Amends Decree Law No. 3,500 Of 1980, In Order To Create A Second Pension Fund In The A.f.p.

Original Language Title: MODIFICA EL DECRETO LEY Nº 3.500, DE 1980, A FIN DE CREAR UN SEGUNDO FONDO DE PENSIONES EN LAS A.F.P.

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
"Article 1.-Introducense the following modifications in the Decree Law No. 3,500 of 1980: 1. Insert in the second sentence of the second paragraph of article 17 between the expressions"Administrator", and"without prejudice"the following:"attached to the same type of background,".
2.-modify the tenth article 19, with the following paragraph: to) replace the first sentence with the following: "If in one month determined reset and criminal interest increased in the manner indicated in the preceding paragraph, derived from a total amount of less than the interest for non-resettable operations established by the Superintendency of banks and financial institutions, or profitability nominal of the last twelve months average of all pension funds type 1 , or nominal profitability for the last twelve months average of all funds of pension type 2, all of which are increased by 20 per cent, the largest of these three rates, case in which application of reset will not correspond shall apply. ";
(b) be inserted between the first and the second sentence as follows: "nominal profitability for the last twelve months average of all funds of the same type, shall be determined by calculating the weighted average of the return on all of them, the proportion representing the total value of shares each, in relation to the value of the shares of all funds of the same type (, the last day of the month previous. ", and (c)) replacing, in the last sentence, the expression"former"by"anteprecedente".
(3 amending article 23, of the following form: a) in your paragraph first, replace the phrase "a fund to be called the Pension Fund", by the following text: "two funds, which called the pension fund type 1 and type 2 Pension Fund, respectively. The administrators must keep both types of funds ";
(b) replace the second paragraph by the following: "for purposes of the provisions of this law, shall mean by" pension fund type 1 "or" Fund type 1 "that which can be made up of individual accounts for all the members of an administrator, and" pension fund type 2 "or" background type 2 "that which can only be made up of individual accounts of members referred to in the third subparagraph of article 32. All accounts of an affiliate must remain in the same Fund in which is your individual capitalization account. ";
(c) add at the end of its fourth subsection, then the separate point, it passes to be followed dot (.), the following sentence: "However, such service not may include the investment of social security resources from other administrators.";
(d) Intercalanse between its paragraphs fifth and sixth, current subparagraphs eighth, tenth and eleventh, which become subparagraphs sixth, seventh and eighth, respectively. Also added below of the latter, the following subsection ninth, new, passing current subparagraphs sixth, seventh, ninth, and twelfth to fourteenth, to be subsections tenth to fifteenth, respectively: "at the same time, administrators may constitute the country subsidiary corporations, prior authorisation of existence granted by a resolution issued by the Superintendent, whose sole purpose is the administration of social security resources of that or other pension funds portfolios. These subsidiaries will be subject to the designated in article 23A and shall be governed by the provisions of this law and so it set a standard of general character that will dictate the Superintendent. ", and e) replace the first sentence of the sixth paragraph, which happens to be tenth, the expression"the application"by the phrase"requests for permission of existence referred to in the fifth and ninth subparagraphs".
4 be inserted between articles 23 and 24, the following article 23 bis, new: "article 23 bis.-Las of pension fund may take the function of portfolio management of resources that make up the Pension Fund to open-end joint-stock companies, whose sole purpose is social security resources portfolio management, which must comply with the requirements indicated in this law and a standard of general character that dictate the Superintendency. The cost of outsourcing will always be the administering office.
These societies must prove a minimum capital of twenty thousand units of building, which must be subscribed and paid at the time of granting social writing. In addition, they must be kept permanently a heritage at least equal to the minimum capital required.
If the assets of this company is in fact redujere to an amount less than the minimum required, it shall be obliged, whenever this happens, to complete it within a period of six months. If so it does not make it, you will be revoked the authorization of existence and will proceed to the liquidation of the society by the Superintendency of pension funds. Also, the Superintendent may revoke authorization for serious violation of law, regulation or rules that are applicable to these societies.
In these societies there will be asset separation between equity and managed. The property and rights that make up the heritage of the funds managed by these companies will be unattachable, except in the part originated by deposits referred to in article 21 and the provisions of the second paragraph of article 34.
The sum of social security resources managed by a portfolio of social security resources and their related persons administering society, may not exceed the higher value between one-fifth of the total number of pension funds and the larger pension fund.
With regard to its functioning, these companies will be subject to the control of the Superintendency of pension funds managers, which shall have the same powers which has in relation to the pension funds, without prejudice to the audit powers of other institutions with respect to them.
However, administering social security resources holding companies will be subject to the same restrictions, prohibitions and in general to the same rules that govern the pension funds, especially with respect to the acquisition, maintenance, custody and disposal of financial instruments belonging to pension funds.
In order to comply with the provisions of article 69, no. 26, of the General banking law, banks and finance companies may constitute a societies governed by this article. ".
5 replace, in the final paragraph of article 24, the expression "and twelfth" 'by', ninth and 13th.
6 Reemplazanse the numbers 3, 4, 6 and 7 of the fourth subparagraph of article 26, by the following: "3. amount of capital, of the pension funds, stocks of fluctuation of profitability and lace.
4. value of contributions of each of the pension funds.
6. composition of the portfolio of each of the pension funds.
7. percentage of each type of fund additional quote. He is to inform, separately, the part that goes to the administering funding and one that is destined to the payment of the insurance referred to in article 59. ".
7 replace article 27, with the following: "article 27. The administrator must be separate from the heritage of each of the pension funds accounting. ".
8.-amending article 28, in the following way: to) replace in its second paragraph, the expression "of the Fund pension" by 'of each of the pension funds'.
(b) Intercalanse the following new fourth and fifth subparagraphs: "the Superintendent shall submit a study of the costs of administration of pension funds, which shall contain a breakdown of the costs for the different types of pension funds, a breakdown of the cost of the insurance referred to in article 59 and the sources of income of the administering , as well as of the main uses of these. The information used for this study must be based on information of a public nature. The study will take place at least once a year and will be placed at the disposal of the public in general.
In addition, the Superintendent will be responsible for develop and disseminate a report on the pension cost comparison, corresponding to each one of the administrators for affiliates with different levels of remuneration and taxable income annually. For this purpose, the result of adding the fixed Commission for payment of contributions, the value of the additional contribution multiplied by the remuneration and corresponding taxable income pension cost means. ".
9 insert in subparagraph first of article 29, between the expressions "affiliates", and "without prejudice", as follows: "assigned to the same type of background,".
10 replace the third subparagraph of article 31, by the following:
"Together with the above, the administrator must send to the affiliate information on commissions and the profitability of the account of individual capitalization and the share of the Pension Fund to which the affiliate is assigned. In both cases, shall inform the figures referred to herself and the other managers for the periods to be determined by the Superintendent. In addition, to inform regarding the additional quote established in article 17, separately, the part that goes to the administering funding and one that is destined to the payment of the insurance referred to in article 59. The latter, it must be expressed as a percentage of the affiliate's taxable compensation, whereas adjustments for claims. ".
11.-modified article 32, as follows: to) replace your subsection first by the following: ' article 32.-all affiliate may transfer the value of their quotas to other pension funds administrator, notice given which is built-in and your employer, when appropriate, with 30 days in advance at least to the date in which the quotes of the month in which the notice is given must learn. Trying to affiliate pensioners, the notice should be at least with 30 days of anticipation, to the date that must pay pensions to the month following which give you the notice. ".
(b) Agreganse, then in its final paragraph, the following new subsections: "close to retirement by old age, declared disabled by a first opinion and pensioners by modalities of programmed retirement or temporary income, members may express your desire ascribed or, where appropriate, transfer the value of their shares to the Fund type 2 of the administrator which are incorporated or of another administrator. At the same time, members close to retirement and the members declared disabled by a first opinion, that have opted to transfer the value of their contributions to a fund type 2, will return to a type 1 Fondo before retirement, just for once, provided that they have fulfilled a minimum stay period of 24 months in a fund type 2 , either at the time of retirement.
However as indicated in the preceding paragraph, those members declared transient disabled by a first opinion that is subsequently revoked, must return the value of their shares to a type 1 Fondo, unless they are coming to retirement for old age.

Each time the affiliate to transfer the value of their shares from a fund to another, this transfer shall be carried out prior notice given to its current administrator and his employer, when appropriate, with at least thirty days prior to the date in which the quotes of the month in which the notice is given must learn or pay pensions for the month following that to give notice , as appropriate.
Means for members coming to retirement by old age, men who have 55 or more years of age and women who have 50 or more years old.
To transfer the value of the quotas of an affiliate from a fund to another, should transfer resources accumulated in individual accounts of the affiliate. ".
12.-amending article 33, in the following way: to) replaced its first subparagraph, by the following: ' article 33. Each pension fund is an independent and diverse heritage of the administrator, heritage without having dominion over those. ", and b) replaced in its second paragraph, the expression"The wallpaper"for"Each Fund".
13.-amending article 34, as follows: a) replaced in its second paragraph, the expression "the bottom" by "funds", and b) replace your final paragraph by the following: "In the event of bankruptcy of the administrator, funds will be managed and liquidated in accordance with the provisions of article 43.".
14.-amending article 35 in the following terms: to) replaced first subparagraph by the following: ' article 35. The value of each of the pension funds will be expressed in installments. All dues of a pension fund shall be equal amount and features, and also shall be unattachable. ".
(b) in the second paragraph, add then followed dot (.), the following sentence: "Also, the Superintendency, only for the purpose of knowledge and analysis of members and the public in general, will report the value of the share of each of the pension funds considering the effective interest rate of acquisition of fixed income instruments that make up the portfolio of pension funds.".
15.-amending article 36, in the following way: to) replace your subsection first by the following: ' article 36. Monthly nominal profitability means a Fund, the percentage of variation of the mean value of the quota of one month of the Fund concerned, regarding the monthly average value of quota in the previous month. ';
(b) replace the first sentence of your second paragraph by the following: "average monthly nominal profitability is calculated separately for each type of Fund. The average of each fund monthly nominal profitability is determined by calculating the weighted average of the monthly nominal profitability of all of them, the proportion representing the total value of shares each, in relation to the value of the shares of all funds of the same type, on the last day of the previous month. ';
((c) insert in the second sentence of the second paragraph, between the expressions "Funds" and "existing", the expression "of the same type", and d) replace your third paragraph, by the following third and fourth subparagraphs, new: "means a fund monthly and average real return of all funds of the same type, nominal profitability established in the first and second subparagraphs respectively, adjusted for variation that experiment the index of prices to the consumer of the National Institute of statistics, in the same period.
The real annualized return for the last thirty-six months shall be calculated separately for each of the types of funds. For each of them, the real annualized for the last thirty-six months, shall be determined on the basis of the real of each of the considered month, yields obtained in accordance with paragraphs first, second and third, duly annualized. At the same time, the real annualized return of the last thirty-six months average of all funds of the same type, shall be determined on the basis of the average real returns of all funds of the same type in each of the months considered, properly annualized. ".
16 Reemplazanse the first two clauses of article 37, by the following subsections, new: "article 37. In each month, the administrators will be responsible for the real annualized return of the last thirty-six months of each of its funds, not be less than that is lower among: a) the annualized real of the last thirty-six months average of all funds of the same type, as appropriate, less two percentage points (,) and (b) the annualized real of the last thirty-six months average of all funds of the same type, as appropriate, less the absolute value of fifty percent of the profit.
Without prejudice to the provisions of the preceding paragraph, in the event that a Fund has less than thirty-six months of operation, the administrator shall be liable that the annualized real return on that Fund during the period you are operating, is not less than that is lower among: a) the annualized real return on the average period of all funds of the same type (, as appropriate, less two percentage points), and (b) the real annualized in that period average of all funds of the same type, as appropriate, less the absolute value of fifty percent of the profitability.
For the purposes of the preceding paragraphs, the annualized real return on a Fund and average of all funds of the same type, shall be calculated in a way analogous to the provisions of the fourth subparagraph of article 36.
The provisions of this article shall not apply to the administrators, with respect to any of their pension funds who have less than 12 months of operation. ".
17 replaced article 38 with the following: "article 38.-in order to ensure profitability to article above, each Fund will exist a"reserve of fluctuation of profitability", that will be part of each of them, and a"lace", referred to in article 40, owned by the administrator, which should be invested in shares of the respective fund.".
18.-amended article 39 in the following way: to) replace your subsection first by the following, passing its subsection second to be sixth paragraph: "article 39.-the reserve of fluctuation of profitability, which will be expressed in the respective pension fund quotas, will be formed with the excesses of real annualized return for the last thirty-six months of a fund (, that in a month exceeds the number that is higher among: to) the annualized real of the last thirty-six months average of all funds of the same type, as appropriate, plus two percentage points, and
(b) the annualized real of the last thirty-six months average of all funds of the same type, as appropriate, more the absolute value of fifty percent of the profit.
Without prejudice to the provisions of the preceding paragraph, in the event that a Fund has less than thirty-six months of operation, the fluctuation reserve of profitability be formed with excesses of annualized real return of the respective fund in the months in which is running, in a month exceeds the amount that is greater ((, between: a) the annualized real return in that period average of all funds of the same type, as appropriate, plus two percentage points, and b) the annualized real return on average of all funds of the same type, as appropriate, during this period, the absolute value of fifty percent of the profitability.
However, with the implementation of the provisions of the preceding subparagraphs, profitability of fluctuation reserve shall not exceed one per cent of the value of the respective fund, must distribute the excess immediately exceeded the above-mentioned percentage.
Shall not apply the provisions of this article to the funds that have less than twelve months of operation.
In any case, administrators must not constitute the reserve of fluctuation of profitability, if as a result of calculations made to determine its origin, the annualized real return for the period that is appropriate, of the respective fund, negative. ", and B) replaced its second paragraph, which becomes sixth subparagraph by the following:" the balance of the reserve of fluctuation of profitability of each type of Fund will only have the following destinations : 1. cover the difference between minimum profitability defined in article 37 and the annualized real return on the respective fund for the period that corresponds, in case that the latter is lower.
2 pay the total balance of the reservation, the date of liquidation or dissolution of the administrator to the respective fund. ".
19.-amending article 40 as follows: a.) replaced in its first paragraph, the expression "in the background" by "of each Fund", and b) insert in your second paragraph, between the words "of the" and "Background", the word "respective".
20.-amending article 42 in the following way: to) replace, in the first paragraph, the phrase "of the last twelve months of a fund", with the following: "annualized a Fund for the period that you";
((b) add the following paragraph third, new, becoming third current subparagraphs to the sixth, fourth subparagraph to the seventh, respectively: "Any administrator may use resources reserve of fluctuation of profitability or the lace of a Fund, to cover the deficit of profitability of the other Fund managed.", and (c)) added, in its current fourth subparagraph happened to be fifth paragraph, after the word "Lace" the phrase "of any of the funds they manage,".
21.-amending article 43 in the following way: to) Reemplazanse in its first paragraph, the expressions "of the Fund pension" by "of the funding of pensions" and "background" "of each of the funds";
((b) replaced in its second paragraph, the word "Fund" by "funds", and c) in its fourth paragraph, the word "third" to replace "room".
22.-amending article 44 in the following way: to) replace, in its first paragraph, the expression "Fund of pension and of the lace" by "of each of the funds pensions and respective Sockets";
((b) replace, in its third paragraph, the phrase "that every administrator should" with the following: "of each fund managers should", and c) in the fifth subparagraph, joining after the comma (,) that follows the expression "for the Pension Fund", the following: "then adding the expression" type 1 "or"Type 2", as appropriate,".
23.-amending article 45 as follows: to) Insert, between the second and third subparagraphs the following paragraph third, again, passing the current third subparagraphs to the ninth, to be fourth to tenth, respectively: "However as indicated in the previous paragraph, the resources of the Fund type 2 not may be invested in instruments of the letters f), g) ((((((((, h), i), j), m), n), p) and those outlined in the letters l) and n) when in the case of instruments representative of capital. ";
(b) replace the first sentence of his current seventh subsection, which happened to be eighth, the phrase "in the background" by "of the funds";
(c) replace current ninth paragraph, which happened to be tenth, the phrase "The maximum limits for designated investments" by prayer "for pension funds type 1, the maximum limits for investments in listed instruments";
(d) Insert below the current ninth subparagraph, which becomes tenth, following eleventh paragraph again, becoming current subparagraphs tenth to twenty-second twelfth to twenty-fourth, respectively: "for the type 2 pension funds, ceilings for investments in instruments indicated in the second paragraph, which they relate, must adhere to the ranges given below (, corresponding to the Central Bank of Chile the respective limit setting: 1. the limit for the sum of investments in instruments mentioned in the letter a), may not be less than fifty per cent nor superior to eighty per cent of the value of the Fund.
2 the limit for the sum of investments in instruments mentioned in the letters b) and (c)), may not be less than fifty per cent nor superior to eighty per cent of the value of the Fund.
(3. the limit for the amount of investment in the instruments referred to in point (d)), shall be not less than forty-five per cent nor superior to seventy per cent of the value of the Fund.
(4. the limit for the sum of investments in instruments mentioned in the letter e), may not be less than forty-five per cent nor superior to seventy per cent of the value of the Fund.
(5. the limit for the sum of investments in instruments mentioned in the letter k), may not be less than thirty per cent nor superior to fifty percent of the value of the Fund.
6 the limit for the sum of investments in instruments mentioned in the letter l) are not representative of capital as well as the limit for the amount of risk coverage operations outlined in the letter or), shall be established within the same ranges designated for Fund type 1. ";
(e) in the current tenth paragraph, who has spent to be twelfth, be inserted between "private" and "set", the phrase "that will be applied to the Fund that corresponds and";
(f) in current eleventh paragraph, which happens to be 13th, replace the second sentence with the following: "In the case of the pension fund type 1, said limit may not be less than ten per cent nor superior to 20% of the value of the Fund and, in the case of the pension fund type 2, the range will correspond to a ten per cent and a thirty per cent of the value of the Fund.";
((g) replace the current seventeenth paragraph, which becomes nineteenth, by the following: "for each type of instrument indicated in the letter n), maximum levels of investment, the Fund type 1 and the bottom type 2, may not be lower than one percent or exceed five per cent of the value of the respective fund.";
(h) Insert, in current subparagraphs eighteenth and nineteenth, that they become twenty and vigesimoprimero, between the expressions "investment" and "will not be able", the phrase: ", in the case of a pension fund type 1,"; and add, at the end of each one of them, after the separate dot (.), that happens to be followed dot (.), the following sentence: 'In the case of a pension fund type 2, the range will be a two per cent and a five per cent of the value of the Fund.';
(i) Insert, in the current 20th paragraph, that it becomes twenty-second among "With all" expressions, and "sum", the phrase "for the Fund type 1"; and the expressions "thirteenth to the nineteenth" shall be replaced by "fifteenth to the vigesimoprimero";
(j) in the current subsection vigesimoprimero, which happens to be twenty, insert in your first sentence, between the expressions "to turn", and "sum", the phrase "both the Fund type 1 as the Fund type 2,"; and add, in the second sentence, then the expression "With all", the phrase "both the Fund type 1 as the Fund type 2,".
(k) added, as a final paragraph, the following new paragraph: "will be up to the Central Bank of Chile establish the weighted average period for investments carried out with resources from a type 2 pension fund in debt instruments, which may not be less than two and a half years nor more than four years. For this, the definitions set out in the letters n shall be applied) and or) article 98. ".
24 insert in the first sentence of the first subparagraph of article 45 bis, between the expressions "financial", and "not of sports societies,", the following expression: "of societies administering social security resources portfolio,'.
25.-amending article 46 in the following way: to) replace paragraph first the word "Fund", "of each of the funds".
(b) in the third subparagraph:
(i) insert between the expression "article 45," and the phrase "and to pay", as follows: "to the transfer of resources from the Fund towards this current accounts maintained by an administering social security resources holding company".
(ii) added after the final dot (.) that happens to be followed dot (.), the following sentence: "In addition, administering social security resources portfolio companies may be turns, from current accounts that remain for the Pension Fund, earmarked for transfer to the accounts, maintained by the administrator to the Pension Fund, the resources who have them manage pursuant to article 23A.".
(26 amended article 47 in the following way: a) replace your first paragraph by the following: "article 47.-without prejudice to the provisions of article 45, investments with resources from a fund type 1, a fund type 2, as well as the sum of investments funded by both kinds of funds on deposits in current accounts and term debt securities issued by a bank or financial institution and its subsidiaries , or guaranteed by them, may not exceed the amount less the product of a multiple unique for all financial institutions set by the Central Bank of Chile and the assets of the Bank or financial institution concerned, and product of ten per cent of the total value of the respective pension fund and the weighted average risk factor. However, when these instruments have a term of maturity of less than one year, only formerly designated multiple must be lowered by 50 percent. The value of the aforementioned single multiple will vary between 0.5 and 1.5. However as provided in this subparagraph, in the case of investments with resources from a fund type 2 and the sum of investments funded by the funds of pension type 1 and type 2, the range of multiple unique and the value determined by the Central Bank of Chile will increase by ten per cent. ".
(b) replace the second by the following paragraph: "the sum of direct and indirect investments carried out with resources of Fund type 1, shares, deposits in current accounts and term and other debt securities issued by a bank or financial institution or guaranteed by them, may not represent more than seven per cent of the total value of the respective fund. Same limit applies to the sum of the investments carried out with resources from the Fund type 2 in deposits in current accounts and term and other debt securities issued by a bank or financial institution or guaranteed by them. ".
(c) Reemplazanse its third, fourth and fifth subparagraphs by the following: "investments with resources from a fund type 1, a fund type 2, as well as the sum of investments funded by both types of funds in debt securities issued or guaranteed by companies whose turn is to perform leasing operations, may not exceed the lesser amount between the product of a unique to these societies multiple set by the Central Bank of Chile and the heritage of the company; and the product of seven per cent of the total value of the respective pension fund and the weighted average risk factor. The value of the aforementioned single multiple will vary between 0.4 and 1. However as provided in this subparagraph, in the case of investments with resources from a fund type 2 and the sum of investments funded by the funds of pension type 1 and type 2, the range of multiple unique and the value determined by the Central Bank of Chile will increase by ten percent.
The sum of investment resources from a fund type 1 and a type 2 bottom of a same administrator at effects of trade, may not exceed thirty per cent of the series. At the same time, investment with a type 1 Fondo resources, may not exceed twenty percent of the series.
Similarly, the sum of investments with resources from a fund type 1 and a type 2 bottom of a same administrator, in bonds of the same series, may not exceed thirty per cent of this. At the same time, investment funded by the Fund type 1, shall not exceed twenty per cent of the series. ".
(d) replace the first sentence of the ninth paragraph, the word "fourth" by "fifth".
(e) in the first and second sentences of their twenty-fourth subsection, added below of the expression "value of the Fund", the word "respective", in both cases.
(f) modify its subparagraphs twenty-sixth and twenty-seventh, in the following manner: i. replace, in both paragraphs, the expression "The sum of investments" by "investments with a fund type 1, a fund type 2, as well as the sum of investments funded by both types of funds,".
(ii. Reemplazanse in the letters to) of each subsection, the expression "of the Fund", the expression "of the respective fund".
(iii. Add in the letters b) of both paragraphs, then of the separate dot (.), the following sentence as followed dot (.): "However, in the case of investments with resources from a fund type 2 and the sum of the investments with the funds of pension type 1 and type 2 resources, unique multiple range and the value determined by the Central Bank of Chile , will be increased by ten per cent. ".
(g) modified its 29th subsection, in the following manner: i. replaced the expression "the sum of investments" by "investments with a fund type 1, a fund type 2, as well as the sum of investments funded by both kinds of funds,".
(ii. replace in its letter to), the expression "in the background" by "of respective fund".
((iii. replaced the letter b) with the following: "b) thirty per cent of the respective series. However, in the case of a type 1 Fondo the previous percentage will correspond to the twenty percent. ".
(h) replace the thirtieth paragraph by the following: "the sum of investments with resources from a fund type 1 in bonds and trade effects, issued or guaranteed by a society that has less than three years of operation, may not exceed the product of the weighted average risk factor and three percent of the value of the Fund, or twenty per cent of the respective series. Also the sum of investments with resources from a fund type 2 in the aforementioned instruments, may not exceed the product of the weighted average risk factor and one percent of the value of the Fund. At the same time, the sum of investments a fund type 1 and a type 2 background resource, shall not exceed twenty per cent of the respective series. After a society reaches three years of operations, apply you other companies issuing bonds and effects of trade limits. ".
(i) in its subsection trigesimoprimero, be inserted between the word "investment" and the expression "in bond" the phrase "with the Fund type 1".
(j) in its 32nd point, insert between the expressions "article 98", and "will not be able", the phrase "both the Fund type 1 as the Fund type 2, in instruments that corresponds,". At the same time, add the word "respective" next to the word "Fund".
(k) added, in his 35th, then of the word "Chile" subsection, the two times that it appears in the text, the phrase "for each type of Fund".
(l) in its subparagraph (35th), add at the end of the first sentence, then the word "formal" the following phrase: ", considering the sum of the operations funded by both types of funds".
(m) replace in its subsection trigesimoseptimo, the word "of the" which lies between the words "resources" and "Background", the expression "of a", and insert between the word "investment" and the expression "therein", the phrase "for this Fund".
n) Reemplazanse in your tregesimoctavo paragraph, the word "of the" which lies between the words "value" and "Background", the expression "of a", and in the second sentence, the word "Fund", "of respective fund".
(n) insert between its paragraphs 39th and forty-, the following new paragraph, passing current forty-items to the cuadragesimosegundo to be cuadragesimoprimero to cuadragesimotercero: "the limits laid down in this article shall apply with respect to the value of the pension funds, as appropriate.".
(o) replaced in the final sentences of current subparagraphs cuadragesimoprimero and cuadragesimosegundo, which are to be cuadragesimosegundo and cuadragesimotercero, respectively, the word "fourth" by "fifth", in both cases.
(27 amending article 47 bis, as follows: a) changed your third paragraph, in the following manner: i. replace in the second sentence, the expression "Investment fund" by "the sum of investments with the funds type 1 and type 2".
II. the fifth sentence, be replaced by the following: "In any case, the sum of purchases of a same administering funds does not exceed twenty percent of the daily positioning of the instrument concerned.".
(b) add at the end of its sixth subparagraph, after the expression "of the Fund's pension", the word "respective".
(c) replaced into its seventh paragraph, the expression "in the background" by "of each Fund".
(d) in its eighth subparagraph, insert the expression "funds" and the word "managed" expression "of the same type"; and add, at the end of the first sentence, replacing point (.) followed by a comma (,), the following: "as well as to the sum of all types of funds managed by these societies, where the limit laid down in article 47 applies jointly to both kinds of funds.".
(e) Agreganse following paragraphs ninth and tenth, new: "Likewise, when an administrator order to another company, the administration of all or part of the pension fund portfolio, means that the limits referred to in article 47, governed for the sum of the investments made by the Manager and by the administering holdings, on behalf of the corresponding pension fund.
For purposes of investment carried out through a management holding company of social security resources, in securities issued or guaranteed by it or by a person related to that society, apply the same restrictions and reduction of limits that apply to pension funds in the case of investments in securities issued or guaranteed by the respective administrator or people related to this. The administrator of social security resources portfolio, you will be forbidden to invest the money in a pension fund that manages, in shares issued by a company who is a shareholder of that administrator of social security resources portfolio society and possessing more than one five per cent of the total of the shares subscribed, either directly or indirectly. ".
28.-amending article 48 in the following way: to) in the first and second sentence of the third subparagraph, insert between the expressions "Pension fund" and "," contracts", the expression" type 1 ", in both cases.
(b) in the first sentence of the fourth subparagraph, be inserted between the words "Pension" and "that", the term "type 1".
(c) in the sixth subparagraph, insert the expression "Pension fund" and the word "respective" expression "type 1".
(d) Reemplazanse in its final paragraph, the expression "in the background" by "of the funds", and the word "this" that lies between the word "for", and a comma (,), by "these". At the same time, in the second sentence, insert the words "to the" and "Fund" the word "respective".
29 added in the second paragraph of article 89 below the word "System", the following text: "and their allegiance to the Fund by which it chooses. In any case, the affiliate may elect to fund type 2 provided that it meets the requirements set out in the third subparagraph of article 32 ".
30.-amending article 94, in the following way: to) be inserted in paragraph 1., between the word "Pensions" and the conjunction "and", the following phrase: "of the subsidiaries referred to in the fifth subparagraph of article 23 and administering social security resources holding companies,", preceded by a comma (,).
(b) add at the end of the paragraph 2., before the separate dot (.), the following phrase: "and the operation of administering social security resources holding companies", preceded by a comma (,).
(c) insert in paragraph 3., the word "Administering" and the conjunction "and" is followed, the phrase "the subsidiaries referred to in the fifth subparagraph of article 23 and administering social security resources holding companies,", preceded by a comma (,).
(d) Insert the numeral 7., between the word "Administrators" and the conjunction "and", the phrase "the companies administering social security resources portfolio,", preceded by a comma (,).
(e) replace subsection first paragraph 8., by the following: ' 8. sanctions and the revocation of the authorization of existence in accordance with the law, the pension funds, administering social security resources holding companies and their subsidiaries to have. The disposal of the investments made on or through the subsidiaries established in article 23, when they do not comply with the provisions of the fifth paragraph of that article are also available. The exercise of these powers and functions should be made through well-founded decisions, which shall be notified by a Minister of faith. ".
(f) Insert, in the second paragraph of number 8, between the words "affiliates" and "may", the following phrase: "and administering social security resources portfolio companies".
(g) replaced in the final paragraph of number 8 the phrase "will be jointly and severally responsible for the fines that are imposed" by the phrase "subsidiaries or a management holding company social security resources, will be jointly and severally responsible for the fines that are imposed on them, respectively", preceded by a comma (,).
31.-Agreganse to article 98, the following letters n), or) and p), new: "n) term of a debt instrument: the result of weighing the number of days that mediate between the calculation of the deadline date and the expiration of each future coupons to be collected, whether by concept of interests and capital , by the ratio that represents the economic value of each of them in relation to the economic value of the instrument.
(o) weighted average term of investments of a Fund in instruments of debt: the sum of the term of each of the instruments of debt of the investment portfolio, previously weighted by the proportion which represents the amount invested in each of them, with respect to the total investment in the respective fund debt instruments.
(p) absolute value: the positive value of a number. ".
32.-replaced in the letter to) of article 99, the word "fourth" by "fifth".
33 is replaced in the fourth subparagraph of article 102, the expression "managed pension fund" by "of the pension funds managed".
34 Reemplazanse, in the first sentence of the second paragraph of article 104 and in the first subparagraph of article 106, the words "fourth" by "fifth".
35.-amending article 147 in the following way: to) replaced in its first paragraph, the word "Fund", both times that it appears in the text, by "funds", and the expression "of the same" by "of the same".
(b) replace in its second paragraph, the expression "in the background" by "the funds".
(c) Reemplazanse in the first sentence of your third paragraph, the expression "the bottom" by "funds" and the word "this" that is located at the end of the prayer, by "these".
(d) add as a final paragraph, the following new paragraph: "Administrators are responsible for the damages caused to any of the pension funds on the occasion of the commissioning of portfolio management.".
36 be replaced in article 148, the expression "to the Pension Fund" for "to any of the pension funds that manage".
37 Reemplazanse in the first sentence of article 149, the expressions "in the background" by "funds" and "they caused him" by "deferring them".
38 Reemplazanse in the first subparagraph of article 150, in the first sentence, the word "Fund" by "of the funds", and in the second sentence, add after the words "Pension fund" expression "type 1 or type 2".
39.-amending article 151 of the following form: a) replaced in its second paragraph, the expression "in the background" by "of any of the funds", and b) replaced in its third paragraph, the expression "the bottom" by "some of the funds" and expression "of the Fund" by "funds".
40.-amending Article 152 as follows: to) Reemplazanse in the second sentence of the first subparagraph, the expressions "the Fund" and "Fund", by the expressions "for some of the funds" and "funds", respectively.
(b) replace in the second sentence of the second paragraph, the word "Fund" for "any of the funds".
(c) in the first sentence of the third subparagraph, replaced the word "funds" with "of some of the funds". Also be replaced at the end of the second sentence, the expression "the funds." by "some of the funds.".
41 insert, between articles 152 and 153, following article 152 bis, new: "Article 152 bis. Managers must inform the Superintendence transactions instruments engaged in formal secondary markets pursuant to article 48, between the two pension funds that manage, within a period to be determined by the Superintendent by a general rule. ".
42 is replaced in the first sentence of the subparagraph first of article 153, the expression "the bottom" by "any of the funds".
43.-amend article 154 in the following way: to) modify its first subsection, in the following manner: i. replaced in letters to), d), e), f), g) and h), "Fund" expression "of any of the funds".
(ii. replace in the letter b), the expression "in the background" by "the funds".
(iii. replaced the letter c), the expression "the bottom" by "any of the funds".
(iv. Add in the letter h), after the expression "in the background" the word "respective".
(b) replace in its second paragraph, the word "Fund", the first time it appears in the text, by "of some of the funds", and replaced the same expression, the second time it appears in the text, by "of some of these".
44.-replaced in the letters d), e) and f) in article 157, the expression "in the background" by "of the funds".
45.-modified article 159 of the following form: a) replace in subparagraph b) of your first paragraph, the word "Fund", increasingly appearing in the text, by "any of the funds", and b) replaced in its second paragraph, the expression "the bottom" by "any of the funds".