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The new complementary norm in consultation will receive comments until May 18.
This afternoon, the Superintendency of Pensions (SP) announced that from today the pension funds have new investment alternatives, since may provide indirect financing to small and medium Chilean companies and in representative gold titles.
The changes, in which the Superintendency has been working since last year, introduce improvements to the Investment Regime of Pension Funds to expand investment alternatives, give greater flexibility to these operations, standardize criteria between investments in Chile and abroad. , and generate greater efficiencies.
Specifically, six modifications to the regulations are included, which may receive comments until May 18.
1. A new investment alternative is approved in Representative Gold Titles. This opens a protection option in uncertainty scenarios, thus allowing greater diversification and profitability in pension funds. This investment will also be computed within the limit for alternative assets.
2. It foreign investments in the real estate and infrastructure sectors are excluded from the structural limit of variable income. This standardizes this criterion already applicable to national investments.
3. It It allows to account the current account balances in foreign currency within the investments authorized to have exchange coverage. This will avoid inefficiencies and additional costs for pension funds, specifically when mismatches occur between the purchase and sale of instruments that have exposure to the same currency.
4. The significance criteria are modified to determine if an equity investment vehicle, with little significant investment in restricted securities, it is subject to investment by the Type E Fund.
5. The counterparty risk measurement methodology is modified for derivatives that operate outside the Stock Exchange (over the counter), going from a notional methodology to a measurement at market value (mark to market). This, with the aim of achieving greater precision in the measurement of this risk.
6. The requirement for translations of the contracts sent to the Superintendency of Pensions associated with investments abroad is eliminated. In order to implement the above, The Compendium of Standards of the Pension System will be modified, for which with this date a new standard is published in consultation that will receive comments until next Monday, May 18.
In said complementary rule, the provision that states that when an alternative asset has a percentage of state guarantee, that guaranteed part would not count in the limit of alternative assets, becoming part of the limit applicable to state instruments. The latter, in the proportion for which this guarantee is established with respect to capital.
This means that, for example, if an asset is 60% guaranteed by the State of Chile, that 60% would be accounted for within the limit of investment in state instruments. In this way, only the remaining 40% would be accounted for in the alternative asset limit.
The modifications to the Investment Regime of the Pension Funds were approved by the Technical Investment Council and endorsed by the Ministry of Finance. In line with this measure, the SP considers adequate the incorporation of new instruments within the alternative asset class, which will allow expanding the possibilities of investment in the national market through quotas of public investment funds that invest in securities of issuers. such as promissory notes, mortgage loans for housing purposes and invoices. All of these must be governed by the Single Fund Law.
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