This Order aims at the development of certain matters covered by the Regulation on pension schemes and funds, approved by Royal Decree 304/2004 of 20 February 2004, which has been amended of special relevance. First, it was amended by Royal Decree 439/2007 of 30 March, approving the Regulation on the Income Tax of the Physical Persons and amending that Regulation of plans and pension funds, adapting it to the reforms of the the scheme of contributions, benefits and contingencies introduced in the recast of the Law on the regulation of pension schemes and funds approved by Royal Legislative Decree 1/2002 of 29 November, by Law 35/2006 of 28 December, of the Tax on the Income of the Physical Persons, and the partial modification of the Laws of the Taxes on Companies, on the Income of Non-Residents and on the Heritage. Recently, Royal Decree 1684/2007 of 14 December amending the Regulation on pension schemes and funds approved by Royal Decree 304/2004 of 20 February 2004 and the Regulation on the implementation of the commitments to be implemented In the case of the pension scheme, the pension scheme for workers and beneficiaries, approved by Royal Decree 1588/1999 of 15 October 1999, has introduced a broad-based regulatory development covering various subjects, including the provision of pension schemes and pension funds. Financial-actuarial aspects of pension schemes, and it goes into particular detail in the scheme (a) the investment of pension funds by completing the regulatory framework for supplementary social provision and the mobilisation between them. Also included in this Order are specific developments in the regulations on administrative procedures for registration authorizations and communications, as well as the integration of employment plans into pension funds in the field of the cross-border activity regulated in Chapter X of the recast of the Law on the regulation of pension schemes and funds. This Order consists of 24 articles grouped into three chapters, an additional provision, a transitional provision, a derogation provision and a final provision, and is accompanied by two annexes incorporating questionnaires to be completed by the partners and senior management of the management entities.

The chapter first contains a development on actuaries ' activity and actuarial rules applicable to pension plans.

The regulation of pension plans and funds, in development of the basic principle set out in article 5.1.b) of the recast text of the Law on the regulation of pension plans and funds, approved by the Royal Decree Legislative 1/2002, of November 29, established the typology and conditions of application of the capitalization systems.

The aforementioned Regulation of pension plans and funds, in Articles 18, 19 and 20, entrusts the Minister for Economic Affairs and Finance to fix the content and requirements to be adjusted for the technical basis to be incorporated in the Annex to its specifications the pension plans which provide for benefits defined for all or any of the contingencies or benefits caused, as well as the fixing of the criteria relating to the demographic, financial and Financial instruments applicable to the calculation of the mathematical provisions or other technical provisions they must be the same.

On the other hand, the only additional provision of Royal Decree 1589/1999 of 15 October 1999 amending the old regulation of pension schemes and funds, approved by Royal Decree 1307/88 of 30 September 1999, the Minister for Economic Affairs and Finance to adapt the interest rates and assumptions to the evolution of the demographic and financial markets experience and to develop rules of actuarial nature applicable to pension schemes.

The content of the first chapter of this provision is delivered in compliance with the regulatory mandates, first of all on the need to update, systematise and delimit the professional activity of the actuaries in the field of pension schemes.

In the definition of the general criteria for the adjustment of the demographic, financial and economic assumptions, it has been sought to reconcile flexibility, while admitting the technically proven procedures and methods, with the necessary prudence requiring long-term extended calculations and the multiple risk elements that may affect defined and mixed delivery plans.

With respect to the applicable economic and financial assumptions, taking into account the experience of the last few years in the pension and pension fund sector and the constant evolution of interest rates, considers it appropriate to introduce flexibility and allow the use of variable interest rates, which are more in line with the actual returns actually obtained.

In this respect, an interest rate will be published annually by the Directorate-General for Insurance and Pension Funds which will act as a limit on pension schemes that guarantee some benefit. However, this limit may be exceeded in certain cases and under certain conditions depending on the net yield obtained by the plan.

As far as demographic hypotheses are concerned, the desirability of avoiding the gap that can be assumed by the use of demographic tables based on distant experiences in the present time has been resolved. defining the requirements to be met by the mortality, survival and invalidity tables to be applied by pension schemes.

On the other hand, the applicable requirements are adapted to the applicable tables, for the purposes of the Organic Law 3/2007, of March 22, for the effective equality of women and men, demanding statistical justification in the use of tables that contain different probabilities for each sex.

With respect to the different actuarial measures, it is intended to clarify certain aspects relating to the quantification and definition of the same, distinguishing between contributions and ordinary contributions and contributions and exceptional contributions, laying down the applicable general rules for the calculation of mathematical provisions and other actuarial measures, or specifically regulating certain aspects relating to insured pension schemes.

Given the importance of applying one or the other method of actuarial valuation for the determination of the annual cost of the plan, this provision introduces a delimitation of the applicable methods, normalizing and limiting this content of the technical base against the existing terminology and conceptual diversity. The need for the applied method to be able to know the evolution and the situation of the plan at any moment, preventing the application of methods based on the age reached by the participant in each exercise, is introduced as a novelty.

Furthermore, it is intended to systematize and concretize the requirements and measures to be adopted in the case of the application of surpluses or the treatment of the deficit that is revealed in a pension plan as a novelty the regulation of the requirements to be met by the deficit repayment plan.

Finally, certain aspects of the quantification and mobilization of the consolidated rights of the participants are clarified in relation to the general criterion of non-penalty and its exceptions.

The second chapter aims at the development of certain aspects of the legal system for investments in pension funds contained in the pension fund and plans regulation.

In this chapter, it is necessary to be understood by financial actors for the purposes of the regulatory standard; the regime applicable to derivative instruments is developed, determining the requirements that are required for them whether or not they have the status of negotiated on regulated markets within the scope of the Organisation for Economic Cooperation and Development; and the concept of a structured financial asset, its typology and the requirements to be met, (b) by last establishing the applicable credit rating criteria.

The third chapter develops certain aspects of the authorization and communications procedures for the Special Records of Pension Funds and of the Management and Depositary Entities.

The regulation of pension schemes and funds enables the Minister for Economic Affairs and Finance to lay down detailed rules on administrative procedures for authorisation and registration, which are necessary for access to the the activities of the pension funds and their management and depository institutions, as well as for certain modifications of the pension funds, and for the merger and division of the managing entities. It also enables the Minister to lay down rules for the development of the duty of communication for changes in the information contained in the Special Administrative Records of the Funds and of the aforementioned entities, and information on the pension plans attached, as well as on the control commissions, and in relation to the high positions of the managing entities and concurrence in these close links with other entities, and other ends related to their organization and activity programs.

Moreover, Law 11/2006 of 16 May 2006 adapting Spanish legislation to the regime of cross-border activities covered by Directive 2003 /41/EC of the European Parliament and of the Council of 3 June 2003, on the activities and supervision of the pension funds for employment, added a new chapter X in the recast text of the Law on the regulation of pension plans and funds, approved by Royal Legislative Decree 1/2002 of 29 November, in which, inter alia, the administrative procedures for the integration of the plans of the employment pensions in employment pension funds in the field of cross-border activity, and provision is made for a register of employment pension funds from other Member States to act in Spain, enabling the Minister for Economic Affairs and Hacienda to issue more detailed rules on these procedures.

The third chapter of this Order develops some aspects of the above mentioned rules, which need to be detailed and updated, and in Annexes I and II, the questionnaires to be completed by the senior officials and the partners are set out in Annexes I and II. significant involvement of the managing entities.

In its virtue, prior to the mandatory reports, and according to the State Council, I have:

CHAPTER I

Actuary activity and actuarial rules applicable to pension plans

Article 1. Professional activity of the actuaries in relation to pension plans.

1. The actuarial reports and opinions referred to in the current legislation on pension plans and funds must be signed by actuaries individuals with an indication, where appropriate, of the actuarial services company for which the actuary develop your activity.

2. They will be functions to be developed by a professionally qualified actuary in accordance with applicable regulations and provisions:

(a) The drawing up of the opinion requested by the sponsoring commission on the adequacy of the actuarial and financial system of the final pension plan project in cases where it is necessary.

(b) The drawing up of the opinion, which would highlight the existence of a deficit in employment plans which would make it possible to make exceptional contributions where necessary in order to guarantee the ongoing benefits or the rights of the share of defined retirement benefit plans.

c) The elaboration of actuarial reviews.

(d) The provision of the actuarial services necessary for the ordinary development of the pension plan as defined in the third provision of the pension plan and fund regulation, approved by the Royal Decree 304/2004, February 20.

e) The elaboration of the actuarial report of the valuation of the rights for past services and, where appropriate, of the obligations to retirees and beneficiaries arising from the rebalance plans constituted.

Article 2. Technical bases.

1. The corresponding technical basis, as provided for in Article 18 (e) of the Regulation on pension schemes and funds, approved by Royal Decree 304/2004 of 20 December 2004, will be drawn up as an annex to the specifications of the pension plans. February.

The preparation of such a technical basis shall be carried out by a professionally qualified actuary in accordance with applicable laws and regulations.

2. The technical basis of the pension plan shall, as appropriate, include the following paragraphs, in accordance with the pension scheme:

(a) Generic information: it shall contain the detailed description of the benefits, accrual and form of determination of the benefits in accordance with the specifications of the plan, including, where appropriate, definition and composition of the measures, such as salary, seniority, contribution base, or other reference variables.

b) Survival, mortality, and disability tables.

c) The interest rate applied.

d) Expected evolution of the parameters and variable of economic content that may affect the quantification of the contributions or benefits contained in the plan.

e) Capitalization system and actuarial valuation method.

(f) Formulas applied for the determination of the cost of the plan and of the mathematical provisions, including, where appropriate, the forecast for the formation of the capital reserves that integrate the solvency margin.

g) Destination and application of the surplus generated by positive deviations between the assumptions used in the plan and the actual experience gained, as well as its possible impact on the amount of the contributions future or performance.

h) Procedure for the determination of the consolidated rights in general and in the case of the mobilisation of the rights.

3. Where the partial or total insurance of a pension scheme is provided, the technical basis for a pension plan shall include detailed information on the conditions of the insurance contract and the data on premiums and economic rights derived from the insurance contract shall be recorded. an operation that has an impact on the determination of consolidated rights, benefits and mobilization of the plan's position account.

In any case, the coverage offered by the two instruments must be matched, not being acceptable exclusions in the clause of the contract of insurance contract not included in the pension plan. In addition, the economic and actuarial assumptions laid down in the technical basis of the pension scheme and those arising from the contract of insurance contract should be matched. This is without prejudice to the provisions of Article 7 of this Order as regards the partial insurance of the pension scheme. In those plans for defined contribution pensions which provide for guaranteed benefits in the form of capital-income or temporary income or for life, the technical basis of the pension scheme shall correspond to the technical conditions relating to the concerted insurance contract.

4. Where a pension scheme provides for the consultation of guarantees or other external guarantees with financial institutions, the technical basis for the pension scheme shall include detailed information on the conditions of such contracts and the manner in which they shall deal with the pension scheme. cost of these guarantees.

Article 3. Economic-financial assumptions.

1. In the case of pension schemes in respect of the contingencies in which the benefit is defined and for which only a minimum or determined interest is guaranteed in the capitalisation of the contributions, the usable interest rate may not be greater than:

(a) For the commitments of the plan expressed in euro, 100 per 100 of the average interest rates of the borrowings materialised in bonds and state bonds corresponding to the last quarter of the previous year which is applicable. The Directorate-General for Insurance and Pension Funds shall publish annually the interest rate resulting from the application of the above criterion.

(b) For the commitments of the plan expressed in currency other than the euro, 100 per 100 of the average interest rates of the borrowings materialized in bonds and obligations of the respective State, corresponding to the last quarter of the year preceding the year of application.

2. However, if the interest rate published by the Directorate-General for Insurance and Pension Funds for each financial year is lower than that used by the plan in the preceding financial year, it may, without exceeding the latter, use the net obtained by the plan.

On the other hand, if the interest rate published by the Directorate-General for Insurance and Pension Funds for each financial year is higher than that used by the plan in the previous financial year, only that one may be used if the Net income obtained by the plan in the previous year is higher than the published one. In another case, the plan used in the previous financial year or the net yield obtained by the plan should be maintained if the plan is higher.

For the calculation of this net yield, the weighted average of the returns obtained by the pension plan in the last three financial years shall be taken into account. The weighting to be performed will be 50 percent for the last year, 30 percent for the previous year, and 20 percent for the first year of the series.

For these purposes, in those pension schemes where the period after the formalisation of the pension is less than three years, the net yield shall be calculated taking into account the returns obtained by the plan in the years since its formalization, without applying weights.

All of the above shall be without prejudice to the provisions of Article 8 (4) of this Order in respect of the modification of the assumptions used in the Technical Bases of pension schemes in the case of deficit.

3. Once the interest rate has been established, the remaining assumptions on the evolution of parameters or variables of economic content used in the calculation of the contributions and benefits shall be consistent with each other, with the interest rate, with the recent behavior of the same and with market expectations.

Article 4. Demographic assumptions.

The survival, mortality, and disability tables may be based on the collective's own experience, as long as they meet the following requirements:

(a) The period of observation of such tables may not be earlier in more than twenty years at the date of calculation of the provision.

(b) The tables must be in contrast with the actual behaviour of the collective for a period of not less than the last four years and not more than the last 10 years.

(c) The statistical information on which they are based must meet the requirements of homogeneity and representativeness of the risk, and include sufficient information to allow for statistical inference, indicating the size of the sample, the method of obtaining the same and the period to which it relates, which shall be in accordance with the provisions of paragraph (a) above.

d) If they contain different probabilities for each sex they should be statistically justified.

When the contrast is not possible or reliable, non-particular national or foreign experience tables, adjusted according to statistical treatments of general acceptance, shall be considered as applicable, provided that the end of the the observation period of the tables is not earlier in more than twenty years at the date of calculation of the provision.

The mortality, survival and invalidity reflected in the applied tables should be within the confidence intervals generally supported by the Spanish experience.

Article 5. Contributions and contributions.

1. Contributions to a pension scheme shall be fixed in accordance with the system and modality of the pension scheme and in accordance with the contractual conditions laid down therein. Each pension scheme may provide for contributions in absolute terms or on the basis of other measures such as wages, business flows, social security contributions or other variables which may be used as a reference. In any event, the quantification of the same shall be in accordance with the legally established financial limit and, where appropriate, the tax limitations provided for in the legislation.

2. The annual regular contribution to the pension plan shall be determined by the sum of the following measures, as appropriate:

(a) The contributions corresponding to any contingencies for which the benefit is not defined.

b) The normal cost for defined retirement benefits.

(c) The annual cost for the coverage of each other contingency in which the benefit is defined.

d) The cost for past services, including amounts from the obligations to transfer and write off the deficit in the rebalancing plans.

e) The allocation to capital reserves for the coverage of the solvency margin.

f) The allocation to the attention of the expenses attributable to the plan.

3. Exceptional contributions and contributions to the pension scheme:

(a) The additional cost corresponding to the negative deviations in the behavior of the economic, financial and demographic variables, with respect to the forecast.

(b) the promoter's contributions necessary for, for the purposes of Article 6.1.c) of the pension plan and fund regulation, to ensure the ongoing benefits or the rights of the members of the scheme; include defined benefit schemes for retirement made as a result of the existence of a deficit in the pension scheme which has become apparent through the timely opinion of an independent actuary or of the revisions actuarial.

In no case will the deficit generated as a result of the existence of contribution limits to pension plans be computed.

In general, no exceptional contributions may be made to the pension scheme to cover the individual deficit arising from the coverage of the defined benefits of unit-holders where the pension scheme can be offset by the surplus presented by other members of the same pension scheme.

However, in cases where the deficit and surplus correspond separately to the unit-holders or beneficiaries of the plan, such exceptional contributions may be made without the need for compensation. prior.

(c) In addition, the contributions made by the sponsor arising from the exercise of the right of redemption corresponding to an insurance policy constituted as a result of the existence of the legal limits for the contribution. In any event, such contributions shall be subject to the overall contribution limit for the financial year in which they are made.

4. In cases where the amount of the contributions to be made to the participant in an economic year for the coverage of the defined benefit contingencies arising from the pension scheme is higher than the legal limits, the The technical basis of the plan shall establish a system for the reduction of benefits by the amount actuarily equivalent to contributions which cannot be made by the existence of such limits.

In accordance with the provisions of the first provision of the recast text of the Law on the Regulation of Pension Plans and Funds, approved by the Royal Legislative Decree 1/2002 of 29 November, and the Royal Decree of 29 November 2002, Decree 1588/1999 of 15 October 1999 approving the Regulation on the implementation of the pension commitments of undertakings with workers and beneficiaries, in spite of the reduction of the benefits in the plan of pensions, the whole of the pension commitments made by the company with its employees, the amount of such excess over the legal limit must be integrated into an insurance policy that ensures the financing of all the commitments made.

Article 6. Actuarial valuation methods and fundamental measures relating to retirement contingencies in which the benefit is defined.

1. The actuarial valuation methods applicable for the determination of the annual cost of the plan may be based on profit or cost allocation.

In particular, the two methods can be:

(a) Profit allocation: In these methods, a portion of the total benefit is allocated each year to be recognised on the date of retirement, proportional to the expected years of stay in the collective or to the total sum of wages at the age of retirement.

b) Cost allocation: These methods distribute the cost of benefits on a regular basis over the duration of the participation in the collective.

The normal cost can be constant during all years or variable depending on the evolution of the salary or the consumer price index.

In any case, the annual cost distribution must be based on the age of the participant at the time of entry into the collective in whose interest the plan is created or, at the age reached on the date of incorporation into the plan or modification of the technical base hypotheses, not being able to apply methods based on the reached age of the participant in each exercise, or any other that prevents the evolution and situation of the plan from being known at any time.

2. As a result of the implementation of the actuarial valuation methods, the following fundamental measures concerning the retirement contingencies in which the benefit is defined must be explained:

a) Current value of future benefits: The current actuarial value of the retirement benefits obligations provided for in the pension plan.

(b) Normal cost: This is the resulting cost for each year of operation of the pension plan according to the actuarial valuation method set out in that plan and in accordance with the expected economic, financial and demographic assumptions in the same.

c) Cost for past services: It is the cost, determined in accordance with the actuarial valuation method, corresponding to the rights explicitly recognized by the participants for periods prior to the implementation of a plan of pensions or resulting in the incorporation of improvements in the benefits of the plan.

d) Supplementary cost: It is the additional annual cost at the normal cost corresponding to the negative deviations in the actual behaviour of the economic, financial and demographic variables with respect to the forecast.

3. Once the actuarial valuation method is chosen, this method should be used for the entire duration of the participation in the company, i.e. for both the past and future services, so that this method, allow the distribution of the cost necessary to finance the provision defined on a regular basis throughout the active life of the participant without any method breaks.

4. The existence of annual limits for the provision of pension schemes shall not permit the alteration of the valuation method set out in the plan itself.

Article 7. Mathematical provisions and other measures: risk capital, other technical provisions.

1. The following rules shall be taken into account in the determination of the mathematical provisions referred to in Article 20 of the Regulation on pension schemes and funds:

a) They will be determined individually for each member of the collective.

(b) They shall be in accordance with the technical basis of the pension plan using the same assumptions, interest and actuarial methods as the basis for the assessment and calculation of the cost of the plan.

(c) The mathematical provisions shall be independently constituted for each of the contingencies covered by the plan. It is therefore not acceptable to attach the mathematical provision corresponding to the retirement provision, to the calculation of the capital at risk arising from the death and invalidity contingencies. However, in the case where the calculation of the mathematical provision for the retirement contingency would not have been considered as the exits resulting from the invalidity of the participant, if the over-endowment of the non-member could be attached consideration of such exits for the calculation of the above mentioned capital cities.

d) The mathematical provisions shall be constituted by the amount representing the excess current actuarial value of the future benefits referred to in the plan, on the actuarial current value of the contributions which, in its case, corresponds to each member of the collective. For the calculation of the provision, the additional cost arising from the existence of a deficit in the pension scheme may not be taken into account.

(e) Where the mathematical provisions are calculated once the benefit is accrued, the amount shall correspond to the current actuarial value of the future payments to be completed.

f) In the event that the plan provides for the assurance of the defined benefits or the benefits caused by actuarial nature, the position account shall reflect the mathematical provision held by the insurer.

g) In cases where partial assurance is made, the mathematical provisions corresponding to the risk directly assumed by the plan shall be provided by the plan. For this purpose, partial assurance shall be understood, inter alia, when the policy covers the biometric and interest-rate risks of the technical basis of the plan, without guaranteeing the risks arising from other non-insurable variables that determine the value of the benefits provided for therein. However, in such cases, the establishment of mathematical provisions shall not be necessary provided that a system of regularisation is established in the technical basis of the pension plan and in the technical conditions of the contract of insurance of premiums at minimum annual intervals for the entire collective.

2. For those contingencies other than retirement in which according to the provisions of the pension plan specifications, due to the characteristics of the coverage period, the mathematical provisions in the form are not constituted Article 20 of the Regulation on pension schemes and funds shall include the part of the contribution corresponding to these hedges intended for the fulfilment of future obligations not extinguished at the end of the financial year stream.

Article 8. Treatment of deficit and surplus.

1. The technical basis of the pension plan shall establish the destination or application of the surplus generated by the positive deviations recorded between the assumptions used in the pension plan and the actual experience gained, as well as its possible impact on the amount of future contributions or benefits. Such surpluses may be used, inter alia, to reduce the promoter's present and future contributions, to write down deficits caused by deviations from actuarial assumptions, to increase the solvency margin, to increase the benefits, or to increase the consolidated rights. As regards the treatment of the deficit, the following measures may be taken: application, where appropriate, of the part of the solvency margin exceeding the required legal minimum, reduction of benefits or the establishment of additional costs in the time limits referred to in the following paragraph.

2. The monitoring committee on the employment pension scheme shall agree annually on the application of surpluses or the treatment of the deficit to be disclosed in the pension scheme, in accordance with the forecasts contained in the Technical Base of the plan.

3. In the case of the existence of a deficit in the pension plan, the pension scheme shall be amortised by constant or decreasing contributions from the pension scheme promoter over a period of not more than 5 years. This period may be extended up to a maximum of 10 years, subject to authorisation by the Directorate-General for Insurance and Pension Funds. Once the plan for the depreciation of the deficit has been established, it must be adapted to the possible changes in the deficit as a result of the actual conditions of the pension plan, and the period of amortisation, in no case, above the initially set deadline.

4. In those cases where the pension plan presents a deficit situation of more than 10% in the coverage of technical provisions and, where appropriate, solvency margin, the assumptions used in the base should be reviewed. technical unless there are reasonable grounds for estimating that the deficit has arisen due to a timely deviation.

The assumptions used should also be modified when the deficit presented by the pension plan, even being less than 10%, represents a percentage of relevance and is present on a recurring basis for several years. economic exercises. This paragraph shall apply in the case of pension schemes which are partially insured in accordance with the provisions of Article 7 (1) of this Order.

Also, in cases where the pension plan repeatedly presents a coverage deficit that involves the realization of extraordinary contributions beyond the legal limits established for one or more The technical base set out in the previous paragraph will also be necessary.

The new assumptions should be based on market expectations at the date of modification of the technical base and cannot be placed in a range of over 25 percent of the average of the behavior. real of the variables in the last 5 years, except that the convenience of using other different hypotheses is properly credited based on the expectations of the next exercises.

Article 9. Quantification and mobilisation of consolidated rights.

1. As regards the consolidated entitlements corresponding to defined benefits, at least annually, the managing body of the pension fund in which the plan is integrated shall send each participant a certification to include, inter alia, the quantification of their consolidated rights in the plan as well as the quantification of the consolidated rights of members in the event of termination or termination of the employment relationship.

In such cases, the specifications may provide for non-inclusion in the consolidated right of the part of the solvency margin for the participant.

The specifications may also provide for adjustments that are deemed relevant to the value of the consolidated right to these effects as a result of the existence of a deficit or surplus in the pension plan.

2. The application of penalties for the quantification of the consolidated rights in the event of termination or termination of the employment relationship shall not be admissible unless, where appropriate, those arising from the partial termination of contracts with insurance undertakings or financial in relation to the value of making the investments affected.

In these cases, the specifications of the pension plan should provide for the possibility of the participation of the participant in the contract of insurance contract and in the pension plan in order to avoid such penalties.

Where in a pension plan co-existence defined contribution and defined benefit groups cannot be undermined the consolidated rights of the unit-holders corresponding to the contribution collective defined as the existence of a deficit in the calculation of benefits derived from the defined benefit collective.

CHAPTER II

Pension fund investment scheme

Article 10. Requirements to be met by financial agents.

For the purposes of Article 70.1 of the Regulation on pension plans and funds, the financial actors shall be credit institutions or securities companies in the field of the OECD subject to prudential supervision of the the control authority of the respective States, which are engaged in a regular and professional manner in carrying out such operations and which have sufficient solvency. For these purposes, it shall be presumed that the solvency is sufficient when it has a favourable credit rating of a specialised agency of recognised prestige and is included among the first three highest credit rating groups to be refers to Article 17 of this Order.

Article 11. Derivative instruments not traded on regulated markets.

Non-traded derivative instruments on regulated markets acquired by pension funds shall meet the following requirements:

(a) Counterparties shall be financial institutions domiciled in the OECD member states subject to prudential supervision of those states or supranational bodies of which Spain is a member, (a) to carry out operations of this type and to have sufficient solvency. For this purpose, the counterparty shall be presumed to have sufficient solvency when it has a favourable credit rating of a specialised agency and is included among the first three highest credit rating groups to which it refers. Article 17 of this Order.

(b) Operations may be without effect at any time at the request of the pension fund, so that the contractual terms of each transaction shall at any time permit its liquidation or transfer to a third party. In order to ensure compliance with this requirement, either the counterparty or the financial intermediary who has undertaken this commitment and meets the requirements set out in subparagraph (a) above, shall be obliged to offer purchase quotes and sale at any time at the request of the pension fund. The maximum oscillation difference between the two types of quotations must have been fixed in each contract as well as in the periodic information documents of the entity established after the date of signature. In the case of transfer to a third party, the third party shall be subrogated to the position at least at the price which the counterparty or financial intermediary mentioned above has provided for undoing the transaction on the same date.

Compliance with this requirement by the pension fund may also be credited with the existence of at least one financial agent who, in compliance with the requirements set out in (a) above, offers prices in (a) firm buying and selling, which are in accordance with the conditions prevailing on the market at any time, in such a way as to enable the pension fund to make its investments or to close positions at the same price.

(c) The contractual terms of the transactions shall include accurate documentation of the valuation method according to which the quotations referred to in the preceding subparagraph are to be determined.

(d) Where the counterparty belongs to the same group as the pension fund managing body, it shall be possible to prove that the transaction is performed at market prices. It shall be presumed to have been made at market prices where the counterparty has carried out other transactions under those same conditions with non-group entities, or where the pension fund has closed transactions in those same conditions. conditions with another counterparty outside the group to which the managing body belongs.

e) The settlement of positions in derivative instruments with non-financial underlying instruments shall not be admissible by the physical delivery of the underlying instruments.

Article 12. Derivative instruments traded on regulated markets.

The derivative instruments acquired on regulated markets in the OECD area under the terms of Article 69.5 of the pension funds and plans regulation shall ensure the liquidity of the positions, not it is permissible to sell, where they have non-financial underlying assets, by the physical delivery of the underlying assets. The liquidity of the positions shall be deemed to be credited when the market has a clearing house.

Article 13. Structured financial assets.

1. For the purposes of Article 70.2 of the pension plans and funds Regulation, a structured financial asset shall be defined as a composite asset with a combination of two or more assets, derivative instruments or combination of both. which are implemented through a single legal business, in which the market value of the structured financial asset is determined by the value of the instruments that make up the financial asset, referred to as collateral; or the credit risk of the structured asset depends on the credit risk of collateral, or that the financial asset structured contains derivative instruments whose underlying is referenced to a credit rating, index or event.

2. For these purposes, the following assets and rights shall not be considered as structured financial assets:

(a) Shares and units of collective investment institutions and venture capital institutions.

(b) The assets and rights of the mortgage market, including mortgage securitisations, issued by companies established in the European Economic Area and traded on regulated markets.

(c) Financial assets, other than non-marketable structured financial assets, in which the amount and date of all their flows is determined or determined by a target method when the asset is issued, and that incorporate derivative instruments, other than credit derivatives, which may affect the amount of any of their flows or the date of recovery or maturity, provided that the total amount of the asset is secured to the maturity date of the asset satisfied or to satisfy in the subscription without considering the expenses inherent to the operation. If the asset is acquired at a later time in accordance with the conditions prevailing on the market, the conditions of the issue shall be met for its rating as structured or not.

Article 14. Structured financial asset classes.

Structured financial assets will be sorted into:

1. Marketable structured financial assets, which are those that, having been admitted to trading on regulated markets, are susceptible to widespread and impersonal traffic in a financial market.

In any case, structured financial assets are understood to be susceptible to widespread and impersonal traffic in a financial market, when any of the following requirements are met:

(a) In the case of securities and equity rights that are traded electronically or that are part of a representative index of the market in which they are traded.

(b) In the case of goods and fixed income entitlements in respect of which it is possible to obtain a contribution from one of the last three market sessions prior to the date of the preparation of the accounting statements.

(c) In the case of goods and fixed income rights in respect of which at least one financial agent acting on its own account publicly offers prices for the purpose of trading and closing transactions that comply with the the conditions prevailing on the market at any time. Financial actors shall be credit institutions or securities companies within the scope of the OECD in the terms described in Article 10 of this Order.

2. Non-marketable structured financial assets, which are those that do not meet any of the above conditions.

Article 15. Requirements for marketable structured financial assets.

1. For their consideration as an investment eligible for pension funds, the structured financial assets defined in Article 14 (1), which are instrumented in marketable securities, shall have a credit rating, updated annually, issued by a credit rating agency of at least A status, except in the case of marketable structured financial assets in which the credit risk of the structured asset is dependent on the risk of collateral, or that the structured financial asset contains instruments derivatives whose underlying is referenced to a credit rating, index or event in which case the required rating shall be at least AA.

2. In addition to the principles set out in Article 69 of the pension fund and plans regulation, the securities representing the marketable structured financial assets referred to in this Article shall comply with the rules of ownership, status and valuation of the investments referred to in Articles 74 and 75 of that Regulation and the diversification and dispersion limits referred to in Article 72 for the financial assets admitted to trading on regulated markets.

3. Where a structured financial asset cannot be considered negotiable or does not reach or lose the security requirement provided for in paragraph 1 of this Article, the structured asset shall comply with the rules laid down for the assets Non-negotiable structured structured activities as defined in Article 16 of this Order in order to qualify as an eligible asset for a pension fund.

Article 16. Requirements for non-marketable structured financial assets.

For consideration as an eligible investment of pension funds, non-marketable structured financial assets shall be subject to compliance with Articles 69 and following of the Pension Funds and Plans Regulation. taking into account the following particularities:

(a) The non-negotiable structured financial asset shall be subject to the general requirements laid down for the non-negotiated securities referred to in Article 70 (9) (a) of the Regulation of plans and funds. pensions.

(b) The representative securities of the non-marketable structured financial assets shall comply with the rules of ownership, status and valuation of the investments referred to in Articles 74 and 75 of the Financial Regulation. pension plans and funds.

(c) They shall comply with the liquidity requirement provided for in Article 11 (b) of this Order.

(d) All collateral assets in the structure must be identified and belong to some of the categories provided for in Article 70 of the Pension Funds and Plans Regulation and shall also be deposited. in a financial institution of the European Economic Area in the terms provided for in Article 74 of that Regulation.

(e) The diversification and dispersion limits referred to in Article 72 of the pension fund and plans regulation shall apply with reference to both the structured asset and each of the components of the pension. structure.

Article 17. Credit ratings.

For the purposes of this Order in relation to the credit ratings payable to the issuer or the issuing conditions, the following classification is established:

Group 1: AAA and AA or similar rating.

Group 2: A or similar rating.

Group 3: BBB or similar rating.

Group 4: BB or similar rating.

The existence of subdivisions made by the different rating agencies will not affect the allocation made in the previous table.

In the event that the issuer or the issue has two or more ratings, the homogenisation premium to be applied shall be the arithmetic mean of those for each of the ratings.

CHAPTER III

Procedures and Communications for the Special Records of Pension Funds and Management and Depositary Entities

Article 18. Application for prior administrative authorisation for the establishment of pension funds.

Pension funds shall be made prior to administrative authorization, in public deed, and shall be entered in the Trade Register and in the Special Register of Pension Funds, in accordance with the procedure laid down in the Article 58 of the Regulation on pension schemes and funds.

Prior to the formation of the pension fund, the sponsoring entity must seek administrative authorization for this purpose with the General Directorate of Insurance and Pension Funds of the Ministry of Economy and Finance. The following documentation shall be submitted together with the application for authorisation:

(a) Certification of the agreements of the competent bodies of the Promoter Entities, Gestora and Depositary, to participate in the formation of the pension fund.

(b) Draft Constitution with the minimum content laid down in Article 58 (4) and Article 59 of the Regulation on pension schemes and funds.

Article 19. Integration of pension schemes into pension funds.

1. Pension fund management entities shall report to the Directorate-General for Insurance and Pension Funds the integration of each pension scheme into the funds managed within 10 days of the adoption of the pension agreement. admission to the fund, accompanying:

(a) Certification of the admission agreement in the fund adopted by the Fund Control Committee, or, failing that or by delegation, by the managing body.

b) Data of the sponsor or promoters of the pension plan: name or social reason, address, tax identification code or, where applicable, national identity document number, and National Classification of Activities Code Economic (C.N.A.E.).

(c) Identification of the members of the plan promoting the plan, indicating their name, national identity, position and representation document number.

d) Indication of the denomination, system and modality of the plan, contingencies covered, modality of each contingency, form of the benefits and, where appropriate, insurance, and identification of subplans or collectives with regimes differentiated within the plan.

(e) Identification, where appropriate, of the actuary or actuaries who have developed the technical basis and the actuary opinion provided for in Articles 27.4 and 54.1 of the pension plans and funds regulation.

f) agreed management and deposit commissions applicable to the pension plan.

g) In the case of employment and associated plans, which provide for defined benefits for the retirement contingency of the members or some of the participants, they shall be accompanied by: the specifications of the plan, the technical basis and the opinion of the actuary referred to in point (e) above.

In the case of joint promotion employment plans providing for defined benefits for the retirement contingency of members or some of the members of the unit-holders, the corresponding annexes of the promoting companies.

h) For individual plans:

Identification of the designated person (s) or persons (s) as representatives of the promoter in the actions that correspond to the sponsor's pension plan, indicating their national document number identity.

Participant's Ombudsman data: name or social name, profession, address, and tax identification code.

Accreditation of the acceptance of the Participant for his appointment.

Each Participant shall, on the occasion of his/her first appointment, submit to the Directorate-General for Insurance and Pension Funds its rules of procedure and time limit set for the resolution of complaints, and any subsequent amendment of the same or, where applicable, those laid down for a particular pension scheme or plans which differ from those which it uses in general.

2. In the case of an employment pension scheme being attached to a number of pension funds, the managing body of each fund shall report to the Directorate-General for Insurance and Pension Funds the integration of the respective sub-plan within the time limit. maximum of ten days from the subplan admission agreement in the background.

The communication shall be accompanied by the documentation and information provided for in paragraph 1 above, with the reference to the plan being made to the sub-plan as appropriate.

3. The integration into the pension fund of pension schemes promoted by undertakings established in other Member States, subject to the social and labour legislation of the latter, shall be in accordance with the procedure laid down in Article 40 of the Recast of the Law on Pension Plans and Funds, approved by the Royal Legislative Decree 1/2002 of 29 November.

Article 20. Subsequent modifications of the registered funds and plans.

1. Subsequent amendments to pension plans and funds, and the mobilisation of the position accounts plans to other funds shall be communicated by the managing body to the Directorate-General for Insurance and Pension Funds, and where appropriate, require prior administrative authorisation, as provided for in Article 60 of the Regulation on pension schemes and funds. Where appropriate, together with the application for prior administrative authorisation, the draft amendment of the rules for the operation of the fund and the certification of the modification agreement shall be submitted.

The communication of the mobilisation of a pension plan to another fund shall include information on the management and deposit fees applicable to the pension fund of destination.

2. The establishment of the control committee of the plan and the control committee of the fund, and the cesses and appointments of its members, shall be communicated by the managing body to the Directorate-General for Insurance and Pension Funds within the period of 10 days from the corresponding agreements, accompanying the corresponding agreement, and indicating number of the national identity document, as well as the position and representation they hold and, where appropriate, the pension plans they represent.

In the same period, changes in designated persons or proxies as representatives of the promoters will be communicated in the actions that as such correspond to those related to the pension plans of the system. individual.

3. The replacement or designation of a new managing or depository institution of a pension fund shall be communicated to the Directorate-General for Insurance and Pension Funds in the form and time provided for in Article 85.6 of the Financial Regulation. pension plans and funds.

4. The managing bodies shall communicate to the Directorate-General for Insurance and Pension Funds any changes to the data contained in the Special Register of Pension Funds relating to the employment plans referred to in paragraph 3. Article 19 (1) of Regulation (EC) No 1010/2008 of the European Parliament and of the Council of 17 December 2008 on the application of the provisions of the Treaty on European Union and of the European Parliament and of the Council of the European Parliament and of the Council Article 41 (6) and (7) of the recast of the Law on pension schemes and funds approved by Royal Legislative Decree 1/2002 of 29 November.

Article 21. Administrative authorisation and registration of managing entities and depositories of pension funds.

1. The public limited liability companies which are constituted for the management of pension funds as a social object and exclusive activity, must apply for administrative authorization and simultaneous registration in the Special Register of Fund Managers Pensions to the Directorate-General for Insurance and Pension Funds, the procedure laid down in Article 79.1 of the Regulation on pension schemes and funds being applied. Together with the application you must present:

(a) Authorised copy of the public deed of constitution duly registered in the Trade Register, in which the effectiveness of the subscription and the disbursement of the social capital is evidenced, taking into account in its the case provided for in Article 22.2 of this Order.

(b) Partner relationship, indicating the shares held in the share capital by them, and must accompany the questionnaire contained in Annex II of this Order in respect of the partners holding an equal or equal share more than 10 percent of the subscribed capital.

c) Relationship of managers and senior officials of the entity, indicating their national identity card number, and must accompany the questionnaire contained in Annex I of this Order.

d) The functional and operational organization of the entity.

e) Program of activities that contain the following indications:

1. The reasons, causes, and objectives of the project.

2. The number and type of pension plans and funds it intends to manage, and, where appropriate, the reasons or criteria for the diversification of funds, as well as the geographical scope of action.

3. Human and material means for the development of the activity.

4. The marketing, hiring and care systems to participate.

5. Previsions of the costs of installation of the administrative services and the marketing network where appropriate, and the financial means to address such expenses.

6. Previsions on the number of members, contributions and benefits.

7. Previsions on estimated commissions and revenues.

8. A description of the internal control systems and mechanisms and risk management that they intend to apply.

f) Internal Rules of Conduct.

2. The insurance institutions which intend to operate as pension fund managers, must apply to the Directorate General for Insurance and Pension Funds for the administrative authorisation and simultaneous registration in the Administrative Register of Pension Fund Managers, the procedure laid down in Article 80.3 of the Regulation on pension schemes and funds being applied. Together with the application, they must submit a certificate of the agreement to carry out pension fund management activities, adopted by the competent body, the functional and operational organisation of the institution, the programme of activities and the internal rules of conduct referred to in points (d), (e) and (f) of paragraph 1 above, all of which relate to the activities of the management of pension funds.

3. A credit institution that intends to act as a depository of pension funds shall submit the application for registration in the Special Register of Depositary Entities of Pension Funds in accordance with Article 82.2. of the Regulation on pension schemes and funds, together with the following documentation and information:

a) Certification of being registered as Credit Entities domiciled in Spain in the corresponding Register.

b) Indication of your home address and tax identification code.

c) Relationship of Administrators, Directors, or Managers to whom the entity would have taken over for the representation of the entity as a depository of pension funds, indicating the national identity card number.

(d) Internal Rules of Conduct which includes its specific rules relating to activity in the field of pension plans and funds.

Article 22. Subsequent modifications of the managing and depository entities.

1. The statutory amendments and the data of the managing bodies entered in the Special Register shall be communicated to the Directorate-General for Insurance and Pension Funds in accordance with Article 79.3 of the Plans Regulation. and pension funds.

The Directorate-General for Insurance and Pension Funds will order the publication in the Official Gazette of the State of the changes of denomination of the pension fund management entities, once the writing is presented. duly registered in the Trade Register.

2. The increases and reductions in the social capital of the managing entities, and the execution of outstanding disbursements, will be communicated to the Directorate General of Insurance and Pension Funds accompanying the certification of the corresponding agreements, and, in their time, the public deed duly registered in the Register of Trade, including, where appropriate, the effectiveness of the subscription and disbursement, and, in the case of non-cash contributions, shall include documentation or accreditative reports of the assessment of the assets and rights provided.

3. The cesses and appointments of the administrators and senior officials shall be communicated with the corresponding agreement and, where appropriate, the questionnaire in Annex I to this Order.

4. Natural or legal persons intending to acquire, directly or indirectly, a share in the share capital of a pension fund managing body equal to or greater than 10% of the subscribed capital, shall inform the General Directorate of Insurance and Pension Funds, accompanying the questionnaire in Annex II.

5. Amendments to the data of the depositary entities listed in the Special Register shall be communicated to the General Directorate of Insurance and Pension Funds within 10 days of the adoption of the relevant agreement.

Article 23. Merger and division of pension fund management entities.

1. In accordance with Article 85.7 of the Regulation on pension schemes and funds, the merger and division of pension fund management entities shall require prior administrative authorisation from the Directorate-General for Insurance and Pension Funds and, in its Case, complete the procedure provided for the authorisation and registration of the new entity resulting in the intention to be a pension fund manager.

The authorization request will be accompanied by the following documentation:

(a) Certification of the agreements adopted by the General Shareholders ' Boards of the entities approving the draft merger and, where appropriate, the dissolution of the entities absorbed, as well as the transfer of their Heritages to the absorbent. Where appropriate, such agreements shall also include the creation of a new entity, which shall comply with the requirements laid down in the recast of the Law on the Regulation of Pension Plans and Funds and in the Regulation of Plans and Funds of pensions for access to the activity of management of pension funds, and in this Order.

(b) A merger project, in which the cause of the merger will be indicated and expressly stated if the resulting or absorbing entity intends to assume the management of the pension funds of the absorbers. The project shall specify the date of taking effect of the merger, conditioning its effectiveness on the administrative authorisation, and shall include, in the case of the creation of a new entity, the draft statutes of the entity.

(c) Accreditation of having communicated the merger agreements to the control fees of the funds managed by the absorbed entities, conditional on the administrative authorisation.

d) Accreditation of the publication of the merger agreement by means of announcements in the Official Gazette of the Commercial Registry and in two newspapers of greater circulation in the province where the registered office is located.

e) Balance sheets and profit and loss accounts of the entities concerned, closed within six months prior to the date of adoption of the merger agreement, attaching the audit reports of the entities.

f) The final balance of the resulting entity for the event that the merger takes effect.

g) Analysis of the adequacy of the estimated own resources of the absorber or the new entity with respect to the volume of pension funds that would be left under its management.

Once the merger has been approved by resolution of the General Directorate of Insurance and Pension Funds, and the merger is formalized, the registration of the merger must be requested in the Administrative Registry accompanying public of a merger duly registered in the Trade Register. The Directorate-General for Insurance and Pension Funds may require sub-sanctions and may even refuse registration if the merger made does not comply with the prior authorisation or the applicable rules.

The Directorate-General for Insurance and Pension Funds will order the publication in the Official Gazette of the State of the registration of the merger in the Special Register of Pension Fund Managers.

2. By way of derogation from the above paragraph, it may be possible to request the prior authorization of the merger before approval by the Shareholders ' Boards, with the effect of presenting the certification of the agreements of the Boards of Directors. of the entities with the content of paragraph 1 (a), as well as the documents in paragraphs (b), (e), (f) and (g) of the same paragraph. Once authorized, the application for registration in the Administrative Registry shall be accompanied by a public deed of merger duly registered in the Trade Register, including the accreditations provided for in paragraphs (c) and (d) of paragraph 1.

3. The provisions of this Article shall apply to the alleged division of a managing body.

4. If appropriate, once the changes in management of the funds concerned have been recorded in the Trade Register, they must be submitted to the Directorate-General for Insurance and Pension Funds.

Article 24. Pension funds for employment in other Member States acting in Spain.

The integration of an employment pension scheme subject to Spanish legislation into a pension fund of another Member State shall be carried out by means of the procedure laid down in Article 44 of the recast of the Law of Regulation of pension plans and funds approved by Royal Legislative Decree 1/2002 of 29 November.

Once the plan has been integrated into the fund, the sponsoring Commission or, as the case may be, the control committee of the plan, shall communicate it to the Directorate-General for Insurance and Pension Funds in the form and time provided for in paragraph 3 of this Article. Article 44 of the recast of the Act, accompanying accreditation of the integration into the fund and a copy of the specifications and, where appropriate, of the technical basis, as well as the information referred to in points (b), (c), (d) and (f) of paragraph 1 Article 19 of this Order, and the identification of the representative of the fund in Spain indicating its name or social name, nationality, domicile or establishment in Spain, and the national identity card number or tax identification code.

The Directorate-General for Insurance and Pension Funds shall register the integration of the plan into the Special Register of Pension Funds of other Member States acting in Spain, communicating it to the sponsoring Commission or Control of the plan and the representative.

As not provided for in the aforementioned recast text of the Law on Pension Plans and Funds, the communication of the subsequent amendments to the pension plan and those relating to the members of its control committee will be adjusted to the provisions of Article 20 of this Order.

Single additional disposition. Requirements for additional information.

In the administrative procedures for prior authorisation and registration and in the provision of compulsory communications to the Directorate-General for Insurance and Pension Funds, this may require additional information and documentation when is accurate to properly resolve requests or to monitor entities.

The Directorate-General for Insurance and Pension Funds, in relation to the employment pension schemes subject to Spanish social and labour law attached to funds from other Member States, may require the commissions the control and the promoters of the same, as well as the representatives in Spain of the respective funds, as much information is necessary for the supervision of these plans.

Single transient arrangement. Adaptation to what is foreseen in this Order.

The management entities of pension funds with exclusive social object, which are registered in the Administrative Registry at the date of entry into force of this Order, must forward to the General Directorate of Insurance and Funds The questionnaires in Annexes I and II, duly completed, shall be completed within six months of the entry into force of this Order.

Pension funds will have to adapt their investments to the provisions of the second chapter of this Order by 1 July 2008.

Single repeal provision. Repealed rules.

The following provisions are repealed:

(a) The Ministerial Order of 7 November 1988 determining the registration procedure for institutions and persons related to pension schemes and funds governed by Law 8/1987 of 8 May 1988. June.

(b) The Ministerial Order of 21 July 1990 approving the actuarial rules applicable to pension plans and funds.

Single end disposition. Entry into force.

This Order shall enter into force on the day following that of its publication in the Official Gazette of the State.

Madrid, February 7, 2008. -Vice President and Minister of Economy and Finance, Pedro Solbes Mira.

ANNEX I

Questionnaire for Administrators and those who lead the effective management of the pension fund management entity

For the purposes of article 20.1.g of the recast text of the Law on the regulation of pension plans and funds, approved by the Royal Legislative Decree 1/2002, of November 29, who under any title, carry the effective management of the managing body and must complete and forward to the Directorate-General for Insurance and Pension Funds, duly signed by each and every one of them, the following questionnaire accompanied by the planned documentation in the same.

1. Personal data: Name, surname, address, nationality, date and place of birth, the number of the National Identity Document or if foreign persons are the identification number of foreigners, that of the passport, the number of their card of residence or any other legal document of identification.

If you have resided outside of Spain for the last five years your last home address abroad.

2. Certification issued by a competent public register or supporting documentation of not having been broken or not rehabilitated, or which, in such cases, under a judicially approved convention, are permitted to exercise trade, and not be in an inability or ban under the legislation in force.

3. Statement responsible for the person concerned in which he has shown that he has been observing a personal trajectory of respect for the commercial and other laws that regulate the economic activity and the life of the business, as well as the good practices commercial and financial, which shall be accompanied by the professional record of the same and as many certifications as appropriate, issued by corporations or associations representing economic or professional interests, accrediting of the previous. However, where the competent administrative authority has doubts as to the actual concurrency of such circumstances, it may, after hearing the person concerned, require the contribution of such certifications, as well as requiring a report of other bodies of the Public Administrations or of Public Law Entities exercising supervisory functions in the financial field.

4. Certificate of criminal record issued by the Ministry of Justice, with an age of not more than three months.

Residents in other Member States of the European Economic Area must provide documents equivalent to those provided for in paragraphs 2, 3 and 4 issued by the competent authority, or if they do not exist in the respective Member States. countries, the documentation provided for in the following paragraph.

If they are non-resident persons in the European Economic Area, they must submit an equivalent document or, failing that, a responsible statement made to the competent administrative authority or public notary in the the requirements laid down in numbers 2, 3 and, in relation to the number 4, in which they claim that they have not been convicted abroad for offences of falsehood, breach of secrets, discovery and disclosure of secrets, against the Public Finance and the Social Security, misuse of public funds or any other property offences, nor have they been disqualified from public or administrative charges or management in financial institutions.

5. Solemn declaration for residents outside Spain not to have been suspended in the exercise of their position or separated from it, or suspended in the exercise of the activity, as a result of a sanctioning procedure, or by virtue of a Special control measure according to the rules of plans and pension funds of the country of residence, except that they credit the compliance with the sanction or that the measure of special control has been left without effect.

6. Information about your academic qualification, if any.

7. Description of the professional activities carried out, over a period of at least five years, and of the undertaking or undertakings in which they have been carried out, indicating in particular:

-Duration of activities.

-Name of the charge and functions attached to it, with description of these functions.

-Name and type of company in which the professional activity has developed: social object, net worth, net amount of the turnover, average number of employees during the years in which the link existed professional.

-The geographic scope of the activity of the company and place in which the activities were performed.

-In the event that the company is part of a group a list of the main entities that make up the group, and a detailed organization chart of its structure.

ANNEX II

Questionnaire for partners holding a significant stake in the pension fund management entity

For the purposes of article 20.1.g of the recast text of the Law on the Regulation of Pension Plans and Funds, approved by the Royal Legislative Decree 1/2002 of 29 November, natural or legal persons which have or intend to acquire, directly or indirectly, a share equal to or greater than 10% of the subscribed capital of a pension fund managing body, shall complete the following questionnaire, together with the documentation provided in the same.

I. Natural or legal persons who participate, directly or indirectly, in the formation of a pension fund managing body

I. 1 Information about the operation.

1. Name and address of the pension fund managing body in which a significant holding is held, directly or indirectly.

2. The amount and percentage of the participation, reasons for the acquisition and the results intended to be achieved with the acquisition.

3. Terms and conditions of the operation and the maximum period in which the disbursement is intended.

4. Information relating to the share capital or voting rights in the managing body whose direct or indirect ownership is held by the partners referred to in paragraph 2 of this paragraph or those which may be provided under agreements with third parties, and all shares in the social capital of the managing body that correspond to the group of companies, or which make it possible to exercise significant influence in the management of the managing body.

I. 2 Partner information.

A) Physical people:

1. Personal data: Name, surname, address, nationality, date and place of birth, the number of the National Identity Document or if foreign persons are the identification number of foreigners, that of the passport, the number of their card of residence or any other legal document of identification.

If you have resided outside of Spain for the last five years your last home address abroad.

2. Certification issued by a competent public registry or supporting documentation that it has not been broken or broken, or that, in such cases, under a legally approved convention the exercise of trade is permitted, and not to be Disability or prohibition in accordance with the legislation in force.

3. Statement responsible for the person concerned in which he has shown that he has been observing a personal trajectory of respect for the commercial and other laws that regulate the economic activity and the life of the business, as well as the good practices (a) commercial, financial and pension insurance, to which the professional record of the same is attached and any certificates deemed appropriate, issued by corporations or associations representing economic or professional interests; accrediting of the above. However, where the competent administrative authority has doubts as to the actual concurrency of such circumstances, it may, after hearing the person concerned, require the contribution of such certifications, as well as requiring a report of other bodies of the Public Administrations or of Public Law Entities exercising supervisory functions in the financial field.

4. Certificate of criminal record issued by the Ministry of Justice, with an age of not more than three months.

Residents in other Member States of the European Economic Area must provide documents equivalent to those provided for in paragraphs 2, 3 and 4 issued by the competent authority, or if they do not exist in the respective Member States. countries, the documentation provided for in the following paragraph.

If they are non-resident persons in the European Economic Area, they must submit an equivalent document or, failing that, a responsible statement made to the competent administrative authority or public notary in the the requirements laid down in numbers 2, 3 and, in relation to the number 4, in which they claim that they have not been convicted abroad for offences of falsehood, breach of secrets, discovery and disclosure of secrets, against the Public Finance and the Social Security, misuse of public funds or any other property offences, nor have they been disqualified from public or administrative charges or management in financial institutions.

5. Solemn declaration for residents outside Spain not to have been suspended in the exercise of their position or separated from it, or suspended in the exercise of the activity, as a result of a sanctioning procedure, or by virtue of a Special control measure according to the rules of plans and pension funds of the country of residence, except that they credit the compliance with the sanction or that the measure of special control has been left without effect.

6. Information about your academic qualification, if any.

7. Description of the professional activities carried out, over a period of at least five years, and of the undertaking or undertakings in which they have been carried out, indicating in particular:

Duration of activities.

Denomination of the charge and functions attached to it, with description of these functions.

Denomination and type of company in which you have developed the professional activity: social object, net worth, net amount of the turnover, average number of employees during the years in which the link existed professional.

The geographic scope of the activity of the company and place in which the activities were performed.

In the event that the company is part of a group, a list of the main entities that make up the group, and a detailed organization chart of its structure.

8. Precise description of the structure of the group whose control the partner may exercise, with particular regard to the close links to which he may be subject, with a solemn declaration that there are no such links with persons (a) natural or legal persons who, by virtue of provisions of a third State to whose law such natural or legal persons are subject, or because of problems relating to the application of those provisions, may obstruct the good exercise of management and supervision of the managing body.

9. Information on the possible existence of agreements under which the voting rights partner may be available, by itself or through a controlled company or persons acting on its behalf, in excess of those corresponding to its participation in the the social capital of the managing body or which grant the latter the power to appoint the majority of the members of the administrative body.

10. All the information necessary to appreciate the assets to which you have to deal with the commitments made.

11. A description of the risks assumed by the partner in activities outside the managing body and a solemn manifestation that the entity will not be inappropriately exposed to them.

B) Legal persons:

1. Social name, address, social, Tax Identification Code.

2. Probative document of your constitution in accordance with the regulations of the country of your registered office, except for financial institutions authorized in Spain, or authorized to operate in Spain.

3. List of those who have their effective address, indicating the name, surname, address, nationality, date and place of birth, the number of the National Identity Document or if foreign persons are the identification number of foreigners, the passport, the residence card or any other legal identification document. If they have resided outside Spain for the last five years, their last residence abroad.

4. Social object and distribution of social capital and voting rights, as well as a description of their participation in the social capital of Spanish and foreign companies.

5. If they are part of a group, a list of the main entities that make up the group, and a detailed organization chart of their structure.

6. Certificate issued by a competent public registry or supporting documentation of not having been broken or not rehabilitated, except that, under a judicially approved convention, they are permitted to exercise trade.

Residents in another State of the European Economic Area must provide an equivalent document issued by the competent authority, or in the absence of a certificate of compliance in the respective countries. of the above requirements, as provided for in the following paragraph.

If they are non-resident persons in the European Economic Area, they must submit an equivalent document or, failing that, a responsible statement to the competent administrative authority, or to a public notary, in which affirm that they have not been broken or have not been rehabilitated or that, in such a case, in virtue of a judicial agreement it is permitted to exercise the trade, and not to be incourses in incapacity or prohibition according to the legislation in force.

7. The balance sheet and the profit and loss account of the last two financial years and, where appropriate, audited and detailed report on the progress of the results and the assets from the closing date of the last financial year and, where appropriate, audited.

If applicable, the consolidated accounts of the group for the last two financial years closed and, where applicable, audited, and detailed report on the development of results and assets from the closing date of the last financial year and, if applicable, audited.

8. If this is a national financial institution of other Member States of the European Economic Area other than Spain, a state of coverage of the level of its solvency ratio.

9. Precise description of the structure of the group to which the institution belongs, with particular regard to the close links to which it may be subject, with a solemn declaration that there are no such links with natural persons or legal provisions of a third State to whose law such natural or legal persons are subject, or because of problems relating to the application of those provisions, may hinder the good exercise of the management and supervision of the managing body.

10. Information on the possible existence of an agreement under which the voting rights partner may be available, by itself or through a controlled company or persons acting on its behalf, in excess of those corresponding to its participation in the the social capital of the managing body or which grant the latter the power to appoint the majority of the members of the administrative body.

II. Natural or legal persons seeking to acquire significant participation in a pension fund managing body

In this case, in addition to the information listed in section I. 2 above, the following information shall be provided:

1. Identity of the relay.

2. A description of the legal nature of the transaction under which significant participation is sought, directly or indirectly, to be acquired.

3. Amount and percentage of the participation, terms and conditions of the acquisition and the maximum time of the transaction.

4. Indication of the significant participation of the acquirer prior to the transaction, including holdings in the capital of the companies held by the group.