Technical Standards for the Transfer, Merger or Liquidation of Voluntary Previsional Savings Funds

NSP-71
OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
Approval: 12/30/2022
Validity: 12/30/2022

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

CONSIDERING:

I. That Legislative Decree No. 614, dated December 20, 2022, published in Official Diary No. 241 Volume No. 437, of the 21st of the same month and year, the Comprehensive Pension System Law was issued.
II. That Article 133 of the Comprehensive Pension System Law establishes that Voluntary Previsional Savings Funds shall be governed by the provisions of Chapter I of Title II of said Law, and in their case, by the Investment Funds Law.
III. That the fourth clause of Article 136 of the Comprehensive Pension System Law establishes that any natural person, as well as employers, may make contributions to one or more Voluntary Previsional Savings Funds, being able to withdraw resources, transfer all or part of the resources they maintain in voluntary accounts to other voluntary accounts or to other Voluntary Previsional Savings Funds, subject to the conditions and obligations agreed upon in the Plans.

IV. That the third clause of Article 138 of the Comprehensive Pension System Law establishes that the transfer of resources between voluntary accounts of the same natural person or employer shall be free from the payment of any type of tax. The same treatment shall apply when an employer transfers the resources from their voluntary accounts to voluntary accounts of their employees.

V. That Article 141 of the Comprehensive Pension System Law establishes that the Central Bank of Reserve of El Salvador will issue the necessary technical standards that allow the development of Chapter I of Title II of said Law.
VI. That Article 159 of the Comprehensive Pension System Law establishes that the Central Bank of Reserve of El Salvador will issue the necessary Technical Standards that allow the development of what is established in said Law.

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

AGREES to issue the following:
TECHNICAL STANDARDS FOR THE TRANSFER, MERGER OR LIQUIDATION OF VOLUNTARY PREVISIONAL SAVINGS FUNDS

NSP-71
OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
Approval: 12/30/2022
Validity: 12/30/2022

TITLE I
GENERAL ASPECTS

UNIQUE CHAPTER
OBJECT, SUBJECTS AND TERMS

Object
Art. 1.- The object of these Standards is to establish the procedure and minimum requirements that financial institutions administering Voluntary Previsional Savings Funds must observe in the process of total or partial transfer of resources that natural persons or employers maintain in the individual voluntary previsional savings accounts of participants, as well as in cases where the transfer, merger or liquidation of the Voluntary Previsional Savings Funds they administer is carried out.

Subjects
Art. 2.- The subjects obliged to comply with the provisions established in these Standards are the financial institutions that administer Voluntary Previsional Savings Funds authorized by the Superintendence of the Financial System:
a) Banks regulated by the Bank Law; b) Cooperative Banks regulated by the Law on Cooperative Banks and Savings and Credit Societies; c) Investment Fund Managers regulated by the Investment Funds Law; d) Pension Fund Administrators, regulated by the Comprehensive Pension System Law; and e) Savings and Credit Societies regulated by the Law on Cooperative Banks and Savings and Credit Societies.

Terms
Art. 3.- For the purposes of these Standards, the terms indicated below have the following meaning:
a) AFP: Pension Fund Administrators authorized by the Superintendence of the Financial System; b) Contributions: Resources or sum of money that are delivered to an Institution Administrator of Voluntary Previsional Savings Funds by a natural person or by the employer to the individual voluntary savings account of the participant; c) Central Bank: Central Bank of Reserve of El Salvador; d) Individual Account: Individual voluntary previsional savings account in the name of a natural person, which contains the data of contributions, transfers and withdrawals made by natural persons or by the employer in the case it were applicable and the returns generated by said contributions;

e) Custodian: Company specialized in the deposit and custody of securities registered in the Public Registry of the Superintendence of the Financial System; f) Employer: Natural or legal person who agrees, through a contract or institutional plan, to make contributions to the individual account of a natural person with whom they maintain a labor relationship; g) Fund or Voluntary Fund: Voluntary Previsional Savings Fund; h) Administrator Institution: Financial institution that offers Voluntary Previsional Savings Funds, which are registered in the Public Registry of the Superintendence of the Financial System. The administrator institutions that can offer Voluntary Previsional Savings Funds are those indicated in Article 2 of these Standards; i) Origin Administrator Institution: Administrator Institution from which the resources of the individual account to which a participant is linked are transferred in total or in part; j) Destination Administrator Institution: Administrator Institution to which the resources of an individual account to which a participant is linked are transferred; k) Funds Law: Investment Funds Law; l) SP Law: Comprehensive Pension System Law; m) Participant: Natural person in whose name the individual voluntary previsional savings account is located; n) Individual Plans: Contracts between a natural person and the respective Administrator Institution, by which the obligations and rights of natural persons to make contributions to a Fund and to use these resources are established, as well as the obligations and rights of the Administrator Institution; o) Institutional Plans: Contracts between an employer and the respective Administrator Institution, by which the obligations and rights of the employer to make contributions and to use the resources contributed to the Fund in favor of their employees are established, as well as the obligations and rights of the Administrator Institution; p) Prospectus: Corresponds to the instrument that contains the characteristics of each Voluntary Previsional Savings Fund, as well as the description of its operation; q) Registry: Public Registry of the Superintendence of the Financial System; r) Superintendence: Superintendence of the Financial System; and s) Superintendent: Superintendent of the Financial System.

TITLE II
PARTIAL OR TOTAL TRANSFER OF RESOURCES FROM VOLUNTARY PREVISIONAL SAVINGS ACCOUNTS

CHAPTER I
GENERAL ASPECTS

Transfer of resources
Art. 4.- The resources of the participant's individual account, at any time, can be transferred in part or in total to other individual accounts of the same holder in the same Fund or other Voluntary Funds administered, either by the same Administrator Institution or another. The transfer request can be made by the participant or employer through physical or electronic means, according to the conditions established in the individual or institutional contracts or plans as applicable. When a participant is linked to a Fund, through a contract or institutional plan, they may request the transfer of the resources and returns of their individual account, provided that the resources are already their property according to the conditions established in the contract or institutional plan, since the participant is the owner of the contributions made to them by their employer. Authorization, Registration (NSP-59), approved by the Central Bank through its Committee of Norms, the Administrator Institution must inform participants of the fulfillment of the conditions established by the employer.

Grounds for transfer
Art. 5.- Participants and employers may carry out the total or partial transfer of the individual account in the following cases:
a) By express decision, for which they must notify the Administrator Institution; or b) By liquidation of the Administrator Institution.
When the employer requests the transfer of resources from the individual accounts of their employees linked to a contract or institutional plan, the participant or employee may request to remain with the Origin Administrator Institution, provided that the resources are their property, having fulfilled the conditions established by the employer, in which case they must possess or open a new individual account and sign an individual contract or plan with the Administrator Institution and request the transfer of resources.

CHAPTER II
TRANSFER BETWEEN INDIVIDUAL VOLUNTARY SAVINGS ACCOUNTS

Procedure for transfer between Individual Accounts Art. 6.- To carry out the total or partial transfer of the resources of the participants' individual accounts, the participant or employer according to the respective individual or institutional contract or plan, must follow the following procedure:
a) Previously request the opening of an individual account in the participant's name, if they do not have one, in a Fund in the same or another Administrator Institution, complying with the technical process for the Authorization, Registration and Functioning of Voluntary Previsional Savings Funds (NSP-59), approved by the Central Bank, through its Committee of Norms; b) The Destination Administrator Institution must deliver to the participant or employer a physical or electronic receipt on the linkage to a Fund with the information established in Annex No. 1 of these Standards; and c) Present a request, through the means and reception channels defined by the Origin Administrator Institution according to the minimum content included in Annex No. 2 of these Standards, attaching the receipt delivered by the Destination Administrator Institution in accordance with what is established in Annex No. 1 of these Standards.

In the case of transfer requests by the employer, they must attach the detail of the names and their code or identification of the individual account of the employees associated with a contract or institutional plan.

Origin Administrator Institution
Art. 7.- The Origin Administrator Institutions must keep available to the employer and the participant the transfer request form through physical or electronic means, in accordance with what is established in Annex No. 2 of these Standards. Art. 8.- The Administrator Institution and the marketers may receive transfer requests according to the reception channels established in the prospectus and the respective contract, having to process the information in the computer system for the registration of contributions, transfers and withdrawals of the individual account, whether carried out by the participant or employer in accordance with what is established in NSP-59), approved by the Central Bank through its Committee of Norms. Art. 9.- The Origin Administrator Institution must deliver to the participant, by physical and/or electronic means, the detail of the available contributions and the returns generated at the current share value on the day of issuance, for the purpose that the participant decides the type of transfer to carry out, any of the following situations being able to arise:
a) That they transfer all the contributions and the generated returns; or b) That they carry out a partial transfer of the resources available in their individual account, without this limiting the participant to carry out a subsequent transfer.

Process of transfer of resources by the Origin Administrator Institution Art. 10.- The Origin Administrator Institution will enter the received transfer requests into the system through the mechanisms established in the prospectuses of the respective funds, for the registration of contributions, transfers and withdrawals referred to in NSP-59), approved by the Central Bank through its Committee of Norms. Art. 11.- Once the request is presented, the Administrator Institution will proceed to verify the information provided by the participant or the employer, having to warn them within a maximum of three business days in case of detecting errors, omissions or inconsistencies so that they are remedied.

The Origin Administrator Institution must refrain from establishing requirements, conditions or procedures that hinder or delay the process of transferring resources to the Destination Administrator Institution.
Art. 12.- The transfer of the participant's resources from the Origin Administrator Institution to the Destination Administrator Institution must be carried out within a maximum of three business days from the day the transfer request was received or from having remedied the observations in accordance with Article 11 of these Standards. Once the transfer is executed, a receipt of the operation carried out will be delivered to the participant or employer, which must specify at minimum:
a) Request number related to the transfer process; b) Date and time of the instruction; c) Fund in which the transfer is made; d) Amount of the transfer; e) Value and number of shares equivalent to the transferred amount; and f) Amount and percentage of commissions when applicable as defined in the prospectus. In the case of transfers of significant amounts, the terms established in the contract or plan and in the prospectus of the Voluntary Fund of the Origin Administrator Institution must be considered. Likewise, the payment of the total amount of the transfer must be made through an electronic transfer to the Destination Administrator Institution. Alternatively, the

Origin Administrator Institutions may draw and deliver this amount to the Destination Administrator Institution by check, account credit or other authorized means.

Destination Administrator Institution
Art. 13.- The Destination Administrator Institution must clarify to the participant or employer, at the time of subscribing the corresponding contract or plan or verifying the information sent by the Origin Administrator Institution, that the number of shares could vary depending on the share value that the Voluntary Fund to which it has been transferred registers. Art. 14.- The Destination Administrator Institution must adopt all necessary control mechanisms to verify that the received transfer coincides with the request made. In case discrepancies are identified, the Administrator Institutions will carry out the relevant management to resolve them no later than the next business day after identification, being obliged to transfer the amounts that apply. Art. 15.- The Destination Administrator Institution must send to the participant or employer, through the means agreed upon, a receipt of the receipt of the resources, detailing at least the following:
a) Name or identification of the Fund to which the transfer was made; b) Type of contract or plan: individual or institutional; c) Code or identification of the individual account; d) Amount transferred; e) Value and number of shares equivalent to the transferred amount; and f) Date of transfer.

CHAPTER III
STATEMENT OF ACCOUNT AND INFORMATION TO BE TRANSFERRED

Statement of account
Art. 16.- Once the transfer of resources is carried out, the Origin Administrator Institution must issue and deliver to the participant or employer, through the means previously established by them, a final statement of account where the operations carried out in the last period during which they belonged to the Voluntary Fund administered by it are reflected. In case a partial transfer of resources has been requested, the statement of account of the following period in which this was carried out must reflect the decrease in the amount that the participant or employer maintains in the Voluntary Fund of the Origin Administrator Institution. Technical Standards for the Submission and Disclosure of Information of Voluntary Previsional Savings Funds (NSP-61), approved by the Central Bank through its Committee of Norms.

Information to be transferred
Art. 17.- For transfers between Voluntary Funds, the Origin Administrator Institution will send to the Destination Administrator Institution electronically the history of available contributions corresponding to the participant or employer of the individual accounts, in accordance with what is established in Annex No. 3 of these Standards. In the case of partial transfers, the information to be sent will correspond to the history of the amount to be transferred. Art. 18.- All information that the Origin Administrator Institution transfers to the Destination Administrator Institution, via document and/or magnetic, must be sent via a note mentioning the information sent, which must be signed by the person responsible at the Origin Administrator Institution and stamped when applicable. In the case of electronic transfers, the Origin and Destination Administrator Institutions must establish the method of sending and acknowledgment of receipt.

TITLE III
TRANSFER OF VOLUNTARY PREVISIONAL SAVINGS FUNDS

CHAPTER I
GENERAL ASPECTS

Transfer of Voluntary Previsional Savings Funds Art. 19.- The transfer of a Voluntary Fund can only be made in favor of another Administrator Institution that has Voluntary Funds authorized by the Superintendence and will comprise all assets, rights and obligations that constitute the asset and liability of the Fund, as well as guarantees, endorsements or sureties thereof.

Grounds for transfer of a Voluntary Previsional Savings Fund Art. 20.- The transfer of a Voluntary Fund will proceed by any of the following grounds:
a) By revocation of the authorization to operate of the Administrator Institution; b) By dissolution of the Administrator Institution, in accordance with what is established in the Commercial Code; or c) By decision of the Administrator Institution.

CHAPTER II
ON THE TRANSFER OF VOLUNTARY PREVISIONAL SAVINGS FUNDS

Transfer of Voluntary Previsional Savings Funds by revocation of authorization to operate of the Administrator Institution Art. 21.- Within three business days following receipt of the notification of revocation to operate, the Administrator Institution of the Voluntary Fund will send a note to the Superintendence, signed by the Legal Representative or Attorney-in-fact of the same, attaching the following:
a) Suggestion of the Administrator Institution to which the Voluntary Fund they administer will be transferred, in the event that the Administrator Institution has its authorization to operate revoked, in accordance with what is established in Article 40 of the Funds Law; b) Certification of the minute point where the agreement to transfer the Voluntary Fund by the Board of Directors of the ceding Administrator Institution is recorded; c) Certification of the Board of Directors agreement of the acquiring Administrator Institution where the acceptance of the administration of the Voluntary Fund to be transferred is recorded; d) Sworn Declaration issued by the acquiring Administrator Institution stating that it meets the requirements established in Article 25 of these Standards; and e) Action plan for the transfer of the Voluntary Fund, in accordance with what is established in Article 26 of these Standards. Art. 22.- Within the peremptory period of three business days following the presentation of the action plan for the transfer, the Superintendence will authorize the transfer plan and the Administrator Institution or another of its choice, and will recommend the corresponding modifications to the presented plan. The Superintendence will take into account the requirements established in Article 25 of these Standards. The Superintendence will notify the transfer authorization to the ceding Administrator Institution, the acquiring Administrator Institution and the Custodian, on the next business day after authorizing the transfer plan of the Voluntary Fund. The ceding Administrator Institution must comply with the transfer plan authorized by the Superintendence. In the event that the actions of the ceding Administrator Institution do not correspond to the presented and authorized plan, the Superintendence will proceed in accordance with what is established in Article 40 of the Funds Law.

NSP-71
TECHNICAL STANDARDS FOR VOLUNTARY PENSION SAVINGS FUNDS Approval: 12/30/2022 Validity: 12/30/2022

Transfer of the Voluntary Pension Savings Fund due to dissolution or by decision of the Administrator Institution

Art. 23.- For the transfer of a Voluntary Fund, whether or not it involves the dissolution of the Administrator Institution, the latter shall request in writing from the Superintendence the authorization to transfer the administration of the Voluntary Fund.

Such request shall be signed by the Legal Representative or Attorney-in-Fact of the Administrator Institution, attaching the following:
a) Certification of the minute point in which the agreement to transfer the Voluntary Fund by the Board of Directors of the ceding Administrator Institution is recorded; b) Justification of the decision to transfer by the ceding Administrator Institution; c) Certification of the Board of Directors agreement of the acquiring Administrator Institution in which the acceptance of the administration of the Voluntary Fund to be transferred is recorded; d) Sworn Declaration issued by the acquiring Administrator Institution stating that it meets the requirements established in Article 25 of these Standards; and e) Transfer Plan of the Fund established in Article 26 of these Standards taking into account the reference date of the agreement to transfer the Fund.

The certifications of the minute points referred to in letters a) and c) of this article shall be submitted for processing only once.

The Superintendence shall authorize the transfer plan and the acquiring Administrator Institution, in accordance with what is established in Article 22 of these Standards.

Communication to the Tax Administration

Art. 24.- The Superintendence shall communicate to the Tax Administration the transfer of the Voluntary Funds, within a period of three business days counted from the next business day following the agreement to authorize the transfer.

Of the Acquiring Administrator Institution

Art. 25.- The Acquiring Administrator Institution must meet at least the following requirements:
a) Have an authorized investment administrator to administer the investments of the Voluntary Fund to be received in accordance with the Technical Standards for the Investments of Voluntary Pension Savings Funds (NSP-60), approved by the Central Bank through its Standards Committee; b) Possess at least one authorized commercial agent for Voluntary Funds authorized by the Superintendence or the subscription of a mandate contract with a commercial entity or agent to offer Voluntary Funds; and c) Have the necessary human and technological resources to administer the Fund to be transferred.

Minimum content of the action plan for the transfer of Voluntary Pension Savings Funds

Art. 26.- The Fund transfer plan must contain at least the following:
a) Transfer schedule and those responsible for its execution; b) Report on the Voluntary Fund to be transferred, detailing:
i. Composition of the Fund;
ii. Number of participants and quotas;
iii. Returns generated by the Voluntary Fund;
iv. Types of plans offered by the Voluntary Fund;
v. Inventory of assets and liabilities comprising it as of the date of the transfer agreement or the date the revocation of authorization becomes final, as applicable.
c) Notification process to participants regarding the transfer in accordance with what is established in Article 31 of these Standards; d) Procedure or mechanism for withdrawal and transfer in accordance with what is established in the prospectus, as well as the detail of actions to be taken in case instructions have not been received or the employer or participant could not be contacted by the reception means indicated by them; e) The composition of the investment portfolio to be transferred by the Custodian; and f) Other aspects that the ceding Administrator Institution deems convenient.

Deadline to carry out the transfer of Voluntary Pension Savings Funds

Art. 27.- The transfer of Voluntary Funds due to revocation of authorization of the Administrator Institution shall be carried out within fifteen days following the notification of the revocation to proceed with the transfer of the Voluntary Fund to another Administrator Institution.

Art. 28.- The transfer of Voluntary Funds due to dissolution or by decision of the Administrator Institution must be carried out within fifteen days following the communication to the Superintendence in accordance with Article 23 of these Standards.

At the request of the ceding Administrator Institution, the Superintendence may extend, before its expiration, the deadline referred to in the first paragraph of this article, for which it must present in writing the reasons justifying the request. The extension period may not exceed thirty days and will begin to count from the expiration date of the original deadline.

If within the established deadline, the Voluntary Funds have not been able to be transferred to the Acquiring Administrator Institution, their liquidation shall be carried out in accordance with what is established in Title V of these Standards.

In cases of dissolution of the Administrator Institution, it may dissolve itself only after having transferred the Funds to the Acquiring Administrator Institution; likewise, the ceding Administrator Institution will maintain the guarantee corresponding to the transferred Fund, in accordance with what is established in Article 22 of the Funds Law.

Information to be transferred

Art. 29.- To carry out the transfer of information, the ceding Administrator Institutions must send the participants' information electronically in accordance with what is established in Annex No. 4 of these Standards.

The ceding Administrator Institution and the acquiring one must establish the method of sending and receipt acknowledgment; they must also keep a copy of the file referred to in this article for twelve months.

The Acquiring Administrator Institution must adopt all necessary control mechanisms to verify the conformity of the received Voluntary Funds and the information delivered, especially regarding balances and account history to identify the timing of generated returns, in attention to the treatment established for them, as well as for withdrawals or transfers of resources in accordance with Article 138 of the SP Law. In case of discrepancy, the process must be redone no later than the next business day.

All information that the ceding Administrator Institution transfers to the Acquiring Administrator Institution, via document and/or magnetic media, must be sent via a document detailing the information being transferred, which must be signed by the person responsible for the ceding Administrator Institution and stamped when applicable.

Notification to the participant in the process of transfer of Voluntary Pension Savings Funds

Art. 30.- On the next business day following the receipt of the authorization to transfer the Voluntary Fund, the ceding Administrator Institution must notify the participant in a clear, truthful, and complete manner, so that it is understandable, avoiding hiding or minimizing important warnings, with the following minimum content:
a) Date of transfer authorization by the Superintendence; b) Justification of the transfer process; c) Name of the Acquiring Administrator Institution; d) Maximum deadline to request withdrawal or transfer of Voluntary Funds, specifying the implications of the tax treatment for such transactions; e) Indications that the participant and employer have the right to withdraw or transfer the resources they have to another Administrator Institution without commission charges; and f) Detail of the contact information designated by the Administrator Institution to handle inquiries related to the communication, clearly defining the channels for receiving such inquiries.

Such communication shall be made in accordance with the means established in the respective contract, individual plan, or institutional plan, and must be documented with reliable proof that such communication has been carried out.

Communication to the public of the transfer process

Art. 31.- Within three business days following, counted from the receipt of the transfer authorization notification, the ceding Administrator Institution must communicate to the public the transfer of the Voluntary Fund by means of a prominent notice, published in the newspaper established in the prospectus.

Likewise, the transfer process must be disseminated as Essential Information or Relevant Event, in accordance with the Technical Standards for the Authorization, Registration and Operation of Voluntary Pension Savings Funds (NSP-59), approved by the Central Bank through its Standards Committee.

Request for modification of the registry entry

Art. 32.- In all cases and once the authorization to transfer the Voluntary Fund has been received, the Legal Representative or Attorney-in-Fact of the Acquiring Administrator Institution, within a period not greater than five business days, must present to the Superintendence the request for modification of the registry entry of the Voluntary Fund to be transferred, accompanied by the following documentation and information:
a) Draft Prospectus and models of plans or contracts to be signed, considering the information of the Acquiring Administrator Institution; b) Draft of the documents related to the guarantee that the Administrator Institution will constitute or modify for the Voluntary Fund, in consideration of what is established in Article 22 of the Funds Law; c) Certification of the Board of Directors agreement of the Acquiring Administrator Institution in which the Administrator Institution that will be the representative of the beneficiaries of the guarantee is designated; d) Acceptance of the Administrator Institution as the representative of the beneficiaries of the guarantee; e) Method of valuation of securities investments, in accordance with what is established in Article 102 of the Funds Law and the related Technical Standards on the valuation of investments, in case it is modified; f) Name(s) of the person(s) designated as investment administrator(s), duly authorized by the Superintendence; and g) Other documents that the Acquiring Administrator Institution considers necessary to present having been modified.

Art. 33.- Upon receipt of the request for modification of the Registry Entry of the Voluntary Fund, with the complete information in accordance with what is established in Article 32 of these Standards, the Superintendence will proceed to verify compliance with the requirements defined in the Technical Standards for the Authorization, Registration and Operation of Voluntary Pension Savings Funds (NSP-59), approved by the Central Bank through its Standards Committee, and in these Standards regarding the transfer of Voluntary Funds, having a period of thirty days to proceed to modify the registry entry of the Voluntary Fund.

If the request is not accompanied by the complete information detailed in Article 32 of these Standards, the Superintendence, in the absence of necessary requirements, may require the Administrator Institution 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 the Administrator Institution when there are reasons justifying it.

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

If after the analysis of the documentation presented in accordance with Article 32 of these Standards, the Superintendence has observations or when the documentation or information presented is not sufficient to establish the facts or information intended to be accredited according to the type of registry entry modification process; the Superintendence may notify the respective Administrator Institution to remedy the observations.

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

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

Extension period

Art. 34.- The Administrator Institution may present to the Superintendence a request for extension of the deadlines indicated in the fifth paragraph of Article 33 of these Standards, expressing the grounds on which it is based and proposing, if applicable, the pertinent proof.

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.

Suspension of the period

Art. 35.- The thirty-day period indicated in Article 33 of these Standards will be suspended for the days that elapse between the notification of the requirement to complete information or documentation referred to in the second and fourth paragraphs of Article 33 of these Standards, until the interested parties remedy the observations indicated by the Superintendence.

Once the documents are presented in due form, the Superintendence will proceed to respond to the request for modification of the corresponding registry.

Definitive documentation

Art. 36.- In the case that the agreement by the Superintendence is favorable, the Superintendence will notify the Administrator Institution and the Custodian of the securities of the Voluntary Funds to be transferred, on the next business day.

The Administrator Institution within a maximum period of fifteen business days, from the communication of said agreement, must send to the Superintendence definitively the following documentation:
a) Prospectus and models of plans or contracts to be signed, considering the information of the Acquiring Administrator Institution; b) Documents related to the guarantee that the Administrator Institution will constitute or modify for the Voluntary Fund, in consideration of what is established in Article 22 of the Funds Law; c) Method of valuation of securities investments, in accordance with what is established in Article 102 of the Funds Law and the related Technical Standards on the valuation of investments, in case it is modified; and d) Other documents that the Acquiring Administrator Institution has presented for its authorization.

Resolution

Art. 37.- Notified of the agreement to modify the registry entry, the ceding Administrator Institution will send to the Custodian of the securities of the Voluntary Fund, the instruction to transfer these to the destination account that the Acquiring Administrator Institution holds for the administration of the securities of the portfolio of the transferred Fund.

The ceding Administrator Institution, the Investment Committee or whoever acts in its stead, as well as the Custodian of the securities of the Voluntary Fund to be transferred, will cease in their functions regarding the ceded Voluntary Fund once the modification of the respective registry entry of the Voluntary Fund is registered and the Acquiring Administrator Institution has registered in its accounts the securities that make up the Voluntary Fund. Once the securities are transferred to the destination account of the Acquiring Administrator Institution, the transferred Voluntary Fund may begin operations under its administration.

Modified the Registry, the Acquiring Administrator Institution will have one hundred and eighty days to carry out the necessary adaptations in the Voluntary Fund in accordance with what is established in the Funds Law.

Responsibility

Art. 38.- The Acquiring Administrator Institution will succeed by operation of law to the ceding Administrator Institution in its rights and obligations, including tax ones, once the transfer of the Voluntary Fund is finalized and the respective registry entry is modified, without prejudice to the responsibility of the ceding Administrator Institution during its administration of the Voluntary Fund.

Art. 39.- Once the transfer process is completed, the External Auditor of the Voluntary Fund will certify the transfer thereof in accordance with what is established in Article 94 of the Funds Law.

Such certification must be sent by the ceding Administrator Institution to the Superintendence on the next business day of receipt.

TITLE IV
MERGER OF VOLUNTARY PENSION SAVINGS FUNDS
CHAPTER I
GENERALITIES

Grounds for merger of Voluntary Funds

Art. 40.- The merger of Voluntary Funds will proceed in the following cases:
a) By merger between two or more Administrator Institutions; or b) By internal decision of the Administrator Institution to merge two or more Voluntary Funds administered by it, observing what is established in Article 41 of these Standards.

Merger of Voluntary Funds

Art. 41.- Two or more Voluntary Funds may be merged, provided that such merger is carried out between Funds with similar characteristics, considering at least the following:
a) Profile of the participant or employer, depending on whether they are Voluntary Funds formed by contracts or plans, either individual or institutional, as the case may be; b) Investment policy; c) Characteristics regarding the minimum period of stay in the Voluntary Fund, if applicable; d) Minimum contributions to the Voluntary Fund and the periodicity with which they must be made, if applicable; e) Risks inherent to the Voluntary Fund; and f) Others that are consistent with the characteristics of the Voluntary Funds to be merged.

Art. 42.- The merger of Voluntary Funds can occur in two forms:
a) Creation of a new Voluntary Fund: when two or more Funds integrate a new Fund; and b) Merger by absorption: when an existing Voluntary Fund absorbs another or others.

The merger of Voluntary Funds comprises all assets, rights, and obligations that constitute the assets and liabilities of each Fund, as well as guarantees, sureties, or bonds.

For the case of the guarantee referred to in Article 22 of the Funds Law, the new Administrator Institution must constitute it with its own resources.

Merger of Administrator Institutions

Art. 43.- The merger of Administrator Institutions requires prior authorization from the Superintendence and must be carried out in accordance with the rules established in the Commercial Code and special laws, where applicable.

In the case of merger of Administrator Institutions, the conditions established in the contracts or individual plans and contracts or institutional plans, as well as those defined in the prospectus of each Voluntary Fund, will be respected as they were originally stipulated.

CHAPTER II
MERGER AUTHORIZATION PROCESS OF VOLUNTARY FUNDS

Request for authorization of merger of Voluntary Funds

Art. 44.- The request for authorization of merger of Voluntary Funds to be presented to the Superintendence must be signed by the Legal Representative or Attorney-in-Fact of the Administrator Institution, detailing the reasons justifying the merger and must contain at least the following information and documentation:
a) Board of Directors agreement of the Administrator Institution in which the request for merger of the Voluntary Funds is approved; b) Merger scheme, stipulating the form, which may be the creation of a new Fund or by absorption, identifying the Voluntary Fund that survives; c) Schedule to carry out the merger and those responsible for its execution; d) Draft of contracts or plans, whether individual or institutional, as well as the prospectus of the Voluntary Fund, in the case of creating a new Fund; e) Draft of the documents related to the guarantee that the Administrator Institution will constitute or modify for the Voluntary Fund, in consideration of what is established in Article 22 of the Funds Law; f) Financial Statements as of the date of the agreement in which the request for merger of the Voluntary Funds was approved; g) Swap method for the conversion of quotas, in accordance with what is established in Annex No. 5 of these Standards; h) Report on the Voluntary Funds to be merged detailing: their composition, detail of the composition of the participants and their quotas, as well as the inventory of the assets and liabilities comprising them as of the date of the merger request; i) Investment policy of the Voluntary Fund resulting from the merger, when applicable; and j) Tax clearance certificates of the respective Voluntary Funds, in accordance with what is established in Article 95 of the Funds Law.

Art. 45.- The Administrator Institution that requires authorization from the Superintendence for the merger of Voluntary Funds must additionally present, according to the merger scheme referred to in letter b) of Article 44 of these Standards, the necessary documentation in accordance with what is established in the Technical Standards for the Authorization, Registration and Operation of Voluntary Pension Savings Funds (NSP-59), issued by the Central Bank through its Standards Committee.

Merger authorization procedure of Voluntary Funds

Art. 46.- Upon receipt of the merger request of the Voluntary Funds, with the information complete in accordance with what is established in Article 44 of these Standards, the Superintendence will proceed to verify compliance with the requirements defined by the Funds Law and these Standards regarding the merger of Voluntary Funds, having a period of up to fifteen business days.

If the request is not accompanied by the complete information detailed in Article 44 of these Standards, the Superintendence, in the absence of necessary requirements, may require the Administrator Institution to present the missing documents within a period of ten business days...

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NSP-71
TECHNICAL STANDARDS FOR THE TRANSFER, MERGER OR LIQUIDATION OF VOLUNTARY PENSION SAVINGS FUNDS Approval: 30/12/2022 Validity: 30/12/2022

Art. 44.- The Administrative Institution must submit the documentation required by the Superintendence within the established deadline. If the Administrative Institution fails to complete the information within the aforementioned deadline, it will proceed without further procedure to archive the request, without prejudice to its right to present a new request.

If, after analyzing the documentation presented in accordance with Article 44 of these Standards, the Superintendence has observations or when the documentation or information presented does not prove sufficient to establish the facts or information intended to be accredited in accordance with the type of authorization process, the Superintendence may advise the Administrative Institution to correct the observations.

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

The Superintendence may, through a reasoned resolution, extend the deadline mentioned in the previous paragraph by up to ten additional business days, when the nature of the observations or deficiencies advised so requires.

Extension Period

Art. 47.- The Administrative Institution may submit to the Superintendence a request for an extension of the deadline mentioned in the fifth paragraph of Article 46 of these Standards, stating the grounds for the request and proposing, if applicable, the pertinent evidence.

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

Suspension of the Deadline

Art. 48.- The fifteen-business-day deadline mentioned in Article 46 of these Standards will be suspended for the days that elapse between the notification of the request for information or documentation referred to in the second and fourth paragraphs of Article 46 of these Standards, until the observations pointed out by the Superintendence are corrected.

Once the documents are presented in due form, the Superintendence will proceed to respond to the merger authorization request.

Definitive Documentation

NSP-71
TECHNICAL STANDARDS FOR THE TRANSFER, MERGER OR LIQUIDATION OF VOLUNTARY PENSION SAVINGS FUNDS Approval: 30/12/2022 Validity: 30/12/2022

Art. 49.- In the event that the agreement by the Superintendence is favorable, the Superintendence will notify the Administrative Institution and the Custodian of the values of the Voluntary Funds to be transferred, on the following business day.

The Administrative Institution, within a maximum period of fifteen business days, from the communication of the aforementioned agreement, must send to the Superintendence in definitive form the following documentation:

a) Schedule to carry out the merger and those responsible for its execution; b) Contracts or plans, whether individual or institutional, as well as the prospectus of the Voluntary Fund, in the case of a new Fund; c) Documents related to the guarantee that the Administrative Institution will constitute or modify for the Voluntary Fund, in consideration of what is established in Article 22 of the Funds Law; d) Exchange method for the conversion of quotas, in accordance with what is established in Annex No. 5 of these Standards; and e) Investment policy of the resulting Voluntary Fund from the merger, in case it has been modified.

CHAPTER III
DISCLOSURE OF INFORMATION
Information to the participant or employer regarding the merger process of Voluntary Funds

Art. 50.- On the business day following the receipt of the merger authorization, the Administrative Institution must notify the participant or employer in a clear, truthful, complete, and detailed manner, so that it is understandable, avoiding hiding or minimizing important warnings to the participant regarding the merger process with the following minimum content:

a) Copy of the certification of the point of the act in which the agreement of the Board of Directors is recorded, in which the merger of the Voluntary Funds was approved, including the justification of this decision; b) Copy of the merger authorization by the Superintendence; c) Value of the current quota with reference to the day prior to the notification; d) Deadline granted to participants or employers to request the withdrawal or transfer of their contributions, specifying the implications of the tax treatment for these transactions; e) Indication that the participant or employer has the right to withdraw or transfer the resources they have to another Administrative Institution without commission charges; f) Account statement with reference to the day prior to the notification, for the purpose that the participant decides the withdrawal or type of transfer to carry out;

g) Exchange method for the conversion of quotas; and h) Detail of the contact information designated by the Administrative Institution to handle inquiries related to the communication, the prospectus, and the contract model of the new Voluntary Fund; or the modifications of the registry entry of the merged Voluntary Funds, in the case of a merger by absorption, clearly defining the channels for receiving such inquiries.

Such communication will be made in accordance with the means established in the respective individual and institutional contract or plan.

Regarding the decision to transfer contributions by the participant or employer

Art. 51.- In the event that the participants or employer, according to the type of contract or plan established, decide to transfer their contributions, in whole or in part, to an individual account in another Voluntary Fund, the Administrative Institution must proceed in accordance with what is established in Title II of these Standards.

Regarding the exchange of quotas

Art. 52.- In the merger processes, the exchange method referred to in Articles 44, 49, and 50 of these Standards, will consider that participants receive quotas in the proportion equivalent to those they previously had. To this end, they must observe what is established in Annex No. 5 of these Standards.

Communication to the public regarding the merger of Voluntary Funds

Art. 53.- Within three business days following, counted from the notification of the merger authorization, the Administrative Institution must communicate this to the public through a prominent notice, published in the newspaper established in the prospectus of the Voluntary Fund. Likewise, the merger process must be disseminated as Essential Information or Technical Standards for the Submission and Disclosure of Information of the Savings Funds -61), approved by the Central Bank, through its Standards Committee.

Communication to the Custodian

Art. 54.- The Administrative Institution will send to the Custodian of the values of the merged Voluntary Funds, the transfer instruction to the destination account that has been opened for the administration of the values of the portfolio of the absorbing Voluntary Fund or the new Fund. Such instruction must be sent on the business day following the receipt of the merger authorization agreement, in accordance with what is established in Article 49 of these Standards.

Presentation of Financial Statements

Art. 55.- After the transfer of the values to the new destination account, the Administrative Institution will present to the Superintendence, on the following business day, the Financial Statements of the new Voluntary Fund or the absorbing Voluntary Fund.

NSP-71
TECHNICAL STANDARDS FOR THE TRANSFER, MERGER OR LIQUIDATION OF VOLUNTARY PENSION SAVINGS FUNDS Approval: 30/12/2022 Validity: 30/12/2022

TITLE V
DISSOLUTION AND LIQUIDATION OF VOLUNTARY PENSION SAVINGS FUNDS

SINGLE CHAPTER
LIQUIDATION AND POWERS OF THE LIQUIDATOR

Art. 56.- A Voluntary Fund cannot be declared bankrupt, but will only enter liquidation, when as a result of the revocation of the authorization to operate by the Administrative Institution that administers the Voluntary Fund and the consequent cancellation of its registry entry, the administration has not been transferred to another Administrative Institution.

When a Voluntary Fund enters liquidation, the Superintendence must notify the Tax Administration, so that it simultaneously with the liquidation of the Voluntary Fund proceeds to the tax audit of the same, with the purpose of determining the tax debt in a priority manner, in accordance with what is established in Article 103 of the Funds Law.

Liquidation expenses, including the liquidator's fees for the Fund, may be claimed from the Administrative Institution by the Fund's liquidator.

During the liquidation process, the Voluntary Fund will continue under the supervision of the Superintendence.

In cases where the liquidator is not the Administrative Institution, from the date on which the liquidator takes possession, the Administrative Institution will be inhibited from any power of administration and disposal of the Fund's assets.

The administration and custody regimes will continue to apply to the Fund's assets subject to them, until they are liquidated. The liquidation of a Voluntary Fund does not imply the automatic termination of the corresponding administration or custody contracts, without prejudice to the liquidator's power to terminate them.

Liquidation process due to revocation of the authorization to operate

Art. 57.- The liquidation of a Voluntary Fund will be carried out by its Administrative Institution. In the event that the Administrative Institution receives the revocation of the authorization to operate and the consequent cancellation of its registry entry or when the Superintendent so determines, based on technical information, he must request a Judge with jurisdiction in commercial matters to appoint a liquidator, proposing a slate for this purpose.

When the causes referred to in the previous paragraph are presented and no communication regarding the liquidation of the Fund is received in the Superintendence, it will act ex officio to safeguard the interests of the participants, for which the Superintendent must request with urgency a Judge with jurisdiction in commercial matters to appoint the liquidator, from a slate proposed by the Superintendent.

In the event that it corresponds to the Judge to appoint the liquidator, he must do so within the non-extendable deadline of sixteen business hours of receiving the request while this does not happen, the Board of Directors of the Superintendence must appoint a delegate with the object of preserving the assets of the Voluntary Fund, establishing his functions and fees in the corresponding appointment. These latter at the expense of the Voluntary Fund.

Once the liquidator is appointed, the period in which the liquidation must be carried out for a Voluntary Fund may not exceed one year. However, this period may be extended by a single time by the authorized period by the Board of Directors of the Superintendence if the liquidation is to be carried out by the Administrative Institution, or in its case, by the Judge who had appointed the liquidator.

Powers of the Liquidator

Art. 58.- The liquidator of a Voluntary Fund will have the following powers:

a) Conclude the operations that have remained pending; b) Collect what is owed to the Voluntary Fund and pay its obligations, it must primarily pay the tax debt; c) Sell the assets of the Voluntary Fund; d) Carry out the final balance sheet of the liquidation of the Voluntary Fund; e) Send to the Superintendence the final balance sheet and have it published once in the national circulation newspaper that points out the prospectus; f) Proportionally liquidate the participants' participation quotas; and g) Grant the liquidation deed, sending to the Superintendence a certified copy of the testimony of this.

The liquidator must send to the Superintendence all the information that it requires.

The liquidator is strictly prohibited from initiating new operations.

For all tax purposes, the liquidators of the Voluntary Funds will be considered jointly liable as representatives of these; and prior to carrying out any type of action, they must accredit such quality before the Tax Administration, through the document in which their election as such is recorded and the express acceptance of the position.

NSP-71
TECHNICAL STANDARDS FOR THE TRANSFER, MERGER OR LIQUIDATION OF VOLUNTARY PENSION SAVINGS FUNDS Approval: 30/12/2022 Validity: 30/12/2022

Non-compliance with what is established in this article will incur the liquidator in civil and criminal liabilities as appropriate.

Art. 59.- The liquidation of a Voluntary Fund will be carried out in accordance with the administration and liquidation standards established in the prospectus. Once the respective liquidation process is concluded, its registry entry must be cancelled.

Once the liquidator is appointed, the Administrative Institution must deliver to him all the goods, records, and documents of the Voluntary Fund; such delivery will be recorded in a detailed inventory that will be signed by both parties. In the event that the Administrative Institution does not carry out this delivery, it must be done by the delegate appointed in accordance with Article 57 of these Standards or by a delegate expressly appointed by the Board of Directors of the Superintendence for this purpose.

When the Administrative Institution is responsible for carrying out the liquidation, it must initiate it by drawing up this inventory.

The liquidation of a Voluntary Fund must be audited by an external audit firm, registered in the Superintendence.

TITLE VI
OTHER PROVISIONS AND VALIDITY

SINGLE CHAPTER
OTHER PROVISIONS AND VALIDITY

Sanctions

Art. 60.- Non-compliance with the provisions contained in these Standards will be sanctioned in accordance with what is established in the Supervision and Regulation Law of the Financial System.

Repeal.

Art. 61.- Technical Standards for the Transfer, Merger -37) approved by the Central Bank through its Standards Committee, in Session CN-03/2021, of February 25, 2021.

Unforeseen Aspects

Art. 62.- Unforeseen aspects in matters of regulation in these Standards will be resolved by the Central Bank of Reserve of El Salvador through its Standards Committee.

Validity

Art. 63.- These Standards will enter into force from the thirtieth of December of two thousand twenty-two.

NSP-71
TECHNICAL STANDARDS FOR THE TRANSFER, MERGER OR LIQUIDATION OF VOLUNTARY PENSION SAVINGS FUNDS Approval: 30/12/2022 Validity: 30/12/2022

Annex No. 1

FORMATS OF THE REGISTRATION CERTIFICATE OF AN INDIVIDUAL ACCOUNT IN A VOLUNTARY PENSION SAVINGS FUND

A. FORMAT OF CERTIFICATE FOR PARTICIPANT

Certificate number
Logo of the Administrative Institution of the Voluntary Fund Name of the Administrative Institution of the Voluntary Fund San Salvador, ________of _______of ________.
This certificate is issued to ___________________________________________ (Participant's Name), with Identification Document type ___, No., who is a participant of the Voluntary Pension Savings Fund named ________________________. The resources must be credited to the financial account No. _______________ in the name of the Voluntary Pension Savings Fund _______________________________________ in the financial entity __________________. ________________________________________________ Name and signature of the person authorized to carry out the procedure in the Administrative Institution

NSP-71
TECHNICAL STANDARDS FOR THE TRANSFER, MERGER OR LIQUIDATION OF VOLUNTARY PENSION SAVINGS FUNDS Approval: 30/12/2022 Validity: 30/12/2022

Annex No. 1

B. FORMAT OF CERTIFICATE FOR EMPLOYER

Certificate number
Logo of the Administrative Institution of the Voluntary Fund Name of the Administrative Institution of the Voluntary Fund San Salvador, ________of _______of ________.
This certificate is issued to ___________________________________________ (Employer's Denomination, Trade Name or Name), with Tax Identification Number ________________ who has an institutional contract or plan of the Voluntary Pension Savings Fund named __________________ to which the individual accounts of the participants listed in the annex of this certificate are linked. The resources must be credited to the financial account No. _______________ in the name of the Voluntary Pension Savings Fund _______________________________________ in the financial entity __________________. ________________________________________________ Name and signature of the person authorized to carry out the procedure in the Administrative Institution of the Fund This certificate must be attached to the list of participants with the following information:
a) Name according to identification document; b) Type and number of Identification Document.

NSP-71
TECHNICAL STANDARDS FOR THE TRANSFER, MERGER OR LIQUIDATION OF VOLUNTARY PENSION SAVINGS FUNDS Approval: 30/12/2022 Validity: 30/12/2022

Annex No. 2

MINIMUM CONTENT OF THE TRANSFER REQUEST FORM FOR PARTIAL OR TOTAL RESOURCES OF INDIVIDUAL ACCOUNTS OF A VOLUNTARY PENSION SAVINGS FUND

The form corresponding to the Request for Partial or Total Transfer of resources of the individual accounts of savings of the participants and employers must contain the following elements:
A. TRANSFER REQUEST BY THE PARTICIPANT

a) individuals b) The phrase that establishes the participant's decision to transfer in whole or in part the accumulated resources in the concept of contributions and generated returns, to another Administrative Institution of Voluntary Funds:
participant) with Identification Document type (specify document type) __________________ No.________________ with validity until ____________, I request to transfer the accumulated resources in the individual account to the Administrative Institution ____________________ (name of the Institution c) Correlative number of the request; d) The date of the transfer request of resources from the Administrative Institution of origin with e) Time of request; f) Name of the Voluntary Fund; g) Name of the Administrative Institution of the Voluntary Fund; h) Participant's identification code; i) Type of contract or plan: individual or institutional; j) Type of transfer (Total or partial); k) Amount to be transferred; l) Denomination of the Fund to which the resources will be transferred in the Administrative Institution of destination, according to the physical or electronic certificate presented; m) Participant's signature in physical requests. In cases where the procedure is carried out through electronic channels, the participant's authentication will be necessary, in accordance with the form established by the Administrative Institution of origin; and n) Name, signature, and position of the person who carries out the procedure on behalf of the Administrative Institution of the Fund and the respective seal of the institution. The form of the request for partial or total transfer of resources of the individual accounts of voluntary savings must attach the registration certificate of an individual account in a Voluntary Pension Savings Fund.

NSP-71
TECHNICAL STANDARDS FOR THE TRANSFER, MERGER OR LIQUIDATION OF VOLUNTARY PENSION SAVINGS FUNDS Approval: 30/12/2022 Validity: 30/12/2022

Annex No. 2
B. TRANSFER REQUEST BY THE EMPLOYER

a) individuals b) The phrase that establishes the employer's decision to transfer in whole or in part the accumulated resources in the concept of contributions and the generated returns in the individual accounts of the participants linked to the institutional contract or plan, to another Administrative Institution of Voluntary Funds:
I ___________ (employer's representative) on behalf of the employer __________________ (Denomination, Trade Name or name of the employer) with Tax Identification Number ____________________, I request to transfer the accumulated resources in the individual account of the participants to the Administrative Institution ____________________ c) Correlative number of the request; d) The date of the transfer request of resources from the Administrative Institution of origin with e) Time of request; f) Name of the Voluntary Fund; g) Name of the Administrative Institution of the Voluntary Fund; h) Employer's identification code; i) Denomination, Trade Name or Name of the employer; j) Tax Identification Number (TIN) of the employer; k) Annex with the information of the individual accounts of the participants, linked to the institutional plan which must contain the following information:
i. Participant's identification code;
ii. Participant's name and surname;
iii. Type and number of Identification Document;
iv. Type of transfer (Total or partial); and
v. Amount to be transferred.
l) Employer's representative's signature in physical requests. In cases where the procedure is carried out through electronic channels, the employer's representative's authentication will be necessary, in accordance with the form established by the Administrative Institution of origin; and m) Name, signature, and position of the person who carries out the procedure on behalf of the Administrative Institution of the Fund and the respective seal of the institution.

NSP-71
TECHNICAL STANDARDS FOR THE TRANSFER, MERGER OR LIQUIDATION OF VOLUNTARY PENSION SAVINGS FUNDS Approval: 30/12/2022 Validity: 30/12/2022

Annex No. 3

ELECTRONIC INFORMATION EXCHANGE

FILE OF REQUEST FOR TRANSFER OF RESOURCES OF INDIVIDUAL ACCOUNTS OF VOLUNTARY PENSION SAVINGS FUNDS

Through this file, the Administrative Institution of origin will inform the Administrative Institution of destination of the details of the participants who requested the transfer procedure, as stipulated in these Standards. The internal structure of the file is as follows:

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NAME OF COLUMN DESCRIPTION
DESTINATION ADMINISTRATING INSTITUTION
Code of the Administrating Institution of Voluntary Funds to which the participant or employer has requested their resources be transferred.
ORIGIN ADMINISTRATING INSTITUTION
Code of the Administrating Institution of Voluntary Funds reporting.
TYPE OF TRANSFER
Total or Partial Transfer.
DATE OF TRANSFER REQUEST
Date of the transfer request, which must coincide with the date the request was received by the affiliate.
CONTRACT OR PLAN
Type of plan to which a participant is linked, individual or institutional. In the case of the institutional contract or plan, it must contain the employer identification fields.
TYPE OF IDENTITY DOCUMENT
Type of Identity Document of the participant.
VALIDITY OF IDENTITY DOCUMENT
Expiration date of the participant's Identity Document.
IDENTITY DOCUMENT NUMBER
Number of the Identity Document presented by the participant.
TRANSFER REQUEST NUMBER
Number of the request presented by the participant or employer.
1st NAME
First Name of the participant according to the identity document.
2nd NAME
Second Name of the participant according to the identity document.
1st SURNAME
First Surname of the participant according to the identity document.
2nd SURNAME
Second Surname of the participant according to the identity document.
MAIDEN SURNAME
Maiden Surname of the participant according to the identity document.
DATE OF BIRTH
Date of birth of the participant.

NSP-71
OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
Approval: 12/30/2022
Validity: 12/30/2022
Annex No. 3

ELECTRONIC INFORMATION EXCHANGE

FILE OF REQUEST FOR TRANSFER OF RESOURCES FROM INDIVIDUAL ACCOUNTS OF VOLUNTARY PREVISIONAL SAVINGS FUNDS

Through this file, the Origin Administrating Institution will inform the Destination Administrating Institution of the details of the participants who requested the transfer procedure, as stipulated in these Standards. The internal structure of the file is as follows:

NAME OF COLUMN DESCRIPTION
GENDER
Gender of the participant.
AMOUNT TO TRANSFER
Amount to be transferred to the Administrating Institution of Voluntary Funds.
DATE OF INCORPORATION INTO THE FUND
Date or month from which the first contribution will be made.
HISTORICAL RECORD
Detail of available contributions, as well as the date they were made. In the case of partial transfers, only the historical record of the amount to be transferred must be included.
For the case of institutional plans, the following fields must be added:

NAME OF COLUMN DESCRIPTION
NAME, BUSINESS NAME
OR NAME OF THE EMPLOYER
Name, Business name of the employer or name of the employer.
ECONOMIC ACTIVITY
Nature or business of the employer.
TAX ID NUMBER OF THE EMPLOYER
Tax Identification Number of the employer.

NSP-71
OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
Approval: 12/30/2022
Validity: 12/30/2022
Annex No. 4

ELECTRONIC INFORMATION EXCHANGE FOR TRANSFER OF A VOLUNTARY PREVISIONAL SAVINGS FUND

TRANSFER OF PARTICIPANT INFORMATION FOR TRANSFER OF A VOLUNTARY PREVISIONAL SAVINGS FUND The Ceding Administrating Institution will inform the Acquiring Administrating Institution of the details of the participants of the Voluntary Fund, which must contain the following information:
a) Name of the Ceding Administrating Institution; b) Name of the Acquiring Administrating Institution; c) Name of the Fund to be transferred; d) Information contained within the computer systems referenced in articles 58 to 59), of the following records:
i. Register of participants;
ii. Register of contributions, transfers, and withdrawals; and
iii. Register of investments.
e) Additionally, for each of the participants, the following must be identified:
i. Participant code;
ii. Date of incorporation into the Fund;
iii. Nationality;
iv. Residential and office address;
v. Residential and office telephone number;
vi. Occupation;
vii. Place of work;
viii. Amount and periodicity of contributions;
ix. Contract or Plan: individual or institutional, in the case of the contract or institutional plan, the name of the employer must be specified;
x. Method of making contributions to the individual account: account deposit, electronic transfer, checks, or other authorized means;
xi. Method to liquidate withdrawals: account deposit, electronic transfer (specify bank account number), issuance of checks, or other authorized means;
xii. Medium (physical or electronic) indicated by the participant, for the receipt of the following information: account statement, information regarding modifications to the Fund prospectus and contract, among others;
xiii. Names of beneficiaries designated by the participant, percentage of distribution, and kinship if applicable;
xiv. Conditions established by the employer for the participant to be able to dispose of the contributions made to the individual account; and
xv. Other data deemed necessary to transfer to the acquiring institution.

NSP-71
OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
Approval: 12/30/2022
Validity: 12/30/2022
Annex No. 4
f) Employer data in the case of institutional plans:
i. Employer code;
ii. Name, business name, or name of the employer;
iii. Tax Identification Number (NIT);
iv. Address;
v. Office Telephone Number;
vi. Nature or business of the employer;
vii. Identification number of the legal representative;
viii. Amount and periodicity of contributions;
ix. Method of making contributions to the individual account: account deposit, electronic transfer, checks, or other authorized means;
x. Method to liquidate withdrawals: account deposit, electronic transfer (specify bank account number), issuance of checks, or other authorized means;
xi. Persons authorized to order operations on their behalf, specifying their general information;
xii. Medium (physical or electronic) indicated by the employer, for the receipt of information regarding: contributions of its employees, modifications to the Fund prospectus and contract, among others; and
xiii. Other data deemed necessary to transfer to the acquiring institution.

NSP-71
OF VOLUNTARY PREVISIONAL SAVINGS FUNDS
Approval: 12/30/2022
Validity: 12/30/2022
Annex No. 5

METHOD OF SHARE EXCHANGE FOR MERGER OF VOLUNTARY PREVISIONAL SAVINGS FUNDS

A. MERGER BY ABSORPTION

Number of equivalent shares = (VCabsorbed ÷ VCabsorbing) * N Where:

• Number of equivalent shares: Number of shares in the Absorbing Voluntary Fund to which the participant of the Absorbed Voluntary Fund is entitled.
• VCabsorbed: Value of the share of the Absorbed Voluntary Fund on the day of the merger.
• VCabsorbing: Value of the share of the Absorbing Voluntary Fund on the day of the merger.
• N: Number of shares of the Absorbed Voluntary Fund that the participant held at the time of the merger.
  Example:
  VCabsorbing: $ 2,000
  VCabsorbed: $ 1,000
  N: 100
  Number of shares = (1000 ÷ 2000) * 100
  Number of shares = (0.5) * 100
  Number of shares = 50
  B. MERGER BY CREATION OF A NEW VOLUNTARY FUND

Number of equivalent shares = (VCabsorbed ÷ VCnew) * N

Where:

• Number of equivalent shares: Number of shares in the new Voluntary Fund to which the participant of the Absorbed Voluntary Fund is entitled.
• VCabsorbed: Value of the share of the Absorbed Voluntary Fund on the day of the merger.
• VCnew: Value of the share of the new Voluntary Fund established in the Prospectus.
• N: Number of shares of the Absorbed Voluntary Fund that the participant held at the time of the merger.
  Example:
  VCabsorbed: $ 2,000
  VCnew: $ 1,000
  N: 100
  Number of shares = (2000 ÷ 1000) * 100
  Number of shares = (2) * 100
  Number of shares = 200