Regulatory Alerts2022-12-30 | NSP-66Added · Updated
Technical Standards for Transfer Procedures Between Pension Fund Administrators
The Committee of Standards of the Central Reserve Bank of El Salvador issued these standards to regulate affiliate transfers between Pension Fund Administrators (AFPs). The rules require affiliates to have at least twelve monthly contributions to transfer, mandate that the Destination AFP process requests within seven business days, and set the transfer effectiveness to the first day of the month following the request. Additionally, the standards define compensation procedures for fund balances and establish specific timelines for data exchange and account liquidation between the Origin and Destination AFPs.
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