Regulatory Alerts2022-05-12 | Resolución SBS 1559-2022Added · Updated
Resolution SBS No. 1559-2022: Amend Title VI to Establish Maximum Operational Percentages and/or Investment Sub-limits
The Superintendence of Banking, Insurance and Private Pension Fund Administrators (SBS) amends Title VI of the Private Pension Fund Administration System regulations to establish new maximum operational percentages and investment sub-limits for Pension Fund Administrators (AFPs). The resolution introduces specific concentration limits for local instruments, mutual funds, and investment funds based on issuer, market capitalization, and economic group, while simplifying calculation methodologies and eliminating obsolete limits. It also mandates strict procedures for handling investment excesses, including immediate liquidation requirements for liquid assets and detailed remediation plans for illiquid assets, alongside rules for adjusting profitability calculations to exclude benefits from attributable excesses.