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

DOF: 18/07/2018

MODIFICATIONS to the General Provisions Establishing the Procedure for Constructing the Net Performance Indicators of Investment Companies Specialized in Retirement Fund Societies

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

Modifications to the General Provisions Establishing the Procedure for Constructing the Net Performance Indicators of Investment Companies Specialized in Retirement Fund Societies.

The President of the National Commission for the Retirement Savings System, based on articles 1, 2, 3 fraction V bis, 5 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 Gazette of the Federation on January 21, 2009; articles 1, 12, 41, 52, 53, Third and Fifth Transitory Articles of the Regulations of the Law of the Retirement Savings Systems; articles 1, 2 fraction III and 8 of the Internal Regulations of the National Commission for the Retirement Savings System, has deemed it appropriate to issue the following:

Modifications to the General Provisions Establishing the Procedure for Constructing the Net Performance Indicators of Investment Companies Specialized in Retirement Fund Societies.

FIRST.- Article 4, second paragraph of the "General Provisions Establishing the Procedure for Constructing the Net Performance Indicators of Investment Companies Specialized in Retirement Fund Societies," published in the Official Gazette of the Federation on October 14, 2015, is MODIFIED, to read as follows:

"Article 4. ...

The Commission shall make the Net Performance Indicators for Transfers, as well as updates to said Indicators, known to the general public and to Administradoras, through publication on its Internet page at the following address: https://www.gob.mx/consar"

SECOND.- Annexes D, fraction I, subsection c), fraction II, and fraction V, as well as F, fraction I, of the "General Provisions Establishing the Procedure for Constructing the Net Performance Indicators of Investment Companies Specialized in Retirement Fund Societies," published in the Official Gazette of the Federation on October 14, 2015, are MODIFIED, to read as follows:

TRANSITORY

SINGLE.- These modifications shall enter into force on November 1, 2019.

Mexico City, July 12, 2018.- The President of the National Commission for the Retirement Savings System, Carlos Ramírez Fuentes.- Signature.

"ANNEX D

PROPORTIONALITY MECHANISM TO BE OBSERVED FOR THE DISTRIBUTION OF INDIVIDUAL ACCOUNTS TO BE ASSIGNED AND REASSIGNED TO ADMINISTRADORAS

WHOSE BASIC INVESTMENT COMPANIES ARE IN THE TERCILE RECORDING THE HIGHEST NET PERFORMANCE INDICATORS FOR ASSIGNMENT AND REASSIGNMENT

The proportionality mechanism referred to in articles 11 fraction II and 13 fraction II subsection b) of these general provisions consists of determining the assignment and reassignment percentages 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 eligible for these purposes. For such purposes, for each eligible Basic Investment Company of each Group, the assignment and reassignment percentages will be determined according to three factors, each of which has an assigned weight. These factors are described below:

I.

Assigned Account Registration Factor: This refers to the registration percentage of Assigned Individual Accounts in the Administradoras or in the Service Providers that those Administradoras receiving accounts resulting from the Assignment and/or Reassignment process have carried out. The calculation of the assigned account registration factor will be performed as follows:

a)

The sum of the accounts that the Administradora registered in the period and that had been assigned to the same Administradora, to a different one, or to the Service Provider will be obtained.

b)

The quotient of the result of the previous subsection divided by the average of the accounts assigned in the Administradoras and in the Service Provider in the measurement period will be obtained. This quotient will be referred to as the registration proportion.

Where:

Registration Proportion of Administradora j in period t

Accounts registered by Administradora j in period t that had been assigned to any Administradora or to the Service Provider

Average of accounts assigned in the Administradoras and in the Service Provider in period t

Measurement period, 12 months for the case of Account Assignment and 24 months for the Reassignment of Individual Accounts

Each Administradora that belongs to the set of n Administradoras whose Basic Investment Companies are in the tercil that records the highest Net Performance Indicators (j=1,2, ... ,n), in accordance with articles 11 fraction I and 13 fraction II subsection a) of these general provisions

c)

Once the registration proportions of the Administradoras receiving Individual Accounts have been determined, the participation of each one will be weighted with respect to the sum of the registration proportions of the Administradoras receiving Individual Accounts in each Basic Investment Company belonging to the same Group according to the formula established in fraction IV of this Annex. This result will be the assigned account registration factor, for Assignment or Reassignment as applicable. The weight of the assigned account registration factor will be 20%.

When an Administradora'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 Administradoras participating in the Assignment and/or Reassignment process for the first time and therefore lacking history, the average of the registration proportion observed by Administradoras whose Basic Investment Companies are in the tercil of the highest Net Performance Indicators for Assignment and Reassignment must be considered.

II.

Commission on Balance Factor: For each Administradora operating at least one Investment Company eligible to receive Individual Accounts in the Assignment and Reassignment processes, as applicable, the arithmetic average of the commission on balance currently in effect and the immediately preceding commission on balance will be considered. From this average, the commission proportion will be calculated according to the following formula:

Where:

C j : Commission Factor for Administradora j

: Maximum value of the set of arithmetic averages of the commission on balance currently in effect and the immediately preceding commission on balance of the n Administradoras that have Basic Investment Companies

: Average commission on balance of the Administradora operating the j-th Basic Investment Company eligible

: Each Administradora that belongs to the set of n Administradoras whose Basic Investment Companies are in the tercil that records the highest Net Performance Indicators (j=1,2, ... ,n), in accordance with articles 11 fraction I and 13 fraction II subsection a) of these general provisions.

To obtain the commission on balance factor for each Administradora, its commission on balance proportion will be weighted with respect to the sum of the commission on balance proportions of the Administradoras that have at least one Basic Investment Company eligible to receive Individual Accounts of each Group, according to the formula established in fraction IV of this Annex. The weight of the commission on balance factor will be 60%.

III.

The Voluntary Savings Factor will be calculated as follows:

a)

For the calculation period, for each Administradora participating in the Assignment and Reassignment processes of Individual Accounts, the number of Voluntary Savings contributions (whose amount is greater than $50.00, excluding the Solidarity Savings sub-account and employer contributions) registered by the Administradoras, as well as the number of Individual Accounts in which such contributions were made, will be considered.

Additionally, the number of Individual Accounts registered in the Administradora will be considered to obtain the Voluntary Savings proportion through the following formula:

Where:

Voluntary Savings Proportion of Administradora j in period t

Number of Voluntary Savings contributions registered by Administradora j in the period t.

Number of Individual Accounts in Administradora j that received voluntary contributions during period t.

Average of accounts registered in Administradora j in period t.

calculation period, equivalent to 12 months for the case of Account Assignment and 24 months for the Reassignment of individual accounts.

each Administradora that belongs to the set of n Administradoras whose Basic Investment Companies are in the tercil that records the highest Net Performance Indicators (j=1, 2, ... , n), in accordance with articles 11 fraction I and 13 fraction II subsection a) of these general provisions.

b)

Once the Voluntary Savings proportions for the Administradoras receiving Individual Accounts have been determined, their participation is weighted with respect to the sum of the Voluntary Savings proportions of the Administradoras receiving Individual Accounts in each Basic Investment Company belonging to the same Group according to the formula established in fraction V of this Annex. This result will be the Voluntary Savings factor. The weight of the Voluntary Savings factor will be 20%.

When an Administradora'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 Administradoras participating in the Assignment and/or Reassignment process for the first time, the average of the Voluntary Savings proportion observed by Administradoras whose Basic Investment Companies are in the tercil of the highest Net Performance Indicators for Assignment and Reassignment must be considered.

IV.

For the calculation of the factors of the eligible Basic Investment Company j of each Group, the proportion corresponding to the factor of each of the Basic Investment Companies is weighted with respect to the sum of the proportions of all eligible Basic Investment Companies of the same Group, according to the following formula:

Where:

Factor i of Basic Investment Company j

Proportion of Factor i of Basic Investment Company j.

Number of Investment Companies belonging to a Group, eligible to receive Individual Accounts in the Assignment or Reassignment process

V.

The Assignment and Reassignment percentages of Individual Accounts of the i-th eligible Basic Investment Company of each Group are determined by the sum of the product of each factor with its weight, according to the following formula:

Where:

Assignment or Reassignment Percentage of the i-th eligible Basic Investment Company of each Group.

Assigned Account Registration Factor of the i-th eligible Basic Investment Company of each Group.

Commission on Balance Factor of the i-th eligible Basic Investment Company of each Group.

Voluntary Savings Factor of the i-th eligible Basic Investment Company of each Group. "

"ANNEX F

METHODOLOGY FOR THE CALCULATION OF TERCILES AND QUARTILES OF THE DISTRIBUTION OF MARKET RETURNS AND OF THE NET PERFORMANCE INDICATORS OF BASIC INVESTMENT COMPANIES.

This section describes how the terciles and quartiles of the distribution of Market Returns and of the Net Performance Indicators of Basic Investment Companies must be calculated.

For calculation purposes, the Market Returns or the Net Performance Indicators of Basic Investment Companies, for each required date, are ordered from lowest to highest, and, in general, the following expression is defined:

Percentile

Represents a measure of position to describe the set of returns observed and is the number that divides in the following way the observations:

q is defined as a percentage between 0% and 100%.

The q percentile, referred to as "Percentile(q%)", is a value of the distribution of observations such that:

• q% of the observations are less than the Percentile(q%), and

• (100-q)% of the observations are greater than or equal to the Percentile(q%).

I. OF THE PROCEDURE TO CALCULATE TERCILES

For calculation purposes regarding item 1, section II of Annex B and item 1 of Annex C of these general provisions, the Market Returns of item 3 of section II of the aforementioned Annex B, for each calendar month, are ordered from lowest to highest.

For the purposes of the process referred to in article 9, fraction II, subsection c), on each date of the measurement period, the Net Performance Indicator of Basic Investment Companies is ordered from lowest to highest.

For the purposes of the process referred to in article 11, the Net Performance Indicator of Basic Investment Companies is ordered from lowest to highest, on the last business day of the last month that forms part of the period defined for the Assignment or Reassignment process.

To select the returns of those Basic Investment Companies that are in the lower tercil of returns, which will be denoted as j, this tercil is defined through the following set:

Where

S1

Represents the set of Basic Investment Companies whose Net Performance Indicators are in the lower tercil or of lowest returns.

Proceed similarly to define the middle tercil and the upper tercil or of higher returns, which are described respectively by the following sets:

II. OF THE PROCEDURE TO CALCULATE QUARTILES

For the purposes of the process referred to in article 9, fraction I, subsection b) and article 13, fraction I, the Net Performance Indicator of Basic Investment Companies is ordered from lowest to highest, on each date of the measurement period and, to select those Basic Investment Companies that are in the lower quartile of the Net Performance Indicator, which will be denoted as j, this quartile is defined through the following set:

Where

S1

Represents the set of Basic Investment Companies whose indicators of Net Performance are in the lower quartile.

Proceed similarly to define the second, third and fourth quartiles (upper or of higher returns), which are described respectively by the following sets:

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