Regulatory Alerts2015-10-28 | Resolución SBS 6422-2015Added · Updated
SBS Resolution No. 6422-2015: Incorporates Subchapter I-A On Independent Directors of AFPs
The Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS) incorporates Subchapter I-A into the Compendium of Regulatory Superintendency Norms, establishing that Private Pension Fund Administrators (AFPs) must appoint at least two independent directors who are not linked to the AFP or its main shareholders. The resolution mandates that these directors prepare an annual report for the Citizen Participation Council in Social Security (COPAC) within 90 days of the fiscal year's close, which the AFP must publish on its website within 15 days. The SBS also updates the scope of the Regulations for Comprehensive Risk Management to include AFPs and adds specific serious and very serious infractions for non-compliance with independent director appointment and reporting obligations. These provisions enter into force the day after publication, with a compliance period granted until March 31, 2016.