Technical Standards for the Authorization, Registration and Operation of Voluntary Previsional Savings Funds

NSP-59
OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
Approval: 12/30/2022
Validity: 12/30/2022

THE COMMITTEE OF NORMS OF THE CENTRAL BANK OF RESERVE OF EL SALVADOR,

CONSIDERING:
I. That by Legislative Decree No. 614, dated December 20, 2022, published in Official Diary No. 241 Volume No. 437, of the 21st of the same month and year, the Comprehensive Pension System Law was issued.
II. That article 133 of the Comprehensive Pension System Law establishes that Voluntary Previsional Savings Funds will be offered by Pension Fund Administrators, Banks, Cooperative Banks, Fund Managers, and Credit and Savings Societies, in accordance with the regulations applicable to them and shall be governed by what is provided in Chapter I of Title II of said Law and, where applicable, by the Investment Funds Law.
III. That article 135 of the Comprehensive Pension System Law establishes that Voluntary Previsional Savings Funds must be recorded in the Public Registry of the Superintendence of the Financial System and that the institutions administering said Funds must submit for approval by the Superintendence of the Financial System, the various plans offered to natural persons and employers.
IV. That article 140 of the Comprehensive Pension System Law empowers the institution that administers the Voluntary Previsional Savings Funds to charge commissions for their administration, which may be differentiated according to the Plan selected by the natural person or the employer.

V. That article 141 of the Comprehensive Pension System Law establishes that the Central Bank of Reserve of El Salvador will issue the necessary Technical Standards that allow the development of Voluntary Previsional Savings Funds.

VI. That article 159 of the Comprehensive Pension System Law establishes that the Central Bank of Reserve of El Salvador will issue the necessary Technical Standards that allow the development of what is established in the referred Law.
VII. That article 3 literal h) of the Law of Supervision and Regulation of the Financial System, establishes that it is the competence of the Superintendence of the Financial System to authorize the inscriptions, registry entries, modifications and cancellations of the persons, institutions and operations that are subject to said requirement, in accordance with the laws on the matter.

VIII. That according to article 35 of the Law of Supervision and Regulation of the Financial System, it corresponds to the members of the financial system: the adoption and updating of policies on ethical standards of conduct, management of conflicts of interest, use of privileged information, prevention of conduct that could imply manipulation or abuse of the market, as well as compliance with principles, rules or standards in the management of business that establish to achieve their corporate objectives.
IX. That the figure of Voluntary Previsional Savings Funds is a savings mechanism that makes it possible to increase the mass of savings of individuals, which will complement the resources that affiliates accumulate through mandatory prevision savings.
X. That article 9 second inciso numeral 10 of the Special Law for the Prevention, Control and Sanction of Money Laundering, Terrorism Financing and Financing of the Proliferation of Weapons of Mass Destruction, regulates that obligated subjects must establish internal audit mechanisms, using the principle of risk-based administration, to verify compliance with what is prescribed in said Law. (1)
XI. That article 15 first inciso of the Special Law for the Prevention, Control and Sanction of Money Laundering, Terrorism Financing and Financing of the Proliferation of Weapons of Mass Destruction, establishes that obligated subjects to achieve identify their clients and users, including the controller, ultimate recipient or beneficiary, manage the risks associated with them and obtain appropriate information about the commercial relationships entered into or their continuity, must take reasonable measures to carry out due diligence procedures. (1)

THEREFORE, in virtue of the regulatory powers conferred by article 99 of the Law of Supervision and Regulation of the Financial System,

AGREES, to issue the following:
TECHNICAL STANDARDS FOR THE AUTHORIZATION, REGISTRATION AND OPERATION OF VOLUNTARY PREVISIONAL SAVINGS FUNDS

CHAPTER I
OBJECT, SUBJECTS AND TERMS

Object
Art. 1.- These Standards have as their object to regulate the requirements and procedures for the registration and operation of Voluntary Previsional Savings Funds, minimum requirements and provisions that financial institutions that administer Voluntary Previsional Savings Funds must attend to, as well as other provisions applicable to the administration of said Funds.

Subjects
Art. 2.- The subjects obliged to comply with the provisions established in these Standards are the Financial Institutions interested in requesting the registry entry of one or more Voluntary Previsional Savings Funds in the Public Registry of the Superintendence of the Financial System. The financial institutions that can request the authorization of a Voluntary Previsional Savings Fund are the following:
a) Banks regulated by the Bank Law; b) Cooperative Banks regulated by the Law of Cooperative Banks and Credit and Savings Societies; c) Investment Fund Managers regulated by the Investment Funds Law and authorized by the Superintendence of the Financial System; d) Pension Fund Administrators, regulated by the Comprehensive Pension System Law; and e) Credit and Savings Societies regulated by the Law of Cooperative Banks and Credit and Savings Societies.

Terms
Art. 3.- For the purposes of these Standards, the terms indicated below have the following meaning:
a) AFP: Pension Fund Administrators authorized by the Superintendence of the Financial System; b) Contributions: Resources or sum of money that are delivered to an Administrator Institution of Voluntary Previsional Savings Funds by a natural person or by the employer to the individual voluntary savings account of the participant; c) Central Bank: Central Bank of Reserve of El Salvador; d) Financial Conglomerate: In accordance with article 113 of the Bank Law, it is a set of companies characterized by the fact that more than fifty percent of their respective share capital is owned by a controlling company, which is also a member of the Conglomerate. The controlling company of the Conglomerate may be a company with exclusive purpose or a bank constituted in the country; e) Individual Account: Individual voluntary prevision savings account in the name of a natural person, which contains the data of contributions, transfers and withdrawals made by natural persons or by the employer where applicable and the returns generated by said contributions; f) Custodian: Company specialized in the deposit and custody of securities recorded in the Public Registry of the Superintendence of the Financial System;

g) Employer: Natural or legal person who agrees by means of a contract or institutional plan, to make contributions to the individual account of a natural person with whom they maintain a labor relationship; h) Commercializing Entity: Stockbrokerage houses, as well as any other legal entity authorized by the Superintendence of the Financial System, that has signed a mandate contract with an Administrator Institution for the commercialization of Voluntary Previsional Savings Funds; i) Fund or Voluntary Fund: Voluntary Previsional Savings Funds; j) Business Group: In accordance with article 5 literal n) of the Securities Market Law, it is that in which a company or set of companies have a common controller, who acting directly or indirectly participates with fifty percent as minimum in the share capital of each of them or that have common shareholders who, directly or indirectly, are holders of fifty percent as minimum of the capital of another company, which allows to presume that the economic and financial performance is determined by common interests or subordinate to the group; k) Administrator Institution: Financial institution that offers Voluntary Funds which are registered in the Public Registry of the Superintendence of the Financial System. The administrator institutions that can offer Voluntary Previsional Savings Funds are those indicated in article 2 of these Standards; l) Special Law for the Prevention of Money Laundering: Special Law for the Prevention, Control and Sanction of Money Laundering, Terrorism Financing and Financing of the Proliferation of Weapons of Mass Destruction; (1) m) Funds Law: Investment Funds Law; n) Supervision Law: Law of Supervision and Regulation of the Financial System; o) SP Law: Comprehensive Pension System Law; p) Significant Amount: Those that, when withdrawn on a given day, require the liquidation of a significant part of the Fund's investment portfolio, under conditions such that it could be expected that said withdrawals, by themselves, generate a considerable decrease in the value of the Fund's assets; q) Participant: Natural person in whose name the individual voluntary prevision savings account is located; r) Related or linked persons or entities: Refers to persons or entities in which another company, without controlling it, participates in its social capital, directly or through other companies. For the purposes of each of the applicable subjects of these standards, what is established in article 204 of the Bank Law, articles 50 and 161 of the Law of Cooperative Banks and Credit and Savings Societies, article 5 of the Securities Market Law and article 90 of the Comprehensive Pension System Law and article 29 of the Investment Funds Law must be considered; s) Investment Policy: Corresponds to the guidelines defined in the prospectus of each Voluntary Fund and which points out the characteristics and diversification of the securities in which the Fund invests, the minimum and maximum investment
limits in each of the types of assets; t) Prospectus: Corresponds to the instrument that contains the characteristics of each Voluntary Previsional Savings Fund, as well as the description of its operation; u) Registry: Public Registry of the Superintendence of the Financial System; and v) Withdrawal: Corresponds to the total or partial payment of the resources from the balance of the participant's individual account; w) Superintendence: Superintendence of the Financial System; and x) Transfer: Corresponds to the total or partial sending of resources from one individual account to another or other individual accounts of the same holder in the same or other authorized Voluntary Previsional Savings Funds.

CHAPTER II
GENERAL PROVISIONS ON VOLUNTARY PREVISIONAL SAVINGS FUNDS

Voluntary Previsional Savings Fund Administrators Art. 4.- The entities that can request the authorization and registration of Voluntary Funds in the Superintendence will be the financial institutions indicated in article 2 of these Standards.

Central Bank Approval
Art. 5.- Banks that are interested in administering or commercializing Voluntary Funds must have approval from the Central Bank, in accordance with what is established in article 51 literal w) of the Bank Law prior to their request for Fund Registration in the Superintendence. In the case of Cooperative Banks and Credit and Savings Societies, they must have the favorable opinion of the Central Bank, in accordance with what is regulated in articles 34 literal s) and 158 literal s) of the Law of Cooperative Banks and Credit and Savings Societies, prior to requesting the Fund Registration in the Superintendence. When a Cooperative Bank is only authorized to capture money from its partners or associates, it will only offer them the service of administration of Voluntary Funds.

On the Voluntary Previsional Savings Fund
Art. 6.- In accordance with what is established in article 134 of the SP Law, each Fund is an independent patrimony different from the entity that administers it, which is characterized by a level of diversification of its investments according to the investment policies established in its investment prospectus. The Fund will be expressed in shares of equal amount and characteristics and will be determined daily based on the market value of the investments in accordance with what is established in article 54 of these Standards. Art. 7.- The Administrator Institution may offer different Funds which will differ by investment policy, investment terms, characteristics of entry and permanence in the Fund and the risk profile of the participants and employers, to which the referred Funds are destined, observing for this, what is established in Chapter I of Title II of the SP Law and the provisions established in the "Technical Standards for the Investments of Voluntary Previsional Savings Funds" (NSP-60), approved by the Central Bank through its Committee of Norms.

Segregation of functions
Art. 8.- The Administrator Institution must guarantee that there is adequate comprehensive risk management, with the proper segregation of functions and responsibilities, as well as the hierarchical levels of support operational areas, business areas and control that participate in the Fund administration process, as well as the levels of dependence, in accordance with the size and nature of its operations. When the referred institution belongs to a financial conglomerate, the provisions established in article 134 of the Bank Law must be observed. In addition, the Administrator Institution must comply with the highest ethical standards of conduct and act with due diligence in the administration of the Fund, observing for this what is established in article 35 literal c) of the Law of Supervision and Regulation of the Financial System.

Participant and employer profile
Art. 9.- The Administrator Institution must clearly and precisely establish in the Voluntary Savings prospectus the investment policy of the Fund.
The Administrator Institution or the commercializing entity must have policies and procedures to determine the risk profile of the participant or employer, in order to categorize them correctly; for this, the Administrator Institution must inform clearly, timely and precisely about the characteristics of the Fund and the investment policy, considering additionally the knowledge and experience of these in relation to the values in which the Fund invests, objective and preference of the investments of the participant and employer and the risk that they wish to assume. The Administrator Institution will be responsible for documenting and leaving a record of the result of the profile and of the knowledge of said result to the participant or employer. If the employer were an entity considered as an "institutional investor" in accordance with what is established in the "Technical Standards for the Process and Registration of Buy and Sell Orders of Securities of Stockbrokerage Houses" (NDMC - 01), the determination of the risk profile referred to in this article will not be applicable. Art. 10.- In the case that a future participant or employer requires the Administrator Institution or commercializing entity, to be part of a Fund whose risk characteristics associated with the Fund's investments and investment policy are not in accordance with their risk profile, the determined risk category must be documented and that these entities made a warning of the main risks and characteristics of the investments in which the Fund will invest, for this, the Administrator Institution will be responsible for having validation mechanisms, that evidence the acceptance and knowledge by the participant or employer of the result of their risk profile, as well as the warnings that were made to them. Art. 11.- In the case that a participant or employer expressly requests that their profile not be made or determined, the Administrator Institution must obtain a document from them, in which prior to joining the Fund, indicates the following:
a) That they requested that the profile not be applied; b) That they understand and accept the characteristics and risks of the Fund in which they will invest; c) That they do not require the advice or recommendations of the Administrator Institution to invest in the Fund; and d) Specification by the Administrator Institution to the participants or employers of the characteristics of the investments that make up the Fund in which they wish to invest. When participants are linked to contracts or institutional plans, it will be to the employer that what is established in this article and in articles 9, 10 and 11 of these Standards will be required.

Commercialization of Funds
Art. 12.- The commercialization of Funds can be carried out directly by means of the administrator institutions or by a commercializing entity, in accordance with the requirements and procedures established in the "Technical Standards for the Commercialization of Participation Shares of Open Investment Funds" (NDMC - 10), approved by the Central Bank through its Committee of Norms. For these purposes, when in the NDMC-10 reference is made to Investment Fund Managers, participation shares of Salvadoran Open Investment Funds, participant, placement, redemption of participation shares and internal regulations, it will be understood that it refers to the Administrator Institution, Voluntary Previsional Savings Funds, Fund participants, contributions to the participant's individual account, withdrawals from the participant's individual account and Fund prospectus, respectively.

Additionally, when in the NDMC-10, reference is made to the "Technical Standards for the Authorization, Registration and Operation of Investment Funds" (NDMC -06), for the purposes of Voluntary Previsional Savings Funds, it will be understood that they are the provisions referred to these Standards.

On commercializing agents
Art. 13.- For a natural person to provide services as a commercializing agent of Funds, they must be previously authorized by the Superintendence, must comply with the requirements and procedures relative to the authorization of natural persons as commercializing agents, contained in the "Technical Standards for the Commercialization of Participation Shares of Open Investment Funds" (NDMC - 10), approved by the Central Bank through its Committee of Norms. Art. 14.- The commercializing agents who have been authorized by the Superintendence to commercialize participation shares of Open Investment Funds prior to the validity of these Standards and who are working for an Administrator Institution authorized to offer Voluntary Previsional Savings Funds, can commercialize the referred Funds. For these purposes, the Administrator Institution must notify the Superintendence of said situation and communicate any change related to the information presented for the agent commercializing authorization request, at the latest within five business days following the change, sending the corresponding documentation within a maximum period of thirty days subsequent to said communication. Pension Fund Administrators that administer a Fund, will commercialize said Funds through previsional service agents referred to in article 70 of the SP Law, these must be authorized as commercializing agents in accordance with the provisions established in the "Technical Standards for the Commercialization of Participation Shares of Open Investment Funds" (NDMC -10), approved by the Central Bank through its Committee of Norms, with the exception of the requirement established in literal b) of article 28. In any case, the previsional agents at the time of requesting authorization as a commercializing agent of a Fund, must have a university degree registered or incorporated in the Ministry of Education and accredit as minimum one hundred twenty-five hours of training in stock and financial topics. In the case that they do not have a university degree, they must accredit as minimum two hundred fifty hours of training in stock and financial topics. The administrator institutions and the commercializing entities will be responsible for ensuring that their commercializing agents have financial knowledge, associated with the management of third-party funds.

NSP-59
OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
Approval: 30/12/2022
Validity: 30/12/2022
Promotion and Marketing of Voluntary Funds

Art. 15.- The offer information for Funds must be clear, truthful, complete, and timely, so that it is understandable to clients, avoiding disseminating incomplete information and hiding or minimizing important warnings so that the future participant can make their decision.

Furthermore, the marketing of quotas must be carried out in accordance with what is established in the Consumer Protection Law and its Regulations.

The Managing Institution, the marketing entity, and marketing agents will be responsible for explaining to the participant and the employer the characteristics of the "Voluntary Previsional Savings Fund," avoiding making statements that could lead to false, misleading, or inaccurate assessments regarding the characteristics of the Fund, indicating to them that the originally contributed amount may increase or decrease depending on the financial result of the Fund.

In addition, they must inform the client about the operation and characteristics of the Funds, explaining at a minimum the following:
a) Name of the Fund and the institution that manages it; b) Investment policy, including investment limits; c) Requirements and procedure for contributions and withdrawals from the participant's individual account; d) Minimum initial contribution amount to join the Fund, where applicable; e) Minimum contribution to the Fund and the frequency with which it must be made, where applicable; f) Process regarding the transfer of resources from the participant's individual account to a Fund of another Managing Institution or of the same Managing Institution, whether partial or total; g) Withdrawals from the individual account; specifying the terms to make withdrawals or use the contributions made by the employer to the participant's individual account, where applicable; h) Inherent risks of the Fund; i) Criteria that will serve as the basis for determining returns, including the calculation to determine the quota value; j) Charging of commissions expressed as percentages or amounts, specifying if they are charged to the participant, employer, or the Fund, explaining the concepts of the commission; k) Expenses charged to the Fund, explaining the concepts of said expenses; l) Tax treatment in accordance with what is established in article 138 of the SP Law; and m) Other information that is necessary to make known to the future participant or the employer, which is in accordance with the specific characteristics of each of the Funds.

NSP-59
OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
Approval: 30/12/2022
Validity: 30/12/2022

The Managing Institution and the marketing entity must explain to those interested in joining a Fund that the contributions made are not bank deposits, so they do not have the guarantee of the Deposit Guarantee Institute, clarifying that the Fund is voluntary and not mandatory like the contributions made to an AFP in their capacity as an affiliate, so they will not constitute rights of the benefits recognized in the SP Law such as pension, minimum pension, disability pension, and survivorship, coverage of the health regime of the Salvadoran Social Security Institute.

Art. 16.- The Managing Institution, as well as the marketing entity, must carry out all necessary training and control actions to ensure that persons performing marketing functions comply with what is established in these Standards and in the "Technical Standards for the Marketing of Participation Quotas of Open Investment Funds" (NDMC - 10).

Art. 17.- The Managing Institution or the marketing entity, as applicable, must display on its website and in customer service offices, regarding the Fund, the following legend: "The amounts of money received as contributions for a Voluntary Previsional Savings Fund are investments at the account and risk of the investors, they are not bank deposits nor mandatory contributions to a Pension Fund and do not have the guarantee of the Deposit Guarantee Institute." This legend must be visible and written in a font size that investors can clearly distinguish it, placed in a prominent location, so that it is visible to the public.

In no case, in the marketing carried out, can the result of the contributions made to the Fund be assured or guaranteed. If the marketing is carried out by electronic or printed means, it must contain the legend referred to in the preceding subsection.

Prevention and Control of Money Laundering and Due Diligence (1)

Art. 18.- The Managing Institution and marketing entities must have procedures and policies to perform due diligence for the identification and knowledge of their participants and employers in accordance with what is established in the laws, instructions, and current regulations related to the prevention, detection, and control of money laundering, terrorism financing, and financing of the proliferation of weapons of mass destruction, with the Managing Institution being responsible for monitoring the transactions carried out by participants and employers, even if they entered the Fund through a marketing entity. (1)

NSP-59
OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
Approval: 30/12/2022
Validity: 30/12/2022

Risk Classification

Art. 19.- Each Fund must have at least one risk classification that reflects the risks of the assets comprising said Fund and the operations it carries out, as well as the quality of administration of the Managing Institution in the business line related to the offering of Voluntary Previsional Savings Funds.

The aforementioned risk classification must be performed by an authorized risk rating entity in accordance with the Securities Market Law, and must perform the first classification prior to the presentation of the Fund registration request.

Art. 20.- Risk rating entities, for the purpose of carrying out the report on the risk classification of Funds, must consider what is established in the "Technical Standards on Obligations of Risk Rating Companies" (NRP -07), approved by the Central Bank through its Standards Committee, regarding the classification of open financial investment funds.

For these purposes, when NRP-07 refers to fiduciary risk or management quality of the Manager, it will be understood that it refers to the evaluation of the Managing Institution regarding the Voluntary Fund business line, and when it refers to Investment Fund, it will be understood that it refers to the Voluntary Fund.

Information Systems

Art. 21.- The financial institution interested in administering a Voluntary Fund must have information systems for managing the Fund's resource investments and information and participant registration.

The financial institution interested in registering a Fund must have information systems related to the following operations:
a) Participant registration, which allows recording operations and the dates on which they are performed, which must include at least the fields detailed in article 62 of these Standards; b) Contribution, transfer, and withdrawal registration, which must contain at least the fields established in article 60 of these Standards; c) Investment Registration, in which it is identified that investments are made in accordance with their investment policy, in accordance with what is established in the "Technical Standards for the Submission and Dissemination of Information of Voluntary Previsional Savings Funds" (NSP-61), approved by the Central Bank through its Standards Committee; and d) Financial instrument valuation system and quota value calculation in accordance with what is established in article 51 of these Standards.

NSP-59
OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
Approval: 30/12/2022
Validity: 30/12/2022

The financial institution must have the inventory and description of the information systems and databases it will use in the administration of the Fund, as well as the description of the computer platform on which they have been developed, presenting, in addition, the backup procedures manual and description of security policies and controls applied to information systems and databases in accordance with Annex No. 2 of these Standards.

Art. 22.- The computer systems for participant registration and registration of contributions, transfers, and withdrawals referred to in article 21 of these Standards must consider the following:
a) That it allows effective and precise segregation of the identification of participants and employers; b) That it performs the segregation or separation of the participant's contributions and their employer's contributions in the participant's individual account, where applicable; c) That it allows including the employer's conditions on their contributions in the participants' individual accounts with whom they have a labor relationship, as well as making transfers of said contributions to an individual account in favor of the participant when the established conditions are met for them to be their property; d) That it possesses computer security controls, guaranteeing the availability and integrity of information, including the use of unique and individual user codes and access codes; e) That it allows the automatic generation of the transaction history of the individual account, which were carried out by participants and their employer when applicable; f) That it has periodic mechanisms for backup and recovery of information in case of fortuitous events or force majeure; g) That it has information security policies, as well as a business continuity and contingency plan that ensure the capacity and continuity of systems; h) That it includes an audit log that allows identifying modifications made to the records referred to in article 21 of these Standards; and i) That it allows the generation and printing of reports and export of information to files in spreadsheet and PDF formats.

CHAPTER III
REGISTRATION OF VOLUNTARY PREVISIONAL SAVINGS FUNDS

Registration Request for Voluntary Previsional Savings Funds

Art. 23.- The financial institution interested in administering Funds will submit, through its legal representative or proxy, a request for authorization of the Fund's entry in the Registry of the Superintendence, which must be accompanied by the following documentation and information:
a) Certification of the Board of Directors' agreement of the Managing Institution in which the constitution of the Fund was agreed, as well as the approval of the prospectus; b) Prospectus of the Voluntary Fund, which must include the minimum content defined in Annex No.1 of these Standards; c) Models of plans or contracts to be signed between natural persons or employers with the Managing Institution, in accordance with what is established in article 37 of these Standards; d) Project of documents related to the constitution of the Fund's guarantee according to its nature, in accordance with what is established in chapter VI of these Standards; e) Certification of the Board of Directors' agreement of the Managing Institution in which the entity that will be the representative of the beneficiaries of the guarantee is designated; f) Acceptance of the entity as representative of the beneficiaries of the guarantee; g) Method for valuing securities investments, in accordance with what is established in article 52 of these Standards and article 102 of the Funds Law; h) Name of the person designated as the Fund's investment manager, specifying the date of authorization of the registry entry by the Superintendence in accordance with the authorization procedure for Investment Managers, established in the "Technical Standards for the Investments of Voluntary Previsional Savings Funds" (NSP -60), approved by the Central Bank through its Standards Committee; i) Main characteristics of the Fund that requires authorization, specifying the types of contracts or plans it will market; j) Detail of infrastructure and technical resources according to the business model; k) Description of automated information systems related to participant registration, online or batch processing on information regarding contributions, transfers, and withdrawals from participants' individual accounts, control of investments of each of the Funds it administers, valuation of Fund investments, and calculation of the quota value and other operations it must perform to fulfill its purpose, attaching the inventory and description of the information systems and databases that the Managing Institution will use in its operations, as well as the description of the computer platform on which they have been developed, presenting, in addition, the backup procedures manual and description of security policies and controls applied to information systems and databases in accordance with article 21 and Annex No. 2 of these Standards; l) Procedures manual and policies for handling operations carried out in the administration of the Fund, responsible personnel involved in said procedures, including flowcharts describing the Fund management process in which activities, departments, hierarchical levels involved, and model forms used in the administration of Funds are identified, such as: signature registration forms,

NSP-59
OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
Approval: 30/12/2022
Validity: 30/12/2022

participant and employer identification forms, account statements, daily availability control, controls for contributions and withdrawal requests, among others; m) Projections of income and expense flows for the first year of the Fund; n) Accounting system of the Fund to be used by the Managing Institution and the description of the computer platform on which it has been developed, description of its information systems, description of information backups, security and controls in the systems. Accounting systems must be presented in accordance with the "Accounting Manual for Voluntary Previsional Savings Funds" (NSP-62), approved by the Central Bank through its Standards Committee; and o) Other documentation and information that, due to the nature of the Fund, is necessary to present.

In the request, the place to receive notifications and the designation of persons commissioned for this effect must be established.

Model of contract or plans to be signed with natural persons and employers

Art. 24.- For the authorization of the model of contract or plans for the Fund, the regulations in article 22 of the Consumer Protection Law and what is established in the Regulations of the Consumer Protection Law regarding the adhesion contract will be observed. The subscription contract model must include at least what is established in article 37 of these Standards.

Registration Procedure in the Registry

Art. 25.- Upon receiving the request for authorization of the Fund's Registry entry, with complete information as established in article 23 of these Standards, the Superintendence will have a period of thirty days to authorize the corresponding Fund Registration. Upon expiration of this period and if the Superintendence does not rule, it will be understood that the resolution on the request for authorization of the Fund's Registration is favorable.

If the request is not accompanied by the complete information detailed in article 23 of these Standards, the Superintendence may require the financial institution to, within a period of ten business days counted from the day following the notification, present the missing documents.

The Superintendence in the same notice will indicate to the Managing Institution that if it does not complete the information within the aforementioned period, it will proceed without further procedure to archive the request, leaving its right to present a new request intact.

The Superintendence, after analyzing the documentation established in article 23, may notify the financial institution to remedy the deficiencies found.

NSP-59
OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
Approval: 30/12/2022
Validity: 30/12/2022

The financial institution will have a maximum period of ten business days counted from the day following the notification, to remedy the observations or present the information required by the Superintendence.

The Superintendence may, through a reasoned resolution, extend by up to another ten business days, the period indicated in the preceding subsection, when the nature of the observations or notified deficiencies so requires.

Extension Period

Art. 26.- The financial institution may submit to the Superintendence a request for extension of the periods indicated in subsections five and six of article 25 of these Standards, stating the grounds for the request and proposing, if applicable, the relevant proof.

The extension period may not exceed ten business days and will start from the business day following the expiration date of the original period.

Suspension of Period

Art. 27.- The thirty-day period indicated in article 25 of these Standards will be suspended for the days that elapse between the notification of the request for information or documentation referred to in subsections two and four of article 25 of these Standards, until the financial institution remedies the observations required by the Superintendence.

Once the documents are presented in due form, the Superintendence will proceed to respond to the request for authorization of the Fund's Registration.

Submission of Documents to the Superintendence

Art. 28.- In the case that the agreement by the Superintendence is favorable, the financial institution, within a maximum period of fifteen business days from the communication of said agreement, must make the payment of registration fees and submit the definitive documentation detailed below:
a) Prospectus of the Voluntary Savings Fund, signed by the person authorized to do so, including all annexes referenced therein; b) Documentation proving the constitution of the required guarantee in accordance with what is established in article 22 of the Funds Law; and c) Documents referred to in letters k) and n) of article 23 of these Standards.

Upon receipt by the Superintendence of the documentation and verifying that it is in accordance with what was authorized by the Superintendence, it will proceed to issue the registry entry of the Fund within a maximum period of five business days from the date the definitive documents are presented and communicate it to the financial institution within a maximum period of three business days from the date the registry entry was issued.

Archiving of Proceedings Initiated by Registration Request

Art. 29.- The Superintendence will proceed without further procedure to archive the proceedings initiated in the registration procedure detailed in these Standards, when the following situations occur:
a) The financial institution has not remedied the observations or has not presented the information required, according to articles 23 and 25 of these Standards; b) The Superintendence revokes the favorable authorization for not having presented the information required in article 28 of these Standards; and c) The financial institution presents a letter to the Superintendence, informing the desire to withdraw the request, at any time.

In all cases, interested parties will maintain their right to present a new request to the Superintendence, which will give rise to a new procedure.

Communication of Fund Operation Start

Art. 30.- The financial institution must communicate in writing to the Superintendence the date on which the promotion, opening of individual accounts, and admission of client contributions to the Fund will begin.

Modification of Authorized Documents

Art. 31.- When the Managing Institution of a Fund intends to modify the prospectus, the models of plans or contracts to be signed with participants or employers, it must submit to the Superintendence a request for authorization of modification to said documents, attaching for these purposes the following documentation:
a) Certification of the Board of Directors' meeting minutes of the Fund's Managing Institution, in which the approval of the modifications to the Fund's prospectus and the modifications to the contract or corresponding plans was made; b) Model of plans or contracts including the modifications to be made; c) Detail of the proposed modifications, including the justification for them, as well as supporting documentation when applicable; d) Projects of documents that require authorization by the Superintendence in which the requested modification proposals will be incorporated; and e) Model of publication and communication that they will send to participants, specifying the content of each of the modifications, detailing the contact information designated by the Managing Institution to handle inquiries, clearly defining the channels for receiving said inquiries.

NSP-59
OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
Approval: 30/12/2022
Validity: 30/12/2022
Disclosure of Modifications
Art. 32.- After the authorization of modifications to the documents referenced in Article 31 of these Standards and prior to the publication of the notice referenced in Article 33 of these Standards, the Administrator Institution shall proceed to disclose the modifications directly to the participant and the employer by the printed or electronic means they have requested from the institution, providing them with a detail of the content of each modification made that allows identifying the previous situation and the modified situation, the effective date of the modifications, the deadline to make withdrawals without the payment of commissions, when applicable, the place and persons designated to handle inquiries related to the modifications. Furthermore, these modifications must be disclosed through its website, specifying the name of the person designated to handle inquiries, clearly defining the channels for receiving such inquiries. Notwithstanding the foregoing, in the case that modifications authorized by the Superintendence correspond to the name of the Fund, investment policies, form and frequency of conversion into quotas of contributions, transfers and withdrawals, commissions received by the Administrator Institution, additional expenses charged to the Fund, change of control of the financial institution, merger or transfer of the Fund, the Administrator Institution must communicate the aforementioned modifications to the public by means of a notice published in the newspaper indicated in the Fund's prospectus, for which purposes the Administrator Institution must comply with the time and procedure regarding prior communication of direct information to participants established for such purposes in Article 56 of the Funds Law and these Standards. Art. 33.- The modifications approved by the Superintendence that require the publication of a prominent notice in the newspaper indicated in the Fund's prospectus must include the following:
a) Name of the Administrator Institution and the Fund; b) Summary of the modifications to be made, which allows identifying the previous situation and the modified situation; c) Date of authorization by the Superintendence and effective date of the modifications; d) Indications that the participant and employer have the right to withdraw or transfer the resources they have to another Administrator Institution without commission charges in accordance with Article 48 of these Standards, establishing the maximum deadline to proceed with its realization, specifying the implications of the tax treatment for such transactions; and e) Specify the place and name of the persons designated to handle inquiries, as well as the channels for receiving such inquiries.

NSP-59
OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
Approval: 30/12/2022
Validity: 30/12/2022
The modifications will enter into force fifteen days after the day of their publication.
Such publication and clarifying notes must be visible and written in a font size that participants and employers can clearly distinguish.
The Administrator Institution must send a copy of the published notice to the Superintendence no later than three business days after it has been made.
CHAPTER IV
OPERATION OF VOLUNTARY PREVISIONAL SAVINGS FUNDS

Formation of a Voluntary Fund
Art. 34.- A Fund will be formed by the set of individual voluntary savings accounts, which shall be understood as the sum of contributions made by natural persons and employers, as well as the returns generated by these contributions.
Individual accounts will be opened in accordance with the contracts or plans formalized by the Administrator Institution and will be in the name of each participant and will be the exclusive property of the participant and their employer, if applicable, in accordance with the contributions made to the individual accounts in accordance with Article 42 of these Standards. The contributions made by the participant and the employer are voluntary, so it is their decision to adhere to a contract or plan offered by the different administrator institutions.

Types of contracts or plans
Art. 35.- The Administrator Institution must indicate in its prospectus whether it will offer individual contracts or plans and institutional contracts or plans, which must be previously approved by the Superintendence.
The contracts or plans that the Administrator Institution will offer to future participants and employers will be based on the contributions made to the accounts opened in the Fund, that is, whether the source of contributions will be exclusively from participants, or contributions solely from the employer on behalf of its employees. The Administrator Institution will open individual accounts, considering whether these accounts are linked to the following contracts or plans:
a) Individual Plans: contracts between a natural person and the respective Administrator Institution, by which the obligations and rights of natural persons to make contributions to a Fund and to use these resources are established, as well as the obligations and rights of the Administrator Institution; and b) Institutional Plans: contracts between an employer and the respective Administrator Institution, by which the obligations and rights of the employer to make contributions and to use the resources contributed to the Fund on behalf of its employees are established, as well as the obligations and rights of the Administrator Institution. Individual and institutional contracts or plans must observe the content established in Article 37 of these Standards. Considerations of the institutional contract or plan Art. 36.- The institutional contract or plan will observe, among others, the following considerations:
a) The Administrator Institution may define in its prospectus the minimum contribution amount, minimum number of workers or employees, among other characteristics required of the employer, in order to link to an institutional plan or contract; b) The contributions made by the employer on behalf of its employees may be differentiated; c) The participant's individual account, associated with an institutional contract or plan, will receive contributions made exclusively by the employer; d) The employer may establish conditions for its employees to acquire ownership of the contributions made to the participant's individual account, such as minimum tenure, job performance, among others; e) The employer must inform the Administrator Institution of the fulfillment of the conditions or requirements stipulated in the institutional contract or plan so that participants can dispose of the contributions and returns made on their behalf, either by withdrawing or transferring them to their individual account linked to an individual contract or plan. For these purposes, the Administrator Institution must establish a deadline to receive notifications from the employer once the employees' conditions have been met, including the deadline in the institutional contracts or plans; f) In cases where the employer has established conditions for its employees, it must authorize the Administrator Institution to inform participants who have met the established conditions and to enable the availability of contributions made by the employer and returns generated by meeting the imposed conditions in accordance with Article 42 of these Standards; g) The Administrator Institution will deposit in the bank account provided in the Fund subscription form, the contributions and generated returns that did not become the property of the employee or Fund participant, within 15 business days from being notified of the termination of the employment relationship or of non-fulfillment of the conditions established by the employer in case no instructions are received from the employer, observing the tax treatment established in Article 138 of the SP Law; and h) The employer must provide a list with the names, personal identification number, and Tax Identification Number (TIN) of the employees who will be incorporated into the Fund. Furthermore, the employer must update the list every time contributions are made, new personnel are hired, employees are withdrawn, or balances that still form part of their ownership are transferred. In the case where the employer requires offering the benefit of making contributions on behalf of its workers, in their individual accounts, the Administrator Institution must sign an institutional contract or plan with the employer.

Minimum content of contracts or plans
Art. 37.- The pension savings contracts or plans referred to in Article 136 of the SP Law and Article 24 of these Standards must establish the conditions governing the relationship between future participants and employers with the Administrator Institution and must contain as a minimum the following:
a) Identification of the parties:
i. Name, address, age, profession or occupation, Tax Identification Number (TIN), identity document of the legal representative or the person with sufficient legal authority to appear on behalf of the Administrator Institution or the commercial entity, if applicable (it must refer to the Notarial Deed of Constitution of the Administrator Institution, the current social pact, and the power of attorney granted to the person appearing to sign the contract); and
ii. Name, address, age, profession or occupation, and identity document of the natural person for the individual contract or plan. In the case of institutional contracts or plans, the employer must be identified, whether natural or legal person, referencing the documents that prove their status.
b) Name of the Fund; c) Type of contract or plan: individual or institutional; d) Initial contribution amount, if so agreed; e) Responsibilities and obligations of the Administrator Institution with the participant and with the employer, if applicable; f) Indication that the participant's incorporation into the Fund implies acceptance of the Fund's prospectus and other rules governing its operation; g) Rights of the participant and employer and information to be provided by the Administrator Institution, indicating the means through which it will be provided and its frequency, including the delivery to the participant of the conditions established by the employer in the case of institutional contracts or plans; h) Obligation of the participant and employer to inform of changes in address, correspondence address, email, phone number; i) Regarding the employer, if applicable, the following must be included:
i. Terms and conditions for the incorporation and withdrawal of participants to whom the employer contributes to a Fund, establishing the manner in which benefits will be paid to participants and the time or conditions to be met by them to dispose of or use the contributions made to their individual accounts;
ii. Amount and frequency of the employer's contributions to the employee's or future participant's individual account, if so established, or if they will be occasional;
iii. Specify the conditions under which contributions and generated returns made on behalf of the participant will be returned to the employer, if applicable;
iv. Characteristics or conditions referred to in Article 36 of these Standards;
v. Obligation of the employer to make the agreed contributions with the administrator on behalf of the participant; as well as to inform them about the withdrawals and additions of their employees; and
vi. Other conditions requested by the employer.
j) Commissions, specifying the commission concepts, calculation method, and payment method; k) Obligation of the participant to make the contributions agreed with the Administrator Institution; l) Specify the applicable taxes in accordance with Article 138 of the SP Law; m) Maximum deadline for payments of withdrawals representing significant amounts; n) Date or month from which the first contribution will be made; o) Grounds for termination of the contract; p) Contract term, as agreed by the parties; q) In case of establishing annexes to the contract, it must declare that these are an integral part of it; r) Indication of the address to which the parties will be subject in case of disputes; s) Beneficiaries; t) Signature of the participant or employer representative for the individual and institutional contracts or plans, as applicable; u) Signature of the person authorized by the Administrator Institution to sign the contract or plan; and v) Date and time. The Administrator Institution will be responsible for providing participants and employers with a copy of the contract and the Fund's prospectus.

NSP-59
OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
Approval: 30/12/2022
Validity: 30/12/2022
The employer must attach to the contract or plan a list including the name and identification number of the employee, Tax Identification Number (TIN), and must also collaborate with the Administrator Institution so that employees complete the fields of the form referenced in Article 38 of these Standards.

Participant Identification
Art. 38.- The Administrator Institution and the commercial entity, if applicable, will be responsible for verifying the identity and legal capacity of the future participant and of the employers who contract the service with them, for which they must prepare a Fund subscription form, which must include as a minimum the information detailed below:
a) Place and Date; b) Assigned code; c) Participant's first and last name; d) Nationality; e) Marital status; f) Sex; g) Tax Identification Number (TIN), when applicable; h) Type and number of identity document; i) Address and phone number of residence and office; j) Occupation and place of work; k) Name of the Fund in which contributions will be made; l) Contract or Plan: individual or institutional. In the case of the institutional contract or plan, the name of the employer must be specified; m) Initial contribution amount, when applicable; n) Amount and frequency of contributions and whether they may be occasional; o) Method of making contributions to the individual account: deposit into account, electronic transfer, checks, or other authorized means; p) Method for settling withdrawals in favor of the participant: deposit into account, electronic transfer (specify bank account number), issuance of checks, or other authorized means; q) Indicate that, in the case of participants linked to an institutional contract or plan, they may dispose of the resources of the individual account through the withdrawal or transfer of funds or resources upon meeting the conditions established by their employer; r) Medium (physical or electronic) indicated by the participant, for the receipt of the following information: account statement, information related to modifications of the Fund's prospectus and contract, among others; s) Name of the beneficiaries designated by the participant, percentage of distribution, and kinship, if any; t) Other data deemed convenient; and u) Signature of the participant. Once the participant identification form is completed and when it concerns participants linked to an institutional contract or plan, the Administrator Institution will provide the participant with a document detailing the conditions established by the employer to dispose of the contributions made to their individual account.

Employer Identification
Art. 39.- The Administrator Institution that signs an institutional contract or plan with an employer must identify it, preparing a form that includes as a minimum the following information:
a) Place and Date; b) Assigned code; c) Name, trade name, or name of the employer; d) Tax Identification Number (TIN); e) Office address and phone number; f) Nature or business of the employer, legal representative with their identity documents and respective signature; g) Name of the Fund in which the employer's contributions on behalf of its employee will be received; h) Frequency of contributions to the Fund: specify the frequency of contributions to be made and whether they will be occasional, and must also specify whether it will contemplate differentiated contributions among its employees; i) Date or month from which the first contribution will be made; j) Method of making contributions to the individual account: deposit into account, electronic transfer, checks, or other authorized means; k) Method for settling withdrawals: deposit into account, electronic transfer (specify bank account number), issuance of checks, or other authorized means; l) Persons authorized to order operations in their name, specifying their general information; m) Medium (physical or electronic) indicated by the employer, for the receipt of the following information: related to their employees' contributions, related to modifications of the Fund's prospectus and contract, among others; n) Other data deemed convenient; and o) Signature of the employer's representative. Art. 40.- The Administrator Institution or the commercial entity, if applicable, must obtain copies of the identity document and Tax Identification Number (TIN) of the employer and of the persons authorized to order operations on behalf of this, document accrediting the legal representative or attorney, the deed of constitution of the employer, and all information that in the judgment of the Administrator Institution should form part of the participant's and employer's file, and must also have a signature registration form for each of its participants and employers.

Prior to opening the individual account in the Fund, whether linked to an individual or institutional contract or plan, the Administrator Institution must comply with control and due diligence processes for participants and employers.

Individual Account
Art. 41.- The individual accounts that make up a Fund will be in the name of the natural person and future participant of the Fund, who will make contributions in accordance with the conditions established in the individual contract or plan that for such purposes the natural person signs with the Administrator Institution or in the contract that the employer signs with the Administrator Institution. Art. 42.- The contributions that the employer will make to the participant's individual account in an Administrator Institution must be recorded in the Fund subscription form in accordance with Articles 38 and 39 of these Standards and in the institutional contract or plan formalized for such purposes between the Administrator Institution and the employer in accordance with Article 37 of these Standards.

In the participant's individual account, all contributions made by the employer that have met the conditions established by him in the institutional contract or plan and which consequently are the property of the participant must be identified.
Likewise, contributions that have already met the conditions established by the employer and are in the process of the participant making transfers or withdrawals from the same must be identified.
Once the conditions established by the employer for the contributions made on behalf of the participant are met, the participant may dispose of them, so they may withdraw or transfer such contributions to another individual account in their name in the same Fund or another Fund.

Contributions
Art. 43.- The Administrator Institution must clearly establish in the Fund's prospectus the means by which the participant or the employer, if applicable, can make contributions and withdrawals from the participant's individual account, which may be by check, deposit into account, or electronic transfer to the respective Fund's bank account or other authorized means. The means used for such transactions must be explained to the participant or the employer and must be specified in the forms referenced in Articles 38 and 39 of these Standards. The Administrator Institution must define in the Fund's prospectus the minimum contribution amounts, frequency, or whether they may be occasional, as well as the process to make such contributions to the individual account of each of the Fund's participants.

The commercial entity may not receive cash contributions from participants and employers, nor make cash deliveries for withdrawal requests made by different clients, except for banking entities.

Employer Contributions
Art. 44.- The contributions made by the employer shall be deposited into an individual account in the name of the participant with whom they have a labor relationship, which is linked to an institutional contract or plan.
Additionally, the participant's account statement must clarify that the contributions forming part of their individual account constitute the amount of contributions made by the employer, and that until they meet the conditions established by the employer, they cannot dispose of them or the returns generated by them.

Transfers
Art. 45.- The resources contributed by the participant or the employer may be transferred, partially or in full, to other individual accounts within the same Administrator Institution or to other Voluntary Funds of another Administrator Institution; therefore, the corresponding request must be made in accordance with the Technical Standards regarding the transfer of resources from the individual account, as issued by the Central Bank through its Standards Committee.

Withdrawal
Art. 46.- The participant, in the case of individual contracts or plans, shall have the right at any time to request from the Administrator Institution the total or partial withdrawal of contributions made to their individual account, in accordance with what is established in the Fund prospectus, observing, where applicable, the tax treatment defined in Article 138 of the SP Law. In the case of institutional contracts or plans, employers may request the transfer or total or partial withdrawal of contributions made to the participant's individual account, when these have not met the conditions previously established.

NSP-59
OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
Approval: 30/12/2022
Validity: 30/12/2022
The payment of withdrawals must be made in accordance with the conditions and time frame established in the Fund prospectus, seeking diligent and timely execution, and must be carried out by check, electronic transfer, or credit to a participant's account charged to the Fund, and in extraordinary cases with values from the Fund's investment portfolio, as established in Article 58 of the Funds Law. The Administrator Institution must have procedures regarding the treatment, determination, and payment for withdrawals considered significant, in accordance with Articles 58 and 59 of the Funds Law, incorporating said amount into the prospectus and the contract. The participant whose individual account is linked to an institutional contract or plan and who, as a result, receives contributions from their employer, may not request the withdrawal or transfer of the employer's contributions that, at the date of the request, do not meet the conditions established by the employer in the institutional contract or plan. Art. 47.- Administrator institutions must have controls to validate that the resources requested by participants and employers in the concept of withdrawals or transfers of individual accounts correspond to resources that are their property.

Commission for Withdrawal or Transfer
Art. 48.- The Administrator Institution may charge a commission for the withdrawal or transfer made by the participant or employer, provided that it is established in the prospectus and the contract formalized between the parties.
When modifications are made to the characteristics of a Voluntary Fund and because the conditions are different from those agreed upon at entry, the participant or employer shall have the right to transfer or withdraw the resources contributed to the participant's account, without being charged commissions, when the following situations occur:
a) Increase in the minimum amount of periodic contributions; b) Modification of the investment policy; c) Increase in commissions; d) Incorporation of expenses charged to the Fund, which were not previously detailed in the Fund prospectus; and e) Transfer or merger of Funds between administrator institutions. The Administrator Institution must establish in the Fund prospectus a time frame from the communication of the modifications, in accordance with Articles 32 and 33 of these Standards, for the participant or employer to request withdrawals or transfers of resources from the individual account.

Determination of Quota Value
Art. 49.- The Administrator Institution, in the Fund prospectus, must specify how the quota value will be determined, which will be applied for the conversion of contributions to the Fund and for the liquidation of withdrawals and transfers of contributed resources. This value will correspond to the date and time of the request submission, considering the cutoff time as established in Article 53 of these Standards. For these purposes, the Administrator Institution must calculate the quota value and make it public daily through its website.

Of the Value of Quotas and Their Allocation
Art. 50.- The valuation of financial instruments constituting the Fund's investments must be carried out individually for each of them at market prices under the premise of fair value, in accordance with the scope established in these Standards and on a daily basis, including weekends and holidays. The Administrator Institution is responsible for maintaining the valuations of the financial instruments of the Funds it administers in accordance with market conditions and as established in the "Accounting Manual for Voluntary Previsional Savings Funds" (NSP-62), approved by the Central Bank through its Standards Committee, also observing in the valuation what is established in Article 102 of the Funds Law. Art. 51.- The valuation of the financial instruments constituting the Fund's assets for the determination of its equity, as well as the calculation of the quota value, must be carried out by means of an automated information system in accordance with the "Technical Standards for the Calculation of the Quota Value and Allocation of Participation Quotas" (NDMC-11), approved by the Central Bank through its Standards Committee. For these purposes, when NDMC-11 refers to Investment Fund Managers, participation quotas, participant, subscription and redemption of participation quotas, it shall be understood that it refers to administrator institutions, Voluntary Previsional Savings Funds, Fund participants, contributions to the participant's individual account, and withdrawals and transfers of the participant's individual account, respectively.

Valuation Methodologies
Art. 52.- The methodologies developed by each Administrator Institution must meet at least the requirements regarding the development of valuation methodologies according to the "Technical Standards for Specialized Agents in Securities Valuation" (NDMC-09), approved by the Central Bank through its Standards Committee. The valuation of the Fund's financial instruments is the responsibility of the Administrator Institution, even if it has contracted the services of a price provider. Likewise, the Administrator Institution that contracts the price provision service of a Specialized Agent in Securities Valuation and identifies an error in the price vector calculated by this agent, must carry out the respective challenge of said vector before the corresponding Agent, in accordance with the "Technical Standards for Specialized Agents in Securities Valuation" (NDMC-09), approved by the Central Bank through its Standards Committee.

Cutoff Time
Art. 53.- For the purposes that participants and employers make contributions, transfers, and withdrawals of the resources they have contributed to the individual account, the Administrator Institution must indicate in the Fund prospectus a cutoff time, which aims to establish the limit of the validity of the quota value that will be considered to determine the amount of the operation, clarifying that contributions and requests for withdrawals and transfers received by Administrator Institutions or commercializing entities after the indicated cutoff time will be processed as if they had been received on the next business day; additionally, it must establish in the prospectus examples of the quota to be applied in relation to the cutoff time. The criterion for the allocation of the quota value for contributions, transfers, and withdrawals that the Administrator Institution will use will be in accordance with what is established in Article 56 of these Standards.

Calculation of the Quota
Art. 54.- Fund quotas will be valued daily, including weekends and holidays, from the day it receives the first contribution. The daily valuation aims to generate the value of the Fund's equity to obtain the value of the quotas; all expenses applied to the Fund must be reflected daily. For the case of contributions, on the first day of the Fund's operations, the quota value will correspond to the nominal value. To obtain the quota value on a specific date "t", the following steps must be followed:
a) Daily balance: preparation of a balance that includes the valuation of financial instruments according to the last valid price vector. The value of the Fund's equity will be the result of subtracting creditor accounts from the sum of all its assets at fair value; and b) Calculation of the quota value: the value of the quotas for day "t" is established by dividing the value of the Fund's equity of day "t" without considering the contributions, transfers, and withdrawals of the day, by the number of quotas subscribed and paid at the beginning of day "t". The value of the equity and the number of quotas correspond to those calculated based on what is established in this article. From the above, the calculation of the quota value of a Fund is obtained by the following formula:
VCt = PNt / NCt

Where:
VCt = Value of the quota on day "t".
PNt = Daily equity on day "t" without considering credited contributions nor requests for withdrawal and transfers presented before the cutoff time of day "t". However, it does include payments of withdrawals and transfers made.
NCt = Number of quotas subscribed and paid, without considering credited contributions, nor requests for withdrawal and transfers presented before the cutoff time of day "t".

Validity of Quota Value
Art. 55.- The validity of the quota value will be 24 hours based on the cutoff time, in accordance with Article 53 of these Standards, and the Fund's quota value will be determined after the operational closing of each day established in the prospectus.
Art. 56.- The method of allocating the quota value will be carried out according to the following rules:
a) Contributions made before the cutoff time of day "t" will be assigned to the quota value calculated at the close of day "t".
Contributions are considered made before the cutoff time of day "t" when they have been made at the Administrator Institution or the corresponding commercializing entity before said cutoff time, indicated in the prospectus, and the funds have been credited and applied definitively in the Fund's bank accounts, that is, when the contribution is confirmed in the Voluntary Fund's account before the operational closing of the day defined by the Administrator Institution. Contributions made after the cutoff time of day "t" will be assigned as if they had been made on the next business day, assigning them the quota value calculated corresponding to that day. b) Withdrawals and transfers made before the cutoff time of day "t" will be assigned to the quota value calculated at the close of day "t".

NSP-59
OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
Approval: 30/12/2022
Validity: 30/12/2022
Withdrawals and transfers made after the cutoff time of day "t" will be assigned as if they had been made on the next business day, assigning them the quota value calculated corresponding to that day.
Art. 57.- If due to situations or facts attributable to participants, the allocation of quotas is not made before the cutoff time on day "t", the Administrator Institution must communicate such situation to the participant on that same day.
If the situations or facts attributable to participants that prevented such situation are overcome on a day different from the request date, this allocation must be made considering the quota value, calculated at the close of the day in which the situation preventing the allocation of the respective quotas was resolved, in accordance with the contribution originally made by the participant.

Requests for Transfers and Withdrawals
Art. 58.- For transfer and withdrawal operations, participants and employers must submit a request to the institution through the reception channels defined by it for the performance of same. Such withdrawals must observe the tax treatment in accordance with Article 138 of the SP Law. The requests must be entered by the Administrator Institution or commercializing entity into the respective computer system. Once the transfer or withdrawal is executed, the participant or employer will be given a receipt of the operation performed, which must specify at minimum, date and time of the instruction, Fund in which the transfer or withdrawal is made, the amount of the transfer or withdrawal made, value and number of quotas equivalent to the operation performed, the amount and percentage of commissions when applicable as defined in the prospectus. Art. 59.- For the case of requests sent by a means other than the form signed by the participant or employer, the Administrator Institution must have supporting documentation of the acceptance of its client's use of said means. This means must meet the following conditions:
a) That it guarantees the timeliness, integrity, confidentiality, consistency, and security of the transmitted information; b) That it allows controlling the chronological reception of requests for entry and attention in the corresponding computer system; c) That the means used allows sending the client the confirmation of the reception of the request by the Administrator Institution or commercializing entity automatically, when applicable by the nature of the mechanism used; and d) That it allows having controls and mechanisms related to:
i. The reliable identification of the person sending the request, corroborating the relevant documents and legal powers;
ii. The conservation, backup, safeguarding, and consultation of all instructions that have been issued by their participants or employers without any editing and in an integral manner; and
iii. The location and identification of the instructions of the requests sent by participants and employers.
In all cases, requests issued by participants or employers must state their name, the name of the Fund, the participant's account identification code, the participant's identification code, the type of operation, as well as all necessary fields required to be entered into the system referenced in Article 60 of these Standards.

Computer System for the Registration of Contributions, Transfers, and Withdrawals Art. 60.- The Administrator Institution must have a computer system through which it controls, safeguards, and registers the contributions, withdrawals, and transfers made to the Fund, automatically assigning a sequential number for each of the requests received in the case of withdrawals and transfers. In said system, requests received from participants and employers must be entered and registered immediately and in chronological order. Likewise, said system must allow the verification of the aforementioned requests. The system must contain at minimum the following information:
a) Sequential number: number assigned sequentially and automatically by the system according to the chronological reception of operations and must identify the Administrator Institution and the type of contract or plan; b) Date and time of the request: specification of the date and time in which the request for contribution, withdrawal, or transfer of funds is entered; c) Fund: name of the Voluntary Fund being marketed; d) Entity: name of the Administrator Institution of the Fund; e) Participant identification code: code assigned by the Entity according to its internal controls; f) Participant name: identification of the natural person in whose name the contribution, withdrawal, or transfer of funds will be made; g) Employer identification code: code assigned by the Administrator Institution according to its internal controls, for the case of requests by institutional contracts; h) Employer name: identification of the employer; i) Type of contract or plan: individual or institutional; j) Type of operation: specification of whether the operation is a contribution, withdrawal, or transfer of funds;

NSP-59
OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
Approval: 30/12/2022
Validity: 30/12/2022 k) Status of the request: paid or pending payment or transfer, specifying the reasons why it is in process if applicable; l) Method by which the contribution, withdrawal, or transfer was effected: electronic transfer, account credit, check, or other authorized means; m) Date and time of the application of the contribution, withdrawal, or transfer operation; n) Currency type: identification of the transaction currency type; o) Amount: specification of the total amount of the operation; p) Value and number of quotas: Indicate the value and number of quotas representing the operation performed; q) Commercializing agent: identification of the agent performing the commercialization function, indicating its name and authorization code assigned by the Superintendency; r) Applicable commissions and taxes to be charged: respective commissions and taxes if applicable; and s) Observations: detail of situations arising in the reception of requests for contributions, withdrawals, and transfers requested by the participant or employer when applicable. The computer system must have mechanisms for security, integrity, and consistency. The entity must have backup and recovery mechanisms for information in case of fortuitous events or force majeure, as well as contingency plans that ensure the capacity and continuity of the system. When the prospectus and the mandate contract so contemplate, commercializing entities may receive withdrawal and transfer requests. In the case that the information in this article was processed by a commercializing entity, it will transmit to the Administrator Institution online or in batches, through an automated system that guarantees the security, integrity, confidentiality, and availability of information. For the case of batch transmission, it must be performed at least twice during the daily working day. Art. 61.- The Administrator Institution will ensure that requests received by physical or electronic means are completed with the required data; in all cases, the request must be signed by the owner of the contributions or the person authorized by them, and the Administrator Institution must specify in the Fund prospectus the different verifiable means of communication through which participants and the employer can request contributions, transfers, and withdrawals.

Participant Registration
Art. 62.- The registration of participants must be maintained by the Administrator Institution through electronic systems, which allow recording operations or events that have an effect on its content, as well as maintaining permanent historical information regarding the operations registered in said registry. The participant registration must contain at minimum the fields detailed below:
a) Participant identification code; b) Employer identification code: code assigned by the Administrator Institution according to its internal controls, for the case of contracts or institutional plans; c) Participant's first and last name; d) Participant's marital status; e) Participant's sex; f) Employer name: identification of the employer; g) Type of contract or plan: specify the participant's link to an individual or institutional contract or plan; h) Date of incorporation in the Fund; i) Identity Document; j) Type of operation: contribution, transfer, and withdrawal; k) Date of the operation; l) Amount of the operation; m) Quantity of quotas for each of the movements made in the participant's registration; n) Total amount; and o) Amount of withholdings made in the concept of income tax when applicable. If a participant is linked to an institutional contract concluded between their employer and an Administrator Institution, the participant registration must identify the contributions, withdrawals, and transfers made by their employer in the participant's individual account.

Commissions and Expenses
Art. 63.- The payment of commissions for withdrawal and transfer will be borne by the participant or employer, when applicable, and the payment of the administration commission charged to the Fund.
The commissions applicable to the participant or the employer, when applicable, as well as the commission scheme to be charged by the Administrator Institution, must be clearly described and detailed in the prospectus, expressed in terms of percentage or amounts, and include VAT when applicable. When the Administrator Institution establishes expenses charged to the Fund, these must be clearly segregated and detailed in the Fund prospectus, specifying the

NSP-59
TECHNICAL STANDARDS FOR THE AUTHORIZATION, REGISTRATION AND OPERATION OF VOLUNTARY PREVISIONAL SAVINGS FUNDS Approval: 30/12/2022 Validity: 30/12/2022 different concepts that make them up, which must be directly related to the management of the Fund.
In commissions and expenses, the following must be considered:
a) The criteria that will serve as the basis for determining commission charges, their method of calculation, and the application of other expenses; b) The frequency and detail of the charging of commissions and expenses; and c) The commission structure that will apply to the participant or employer for withdrawals or transfers. The Administrator Institution may not charge commissions higher than those established in the Fund's prospectus and subscribed to in the contract or plan; therefore, the initial percentage or amount of the commission and any modification thereof must be made public in accordance with what is established in articles 31 and 32 of these Standards.

Tax Treatment
Art. 64.- The investment returns of the Funds, as well as the contributions, withdrawals, and transfers made by employers and participants in the Fund, must comply with what is provided in article 138 of the SP Law.

Beneficiaries
Art. 65.- Natural persons in their capacity as participants in a Voluntary Fund must designate one or more beneficiaries for their voluntary accounts so that, upon their death, the Administrator Institution delivers the resources found in said accounts. The beneficiaries will be included in the Fund subscription forms and in the contract or plan signed, which can be updated at any time by the participant.

The resources at the time of delivery to the beneficiaries will not generate any type of tax in accordance with what is established in article 139 of the SP Law.

CHAPTER V
ADMINISTRATION OF VOLUNTARY PREVISIONAL SAVINGS FUNDS

Internal Controls of the Administrator Institution Art. 66.- The Administrator Institution must define policies and procedures that contemplate at least the following aspects:
a) Independently manage the different Funds it markets. In each Fund, the bank accounts used and the cash movements thereof must be specified. The balances of the bank accounts must reflect at the end of the day the balance corresponding to each of the Funds, and their bank movements must correspond exclusively to the operations of the Fund and its participants and employers, as applicable; b) Establish policies for the acquisition, custody, transfer, and settlement of the Fund's assets and liabilities; c) Establish controls for the identification of accounts associated or linked to individual or institutional contracts or plans; d) Reconcile daily in each of the administered Funds the balances of securities and money associated, considering for such purposes their internal records and external sources; e) Manage the Funds in accordance with what is established in the contracts or plans entered into, as well as what is defined in the Fund's prospectus; f) Establish within its procedures the controls that document the receipt of account statements that must be sent to each participant, physically or electronically, according to a request made by them; g) Define monthly reports for the employer, identifying the contributions made to participants, identifying the balances that have already met the conditions established by the employer and have been withdrawn or transferred to another individual account of an individual contract or plan in favor of the participant; h) Establish controls for the identification of contributions made by participants and employers in accordance with the contract or plan contracted; i) Register the operations of the Fund, in accordance with what is provided in the accounting manual according to the technical standards approved by the Central Bank through its Standards Committee; j) Comply with internal control procedures regarding the administration of the Fund, especially with respect to risk management, investments, cash, marketing, calculation of the share value, conversion of contributions, transfers, and withdrawals; k) Have a file for each participant and employer, which contains: participant or employer identification form, copy of the documentation referred to in article 40 of these Standards, client profile, signature registration form with the names and signatures of the persons authorized to issue instructions on behalf of the participant and employer, as applicable; l) Disclose on its website the current share value, commission and expense scheme of the Fund expressed in terms of percentages or amounts, detailing the basis for their determination; m) Disclose any material fact or information regarding the Funds it administers in accordance with the "Technical Standards for the Submission and Disclosure of Information of Voluntary Previsional Savings Funds" (NSP-61), approved by the Central Bank through its Standards Committee; n) Adopt policies, mechanisms, and control measures to comply with the obligations
established in the laws, instructions, and current regulations related to the prevention, detection, and control of money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction; (1)

o) Procedures for equal treatment of participants and employers, in order to provide the same conditions and opportunities, avoiding any act, conduct, practice, or omission that could be detrimental to their interests; and p) Comply in the contracting of services with what is established in article 30 of the Funds Law.

Management to be carried out by the Administrator Institution Art. 67.- In the administration of the Fund, the Administrator Institution must do the following:
a) Maintain the portfolio risk in which the Fund invests within reasonable parameters relative to the object of the Fund; b) Effect the investment of resources in accordance with the investment policies defined in the Fund selected by the participant and employer; c) Diligently apply the client profile process and the due diligence processes and procedures on the prevention, detection, and control of money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction; (1) d) Send monthly to each participant the account statement of movements in their individual account for individual contracts or plans and at least semi-annually for participants linked to an institutional contract or plan, additionally providing the employer with reports of the movements made by them to each of the individual accounts of the participants to which they make contributions; e) The Administrator Institution must keep control of the individual accounts and the compliance of the participants' conditions regarding the contributions made by the employer in the case of the institutional contract or plan; and f) Have records related to:
i. Register of complaints and claims made by participants and employers against the Administrator Institution, its agents, and marketing entities, indicating the date, reason for the complaint, name of the person who filed it, and the status of the complaints and claims filed. In this register, a copy of the received claims, the response given, and the average time in which they were resolved will be incorporated, justifying those cases that had delays with respect to the deadlines set forth in the established procedure;
ii. Register of indemnities paid to the participant and the employers; and
iii. Register of differences or conflicts of interest arising between the participants or employers and the Administrator Institution.

Human Resources Requirements
Art. 68.- The Administrator Institution must have the necessary personnel to carry out the administration of the Funds, in accordance with the requirements established in these Standards, as well as to provide information and advisory services related to said service.
In any case, the Administrator Institution will be responsible for executing a training plan that ensures the knowledge and training necessary for the adequate development of the functions of the personnel mentioned in the previous clause.

Securities Custody
Art. 69.- When appropriate according to its nature, the securities in which the resources of the Voluntary Savings Fund are invested must be delivered in custody to an entity authorized or recognized to provide this service, which meets the conditions established for the custody and deposit of securities of the instruments in which the Pension Funds invest. The Administrator Institution must detail in the Fund's prospectus the name of the entity or entities in which the securities to be acquired with resources from the Funds will be deposited. The securities in which the resources of a Voluntary Savings Fund are invested must be issued or transferred, with the clause "For the Voluntary Previsional Savings Fund" followed by the name or denomination thereof and preceded by the denomination of the Institution that administers it. The same provision will apply to bank deposits.

Prevention of Money and Asset Laundering and Terrorist Financing Art. 70.- Administrator Institutions must comply with the current legal and regulatory framework in matters of prevention, detection, and control of money and asset laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction, for the operations they carry out with the resources of the Voluntary Fund, as well as due diligence to future participants of said Fund and in general to any operation or service they perform in their capacity as administrator thereof.

Risk Management
Art. 71.- In order to guarantee the adequate functioning of the Voluntary Savings Fund and to preserve its liquidity, Administrator Institutions must comply with the current regulatory framework in matters of risk management in accordance with the technical standards of risk management applicable to institutions that administer Voluntary Funds. Additionally, the Administrator Institution must review and adapt the policies referred to in article 35 letter d) of the Supervision Law in order to include the management it carries out with respect to Voluntary Funds, additionally adapting the operational manuals with respect to processes related to the Funds, and must submit to the Superintendence the modification thereof for their knowledge within the first ten business days after their approval.

Conflicts of Interest
Art. 72.- The Administrator Institution must have procedures, practices, and controls for the management of potential conflicts of interest, with the purpose of avoiding the development of the provision of its services under the influence of any situation generating a conflict of interest or other circumstances that alter the integrity of its services, incorporating at minimum the following:
a) Criteria to identify potential conflicts of interest, derived from the function of administrator of third-party resources with access to privileged information; b) Criteria to avoid incurring in situations that could give rise to conflicts of interest and that could affect the exercise of patrimonial rights, protecting in all events the interests of the participants and employers relative to the Administrator Institution; c) Policies and procedures to manage conflicts of interest between the Administrator Institution and the Funds, as well as with the participants of said Funds, conflicts between the different Funds of the Administrator Institution; d) Procedures and internal control norms that prevent the occurrence of conflicts of interest that could affect the Fund of its administrators, managers, main executives; and e) Procedures and internal control norms on situations of use of privileged information regarding any official who, by reason of their position or role, has access to information of their participants and on the investment decisions of the Fund.

CHAPTER VI
GRANTING OF GUARANTEES

On the Guarantee
Art. 73.- The Administrator Institution must comply, prior to the registration of a Fund, with the constitution of the guarantee in accordance with what is established in article 22 of the Funds Law, which must be updated over time and in accordance with the parameters established in said article. The guarantee must be constituted with own resources of the Administrator Institution, which may be in cash, bond, or pledge on securities.

Cash
Art. 74.- When it concerns cash, the Administrator Institution must deliver it for custody to the representative of the beneficiaries of the guarantee, and this representative must keep it on deposit in a bank regulated by the Banks Law or by the Cooperative Banks and Savings and Credit Societies Law, provided that it is not part of the financial conglomerate to which the Administrator Institution belongs.

The representative of the beneficiaries of the guarantee has the obligation to keep the received money clearly identified in their accounting and to reveal that it corresponds to the amount received as guarantee of the Fund in question and that it is exclusively for use to guarantee the compliance of the obligations of the Administrator Institution and the events or causes covered by the guarantee. In any case, the bank account used must be a restricted account that identifies the name of the Fund to which the guarantee corresponds, with authorized signature only by the representative of the beneficiaries.

Bond
Art. 75.- The bond must be issued by a company domiciled in El Salvador, which must have a local risk classification that is not lower than EAA-.

Pledge on Securities
Art. 76.- The securities granted as pledge for the constitution of the guarantee must be deposited in the Depository in the name of the representative of the beneficiaries of the guarantee and meet the high liquidity and low risk criteria established in the "Technical Standards for the Investments of Voluntary Previsional Savings Funds" (NSP -60), approved by the Central Bank through its Standards Committee. Securities that are not represented by book entries must be endorsed in favor of the representative of the beneficiaries of the guarantee and registered in the respective ledger of the issuer in favor of the representative of the guarantee, when applicable. For the amount of the guarantee, the market value of the securities constituting it will be considered in accordance with the investment valuation policy of the Administrator Institution. In the event that the amount of the guarantee decreases due to market price fluctuations below what is required in the Funds Law or does not meet the high liquidity and low risk characteristics that have been required, the Administrator Institution will proceed to make a complement or substitution thereof on the next business day after having identified it.

Update of Guarantees
Art. 77.- The Administrator Institution will be responsible for complying at all times with the amount of the guarantee and for carrying out at least monthly the update thereof on the last business day of the month.
The Administrator Institution will be responsible for carrying out at least monthly the update of the guarantee on the last business day of the month, having to cover the deficiency at the latest on the next business day when it determines that the amount of the guarantee resulted lower than the amount of the parameters detailed in letters a) and b) of article 22 of the Funds Law or is required by the Superintendence in accordance with what is established in said article.

Execution of Guarantees
Art. 78.- When the guarantee is executed, the amount obtained will be distributed pro rata among the affected participants or employers, considering the percentage that represents the number of shares of each participant in relation to the equity that was held on the date on which the event or cause that originated the request for the execution of the guarantee was presented. Additionally, the Administrator Institution must have a procedure for the distribution of the guarantee, which must include among other aspects: identification and notification of participants, method of calculation for its distribution, method of making the payment, controls on the delivery of the payment to the participants.

Representatives of Beneficiaries of the Guarantee Art. 79.- The designation of the representative of beneficiaries of the guarantee will be the responsibility of the Administrator Institution in accordance with article 23 of the Funds Law and additionally to the functions established in said article, the representative of the beneficiaries will control the expiration date of the guarantees that are under their custody, for which purposes they must inform the Administrator Institution about the upcoming expirations of the guarantees thirty business days prior to the expiration date thereof.

Submission of Information to the Superintendence Art. 80.- The Administrator Institution must inform the Superintendence on the next business day after having made any modification to the guarantee, whether in its amount or in its form of constitution, attaching the corresponding documents.

CHAPTER VII
OTHER PROVISIONS AND VALIDITY

Time of Information Custody
Art. 81.- The information and the record of transactions carried out by participants and employers in the Savings Fund must be preserved in accordance with the term established in the Special Law for the Prevention of Money Laundering and the Commercial Code respectively. (1)

Sanctions
Art. 82.- Non-compliance with the provisions contained in these Standards will be sanctioned in accordance with what is established in the Law for the Supervision and Regulation of the Financial System.

Repeal
Art. 83.- These Standards repeal the "Technical Standards for the Authorization, Registration and Operation of Voluntary Previsional Savings Funds" (NSP -24) approved by the Central Bank through its Standards Committee, in Session CN09/2019, of May 28, 2019.

Unforeseen Aspects
Art. 84.- Unforeseen aspects in regulatory matters in these Standards will be resolved by the Central Bank through its Standards Committee.

Validity
Art. 85.- These Standards will enter into force as of the thirtieth of December of two thousand twenty-two.

MODIFICATIONS:

(1) Modifications in consideration X, incorporation of consideration XI, and modifications in articles 3, 18, 66, 67, and 81, approved by the Central Bank through its Standards Committee, in Session No. CN-02/2026, of February 26, two thousand twenty-six, with validity as of March 13, two thousand twenty-six.

NSP-59
TECHNICAL STANDARDS FOR THE AUTHORIZATION, REGISTRATION AND OPERATION OF VOLUNTARY PREVISIONAL SAVINGS FUNDS Approval: 30/12/2022 Validity: 30/12/2022

Annex No. 1

MINIMUM CONTENT OF THE PROSPECTUS OF THE VOLUNTARY PREVISIONAL SAVINGS FUND The prospectus of each Voluntary Previsional Savings Fund must contain as a minimum the following information:
1) Cover, which must contain as a minimum the following:
a) Denomination of the Administrator Institution of the Fund; b) Denomination of the Fund; c) Object of the Fund: Indicate in a summarized and descriptive manner, the destination of the majority of the investments or use of the resources of the Fund; d) Type of client to whom the Fund is directed, which must consider aspects such as investment horizon, need for liquidity, risk tolerance, knowledge and previous experience in investments; e) Main characteristics of the Fund; f) Consign the following literal reasons:
i. "The Fund (denomination) has been inscribed in the Public Registry of the Superintendence of the Financial System, which does not imply that it recommends becoming part of the Fund and that it opines favorably on the profitability or quality of the instruments in which it invests."; and
ii. "The amounts of money received as contributions for a Fund are investments at the account and risk of the participants and employers, they are not bank deposits nor mandatory contributions to a Pension Fund and do not have the guarantee of the Deposit Guarantee Institute".
g) Denomination of the marketing entities, including reference of authorization in the Superintendence; h) References of authorization of the registration entry in the Public Registry kept by the Superintendence of the Fund; i) Risk classification granted to the Fund; j) Other information that the Administrator Institution considers important; and k) Date: Indicate the month and year in which the prospectus or update was prepared.
2) Back cover, which must contain the following information of the Administrator Institution, marketing entity, external auditors, legal advisors, and of any natural or legal person who has intervened in the constitution of the Fund and the marketing of the Fund: Name, address, website, telephone, fax, email of the person designated as contact.
3) Declaration of truthfulness of the information contained in the prospectus, which must be granted by the legal representative or attorney-in-fact of the Administrator Institution of the Fund in a notarial deed.
4) Presentation of the prospectus signed by the legal representative of the Administrator Institution.

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5) Index and Glossary: include the content index, as well as a glossary defining the technical terms that form part of the prospectus.

6) Fund Authorizations:
a) Date and session of the competent authority of the Administrator Institution that authorized the Fund's prospectus; and b) Date and session of authorization of the Fund's registry entry with the Superintendence.

7) Administrator Institution Aspects:
a) Name, Tax Identification Number (TIN), registration numbers and date of inscription in the Registry, address of the main office, telephone and fax numbers, email address, website address; b) Details of shareholders, whether natural or legal persons, including the percentage of participation; c) List of the Board of Directors or Governing Body with their registration data in the Commercial Registry, General Manager or Executive Director of the Administrator Institution, main executives, as well as the persons responsible for functions related to investment decisions in the Fund, incorporating a summary of their curriculum vitae; d) Relevant information (including lawsuits brought against them and condemnatory judgments for payment); e) Name, domicile, and business group or financial conglomerate to which the Administrator Institution belongs; and f) Specify the body authorized to agree on the modification of the Fund's prospectus, in accordance with what is established in these Standards.

8) Fund Characteristics, which must contain at minimum:
a) Name or denomination of the Fund that distinguishes it from any other Fund authorized by the Superintendence; b) Type of client to whom the Fund is directed, which must consider aspects such as investment horizon, risk tolerance, knowledge and prior experience in investments; c) Definition of the contracts or plans with which the Fund will be equipped, in accordance with what is established in article 136 of Law SP; d) Minimum opening amount in the Fund if applicable, in addition to specifying the minimum subsequent contributions and their periodicity or if they can be made occasionally; e) Payment method for opening and future contributions; f) Currency in which the Fund will be expressed; g) Description of the investment and diversification policy of the Fund's investments, detailing the types of assets in which to invest, limits on treatment of investment excesses, and other background information that allows knowing the risks and potential returns of the Fund; h) Process for modifying the Fund's characteristics and its dissemination;

NSP-59
OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
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Validity: 30/12/2022
Annex No. 1

i) Guarantees: specify the guarantee of the Administrator Institution based on the Fund's equity, establishing the events or causes covered by it. In addition, it must detail the name of the entity designated as the representative of the beneficiaries; j) Applicable commissions for the participant or employer where applicable, as well as the commission scheme that the Administrator Institution will charge, indicating its periodicity, the basis for determining its calculation, which must be expressed as percentages or amounts; k) Expenses charged to the Fund, clearly detailing their concepts, which must be related to the management of the Fund and will be expressed as percentages or amounts; l) Custody and deposit: Detail the name of the entity or entities in which the securities to be acquired with Fund resources will be deposited; m) Fund risk classification: name of the risk classifier, the meaning of the assigned classification, and the reference date of the classification report; n) Minimum period of stay required in the Fund, where applicable; o) Applicable tax regime for the Fund, participants, and employers; and p) Specify the place or places where documents related to the Fund will be available to participants and employers.

9) Contributions, Transfers, and Withdrawals:
a) Rules or procedure for carrying out contribution operations, total or partial transfers, and withdrawals to the individual account in the Fund, specifying the process and verifiable communication means to carry out said operations; b) Name and address of the entity that will commercialize the Fund, specifying whether said entity will be authorized to receive transfer and withdrawal requests from the voluntary savings individual account and deliver the payment thereof, specifying the applicable procedures for said effects; c) Maximum participation percentages of participants and employers in the Fund; d) Minimum initial contribution amount and additional contributions specifying their periodicity, where applicable, or if contributions can be made occasionally; e) Entity that will commercialize the Fund, specifying whether said entity will be authorized to receive transfer and withdrawal requests from the individual account, as well as whether said commercializing entity can deliver the payment of redemptions, specifying the applicable procedures for said effects; f) Contribution, withdrawal, and transfer system, form and periodicity of conversion of contributions, transfers, and withdrawals from the individual account, whether carried out by the participant or the employer, specifying the cutoff time for each of these operations and the share value to be used for their conversion; g) Payment of withdrawals and transfers of resources from the individual account: establish the form, conditions, and timeframes in which the payment of withdrawals from the individual account will be made, as well as the transfers that the participant and employer request to make to other voluntary accounts or another Fund. In addition, the procedure for the extraordinary payment of withdrawals with securities must be included;

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OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
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Annex No. 1

h) Specify from what moment contributions made by the participant or employer, as applicable, will be considered effective or final; i) In the transfer of individual accounts, compliance with the maximum deadline established in the regulations that develop the transfer, merger, and liquidation of Funds, as issued by the Central Bank through its Standards Committee; j) Deadline to make withdrawal payments. In addition, it must specify the deadline corresponding to those withdrawals and transfers requested by participants and employers that represent significant amounts of the total Fund equity; k) Significant withdrawal amount: definition of the minimum significant amount in daily terms as a fixed amount or as a percentage of the Fund's equity, specifying the maximum deadline corresponding to those withdrawals that represent significant amounts of the total Fund equity; and l) Specify the cases and conditions in which the Administrator Institution will charge a commission for transfers or withdrawals where applicable, specifying the basis of its calculation.

10) Initial Share Value and Calculation Procedure:
a) Initial value of the participation share; b) Procedure for calculating the share value; and c) Cutoff time, examples of share value calculations to be applied in relation to the cutoff time.

11) Investment Policy, Liquidity:
a) Description of the investment policy of resources and diversification of investments, which will specify the characteristics of the assets in which the fund will invest, describing the types, terms, and investment limits, detailing, where applicable, the risk classification of the assets in which the Fund will invest, as well as hedging policies, and it must also specify if sell repos will be carried out, if applicable. In addition, it must detail the treatment of investment excesses; and b) Liquidity policy of the Fund's assets, for the purpose of having the necessary resources to carry out the Fund's operations, the payment of withdrawals, and transfers of resources contributed by the participant and employer.

12) Other Management Policies Adopted:
a) Policies on Fund operations with related parties, the handling of conflicts of interest, and allocation of operations when managing different Funds; and b) Policies, measures, and procedures whose object is the adequate resolution of conflicts of interest between the Fund and the Administrator Institution, such as: investments and operations with related parties, operations between Funds, and operations between the Fund and its administrator.

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13) Controls and Procedures:
a) Procedures, deadlines, and other rules for attention by the Administrator Institution to participants and employers regarding: inquiries made, attention and resolution of complaints, claims. The means of receipt of the same, office address, telephone, email address in which the participant can make inquiries, complaints, and claims must be specified; b) Procedure for resolving differences or conflicts between participants and employers and the Administrator Institution; c) Procedures to carry out the modification of the prospectus and the method of communicating said modifications to participants and employers; and d) Administration and liquidation rules of the Fund.

14) Custody System: detail the custody system for the securities that make up its assets.

15) Fund Risk Factors: identify and explain the main inherent risks associated with the Fund, including at least risks related to market, operational, counterparty, liquidity, among others.

16) Administrator Institution's practices and policies in risk management matters in the management of the Fund.

17) External Auditor, Fiscal, and Fund Risk Classification:
a) Criteria for selection and renewal of the external auditor and fiscal, where applicable; and b) Indication that the Fund has a risk classification, specifying the name of the risk classification company.

18) Rights, Obligations, and Communications for Participants and Employers:
a) Detail of the information that must be delivered to participants and employers, specifying its periodicity; b) Periodicity and method for providing financial reports to participants and employers; c) Specify rights and obligations: rights in the Fund, mandatory information that will be delivered to participants and employers, as well as the obligation of the participant and employer to keep the Administrator Institution informed about possible changes of domicile, among others; d) Employer's obligation to keep the Administrator Institution informed of the withdrawals and entry of workers to whom they make contributions, among others; e) Mechanisms to inform participants and employers about relevant events that affect their investment; f) Name of the printed or electronic newspaper of national circulation in which publications will be made in accordance with what is established in these Standards; g) Places to obtain information on financial statements and all information related to the Administrator Institution and the Fund; and h) Administrator Institution's website.

19) Any other information that the Administrator Institution considers important to make known to the public.

NSP-59
OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
Approval: 30/12/2022
Validity: 30/12/2022
Annex No. 2

INFORMATION SYSTEMS
STAGE I
Generalities
Financial institutions interested in having a Voluntary Fund authorized must present the system with which they expect to manage the service. They must also inform about any subsequent changes verified in said system.

Information Systems Area a) General description of the application:
i. Generalities; and
ii. Objectives.
b) Data dictionary, where applicable; c) Online or batch process and justification; d) Security measures; e) Estimated frequency and volume of operations; f) Analyst manual (in the case of internal developments and outsourcing maintenance, where applicable): guide for system (application) maintenance, in which aspects such as: standards used in the coding of the referred system, definitions or conventions of the data structure are found; g) Application user manual; h) Work plan for the application implementation stage:
i. Timelines; and
ii. Activities.
i) Detail of main modules, including:
i. Module name;
ii. Objective;
iii. Main functions; and
iv. Flowchart of processing and data capture of critical processes.
j) Description of reports issued by the system, including:
i. Report name;
ii. Objective;
iii. Issuance periodicity; and
iv. Printed copy of the report.

Communications Area a) Basic diagram of the communications equipment; b) Graphical scheme of the application distribution method; c) Specification of the main and contingency communications provider; d) Indicate the type of link available; e) Security and controls to be implemented during online processes with remote users; and f) Access to the database used in the exchange of information with the Superintendence.

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OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
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Annex No. 2

Information Resources Area
Presentation of Technological Platform a) Servers: basic description of the server where the application will reside; b) Details of client equipment (antivirus, antimalware, if the equipment is within the Administrator Institution's domain); c) Description of data backup procedures for the application; d) Description of the database software employed; e) Description of development tools used, in the case of internal developments; and f) Description of the server operating system, the database it uses, and client equipment.

Application Testing
It is indispensable that before the start of operations or execution of the various applications, the functionality and accuracy of information processing are verified. It is the responsibility of the financial institution to prepare a work area that simulates real execution conditions, including decentralized modules to work online. The points to be evaluated are:
a) Inputs; b) Outputs; c) Processes; d) Data specifications; e) Process specifications; f) Access methods; g) Operations; h) Data manipulation (before and after the electronic data processing); i) Reports generated by the application; j) File identification, field and record sizes; k) Online process or batch processes to feed the information to be generated in the reports and their justification; l) Frequency and operation volumes to generate reports; m) Security systems; n) User access levels (roles); o) Control systems; p) Responsible parties; q) Number of users registered in the application; r) Review of the user training plan; s) Review of the application implementation plan; and t) Calculation routine tests.

NSP-59
OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
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Validity: 30/12/2022
Annex No. 2

STAGE II
Generalities
This stage allows verifying the real functioning of the application, as it reviews the functionality and efficiency of the systematized processes. It consists of making a visit to the company and validating the information based on the specifications and controls established in the application. Unlike the previous stage, the creation of a test area is not requested, as the review of inputs and outputs is carried out with real data. The points to be evaluated are:
a) Transfer and integration of Information, for decentralized applications; b) Operations; c) Data integrity and consistency; d) System acceptance by users (user interviews); e) Security system; f) Control systems; and g) Data manipulation.

NSP-59
OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
Approval: 30/12/2022
Validity: 30/12/2022