Technical Standards for the Registration and Marketing of Participation Quotas of Foreign Investment Funds

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OF PARTICIPATION QUOTAS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017

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

CONSIDERING:

I. That Article 111 of the Investment Funds Law establishes that to market participation quotas of Foreign Investment Funds in El Salvador, they must be previously registered with the Superintendence of the Financial System.

II. That Article 112 of the Investment Funds Law establishes that Fund Managers constituted in accordance with the Investment Funds Law who wish to market participation quotas of Foreign Investment Funds must obtain authorization from the Superintendence of the Financial System.

III. That Article 116 of the Investment Funds Law establishes that the marketing of participation quotas of Foreign Open Investment Funds may be carried out by the Manager, through Stockbrokerage Houses, or by legal entities authorized by the Board of Directors of the Superintendence of the Financial System, in accordance with the requirements established through technical standards by the Central Bank of Reserve of El Salvador.

IV. That Article 118 of the Investment Funds Law establishes that the Central Bank of Reserve of El Salvador will issue technical standards regarding the authorization, registration, and marketing of participation quotas of Foreign Investment Funds.

V. That Article 6, letters o), p), and q) of the Securities Market Law, establishes that the Public Stock Exchange Registry will have a Registry of participation quotas of Foreign Open and Closed Investment Funds and of entities authorized to market participation quotas of Foreign Investment Funds.

VI. That Article 3, letter h) of the Law on Supervision and Regulation of the Financial System, establishes that it is the competence of the Superintendence of the Financial System to authorize the registrations, registry entries, modifications, and cancellations thereof, of the persons, institutions, and operations subject to such requirement, in accordance with the laws governing the matter.

THEREFORE,

by virtue of the regulatory powers conferred by Article 99 of the Law on Supervision and Regulation of the Financial System,

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AGREES to issue the following:

TECHNICAL STANDARDS FOR THE REGISTRATION AND MARKETING OF PARTICIPATION QUOTAS OF FOREIGN INVESTMENT FUNDS

CHAPTER I
OBJECT, SUBJECTS, AND TERMS

Object
Art. 1.- These Standards aim to establish the requirements and procedures to record participation quotas of Foreign Investment Funds in the Public Stock Exchange Registry of the Superintendence of the Financial System for their respective marketing in El Salvador, as well as the minimum requirements and provisions that legal entities interested in marketing such participation quotas must adhere to, and other applicable provisions regarding the marketing service provided.

Subjects
Art. 2.- The subjects obligated to comply with these Standards are:
a) Fund Managers authorized by the Superintendence of the Financial System; b) Stockbrokerage Houses interested in marketing participation quotas of Foreign Investment Funds; c) Other legal entities interested in being authorized by the Superintendence of the Financial System to market participation quotas of Foreign Open Investment Funds; and d) Stockbrokerage Houses, as well as other legal entities, authorized to market participation quotas of Foreign Open Investment Funds.

Terms
Art. 3.- For the purposes of these Standards, the terms indicated below have the following meaning:
a) Foreign Fund Administrator: Management or administration company of the Foreign Investment Fund; b) Marketing Agent: Natural person working for a Manager or an agent to provide specialized advice and carry out the promotion, placement, and purchase or sale of participation quotas of Foreign Investment Funds; c) Central Bank: Central Bank of Reserve of El Salvador; d) House: Authorized and registered Stockbrokerage House in the Superintendence of the Financial System;

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e) Marketing of Foreign Investment Funds: Promotion, placement, purchase, or sale of participation quotas of Investment Funds authorized in other countries; f) Marketing Agent Company or Agent: Stockbrokerage House or other legal entity authorized by the Superintendence of the Financial System, which has signed an agency contract with a Manager for the marketing of participation quotas of Foreign Open Investment Funds; g) Foreign Funds: Investment Funds constituted and authorized in other countries. Includes Foreign Open Investment Funds and Foreign Closed Investment Funds; h) Foreign Open Funds: Open Investment Funds constituted and authorized in other countries; i) Foreign Closed Funds: Closed Investment Funds constituted and authorized in other countries; j) Manager: Authorized and registered Investment Fund Management Company in the Superintendence of the Financial System; k) Member of the financial system: Subject defined as such according to Article 7 of the Law on Supervision and Regulation of the Financial System; l) Investor: Natural or legal person interested in acquiring participation quotas of a Foreign Investment Fund; m) Funds Law: Investment Funds Law; n) Participant: Investor in an Investment Fund; o) Registry: Public Stock Exchange Registry of the Superintendence of the Financial System; and p) Superintendence: Superintendence of the Financial System.

CHAPTER II
AUTHORIZATION AND REGISTRATION OF PARTICIPATION QUOTAS OF FOREIGN INVESTMENT FUNDS IN THE PUBLIC REGISTRY OF THE SUPERINTENDENCE OF THE FINANCIAL SYSTEM

Content of the authorization and registration request Art. 4.- Managers interested in marketing participation quotas of Foreign Funds must submit a request to the Superintendence, signed by their legal representative or attorney, which must contain at least the following information:
a) General information about the Foreign Fund from which participation quotas are intended to be marketed, considering as a minimum, the name of the Fund, authorization date, years of operation, and country of origin. In the case of Foreign Closed Funds, the term of the Fund and its expiration date must also be included, as appropriate to the characteristics of the Fund; (1) b) General information about the administrator of the Foreign Fund from which participation quotas are intended to be marketed, considering as a minimum the name, date of constitution, years of experience, and amounts managed; and c) Indication of compliance by the Manager with the conditions established in Article 113 of the Funds Law.

Documents attached to the request for registration of quotas Art. 5.- The Manager, in order to request the recording of Foreign Fund quotas in the Registry, must attach the following documentation to the authorization and registration request:
a) Documentation confirming that said Foreign Funds meet the conditions established in Article 113 of the Funds Law, according to the classification of the Fund; b) Copy of the document issued by the corresponding authority of the country where the Foreign Fund was originally authorized, accrediting its constitution and authorization, in accordance with applicable legislation; c) Copy of the document issued by the corresponding authority of the country of origin, proving that the administrator of the Foreign Fund is registered and constituted in accordance with applicable legislation in the country of origin; d) Current risk rating of the Foreign Fund, which must be issued by a foreign risk rating agency recognized by the Securities and Exchange Commission (SEC) of the United States of America, or granted by foreign risk rating agencies registered with the securities market regulator of their respective country of origin. In the event that the Foreign Fund does not have a risk rating because it is not required in its country of origin, the documentation detailed in Article 9 of these Standards must be attached to this request; e) Copy of the Internal Regulations of the Foreign Fund, offering circular, or similar document, in accordance with the applicable legislation of the country of origin. Additionally, relevant information about the Foreign Fund must be presented, as a minimum: the name of the Fund, authorization date, country of origin, composition of the Fund's investments by type of investment, and general information about the managing company of the Fund, such as the name of the company, experience, capital, and amounts managed. In the case of Foreign Open Funds, the number of quotas placed as of the date of the registration request must also be identified, and in the case of Foreign Closed Funds, the term of the Fund and its expiration date, as appropriate to the characteristics of the Fund; (1)

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f) Copy of the last annual report and the last periodic report of the Foreign Fund, or similar documents, to which investors in the country of origin have access. In the event that these reports are available through the website of the administrator of the Foreign Fund, the access path to them must additionally be indicated; g) Audited annual financial statements of the Fund, corresponding to the last two years, in accordance with the legal requirements established in its jurisdiction, including the respective auditor's opinion, provided that it is required in its country of origin. In the event that the Fund does not have this time of constitution, a financial statement of the last period, duly audited, must be presented, provided that it is required in its country of origin; h) Detail of commissions and charges to which the participation quotas will be subject in the country of origin of the Fund and which will be borne by the Fund and participant, as well as other obligations and legal provisions regulating the Fund in the country of origin; i) Summary of essential information or material events of the Foreign Fund occurring during the last six months, reported as such in the Fund's country of origin market.

Additionally, the Manager must send to the Superintendence a Sworn Declaration signed by its legal representative or attorney with the respective notarial authentication, indicating that the information accompanying the request is complete, in accordance with the provisions of this article. The Manager will request from the administrator of the Foreign Fund all necessary information that allows it to make a valuation of the convenience of initiating said contractual relationship, taking into consideration the current legal framework. (1)

The instruments or information that by virtue of this article must be presented to the Superintendence or delivered to participants must be in the Spanish language.

The instruments or information that must be accompanied by their corresponding translation in accordance with the Notarial Practice Law of Voluntary Jurisdiction and Other Proceedings and treaties or international conventions, when they are in a language other than Spanish, are those established in letters b) and c) of this article. (1)

Documents for marketing authorization attached to the request Art. 6.- The Manager, in order to request authorization for the marketing of quotas of Foreign Funds, must attach to the authorization and registration request, in addition to the information established in the previous article, the following documentation:
a) Certification of the Board of Directors' agreement of the Manager in which the marketing of participation quotas of Foreign Funds was agreed upon, indicating that it has evaluated the risks of the Fund, as well as the name of the Fund from which the quotas will be marketed; b) Contract or document in which the express authorization of the administrator of the Foreign Fund is recorded for the Manager to exercise marketing in the country; c) Detail of the personnel participating in the marketing of quotas of Foreign Funds, including name, age, profession, and domicile, as well as a copy of the documentation accrediting compliance with the provisions of Article 39 of these Standards; d) Procedures manual for the marketing of participation quotas of Foreign Funds, in accordance with the provisions of Article 46 of these Standards; e) Description of the computer platform for controlling the marketing of participation quotas of Foreign Funds; f) Policies and procedures approved by the Board of Directors of the Manager for determining the investor profile, which must include as a minimum the provisions established in Article 117 of the Funds Law and the "Technical Standards for the Authorization, Registration, and Operation of Investment Funds" (NDMC -06), approved by the Central Bank through its Standards Committee; (1) g) Copies of the informational supplement for Salvadoran investors, which will be delivered to those interested in becoming participants of the Foreign Fund, which must consider as a minimum the information of the Foreign Fund being marketed, the managing company of the Fund in the country of origin, costs to be incurred by the participant in the acquisition and redemption of participation quotas, as well as a description of the manner in which the placement and redemption of participation quotas are carried out in accordance with Annexes No. 1 and No. 2 of these Standards, as appropriate; and h) Information policy for participants, in accordance with the provisions of Article 41 of these Standards.

For the authorization of the marketing of quotas of Foreign Closed Funds, the Manager must present the documentation referred to in letters a), e), g), and h) of this article. In the case of compliance with letter e), the provisions of Article 110 of the Funds Law shall be observed. (1)

Art. 7.- The Manager, in order to request authorization for the marketing of quotas of Foreign Open Funds, in addition to the information established in Articles 4, 5, and 6 of these Standards, must attach information regarding the payment agent and the institutions responsible for the custody, liquidation, and compensation of the participation quotas issued by the Foreign Open Fund, detailing the functions or services performed.

Additionally, the Manager must attach a summary of the evolution of the value of the participation quota, corresponding to the twelve months prior to the registration request. The aforementioned information must be presented in accordance with the periodicity established for valuation in the applicable legislation of the country of origin of the Fund.

The Manager must inform about the procedures, formalities, and timeframes in which subscriptions or redemptions of the participation quotas or the transfer thereof will be effective, when applicable.

Art. 8.- The Manager, in order to request authorization for the marketing of participation quotas of Foreign Closed Funds, in addition to the information established in Articles 4, 5, and the letters indicated in the last paragraph of Article 6 of these Standards, must attach the following information: (1) a) Certificate declaring the existence of an agreement signed between a Salvadoran specialized society for the deposit and custody of securities and a foreign one that facilitates and ensures the custody and immobilization of the participation quotas subject to trading. Such certificate must be issued by the Salvadoran Depositary and must state that in said agreement, the manner of settlement of the operations has been established; and (1) b) Summary of traded volumes and average monthly prices corresponding to the twelve months prior to the registration request.

Funds that do not have a risk rating
Art. 9.- In the case of Foreign Funds that do not have a risk rating because it is not required in their country of origin, the Manager, in addition to what is established in Articles 4, 5, 6, 7, and 8 of these Standards, must present the following documentation, as appropriate:
a) Document issued by the Manager of the country of origin of the Fund, accrediting or proving the following:
i) That the Fund has at least one year of operation; ii) A significant number of participants of at least 250 participants or at least 50 participants if among them there is at least one institutional investor in the case of Foreign Open Funds; iii) A significant number of participants of at least 50 participants or at least 10 participants if among them there is at least one institutional investor in the case of Foreign Closed Funds; iv) That the assets of the Fund are at least US$30 million dollars;

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v) Experience of the foreign administrator of the Fund in managing portfolios of at least 3 years; and vi) Amounts managed by the foreign administrator of at least US$60 million dollars. b) Risk rating of the foreign administrator of the Fund, if it has one; c) Repealed; and (1) d) Fund risk management report or similar document, including the evaluation of the assets constituting the Fund and the risks associated with it.

The instruments or information that by virtue of this article must be presented to the Superintendence or delivered to participants must be in the Spanish language. (1)

Procedure for authorization of registration of participation quotas of Foreign Funds and of the Manager as a marketer (1) Art. 10.- Upon receipt of the authorization and registration request, in accordance with the provisions of Articles 4, 5, 6, 7, 8, and 9 of these Standards, as appropriate, the Superintendence will proceed to verify compliance with the requirements defined in the Funds Law and these Standards, within a maximum period of fifteen business days. (1)

If the request is not accompanied by the complete and duly formatted information detailed in Articles 4, 5, 6, 7, 8, and 9 of these Standards, as appropriate, the Superintendence, due to the lack of necessary requirements, may require the Manager to present the missing documents within a period of ten business days counted from the day following the notification, a period that may be extended at the request of said entity when there are reasons justifying such extension. (1)

The Superintendence in the same notice will indicate to the Manager that if it does not complete the information within the aforementioned period, it will proceed without further procedure to archive the request, reserving its right to submit a new request. (1)

If after the analysis of the documentation presented in accordance with Articles 4, 5, 6, 7, 8, and 9 of these Standards, as appropriate, the Superintendence has observations or when the documentation or information presented is not sufficient to establish the facts or information intended to be accredited; the Superintendence will notify the respective Manager once to remedy the communicated deficiencies or present additional documentation or information requested. (1)

The Manager will have a maximum period of ten business days counted from the day following the notification, to resolve the observations or present the information

NDMC-14
OF PARTICIPATION QUOTAS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017 additional required by the Superintendencia. (1) The Superintendencia may, through a reasoned resolution, extend the period indicated in the preceding paragraph by up to ten additional business days, when the nature of the observations or deficiencies foreseen so requires. (1) Once the information has been received in its entirety and the observations have been remedied or the period referred to in the first paragraph of this article has expired, the Superintendencia will proceed to respond to the request for registration of the participation quotas of Foreign Funds and to the authorization of the Manager as a commercializer, within a maximum period of eight business days. (1) The request and documentation may be submitted through the means made available by the Superintendencia, which may be electronic means. In any case, the period referred to in the first paragraph of this article of these Norms will begin to run from the next business day after the request has been submitted. (1) Extension Period (1) Art. 10-A.- The Manager may submit to the Superintendencia a request for extension of the period indicated in the fifth paragraph of Article 10 of these Norms, before the expiration of said period, stating the grounds for the request and proposing, if applicable, the relevant proof. (1) The extension period may not exceed ten business days and will begin from the next business day following the expiration date of the original period. (1) Suspension of the Period (1) Art. 10-B.- The fifteen business day period indicated in the first paragraph of Article 10 of these Norms will be suspended for the days that elapse between the notification of the request for information or documentation referred to in the second and fifth paragraphs of Article 10 of these Norms, until the observations required by the Superintendencia are remedied. (1) Art. 11.- In the event that the agreement by the Superintendencia is favorable, the Manager, within a maximum period of thirty business days counted from the receipt of said agreement, must make the payment of the registration fees and submit to the Superintendencia the definitive informational supplement for Salvadoran investors that the Manager will use for the negotiation of the participation quotas of Foreign Funds. When the Superintendencia receives the documentation and verifies that it is in accordance with what it has authorized, it will proceed to issue the corresponding registry entry

NDMC-14
OF PARTICIPATION QUOTAS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017 corresponding to the Registry of participation quotas of Foreign Funds and to the Registry of entities authorized to commercialize participation quotas of Foreign Investment Funds within a maximum period of five business days and will notify the requesting Manager within a maximum period of three business days, from the date on which the registry entry was issued. (1) The inscription of the quotas of Foreign Funds in the Registry, in no case implies certification of the quality of the Fund. The Manager, for the purpose of starting the commercialization of participation quotas of Open Foreign Funds, must previously have deposited with the Superintendencia the subscription contract for participation quotas of Foreign Funds between the Manager and the participant. Said contract must consider at least what is established in Article 32 of these Norms. For the authorization of the subscription contract model for quotas, the regulations in Article 32 of the Consumer Protection Law and what is established in the Regulation of the Consumer Protection Law regarding the adhesion contract will be observed. In the event that the Manager has been authorized by the Superintendencia as a commercializer of participation quotas of Foreign Funds and has interest in registering participation quotas of other Foreign Funds, it must submit a new request for the registration of the quotas and authorization for commercialization complying with the requirements established in this chapter of these Norms. To comply with the documentation requested in this Chapter, which is already in the possession of the Superintendencia and is duly updated and its effects have not expired for legal causes, it will not be necessary to present it again, the Manager must refer to this situation in the presentation of the request. (1) Inscription and stock exchange negotiation of participation quotas of Closed Foreign Funds Art. 12.- Once the participation quotas of Closed Foreign Funds are recorded in the Registry, the Manager must proceed to inscribe them in an authorized stock exchange in accordance with what is regulated in the Securities Market Law.

Art. 13.- The placement of the participation quotas of Closed Foreign Funds will be carried out in accordance with what is regulated in the Securities Market Law, other applicable laws and regulations for the placement of securities issuances, and their negotiation will be carried out through the intermediation service provided by a House through its duly authorized stockbroker agent, authorized by the Superintendencia to

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The Houses that carry out the placement and negotiation will be responsible for complying with the obligations contained in articles 41, 42, 43 and 45 of these Norms. (1)

Update of information in the Superintendencia's Registry Art. 14.- The Manager, in order to keep the Registry updated, must submit to the Superintendencia any information related to changes in the requirements and documents that were considered for the analysis and resolution of its request, at the latest within thirty days subsequent to the event that motivates it. If after the issuance of the informational supplement for Salvadoran investors, changes occur in the Regulations or prospectuses of the Foreign Fund, the Manager must modify the supplement and inform the participants and the Superintendencia about said modifications at the latest on the next business day following the occurrence of the event. In addition, it must submit to the Superintendencia the modification request and send the supplement, within the period established in the preceding paragraph. The Manager, for the purpose of submitting the modification request to the Superintendencia, must attach the following information:
a) Detail of the modifications, as well as the documentation that was modified in the country of origin; and b) Communication sent to the participants, specifying the content of each of the modifications made. Filing of proceedings initiated by request for registration and authorization Art. 15.- The Superintendencia will proceed without further procedure to file the proceedings initiated in the registration and authorization procedure detailed in these Norms, when the following situations occur:
a) The Manager has not remedied the observations or has not submitted the required information, in accordance with articles 4, 5, 6, 7 and 8 of these Norms; b) The Superintendencia cancels the authorization agreement for failure to submit the information required in Article 11 of these Norms; or c) The Manager submits a letter to the Superintendencia, informing the desire to withdraw the request, at any time. In any case, the interested parties will maintain their right to submit a new request to the Superintendencia, which will give rise to a new procedure.

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CHAPTER III
AUTHORIZATION AND REGISTRATION OF MANDATORY COMPANIES FOR THE COMMERCIALIZATION OF PARTICIPATION QUOTAS OF OPEN FOREIGN FUNDS IN THE PUBLIC REGISTRY OF THE SUPERINTENDENCE OF THE FINANCIAL SYSTEM

Requirements for mandatory societies for commercialization Art. 16.- The Houses, the members of the financial system, and the joint-stock companies constituted in El Salvador, other than those detailed in Article 7 of the Law for the Supervision and Regulation of the Financial System, that are interested in being mandatory for the commercialization of participation quotas of Open Foreign Funds, must submit to the Superintendencia a request signed by their legal representative or attorney, accompanying it with the corresponding documents for the service of commercialization of participation quotas of Open Foreign Funds, in accordance with what is established in the Chapter referred to the Authorization of Commercializing Entities of the “Technical Standards for the Commercialization of Participation Quotas of Open Investment Funds” (NDMC -10), approved by the Central Bank through its Standards Committee. Once the documentation has been presented, the Superintendencia will proceed to analyze and resolve the request, as stipulated in Article 19 of these Norms. The notification of the resolution or any other documentation will be directed to the persons commissioned by the entities for such effect. The Houses and the members of the financial system must account for the operations they carry out in their function as mandatory for the commercialization of participation quotas of Open Foreign Funds, in accordance with what is established in the corresponding accounting regulations. Art. 17.- The commercialization of participation quotas of Open Foreign Funds may also be carried out by other entities that are part of the financial system, provided that their legal regime or corporate purpose does not prohibit it. Art. 18.- The joint-stock companies constituted in El Salvador, other than those detailed in Article 7 of the Law for the Supervision and Regulation of the Financial System, may be authorized by the Superintendencia to carry out the commercialization of participation quotas, provided that their legal nature or purpose does not prevent them from performing such function and the activity they carry out or their legal situation is not incompatible with the purpose or operations of the Manager. Additionally, the administration of the company must be under the regime of a Board of Directors and its members must have experience or training in financial matters. For the aforementioned mandatory society to be recorded in the Registry as an entity commercializing participation quotas of Open Foreign Funds, its shareholders, Board of Directors members, directors, managers, and administrators must comply with the requirements established in the Chapter referred to the Authorization of Commercializing Entities of the “Technical Standards for the Commercialization of Participation Quotas of Open Investment Funds” (NDMC -10), approved by the Central Bank through its Standards Committee.

Authorization and registration procedure for mandatory societies for commercialization Art. 19.- Upon receipt of the request for authorization and registration of mandatory societies in due form and complete, in accordance with what is established in these Norms, the Superintendencia will proceed to verify compliance with the requirements defined in the Investment Funds Law and in these Norms, as well as to review the computer systems that will be used, having a period of up to twenty business days for the authorization and registration or denial thereof. (1) If the request is not accompanied by the complete and due information required in these Norms, the Superintendencia, in the absence of necessary requirements, may require the requesting entity to present the missing documents within a period of ten business days counted from the day following the notification, a period that may be extended at the request of said entity when there are reasons justifying it. (1) The Superintendencia in the same notice will indicate to the entity that if it does not complete the information within the aforementioned period, it will proceed without further procedure to file the request, leaving it free to submit a new request. (1) If after the analysis of the documentation presented in accordance with these Norms, the Superintendencia has observations or when the documentation or information presented is not sufficient to establish the facts or information intended to be accredited; the Superintendencia will warn the respective entity only once to remedy the deficiencies communicated to it or to present additional documentation or information requested. (1) The requesting entity will have a maximum period of ten business days counted from the day following the notification, to remedy the observations or present the additional information required by the Superintendencia. (1)

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OF PARTICIPATION QUOTAS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017 The Superintendencia may, through a reasoned resolution and in accordance with what is established in Article 19-A of these Norms, extend by up to ten additional business days the period indicated in the preceding paragraph when the nature of the observations or deficiencies foreseen so requires. (1) The request and documentation may be submitted through the means made available by the Superintendencia, which may be electronic means. In any case, the period referred to in the first paragraph of Article 19 of these Norms will begin to run from the next business day after the request has been submitted. (1) Extension Period (1) Art. 19-A.- The requesting entity may submit to the Superintendencia a request for extension of the period indicated in the fifth paragraph of Article 19 of these Norms, before the expiration of said period, stating the grounds for the request and proposing, if applicable, the relevant proof. (1) The extension period may not exceed ten business days and will begin from the next business day following the expiration date of the original period. (1) Suspension of the Period (1) Art. 19-B.- The twenty business day period indicated in the first paragraph of Article 19 of these Norms will be suspended for the days that elapse between the notification of the request for information or documentation referred to in the second and fifth paragraphs of Article 19 of these Norms, until the observations required by the Superintendencia are remedied. (1) Once the complete and due documents have been presented, the Superintendencia will proceed to respond to the corresponding authorization request. (1) Art. 20.- The Superintendencia will proceed to notify the entity of the resolution in which it authorizes or denies the request, within a maximum period of three business days from the date the resolution was issued. (1) In the event that the Superintendencia issues a favorable resolution for the entity, it will proceed to issue the corresponding registry entry to the Registry of entities authorized to commercialize participation quotas of Foreign Investment Funds within a maximum period of five business days and will notify the requesting entity within a maximum period of three business days, from the date on which the registry entry was issued. (1) Update of information in the Registry Art. 21.- The mandatory societies for commercialization must submit to the

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Art. 22.- In the case of entities that have the authorization of the Superintendencia to commercialize participation quotas of Local Open Funds and are interested in being mandatory for the commercialization of participation quotas of Open Foreign Funds, they must submit the respective request to the Superintendencia, accompanying it with the documentation established in the Chapter referred to the Authorization of Commercializing Entities of the “Technical Standards for the Commercialization of Participation Quotas of Open Investment Funds” (NDMC-10), approved by the Central Bank through its Standards Committee, only if these have undergone changes with respect to those previously presented to the Superintendencia. Additionally, they must present to the Superintendencia the update according to the service of commercialization of participation quotas of Open Foreign Funds, of the following documents:
a) Certification of the Board of Directors agreement or the Administrative Body of the entity to provide the service of commercialization of participation quotas; b) Description of the business operational model corresponding to the commercialization of participation quotas of Open Foreign Funds; and c) Description of the computer system to be used for the registration of operations related to the commercialization of participation quotas of Open Foreign Funds. In the case of Houses that have the authorization of the Superintendencia to negotiate foreign securities and are interested in commercializing participation quotas of Open Foreign Funds, they must submit the respective request to the Superintendencia, accompanying it with the documents established in the preceding paragraph. The Superintendencia will proceed to resolve the request in accordance with what is established in articles 19 and 20 of these Norms.

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OF PARTICIPATION QUOTAS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017 Filing of proceedings initiated by request for registration and authorization Art. 23.- The Superintendencia will proceed without further procedure to file the proceedings initiated in the registration and authorization procedure detailed in these Norms, when the following situations occur:
a) The entity has not remedied the observations or has not submitted the required information, in accordance with articles 16, 18, 19 and 22 of these Norms; or b) The entity submits a letter to the Superintendencia, informing the desire to withdraw the request, at any time. In any case, the interested parties will maintain their right to submit a new request to the Superintendencia, which will give rise to a new procedure.
CHAPTER IV
COMMERCIALIZATION SERVICE OF PARTICIPATION QUOTAS OF OPEN FOREIGN FUNDS

Regarding the service of commercialization of participation quotas Art. 24.- The entities contracted by a Manager for the commercialization of participation quotas of Open Foreign Funds will constitute their mandatory agents, which will provide the service of commercialization of participation quotas as if it were carried out by the Manager that contracted their services. The Board of Directors of the Manager must identify the quotas of Open Foreign Funds that will be commercialized through a mandatory agent, the profile and criteria that an entity must meet to be contracted as its commercializer, and the commissions to be paid to said entities. Likewise, it must establish the way in which the risks associated with the contracting of this service will be managed, especially financial and operational risks, which include technological risks, legal risks, those related to the prevention, detection and control of money laundering, terrorist financing and financing of the proliferation of weapons of mass destruction, and reputational risk. (4) The mandatory societies for commercialization must comply with the provisions related to the commercialization of participation quotas that are mandatory for the Manager and are contemplated in the Funds Law and in the different Technical Standards approved by the Central Bank through its Standards Committee. The Administrative Body of the mandatory society for commercialization must approve the necessary procedures to comply with the guidelines issued by the

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OF PARTICIPATION UNITS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017 Manager that contracted its services, related to risk management in the commercialization of participation units. The commission to be paid to the mandatory society for commercialization must be included in the commission paid by the foreign administrator of the Fund to the Manager for the commercialization of participation units of Foreign Open Funds, which must be disclosed in the informational supplement for Salvadoran investors. Contract for commercialization Art. 25.- The hiring of the service of commercialization of participation units of Foreign Open Funds must be approved by the Board of Directors of the Manager or whom it delegates, for which it must sign a mandate contract with the mandatory society that provides the referred service. Through this contract, the Manager must expressly authorize the mandatory to represent it and bind it in everything related to the commercialization of participation units of Foreign Open Funds, within the limits of its mandate. The Manager will be responsible for hiring societies that have the capital and the infrastructure to commercialize participation units of Foreign Open Funds, in order to guarantee the continuity of operations, comply with its commitments and face the risks to which this business is exposed. The mandate contracts must comply with what is established in the legal and regulatory framework related to service contracts, according to the “Technical Standards for the Authorization of Constitution, Start of Operations, Registration and Management of Operations of Investment Fund Managers” (NDMC -02), approved by the Central Bank through its Standards Committee. The commercialization contract must consider the following minimum content:
a) Reference to the registry entry issued by the Superintendence for the mandatory; b) Express indication that the mandatory for commercialization acts before the investors and participants in the name and representation of the Manager; c) Clause that reflects that the mandate cannot be delegated to a third party; d) Operations included in the mandate; e) Obligations, prohibitions and conduct rules that the mandatory must observe including those stipulated in these Standards and those required for the Manager on this matter in other Technical Standards; f) Obligations of the Manager with the mandatory including those stipulated in the present Standards; g) Security measures and availability of human resources that the mandatory must maintain to provide the services included in its mandate;

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OF PARTICIPATION UNITS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017 h) Policies, mechanisms and control measures that the mandatory must implement for the prevention, detection and control of money laundering, terrorism financing and financing of the proliferation of weapons of mass destruction; (4) i) Schedule and manner in which the mandatory will provide daily to the Manager through electronic means, information about participants and operations performed; j) Procedure that the mandatory must follow to transfer to the Manager in a complete manner, the original files of the participants with whom they have placed participation units, establishing a specific deadline for their transmission; k) Information security provisions to guarantee the integrity, transfer and availability of information; l) Provisions to ensure that mandatarias keep strict reserve and confidentiality about the information to which they have access, by reason of the provision of their services, especially the personal data and operations that participants perform; m) Procedure that the mandatory must follow in case it receives complaints from participants; n) Procedure that will be used for the resolution of conflicts between the Manager and the mandatory; o) Procedure that will be used to communicate to the Manager that the mandatory, its shareholders, directors, managers and administrators have failed to comply with any of the requirements established in these Standards and in the “Technical Standards for the Commercialization of Participation Units of Open Investment Funds” (NDMC-10), approved by the Central Bank through its Standards Committee, or have incurred in any of the disqualifications established in the laws that govern them; p) Clauses that facilitate an adequate review, by the Manager or by the Superintendence, of the operations and services provided by the mandatory; q) Remuneration or commission to be paid to the mandatory; r) Term of the contract; and s) Clauses of suspension and termination of the contract, as well as their legal consequences. The models of mandate contracts for the commercialization of participation units of Foreign Open Funds must be previously sent to the Superintendence for its review, by virtue of what is established in article 30 of the Fund Law. The Manager must inform the Superintendence, in the first seven business days of each month, the contracts with new mandatarias of the previous month indicating:
name of the contracted entity, date of hiring and start of service provision.

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OF PARTICIPATION UNITS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017 The Manager must verify that the mandatory is acting in accordance with what agreed in the contract and that the operational capacity of the mandatory on which the subscription of the contract was based has not deteriorated. In case the Manager has knowledge that one of its mandatarias has ceased to comply with any of its obligations considered in the provision of the service to the detriment of the participants or of the Foreign Open Fund subject to commercialization, it may terminate the contract, communicating it to the Superintendence in a maximum period of five business days after having terminated it. The Manager cannot force its mandatarias to sign exclusivity contracts for the commercialization of participation units. No entity may commercialize participation units of Foreign Open Funds without having been previously authorized and registered in the Registry of the Superintendence, having signed a mandate contract with a Manager to provide that service and having the contribution and redemption system for the registration of the commercialization operations duly authorized, which complies with the requirements established in the “Technical Standards for the Commercialization of Participation Units of Open Investment Funds” (NDMC -10), approved by the Central Bank through its Standards Committee.

Mandatarias of two or more Managers
Art. 26.- In the case that a mandatory has been hired by a Manager and there are other Managers interested in hiring the same mandatory, the latter must verify the technical and operational capacity of the mandatory to attend the additional volume of operations and services prior to signing the respective contract, having to show to the Superintendence at the moment when it requires it, the result of the analysis on the operational capacity of the mandatory on which the subscription of the additional contract was based. Additionally, in case the mandatory has shareholders, directors and/or administrators of a Manager, this must make it known to the other Managers with which it contracts prior to the signing of the respective contracts. Responsibilities of the Manager that hires the commercialization of participation units of Foreign Open Funds Art. 27.- The quality of the contracted service is the responsibility of the Manager, which will respond to third parties as if it had performed them. In the case that the Manager decides to carry out the commercialization of the participation units of Foreign Open Funds through a mandatory, the Manager will be responsible for the following:

NDMC-14
OF PARTICIPATION UNITS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017 a) Ensure that the mandatory has the capital and the physical, technical and human resources infrastructure for the provision of the agreed services, verifying for this the technical and operational capacity of the mandatory to attend the volume of operations and services agreed; b) Ensure that the Sales Agents who work for its mandatarias are trained, according to what is established in the “Technical Standards for the Commercialization of Participation Units of Open Investment Funds” (NDMC-10), approved by the Central Bank through its Standards Committee; c) Have policies for the management of risks associated with the commercialization of the participation units of Foreign Open Funds that it administers and ensure that its mandatory carries out the management of the same; d) Monitor the compliance 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 by its mandatarias, without prejudice to the obligations that correspond to it according to what is established in the “Technical Standards for the Authorization, Registration and Functioning of Investment Funds” (NDMC -06), approved by the Central Bank through its Standards Committee; (4) e) Maintain the files of the participants who have acquired participation units of Foreign Open Funds through its mandatarias, which it must keep in a complete and updated manner; f) Establish the mechanisms and procedures to attend complaints from investors and participants derived from the operations performed through its mandatarias, for which it must specify the official means of reception of such complaints and resolve in a reasonable time. Such procedure must incorporate internal controls on the attended consultations and responses provided; g) Provide its mandatarias with a contact telephone number or other means of electronic communication through which they can maintain a permanent communication, in order to facilitate the solution of any concern or problem that arises in the commercialization of participation units; h) Publish on its website an updated list of its mandatarias, detailing information about address, telephone number and electronic address; i) Keep available to the Superintendence, all the information that this requires for the execution of its surveillance and supervision work of the service of commercialization of participation units of Foreign Open Funds, including the complete and updated information of its mandatarias and of the contracts celebrated with them, having to provide all the necessary collaboration either in its field visits or in extra-situ monitoring, ensuring that its mandatarias send the corresponding information in a timely manner. The verification of the provision of the commercialization service will fall on the

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OF PARTICIPATION UNITS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017 Manager. Nevertheless, the Superintendence may carry out the supervision directly in the mandatory entity; j) Provide the local market with similar information to that presented in the market of origin of the Foreign Fund, with the periodicity and deadline required in said market; and (1) k) Keep strict reserve and confidentiality about the information to which it has access from each mandatory with which it establishes a relationship.

Responsibilities of the mandatory societies
Art. 28.- The mandatory societies for commercialization are obliged to comply with the following aspects:
a) The obligations contracted in the mandate contract with the Manager for the commercialization of participation units of Foreign Open Funds; b) Deliver in a timely and truthful manner to investors and participants all the necessary information for the promotion, placement and purchase or sale of participation units of Foreign Open Funds; c) Offer investors the participation units of Foreign Open Funds based on the determination of their risk profile, taking into account the profile of the investor to whom the Foreign Open Fund is directed, in accordance with what is established in article 31 of these Standards; d) Indicate to investors the information about the payment agent for the purpose of making the payment of the participation units; e) Maintain in physical or electronic media a copy, in a complete and updated manner, of the files of the participants; f) Inform the Manager and the Superintendence, at least one month in advance, about the opening or closing of new offices and branches; g) Keep available to the Superintendence, all the information that this requires for the execution of its surveillance and supervision work of the service of commercialization of participation units of Foreign Open Funds; and h) Keep available and deliver to participants the updated version of the supplement for Salvadoran investors, as well as the prospectuses and Regulations of the Foreign Funds that they commercialize, or similar document in accordance with the applicable regulations of the country of origin, which implies its update and dissemination at the moment it has knowledge of any modification to these in accordance with these Standards. Acts not permitted to the mandatory societies Art. 29.- The mandatory societies for commercialization must abstain from the following:
a) Delegate the mandate received by the Manager to a third party, except in the case of its Sales Agents;

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OF PARTICIPATION UNITS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017 b) Perform on behalf of the Manager operations and services different from those agreed or in a manner different from that defined in the contract; c) Perform operations on behalf of the Manager outside the limits established by it; d) Condition the performance of the commercialization operations of participation units to the acquisition of a product or service own to the commercial activity it exercises; e) Influence the preference of the investor towards a certain Fund by virtue of the commissions or remuneration paid by a Manager; f) Receive from participants cash payment coming from the placement of participation units and subsequent contributions, except when it comes to banking institutions acting as payment agents; g) Deliver cash money to participants to pay for the redemption of participation units; h) Apply to participants any type of charge different from that established by the Manager in the informational supplement for investors, Internal Regulation, prospectus or similar document; and i) Perform Sales Agent activities by persons not authorized by the Superintendence to perform this type of activities.

Promotion of Foreign Open Investment Funds
Art. 30.- For the purposes of these Standards, the promotion of participation units of Foreign Open Funds will be understood as the activities developed to inform one or several investors about the characteristics of the participation units subject to commercialization. The Manager must ensure that its mandatarias place a notice in their facilities, with typography visible to the naked eye, containing the following information:
a) A clarification indicating that the entity acts as mandatory of the Manager; b) Statement that the Manager is fully responsible before the participants for the operations and services provided through the mandatory; c) List of the operations and services offered through the mandatory; d) Responsible unit and way to contact the Manager to present a complaint in relation to the service provided with the mandatory; and e) Exhibition of the following legend: “Investments in participation units of Foreign Investment Funds are not bank deposits and do not have the guarantee of the Deposit Guarantee Institute”. This legend must be written with a considerable letter size and placed in a prominent place, such that it is easily visible to the public. Entities that are mandatarias of two or more Managers must comply with the notice of identification for each of the referred Managers, being able to publish in a single notice the information that is common. The information referred to in letters a), b) and d) of this article must be indicated in all the stationery directed to participants that is issued by the mandatory. It is the responsibility of the Manager and of the mandatory, as appropriate, to explain to the potential investor the characteristics of this form of investment, indicating that the initial investment contribution may increase or decrease according to the valuation of the participation units of the Fund. In case the mandatory uses additional promotion means to the supplement for Salvadoran investors, to the Internal Regulation of the Foreign Open Fund, to the prospectus or to its excerpts, the referred promotion must correspond with the information contained in said documents. The mandatarias must keep in their files, available to the Superintendence, a digital copy of all the promotion performed in writing in the last three years. Likewise, the Manager and the mandatory must keep available in their offices or on their websites, the informational supplement, information about the Financial Statements and investments of the Foreign Open Funds that they commercialize, which must be provided with the same periodicity, format and deadline in which it is available to investors in the country of origin of the Fund, either by physical or electronic means. (1) Placement of participation units Art. 31.- For the placement of participation units of Foreign Open Funds within the national territory, the mandatory must observe the regulation for Managers on this matter in the “Technical Standards for the Authorization, Registration and Functioning of Investment Funds” (NDMC -06), approved by the Central Bank through its Standards Committee, as well as what is established in the supplement for Salvadoran investors in accordance with what is established in Annex No. 1 of the present Standards. (1) The Manager or the mandatory must consider the risk profile of the potential participant and its investment needs. The Manager or the mandatory must offer the
investor all the participation units of Foreign Open Funds that are authorized to commercialize and that agree with said profile, having to inform them about the characteristics of the same. Nevertheless, the investor may take a different decision than the result of the risk profile, for which the Manager or the mandatory must evidence the acceptance and

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OF PARTICIPATION UNITS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017 knowledge of the investor of this condition, and document it in accordance with what is regulated in article 117 of the Fund Law and the “Technical Standards for the Process and Registration of Buy and Sell Orders of Securities of Stockbrokerages” (NDMC-01), approved by the Central Bank through its Standards Committee, in what relates to the Exception to the Application of Investment Policies, evidencing the acceptance and knowledge of the investor of this condition. The contracts that are signed with participants for the acquisition of participation units must indicate the data of the mandatory with which the operation is performed, manifesting that it acts in representation of the Manager and that it is authorized and registered in the Registry of the Superintendence for this purpose. The contributions coming from the placement of participation units of Foreign Open Funds must be made by the participant to the corresponding payment agent, in accordance with what is established in the informational supplement for Salvadoran investors. The participation units of Foreign Funds, acquired by investors, must be registered in the name of the same, not being able to be in the name of the commercializing entity. Subscription contract of units Art. 32.- For the purposes of establishing the conditions that will govern the relationship between the participant and the Manager, a subscription contract of units must be elaborated for each Foreign Fund that commercializes, for every investor who acquires for the first time units of a Foreign Fund. The referred contract must be signed by the Manager or the mandatory in representation of the same and the participant, which must contain in what is applicable, in addition to the information referred to in the Chapter of General Provisions on Investment Funds, of the “Technical Standards for the Authorization, Registration and Functioning of Investment Funds” (NDMC -06) approved by the Central Bank through its Standards Committee, as minimum the following clauses:
a) Clause that establishes that the Manager or mandatory obligates itself through the contract, to carry out the necessary procedures so that in the subscription and redemption of participation units, it is ensured to the participants of El Salvador through the liquidation mechanism that is established, the execution of the obligation in the same manner as it is performed for participants of the country of origin of the fund; b) Clause that establishes that the Manager or mandatory obligates itself to provide to the participant, with the same periodicity, the information that is revealed to the investors of the country of origin of the Fund;

c) Clause in which it is expressly indicated the knowledge of the investor, regarding that the subscription of units is performed under its exclusive responsibility, by virtue of its decision to invest in participation units of Foreign Investment Funds; and d) Clause that indicates that the Fund operates under the legislation of its country of origin or the one determined in the Internal Regulation of the Fund or similar document and that in consequence, the rights coming from the investment, are exercised in accordance with that regulation and before the authorities of said country.

Rescue of Participation Quotas
Art. 33.- In the event that the mandate contract so provides, the agents of the Fund Manager may receive redemption requests for participation quotas. The agent shall register the redemption requests in the order of their entry, indicating the date and time of each request. The payment of redemptions must be made in accordance with the conditions and term established by the payment agent in the informational supplement for Salvadoran investors.

Proof of the Transaction Performed
Art. 34.- The requests must be entered by the agent into the respective computer system. Once the contribution or redemption has been executed, the participant shall be delivered a proof of the transaction performed, which must be issued by the Fund Manager and specify, at a minimum, the date and time of the participant's instruction, the Foreign Open Fund in which they invest or from which they redeem, the invested or redeemed amount, the value and number of quotas assigned or redeemed, and the amount and percentage of commissions, when applicable, as defined in the informational supplement for Salvadoran investors. When an investor acquires quotas of a Foreign Fund for the first time, the Fund Manager or the agent must deliver a complete copy of the informational supplement for Salvadoran investors, the quota subscription contract, as well as the Internal Regulations or placement prospectus, where applicable. The Fund Manager and the agent must have control mechanisms to evidence the delivery of these documents to the investor in order to facilitate monitoring of compliance with this legal obligation.

Agent Company as a Participant in a Foreign Open Fund Art. 35.- The operations carried out by the agent as a participant in a Foreign Open Fund must be reported by the Fund Manager to the Superintendence in accordance with the regulations in article 24 of the “Technical Standards for the Commercialization of Participation Quotas of Open Investment Funds” (NDMC-10), approved by the Central Bank through its Standards Committee.

Termination of Contract with an Agent
Art. 36.- The termination of the commercialization contract between a Fund Manager and its agent implies a modification to the supplement for Salvadoran investors; therefore, the Fund Manager must modify the same and submit it to the Superintendence, no later than within thirty days following the termination of the contract, simultaneously informing the agent that will substitute them for these same duties or clarifying that it will be the same Fund Manager, if authorized for such effect, who will carry out the commercialization. The Fund Manager is responsible for informing, no later than the next business day after the event occurred, regarding the termination of contracts with its agents, to the Superintendence and through its website; likewise, it must inform it in correspondence addressed to its participants within a maximum term of five business days, as well as regarding that which will substitute them or if it will carry out the commercialization directly, as the case may be; likewise, it must eliminate the data of the agent with which the contract was terminated from the publicity and stationery directed to the public.

Registry of Agent Companies for Commercialization Art. 37.- Fund Managers authorized to commercialize participation quotas of Foreign Open Funds must maintain an updated registry of the legal entities to whom they have granted a mandate. Such registry must be available to the Superintendence and, in addition to meeting the requirements established in the “Technical Standards for the Authorization of Constitution, Start of Operations, Registration and Management of Operations of Investment Fund Managers” (NDMC-02), approved by the Central Bank through its Standards Committee, regarding the registry of agents and commercializing entities contracted for the commercialization of participation quotas, must include the following:
a) Date and number of the registry entry granted by the Superintendence; b) Operations carried out by its agents; c) Persons who contract its agents for the commercialization of participation quotas of Foreign Open Funds that commercialize. In the case of commercializing agents, it must contain general data, including at minimum the information required in the “Technical Standards for the Authorization of Constitution, Start of Operations, Registration and Management of Operations of Investment Fund Managers” (NDMC-02), approved by the Central Bank through its Standards Committee; and d) Complaints and claims made by participants against the agents.

Registry for the Control of Participation Quotas Art. 38.- Fund Managers authorized to commercialize participation quotas of Foreign Open Funds must maintain a registry for the control of participation quotas, which must consider at minimum the following aspects:
a) Name of the foreign administrator and the Foreign Open Fund from which the quotas are being commercialized; b) Date of the operation; c) Identification of the natural or legal person, in whose name the contribution or redemption of participation quotas will be made; d) Type of operation, indicating whether it is a contribution or redemption of participation quotas; e) Specification of the amount of the operation; f) Value and number of participation quotas representing the operation; and g) Identification of the agent, in case the operation is carried out through it. The information referred to in the registry for the control of participation quotas must be available to the Superintendence.

Authorized Personnel to Commercialize Quotas of Foreign Open Funds Art. 39.- The Fund Manager or the agent must carry out the commercialization of participation quotas of Foreign Open Funds through commercializing agents authorized by the Superintendence to commercialize participation quotas of Local Open Investment Funds in accordance with what is established in the “Technical Standards for the Commercialization of Participation Quotas of Open Investment Funds” (NDMC-10), approved by the Central Bank through its Standards Committee. Additionally, they must accredit knowledge and mastery of the following:
a) Possess knowledge on stock market and financial topics, such as:
i. Financial instruments and operations in international financial markets;
ii. Investment instruments in international stock markets;
iii. Characteristics, particularities, and risks of financial instruments;
iv. Financial terminology of international stock markets; and
b) Advanced knowledge of the English language at a technical level.
The Fund Manager or the agent is responsible for ensuring that the personnel who commercialize the quotas of Foreign Open Funds accredit the knowledge and mastery of the topics provided in the preceding subsection. Art. 40.- Commercializing agents will act in the name and representation of the entity that hires them and under its responsibility. Without prejudice to what is established in the preceding subsection, commercializing agents are responsible for explaining to the potential investor the characteristics of this form of investment, avoiding making statements that could lead to false, misleading, or inaccurate appraisals regarding the characteristics of the Foreign Open Fund, indicating that the initial investment contribution may increase or decrease according to the valuation of the participation quotas of the Fund.

CHAPTER V
GENERAL PROVISIONS ON THE COMMERCIALIZATION OF PARTICIPATION QUOTAS OF FOREIGN FUNDS

Information Policy
Art. 41.- The Fund Manager and the agent will be responsible for making known to investors that operations with participation quotas of Foreign Funds are carried out under conditions different from those observed for operations with participation quotas of Local Funds, maintaining evidence in case an investor decides to invest in participation quotas of Foreign Funds for the first time, of the delivery of the following information:
a) That Foreign Funds are not subject to local laws, so the country of origin may charge some type of taxes in some cases; b) That the market conditions where the Fund is located are different from local ones; c) That the information on participation quotas of Foreign Funds in their country of origin may be in a language other than Spanish; d) That in case of litigation, conflict resolution, situations of non-payment of the Fund, or other similar events, one must resort to the respective administrator society of the Foreign Fund or to the authorities of the country of origin from which such participation quotas originate to resolve them; e) That the Fund Manager or the agent offering the participation quotas is an entity authorized by the Superintendence to commercialize those quotas, that as such, it has the responsibility to transmit to the investor the same information to which investors of the country of origin of the Fund have access; and f) That the Superintendence is the entity responsible for supervising the commercialization in the country of the participation quotas and that they are not under supervision, the foreign manager or administrator and the Fund that it administers. The above information must be placed in the informational supplement delivered to participants.

Likewise, the promotion of participation quotas of Foreign Investment Funds must be carried out in accordance with what is established in the Consumer Protection Law and its Regulations.
Art. 42.- The Fund Manager or agents must submit to participants and the Superintendence the necessary information on the participation quotas of Foreign Investment Funds to commercialize, with the same periodicity, format, and term in which the Fund administrator makes it available to investors of the country of origin of the Fund or is available in information systems, submitting at minimum the following information:
a) Annual audited Financial Statements of the Fund; b) Periodic Financial Statements in the same form in which they are presented before the corresponding authority of the country of origin, with a periodicity not exceeding six months; c) Description of the risk factors associated with the Investment Fund; d) History of the participation quota value, with a minimum of one year; e) Relevant events of the Fund; and f) Modifications to the prospectus or Regulations of the Fund, if any. The information may be sent by the physical or electronic means they deem appropriate, leaving evidence of such sending to participants. In the case of information sent by electronic means, Fund Managers must create and maintain a list of emails of their clients to whom they send information on Foreign Funds, which must identify their clients and be available to the Superintendence. The Fund Manager or agents must supply the Superintendence, for the information of investors, everything related to the functioning of the Foreign Fund and the participation quotas placed in El Salvador, in accordance with what is established in Annex No. 3 of these Standards.

Publication of Information
Art. 43.- The Fund Manager and agents must disclose on their website the following information:
a) The daily value of the participation quota. This information may be delivered to the participant when they request it; b) The information on the Funds they commercialize, including periodic information on the applicable legislation under which the Fund operates in the country of origin and, for each Fund, the list of values or assets that make up the investment portfolio; and c) The Regulations, Fund prospectus, or similar document in accordance with the applicable regulations of the country of origin and the corresponding supplement for Salvadoran investors, which must be available at the Fund Manager and agents that commercialize the participation quotas and in the stock exchange where the participation quotas of Foreign Closed Funds are registered. This information may be delivered to the participant when they request it. All of the above must be complied with without prejudice to the existence of information on the Funds to commercialize in an information system recognized by the Superintendence.

Receipt of Requests for Contributions and Redemptions Art. 44.- Fund Managers authorized to commercialize participation quotas of Foreign Open Funds and the foreign administrator of the Fund may freely agree on any means that allows establishing, in a reasonable manner, the receipt of requests for contributions and redemptions, as well as the other notices that must be given in accordance with what is stipulated in the contract and the cases in which either of them requires any other confirmation through these channels. In case the parties agree on the use of electronic, computing, or telecommunications means for the sending, exchange, and in case, confirmation of the receipt of the requests and other notices that must be given, it must specify the reciprocal identification keys and the responsibilities involved in their use, establishing such conditions in the contract they sign.

Prevention and Control of Money Laundering and Due Diligence Art. 45.- The Fund Manager and agents must have policies and procedures to carry out due diligence for the identification and knowledge of their participants, 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 the financing of the proliferation of weapons of mass destruction, with the Fund Manager being responsible for carrying out monitoring of the transactions made by participants.

Procedures Manual for the Commercialization of Participation Quotas of Foreign Open Funds Art. 46.- In order to facilitate the execution of commercialization activities of participation quotas of Foreign Open Funds, the Fund Manager or the agent must have a procedures manual that must contain at minimum the following:
a) Basic concepts and description of the operations, as well as the services that can be performed; b) Designation and functioning of the personnel responsible for the commercialization of participation quotas of Foreign Funds, identifying the positions and their responsibilities, detailing the procedures they will develop. This manual must include the functions related to the sending of information to clients; c) Procedures they will use for the promotion, placement, and redemption of participation quotas, describing the complete cycle and considering the provisions of these Standards; d) Procedure they will use for the identification, registry for the control of participation quotas, registry of operations, and what is related to compliance with the Special Law for the Prevention, Control, and Sanction of Money Laundering, Terrorism Financing, and Financing of the Proliferation of Weapons of Mass Destruction; e) Procedure to profile the investor's risk; and f) Information and documents that must be delivered or received from investors and participants for the commercialization of participation quotas, mentioning this in detail and the means by which they will do so. The Fund Manager or the agent, as applicable, must ensure that the personnel responsible for the commercialization of quotas of Foreign Open Funds comply with what is defined in the aforementioned manual. The manual must be authorized by the Board of Directors of the Fund Manager or the agent and reviewed at least once a year, in order to be updated to the current market conditions and regulations, submitting it to the Superintendence within a term of ten business days following its approval or modification. In any case, the Fund Manager or agent must inform the Superintendence that the aforementioned manual has not been modified.

CHAPTER VI
OTHER PROVISIONS AND VALIDITY

Recognition of Markets and Information Systems Art. 47.- For the purposes of these Standards, when reference is made to requirements of regulation and supervision similar or superior to those of El Salvador and information systems recognized by the Superintendence, consideration must be given to the aspects considered in the specific provisions on the recognition of markets and information systems contained in the “Technical Standards for the Trading of Foreign Securities” (NDMC-12), approved by the Central Bank through its Standards Committee.

Quotas of Foreign Investment Funds not Subject to Registration Art. 48.- The participation quotas of Foreign Funds that cannot be inscribed in the Registry will be those that present the following characteristics:
a) In their policy it is established that nationals of the country of origin cannot invest in that Fund; b) The Foreign Fund to commercialize is not authorized, valid, or has sanctions affecting its commercialization; c) The Foreign Fund has an operation term of less than one year in its country of origin; d) It is inscribed in countries that do not possess similar or superior requirements of supervision and regulation with respect to those of El Salvador; and e) The Foreign Fund is constituted and administered by entities constituted in jurisdictions that are considered by the Financial Action Task Force (FATF) as high-risk or non-cooperative jurisdictions.

Submission of Information to the Superintendence Art. 49.- The Fund Manager must communicate daily to the Superintendence the operations they carry out on the commercialization of participation quotas of Foreign Open Funds, considering what is established in Annex No. 3 of these Standards and being sent on the next business day after the date the information corresponds. The Superintendence will submit to the subjects of application of these Standards, with a copy to the Central Bank, the technical details related to the sending of the information requested in this article, which will be communicated within a maximum term of thirty days following the entry into force of these Standards. The information requirements will be limited to the collection of information as regulated in these Standards.

Existence and Validity
Art. 50.- The Fund Manager is responsible for the existence and validity of the participation quotas of Foreign Funds they distribute and of the documents that evidence the investment in them; as well as for the information submitted to the Registry of the Superintendence.

Presentation of Information
Art. 51.- The documentation presented before the Superintendence, in compliance with what is provided in these Standards, must conform to the corresponding legal formalities, especially regarding:
a) The photocopies presented must be legible and certified by an authorized notary in El Salvador, in accordance with what is established by the applicable legislation; b) The signatures appearing in all types of documentation must be authenticated by an authorized notary in El Salvador; and c) Public or authentic documents emanating from a foreign country, as well as their photocopies, may be admitted without the need for legalization or apostille, provided they allow reasonably verifying their authenticity, integrity, and content, in accordance with what is provided in article 4-A of the Administrative Procedures Law.

Sanctions
Art. 52.- 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. 53.- These Standards repeal Resolution RCD.MV.40/2003 “Procedure for Authorization to Stockbrokerage Houses to Commercialize Values that Represent a Participation in a Collective Investment Scheme or Foreign Investment Fund”, approved on November 13, 2003, by the Board of Directors of the Securities Superintendence, whose Organic Law was repealed by Legislative Decree number 592 containing the Law for the Supervision and Regulation of the Financial System, published in the Official Journal number 23 Volume 390 dated February 2, 2011.

Transitory
Art. 54.- Foreign values that are of the same nature as the quotas of Investment Funds representative of stock indices or fixed income and that have been registered prior to the entry into force of the Fund Law, must comply with the “Technical Standards for the Trading of Foreign Securities” (NDMC-12), approved by the Central Bank through its Standards Committee, regarding the submission of information to the Superintendence and to the Investor.

The Superintendence will communicate the details of the foreign values that must comply with what is established in this article, with a copy to the Central Bank, within a maximum term of thirty days following the entry into force of these Standards.

Unforeseen Aspects
Art. 55.- Aspects not provided for in terms of regulation in these Standards will be resolved by the Central Bank through its Standards Committee.

Validity
Art. 56.- These Standards will enter into force as of November 15, two thousand seventeen.

NDMC-14
OF PARTICIPATION QUOTAS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017 MODIFICATIONS:
(1) Modifications to articles 4, 5, 6, 8, 9, 10, 11, 13, 19, 20, 27, 30, 31, 41, 42, 43, 44, 45, 46, 48, 49, 51 and the name of Annex No. 3, substitution of Annexes No. 1 and No. 2 and incorporation of articles 10-A, 10-B, 19-A and 19-B, approved by the Central Bank through its Standards Committee, in Session CN-8/2021, of July 29, two thousand twenty-one, with validity starting from August 16, two thousand twenty-one. (2) Modification to subsection c) of article 48 approved by the Central Bank through its Standards Committee, in Session CN-05/2022, of June 10, two thousand twenty-two, with validity starting from June 29, two thousand twenty-two. (3) Modifications to Annex No. 2 approved by the Central Bank through its Standards Committee, in Session CN-1/2024, of January 31, two thousand twenty-four, with validity starting from February 15, two thousand twenty-four. (4) Modifications to articles 24, 25, 27, 45, 46 and 51, approved by the Central Bank through its Standards Committee, in Session No. CN-04/2026, of May 25, two thousand twenty-six, with validity starting from June 9, two thousand twenty-six.

NDMC-14
OF PARTICIPATION QUOTAS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017
Annex No. 1 (1)

INFORMATION SUPPLEMENT FOR SALVADORAN INVESTORS MINIMUM INFORMATION RELATED TO QUOTAS OF FOREIGN OPEN INVESTMENT FUNDS ISSUER INFORMATION

Name of the Foreign Fund Administrator:
Address:

Legal Domicile:

Applicable Laws:

Brief description of the Foreign Fund Administrator:
(Constitution, authorization by competent authorities, operation, capital, amounts managed, and summary of its experience).

Risk Classification of the Foreign Fund Administrator:
(When required in the jurisdiction of origin).
Fiscal Year End:
Websites that provide information on the Foreign Fund Administrator:
(Such as: web addresses, information systems of Supervisors and Regulators, among others).
Glossary of Investment Funds

INFORMATION ON THE INVESTMENT FUND
Name of the Fund:

Brief description of the Fund:
(Constitution, authorization by competent authorities, operation, significant number of participants, and size in relation to its assets).

Type of Investor:
(Type of investor to whom the Fund is directed, which must consider aspects such as investment horizon, liquidity needs, risk tolerance, knowledge, and prior experience in the securities market.)

NDMC-14
OF PARTICIPATION QUOTAS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017
Annex No. 1 (1)

Main characteristics of the Fund:
Risk classification granted to the Fund:
(When applicable).

Methodology for the valuation of the Foreign Investment Fund's financial assets:
(Reference in which Fund document the description of the methodology and valuation periodicity is found).

Currency in which the value of the participation quota will be expressed:
Description of the Fund's investment and diversification policy:
(Detailing the types of assets in which to invest, limits, treatment of investment excess, and other background information that allows knowledge of the Fund's risks and potential returns).
Procedures for subscriptions and redemptions of participation quotas, including timeframes for their conversion

Total assets amount of the Fund as of _____________:

Net Assets of the Fund as of _______________:
(As of the reference date taken at the time of registration).

Minimum subscription amount and multiple:

Quota value of the participation as of ____________________:

Listed or registered listing:
(Regulatory or Supervisory Body).

Discretionary termination of the Fund or termination events:
(Reference in which Fund document the specific provision or condition is found).

Benefit Payment Periodicity:

Commissions:
(Percentages in accordance with the Regulations, placement prospectus, or similar document).
Sales and transfer restrictions:
(Those imposed by the regulatory body of the country of origin).

NDMC-14
OF PARTICIPATION QUOTAS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017
Annex No. 1(1)

Applicable Laws to the Fund:
(Main laws to which the Fund is subject for its creation and trading, obligations imposed in its country of origin).

Tax Regime in the country of origin:
Tax Regime in El Salvador:
Procedure to follow in case of problems, litigation, conflict resolution, situations of non-payment by the Foreign Fund, or other similar event:

Risk factors:
(Detail the risk factors to which the Foreign Fund is exposed).

ANY OTHER INFORMATION THAT FACILITATES THE INVESTOR'S INVESTMENT DECISION (General operational information of the Fund, Financial Statements, among others).

INTERNATIONAL PARTICIPANTS:
Manager or Administrator:
(Social name, address, telephone, website, e-mail).

Placing Agent:
(Social name, address, telephone, website, e-mail).
International Deposit and Custody Agent:
(Social name, address, telephone, Website, e-mail).
International Payment Agent:
(Social name, address, telephone, website, e-mail).

NATIONAL PARTICIPANTS:
Local Payment Agent:
(Social name, address, telephone, electronic address, and specify the procedure for compliance with investors' rights and obligations, indicate information about the payment agent for the collection of participation quotas).

Manager that registers the Fund:
(Social name, address, telephone, website, e-mail).

NDMC-14
OF PARTICIPATION QUOTAS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017
Annex No. 1 (1)
Mandated entities that commercialize the participation quotas:
(Social name, address, telephone, website, e-mail).
Websites that provide information on the Fund:
(Indicate the website of the supervisory body of the Foreign Investment Fund and the website of the administrator of the Foreign Investment Fund).
Authorizations for trading in the Salvadoran market:
(Indicate the registration in the Superintendency).
Procedure for the commercialization of Foreign Investment Funds:
(Description of the manner in which the promotion, placement, purchase, or sale of participation quotas of Funds authorized in other countries is carried out).

Literal Reasons:
a) The participation quotas of Foreign Investment Funds subject to this offer are recorded in the Public Stock Exchange Register of the Superintendency of the Financial System. Their registration does not imply certification regarding the quality of the Fund or the solvency of the issuer. b) The Superintendency of the Financial System is the entity responsible for supervising the commercialization in the country of the participation quotas of Foreign Investment Funds, and the foreign manager or administrator nor the Fund that it manages are not under the supervision of the Superintendency of the Financial System. c) The information and material contained in this supplement are offered solely for the purpose of providing information and should not be considered as an offer to buy, sell, or subscribe to participation quotas of Foreign Funds or other financial instruments. d) No information in this supplement shall be considered as advice on investments, legal, accounting, or tax matters. e) It is possible that the investments and services referred to in this supplement are not appropriate for you, and we recommend consulting with your financial advisor if you have any doubts about them. f) It is the investor's responsibility to read the information supplement, the Regulations, the prospectus, and all information provided by the Manager regarding the participation quotas of Foreign Funds. g) It is the responsibility of the local Manager or mandated entity to make available the summary of information contained in this information supplement, the Regulations, and the Fund's prospectus. h) Foreign Funds are not subject to local laws, so the country of origin may charge some type of taxes in some cases.

NDMC-14
OF PARTICIPATION QUOTAS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017
Annex No. 1 (1)

i) The market conditions where the Fund is located are different from local ones. j) The information on the participation quotas of Foreign Funds in their country of origin may be found in a language other than Spanish. k) The Manager or mandated entity offering the participation quotas is an entity authorized by the Superintendency to commercialize those quotas, which as such, has the responsibility to provide the investor with the same information to which investors in the country of origin of the Fund have access.

Annexes:

1. Internal Regulations, placement prospectus of the Foreign Fund, or similar document, in accordance with the applicable regulations in the country of origin.
2. Risk Classification Report of the Fund and the Foreign Administrator (if required in its country of origin).
3. Financial Statements of the Fund and the Administrator of the Foreign Fund.
   Notes: Additional minimum information to the information supplement, which Managers and mandated entities must maintain for investors and provide to them when requested:
4. History of the daily value of the participation quota during the month immediately preceding the subscription of participation quotas.
5. Advantages and disadvantages of the investment.
6. Costs to be incurred in the commercialization, trading, and maintenance of the participation quotas.
7. Description of the manner in which the placement and redemption of participation quotas are carried out.
8. Aspects that determine and affect the formation of the value of the participation quota.
   Make available to investors the annual reports of the Fund and Manager, which are available on the various web pages.

NDMC-14
OF PARTICIPATION QUOTAS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017
Annex No. 2 (1)

INFORMATION SUPPLEMENT FOR SALVADORAN INVESTORS MINIMUM INFORMATION RELATED TO QUOTAS OF FOREIGN CLOSED INVESTMENT FUNDS ISSUER INFORMATION

Name of the Foreign Fund Administrator:
Address:

Legal Domicile:

Applicable Laws:

Brief description of the Foreign Fund Administrator:
(Constitution, authorization by competent authorities, operation, capital, amounts managed, and summary of its experience).

Risk Classification of the Foreign Fund Administrator:
(When required in the jurisdiction of origin).
Fiscal Year End:
Websites that provide information on the Foreign Fund Administrator:
(Such as: web addresses, information systems of Supervisors and Regulators, among others).
Glossary of Investment Funds

INFORMATION ON THE INVESTMENT FUND
Name of the Fund:

Brief description of the Fund:
(Constitution, authorization by competent authorities, operation, significant number of participants, and size in relation to its assets).

Type of Investor:
(Type of investor to whom the Fund is directed, which must consider aspects such as investment horizon, risk tolerance, knowledge, and prior experience in the securities market).

NDMC-14
OF PARTICIPATION QUOTAS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017
Annex No. 2 (1)

Risk classification granted to the Fund:
(When applicable).

Name of the issuance:
(Name with which the quotas are traded on a Stock Exchange).

Methodology for the valuation of the Foreign Investment Fund's financial assets:
(Reference in which Fund document the description of the valuation methodology is found).

Currency in which the value of the participation quota will be expressed:
Description of the Fund's investment and diversification policy:
(Detailing the types of assets in which to invest, limits, treatment of investment excess, and other background information that allows knowledge of the Fund's risks and potential returns).

Form of representation of the Quotas:
(Electronic book-entry of securities in account or other form).

Total assets amount of the Fund as of _____________:

Net Assets of the Fund as of _______________:
(As of the reference date taken at the time of registration).

Number of quotas placed as of the registration request date

Minimum subscription amount and multiple:

Total authorized amount of the fund: (When applicable and this information is considered in the authorization of the market of origin). (3)

Total number of quotas the fund can issue: (When applicable and this information is considered in the authorization of the market of origin). (3)

Listed or registered listing:
(Stock Exchange, Regulatory or Supervisory Body, Custody and Deposit Entity of the country of origin).

End date: (This is the scheduled end date of the Fund, when applicable). (3) Fund term: (When applicable and this information is considered in the authorization of the market of origin). (3)

Discretionary termination of the Fund or termination events:
(Reference in which Fund document the specific provision or condition is found).

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OF PARTICIPATION QUOTAS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017
Annex No. 2 (1)

ISIN Code:
CUSIP:
TICKER:

Benefit Payment Periodicity:

Commissions:
(Percentages in accordance with the Regulations, placement prospectus, or similar document).
Sales and transfer restrictions:
(Those imposed by the regulatory body of the country of origin).
Applicable Laws to the Fund:
(Main laws to which the Fund is subject for its creation and trading, obligations imposed in its country of origin).

Tax Regime in the country of origin:

Tax Regime in El Salvador:

Tradability on the Stock Exchange:
(Clarify when applicable special trading conditions for primary or secondary market, when applicable to Closed Funds).

Procedure to follow in case of problems, litigation, conflict resolution, situations of non-payment by the Foreign Fund, or other similar event:

Procedure for the increase and decrease of the Fund's equity:

Risk factors:
(Detail the risk factors to which the Foreign Fund is exposed).
ANY OTHER INFORMATION THAT FACILITATES THE INVESTOR'S INVESTMENT DECISION (General operational information of the Fund, Financial Statements, among others).

INTERNATIONAL PARTICIPANTS:
Manager or Administrator:
(Social name, address, telephone, website, e-mail).

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OF PARTICIPATION QUOTAS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017
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Placing Agent:
(Social name, address, telephone, website, e-mail).
International Deposit and Custody Agent:
(Social name, address, telephone, Website, e-mail).
International Payment Agent:
(Social name, address, telephone, website, e-mail).

NATIONAL PARTICIPANTS:
Local Payment Agent:
(Social name, address, telephone, electronic address, and specify the procedure for compliance with investors' rights and obligations, indicate information about the payment agent for the collection of participation quotas).

Local Deposit and Custody Agent:
(Social name, address, telephone, website, e-mail).

Manager that registers the Fund:
(Social name, address, telephone, website, e-mail).
Brokerage House that carries out the trading of participation quotas of Foreign Closed Funds:
(Social name, address, telephone, website, e-mail).

Websites that provide information on the Fund:
(Indicate the website of the supervisory body of the Foreign Investment Fund, the website of the exchange where the titles are traded, and the website of the administrator of the Foreign Investment Fund). Authorizations for trading in the Salvadoran market:
(Indicate the registration in the Superintendency and for the case of Foreign Closed Investment Funds, the reference to the inscription in the Stock Exchange of El Salvador).
Procedure for the commercialization of Foreign Investment Funds:
(Description of the manner in which the promotion, placement, purchase, or sale of participation quotas of funds of investment authorized in other countries is carried out).

NDMC-14
OF PARTICIPATION QUOTAS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017
Annex No. 2 (1)

Literal Reasons:
a) The participation quotas of Foreign Investment Funds subject to this offer are recorded in the Public Stock Exchange Register of the Superintendency of the Financial System. Their registration does not imply certification regarding the quality of the Fund or the solvency of the issuer. b) The Superintendency of the Financial System is the entity responsible for supervising the commercialization in the country of the participation quotas of Foreign Investment Funds, and the foreign manager or administrator nor the Fund that it manages are not under the supervision of the Superintendency of the Financial System. c) The inscription of the participation quotas of Funds on the stock exchange does not imply certification regarding the quality of the fund or the solvency of the issuer. (When applicable to quotas of Foreign Closed Investment Funds). d) The information and material contained in this supplement are offered solely for the purpose of providing information and should not be considered as an offer to buy, sell, or subscribe to participation quotas of Foreign Funds or other financial instruments. e) No information in this supplement shall be considered as advice on investments, legal, accounting, or tax matters. f) It is possible that the investments and services referred to in this supplement are not appropriate for you, and we recommend consulting with your financial advisor if you have any doubts about them. g) It is the investor's responsibility to read the information supplement, the Regulations, the prospectus, and all information provided by the Manager regarding the participation quotas of Foreign Funds. h) It is the responsibility of the local Manager to make available the summary of information contained in this information supplement, the Regulations, and the Fund's prospectus. i) The Stock Exchange is not responsible for the accuracy or completeness of the supplement. Likewise, no responsibility is assumed for the use of the information contained in this supplement. (When applicable to quotas of Foreign Closed Investment Funds). j) The Stock Exchange does not guarantee that the participation quotas of foreign closed funds referred to in this report are appropriate for any particular investor. k) Foreign Funds are not subject to local laws, so the country of origin may charge some type of taxes in some cases. l) The market conditions where the Fund is located are different from local ones. m) The information on the participation quotas of Foreign Funds in their country of origin may be found in a language other than Spanish. n) The Manager or the mandated entity offering the participation quotas is an entity authorized by the Superintendency to commercialize those quotas, which as such, has the responsibility to provide the investor with the same information to which investors in the country of origin of the Fund have access.

NDMC-14
OF PARTICIPATION QUOTAS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017
Annex No. 2 (1)

Annexes:

1. Internal Regulations, Placement Prospectus of the Foreign Fund, or similar document, in accordance with the applicable regulations in the country of origin.
2. Risk Classification Report of the Fund and the Foreign Administrator (if required in its country of origin).
3. Financial Statements of the Fund and the Administrator of the Foreign Fund.
   Notes: Additional minimum information to the information supplement, which Managers must maintain for investors and provide to them when requested:
4. History of the daily value of the participation quota during the month immediately preceding the subscription of participation quotas.
5. Advantages and disadvantages of the investment.
6. Costs to be incurred in the commercialization, trading, and maintenance of the participation quotas.
7. Description of the manner in which the placement and redemption of participation quotas are carried out.
8. Aspects that determine and affect the formation of the value of the participation quota.
   Make available to investors the annual reports of the Fund and Manager, which are available on the various web pages.

NDMC-14
OF PARTICIPATION QUOTAS OF FOREIGN INVESTMENT FUNDS Approval: 25/10/2017 Validity: 15/11/2017
Annex No. 3

OPERATIONS CARRIED OUT WITH PARTICIPATION QUOTAS OF FOREIGN OPEN INVESTMENT FUNDS (1) Name of the Manager: _______ Reference Date: _________ OPERATION INFORMATION
1.1 Name of the Foreign Investment Fund from which quotas are commercialized
1.2 Classification of the Foreign Investment Fund (open or closed)
1.3 Name of the foreign administrator of the Investment Fund whose quotas are commercialized
1.4 Type of operation (subscription or redemption of participation quotas)
1.5 Date of the operation
1.6 Amount of the operation
1.7 Number of participation quotas representing the operation
1.8 Value of the participation quota
1.9 Commissions of the operation
1.10 Expenses of the operation
1.11 Identification of the participant (natural or legal person)

Name of the person preparing the Report: _______________________________ Telephone: __________________________ Email: _______________________