On April 18, the Secretary of Finance and Public Credit (SHCP in Spanish) published, through the National Committee for Regulatory Improvement (CONAMER in Spanish), a new version of the draft regulation on the criteria for the collection of fees by the Retirement Fund Administrators (AFORES in Spanish). The new version includes the comments and recommendations that CONAMER presented in its non-final opinion on the text. Interested parties may continue to send comments via the following link, although it is expected that the text will be finally approved by CONAMER and sent to the Official Gazette for enactment in the short term.
The new text establishes that in the annual process of requesting authorisation and approval or rejection of fees by the AFORES to the Governing Board of the National Committee of the Retirement Savings System (CONSAR in Spanish), fees will be reviewed using as a reference the fees in Colombia, Chile and the USA with those data that are available until the end of September.
The new draft also eliminates the tenth article of the original text, which established that from the entry into force of the agreement, the Governing Board of the National Committee for Retirement Savings should review every two years the policies and criteria for fees and their methodology.