period t

Number of individual accounts assigned in another Administrator or Service

Provider registered by Administrator j during period t

Average of Assigned Accounts with resources in the Administrators and

Service Providers during period t.

Calculation period, equivalent to 12 months in the case of Account Assignment and 24

months for the Reassignment of individual accounts.

each Administrator that belongs to the set of n Administrators whose Basic Investment

Companies or Initial Basic Investment Companies of the same Group are

in the tercele that records the highest Net Performance Indicators (j= 1, 2,

... , n), in accordance with articles 11 fraction I and 13 fraction II subparagraph a) of the

present general provisions.

Once the proportions described in subparagraph a) above have been obtained, the

registration of assigned accounts will be calculated in accordance with the following formula:

Where

Proportion of registration of individual accounts by Administrator j in period t

Weighter that affects the proportion of registration of assigned individual accounts

originating from the same Administrator j in period t, with a value of 2/3

Weighter that affects the proportion of registration of assigned individual accounts

originating from another Administrator or in the Service Provider by Administrator

in period t, with a value of 1/3

Calculation period, equivalent to 12 months in the case of Account Assignment

and 24

months for the Reassignment of individual accounts.

each Administrator that belongs to the set of n Administrators whose Basic Investment

Companies or Initial Basic Investment Companies of the same Group are

in the tercele that records the highest Net Performance Indicators (j= 1, 2,

... , n), in accordance with articles 11 fraction I and 13 fraction II subparagraph a) of the

present general provisions.

Once the registration proportion of the Administrators that will receive Individual

Accounts has been determined, the participation of each one will be weighted with respect to the sum of the

registration proportions of the administrators that will receive Individual Accounts in each

Basic Investment Company or Initial Basic Investment Company belonging to the same

Group in accordance with the formula established in fraction IV of this Annex. This

result will be the account registration factor for assigned accounts, for Assignment or Reassignment as

corresponds. The weighter of the account registration factor for assigned accounts will be 50%.

When an Administrator's history does not cover the established period, the Commission will consider

the proportion of registered workers during those months in which it has a history.

In the case of new Administrators that participate in the Assignment and/or Reassignment process

for the first time and therefore do not have a history, the

average of the registration proportion observed by the Administrators whose Basic Investment

Companies or Initial Basic Investment Companies are in the tercele of the

highest Net Performance Indicators for Assignment and Reassignment must be considered.

II.

The Commission on Balance Factor will be calculated as follows:

For each Administrator that operates at least one Investment Company eligible to

receive Individual Accounts in the Assignment and Reassignment processes, as applicable,

the arithmetic average of the current commission on balance and the commission on balance

immediately preceding will be considered. From said average, the commission proportion will be calculated in

accordance with the following formula:

Where

Proportion of commission on balance for Administrator j

Maximum value of the set of arithmetic averages of the commission on balance

current and the commission on balance immediately preceding of the n Administrators that have

Basic Investment Companies or Initial Basic Investment Companies eligible

belonging to the same Group.

Average commission on balance of Administrator j

Each Administrator that belongs to the set of n Administrators whose Basic Investment

Companies or Initial Basic Investment Companies of the same Group are in

the tercele that records the highest Net Performance Indicators (j=1,2, ... ,n), in

accordance with articles 11 fraction I and 13 fraction II subparagraph a) of the present

general provisions.

To obtain the commission on balance factor for each Administrator, its

commission on balance proportion will be weighted with respect to the sum of the proportions of commissions

on balance of the Administrators that have at least one Basic Investment Company

or an Initial Basic Investment Company eligible to receive Individual Accounts from each

Group, in accordance with the formula established in fraction IV of this Annex. The

weighter of the commission on balance factor will be 20%.

III.

The Voluntary Savings Factor will be calculated as follows:

For the calculation period, for each Administrator that participates in the processes

of Assignment and Reassignment of Individual Accounts, the Voluntary Savings Factor will be obtained,

which

will consider the number of Voluntary Savings contributions (whose amount is greater than $50.00,

without considering the Solidarity Savings sub-account, nor employer contributions) registered by

the Administrators and the amount they accumulate, the number of Individual Accounts in which

such contributions have been made in relation to the

number of Individual Accounts registered

in the Administrator,

in accordance with the following formula:

Where

Voluntary Savings Proportion of Administrator j in period t

Amount of Voluntary Savings contributions collected by Administrator j in

period t.

Number of Voluntary Savings contributions registered by Administrator j in

period t.

Number of Individual Accounts in Administrator j that received voluntary

contributions during period t.

Average of registered accounts in Administrator j in period t.

Calculation period, equivalent to 12 months in the case of Account Assignment and 24

months for the Reassignment of individual accounts.

each Administrator that belongs to the set of n Administrators whose Basic Investment

Companies or Initial Basic Investment Companies of the same Group are in

the tercele that records the highest Net Performance Indicators (j= 1, 2, ... , n), in

accordance with articles 11 fraction I and 13 fraction II subparagraph a) of the present

general provisions.

Once the Voluntary Savings proportions for the

Administrators that will receive Individual Accounts have been determined, their participation is weighted with respect to

the sum of the Voluntary Savings proportions of the Administrators that will receive Individual

Accounts in each Basic Investment Company or Initial Basic Investment Company

belonging to the same Group in accordance with the formula established in fraction IV of the

present Annex. This result will be the Voluntary Savings factor. The weighter of the

Voluntary Savings factor will be 30%.

When an Administrator's history does not cover the required period, the Commission will consider the

Voluntary Savings proportion during those months in which it has a history.

In the case of new Administrators that participate in the Assignment and/or Reassignment process

for the first time, the average of the Voluntary Savings proportion that

the Administrators whose Basic Investment Companies or Initial Basic Investment

Companies are in the tercele of the highest Net Performance Indicators for

Assignment and Reassignment must be considered.

IV.

For the calculation of the factors i of the eligible Basic Investment Company j or Initial Basic Investment

Company j of each Group, the proportion corresponding to factor i of each of

the Basic Investment Companies or Initial Basic Investment Companies is weighted with respect to the

sum of the proportions of all eligible Basic Investment Companies or Initial Basic Investment

Companies of the same Group, in accordance with the following formula:

Where

Factor i of the Basic Investment Company j and Initial Basic Investment Companies j

Proportion of Factor i of the Basic Investment Company j and Initial Basic Investment

Companies j

Number of Investment Companies belonging to a Group, eligible to receive Individual

Accounts in the Assignment or Reassignment process

For the calculation of the factors i of the eligible Basic Investment Company j or Initial Basic Investment

Company j of each Group, the proportion corresponding to factor i of each of

the Basic Investment Companies or Initial Basic Investment Companies is weighted with respect to the

sum of the proportions of all eligible Basic Investment Companies or Initial Basic Investment

Companies of the same Group, in accordance with the following formula:

Where

Percentage of assignment or Reassignment of the j-th eligible Basic Investment Company or

Initial Basic Investment Company of each Group.

Account registration factor for assigned accounts of the j-th eligible Basic Investment Company or

Initial Basic Investment Company of each Group.

Commission on balance factor of the j-th eligible Basic Investment Company or Basic Investment

Company of each Group.

Voluntary Savings factor of the j-th eligible Basic Investment Company or Basic Investment

Company of each Group. "

TRANSITORY ARTICLES

First. These modifications will enter into force the day after their publication in the

Official Journal of the Federation, applying for the first time the Proportionality Mechanism provided in Annex D

of these modifications to the Assignment and Reassignment process of the Individual Accounts of

2024.

Second. With the entry into force of these modifications, all provisions

that oppose them are repealed.

Mexico City, April 12, 2024.- The President of the National Commission for the Retirement Savings

System,

Mstr. Julio César Cervantes Parra.- Signature.

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