Regulation of the Public Registry of the Pension Savings System

DE No. 60/2007
DECRETO No. 60/2007
REGULATION OF THE PUBLIC REGISTRY OF THE PENSION SAVINGS SYSTEM Approval: 12/07/2007 Validity: 17/08/2007

DECRETO No. 60.

THE PRESIDENT OF THE REPUBLIC OF EL SALVADOR,

CONSIDERING:

I. That by Legislative Decree No. 926, dated December 19, 1996, published in the Official Journal No. 243, Volume No. 333, of the 23rd of that same month and year, the Organic Law of the Superintendence of Pensions was issued;

II. That Art. 32 of the Law referred to in the preceding consideration regulates that this Superintendence shall maintain a Registry of the Pension Savings System, with the purpose of making public all information related to the Pension Savings System;

III. That the information available to the public in the aforementioned Registry refers to Administrators of Pension Fund Institutions, regarding their shareholders and Administrators, Life Insurance Companies, Pension Service Agents, and regarding companies that provide services related to the Pension Savings System;

IV. That by Executive Decree No. 16, dated February 4, 1998, published in the Official Journal No. 37, Volume No. 338, of the 24th of that same month and year, the Regulation of the Public Registry of the Pension Savings System was issued, to facilitate, among other things, compliance with the standards established in the Organic Law of the Superintendence of Pensions regarding the topic of the Registry of the Pension Savings System; and,

V. That it is necessary to adapt said Regulation to the changes registered in the financial market, subsequent to its issuance, and to correct interpretation problems regarding its scope of application; such as the case of natural and legal persons, whose activities do not affect the administration of Pension Funds nor the interests of the affiliates; it being necessary to issue a new Regulation for such effects that enables what is expressed in these considerations.

THEREFORE,

in exercise of its constitutional powers,

DECREES the following:

REGULATION OF THE PUBLIC REGISTRY OF THE PENSION SAVINGS SYSTEM

DE No. 60/2007
DECRETO No. 60/2007
REGULATION OF THE PUBLIC REGISTRY OF THE PENSION SAVINGS SYSTEM Approval: 12/07/2007 Validity: 17/08/2007

CHAPTER I
GENERAL PROVISIONS

Art. 1.- The purpose of this Regulation is to facilitate and ensure the application of the norms regarding the Registry of the Pension Savings System contemplated in the Organic Law of the Superintendence of Pensions.

Art. 2.- In this Regulation, the following designations will be used:

Law: Organic Law of the Superintendence of Pensions.
Law: Law of the Pension Savings System.
Superintendence: Superintendence of Pensions.
SAP: Pension Savings System.
AFP: Pension Fund Administrator Institution.
Registry: Registry of the Pension Savings System maintained by the Superintendence of Pensions.
Fund: Pension Fund.
Administrators: The members of the Board of Directors and Managers of the Companies subject to registration and the liquidators of the AFPs.
Agent: Pension Service Agent.
BCR: Central Reserve Bank of El Salvador.
Stock Exchange: Stock Exchange.
Days: Calendar days, unless it is expressly stated that they are business days.
NIT: Tax Identification Number.
DUI: Unique Identity Document.

Art. 3.- The Intendancy of the Pension Savings System shall be responsible for the proper functioning of the Registry, within the Superintendence.
The Registry will require a database; the information will be kept in electronic media. The inscriptions in the Registry will be governed by the provisions of the Law, this Regulation, and the instructions issued for this purpose by the Superintendence.

Art. 4.- The Registry will contain information on:
a) AFP Companies; b) Shareholders and Administrators of AFPs; c) Pension Service Agents; d) Life Insurance Companies that offer invalidity and survivorship insurance contracts, as well as life annuities and deferred life annuities, as treated in the Law; e) Handwriting Experts; f) Appraisers; g) Risk Rating Companies; h) Deposit and Custody Companies for Securities; i) Intermediary Companies for Foreign Securities; and, j) Companies that provide services related to the SAP. All information received regarding the natural or legal persons referred to in the preceding letters will be kept in separate Records called Sections, in which the information of the registered persons will be incorporated; the inscriptions will be recorded in Cards that must contain a Registry Code. The natural or legal persons referred to in this article who perform acts that modify the information contained in the Registry must present the Registry Code that identifies such acts.

Art. 5.- Each of the Sections of the Registry will have cards for each registered person. The data required by this Regulation will be recorded in such cards. The inscription in the Registry of any natural or legal person will be upon request; for which it must request it from the Superintendence, according to the formats established in the corresponding regulations. If during the analysis process of the inscription request, any document or necessary information for the registration is missing or if it does not meet the required characteristics, the Superintendence will notify the interested party to remedy it; meanwhile, the procedure will be suspended. In case it is not done within thirty subsequent days, the request will be archived and if the interested party requires in the future to provide services related to the SAP, they must present a new request. Once the information is completed, the Superintendence will resolve the request within a maximum period of twenty business days. The inscription is formalized, prior to compliance with the established requirements, with the issuance of the registration certificate and the delivery of the corresponding Registry Code. All information subject to registration will be recorded in the corresponding Registry Section, within a period of five business days, counted from the day following its approval by the Superintendence.

Art. 6.- The information contained in the Registry is freely accessible to the public and therefore, any person may consult it and request it in printed form, with the cost being borne by the interested party.

Art. 7.- The Superintendence may modify the data contained in the Registry upon request, in accordance with what is established in the Law and this Regulation.

Any fact that gives rise to changes in the data contained in the Registry must be notified to the Superintendence by the natural person, the legal representative or attorney-in-fact of the legal person, as appropriate, within a period of eight days counted from the date the fact occurs. If it concerns the appointment or change of an Administrator, the period will be three business days. The documentation required by this Regulation that supports the change of information must be submitted within fifteen business days of the change or appointment having taken place. The Superintendence, when it deems it pertinent, may carry out inspections, in order to verify the truthfulness of the information contained in the Registry.

CHAPTER II
REGISTRATION OF AFPs

Art. 8.- The inscription of AFPs in the Registry requires the prior Resolution of the Superintendence, in which it authorizes the start of operations.

Art. 9.- The Registration Card of the AFPs will contain the following:

1) GENERAL DATA AND HISTORY OF THE AFP
a) Registry Code; b) Corporate name and trade name; c) Address and post office box; d) Telephone number, fax, and email address; e) Data of inscription of the testimony in the Commercial Registry of the Deed of Constitution and modifications of the social pact, such as those of merger, dissolution, and liquidation; f) Full names of the Legal Representative, DUI number, if Salvadoran, and Residence Card or Passport number, if foreign; g) NIT, when applicable, of the legal representative; h) Volume, Book, and date of inscription of the certification of the personal merchant registry and of the enterprise and establishment. In case the aforementioned registries are in process, a certificate of such fact must be presented; i) Data of the executory judgments or of the certifications thereof, if applicable, that declare the nullity or order the dissolution, liquidation, or merger of the AFPs; j) Number and date of issuance of the Resolution of the Superintendence that authorizes the constitution of the AFP; k) Number and date of issuance of the Resolution that authorizes the start of operations of the AFP; l) Number and date of issuance of the Resolution of merger, dissolution, and liquidation; m) Number of agencies and offices nationwide, representation offices; and, n) Date of each registry entry.

2) SHARE CAPITAL
a) Subscribed share capital; b) Paid share capital; c) Value of each share; d) Charge to paid capital for loss coverage, amount, and date; e) Amount, origin, and date of each increase or decrease in capital; f) Data of inscription in the Commercial Registry of each increase or decrease in capital; and, g) Data of the Public Deed of each increase or decrease in share capital: Name of the Notary, place, and date of granting.

3) AGENCIES AND OFFICES NATIONWIDE AND REPRESENTATION OFFICES
a) Number and date of Resolution of the Superintendence in which the opening of the agencies or offices nationwide and representation offices is authorized; b) Address, telephone, fax, and email address; c) Date of opening of the agency, national office, or representation office; d) Full names of the Administrator or Head of the Office, if applicable; and, e) Closed agencies or offices, with indication of the cause, if applicable, and the date of authorization of the closure.

4) SANCTIONS
a) Type of infraction; b) Sanction imposed, amount of the fine, if applicable; c) Date and number of Resolution; and, d) Description of the cause and observations.

5) FINANCIAL STATEMENTS OF THE AFP AND OF THE MANAGED PENSION FUND, OF THE LAST 3 YEARS, PROPERLY AUDITED.
a) Period to which the Financial Statement corresponds; and, b) Name and address of the Auditor.

6) INVESTMENT POLICIES
Period to which the investment policy document corresponds.

Art. 10.- The AFPs must send to the Registry a certified copy of the Testimonies of the Deeds of Constitution and Modifications to the social pact duly inscribed in the Commercial Registry, as well as of the audited Financial Statements of each period.

CHAPTER III
REGISTRATION OF SHAREHOLDERS AND ADMINISTRATORS OF AFPs

Art. 11.- The AFPs must send to the Registry, a certified copy of the Public Deeds of Administrative, Judicial, and Special Powers, to be duly attached.

Art. 12.- The Registration Card of the Shareholders and Administrators will contain the following:

1) SHAREHOLDERS
a) If it is a natural person:
i. Full names;
ii. DUI number, if Salvadoran;
iii. Residence Card or Passport number, if foreign;
iv. NIT number, when applicable;
v. Percentage of shareholding participation in the AFP;
vi. Number of shares;
vii. Address, Address, and telephone; and,
viii. Nationality.
b) If it is a legal person:
i. Corporate name, business activity, and trade name;
ii. Name of the legal representative;
iii. Identification document number of the legal representative;
iv. NIT of the company and of the legal representative;
v. Percentage of shareholding participation in the AFP;
vi. Number of shares;
vii. Address, address, telephone, fax, and WEB site and/or email of the company;
viii. List of shareholders and their nationality; and,
ix. List of shareholders who hold a participation of 3% or more, in accordance with what is prescribed in the fifth paragraph of Art. 25 of the Law.
In the case of a foreign legal person with the business activity of fund administration, years of experience must be included.

2) ADMINISTRATORS
a) The members of the Board of Directors must include full names of each, date of birth, notarized certified copy of the DUI and NIT, profession or trade, position held, if applicable; date of election, term of election, data of inscription in the Commercial Registry, and a summary of the curriculum vitae; as well as other documents that allow proving what is provided in the last paragraph of Art. 55 of the Law; and, b) The managers must include full names, notarized certified copy of the DUI and NIT, profession or trade, managerial position held, date of entry into the AFP, date and cause of termination of the position, if applicable; data of inscription in the Commercial Registry, and summary of the curriculum vitae.

3) PUBLIC DEED OF POWER
a) Type of Power granted; b) Name of the Notary before whom it was granted; c) Place and date of granting of the public deed; and, d) Data of inscription in the Commercial Registry, if applicable.

CHAPTER IV
REGISTRATION OF PENSION SERVICE AGENTS

Art. 13.- The information regarding the Pension Service Agents will comply with the requirements fixed by the Superintendence, information that will be communicated to it, by the means it itself specifies. The AFPs are responsible for creating a physical file, with all the documentation corresponding to the Agents referred to in the Regulation of Business Management of the Administrators of Pension Fund Institutions, being obliged to send a Sworn Declaration, signed by the Legal Representative, certifying the existence of said documentation.

Art. 14.- The Registration Card of Agents will contain the following:

1) DATA OF THE AGENT:
a) Agent Code; b) Full names; c) DUI number, if Salvadoran; d) Residence Card or Passport number, if foreign; e) NIT; f) Place and date of birth; g) AFP in which they are contracted and date of contract; h) Date of evaluations; i) Grades obtained; j) Date of entry into the AFP; and, k) AFPs in which they previously provided services and detail of periods, if applicable.

2) SANCTIONS
a) Type of infraction; b) Sanction applied in case of fine, indicating the amount thereof; c) Date and number of Resolution; d) Description of the cause; and, e) Observations.

CHAPTER V
REGISTRATION OF LIFE INSURANCE COMPANIES

Art. 15.- All Life Insurance Companies with which AFPs contract the collective invalidity and survivorship insurance, and those that offer affiliates the payment of pensions under the life annuity modality, must be inscribed in this Registry.

Art. 16.- The inscription in the Registry must be requested by the interested Insurance Company, which for this effect must present the following:
a) Certified copy of the Public Deed of Constitution, with the due annotation of its inscription in the Commercial Registry; b) Certified copy of the Public Deed corresponding to the last increase or decrease of Capital, if applicable; c) Certified copy of the resolution of authorization to operate and the products to offer in the pension market, issued by the Superintendence of the Financial System, in the life insurance branch, if applicable; d) Note containing address, post office box, telephone number, fax, email address; e) List of its shareholders, indicating their shareholding participation; as well as directors and administrators, indicating their position and attaching a copy of the NIT; f) Format of the Invalidity and Survivorship Insurance Contracts they celebrate with AFPs and with affiliates; g) Certified copy of the Financial Statements duly audited, corresponding to the last three years; h) Copy of the NIT and VAT of the company; and, i) Notarized certified copy of the DUI and NIT of the Legal Representative.

Art. 17.- The Registration Card of Insurance Companies will contain the following:

1) DATA REFERRED TO THE COMPANY
a) Registry Code; b) Corporate name and trade name; c) NIT of the company; d) Address, address, and post office box; e) Telephone number, fax, and email address, if applicable; f) Subscribed share capital; g) Paid share capital; h) Full names, surnames, and NIT of the legal representative; i) Updated credential of the Board of Directors and general manager and list of managers; j) List of shareholders with a participation of 3% or more of the share capital, according to what is prescribed in the first paragraph of Art. 99 of the Law; k) Data of inscription in the Commercial Registry; l) Data of inscription in the Commercial Registry, of the testimony of the Deed of Constitution and modifications of the social pact; m) Copy of the Resolution of Authorization to operate the Life branch issued by the Superintendence of the Financial System, if applicable; and, n) Products to offer in the pension market for which it has been authorized by the Superintendence of the Financial System.

2) DATA REFERRED TO PARTICIPATION IN AFP TENDERS AND INSURANCE CONTRACTS
a) The awarded ones, including date and name of the AFP; b) The signed coverage insurance contracts, including: date of subscription, name of the AFP, contracted premiums, variation of premiums, if any, and dates of validity in each case; and, c) The resolved contracts with indication of the reason, or concluded, if applicable.

3) PRODUCTS AND/OR SERVICES OFFERED IN THE SAP
a) Name of the product and/or service; b) Type of product:
Basic: Only in cases where they are subject to the definitions of the benefits of the Invalidity and Survivorship Insurance and Life Annuity; c) Presentation and technical note of the product or service; and, d) Number and date of Resolution of authorization to provide that service in the SAP, in each case.

4) SANCTIONS
a) Type of infraction; b) Amount and gravity of the sanction; c) Date and number of Resolution; d) Description of the cause that originated the sanction; and, e) Observations.

CHAPTER VI
REGISTRATION OF COMPANIES AND NATURAL PERSONS THAT PROVIDE SERVICES RELATED TO THE SAP

For the Registration of Companies

Art. 18.- All Companies duly constituted and inscribed in the Commercial Registry, as well as natural persons who, according to the SAP regulations, can provide services related to said System, are inscribed in this Registry.

Art. 19.- In the case of companies, the inscription in the Registry occurs at the request of the same, for which it must present the following documentation:
a) Certified copy of the Public Deed of Constitution, duly inscribed in the Commercial Registry; b) Certified copy of the Public Deed corresponding to the last Increase or Decrease of Capital, if applicable; c) Certified copy of the NIT and VAT of the Company; d) Merchant Registry; e) List of shareholders with their percentage of participation and their respective NIT; f) List of directors and administrators, with their respective NIT; g) Data of the company, such as: telephone number, fax, email address or WEB page, as well as the physical location and description of the type of infrastructure or equipment available to provide the services; h) Certificate of being authorized to operate, issued by the Superintendence of the Financial System or the Superintendence of Securities, if applicable; i) Sworn Declaration before a Notary, in which it commits to subject itself to the Law, its Regulations, and Instructions; j) Certified copy of the DUI and NIT of the Legal Representative; k) Certified Copy of the Financial Statements duly audited, corresponding to the last three years. However, when the company has been in existence for less than three years, it must present the financial statements corresponding to the last month of operations it has at the date; and, l) For the case of financial entities that at the request of AFPs guarantee the Special Guarantee Contribution, they must additionally present, the minimum rating determined for issuances subject to being acquired with resources from the Funds.

Art. 20.- The Registration Card of these Companies, as applicable, will contain the following:

1) DATA REFERRED TO THE COMPANY
a) Corporate name and trade name; b) Address, address, and post office box; c) Telephone number, fax, WEB page and/or email address; d) NIT of the company;

DE No. 60/2007
DECRETO No. 60/2007
REGULATION OF THE PUBLIC REGISTRY OF THE
PENSION SAVINGS SYSTEM
Approval: 12/07/2007
Validity: 17/08/2007 e) Subscribed social capital; f) Paid social capital; g) Names, surnames, and Tax ID (NIT) of the legal representative; h) Updated roster of directors and administrators, with their respective Tax IDs; i) List of shareholders with a participation of 3% or more of the social capital, with their respective Tax ID, in accordance with what is prescribed in the first paragraph of Art. 99 of the Law; j) Data of Registration in the Commercial Registry and their commercial registrations; k) Data of the Public Deed of Social Constitution and modifications to the social pact, such as: name of the Notary, number and date of execution, and a summary of relevant information; l) Code and Date of Registration; m) Number and date of Resolution of authorization granted by the Superintendence of the Financial System or of Securities, if applicable; and, n) Physical location and description of the type of infrastructure or equipment available to provide services in accordance with the respective norm, as applicable.
2) DATA REFERRED TO CONTRACTS
a) Date of the contract; b) Object of the contract, specifying it in detail; c) Date and number of Resolution of approval of the Superintendence, if applicable; d) In addition to the above, in the case of companies that issue guarantees or sureties that will guarantee the Special Guarantee Contribution, in accordance with what is provided in Art. 84 of the Law and the relevant regulations, the following will be registered:

1. Subscribed amount of guarantee or surety, date of subscription, name of the AFP, contracted premiums, variation of premiums, if any, and dates of validity in each case;
2. Presentation and technical note of the product or service; and,
3. Resolved contracts with indication of the reason, or concluded, if applicable.
   3) FINANCIAL STATEMENTS
   a) Period to which the last Financial Statement presented corresponds; and, b) Name, domicile of the Auditor, and Registration number.
   4) SANCTIONS
   a) Type of infraction and amount of the fine, if applicable; b) Date and number of Resolution; c) Description of the infraction; and, d) Observations.
   For the Registry of Natural Persons
   Art. 21.- In the case of natural persons, registration in the Registry occurs at their request; for this, they must present the following documentation:

DE No. 60/2007
DECRETO No. 60/2007
REGULATION OF THE PUBLIC REGISTRY OF THE
PENSION SAVINGS SYSTEM
Approval: 12/07/2007
Validity: 17/08/2007 a) Certified copy of the Tax ID (NIT), Personal Identity Document (DUI), and VAT ID, if applicable; b) Commercial Registration, if applicable; c) Data of the person, such as: telephone number, fax, email address or WEB page, if they have one; as well as the physical location and description of the type of infrastructure or equipment available to provide services; d) Sworn Declaration before a Notary, in which they commit to adhere to the Law, its Regulations, and Instructions; and, e) Certified Copy of the Financial Statements duly audited, when applicable, corresponding to the last three years. However, when the person has been working for less than three years, they must present the financial statements corresponding to the last month of operations they have at the date. Art. 22.- The Registration Form of these persons, as applicable, shall contain the following:
DATA REFERRED TO THE NATURAL PERSON:
a) Trade name, if applicable; b) Domicile, address, and post office box; c) Telephone number, fax, WEB page, and/or email address; d) DUI, NIT, and VAT ID numbers; e) Data of Registration in the Commercial Registry and their commercial registrations; f) Code and Date of Registration; and, g) Physical location and description of the type of infrastructure or equipment available to provide services in accordance with the respective regulations, as applicable. Regarding the data referred to contracts, financial statements, and sanctions, what is provided in Art. 20 of this Regulation must be taken into consideration.
CHAPTER VII
REGISTRY OF HANDWRITING EXPERTS
Art. 23.- Handwriting Experts who provide their services to the AFPs or to the Superintendence shall be registered in the Registry. In accordance with what is established by the Corporate Management Regulation of the AFPs, they must submit a request to the Superintendence, stating the data referred to in the Registration Form, accompanied by the respective Sworn Declaration in which they submit themselves to the norms of the SAP. Art. 24.- Handwriting Experts who wish to provide their services to the AFPs or to the Insurance Companies must register in the Registry kept by the Superintendence for such effect, and must present the following documentation:
a) Certified copy before a Notary of the DUI and NIT; b) Curriculum Vitae with recent photograph; c) Copy of the VAT Taxpayer Card, when applicable; and,

DE No. 60/2007
DECRETO No. 60/2007
REGULATION OF THE PUBLIC REGISTRY OF THE
PENSION SAVINGS SYSTEM
Approval: 12/07/2007
Validity: 17/08/2007 d) The Registration Form of the handwriting experts shall contain the following:
1) HANDWRITING EXPERTS
a) Names and surnames of the handwriting expert; b) Place and date of birth; c) DUI and NIT numbers; d) Previous Judicial experience as a handwriting expert; e) Curriculum Vitae; f) Place of performance of duties and date of entry; g) Expertises performed; h) Monthly Average of Fees; i) Date and number of Resolution of approval of the Superintendence; and, j) Document by which the required competencies to provide this type of service are proven.
2) SANCTIONS
a) Type of infraction and amount of the fine, if applicable; b) Date and number of Resolution; c) Description of the infraction that originated the sanction; and, d) Observations.
CHAPTER VIII
REGISTRY OF APPRAISAL EXPERTS
Art. 25.- Appraisal Experts who provide their services to the AFPs shall be registered in the Registry, based on the request they address to the Superintendence, stating the data referred to in the Registration Form, accompanying it with a Sworn Declaration. Art. 26.- Appraisal Experts who wish to provide their services to the AFPs or to the Insurance Companies must register in the Registry kept by the Superintendence for such effect, and must present the following documentation:
b) Certified copy before a Notary of the DUI and NIT; c) Curriculum Vitae with recent photograph; and, d) Copy of the VAT Taxpayer Card, when applicable.
The Registration Form of the appraisal experts shall contain the following:
1) APPRAISAL EXPERTS
a) Names and surnames of the appraisal expert; b) Place and date of birth; c) DUI and NIT numbers;

DE No. 60/2007
DECRETO No. 60/2007
REGULATION OF THE PUBLIC REGISTRY OF THE
PENSION SAVINGS SYSTEM
Approval: 12/07/2007
Validity: 17/08/2007 d) Curriculum Vitae; e) Place of performance of duties and date of entry; f) Expertises performed; g) Monthly Average of Fees; and, h) Date and number of Resolution of approval of the Superintendence.
2) SANCTIONS
a) Type of infraction and amount of the fine, if applicable; b) Date and number of Resolution; c) Description of the infraction that originated the sanction; and, d) Observations.
CHAPTER IX
REGISTRY OF RISK RATING COMPANIES
Art. 27.- In accordance with what is provided in Art. 32, letter e) of the Organic Law, registration in said Registry is mandatory for Risk Rating Companies that rate the instruments in which the AFPs invest the resources of the respective Funds they administer. Risk Rating Companies cannot perform rating activities while they maintain as shareholders or administrators persons who are ineligible according to what is provided by Art. 55 of the Law; they also cannot assume the rating of the instruments of a certain issuer, when it is considered that there is linkage or corporate relationship with the latter. For the purposes of defining linkage and corporate relationship, what is provided by the Securities Market Law shall be considered. The documentation that said Companies must present is the same indicated in Arts. 19 and 20 of this Regulation, and the services provided by the Company must additionally be described. Art. 28.- Complementarily, Risk Rating Companies must comply with the following minimum requirements:
a) Have qualified professionals with experience, for which they must present the list of main officials, attaching their curriculum vitae; b) Present the list of their clients; c) Have, both the Company and its shareholders, experience to the satisfaction of the Superintendence, in the realization of economic-financial studies. For this effect, they must present the list of reports performed in the last twelve months with their respective clients, either jointly or individually; d) Development and support of a risk rating methodology; and,

DE No. 60/2007
DECRETO No. 60/2007
REGULATION OF THE PUBLIC REGISTRY OF THE
PENSION SAVINGS SYSTEM
Approval: 12/07/2007
Validity: 17/08/2007 e) Present Sworn Declaration of shareholders, administrators, and employees, in the sense of submitting themselves to what is established in the Law.
CHAPTER X
REGISTRY OF DEPOSIT AND CUSTODY COMPANIES OF SECURITIES Art. 29.- All Deposit and Custody Companies of Securities, national or foreign, that according to the regulations of the Law, provide the deposit and custody service to the AFPs, must register in the Registry. Registration in the Registry occurs at the request of the company itself and for this, it must present the documentation detailed in this Chapter. A company specialized in the Deposit and Custody of Securities is considered to be an entity of exclusive business, bank, or other financial entity authorized to provide said service, in accordance with the Securities Market Law; as well as those foreign companies dedicated to the deposit and custody of securities. Deposit and Custody Companies of Securities constituted in El Salvador Art. 30.- All companies duly constituted and registered in the Commercial Registry, that according to the Securities Market Law, can provide deposit and custody of securities services, such as stock exchanges, banks, finance companies, or specialized institutions, are registered in this Registry. Art. 31.- The documentation that these Companies must present is the following:
a) Request addressed to the Superintendent of Pensions, signed by the attorney-in-fact or legal representative; b) Certified copy by a Notary, of the Public Deed of Constitution and credential of the legal representative, duly registered in the Commercial Registry; c) Certified copy by a Notary of the Public Deed corresponding to the last increase or decrease of capital, if applicable; d) Certificate of being authorized to operate, issued by the Superintendence of the Financial System or the Superintendence of Securities; as well as Commercial Registrations; e) Sworn Declaration granted before a Notary, in which they commit to adhere to the Law, its Regulations, and Instructions; f) Certified copy by a Notary, of the Financial Statements duly audited, corresponding to the last three years; g) Sworn Declaration granted before a Notary, of information about the coverages of the insurance policy that the entity has contracted, related to the services provided and the name of the company that provides it; h) Certified copy by a Notary of the NIT and VAT ID of the company; i) Certified copy by a Notary of the DUI and NIT of the Legal Representative; j) Certified copy by a Notary of the DUI and NIT of directors and administrators;

DE No. 60/2007
DECRETO No. 60/2007
REGULATION OF THE PUBLIC REGISTRY OF THE
PENSION SAVINGS SYSTEM
Approval: 12/07/2007
Validity: 17/08/2007 k) Roster of shareholders with a participation of 3% or more of the social capital, in accordance with what is prescribed in the first paragraph of Art. 99 of the Law and certified copy by a Notary of the DUI and NIT of said shareholders; l) Certified copy before a Notary of the basic financial statements of the last three years, with the corresponding opinion of the external auditor; and, m) Information related to the data that must contain the Registration Form referred to in the following article. Art. 32.- The Registration Form of these Custody Companies of Securities, as applicable, shall contain the following:
1) DATA REFERRED TO THE COMPANY
a) Corporate name and trade name; b) Domicile, Address, and post office box; c) Telephone number, fax, and email address; d) NIT and VAT No.; e) Subscribed social capital; f) Paid social capital; g) Names and surnames of the legal representative; h) Updated roster of directors and administrators, DUI and NIT of these; i) Roster of shareholders with a participation of 3% or more of the social capital, in accordance with what is prescribed in the first paragraph of Art. 99 of the Law, with their respective certified copy of the DUI and NIT of them; j) Data of registration in the Commercial Registry and their commercial registrations; k) Data of the Public Deed of Constitution and modifications to the social pact, such as: name of the Notary, number and date of execution, and a summary of relevant information; l) Code of Registration and date of registration in the SAP Registry; m) Number and date of authorization to operate granted by the Superintendence of the Financial System or of Securities, if applicable; and, n) Physical location and description of the type of infrastructure or equipment available to provide services in accordance with the respective regulations, as applicable.
2) DATA REFERRED TO CONTRACTS
a) Date of the contract; and, b) Object of the contract, specifying it in detail.
3) DATA REFERRED TO FINANCIAL STATEMENTS
a) Period to which the last Financial Statement corresponds; and, b) Name and address of the Auditor and Registration number.

DE No. 60/2007
DECRETO No. 60/2007
REGULATION OF THE PUBLIC REGISTRY OF THE
PENSION SAVINGS SYSTEM
Approval: 12/07/2007
Validity: 17/08/2007
4) SANCTIONS
a) Type of infraction and amount of the fine, if applicable; b) Date and number of Resolution; c) Description of the infraction; and, d) Observations.
Foreign Deposit and Custody Companies of Securities Art. 33.- In accordance with what is provided in the Law, registration in the Registry is mandatory for foreign Deposit and Custody Companies that custody the securities in which the AFPs invest the resources of the Funds they administer. The documentation that said Companies must present for such effect is the following:
a) Request addressed to the Superintendent of Pensions, signed by the attorney-in-fact or legal representative; b) Public Deed of Constitution, statutes, or any other document that proves the legal existence of the entity and that it is established in accordance with the Laws of the country in which it was constituted; c) Credential or other document that legitimizes the representation of the legal representative of the entity, attaching a copy of the Passport; d) Public Deed corresponding to the last increase or decrease of capital, if applicable; e) Certificate issued by regulatory authorities of the country of origin or where the entity has operations, in which it states that the applicant meets the legal requirements to operate as a custody entity of securities; f) Basic financial statements of the last three years, with the corresponding opinion of the external auditor; g) Opinion issued by an external audit firm, regarding the examination of control activities performed in accordance with the Statement on Auditing Standards, SAS, No. 70, of the American Institute of Certified Public Accountants, AICPA, or its international equivalent; h) Sworn Declaration granted before a Notary, of information about the coverages of the insurance policy that the entity has contracted, related to the services provided and name of the company that provides it; i) Sworn Declaration before a Notary, in which the entity commits to adhere to the Law, its Regulations, and Instructions; and, j) Information related to the data that must contain the Registration Form referred to in the previous article, insofar as applicable. The aforementioned documents must comply with the apostille procedure, in the case of countries signatories of the "Hague Convention Abolishing the Requirement of Legalization for Foreign Public Documents"; otherwise, they must be legalized by the Head of the Diplomatic Mission, Consul, Vice-Consul, or Officer in Charge of Consular Affairs of El Salvador, or in their defect, by officials of the Ministry of Foreign Relations from where the documents originate.

DE No. 60/2007
DECRETO No. 60/2007
REGULATION OF THE PUBLIC REGISTRY OF THE
PENSION SAVINGS SYSTEM
Approval: 12/07/2007
Validity: 17/08/2007
Art. 34.- Complementarily, Deposit and Custody Companies must comply with the following minimum requirements:
a) Have qualified professionals with experience, for which they must present a roster of the main officials related to the service to be provided, attaching their curriculum vitae; b) Present a profile of the entity in its entirety, which includes background of its constitution, detail of the main business lines, the nature of the custody service, international coverage, network of sub-custodians, nature of its clients, especially in Latin America, the type of regulation and prudential supervision to which it is subject, and regulatory entities that supervise it; and, c) Last available risk rating report, referred to the entity or its titles, issued by an internationally recognized rating entity. Art. 35.- Documents that come from a foreign country, written in a language other than Spanish, to have legal effect in El Salvador, must be translated into this language, in accordance with the Law on the Practice of Notarial Work of Voluntary Jurisdiction and Other Proceedings.
CHAPTER XI
REGISTRY OF FOREIGN SECURITIES INTERMEDIARY COMPANIES Art. 36.- All natural or legal persons who act as Intermediaries for investments made with the resources of the Pension Funds abroad must register in the Registry. This type of entities includes securities agents or "brokers" and stockbrokers or "dealers". Registration in the Registry may be requested by the interested AFP, which must present the following documentation:
a) Request addressed to the Superintendent of Pensions, signed by the attorney-in-fact or legal representative; b) Public Deed of Constitution, statutes, or any other document that proves the legal existence of the intermediary entity and that it is established in accordance with the laws of the country in which it was constituted; c) Certification issued by regulatory authorities of the country of origin or where the entity has operations, in which it states that the applicant meets the legal requirements to operate as an intermediary, duly legalized; d) Credential or other document that legitimizes the representation of the legal representative or main executive of the entity, attaching a copy of the Passport; and, e) Information related to the data that must contain the Registration Form referred to in the following article. The aforementioned documents, including those of Foreign Deposit and Custody Companies of Securities, must comply with the apostille procedure, in the case of countries signatories of the "Hague Convention Abolishing the Requirement of Legalization for Foreign Public Documents"; otherwise, they must be legalized by the Head of the Diplomatic Mission, Consul, Vice-Consul, or Officer in Charge of

DE No. 60/2007
DECRETO No. 60/2007
REGULATION OF THE PUBLIC REGISTRY OF THE
PENSION SAVINGS SYSTEM
Approval: 12/07/2007
Validity: 17/08/2007
Consular Affairs of El Salvador, or in their defect, by officials of the Ministry of Foreign Relations from where such documents originate. Additionally, when these come from a foreign country, written in a language other than Spanish, to have legal effect in El Salvador, they must be translated into this language, in accordance with the Law on the Practice of Notarial Work of Voluntary Jurisdiction and Other Proceedings. Art. 37.- The Registration Form of Foreign Securities Intermediaries shall contain the following:
a) Corporate name and trade name; b) Domicile, address, and post office box; c) Telephone number, fax, and email address; d) WEB Site; e) Subscribed social capital; f) Paid social capital; g) Names and surnames of the legal representative; h) Organizational chart or organizational structure; and, i) Description of the main activities or businesses in which the company participates by itself or through subsidiaries. In the case of a natural person, their respective registration form shall contain the data that are applicable from those described above.
CHAPTER XII
GENERAL PROVISIONS
Art. 38.- The instructions that must be observed for the formats of the Sworn Declarations referred to in this Regulation, will be issued by the Superintendence. Art. 39.- Executive Decree No. 16, dated February 4, 1998, published in Official Gazette No. 37, Volume No. 338, of the 24th of that same month and year, through which the Regulation of the Public Registry of the Pension Savings System was issued, is hereby repealed. Art. 40.- This Decree shall enter into force eight days after its publication in the Official Gazette. GIVEN IN THE PRESIDENTIAL HOUSE: San Salvador, on the twelfth day of the month of July of two thousand seven.

DE No. 60/2007
DECRETO No. 60/2007
REGULATION OF THE PUBLIC REGISTRY OF THE
PENSION SAVINGS SYSTEM
Approval: 12/07/2007
Validity: 17/08/2007
ELÍAS ANTONIO SACA GONZÁLEZ,
President of the Republic.
WILLIAM JACOBO HÁNDAL HÁNDAL,
Minister of Finance.
JOSÉ ROBERTO ESPINAL ESCOBAR,
Minister of Labor and Social Security.
Executive Decree No. 60 of July 12, 2007
Published in Official Gazette No. 144, Volume No. 376, of August 9, 2007.
This compilation is an exact copy of what is established in the Official Gazette.