Amendments and Additions to the General Provisions Establishing the Investment Regime to which Specialized Investment Companies for Retirement Funds must Adhere<\/p>\n
The purpose of this note is to report on the October 25th, 2024 publication at the Federation\u2019s Official Gazette of the Amendments and Additions to the General Provisions (the \u201cGeneral Provisions<\/span>\u201d) establishing the investment regime<\/strong> to which Specialized Investment Companies for Retirement Funds (\u201cSIEFORES<\/span><\/strong>\u201d) must adhere. The aim is to update and strengthen the investment limits in structured instruments, Infrastructure and Real Estate Investment Trusts (Mexican REITs<\/strong>) and Real Estate Investment Vehicles, as well as to clarify the definition of Simplified Issuer<\/strong> and harmonize the limits of Currency-Denominated Investment Assets<\/strong>, in such a way as to maximize the replacement rate of Workers.<\/p>\n It is important to mention that the General Provisions refer to a FIBRA with characteristics of mortgage assets, which may be referred to as Mortgage FIBRAs<\/strong>, and thus their inclusion in these General Provisions arises. As a background<\/strong>, Mortgage-Backed Bonds (\u201cBORHIS<\/span><\/strong>\u201d) are a similar instrument but are not necessarily replaced by these FIBRAs.<\/p>\n New Mortgage FIBRAs<\/strong> are represented by real estate trust certificates that are not classified as Generic FIBRAs under the current provisions. Their issuance proceeds are used within the national territory for the acquisition, origination, co-participation, administration, or management of mortgage portfolios, as well as for investing in companies that carry out these activities or a combination thereof, while BORHIS represent debt instruments created through securitization, pooling mortgages into a trust that issues securities in the capital market for investors.<\/p>\n Similarly, in order to maintain a clear and transparent regulatory framework, various concepts set forth in the General Provisions that establish the investment regime to which SIEFORES must adhere, are clarified.<\/p>\n Among others, the following definitions are added to the General Provisions:<\/p>\n \u201cSECOND. –<\/strong> For the purposes of these provisions, the following shall be understood as:<\/em><\/p>\n I. XXXa. \u2026<\/em><\/p>\n XXXb. Simplified Issuer, refers to the legal entity provided for in Article 2, Section V Bis of the Securities Market Law;<\/strong><\/em><\/p>\n \u2026<\/em><\/p>\n XXXV. FIBRAs, refers to Generic FIBRAs, Mortgage <\/em>FIBRAs, and FIBRAs-E;<\/em> XXXVII bis. Mortgage FIBRAs, refers to the real estate trust certificates that do not qualify as a Generic FIBRA as provided for in these provisions, and whose issuance proceeds are allocated, within national territory, to the acquisition, origination, coparticipation, management or administration of mortgage portfolios; to investment in companies that carry out such activities, or a combination of any of the above;<\/strong><\/em><\/p>\n \u2026<\/em><\/p>\n \u201cNINTH. – \u2026<\/strong><\/em><\/p>\n The Administrators may provide evidence of compliance with the criteria determined by the Risk Analysis Committee referred to in the previous paragraph, supported by an opinion from an independent expert, provided that such expert meets the eligibility<\/strong><\/span> requirements set forth in the general financial provisions of the Retirement Savings Systems issued by the Commission. Furthermore, the Administrators, and those authorized by them, must report to the Commission with the frequency established in the general financial provisions of the Retirement Savings Systems and the general rules governing the information that retirement fund administrators, specialized investment companies for retirement funds, receiving entities, and operating companies of the National SAR Database must submit to the National Commission of the Retirement Savings System, including information on the opinions, indices, and Vehicles mentioned in this provision.<\/em><\/p>\n The Commission will inform the Risk Analysis Committee, the Advisory and Surveillance Committee, and the Board of Governors of the Commission about modifications and additions to the list of indices and Vehicles subject to opinion, in accordance with the criteria issued by the Risk Analysis Committee. Additionally, the Administrators or those authorized by them shall keep updated<\/span><\/strong> the list of indices and Vehicles that have received an approving opinion regarding compliance with the criteria defined by the Risk Analysis Committee. This information will be available to the Commission and the general public<\/strong><\/span>, without exempting the Administrators from the obligations established in these provisions, in the general financial provisions of the Retirement Savings Systems, and the general rules governing the information that retirement fund administrators, specialized investment companies for retirement funds, receiving entities, and operating companies of the National SAR Database must submit to the National Commission of the Retirement Savings System.<\/em><\/p>\n \u201cSIXTEENTH. – The Basic Investment Companies referred to in the previous Thirteenth provision may invest in the following: I. \u2026 a) to f) \u2026 g) In Structured Instruments, while observing the diversification criteria set forth in Sections IV and V of the following TwentyFourth provision. The investment may only be up to the percentage of the Total Assets of the Investment Company established in Annex S, column 1, of these provisions. In order to comply with the provisions of Article 43 of the Law, the limit referred to in this section may be up to the percentage of the Total Assets of the Investment Company established in Annex S bis, column 1, of these provisions, when the investment in Structured Instruments meets the requirements set forth in the general financial provisions of the Retirement Savings Systems<\/strong><\/span>.<\/em><\/p>\n \u2026\u201d<\/p>\n Please follow updates related to this note.<\/p>\n","protected":false},"excerpt":{"rendered":" Amendments and Additions to the General Provisions Establishing the Investment Regime to which Specialized Investment Companies for Retirement Funds must Adhere The purpose of this note is to report on the October 25th, 2024 publication at the Federation\u2019s Official Gazette of the Amendments and Additions to the General Provisions (the \u201cGeneral Provisions\u201d) establishing the investment […]<\/p>\n","protected":false},"author":3,"featured_media":2016,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1900","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-otros"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.ibarrapg.com\/en\/wp-json\/wp\/v2\/posts\/1900","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ibarrapg.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ibarrapg.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ibarrapg.com\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ibarrapg.com\/en\/wp-json\/wp\/v2\/comments?post=1900"}],"version-history":[{"count":6,"href":"https:\/\/www.ibarrapg.com\/en\/wp-json\/wp\/v2\/posts\/1900\/revisions"}],"predecessor-version":[{"id":3416,"href":"https:\/\/www.ibarrapg.com\/en\/wp-json\/wp\/v2\/posts\/1900\/revisions\/3416"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ibarrapg.com\/en\/wp-json\/wp\/v2\/media\/2016"}],"wp:attachment":[{"href":"https:\/\/www.ibarrapg.com\/en\/wp-json\/wp\/v2\/media?parent=1900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ibarrapg.com\/en\/wp-json\/wp\/v2\/categories?post=1900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ibarrapg.com\/en\/wp-json\/wp\/v2\/tags?post=1900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Amendments and Additions<\/h4>\n
\n\u2026<\/em><\/p>\n