Resolution SBS No. 4830-2013: Incorporates the Process for Revoking the Decision to Remain in the Flow-Based Commission Charging Scheme and Return of Commission Differential

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 Lima, August 15, 2013 S.B.S. Resolution No. 4830-2013

The Superintendent of Banks, Insurance and Private Pension Fund Administrators

Whereas, Law No. 29903 approved the Law Reforming the Private Pension System, which modifies the Single Text of the Law on the Private Administration of Pension Funds System, hereinafter SPP, approved by Supreme Decree No. 054-97-EF, hereinafter TUO of the SPP Law;

Whereas, through Supreme Decree No. 137-2012-EF, provisions were issued for the application of Law No. 29903, specifically regarding the first bidding and awarding of the individual account service;

Whereas, through Supreme Decree No. 068-2013-EF, the Regulation of Law No. 29903, Law Reforming the Private Pension System, was approved;

Whereas, the Seventh Final Complementary Provision of Law No. 29903 provides that in cases of retirement pension payment involving an insurance company, the payment must be made directly by the insurance companies through a centralized mechanism or service centers, in accordance with provisions to be issued by the Superintendence for such effect;

Whereas, the Thirty-Sixth Final and Transitional Provision of the Regulation of the TUO of the SPP Law, approved by Supreme Decree No. 004-98-EF, provides that the functions of the centralizing entities referred to in Article 14-A of the TUO of the SPP Law will be implemented starting January 1, 2014;

Whereas, in accordance with Article 24 of the TUO of the SPP Law, in the case of new affiliates, the remuneration of the AFPs has been established as a mixed commission integrated by two components, a percentage commission applied to the insurable remuneration of the affiliate, plus a commission on the balance of the pension fund administered by the new contributions generated from the date referred to in the bidding mentioned in Article 7-A of the TUO of the SPP Law, while in the case of existing affiliates, a mixed commission applies to their new contributions, unless they manifest their decision to remain under a flow-based commission, in accordance with the deadlines and means established by the Superintendence;

Whereas, in accordance with Articles 9, 10, and 13 of the Standards for the Reduction and Choice of Commission on Flow and Equivalent Commission within the Mixed Scheme, approved by SBS Resolution No. 8514-2012 and its amendments, the affiliate who joined the SPP before February 1, 2013, and opts to remain in the flow-based commission charging scheme, has the option to revoke such decision only once;

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Whereas, it is necessary to regulate the procedure to exercise the right to revoke the decision to remain in the flow-based commission charging scheme, as well as the calculation and payment of the differential between the flow commission and mixed commission, if there is a differential in favor of the affiliate, as well as the transparency, due diligence, and responsibility procedures by the participating agents of the SPP;

Whereas, it is necessary to establish the deadline for the entry into force of the centralizing entity for the payment of retirement pension in case an insurance company intervenes, in concordance with what is established in the Seventh Final Complementary Provision of Law No. 29903 and the Thirty-Sixth Final and Transitional Provision of the Regulation of the TUO of the SPP Law;

Whereas, the aforementioned Supreme Decree No. 068-2013-EF modified the composition of the medical committees of the AFPs (COMAFP) and the Superintendence (COMEC), so it is necessary to approve the figure of observer physicians representing the insurance company guild in the COMAFP to contribute to the better functioning of the Invalidity Evaluator System through the provision of greater and timely information;

Whereas, complementarily, it is necessary to establish a series of improvements in the ordering of processes referred to transfers by means of in-person, remote, and internet in the SPP, within a framework of continuous improvement regarding transparency, ease in processes, and reduction in transaction costs, for the direct benefit of dependent and independent affiliates, as well as on issues referred to the accrual of contributions of independent workers and the non-inclusion of certain concepts within the non-affected balance for the application of the charging modality on managed balances;

Having the approval of the Adjunct Superintendencies of Private Pension Fund Administrators and Insurance, and of Legal Advisory; and,

In exercise of the powers conferred by numeral 9 of Article 349 of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banks and Insurance, Law No. 26702 and its amendments, and subsection d) of Article 57 of the TUO of the SPP Law and based on the exceptional conditions established in numeral 3.2 of Article 14 of Supreme Decree No. 001-2009-JUS;

RESOLVES:

Article First.- Incorporate Chapter VI to the Standards for the Reduction and Choice of Commission on Flow and Equivalent Commission within the Mixed Scheme, approved by SBS Resolution No. 8514-2012, according to the following texts:

“CHAPTER VI
ON THE PROCESS OF REVOCATION OF THE DECISION TO REMAIN IN THE FLOW-BASED COMMISSION CHARGING SCHEME AND RETURN OF THE COMMISSION DIFFERENTIAL

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Article 27.- Revocation of the decision to choose the flow-based commission scheme

Affiliates incorporated into the SPP prior to February 1, 2013, who have chosen the flow-based commission charging scheme, have the right to revoke such choice without stating cause and at any time until November 30, 2013. For this effect, the AFP must provide its affiliates with adequate guidance as well as the means and options offered in the stage of choosing the aforementioned commission charging scheme.

Article 28.- Minimum Information

The AFPs will use the following information and guidance procedures:

I. Under mass media:
The AFP, or the guild association that groups them, must perform informational and guidance tasks using mass communication media, allowing affiliates to take timely and adequate knowledge of the right to revoke the decision to remain in a flow-based commission charging scheme, providing the information referred to in this article. The aforementioned informational and guidance tasks must communicate items i) to viii) of subsection b) of paragraph II of this article.

The informational and guidance services must maintain proportion, in terms of exposure, reach, and clarity of their messages, with respect to the universe of affiliates who opted to remain in the commission charging scheme on remuneration or flow, based on the fiduciary responsibility that belongs to the AFP in its capacity as administrator of pension funds.

II. Under focused media:
The AFP must perform an information and guidance task directed specifically to the universe of affiliates who opted for the commission charging scheme on remuneration or flow, in similar terms and/or that maintain symmetry to those provided on the occasion of the affiliates' choice process of the commission charging mode, carried out under the scope of SBS Resolution No. 8514-2012 and its amendments, so that it does the following:

a) Identify in the database of its affiliates those who have opted for the flow-based commission charging scheme, with an updated record of their place of residence, contact phone numbers, and their email addresses, if necessary.

b) Send to each affiliate who decided to remain in the flow-based commission charging scheme, at least, written communications, by printed or electronic means, in order to inform the following aspects:

i) The deadline with which they have to exercise their right to revoke the decision to remain in the flow-based commission charging scheme;

ii) That this right can be exercised only once;

iii) The possibility of having a telephone line that allows affiliates to request advice, under the means they consider appropriate, regarding the scope of the revocation;

iv) That once the deadline referred to in subsection i) has expired, the affiliate will not be able to change to the commission charging scheme on the balance;

v) The means under which they can exercise this right, including the change of commission modality under the fund transfer procedure according to what is established in Article Seventh of SBS Resolution No. 2936-2013;

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vi) The subject matter of the revocation, including comparative information of the charging systems as well as the explanation of the possibility of moving from one charging system to another;

vii) The reference to the Superintendence's website, so that the affiliate can have access to comparative information regarding the values of commissions and profitability of the AFPs; and,

viii) The responsibilities that this act of revocation entails for the affiliate.

The AFPs, through the guild association that groups them, must develop standardized content regarding the information to be provided to the affiliate so that they can inform themselves and exercise, if they decide so, their right to revoke their decision to remain in the flow-based commission charging scheme, contemplating the aspects indicated in subsection b) of this article. In order to verify compliance with what is stated in the preceding paragraph, said content will be made known to the Superintendence prior to its dissemination to affiliates and the general public, within ten (10) business days following the publication of this resolution.

The sending of information by the AFP referred to in the previous subsection b) will be carried out at least three times:

• The first, no later than the first week of September 2013.
• The second, no later than the first week of October 2013.
• The third, no later than the first week of November 2013.

The AFPs, under responsibility, must be able to prove to the Superintendence, satisfactorily, the receipt of the sending of the communications referred to in subsection b) above.

Likewise, they must be able to have a telephone line that allows affiliates to request advice under the means they consider appropriate (in-person, by telephone, or access to websites) regarding the scope of the revocation. In any case, the AFPs must be able to have the corresponding backup means that evidence the fulfillment of the guidance and advisory labor achieved with their affiliates under focused media, which may be under printed, electronic, telephone recordings, or other means that ensure the same terms of reliability and security, following the guidelines established in the issuance of the Attention Certificate referred to in SBS Resolution No. 9856-2009, insofar as applicable.

The AFPs, under responsibility, must be able to provide the information and guidance services to affiliates provided for in this article, in similar terms and/or that maintain symmetry to those provided on the occasion of the affiliates' choice process of the commission charging mode carried out under the scope of SBS Resolution No. 8514-2012 and its amendments, based on the demand that arises.

Article 29.- Of the advisory channels

The AFPs must enable advisory channels similar to those used in the stage of choosing the flow-based commission charging scheme. For this effect, they are authorized to use the same means employed in the first stage of choosing the commission charging scheme, and/or, based on the evaluation of the demand that arises, install ad-hoc guidance and advisory booths without being subject to the requirements provided in Subchapter III of Chapter I of Title III of Business Management of the SPP Norms Compendium.

Article 30.- Deadlines and means for the exercise of revocation

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Affiliates incorporated into the SPP prior to February 1, 2013, who have chosen the flow-based commission charging scheme, may initiate the procedure to revoke such choice until November 30, 2013.

The AFPs, for this purpose, must implement the following mechanisms:

a) In-person medium.- Where the affiliate goes to the agency or Pension Advisory Office (OAP) of the AFP, to obtain the Revocation Form signed in original and copy, as well as a copy of their identity document. The AFP will be responsible for keeping these premises with the necessary logistics and documentation, to attend to the requirements of the affiliates subject of this resolution. The mere manifestation of the affiliate's will to revoke their decision must allow the affiliate to complete their procedure on that occasion, signing the request and facilitating the obtaining of the copy of the identity document.

The AFP will provide the aforementioned Revocation Form through agencies, booths, and/or guidance modules or OAP and its website. This form must register, in an undeniable manner, the will to revoke the decision to remain in the flow-based commission charging scheme, as well as the identity document number, the address, and the contact phone number, as well as the email address, if applicable.

b) Remote medium.- Which includes the following options:

i) Email.- Through which the affiliate can attach in an email sent to their AFP, the Revocation Form signed and a copy of their identity document, duly scanned. In those cases where the AFP receives, via email, a manifestation of will in the sense of revoking their decision to remain in the flow charging system, the AFP is responsible for generating a response email indicating the procedures and facilities in terms of means or channels to be used in order to continue with the procedure.

ii) AFP Website.- Where the affiliate and the AFP must comply with the procedure established in subsection a) of Article 12B°.

iii) Postal Mail.- Where the affiliate sends to their AFP, via certified mail, a copy of their identity document and the Revocation Form referred to in subsection a) of this article. As an alternative to the Revocation Form, the affiliate may send a simple letter where their will to revoke the decision to remain in the flow-based commission charging scheme is registered, expressed under their full name and signature, as well as their address and the corresponding contact phone number.

In any case, the AFPs will be responsible before the requirement made by any channel of an affiliate regarding their intention or manifestation of will to revoke their decision to choose the flow scheme, to prove that they have provided the necessary information and the facilities that the various modalities of revocation offer. This manifestation will originate the start of the procedure.

The AFP, under responsibility, will guarantee the security procedures for the exercise of the right that the affiliate has to revoke their decision to remain in the flow-based commission charging scheme. For this effect, the provisions of Article 12D°, which regulates the means and the maximum deadline for the confirmation of the revocation request set at thirty (30) calendar days, are applicable.

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Regardless of the medium chosen by the affiliate, the AFP must omit requesting from them their SPP Unique Identification Code (CUSPP), and the AFP must complete this information through identification tasks based on the identity document and complementary information, and keep as a record the corresponding Revocation Form in the Individual Affiliate Folder.

The AFPs may use additional and/or complementary mechanisms, if the circumstances warrant it.

Article 31.- Entry into force of the change of commission charging scheme

The decision to revoke the choice of the flow-based commission charging scheme must be made in accordance with the deadlines and means established in Article 30°, being applicable from the month following the revocation. In this sense, if the affiliate communicates the aforementioned decision in month “z”, the new commission charging scheme on the balance will have as its first month of accrual month “z+1”.

Article 32.- Calculation and return of the differential

The AFP will be responsible for calculating the differential between the amount of commission accumulated and paid by the affiliate under the flow-based commission scheme, and the amount of commission accumulated that the affiliate would have paid under a mixed commission scheme.

The calculation of said differential will be carried out in accordance with the provisions established in Circular No. AFP-127-2012 which regulates the Guidelines for the Application of Commissions on the Managed Balance in the case of Mandatory Contributions.

Notwithstanding and as shown in the following table, the AFP must accumulate all Revocation Forms presented in a certain month “z”, carry out the calculation of the differential taking into account the balance affected on the last day of said month “z” and, if there is a differential in favor of the affiliate, pay it during month “z+2”.

Revocation Forms presented during:
Cut-off date for determination of affected balance:
Payment of differential (if applicable):
June and July 2013 July 31, 2013 Until September 30, 2013 August 2013 August 31, 2013 Until October 31, 2013 September 2013 September 30, 2013 Until November 30, 2013 October 2013 October 31, 2013 Until December 31, 2013 November 2013 November 30, 2013 Until January 31, 2014

Article 33.- Payment of the differential

The payment of the differential in the charging of commissions in favor of the affiliate will be made in the means agreed upon with them and must be carried out by the AFP through one of the following means:

a) A personal bank account to be provided by the affiliate;

b) A voluntary savings account without pension purpose; or,

c) Other means that the AFP considers necessary to implement to comply with the maximum payment deadline established in Article 32°.

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In case the affiliate does not communicate within fifteen (15) days from the presentation of the request and informed by the AFP regarding this possibility, the means to make the corresponding payment, it will be understood that the affiliate authorizes that said payment be made to the Individual Capitalization Account of Mandatory Contributions.

Article 34.- Calculation and return in the absence of confirmation by the affiliate

If as a consequence of the application of Article 12D°, which regulates the process of confirmation of the affiliate's decision to have opted for a flow-based commission scheme, it is determined that the affiliate did not choose to remain in the aforementioned commission charging scheme, the calculation and return of the commission differential will be carried out in accordance with what is established in Article 32°, considering as the cut-off date for the determination of the affected balance the month in which such fact was verified.

Article 35.- Obligation to calculate and return the differential for transfer with revocation

The calculation and payment of the differential in favor of the affiliate will also be applicable when the affiliate has carried out a transfer with revocation; that is, the affiliate has simultaneously revoked the choice of the flow-based commission charging scheme and requested their transfer to another AFP, using section 4.2 of the transfer request referred to in Annex II of Title V of the SPP Norms Compendium, referred to the choice of the commission charging scheme.

In this case, the originating AFP is obliged to carry out the respective calculation and payment, and communicate to the affiliate about the existence of said differential in favor. For the payment, the originating AFP may use any of the mechanisms indicated in Article 33°.

For the purposes of the aforementioned calculation and payment of the differential in favor of the affiliate by the originating AFP, the destination AFP must notify by sending a simple copy of said request to the originating AFP the following:

a) For transfer requests presented between days 1 and 15 of month “z”: The destination AFP will notify each originating AFP of the list of its affiliates who have decided to revoke their decision to remain under the flow-based commission charging scheme within month “z”.

b) For transfer requests presented between days 16 and the end of month “z”: The destination AFP will notify each AFP of the list of its affiliates who have decided to revoke their decision to remain under the flow-based commission charging scheme within month “z+1”.

In both cases, the originating AFP must carry out the calculation of the differential considering as the cut-off date, for the determination of the affected balance, the month in which it receives the communication from the destination AFP.

Under this scenario, the calculation of the differential to be returned in favor of the affiliate will take as a cap the structure of the value of the mixed commission (flow component and balance component) of the originating AFP during the period of stay in said AFP.”

Article Second.- Modify Articles 1° and 12E° of the Standards for the Reduction and Choice of Commission on Flow and Equivalent Commission within the Mixed Scheme, approved by SBS Resolution No. 8514-2012, according to the following texts:

“Article 1º.- Scope

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 8 / 15 The provisions of this regulation are applicable to Private Pension Fund Administrators.

Article 12E.- Effects of the Exercise of the Option
After the deadline with an end date of May 31, 2013, established in subsection ii) of Article 12, affiliates who have not opted for the commission on flow scheme will be subject to the charging of a mixed commission, transitioning to a commission on the balance administered by the AFP, for contributions accruing from the month of June 2013.

Article Third.- Modify the third paragraph of subsection i. of numeral 2 of Circular No. AFP-127-2012, which regulates the Guidelines for the application of commissions on the balance administered in the case of mandatory contributions, according to the following text:
"2. Treatment of the commission on the administered balance
i. Affected balance.-
(...)
The AFP will be responsible for carrying out, in the case indicated in the previous paragraph, the calculation of the difference between the amount of commission accumulated and paid by the affiliate under a scheme of commission only on the flow, and the amount of commission accumulated that the affiliate would have paid under a mixed commission scheme."

Article Fourth.- Incorporate subsection v. into numeral 2 of Circular No. AFP-127-2012, which regulates the Guidelines for the application of commissions on the balance administered in the case of mandatory contributions, according to the following text:
"v. Non-affected concepts.- For the purposes of the affected balance for the commission on the administered balance, the amount corresponding to the Additional Contribution will not be considered."

Article Fifth.- Modify Articles 148°, 149°, 161°, 162° and 177°, of Title VII of the Compendium of Regulatory Supervision Norms of the Private System of Administration of Pension Funds referred to Benefits, approved via Resolution No. 232-98-EF/SAFP and its amendments, according to the following texts:

"Article 148°.- Definition, composition and functions. The COMAFP is an organism forming part of the SPP, financed by the AFPs, whose main function is to evaluate and qualify in the first instance invalidity as well as its causes, determine exclusions and pre-existing conditions in the SPP in accordance with the relevant norms. The COMAFP must prove the excluded cases before the COMEC, in case of appeal. In accordance with what is established by Article 122 of the Regulation, the COMAFP is integrated by six (6) doctors, of whom four (4) are designated by the AFPs or the entity that groups them and two (2) are designated by the Superintendency. The doctors designated by the AFPs will have the status of independent advisors to the AFPs. The designation of the members of the COMAFP as representatives of the AFP or the entity that groups them must be communicated in writing with a certain date to the Superintendency. The expenses incurred by the participation of the members of the Superintendency will be borne by said institution.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 9 / 15 The quality of member of COMAFP is acquired with the resolution issued by the Superintendency that formalizes the designation.
As an organism forming part of the SPP, the COMAFP is under the control and supervision of the Superintendency, in everything concerning the fulfillment of its functions, so it must provide any information that it requests and be subject to the provisions it establishes.
In the exercise of its functions, the COMAFP is assisted by representative doctors and consultant doctors.
The COMAFP will admit in its sessions the presence of observer doctors as provided in Article 150A° and 168°, having the obligation to summon them in advance.
Likewise, the AFPs, based on the volume of cases subject to qualification that they have in charge, may request from the Superintendency the constitution of one or more decentralized organisms for the evaluation and qualification of invalidity, in which case, each medical committee that is formed as well as its members, for all effects, will be subject to the attributions and requirements provided in Chapter II of Subtitle II of this Title and to what is established in the corresponding authorizing resolution.

"Article 149°.- Participation of the COMAFP and Representative Doctors. In those cases where the AFP to which the worker is affiliated lacks agencies or OAPs in the locality in question, the administrative personnel who attend the COMAFP in the performance of their duties will have the following functions:
a) Guide affiliates in all aspects concerning the processing of their invalidity files; b) Receive and process appeals that affiliates choose to present in the locality of their headquarters; c) Notify the evaluation and qualification reports of invalidity; and, d) Process requests for evaluation and qualification of invalidity. In addition to this, the SPP may have representative doctors who, at the request of the COMAFP, will carry out medical-administrative evaluations on affiliates and/or beneficiaries who have a request for evaluation and qualification of invalidity. The interrelation and service standards between the tasks carried out by the representative doctors and the COMAFP will be established by circular of the Superintendency. The COMAFP will designate the personnel and the representative doctors who assist them for the performance of the functions established in this article. Such designation, regarding its number and geographic location in the territory of the Republic, must correspond to the density of affiliates to the SPP in the various localities of the country, under parameters of satisfactory attention and service quality. In any case, the AFP will be responsible for giving continuity to the attention of an affiliate who has requested to be evaluated in the SPP.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 10 / 15 The proposals for designation as well as for removal of the personnel and the representative doctors who assist the COMAFP for the functions established in this article, must be communicated in a timely manner and in writing to the Superintendency by the AFPs or the association that represents them."

Article 161°.- Designation of Representatives. For the designation of the representatives of the AFPs, the entity that groups them or the AFPs as a whole, will present before the Secretariat, within thirty (30) calendar days prior to the expiration date of the previous designation period, the representatives who will integrate the COMAFP, to which they will attach copies of their respective curricula vitae.
To this end, each representative must present a Sworn Statement in which they state that they are not subject to any of the situations provided for in Article 134° of this Subtitle.
Given the nature of the functions that belong to the COMAFP in the evaluation and qualification of invalidity cases, the AFPs must ensure that the designation of the doctors representing them considers professionals of different specialties, based on criteria of proportionality in the participation of the pathologies that result in the evaluations for the requests presented before the COMAFP. The Secretariat must deliver to the Superintendency the list of the doctors designated to perform functions in the aforementioned Committee. The Superintendency will formalize such designation by resolution.

Article 162°.- Extraordinary Election. In the event that a vacancy occurs among any of the members, the Secretariat of the COMAFP will require the AFPs or the Superintendency, as appropriate, the designation of a new representative, under the conditions established in the preceding article and whose designation must begin within ten (10) natural days immediately following that in which the vacancy occurred.

Article 177°.- Members of the COMEC. The COMEC is composed of six (6) doctors, its members being the following:
a) Four (4) medical representatives designated by the Superintendency, of whom one will act as president and another as secretary. b) Two (2) representatives designated by the AFPs or the entity that groups them.
The exercise of the position of member of the COMEC is personal and non-delegable, having a duration of three (3) years counted from the entry into force of the resolution that formalizes its designation, which may be renewed for a single consecutive period of three (3) additional years. Upon completion of said period, the doctor may again be a member of the COMEC when at least a period of three (3) years has elapsed. The designation of the representative of the Superintendency who acts as president and/or secretary of the committee is not subject to a term. In the event of a change in the designated members, the appointment of new members must be communicated to the COMEC by written document with a certain date. In this case, the outgoing members cannot leave their positions until the new members designated assume their duties. The expenses incurred by the participation of the representative members of the Superintendency and of the AFPs or entity that groups them, will be borne by said institutions."

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Article Sixth.- Incorporate Article 150A° and the thirty-fifth final and transitory provision, in Title VII of the Compendium of Regulatory Supervision Norms of the Private System of Administration of Pension Funds referred to Benefits, approved via Resolution No. 232-98-EF/SAFP and its amendments, according to the following texts:

"Article 150A°.- Observer Doctors of Insurance Companies.- The quality of observer doctors will have those doctors who represent the guild entity of insurance companies in the sessions of the COMAFP. They will not have the right to speak or vote in the sessions. Their participation is recognized for the purpose of guaranteeing the knowledge of the cases subject to evaluation as well as the eventual presentation of appeals before the second instance of evaluation and qualification of invalidity. They cannot be observer doctors representing the guild of insurance companies those who incur in any of the causes indicated in letters a), b), c), d), e), f), g), h) and/or k) of Article 134° of this Title. The proposals for designation as well as for removal of the observer doctors representing the guild of insurance companies must be communicated in a timely manner and in writing to the COMAFP and the Superintendency. In any case, the condition of observer doctor is exercised on a personal and non-delegable basis, under responsibility and prior registration in the Registry of the Superintendency. This article will also be applicable to the observer doctors referred to in Article 168° of this Title.

Thirty-Fifth.- The function of centralization for the payment of retirement pension in the event that insurance companies intervene, regulated in the Seventh Complementary Final Provision of Law No. 29903, will be implemented after January 2014."

Article Seventh.- Modify numeral 6 of Circular No. AFP048-2004, which regulates the operational procedure for the request and granting of the Private Security Key (CS) for the performance of operations on the websites of the AFPs, according to the following text:

"6. Of the delivery of the CS
The delivery of the CS by the AFP to which the affiliate belongs or by the external entity, will be carried out by means of a message to the email address indicated by the affiliate within five (5) business days counted from the date of presentation of the request referred to in numeral 5 of this circular.
For requests for CS presented on the website of the AFP or of the external entity, the delivery of the CS via email will be subject to the following:
a) The AFP will require the sending, by email or other means that the AFP makes available on its website, of a copy of the affiliate's identity document. b) The sending of the identity document must motivate the verification of the identity of the affiliate who requested the CS. c) The AFP, under responsibility, must have the corresponding telephone recording system, in order to certify the identity of the affiliate. Said telephone recording system must be validated for

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 12 / 15 each affiliate who has sent the request for the CS via the AFP website and must guarantee, at least, the following:
c.1) Communication to the affiliate that their request for CS must be subject to recording and confirmation; c.2) Confirmation of the sending of a copy of the identity document by email; c.3) Notation of the information presented in the request (name, identity document, address, email, among the most relevant data); and, c.4) Confirmation of the affiliate's acceptance of receiving their CS within the period established in this numeral and through the email indicated, according to letter c) above. In all cases and on the occasion of the delivery by the AFP of the CS by sending an email, the affiliate assumes a commitment of confidentiality regarding a strictly private and personal use of the CS, in terms of the rights and obligations resulting from their membership. The procedure that entails the granting of said CS will not involve any cost for the affiliates by the AFPs. In any case, the AFP will be responsible for the generation and/or granting of the CS under the conditions established in this article."

Article Eighth.- Incorporate as the last paragraphs of Article 28A° of Title V of the Compendium of Regulatory Supervision Norms of the Private System of Administration of Pension Funds, according to the following text.

"(...)
Alternatively, the affiliate may request their transfer to another AFP by sending an email to the destination AFP to which they wish to transfer their fund, attaching a file with the signed transfer request and a copy of their identity document, both duly scanned. This procedure must motivate the verification of the identity of the affiliate who requested the transfer of their pension funds, within a maximum period of fifteen (15) calendar days following the sending of the email. For this purpose, the AFP, under responsibility, must opt for each request it receives, for one of the following means:
I. Have a telephone recording system, in order to certify the authenticity of the affiliate's request by electronic means.
Said telephone recording system must be validated for each affiliate who has sent the transfer request by email and must guarantee, at least, the following:
a) Communication to the affiliate that their request must be subject to recording and confirmation; b) Confirmation of the sending by email of the transfer request and copy of identity document by the affiliate to the AFP; c) Notation of the information presented in the request (name, identity document, address, email, among the most relevant data); and, d) Confirmation of the affiliate's decision to transfer their funds to the AFP.
II. Have a confirmation procedure of the in-person type (personal contact), similar in maximum timeframes to that defined in subsection c) of Article 28B° of this Title for semi-in-person transfers.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 13 / 15 The AFP must inform the affiliate who carries out their transfer procedure by sending an email, that their transfer request will be considered presented from the moment of confirmation of the affiliate's decision to transfer their funds to the AFP, as well as the start date of the accrual of their contributions in the destination AFP, in accordance with Article 31° of this Title. Once the affiliate's request is confirmed, the transfer of funds will proceed within the same timeframes and operational procedures applicable to the request made in person."

Article Ninth.- The AFPs, under responsibility, must comply with the requirements and standards regarding the delivery of the Private Security Key to their affiliates, as provided in numeral 6. of Circular No. AFP 048-2004, which regulates the operational procedure for the request and granting of the Private Security Key (CS) for the performance of operations on the websites of the AFPs, as well as for the safeguarding, administration and certification of the backup information of the verifications of the authenticity of the affiliate's request by electronic means by the AFP, under telephone recording means.
Non-compliance with the provisions of the previous paragraph will be classified as a serious offense, in accordance with what is provided in numeral 25), section II of Annex 4 of the Sanctions Regulation, approved by Resolution SBS No. 816-2005 and its amendments.

Article Tenth.- The AFP and/or the sales promoters under their charge, under responsibility, must maintain due neutrality regarding the information they provide to affiliates, on the occasion of the evaluation of their preferences for the mode of charging the commission for the administration of pension funds, within the process referred to in Article 30° of the Norms for the Reduction and Choice of the Commission on the Flow and of the Equivalent Commission within the Mixed Scheme.
Non-compliance with the provisions of the previous paragraph will be classified as a very serious offense and will give rise to the application of sanctions in accordance with what is provided in numerals 31D) and 47A) of the Very Serious Offenses of Annex 4 of the Sanctions Regulation, approved by Resolution SBS No. 816-2005 and its amendments.

Article Eleventh.- Repeal the second paragraph of Article 9 of Title V of the Compendium of Regulatory Supervision Norms of the Private System of Administration of Pension Funds referred to Benefits, approved via Resolution No. 080-98-EF/SAFP and its amendments.

Article Twelfth.- Modify the second paragraph of Article 2 of Title V of the Compendium of Regulatory Supervision Norms of the Private System of Administration of Pension Funds referred to Benefits, approved via Resolution No. 080-98-EF/SAFP and its amendments, according to the following text:

"In the event that the worker does not belong to any pension system, the employer must deliver the Information Bulletin referred to in Article 16° of Law No. 28991, and must request that they inform the pension system to which they wish to be incorporated by signing the 'Format for Choice of Pension System', approved by R.M. No. 112-2013-TR. The worker will have a period of ten (10) calendar days,

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 14 / 15 counted from the receipt of the Information Bulletin, to deliver the said 'Format for Choice of Pension System', having ten (10) additional days to ratify or change their decision."

Article Thirteenth.- The non-compliance by the AFP in the revocation process referred to in this resolution as well as the period established for the sending of the information to be provided to the affiliate so that they can exercise their right to revoke their decision to remain in the flow-based charging scheme as provided in Article 28° of the Norms for the Reduction and Choice of the Commission on the Flow and of the Equivalent Commission within the mixed scheme, approved by Resolution SBS No. 8514-2012 and its amendments, will be classified as a serious offense, in accordance with what is provided in numeral 25), section II of Annex 4 of the Sanctions Regulation, approved by Resolution SBS No. 816-2005 and its amendments.

Article Fourteenth.- Modify subsection d) of Article 16° of Title V of the Compendium of Regulatory Supervision Norms of the Private System of Administration of Pension Funds, approved by Resolution No. 080-98-EF/SAFP and its amendments, according to the following text:

" d) Independent worker: from the day they incorporate into the SPP, under in-person or virtual means."

Article Fifteenth.- Approve Annex I-A "Affiliation Contract through the AFPnet Collection Portal" in Title V of the Compendium of Regulatory Supervision Norms of the Private System of Administration of Pension Funds, approved by Resolution No. 080-98-EF/SAFP and its amendments, which will be published on the institutional Portal of the Superintendency, as provided in Supreme Decree No. 001-2009-JUS.

Article Sixteenth.- Modify Article 5° of Title V of the Compendium of Regulatory Supervision Norms of the Private System of Administration of Pension Funds, approved by Resolution No. 080-98-EF/SAFP and its amendments, according to the following text:

"Article 5°.- Contract Format. Incorporation into the SPP is carried out through the subscription by the worker of the affiliation contract, which must adhere to Format Annex No. I or Annex No. I-A, as appropriate. The aforementioned formats will be mandatory for all AFPs."

Article Seventeenth.-
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Article Eighteenth.- Non-compliance with each and every one of the obligations established in this resolution - with the exception of those obligations that have a specific classification in the Sanctions Regulation - will be classified as a serious offense, in accordance with what is provided by the Sanctions Regulation, approved by Resolution SBS No. 816-2005 and its amendments.

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Article repealed by Resolution SBS No. 6202-2013, of 17-10-2013.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 15 / 15
Article Nineteenth.- This resolution will enter into force from the day following its publication in the Official Newspaper "El Peruano", with the exception of Articles Seventh, Eighth and Ninth, as well as Article 35° modified of the Norms for the Reduction and Choice of the Commission on the Flow and of the Equivalent Commission within the Mixed Scheme, approved by Resolution SBS No. 8514-2012, which will enter into force from September 1, 2013. 2
Register, communicate and publish

DANIEL SCHYDLOWSKY ROSENBERG
Superintendent of Banking, Insurance and Private Pension Fund Administrators

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Article modified by Resolution SBS No. 6202-2013, of 17-10-2013.