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For the second time, the Superintendency of Pensions (SP) ruled out “categorically” irregularities in the additional audit process carried out in July 2019 regarding investments made by AFP Habitat in funds managed by AGF Moneda Asset, investigation that concluded “In the absence of violations of current regulations”.
“As a regulatory and supervisory body for the correct functioning of the pension system and in accordance with the institutional duty to protect the interests of the affiliates, the Superintendency specifies that, without prejudice to permanent supervision, the July 19, 2019 sent a reserved letter of special request for information to AFP Habitat, within the framework of the information published by the electronic newspaper El Mostrador that day, ”said the regulator.
The Office of the Superintendency on the aforementioned date stated: “The Administrator is instructed to report on the investment operations described in the aforementioned press article and, likewise, deliver all the information in its possession regarding the events reported therein ”.
The instruction, in addition, explicitly indicated that the information should be sent to the service no later than the business day following that date, to which the administrator complied.
“False claims circulating on social networks and digital platforms”
The Superintendency of Pensions urged citizens to make their complaints and claims through official channels.
That said, the SP added, and “in front of the insistence of false claims circulating on social networks and digital platforms relating to a possible infringement (…) by AFP Habitat due to its indirect investments in ILC, through funds managed by AGF Moneda Asset ”, he reiterated that the situation described above “was investigated in a timely manner and in compliance with the provisions and powers conferred by law.”
The foregoing is part of the definition of indirect investment established “in Section III.4 of the Investment Regime, in force since August 1, 2011, in which Indirect investment is considered to be one of a significant nature that simultaneously meets the following two requirements: (i) that is greater than 0.5% of the total value of the assets of the respective investment vehicle; and (ii) that the sum of the investments is greater than 0.1% of the value of the pension fund managed by the AFP ”.
When analyzing the data, the SP concluded that the investment that AFP Habitat maintained in each of the pension funds it manages, through two investment funds that had ILC as their underlying asset (the Moneda Small CAP Latin America Investment Fund and Pionero Investment Fund), “did not exceed 0.1% of each of the pension funds managed by the administrator, since this amounted to only between 0.01% and 0.02% depending on the type of pension fund ”.
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