Regulatory Alerts2012-11-07 | Resolución SBS 8517-2012Added · Updated
Resolution SBS No. 8517-2012: Modifications to Title V of the Compendium of Regulatory Supervisory Norms of the Private Pension System
The resolution incorporates new provisions into Title V of the Compendium of Regulatory Supervisory Norms of the Private Pension System (SPP) to establish the framework for the bidding process for the administration of individual capitalization accounts. It mandates that workers joining the SPP from February 1, 2013, will be affiliated with the Pension Fund Administrator (AFP) offering the lowest administration commission, with a mandatory stay of 24 months. The text defines the bidding procedure, commission presentation requirements, selection methodology based on a weighted formula, and obligations for publication and guarantee submission by participating AFPs.
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