The Pension Plans and Funds Regulation, approved by Royal Decree 304/2004 of 20 February, updated, systematized and completed the adaptation of the regulatory regulations regarding pension plans and funds, counting also with the experience gained in the field, and taking as a reference the developments in the field of the European Union. Those changes, which sought to improve the necessary Community legislative harmonisation or to revise, adapt and update the legal, actuarial and financial framework for pension schemes and funds, cannot be considered as complete as the dynamic environment of the financial system requires permanent adaptations. Subsequently, the Law 35/2006, of 28 November, of the Tax on the Income of the Physical Persons and of partial modification of the laws of the Taxes on Societies, on the Income of Non-Residents and on the Heritage, by means of its The final provision, fifth, introduced amendments to the recast of the Law on the Regulation of Pension Plans and Funds, approved by Royal Legislative Decree 1/2002 of 29 November. In turn, the final provision of Royal Decree 439/2007, of 30 March, approving the Regulation of the Income Tax of the Physical Persons and amending the Regulations of Plans and Pension Funds, approved by Real Decree 304/2004 of 20 February, amended the latter to adapt it to the amendments of the law. This royal decree introduces changes in several areas of pension scheme legislation: actuarial aspects of pension schemes, information obligations to members and beneficiaries, investment regime of the pension funds pensions, rules on management bodies in matters of internal control, rules of conduct and separation of depositories, and rules on administrative records relating, in particular, to cross-border activities. On the other hand, as a result of the creation by Law 35/2006 of 28 November of the business social security plans as a new instrument for the externalisation of the pension commitments of companies with their workers, it is necessary to introduce a number of adaptations both in the pension scheme and in the implementation of pension commitments to regulate certain aspects of this new forecasting instrument Business complementary. With regard to the regulation of the actuarial aspects of pension schemes, the professional activity of the actuaries in their different areas of intervention and, in particular, in what is needed, is updated, systematized and more clearly defined. affects actuarial reviews. Furthermore, in view of the accumulated experience and the degree of maturity and consolidation currently offered by the scheme, it is considered appropriate to reduce the requirements for capital reserves to constitute the solvency margin for continue in the line of easing of requirements that are required for pension schemes. In addition, the rules on pension schemes are to be adapted to the provisions of Article 71.1 of the Organic Law 3/2007 of 22 March on the effective equality of women and men. It should be recalled that this Article, concerning actuarial factors, prohibits the conclusion of insurance or related financial services contracts where, when considering sex as a factor for the calculation of premiums and benefits, they are generated differences in the premiums and benefits of insured persons. However, it provides that the conditions under which it is permissible to determine the proportionate differences in the premiums and benefits of persons considered individually may be laid down where sex is a factor. determining the risk assessment based on relevant and reliable actuarial and statistical data. Those cases should be set by the Government by means of a royal decree by 21 December 2007, in accordance with the provisions of the third final provision of the said Organic Law. The amendments made to the investment scheme are intended, on the one hand, to bring the legal framework of the Pension Plans and Funds Regulation into line with the changes that have taken place in the area of pension funds in particular and in the financial sector in general, with the emergence of new investment alternatives for pension funds; and, on the other hand, to adjust to the trends already existing in the rest of the financial sector in the area of internal control procedures. In particular, in respect of the investment scheme eligible for pension funds, the ratio of the various assets and rights deemed eligible, giving input to credit derivatives, to non-financial derivatives, or to the non-harmonised collective investment institutions, among others. The general regime of derivative instruments is deepened, the fitness regime for venture capital institutions is relaxed and a more complete regulation of structured assets is established. In addition, a whole series of developments in the management organization of the managing body, procedures for internal control and risk management, rules of conduct, and rules to guarantee the separation of the entity are carried out. the management of the deposit institution, all in clear harmony, both with national and international regulatory trends in other sectors of the financial system, as well as with the recommendations emanating from international organizations. In terms of legal aspects, information to participants, Special Records, administrative procedures for authorization and registration and communications of data and facts subject to registration, specific improvements are introduced, and in special references to the register of pension funds, as derived from Law 11/2006 of 16 May 2006, to adapt 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 funds of the employment pensions. This Law 11/2006 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, among other aspects, the provision of a Register of pension funds for the employment of other Member States acting in Spain. As a result of the creation of the new business social security plans, changes are made to the regulation of pension schemes and funds focusing on two fundamental aspects: to allow for the mobilisation of social provision with homogeneous tax treatment arising from the Law 35/2006 of 28 November of the Income Tax on the Physical Persons and the partial modification of the laws of the Taxes on Societies, on the Income of non-residents and on the Heritage, and adapt the principle of non-discrimination avoiding that in a company both instruments coexist. Finally, by amending the Regulation on the implementation of the pension commitments of undertakings with workers and beneficiaries, approved by Royal Decree 1588/1999 of 15 October 1999, certain aspects are covered by the Regulation. In the case of the Commission, the Commission has taken the view that, in the light of the Commission's decision, the Commission will be required to take the necessary measures to ensure that the rules of the directive are not met. implementation of the business social security plans. This royal decree was submitted to the previous report of the Spanish Data Protection Agency. In its virtue, on the proposal of the Minister for Economic Affairs and Finance, in agreement with the Council of State and after deliberation by the Council of Ministers at its meeting on 14 December 2007,

D I S P O N G O:

Article first. Amendment of the Regulations of Pension Plans and Funds, approved by Royal Decree 304/2004 of 20 February.

The Pension Plans and Funds Regulation, approved by Royal Decree 304/2004 of 20 February, is amended as follows: One. Article 6 (1) is worded as follows:

" 1. The maximum annual contributions to the pension schemes covered by this Regulation shall be in accordance with the following: (a) The total contributions of the members and maximum annual business contributions to the pension schemes shall not be eligible exceed, for each participant, the limits laid down in Article 5 (3) (a) of the recast text of the Law on the Regulation of Pension Plans and Funds or in a law-wide provision amending those limits.

Individual employers who make business contributions in favour of their employees, as promoters of an employment pension scheme, may make their own contributions to the scheme, subject to the limits of the maximum referred to in the preceding paragraph. These own contributions will not be qualified as business contributions. (b) The limits referred to in point (a) above shall be applied jointly to the contributions made by the unit-holders and to the contributions by the promoters. (c) Exceptionally, the sponsoring undertaking may make contributions to an occupational pension scheme for which it is a promoter beyond the limits referred to in Article 5.3 of the recast of the Law on the Regulation of Plans and pension funds, where they are necessary to ensure the ongoing benefits or the rights of members of schemes which include defined benefit schemes for retirement and have become apparent, by means of the appropriate opinion of the actuary independent of the pension plan or actuarial reviews, the existence of a deficit in the pension scheme. "

Two. Article 19 (2), (3) and (4) are worded as follows:

" 2. Only the use of individual capitalisation financial and actuarial systems will be eligible for pension schemes.

The quantification of each participant's consolidated rights will reflect its ownership of the financial resources constituted under the applied capitalization system. The annual cost of each of the contingencies in which the benefit is defined shall be calculated individually for each participant, without the annual amount of the contribution attributable to a participant in respect of such concepts being liable to differ from the allocation. (a) a tax which is borne by the Member State, except those carried out in an extraordinary manner in accordance with Article 6 (c) of this Regulation. 3. Pension plans covering a risk shall require the establishment of the mathematical provisions or corresponding capitalisation funds on the basis of the benefits offered, the modality of the plan and the capitalization system used. The coverage of a risk by the pension scheme shall require the quantification of its cost and the corresponding provisions, in accordance with the tables of survival, mortality or invalidity and the interest rates specified in the pension plan. own plan. These tables and, where appropriate, the usable interest rates shall be in accordance with the criteria laid down by the Minister for Economic Affairs and Finance. In any case, in accordance with the provisions of Article 71.1 of the Organic Law 3/2007 of 22 March, for the effective equality of women and men, when sex is a determining factor in the assessment of risk from data Relevant, reliable and creditable actuarial and statistical data, depending on the risk analysis of the collective, may be allowed to differ from the contributions and benefits of the individual. A solvency margin must be established by means of the necessary reserves to ensure compliance with the obligations under the terms of this Regulation. 4. Pension plans may provide for the hiring of insurance, collateral and other guarantees with credit institutions and with insurance institutions, in accordance with the relevant rules in each case, for the coverage of certain risks or the insurance or guarantee of benefits. In those pension schemes in which the dependency hedges operate under defined benefit arrangements, such hedges shall be used through the corresponding insurance contracts provided for in the plan with institutions. insurance companies, which in no case shall be liable for the risks inherent in such benefits. These contracts must be of a collective nature and, in the case of employment plans, correspond to the collectives set out in specifications, except in both cases for the purpose of covering the economic rights of the beneficiaries. "

Three. Article 21 (1) and (2) shall be worded as follows:

" 1. Pension schemes which provide for defined benefits or the guarantee of an interest in the capitalisation of contributions or guarantee the amount of benefits to be provided shall constitute a property reserve which shall be allocated to the coverage of the solvency margin in the amount required by this Regulation. The solvency margin of each plan shall be independent of the amount corresponding to the other plans integrated into the same pension fund and shall be in the form of assets eligible for investment in pension funds.

2. The minimum amount of the solvency margin shall be the sum of the amounts resulting from the following

:

a) Two percent of the mathematical provisions.

(b) 2% of the guaranteed minimum capitalisation fund corresponding to the operations in which the plan guarantees a minimum or determined interest in the capitalisation of the contributions or guarantees benefits caused in the form of financial income or deferred financial capital. (c) 0,3% of the risk capital associated with the operations in which the plan covers invalidity or death contingencies, provided that such risk capital is positive.

The above coefficient shall be reduced to 0,1% where the coverage of the contingencies referred to is defined for a period not exceeding three years, and 0,15% when that period is longer than three years and less than five years.

In the case of exclusionary hedges with each other, these coefficients shall be applied on the basis of the highest risk capital. "

Four. Article 22 (5) is worded as follows:

" 5. Under the terms and conditions laid down in this Regulation for each mode of plan, the consolidated rights of the members and, where appropriate, the economic rights of the beneficiaries, may be mobilised to another or other pension schemes, insurance plans insured or to business social security plans governed by Article 51 (3) and (4) of Law 35/2006 of 28 November of the Income Tax of the Physical Persons. "

Five. Article 23 (2) and (3) are worded as follows:

" 2. The review of pension schemes should be seen as a single document. Therefore, and without prejudice to the possibility that two or more professionals may be recruited for their preparation, there must be a single opinion signed by one or more natural persons who must attach a declaration of independence and not be incompatible with their realization.

3. As a general rule, the revision of pension plans shall have the following minimum content:

3.1 Actuarial aspects: a) Description of the key aspects of the plan.

b) Data for the valued collective. (c) Actuarial methodology. (d) Hippo used. e) Analysis of contributions, benefits and consolidated and economic rights. f) Results and analysis of actuarial valuations. g) Analysis of the plan's position account. h) Analysis of the solvency of the plan. (i) Projections carried out until the next actuarial review. j) Conclusions and recommendations.

3.2 Financial aspects: a) Basic criteria for the investment policy set by the control committee.

b) Characteristics of the assets that make up the portfolio. (c) Establishment of benchmarks reflecting the policy and investment strategy. (d) Analysis of possible deviations from the benchmarks. (e) Management and distribution policies for assets according to criteria of profitability and risk. Adequacy of these policies to the objectives and characteristics of each plan. (f) Analysis of the sensitivity of investments. (g) Analysis of the duration of the portfolios and the congruence of time limits with respect to the obligations of each plan. "

Six. Article 24 is worded as follows:

" Article 24. Termination of pension plans.

1. Pension schemes shall be terminated for the following reasons: (a) To cease to comply with the basic principles laid down in Article 2.

b) By the cessation of their control commission in the employment and associated plans, in such a way that it is impossible to function. It will be understood that this is a cause in the event of the manifest impossibility of adopting agreements essential for the effective development of the plan, so that its functioning is paralyzed or impossible. (c) Where the pension scheme has not been able to meet within the prescribed period, the measures provided for in a reorganisation or financing plan required under Article 34 of the recast of the law or, where it has been required to draw up These plans do not apply to their formulation. (d) The obvious impossibility of carrying out the necessary changes resulting from the revision of the pension scheme. (e) In the absence of members and beneficiaries in the pension scheme for a period of more than one year. (f) By dissolution of the sponsor of the pension scheme. However, unless otherwise agreed, the termination of the pension plan shall not cause the dissolution of the promoter by merger or global transfer of the assets, subrogating the resulting entity or transferee in the condition of promoter of the plan of pensions. In the event of the dissolution of the institution promoting a pension scheme of the individual system, the fund control committee or, failing that, the managing body may accept the replacement of that institution by another entity. If, as a result of company operations, the same entity is the promoter of several pension schemes in the employment system or the promoter of a pension scheme for the employment system and at the same time takes one or more social security plans (a) a single pension scheme or, where appropriate, a single business social security plan for all the members or insured persons and their consolidated rights and, where applicable, the beneficiaries, within 12 months of the date of the first pension scheme; from the date of effect of the corporate operation. (g) By agreement of the Committee on the Control of a Pension Scheme of the Employment System to implement pension commitments in an enterprise social security plan. h) For any other cause established in the specifications of the pension plan.

2. The settlement of the pension plans shall be in accordance with the provisions of its specifications which must, in any event, respect the individualised guarantee of the benefits caused and provide for the integration of the consolidated rights of the (a) the right to participate and, where appropriate, the rights deriving from benefits caused to remain in the plan, in other pension schemes, in insured pension schemes or in business social security plans.

In the plans of the employment system, the integration of the consolidated rights of the unit-holders will necessarily be made in the plan or plans of the employment system in which the participants can hold such a condition or in the plan or business social security plans in which the unit-holders are able to hold the status of insured persons or, failing that, in the plans of the individual or associated system or in insured plans.

In any case, it will be prerequisites for the termination of the plan the individualized guarantee of the benefits caused and the integration of the consolidated rights of the participants in another pension plan or in a plan of insured forecast or in a business social forecast plan ".

Seven. Article 25 (1) is worded as follows:

" 1. The promoter or promoters and unit-holders are the constituent subjects in the employment plans. In the pension plans of the employment system, the promoter may be one, to whom the employees of the sponsoring company may only join as members.

In no case can the condition of the promoter of a pension scheme of the employment system and the condition of the holder of a business social security plan be combined. In addition, the individual or independent professional employer, who employs workers under the employment relationship, may promote a pension scheme for the employment system in the interest of the latter in which he may also appear as a participant. To this end, the sponsor of the plan must be the individual individual employer who appears as an employer in the employment contract with the workers involved. A number of undertakings or entities, including individual entrepreneurs, may jointly promote an occupational pension scheme in which they may implement the commitments which may be covered by the scheme, under the terms and conditions laid down in this Regulation. "

Eight. Paragraph (b) of Article 29 is worded as follows:

" (b) Select the actuary or actuaries responsible for the provision of the actuarial services necessary for the ordinary development of the pension plan in those plans which, by their characteristics, so require, and appoint the independent actuary for the review of the pension scheme. "

Nine. A new paragraph 4 is inserted in Article 32 with the following wording:

" 4. The termination agreement of the plan referred to in point (g) of Article 24 (1) shall include at least the favourable vote of half of the representatives of the members and half of the representatives of the sponsor or promoters. "

Ten. Article 33 is worded as follows:

" Article 33. Amendment of the specifications and revision of the financial and actuarial system of the employment plans.

1. The amendment of the specifications of the pension scheme of the employment system may be carried out by means of the procedures and arrangements provided for in them. The modification agreement may be adopted by the control committee of the plan with the majority regime established in the specifications.

However, in the pension schemes of the employment system, the specifications may provide for the modification of the benefits and contributions arrangements or any other extremes and, where appropriate, the consequent adjustment of the the technical basis can be agreed, as provided for in this Regulation, by agreement between the company and the employees ' representatives. 2. The financial and actuarial system of the plans shall be reviewed at least every three years by independent actuary appointed by the control committee, in accordance with Article 23. If, as a result of the review, the need or desirability of changes in contributions and contributions, in the provided benefits, or in other aspects with an impact on financial and actuarial development, is raised, submit to the control committee the plan to propose or agree on what it deems appropriate, in accordance with the specifications of the plan. Where appropriate, for the purposes of Article 6 (c) above, on the exceptional contributions of the undertaking where they are necessary to ensure the ongoing benefits or the rights of the members of the scheme which include schemes of (a) the pension is to be provided for the benefit of the pension scheme, and the pension shall be determined in accordance with the conditions laid down in Article 3 (1) of the Directive. In no case shall the deficit generated as a result of the existence of limits for the provision of pension schemes be calculated. '

Once. Paragraphs 1 and 4 are amended and Article 34 (5) and (6), which are worded as follows, are added as follows:

" 1. On the occasion of their incorporation into the employment pension scheme, the members who request it must receive a certificate of membership of the same issued by the managing body. They shall also be given a copy of the specifications or, if provided for in these specifications, they shall be given the place and form in which they shall at all times have the content of the specifications.

You will also be given a copy of the statement of the pension fund's investment policy principles, or if the specifications are provided for, you will be given the place and the way in which you will have your content at their disposal. The use of individual accession bulletins, as referred to in Article 101 of this Regulation, shall be optional in the terms set out in paragraph 3 of that Article. In the event of not using these individual membership bulletins, a certificate of membership of the plan will be given to the participant. In any case, the information referred to in Article 5.1 of the Organic Law 15/1999 of 13 December on the Protection of Personal Data shall be provided to the unit-holders. 4. On a half-yearly basis, the managing bodies shall forward to the members and beneficiaries of the employment pension schemes information on the development and status of their economic rights in the plan, as well as the extremes they may have. affect them, in particular the regulatory changes, changes in the plan's specifications, the rules of operation of the pension fund or its investment policy, and the management and deposit fees. The semi-annual information shall contain a summary of the progress and situation of the assets of the fund, the costs and the profitability obtained, and shall, where appropriate, report on the contracting of the management with third parties. The information to be supplied in terms of profitability shall relate to that obtained by the pension plan in the last financial year, the profitability accumulated in the financial year to the date referred to in the information and the profitability annual average of the last three, five, ten and fifteen financial years. In addition, all the expenditure of the pension fund, in the part that is attributable to the plan, expressed in the form of the pension plan, shall be made available to members and beneficiaries in accordance with the terms laid down in the pension plan's specifications. percentage on the position account. In accordance with the financial and accounting rules and the market criteria and practices, the Directorate-General for Insurance and Pension Funds may define the method of calculation of the profitability, as well as determine the degree of unbundling of the different items of pension fund expenditure attributable to each plan. 5. In addition to the obligations laid down in the preceding paragraphs, the managing entities shall make available to the members and beneficiaries of the occupational pension schemes, at least on a quarterly basis, the periodic information provided for in the previous paragraph. To this end, the managing bodies shall articulate the necessary measures and use the necessary means to ensure the access of any participant or beneficiary to such information. In any case, the managing entities shall transmit the periodic quarterly information to the members and beneficiaries who expressly request it. 6. However, in the employment plans, the periodic information provided for in the preceding paragraphs, in respect of consolidated entitlements corresponding to the defined benefits of the unit-holders in the plan, may be provided in the following terms: and deadlines set out in the specifications or agreed by the control committee and shall necessarily include the quantification of the consolidated rights of the unit-holders in the event of termination or termination of the employment relationship. "

Twelve. Article 35 (3) is worded as follows:

" 3. The consolidated rights of members in the pension schemes of the employment system may not be mobilised for other pension schemes or for insured pension schemes or for business social security schemes, except in the case of pension schemes. termination of the employment relationship and only if provided for in the plan specifications, or termination of the pension plan.

For mobilisation, the participant must be directed to the destination management or insurer, to initiate its transfer. To this end, the participant shall accompany his application with the identification of the plan and the pension fund of origin from which the mobilisation will take place, as well as, where appropriate, the amount to be mobilised. The application shall incorporate a communication addressed to the managing body of origin to order the transfer including an authorisation from the participant to the destination insurer or insurer so that, on its behalf, it can request the management of the fund of origin the mobilization of the consolidated rights, as well as all the financial and fiscal information necessary to realize it. Within a maximum of two working days after the insurance institution or the managing body of destination has all the necessary documentation, it shall, in addition to verifying compliance with the requirements laid down in this Regulation, In order to mobilise such rights, it shall inform the management of the fund of origin, indicating at least the plan and the pension fund of destination, the depositary of the pension and the details of the pension fund account. the destination to which the transfer is to be made, or, in the case of mobilisation to an insured forecast plan or to a business social forecasting plan, indication, at least, of the insured forecast plan or business social forecast plan, the target insurer and the data on the target account to which the transfer is to be made. Within a maximum of 20 working days from the receipt by the managing body of the application with the relevant documentation, this entity shall order the bank transfer and forward to the manager or insurer The content of this information must be communicated to it by all relevant information. The consolidated rights may not be mobilised where, in order to implement commitments by pension of the sponsor referred to members who have extinguished their employment relationship with the sponsor, the specifications provide for the continuity of the contributions from the sponsor to his or her favour and, where appropriate, those of the participant who have a compulsory nature. If the specifications so provide, the participant who has extinguished or suspended his employment relationship with the sponsor may make voluntary contributions to the pension scheme, provided that he has not mobilised his consolidated rights. "

Thirteen. Article 36 is worded as follows:

" Article 36. Adaptations by corporate or business operations.

1. If, as a result of company operations, the same entity is the promoter of several pension schemes in the employment system or the promoter of a pension scheme for the employment system and at the same time takes one or more social security plans (a) a single pension scheme or, where appropriate, a single business social security scheme for all members or insured persons and their consolidated rights and, where applicable, the beneficiaries and their rights; within 12 months of the date of effect of the corporate operation. 2. In the event that the entities resulting from the division of the entity promoting a plan of employment are subrogated to the obligations of the latter with the collective members and, where appropriate, the beneficiaries of the plan, those entities shall pass to be promoters of the plan, and the specifications of the plan must be adapted to the operating conditions of the joint promotion plans within the 12-month period from the date of the application of the subrogation. However, the resulting undertakings in which the segregation of their collective from the initial plan has been agreed may promote new employment plans or, where appropriate, recruit new business social security schemes, which will be transfer the consolidated rights of their collective of unit-holders and, where appropriate, the economic rights of the beneficiaries. "

Fourteen. Paragraph (e) of Article 40 is worded as follows:

" e) The additions of new companies to the joint promotion pension schemes should be communicated to the Directorate-General for Insurance and Pension Funds, within 30 days of incorporation.

The General Directorate of Insurance and Pension Funds should also be notified of the changes in the set of promoters by changes in denomination, company operations, separation of the pension plan or other circumstances, within the time limit referred to in the preceding subparagraph, since the management body or the control committee is aware of those amendments. However, prior communications shall be of a semi-annual nature in the case of joint promotion pension schemes which do not implement defined benefits for the retirement contingency for any of the sponsoring undertakings or collective members. "

Fifteen. Article 43 is worded as follows:

" Article 43. Separation of entities promoting joint promotion employment plans.

1. The separation of a promoter from a joint promotion pension scheme may take place for the purposes of integrating its commitments with its members and beneficiaries into another pension scheme of the employment system.

To this end, an entity attached to a joint promotion plan may at any time promote its own employment pension plan, and proceed to the separation of that entity by agreement from the sponsoring commission of the new plan. The separation of the undertaking may also be carried out for the integration of the undertakings into another joint promotion plan or a business social security plan, in accordance with the agreement between the undertaking and the representatives of its employees. Such an agreement may be adopted, where appropriate, by the members of the aggregate control committee representing specifically the personal elements of the undertaking, if this is provided for in the specifications or in the corresponding Annex to the plan of original joint promotion.

The separation agreement will result in the transfer of the members and beneficiaries and their consolidated and economic rights to the pension or social security plan of destination.

If, by virtue of company transactions, an entity is at the same time promoting the joint promotion plan and other or other plans of the employment system or taking one or more business social security plans, in the 12 months from the corporate operation, the members and beneficiaries of the various plans and their consolidated and economic rights shall be integrated into a single pension scheme or, where appropriate, in the sole planning of the pension scheme. Business social. Where appropriate, the separation of the joint promotion plan shall be carried out if the concentration is agreed on a different one. 2. If this is provided for in the specifications, the joint promotion employment plan control commission may agree to the separation of a promoting entity when it ceases to meet the general conditions or criteria set out in those specifications. for the accession and permanence of the companies in the plan. In such cases, the members and beneficiaries of the undertaking concerned and their economic rights shall be integrated into another employment plan or an enterprise social security plan in accordance with the terms set out in paragraph 1 above. 3. When the separation involves a change of pension fund, once the new pension plan of the company has been formalized to separate or formalized the incorporation into another plan of joint promotion, the transfer of the rights of the participants and beneficiaries affected within one month of the date of accreditation to the management of the pension fund of origin of the formalisation referred to, the time limit which the control committee of the fund may extend up to three months if the balance is higher 10 percent of the plan's position account. The same period shall apply in those cases where the promoter entity is separated to integrate its commitments into a business social security plan, since the latter has been established with an insurance undertaking. The separation shall not give rise to any discount or penalty on the economic rights of the members and beneficiaries concerned. "

Sixteen. Article 44 is worded as follows:

" Article 44. Termination of the employment plans for joint and low promotion of promoting entities.

1. The joint promotion employment pension schemes will end up with the causes set out in the recast of the law and in this regulation for any pension scheme, and the provisions of this regulation on the settlement of pension plans and administrative termination.

The settlement will be in accordance with the specifications which, in any case, will have to respect the guarantee of the benefits caused. The consolidated rights of the members of the unit shall necessarily be incorporated into the employment plans in which they may hold such a condition or in the business plan or social security plans in which the members of the unit are insured. In its absence, the transfer of the consolidated rights of the members to the pension plans or the insured plans of insurance shall be carried out. 2. When any of the causes of termination of a pension plan set out in this regulation affect only one of the plan's promoter entities and its collective, the plan control commission will agree to the entity's discharge. promoting the joint promotion work plan within a period of two months from the time the cause is revealed. The absence of a sponsoring entity shall result in the transfer of the consolidated rights of its members and, where appropriate, its beneficiaries to other pension schemes or to insured pension schemes or to business social security plans. The consolidated rights of the unit-holders shall, where appropriate, be included in the employment plans where they may be such as to be such or in business social security plans in which the unit-holders may be subject to the condition of insured. In their absence, they will be transferred to the pension plans or the insured pension plans that those designated, being able to opt, if they provide in the specifications, for their stay as part of the suspension in the promotion plan. ".

seventeen. Paragraphs 1, 4 and 5 are amended and Article 48 (6) is added to the following wording:

" 1. Prior to the accession of the unit-holders, the financial institution which promotes the pension plan, either directly or through the managing or depository institution of the pension fund in which the individual pension scheme is integrated, (a) provide adequate information to participants on the main features of the pension scheme and the coverage that each participant may provide in the light of their working and personal circumstances.

The above information shall also include the data relating to the Ombudsman for the pension scheme, as well as the applicable management and deposit fees. The incorporation of the participant into the individual pension scheme will be formalised by the subscription of the newsletter or accession document regulated in Article 101 of this Regulation. On the occasion of accession, the participant shall be given the request of a certificate of membership of the plan and of the initial contribution made, if any. It shall also be given a copy of the specifications of the plan, as well as of the declaration of the principles of the investment policy of the pension fund referred to in Article 69 (4) of this Regulation, or indicate the place and form in which they will be at their disposal. In any case, the information referred to in Article 5.1 of the Organic Law 15/1999 of 13 December on the Protection of Personal Data shall be provided to the unit-holders. 4. On a half-yearly basis, the managing entities shall forward to the members and beneficiaries of the individual pension plans information on the development and status of their economic rights in the plan, as well as the extremes they may have. affect them, in particular the regulatory changes or the rules of operation of the pension fund. The semi-annual information shall contain a summary of the progress and situation of the assets of the fund, the costs and the profitability obtained, and shall, where appropriate, report on the contracting of the management with third parties. The information to be supplied in terms of profitability shall relate to that obtained by the pension plan in the last financial year, the profitability accumulated in the financial year to the date referred to in the information and the profitability annual average of the last three, five, ten and fifteen financial years. In addition, all the expenditure of the pension fund, in the part that is attributable to the plan, expressed in the form of the pension plan, shall be made available to members and beneficiaries in accordance with the terms laid down in the pension plan's specifications. percentage on the position account. In accordance with the financial and accounting rules and the market criteria and practices, the Directorate-General for Insurance and Pension Funds may define the method of calculation of the profitability, as well as determine the degree of unbundling of the different items of pension fund expenditure attributable to each plan. 5. In addition to the obligations laid down in the preceding paragraphs, the managing entities shall make available to the members and beneficiaries of the individual pension plans, at least on a quarterly basis, the information provided for in the previous paragraph. To this end, the managing bodies shall articulate the necessary measures and use the necessary means to ensure the access of any participant or beneficiary to such information. In any case, the managing entities shall transmit the periodic quarterly information to the members and beneficiaries who expressly request it. 6. The specifications of the pension plans of the individual system, the investment policy of the fund in which it is integrated and the management and deposit fees applied, may be modified by agreement of the sponsor, prior to communication by the sponsor. or by the relevant managing body or depositary, at least one month in advance, to the members and beneficiaries. The arrangements for the replacement of the pension fund manager or depository, and the changes of those entities by merger or division shall be notified to the members and beneficiaries at least one month in advance of the date of effect. "

Eighteen. Article 50 (1), (3), (4) and (5) are worded as follows:

" 1. The rights consolidated in the pension plans of the individual system may be mobilised to another pension scheme or plans, to one or more insured pension schemes, or to a business social security plan, by unilateral decision of the participate, or by termination of the plan. Mobilisation by unilateral decision may be total or partial.

3. In any of these assumptions, the consolidated rights shall be integrated into the pension plan or plans or the insured plan or forecast plans or the business social security plan designated by the participant. The integration of the consolidated rights into another pension scheme or an insured pension scheme or a business social security plan requires the condition that the person who mobilizes the pension is a participant or a policyholder or an insured person. cited rights. The transfer of the consolidated rights to an integrated pension scheme in a different fund or to an insured pension scheme or a business social security plan must necessarily be carried out by direct bank transfer, ordered by the managing company of the fund of origin to its depositary, from the account of the fund of origin to the account of the target fund or the destination insurer. 4. When a participant wishes to mobilize all or part of the consolidated rights it has in a pension plan to another plan integrated into a pension fund managed by a different management entity or to an insured pension plan or to a the business social security plan of an insurance undertaking other than the managing body of the pension scheme, the participant shall be directed to the managing body or the insurer of destination, in order to initiate its transfer. To this end, the participant shall accompany his application with the identification of the plan and the pension fund of origin from which the mobilisation will take place, as well as, where appropriate, the amount to be mobilised. The application shall incorporate a communication addressed to the managing body of origin to order the transfer including an authorisation from the participant to the destination insurer or insurer so that, on its behalf, it can request the management of the fund of origin the mobilization of the consolidated rights, as well as all the financial and fiscal information necessary to realize it. The request of the participant submitted in an establishment of the sponsoring entity of the target plan or of the depositary of destination shall be understood as presented in the target management entity, unless it expresses the specifications of the plan of destination. Destination pensions shall be limited to the managing body. In the case of agreements or contracts which permit the management of requests for mobilisation through mediators or commercial networks of other entities, the submission of the application in any establishment of such organisations shall be The term of office of the managing body. Within a maximum of two working days after the insurance institution or the managing body of destination has all the necessary documentation, it shall, in addition to verifying compliance with the requirements laid down in this Regulation, In order to mobilise such rights, it shall inform the management of the fund of origin, indicating at least the plan and the pension fund of destination, the depositary of the pension and the details of the pension fund account. the destination to which the transfer is to be made, or, in the case of mobilisation to an insured forecast plan or to a business social forecasting plan, indication at least of the insured forecast plan or of the business social security plan, the target insurer and the data of the target account to which the transfer is to be made. Within a maximum of five working days from the receipt by the managing body of the application with the relevant documentation, this entity shall order the bank transfer and forward the bank transfer to the managing body or destination insurer all financial and tax information necessary for the transfer. 5. Where the source managing body is, in turn, the manager of the target fund or the insurer of the insured forecast plan or of the target business social security plan, the participant shall indicate in its application the amount to mobilise, where appropriate, the recipient pension scheme and the pension fund of destination to which it is attached, or, in another case, the insured pension scheme or the intended business social security plan. The managing body shall issue the transfer order within a maximum of three working days from the date of submission of the request by the participant. '

nineteen. Article 53 (3) is worded as follows:

" 3. The control committee of the associated plan shall have the functions established for the sponsor of the individual plans in Article 47.1. The corresponding minutes shall be drawn up for each session. "

Twenty. Article 54 (2) is worded as follows:

" 2. The prior and periodic information to be provided to members and beneficiaries of associated pension schemes shall be governed by the provisions of Article 48 for individual pension schemes, with the exception of any information which may be application in relation to the defined benefit plans referred to in Article 34. '

Twenty-one. Article 55 (1) is worded as follows:

" 1. The rights consolidated in the pension schemes of the associated system may be mobilised to another pension scheme or plans, or to one or more insured pension schemes or to a business social security plan, by unilateral decision of the participate or by loss of the promoter's associated condition or by termination of the plan.

Unilateral decision mobilization may be total or partial. "

Twenty-two. Article 56 (2) is worded as follows:

" 2. By way of derogation from the previous paragraph, in relation to the investment processes developed, the pension funds may be covered within two types: (a) the closed pension fund, which is intended solely for the purpose of of the resources of the plan or pension plans attached to the plan.

b) Open pension fund, characterized by being able to channel and develop, together with the investment of the resources of the plan or pension plans attached to it, the investment of the resources of other pension funds of its the same category in the terms laid down in this Regulation.

To be able to operate as an open pension fund, prior administrative authorisation will be required, and the fund will have a minimum equity of 12 million euros in plan position accounts directly integrated into the that. "

Twenty-three. In the last subparagraph of Article 58 (6), the words 'the words' shall be deleted:

"and will be published in the Official State Gazette."

Twenty-four. Article 60 (2) is worded as follows:

" 2. Amendments to the rules of operation of a pension fund shall require prior and subsequent registration in the Special Register of Pension Funds, to which effect the regulated procedure shall apply. in Article 58 for the establishment of a pension fund.

The same procedure shall apply to the conversion of an open-ended pension fund and to the amendments which, if necessary, require the rules of operation of the fund. "

And in the last paragraph of Article 60 (3) the expression is deleted:

"and its publication in the Official Gazette of the State."

Twenty-five. Article 66 (2) and (3) are worded as follows:

" 2. For the purposes of the preceding paragraph, the delimitation of sub-plans in an occupational pension scheme for the purposes of their membership in different funds may be established in the following cases: (a) In the employment plans in which there is at least one (a) a sub-plan may be formalised for each of the different defined benefit schemes, in addition to the other for the collective affected by the scheme of the scheme, with a defined contribution scheme and a defined benefit scheme. Defined contribution.

For the purposes of this Article, the defined contribution scheme shall be considered to be equivalent to the mixed scheme deriving from defined retirement contributions and defined benefits which are fully insured for death and permanent incapacity. (b) in the employment plans where the mandatory integration into a sub-plan of the beneficiaries who are to receive the benefit in the form of actuarial income, both temporary and for life, is agreed in their specifications. (c) in the joint promotion pension schemes, where each sub-plan corresponds to an undertaking promoting it. (d) In the pension schemes defined for the retirement contingency, two sub-schemes in which the participant may be attached to one or the other sub-plan or simultaneously to the two shall be linked to the collective of members. on the basis of the criterion of their age at any time as provided for in the following paragraphs. The specifications and, where appropriate, the technical basis of the pension plan shall specify, on the basis of that age criterion, the proportion of contributions in favour of the participant which is distributed between each of the two sub-plans, as well as the These are the age of the year, which is common to all participants, once they have reached the gradual reallocation of part or all of the consolidated rights between the two subplans of the same plan. The system of gradual reallocation between the two sub-plans must be configured in such a way that, whatever the input age of the participant in the business and the financial system of the plan, the amount to be reallocated from one subplan to another, as achieve the expected ages common to all unit-holders, cannot be higher, in each reallocation, to 20% of the consolidated rights that the participant has in the two sub-plans created in accordance with the delimiter criterion provided for in this point (d). Membership of the sub-plans referred to in point (d) and the degree of participation therein shall not be the subject of a personal choice by the participant. The specifications of a pension scheme in respect of which the criterion of this point (d) applies, shall determine the possibility and conditions for the permanence of the beneficiaries in the sub-plans in which they were integrated at the time of access to the pension scheme. the condition or, where appropriate, their integration into a sub-plan of beneficiaries independent of the former. All the criteria set out in this paragraph 2 shall be compatible with each other, with the same participant or beneficiary being attached to more than one sub-plan on the basis of the criteria or criteria.

3. The plan will maintain a position account in each of the funds for the development of the corresponding subplan. The position account in each fund shall collect the contributions, consolidated rights and benefits corresponding to the members and beneficiaries belonging to the sub-plan attached to the fund.

The contributions and resources corresponding to each subplan will be integrated into the corresponding fund. The various sub-plans will not assume responsibility for each other. Revisions, even if they are issued in a single document or report, must be individualized for each subplan. "

Twenty-six. Article 69 is worded as follows:

" Article 69. General principles of investments.

1. The assets of the pension funds shall be invested in the interest of the members and beneficiaries. In the event of a conflict of interest, priority shall be given to the protection of the interest of members and beneficiaries.

2. The assets of the pension fund must comply with all the provisions of this regulation and, in any case, will be invested according to criteria of safety, profitability, diversification, dispersion, liquidity, monetary congruence and time limits. suitable for its purposes. 3. The management of investments shall be carried out by honorable persons who possess the appropriate qualification and professional experience. It is good for those who have been observing a trajectory of respect for the commercial laws and other rules that regulate the economic activity and the life of the businesses, as well as the good business, financial and banking practices. 4. The supervisory board of the pension fund, with the participation of the managing body, shall draw up in writing a comprehensive statement of the principles of its investment policy. Such a statement shall be given sufficient publicity. This statement shall at least refer to questions such as the methods of measurement of the risks inherent in the investments and the processes of management of the control of such risks, as well as the strategic placement of assets with respect to the nature and duration of its commitments, and shall be reviewed in the event of significant changes to it and, in any case, as a result of the amendments to be made in the light of the conclusions of the financial review actuarial. 5. The assets of pension funds shall be invested mainly in securities and financial instruments admitted to trading on regulated markets. Investments in assets that cannot be traded on regulated markets should, in any case, be kept within prudential levels. The assets concerned with the coverage of the technical provisions shall be invested in an appropriate manner to the nature and duration of the future benefits provided for in the pension plans. For these purposes, regulated markets are considered to be those established within the scope of the Organisation for Economic Cooperation and Development (OECD), which fulfil the conditions laid down in Directive 2004 /39/EC on the markets for financial instruments, and those other than, where appropriate, the Spanish financial control authorities, because they understand that their operating conditions are equivalent to those laid down in that Community legislation. Organised derivatives markets shall also be considered to be included in this category. This means that those markets located in OECD member states where the trading of instruments is used in a regulated manner, have a system of guarantee deposits which can be updated on a daily basis according to the (a) a compensation centre which records the transactions carried out and is brought between the contracting parties acting as a buyer to the seller and as a seller to the seller. buyer. 6. The supervisory board of the pension fund shall, for the sole benefit of the members and beneficiaries, exercise all the rights inherent in the securities integrated in the fund with quantitative relevance and stable character, in particular the the right to participate and vote in general meetings. Those rights shall be exercised by the committee on the control of the fund, either directly or through the managing body, which shall follow the instructions of that committee or the rules of operation of the fund. In any event, the annual management report of the pension fund shall be consistent with the policy of the committee on the control of the fund, or in the case of the managing body, in relation to the exercise of the political rights inherent in the pension fund. the securities integrated into the pension fund. 7. For the purposes of this Chapter, the same group shall be regarded as belonging to the same group of companies in the cases referred to in Article 4 of Law 24/1988 of 28 June 1988 on the Market in Securities. 8. The assets belonging to the pension fund's assets are collectively and proportionally to all the plans attached to it and to all the members and beneficiaries of the pension fund, with the exception of the assumption provided for in Article 65. derivatives of the insurance or guarantee of the plan or of its benefits, and of the contractual obligations and liabilities arising therefrom. It is also the exception of this general rule that the agreed return on the amortisation of the deficit or the funds to be transferred in the rebalance plans formalised under the fourth transitional provisions is to be attributed. fifth and sixth of the Law. However, the Minister for Economic Affairs and Finance may regulate the conditions under which the specific allocation of assets or portfolios of an employment pension scheme may be made to different sub-plans or collectives integrated into the plan. Without prejudice to the foregoing, the Minister for Economic Affairs and Finance may regulate the conditions under which investments in the equity of the employment pension fund may be allocated in order to use their internal rate of return as an interest rate. technical. "

Twenty-seven. Article 70 is worded as follows:

" Article 70. Eligible investments from pension funds.

They are eligible assets for the investment of pension funds: 1. Securities and financial instruments of fixed and variable income of any kind, including those that may entitle them to their subscription or acquisition, when having have been admitted to trading on regulated markets, are susceptible to widespread and impersonal traffic in a financial market.

In any event, the securities and financial instruments shall be 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 financial instruments that are traded electronically or are part of the representative market index in which they are traded.

(b) In the case of securities and financial instruments of fixed income 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 securities and financial instruments of fixed income for which, at least one financial agent acting on its own account publicly offers prices for the purpose of trading and closing transactions in accordance with the the conditions prevailing on the market at any time. The financial actors shall meet the requirements of the Ministry of Economy and Finance. Securities and marketable financial instruments of fixed income or new issue variable shall be provisionally eligible in the event that the issuing institution has securities of the same class issued prior to being traded on such markets. Provisional fitness shall cease, if within one year of its issuance, they do not comply with the requirements to that effect. Those securities and financial instruments shall be equated with those in whose terms of issue the commitment to apply for admission to trading is made, provided that the initial period for fulfilling that commitment is less than six months. Where admission to trading does not occur within six months of the date of the request or the commitment to submit the relevant application for admission is not fulfilled, the portfolio shall be restructured in accordance with Article 6 (1) of the Financial Regulation. the following two months following the end of the periods referred to above.

2. Structured financial assets. A structured financial asset shall mean a combination of two or more assets, derivative instruments or a combination of the two that are implemented through a single legal business, in terms and conditions that are set up by the Ministry of Economy and Finance.

Structured financial assets, as defined in this Regulation and in their development rules, may only be considered eligible for the investment of pension funds under this Regulation. paragraph. 3. The actions and interests of the following collective investment institutions:

(a) Collective investment institutions established in the European Economic Area and subject to coordination in accordance with Council Directive 85 /611/EEC of 20 December 1985.

(b) Financial collective investment institutions which, not being included in the previous paragraph, are regulated in Law 35/2003, of Collective Investment Institutions, and other development provisions. (c) Collective investment institutions which are situated or are located in a State of the European Economic Area provided that the institution is subject to authorisation and supervision by a supervisory authority. (d) collective investment institutions other than those referred to in points (a), (b) and (c) of this paragraph provided that they are of a financial nature and meet the following requirements:

1. Your shares or shares do not present any restrictions on your free transfer.

2. Have their headquarters or are located in a member country of the OECD in which the character of tax haven is not present. 3. That its financial statements are the subject of annual audit; such audit shall be external and independent. At the time of the investment, the opinion of the auditor in respect of the last financial year shall be recorded. 4. º That, neither individually nor jointly with the rest of the pension funds managed by the same managing body, the investment may involve the exercise, in practice, of the control over the institution in which it is invested. 5. The investment may not take place in institutions whose members, directors or directors or, where appropriate, the partners, administrators or managers of the management company of the collective investment institution in which the investment is intended they have, individually or jointly, directly or through persons in question, a significant participation in the group of the managing institution of the investor pension fund. 6. The investment may not take place in institutions where, either the collective investment institution itself or its managing body is part of the economic group of the pension fund managing body or the promoters of the plans. of pensions integrated into the funds managed. The shares and units of collective investment institutions, as defined in this Regulation, may only be considered eligible for the investment of pension funds under this paragraph. For the purposes of the pension plan and fund rules, the following shall be considered as collective investment institutions:

(a) Collective investment institutions which have their domicile in Spain in the case of companies, or which have been established in Spain and whose management company is domiciled in Spain, in the case of funds.

(b) Any other institution, entity, instrument or investment vehicle that may be considered as an open-type collective investment institution, being understood as such, the object of which is the collective investment of the funds collected from the public and whose operation is subject to the principle of risk-sharing, and whose units, at the request of the holder, are repurchased or reimbursed, directly or indirectly from the assets of those institutions. These repurchases or refunds are equivalent to the fact that a collective investment institution acts in order to ensure that the value of its shares or units in an official secondary market or in any other regulated market domiciled in the Union Europe does not detract from its liquidative value.

They shall not have the consideration of collective investment institutions for entities, whatever their denomination or status, which, being domiciled in an OECD Member State, exercises, in accordance with the rules that it is applicable to them, the typical activities of the venture capital institutions provided for in Article 2 of Law 25/2005 of 24 November, which is the regulatory authority for venture capital institutions and their management companies.

4. Deposits in credit institutions which are in the view or term, in which case they shall have a maturity of not more than 12 months and may be made liquid at any time without the principal of the deposit being able to be committed in the event of liquidity early. The depository credit institution shall have its seat in a Member State of the European Union, and the deposits shall be nominated in currencies which are traded on the OECD's foreign exchange markets. 5. Real estate and real estate rights meeting the requirements laid down in Article 50 (10) of the Regulation on the management and supervision of private insurance, approved by Royal Decree 2486/1998 of 20 November 1998. 6. Mortgage loans, in so far as the first mortgage is concerned and the mortgage is constituted on buildings that meet the requirements set out in the previous paragraph. In addition, all requirements that would be required by the mortgage legislation must be met. Loans to the public treasury for withholding tax on corporation tax. In the case of the guarantee, the guarantee is also an asset eligible for the investment of the pension funds. 7. Instruments derived from the terms and requirements of this Regulation and its development regulations. 8. The shares and shares of the risk capital entities governed by Law 25/2005 of 24 November, the regulator of venture capital institutions and their management companies. 9. Securities and financial instruments of fixed and variable income other than those provided for in paragraph 1 of this Article, in the following terms:

(a) Securities and financial instruments not listed on regulated markets or that are admitted to trading on regulated markets are not susceptible to widespread and impersonal traffic, provided that they comply with the following: Requirements: 1. No restrictions on their free transmission may be submitted.

2. º must have been issued by entities with registered offices in some OECD member country in which the character of tax haven is not present. 3. The issuer of securities or financial instruments shall audit its financial statements annually; such audit shall be external and independent. At the time of the investment, the opinion of the auditor in respect of the last financial year shall be recorded. 4. No individually or jointly with the rest of the pension funds managed by the same managing body, investment in securities and non-contracted financial instruments on regulated markets may result in the exercise, in the practice, of the control over the entity in which it is invested. 5. The investment may not take place in entities whose members, directors or directors have, individually or jointly, directly or through persons in question, a significant participation in the group of the institution gestora. No investments in securities issued by companies which have been financed by the economic group of the managing body or the promoters of the plans integrated into the funds managed and which are intended to be used shall also be made. financing received from the funds to write down directly or indirectly the loans granted by the companies of the abovementioned groups.

For these purposes, the operation is understood to be performed per person or entity interposed when it is executed by person united by relationship of kinship in direct or collateral line, consanguine or by affinity, until the fourth degree including, by directors or trustees or by any company in which the said directors, directors, directors, entities or members of the control commission have, directly or indirectly, a percentage equal to or greater than 25%. (a) a percentage of the capital or carry out functions involving the exercise of the power of decision.

The investment of pension funds in securities or unlisted financial instruments issued by the economic group of the manager or the promoters of pension schemes integrated into the funds is prohibited. managed. (b) Shares and units of risk capital entities other than those referred to in paragraph 8 of this Article provided that they meet all the requirements laid down in point (a) of this paragraph with the following: Specialties:

1. No consideration of limitations to the free transmission shall be given to express clauses or covenants that establish a right of preferential acquisition, adjusted to market conditions in favor of shareholders or members. of the venture capital institution or requiring prior authorisation of the transfer by the managing body or the management board of the venture capital institution, provided that in the procurement contract or information leaflet the objective causes of refusal are listed and those causes are exclusively on the conditions to be met by the potential acquirers of the stake in the venture capital institution.

2. No. Without prejudice to the annual, external and independent audit duty of the financial statements of the venture capital institution in which it is intended to invest, where the risk capital institution is a new constitution, the the managing body of the institution shall be at least another existing risk capital entity that complies with the previous annual audit requirement, external and independent of the financial statements, with a favourable opinion of the auditor in respect of the last full year completed. For the purposes of this point (b), institutions, irrespective of their name or status, which are domiciled in a Member State of the OECD, shall have the consideration of risk capital institutions in accordance with the rules laid down by the it is applicable to them, the typical activities of the venture capital entities provided for in Article 2 of Law 25/2005 of 24 November, which are the regulatory authorities of venture capital institutions and their management companies. (c) Monetary market instruments, provided that they are liquid and have a value that can be accurately determined at all times, not traded on a regulated market, provided that one of the following requirements is met:

1. º That are issued or guaranteed by the State, the Autonomous Communities, the local entities, the Banco de España, the European Central Bank, the European Union, the European Investment Bank, the central bank of some of the Member State, any public administration of a Member State, or an international public body to which one or more Member States belong.

2. º That are issued by a company whose securities are traded on a regulated market. 3. º That are issued or guaranteed by an OECD-wide entity subject to prudential supervision.

For the purposes of this paragraph 9.c), money market instruments shall be considered to be those fixed income assets with a maturity of less than 18 months. In addition, they shall be considered liquid if there are mechanisms to perform them at their market value or if there is a commitment to repurchase by the issuer or a financial institution. 10. mathematical provisions held by insurance institutions in cases where the pension fund has one or more total or partially insured pension schemes integrated.

11. Pension funds open. 12. Deures of promoters of pension schemes integrated into the pension fund corresponding to funds outstanding for transfer or a deficit to be amortised under rebalancing plans. 13. The Minister for Economic Affairs and Finance may lay down the conditions to be met by other assets not listed above for consideration as eligible for investment by pension funds. "

Twenty-eight. Article 71 is worded as follows:

" Article 71. Derivatives transactions.

1. Pension funds may, in the terms provided for in this Regulation, operate with derivative instruments with one of the following purposes: (a) Ensure adequate coverage of the risks assumed in all or part of the portfolio financial instruments or derivative instruments held by the pension fund.

b) As an investment, acquired without purpose of coverage.

2. Pension funds shall at all times maintain a reasonable policy of diversification of counterparty risk taking into account the risk concentration situations that may arise in the future. In any event, the derivative positions shall be subject, in conjunction with the securities issued or endorsed by a single entity or by those belonging to the same group, to the limits laid down in Article 72 of this Regulation.

3. Pension funds shall be valued on a daily basis at market prices for their derivatives transactions. 4. The control commissions, the sponsoring entities or, in their case, the managing and depository entities shall be extremely diligent as regards the hiring of derivative instruments, for which they will be necessary to establish the appropriate internal control mechanisms to verify that such operations are appropriate to their objectives and that they have the means and experience necessary to carry out such activity. 5. The Minister for Economic Affairs and Finance may lay down the general conditions necessary for the collection of derivative instruments for consideration as eligible for investment by pension funds. "

Twenty-nine. A new Article 71a is inserted with the following wording:

" Article 71a. Derivative instruments contracted for hedging purposes.

For the purposes of Article 71 of the Pension Plans and Funds Regulation, a derivative instrument shall be deemed to have been contracted to ensure adequate coverage of the risks assumed in all or part of the of the portfolio of assets or other derivative instruments held by the pension fund provided that the following conditions are met at the same time: (a) existing assets or other transactions that contribute to exposing the pension fund to a risk shall mean that those operations are designed to eliminate or significantly reduce that risk.

(b) That the assets covered and their hedging instruments are explicitly identified from the birth of that coverage. (c) The underlying of the hedging derivative is the same as the underlying risk for the items being covered.

If not, the existence must be credited, within the generally accepted margins to qualify as effective a coverage operation in the Spanish accounting legislation, of a valid statistical relationship and in the last two years between the underlying of the hedging derivative and the covered instrument. '

Thirty. A new Article 771 is introduced with the following wording:

" Article 71 ter. Derivative instruments contracted as investment.

derivative instruments contracted as an investment, either directly or as part of a structured product, may not expose the pension fund to potential or actual losses exceeding the net worth of the pension fund.

For potential losses there will be the biggest loss that the pension fund can have in the worst case scenario. For this purpose, the Directorate-General for Insurance and Pension Funds shall establish the requirements, assumptions and conditions to be met by the internal models to be counted by the managing body in order to estimate the value at risk in the use of derivative instruments contracted as investment. As an alternative to internal models of value at risk that are required of the managing body in the use of derivative instruments contracted as an investment, the General Directorate of Insurance and Pension Funds may establish a methodology a standard calculation of the maximum potential loss that shall include the conditions for the coverage and clearing of positions, the recognition of the collateral provided and the type of assets in which it is to be materialised. '

Thirty-one. Article 72 is worded as follows:

" Article 72. Criteria for diversification, dispersion and congruence of investments.

Investments in pension funds will at all times be sufficiently diversified so as to avoid excessive reliance on one of them, on a particular issuer or on a group of companies, and on risk accumulations in the portfolio as a whole, and must comply with the conditions set out in the following paragraphs at all times: (a) At least 70% of the pension fund's asset shall be invested in securities and financial instruments susceptible to widespread and impersonal traffic that are admitted to trading on regulated markets, in derivative instruments negotiated in organized markets, in bank deposits, in loans with mortgage guarantees, in real estate and in real estate collective investment institutions. The percentage of shares and shares of collective investment institutions under Law 35/2003 of 4 November of collective investment institutions or of Council Directive 85 /611/EEC of 4 November 1992 may also be included in the said percentage. 20 December 1985, provided that, in the case of investment funds, their shares or holdings are regarded as securities listed or are admitted to trading on regulated markets; and, in the case of investment firms, their actions are susceptible to widespread and impersonal trafficking and are admitted to negotiation on regulated markets.

The shares and units of collective investment institutions of free investment and collective investment institutions of collective investment investment institutions shall not be included in the above percentage. subject to Law 35/2003 of 4 November, of institutions of collective investment, and its rules of development. (b) The investment in securities or financial instruments issued by a single entity, plus the credits granted to it or endorsed or guaranteed by the same entity, shall not exceed 5 percent of the pension fund's asset. However, the above limit will be 10 percent for each issuing, borrowing or guarantor entity, provided that the fund does not invest more than 40 percent of the asset in entities in which 5 percent of the fund's asset is exceeded. The fund will be able to invest in several companies in the same group and cannot exceed the total investment in the group 10 percent of the fund's assets. No pension fund may have invested more than 2% of its assets in securities or financial instruments not admitted to trading on regulated markets or in securities or financial instruments which, being admitted to trading in regulated markets are not susceptible to widespread and impersonal traffic, where they are issued or endorsed by the same entity. The above limit shall be 4% for those securities or financial instruments where they are issued or endorsed by entities belonging to the same group. Deposits in credit institutions shall not be subject to the limits provided for in point (b) of this Article, without prejudice to the application of the joint limit referred to in point (f) of this Article. (c) Investment in financial collective investment institutions shall be subject to the following limits:

1. The investment in a single collective investment institution as provided for in Article 70.3 (a) and (b) may reach up to 20% of the pension fund's asset provided that, in the case of funds from investment, their holdings or the consideration of securities traded or admitted to trading on regulated markets; and, in the case of investment companies, their shares are susceptible to widespread and impersonal traffic and are admitted to trading on regulated markets.

2. The investment in a single collective investment institution as provided for in points (a) and (b) of Article 70.3 where they do not meet the requirements laid down in the preceding subparagraph, or those provided for in point (d) of that paragraph. Article 70.3, or in a single institution of collective investment of free investment or collective investment institution of collective investment free investment institutions shall not exceed 5 percent of the assets of the pension fund.

The limits provided for in this letter for investment in the same collective investment institution shall also be applicable for the investment of the pension fund in a number of collective investment institutions when they are are managed by the same managing body of collective investment institutions or by several belonging to the same group.

(d) The derivative instruments shall be subject, in accordance with point (b) of this Article, to the dispersion limits for the market risk associated with the development of the underlying, unless the underlying market consists of collective investment institutions, in interest rates, in exchange rates or in benchmarks that meet at least the following conditions:

1. Have a sufficiently diversified composition.

2. Have a proper public broadcast. 3. Being of widespread use in financial markets.

The derivative instruments whose underlying commodities are commodities shall be subject to the market risk to the limits provided for in the first two subparagraphs of point (b) of this Article.

For the application of the diversification and dispersion limits associated with market risk, derivative instruments that have the consideration of hedging instruments shall be considered to be based on the net position. Similarly, derivative instruments not traded on regulated markets in the terms described in the last paragraph of Article 69.5 of this Regulation shall be subject to the limits laid down in the penultimate paragraph of point (b) of this Regulation. the counterparty risk item associated with the position. The Minister for Economic Affairs and Finance may lay down specific rules on the impact of derivative instruments on the calculation of the limits laid down in this Article, as well as the application of limits, conditions and rules of assessment to operations with such instruments. (e) The limits provided for in points (a) to (d) above shall not apply where the comprehensive declaration of the principles of the investment policy of the pension fund provides that it is intended to develop a policy of an investment which, or reoccurs or reproduces, or takes as a reference a certain stock index or fixed income index representative of one or more markets located in a Member State or in any other State, or of securities traded on them. The market or markets where the shares or obligations of the index are listed must meet characteristics similar to those required by Spanish legislation in order to obtain the official secondary market condition. The index must meet at least the following conditions:

1. Have a sufficiently diversified composition.

2. Easy Playback result. 3. To be a sufficiently suitable reference for the market or set of securities in question. 4. To have adequate public dissemination.

In the event that the investment policy consists of replicating or reproducing the index, the investment in shares or bonds of the same issuer or group of issuers may reach 20 percent of the pension fund's asset. This limit may be extended to 35% for a single issuer or group of issuers where exceptional circumstances on the market are to be assessed by the Spanish financial control authorities.

In the event that the investment policy consists of taking as a reference the index, the investment in shares or bonds of the same issuer or group of issuers may reach 10 percent of the pension fund's asset. In addition, a further 10 per cent of the pension fund's asset may be committed in such securities provided that it is done through the use of derivative financial instruments traded on organised derivatives markets. The maximum permitted deviation from the index which is replicated or reproduced, or is taken as a reference and its calculation formula, shall be in accordance with the criteria laid down by the Spanish financial control authorities. (f) Investment in securities or financial instruments issued or endorsed by a single entity, positions vis-à-vis it in derivative instruments and deposits held by the pension fund in that institution shall not exceed 20% of the asset of the pension fund. The above limit shall also apply to a number of entities forming part of the same group. For the application of the limit set out in this point, the shares or units of collective investment institutions and the shares in open pension funds shall not be taken into account when one or more other institutions are managed by a the same entity or group of them. (g) Pension funds may not invest more than 5% of their assets in securities or financial instruments issued by entities in the group to which the sponsor or promoters of the integrated employment plans belong. (h) The investment of pension funds in securities or financial instruments issued or endorsed by the same Entity may not exceed 5%, in nominal value, of the total of the securities and financial instruments in circulation of that entity. This limit will be raised to 20 percent in the following cases:

1. No for shares and units of collective investment institutions as provided for in points (a) and (b) of Article 70.3 provided that, in the case of investment funds, their holdings or the consideration of securities traded or admitted to trading on regulated markets; and in the case of investment companies, their shares are admitted to trading on regulated markets.

2. º For securities or shares issued by companies or venture capital funds authorised to operate in Spain under Law 25/2005 of 24 November.

The limits set out in the preceding paragraphs shall not apply to the securities or financial instruments issued or endorsed by the State or its autonomous bodies, by the Autonomous Communities, local corporations or by equivalent public administrations of States belonging to the OECD, or by the international institutions or bodies of which Spain is a member and by others resulting from international commitments which Spain may assume, provided that the investment in securities of the same issue does not exceed 10% of the nominal balance of this.

i) Investment in real estate, mortgage loans, real estate rights, shares and units in real estate investment institutions and in those holdings in the share capital of companies that have as their exclusive social object the holding and management of buildings and whose securities are not admitted to trading on regulated markets shall not exceed 30% of the pension fund's asset. No more than 10% of the assets of the pension fund may be invested in a single building, mortgage credit, real estate law or in shares or shares in the share capital of a company or group of which it has as its object (a) exclusive social ownership and management of buildings and the securities of which are not admitted to trading on regulated markets. This limit shall be applicable, in the same way, on immovable property, real estate rights, mortgage loans or companies close enough and of a similar nature that can be regarded as a single investment. Investment in a single real estate collective investment institution will be able to reach up to 20 percent of the pension fund's asset. This limit shall also apply for the investment of the pension fund in a number of real estate collective investment institutions where they are managed by the same managing body of collective investment institutions or by several institutions. belonging to the same group. For the purposes of this Article, they shall have the consideration of companies that have as their exclusive social object the holding and management of buildings in which at least 90 percent of their assets are constituted by real estate. This category of assets shall not result from the application of the above. (j) Where investment in any of the eligible assets, or the hiring of eligible derivative instruments, has the consideration of a principal financial obligation secured in the framework of a financial collateral arrangement in the terms described in Chapter II of Title I of Royal Decree-Law 5/2005 of 11 March 2005 on urgent reforms for the boost to productivity and for the improvement of public procurement, the limits of dispersion and diversification by counterparty risk the principal financial obligation shall be payable only to the net balance of the the proceeds from the liquidation of such transactions. Without prejudice to the foregoing, the purpose of the financial guarantee shall also be an asset eligible for the investment of pension funds and shall be subject to the dispersion and diversification limits set out in this Article in accordance with its nature. (k) For the verification of the limits provided for in this Article, the fund's assets shall be determined in accordance with the valuation criteria laid down in Article 75, excluding from the calculation of the asset the items arising from the insurance plans integrated into it, the shares in other pension funds, the debts that the promoter of employment plans have assumed with them on the basis of rebalancing plans under the transitional provision fourth of the Law, and the from the channeled position account to another pension fund. (l) In the case of pension funds administered by the same managing body or by different management entities belonging to the same group of companies, the limitations set out in the preceding numbers shall also be calculated in relation to the consolidated balance sheet of those funds. (m) The Minister for Economic Affairs and Finance may establish conditions and percentages in accordance with Community rules for establishing or implementing compliance with monetary congruence. (n) Where the degree of risk concentration is considered to be high or the financial development of the integrated plans may be committed, the Directorate-General for Insurance and Pension Funds may lay down special conditions, additional to the listed in this Article, investments of pension funds in assets or financial transactions which appear on the liabilities of undertakings promoting the pension schemes attached to the fund, the management or depository of the fund or of companies belonging to the same group of companies. "

Thirty-two. Article 75 (1), (2) and (3) are worded as follows:

" 1. Securities and marketable financial instruments, whether fixed or variable, belonging to pension funds, shall be valued at their value for completion, in accordance with the following criteria: (a) For those securities and instruments Financial instruments admitted to trading on a regulated market shall mean the value of their contribution at the end of the day to which their estimation relates or, failing that, to the last published or the weighted average change if there is no price closing officer. Where it has been traded on more than one market, the price or price corresponding to that in which the largest trading volume has occurred shall be taken.

(b) In the case of securities or financial instruments of fixed income not admitted to trading on a regulated market or, where admitted to trading, their price or price is not sufficiently representative, the value of implementation shall be determined by updating its future financial flows, including the redemption value, at the market interest rates at each moment of the Public Debt which are equivalent to those values, increased by a premium or the margin that is representative of the degree of liquidity of the securities or financial instruments in a question of the specific conditions of the issue, the solvency of the issuer, the country risk or any other risk inherent in the value or financial instrument. (c) In the case of other securities or financial instruments, other than those referred to in the preceding letters, it shall be understood by the value of the undertaking that it is necessary to apply rational, value-based criteria accepted in practice, If necessary, account for the criteria laid down by the Minister for Economic Affairs and Finance under the principle of maximum prudence.

2. The buildings shall be computed by their valuation value. At least annually, the buildings of the fund must be assessed. The appraisals shall be carried out by an approved valuation entity for the valuation of assets in the mortgage market, in accordance with the rules specific to the valuation of buildings approved by the Minister for Economic Affairs and Finance. The Directorate-General for Insurance and Pension Funds may check and review the securities attributed to the buildings, by means of their technical services.

In the case of mortgaged or acquired property with deferred payment, the amount of the outstanding mortgage liability or the current value of the deferred part of the price that is outstanding shall be deducted from the valuation value. payment. The interest rate of the State of the duration of the State of the State of duration of the respective obligation shall be used for its updating. In the case of buildings under construction or in rehabilitation, the institution may incorporate into the initial assessment the amount of the works certificates to the extent that they are paid and respond to an effective performance of the works. 3. Credits shall be valued at their current value, with the limit of the value of the guarantee, using for their updating the market interest rates at each moment of the Public Debt of duration closest to the residual of the credit, increased in a premium or margin which is representative of the specific conditions of the contracting, the solvency of the issuer, the country risk, or any other risk inherent in the credit. '

Thirty-three. Article 78 (1) is worded as follows:

" 1. Pension fund management entities may be the public limited liability companies which have as their exclusive social object and activity the administration of pension funds and who, having obtained prior administrative authorisation, meet the following conditions: Requirements: (a) Having a paid-up capital of EUR 601,012. In addition, own resources should be increased by the percentages below indicated on the excess of the total assets of the fund or funds managed on 6,010,121 euros in the following tranches: 1 per cent for excess EUR 6,010,121 up to EUR 901,518,157.

0.3 percent for the excesses over 901,518,157 to 3,305,566,574 euros. 0.1 percent for the excesses over 3,305,566,574 euros.

For these purposes, the concepts referred to in paragraph 2 of this Article shall be computed as own resources. (b) His actions shall be nominative. c) To have the administration of pension funds as a social object and exclusive activity. Its name shall be followed in any case by the expression 'pension fund manager'.

(d) They may not issue bonds or go to credit and shall have their assets materialized in accordance with paragraph 3 of this Article. e) They must have their registered office, as well as their effective administration and management, in Spain. (f) They must obtain prior administrative authorization and register in the special register of pension fund management entities established in this regulation. (g) the members and the natural and legal persons who are members of the Management Board, as well as the Directors-General and assimilated to the latter of the pension fund management bodies, shall be responsible for the criteria and (a) the system of incompatibilities and limitations laid down in Articles 14 and 15 of the recast of the Law on the Management and Supervision of Private Insurance, approved by Royal Decree-Law 6/2004 of 29 October. The Minister for Economic Affairs and Finance may regulate the form of accreditation of this requirement. (h) A board of directors shall be composed of not less than three members. (i) an appropriate administrative and accounting organisation shall be provided, as well as with appropriate human and technical means in the terms described in Article 80a. (j) They shall have appropriate internal control procedures and mechanisms in accordance with the terms of Article 80b. "

Thirty-four. Article 80 (1), (4) and (5) are worded as follows:

" 1. The insurance institutions authorised to operate in Spain in the life field, including social security mutual societies, which meet the requirements laid down in this standard, may also act as pension fund management entities.

For this purpose, they shall comply with the requirements set out in paragraphs (a), (e), (f), (g), (i) and (j) of Article 78.1 of this Regulation. 4. Insurers which are pension fund managers shall be subject to their specific rules contained in the recast text of the Law on the Management and Supervision of Private Insurance, approved by Royal Decree-Law 6/2004, of 29 January 2004. (a) October, in respect of its dissolution, liquidation and extinction, as well as in connection with the revocation of the administrative authorization to act as an insurance company for life or mutual social security. 5. The absence of insurance institutions in the Special Register of pension fund management entities shall be:

(a) Revocation or suspension of the administrative authorisation for the insurance or life insurance business.

b) Dissolution of the insurer or closure of the establishment in Spain. (c) Revocation of the administrative authorisation for the management of pension funds. (d) revocation or suspension of the administrative authorization to be the manager of pension funds imposed as a sanction in accordance with the provisions of Article 36 (1) of the recast of the Law, in relation to the Article 41 of the recast of the Law on the Management and Supervision of Private Insurance, approved by Royal Decree-Law 6/2004 of 29 October. (e) At the request of the institution itself, without prejudice to Article 85 of this Regulation.

The reduction in the special register of managing entities shall be without prejudice to the liabilities in which the institution has engaged in the exercise of its activity as a pension fund manager.

The insurer which has caused a loss in the Special Register of pension fund management entities may return to such activity and cause again discharge in that Register in accordance with paragraph 3 of this Article, provided that it meets the requirements laid down for the management of pension funds. '

Thirty-five. A new Article 80a is inserted with the following wording:

" Article 80a. Administrative organisation.

1. The managing body of pension funds shall have an appropriate administrative and accounting organisation and with human and technical means appropriate to its object and activity. For this purpose, it shall, at least, comply with the following requirements: (a) It shall establish, in the light of its particular characteristics, a proper segregation of tasks and functions both among its staff and between the activities carried out of the same.

(b) It shall be ensured that each transaction related to the pension funds managed can be reconstructed according to its origin, the parties involved, its nature and the time and place in which it has been carried out and which the assets of the pension funds managed by the managing body are invested in accordance with the provisions of the comprehensive statement of the principles of the investment policy of the pension fund and in the existing regulatory provisions. (c) It shall have rules governing the personal transactions of its employees and investments in financial instruments which they carry out on their own account. (d) the Board of Directors of the institution shall be responsible for establishing, documenting and maintaining appropriate operating rules and procedures to facilitate the fulfilment of all its obligations by all its members; and assume the responsibilities that correspond to them in accordance with the provisions of the recast of the Law on the Regulation of Pension Plans and Funds, approved by Royal Legislative Decree 1/2002, of 29 November, in the Law 24/1988 of 28 of July, on the Securities Market, in the recast text of the Law on the Law of Companies, approved by Royal Decree-Law 1564/1989 of 22 December 1989 and in the other provisions applicable to it.

2. The Minister for Economic Affairs and Finance may lay down specific rules for the development of the provisions of this Article. "

Thirty-six. A new Article 80b is introduced with the following wording:

" Article 80 ter. Internal control of the managing entities.

1. Pension fund management entities shall establish, document and maintain at all times internal control procedures appropriate to their organisation and activity in respect of the pension funds managed. The management board of the managing body shall be the ultimate responsibility for establishing, maintaining and improving such internal control procedures. The management of the managing body shall be responsible for the implementation of the internal control procedures, in line with the guidelines established by the Management Board.

2. The managing body shall have sufficient information to enable the management board and the management of the institution to have an up-to-date knowledge of the evolution of its activity and that of the pension funds. managed, the functioning of its departments and distribution networks, and the behavior of the basic economic-financial measures, both of its own business, and of the pension funds managed and the pension plans in them integrated. An effective communications system should also be established to ensure that the relevant information reaches all those responsible. 3. Internal control procedures shall in any event include the development of an appropriate review function and the establishment of risk management systems, both with regard to the managing body itself, and the activity of the funds. of managed pensions. 4. The review function shall be carried out by staff with sufficient knowledge and experience to ensure, in the performance of their duties, full independence with regard to the different areas of the managing body, corresponding to the administration of the same guarantee of the precise resources for the proper fulfilment of the functions entrusted to them. 5. Management entities shall establish risk management systems, appropriate to their organisation and the characteristics of the pension funds managed, which enable them to identify and assess, on a regular basis, internal and external risks to those who are exposed. To this end, they will establish strategies regarding the same, appropriate to the nature and incidence of such risks, incorporating processes that allow a measurement of the identified risks, including their probability of occurrence and impact on the risk profile, both of the managing body and of the pension funds managed. In addition, management entities should have contingency plans in place to anticipate adverse situations that could endanger their viability as an entity and that of the managed pension funds. 6. Internal control procedures shall be extended, in those entities that outsource any of their functions or actions, to outsourced activities. In no event shall the outsourcing of functions imply that the managing body transfers or ceases to assume the responsibilities arising from such functions. 7. The managing body shall draw up a report on the effectiveness of its internal control procedures, with an impact on the significant deficiencies identified, its implications and, where appropriate, proposing the measures to be considered. adequate for their healing. The report shall be sent by the management board of the managing body to the Directorate-General for Insurance and Pension Funds together with the annual accounting statistical documentation within the time limits set for this purpose. 8. The requirements set out in this Article, for application to all management entities, may be implemented by them in accordance with the principle of proportionality, so that the same principles and elements of control, its implementation can be carried out on the basis of the size of the institution and the characteristics and level of risks of the pension funds managed. In no case, the application of this paragraph may lead to less protection for the participant or beneficiary of the pension schemes integrated into the pension funds managed. 9. The Minister for Economic Affairs and Finance may lay down specific rules for the development of the provisions of this Article. "

Thirty-seven. Article 81 (1) is worded as follows:

" 1. The pension fund management entities shall have as their functions: (a) the intervention in the granting of the corresponding public deed of the pension fund as, in its day, the modification or liquidation of the pension fund. Where appropriate, it may collaborate or carry out other tasks related to the preparation of such documents.

(b) The keeping of the accounts of the pension fund per day and the accountability in the form provided for in this Regulation. (c) the determination of the balances of the position accounts and the rights and obligations arising from each integrated pension scheme. It shall provide the relevant instructions for the transfer of the accounts and the rights involved. (d) the issuance, in union with the institution, of the certificates of belonging to pension plans, required by the unit-holders whose pension plans are integrated into the fund. The managing body shall certify annually the contributions made and imputed to each participant, as well as the value for the exercise of its consolidated rights, without prejudice to the reporting obligations contained in this regulation. In the pension schemes in which an actuary is involved in carrying out the actuarial services necessary for the ordinary development of the plan, the certification of consolidated rights referred to in the previous paragraph must be carried out on the basis of the calculations made by that actuary. (e) The determination of the value of the holding account to another pension fund, at the request of the corresponding plan. (f) the control of the institution of the pension fund, in terms of strict compliance with the pension fund's obligations, in accordance with the principle of liability laid down in this Regulation. (g) control of the investment policy of the pension funds under the terms described in Article 81a. "

Thirty-eight. A new Article 81a is inserted with the following wording:

" Article 81 bis. Control of the investment policy of managed pension funds.

1. In accordance with the principles of the investment policy of the pension fund and, where appropriate, by the exercise of the functions delegated to the managing body referred to in Article 81 (2), the board of directors of the institution manager will be responsible for setting and approving the parameters on the basis of which the policy of strategic investment of the pension fund will be developed, considering the active relationship-obligations of the integrated plans, the overall tolerance the risk of the pension fund and the liquidity of positions in different scenarios. In particular, the identification, monitoring, measurement, reporting and control of risks related to the investment activities, procedures and policies adopted in the pension funds shall be ensured. The management of the managing body shall be responsible for the implementation of such policies and measures.

2. The use of derivative instruments and structured financial assets by the managed pension funds shall be subject to compliance with the requirements laid down for that purpose by the Minister for Economic Affairs and Finance and, in any case, of the following conditions:

(a) Management entities shall have clear and written rules adopted by the Management Board on the use of derivative instruments and structured financial assets, including the distribution of functions and their delegation, as well as a description of the responsibilities within the managing body. In this respect, the functions of authorization, execution of orders, control of their use and handling of the information shall be performed by different persons.

(b) Controls on the use of derivative instruments and structured financial assets, which shall be duly documented, shall be carried out on a regular basis, and a person holding a regular report shall be regularly informed. (a) a post of liability that does not have the responsibility of those who execute the orders, and in any case, to the management of the entity. The control procedures laid down should enable the state of the situation to be verified in relation to the risks inherent in the use of the derivative instruments and structured financial assets, which must be checked by external or external controls. internal, that the procedures implemented are appropriate and are in line with the objectives pursued, as well as that their functioning in practice is appropriate. (c) Management entities should have clear and written guidelines on the categories of derivative instruments and structured financial assets that may be used, the maximum permitted positions, the authorised counterparties and, the case of derivative instruments, whether they have been acquired for the purpose of hedging or investment. In the case of transactions outside regulated markets, the institution must ensure that the financial intermediaries guarantee the liquidity of the positions and offer the possibility of providing purchase and sales quotes, in any time, at the request of the pension fund. (d) Management entities shall have internal models to estimate the value at risk or, where appropriate, a standard method of calculating the maximum potential loss in the use of derivative instruments acquired for investment purposes; (a) the provisions referred to in Article 7b of this Regulation. '

Thirty-nine. Article 84 (4) is worded as follows:

" 4. Where the pension fund or the employment pension scheme holds the ownership of a holding account in another pension fund, or invests in collective investment institutions, or invests in venture capital institutions the limit The former shall operate jointly on the commissions accumulated to be collected by the various managers and depositories or institutions. "

Forty. A new Article 85a is inserted with the following wording:

" Article 85a. Rules of conduct.

1. Managing entities, depository entities, pension plan marketing entities, who perform management and management positions in all of them, their employees, agents and proxies, as well as the members of the (a) the control committees and the pension funds shall be subject to the rules of conduct laid down in this Regulation and in its implementing rules.

2. It shall apply to the persons and entities listed in the preceding paragraph of the General Code of Conduct on the Stock Markets, which is annexed to Royal Decree 629/1993 of 3 May 1993 on rules for the performance of securities markets and mandatory records. The Minister of Economy and Finance is enabled for, on a proposal from the Directorate-General for Insurance and Pension Funds, to develop and adapt the provisions of the aforementioned code as necessary to the specific specificities of the activity in the field of the pension plans and funds. 3. The managing entities, the depository institutions, the different entities of a managing body that manage the assets of a pension fund and the trading entities shall draw up an internal rules of conduct, compliance, which will regulate the performance of its administrative bodies, employees and representatives. Where the entities referred to in the preceding paragraph already have, in application of other rules, the obligation to draw up an internal rules of conduct, they may include in this Regulation the specific rules relating to their activity in the field of pension schemes and funds. 4. The internal rules of conduct shall be inspired by the General Code of Conduct for the Stock Markets and its Implementing Rules. Specifically, they shall establish internal control procedures that demonstrate that investment decisions in favour of a particular pension or client fund are taken prior to the transfer of the order to the intermediary. It shall also have criteria, objectives and pre-established criteria for the distribution or breakdown of transactions involving various pension funds or clients, which ensure equity and non-discrimination between them. 5. The internal rules of conduct of the managing body and the depository institution as provided for in this Regulation shall be sent to the Directorate-General for Insurance and Pension Funds together with the application for authorisation. the administrative entity in the case of the managing body and at the time of the application for registration in the special register of depository entities in the case of depository entities. Such internal rules of conduct shall be made available to the control committees of the pension funds managed or in respect of which the deposit service is provided. 6. Failure to comply with the provisions of the internal rules of conduct, as soon as their content is carried out under the provisions referred to in paragraph 2 of this Article, may give rise to the imposition of the relevant provisions. administrative penalties, as provided for in the recast text of the Law on the Regulation of Pension Plans and Funds. "

Forty-one. A new Article 85b is introduced with the following wording:

" Article 85 ter. Related transactions.

1. Related transactions are considered to be carried out by the persons listed below in relation to the transactions referred to in paragraph 2. (a) by the managing entities and the depository institutions with each other when they affect a pension fund in respect of which they act as manager and depositary respectively, and those which are carried out between the managing entities and those performing in Management and management positions.

(b) By the managing entities, when they affect a pension fund in respect of which they act as manager; and by the depository institutions when they affect a pension fund in respect of which they act as depositary, with any other entity belonging to the same group as defined in Article 4 of the Securities Market Act. (c) by the managing entities, when they affect a pension fund in respect of which they act as manager; and by the depositary institutions when they affect a pension fund in respect of which they act as depositary, with any promoter or entity of his group, which is a pension scheme attached to that pension fund.

2. The following shall be related transactions: (a) The payment of remuneration for the provision of services to a pension fund, except those provided by the managing body to the pension fund itself.

(b) Obtaining a fund for pension funds or the formation of deposits. (c) the acquisition by a pension fund of securities or instruments issued or endorsed by one of the persons defined in the previous paragraph or in whose issuance any such person acts as a colocator, insurer, director or adviser. (d) securities purchases. (e) the business, transactions or services provided by a pension fund and any undertaking of the economic group of the manager, the depositary or the promoters of the pension schemes attached to or of any of the the members of their respective boards of directors; any member of the supervisory committees of the pension fund or of the pension schemes attached; or any other pension fund or assets managed by the same managing body or another manager of the group.

They shall also have the consideration of transactions linked to the operations provided for in this paragraph where they are carried out by means of persons or entities involved in the terms which, for the purposes of the interposition of persons or entities are described in Article 70 (9) of this Regulation.

3. In order for a managing body to carry out the related operations provided for in this Article, the following requirements shall be met:

(a) The managing body must have a formal internal procedure, set out in its internal rules of conduct, to ensure that the related transaction is carried out in the exclusive interest of the pension fund and at the price of the or under conditions equal to or better than those on the market. Confirmation that these requirements are met must be adopted by an independent commission set up within the management board of the management board or, alternatively, by an internal body of the managing body to which it is entrusted. function. The procedure may provide for simplified approval systems for repetitive or minor related operations.

(b) The managing body shall report in the membership bulletin subscribed by the participating entity at the time of the procurement and on the quarterly information to be provided to participants and beneficiaries in any form of plan (b) the pension to which they belong, on the procedures adopted to avoid conflicts of interest and on the related transactions carried out in the form and in the detail that the Law of the Market of Securities and its implementing regulations determine. (c) The commission or internal body referred to in subparagraph (a) above shall inform the management board, at least once a quarter, of the related transactions carried out.

4. Related transactions which reach a significant turnover shall be approved by the management board of the managing body in accordance with the following rules: (a) The case shall be on the agenda with the Due clarity.

(b) If any member of the Board of Directors is considered to be a related party in accordance with this Article, it shall refrain from participating in the vote. c) The vote will be secret. (d) The agreement shall be adopted by a majority of two thirds of the total number of members, excluding members from the computation who, if appropriate, abstain in accordance with the provisions of paragraph (b). result, it will be valid to record in the minutes the reservations or discrepancies of the members with respect to the agreement adopted.

The Directorate-General for Insurance and Pension Funds shall determine what is to be understood, for the purposes of this Article, by significant volume of business, taking into account the size of the managing body, the equity managed and the amount and characteristics of the related operation. '

Forty-two. A new Article 85c is introduced with the following wording:

" Article 85 quater. Separation from the depositary.

1. No institution may be a depository of pension funds managed by an institution belonging to its own group, unless the managing body has and is subject to a specific procedure established for that purpose and duly documented, set out in its rules of procedure to prevent conflicts of interest.

2. The verification of compliance with the requirements laid down in accordance with the preceding paragraph shall be carried out by an independent commission established within the management board or an internal body of the managing body, without there can be a majority of members with executive functions in the entity. For these purposes, the body to which this task is entrusted shall, on an annual basis, draw up a report on the extent to which the requirements laid down in this Article are to be met, to be sent to the Directorate-General for Insurance and Pensions together with the annual accounting statistical documentation. Where the report shall reflect any caveats concerning the proper fulfilment of such requirements, the replacement of the depositary by another who does not belong to the same group in the terms laid down in Article 85 shall be replaced. that the Directorate-General for Insurance and Pension Funds may appreciate that the provisions of this Regulation are not serious, in which case it shall grant a period of not more than three months for its purpose. 3. The internal rules of conduct of the managing entities, as well as the depositaries, shall arbitrate the necessary measures to ensure that the information derived from their respective activities is not within reach, direct or indirectly, of the staff of the other entity; for this purpose, the physical separation of human resources and materials dedicated to the management and depository activity and the computer instruments that impede the flow of information shall be provided which could generate conflicts of interest between those responsible for one and another activity. In particular, the rules of procedure shall provide for the following separation rules:

a) The absence of common advisors or administrators.

(b) The effective management of the management company by persons independent of the depositary. (c) that the managing body and the depositary have different addresses and physical separation of their activity centres.

4. The managing body shall state in the accession bulletin and in the quarterly information to be provided to members and beneficiaries, whatever the type of pension plan to which they belong, the exact type of relationship that binds them to the a depositary, taking as a reference, where appropriate, the list of circumstances contained in Article 4 of Law 24/1988 of 28 July 1988 on the Securities Market. '

Forty-three. Article 86 (1) is amended and a new paragraph 6 is added, which shall be worded as follows:

" 1. The management of the financial assets of the pension funds which they manage with third authorised entities, hereinafter referred to as investment entities, may be contracted by the pension fund management entities. Such procurement shall be subject to the provisions of this Chapter.

For the purposes of this rule, the management contract shall be subject to the individual management of a portfolio of financial assets owned by a pension fund by the investment entity, which assumes the selection of investments and the issuance of purchase and sale orders on behalf of the pension fund exclusively. The financial assets issued or endorsed by the investment entity under the contract or by undertakings of the group to which it belongs, or those of other entities that invest all or part of its assets, may not be the subject of the management contract. in such assets. For these purposes, membership of the same group shall be determined in accordance with the criterion set out in Article 4 of Law 24/1988 of 28 June of the Stock Market. "

" 6. In the procurement of the management and deposit referred to in this Chapter, provision should be made for the adoption of the necessary measures to ensure compliance with the obligations laid down in Chapter I of this Title in the field of organisation administrative, internal control, and investment policy, rules of conduct, related operations and separation of the depositary and in general all those established in connection with the management and deposit activities in this regulation or in your development regulations ".

Forty-four. Article 87 (1) and (2) are amended as

:

" 1. Investment entities with which the management of financial assets may be contracted shall have the following requirements: (a) To be legal persons with a registered office in the territory of the European Economic Area.

b) To be credit institutions, management companies of collective investment institutions, investment firms or insurance companies operating in the life class, legally authorized to operate in Spain by the authorities for the supervision of the Member State concerned, for the development and pursuit of the activity which it intends to contract, in accordance with Directives 2004 /39/EC, of the European Parliament and of the Council of 21 April 2004 on the Council Regulation (EEC) No 2052/88 of 20 December 1985 on the approximation of the laws of the Member States relating to the coordinate the laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities, 2002 /83/EC of the European Parliament and of the Council of 5 November 2002 on life assurance; and 2000 /12/EC of the European Parliament and of the Council of 20 March 2000 on the taking up and pursuit of the business of credit institutions.

Asset management may also be contracted with other pension fund management entities authorised in accordance with Article 78, as well as with third country entities through their permanent establishments in Spain, authorised under Spanish law in the terms of the preceding paragraph.

2. The deposit institutions with which the deposit and custody of financial assets subject to the management contract may be contracted shall meet the following requirements:

(a) To be legal persons with registered offices in the territory of the European Economic Area.

(b) legally authorised as credit institutions or investment firms by the authorities of the relevant Member State for the custody and deposit of securities and cash, in accordance with Directives 2004 /39/EC and 2000 /12/EC.

The deposit with third-country entities may also be contracted through its permanent establishments in Spain authorized under Spanish law as credit institutions or investment firms for the the provision of the services covered by the contract. '

Forty-five. Article 88 'Financial assets whose management may be contracted with investment entities' shall be deleted.

Forty-six. Paragraph (b) is amended and the rest of the paragraphs in Article 89 are reordered, as follows:

" Article 89. General terms and conditions of the related asset and deposit management contracts.

The procurement of financial asset management and, where appropriate, the deposit of financial assets linked to it shall be in accordance with the following general conditions: (a) Contracts shall be formalised in writing, at least in one of the official Spanish languages, without prejudice to the issue of duplicates in other languages at the request of the pension fund or the Directorate-General for Insurance and Pension Funds.

For the purposes of proof, the content of the contract written in one of the official Spanish languages shall prevail. (b) The hiring of the deposit scheme shall be linked to the management contract. The management contract shall specify whether the deposit is made directly by the institution of the pension fund or whether the institution contracts the deposit of the assets covered by the management contract with another deposit institution that meets the conditions laid down in Article 87 (2). (c) The economic movements resulting from the management contract and the deposit of assets acquired under the management contract shall be used in cash accounts and specific securities, the sole purpose of which shall be to implement the transactions generated by that contract. (d) The contract must establish and ensure that the property, the full domain and the free disposal of the assets under the contract belong to the pension fund at all times. In any event, the exercise of the political rights attached to the securities shall be the responsibility of the committee for the control of the fund or, by delegation, the managing body of the fund. The parties may not place charges or charges on the assets. (e) In the contracts, the managing body of the pension fund shall be given the power to order the investment entities and deposit the purchase or sale of financial assets, the suspension or cancellation of the commitments made and to dispose of account of the fund of the corresponding deposits. The manager may exercise such power by communicating such a circumstance to the institution of the pension fund. (f) The managing body of the pension fund and its depositary institution shall establish in the contracts, in accordance with the arrangements agreed by the fund control committee, the obligations and mechanisms of control, communication and periodic reporting, which the investment and deposit entities shall comply. These mechanisms should be sufficiently agile and efficient, so that the managing and depository institutions of the pension fund can control and be sufficiently informed of the management and situation of the financial assets under review. of the contract. The obligation for the investment entity to notify them of the transactions carried out and the daily valuation of the assets covered by the contract shall be incorporated. It shall also provide, at least monthly, a full report on the operations carried out, the status of the securities and cash accounts certified by the deposit institution, the valuation of the assets, the criteria used, investment strategy raised and any other issues that are considered relevant. (g) In no case shall the contract contain clauses that exempt the managing body of the pension fund and its institution from the obligations and liabilities laid down in the pension plan and fund rules. (h) The maximum duration of the contracts shall be three years, which may be extended either expressly or tacitly. The managing body and the institution of the fund, respectively, will reserve the right to unilaterally resolve the contracts covered by this regulation. In no case may notice periods exceeding one month be established for the termination of the contract by either party. Such a maximum period of one month shall apply to the periods which, where appropriate, are laid down in order to express opposition to the extension of the contract. (i) The parties shall be subject to the contracts of Spanish law and to the jurisdiction of the courts of the domicile of the managing body of the pension fund. "

Forty-seven. Article 96 is amended as follows:

" Article 96. Administrative Records.

1. The General Directorate of Insurance and Pension Funds of the Ministry of Economy and Finance establishes the following Administrative Records: a) Special Register of Pension Funds.

b) Special Register of Pension Fund Managers. (c) Special Register of Depositary Entities of Pension Funds. (d) Special Register of Employment Pension Funds of other Member States acting in Spain.

2. The Special Register of Pension Funds shall include: (a) Resolutions of prior authorisation and registration of the Pension Fund.

(b) Denomination and classification of the pension fund as personal or employment, and where applicable, as an open fund. (c) Writing of the establishment of the fund and its operating rules, as well as its modifications and the resolutions of prior administrative authorization and registration thereof. (d) Identification of their promoter, management and depository entities and/or replacement of them. (e) The Pension Plan or Plans integrated into the Fund, in particular: its name and modality, the identification of the sponsor or promoters, and where appropriate, the Ombudsman's Ombudsman. In the case of integrating employment plans subject to the legislation of other Member States, the name and identification of the sponsor or promoters and of the Member States concerned shall be included. the pension fund, the dissolution agreement and the settlement intervention.

3. The Special Register of Pension Fund Managers shall include: (a) Administrative decisions on authorisation and registration to act as pension fund managers.

b) The writing of constitution and amendments to statutes. (c) Denomination and registered office and its amendments. d) Increase and reduction of subscribed and paid-up share capital. e) Name and surname and number of national identity card of the administrators and senior positions of the entity. f) Identification of pension funds managed. g) The merger and division of entities. (h) The revocation or suspension of the administrative authorization, the settlement agreement, appointment and termination of liquidators, the intervention in the liquidation.

Dealing with insurance entities, only those extremes that are not subject to registration in the Special Register of Insurance Entities shall be included in accordance with the regulations for the management and supervision of insurance companies. private.

4. The Special Register of Pension Fund Depositary Entities shall include:

(a) The administrative resolution of registration and authorization to be a depository institution of pension funds.

(b) The name and address of the company and its modifications. (c) the pension funds for which the duties of a depository are exercised. (d) Name and last name and national identity document number of the administrators, directors or managers to whom it has taken over for the representation of the institution as a depository of pension funds. (e) The revocation or suspension of the administrative authorization imposed on the entity as a sanction in accordance with the provisions of the Law on the Regulation of Pension Plans and Funds.

5. In the Special Register of Employment Pension Funds of other Member States acting in Spain, they shall be: (a) The discharge of the Pension Fund in that Register.

(b) The name, home Member State and domicile of the Pension Fund. (c) Identification of the administrator or managing body of the fund in the country of origin. (d) The representative of the pension fund in Spain, with its registered office or establishment in Spain, in particular the name or registered name and address in Spain. (e) Pension plans of the employment system subject to Spanish legislation integrated into the fund, in particular their denomination and modality and identification of the sponsor or promoters.

6. The entities and persons registered in the Registers indicated in this article shall provide the documentation and information necessary to enable the updated conduct thereof, without prejudice to the obligation to attend the individual information requirements that are formulated by the Directorate-General for Insurance and Pension Funds.

In general, modifications of data or facts subject to registration, which do not require administrative authorization or for which no other time limit is specified under the law or this regulation, shall be communicated to the General Directorate of Insurance and Pension Funds within 10 days from the date of the adoption of the corresponding agreements, accompanying the appropriate certification of these. 7. The applications and documents submitted, relating to the authorizations and acts subject to registration, shall be drawn up in Spanish or, if appropriate, shall be accompanied by translation into that language. "

Forty-eight. The words 'referred to in Article 69 (3)' in Article 101 (1) (i) shall be deleted.

Forty-nine. The third additional provision is worded as follows:

" Additional provision third. Professional activity of the actuaries in relation to the pension plans.

1. The development of technical bases, calculations, reports and actuarial opinions corresponding to the pension plans shall be carried out by professionally qualified actuaries in accordance with the applicable rules and regulations.

2. 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 its activity. 3. For the purposes of Article 29 (b), actuarial services are provided for the ordinary development of the pension scheme, inter alia, the drawing up of the Technical Base of the Pension Plan, the determination of contributions, (a) benefits or capital to be secured, the calculation of mathematical provisions and solvency margin to certify consolidated rights of members and economic rights of beneficiaries, the determination of the deficit or surplus and its impact on to contributions, benefits and consolidated rights, and the valuation of the rights by past services and, in their case, the obligations to retirees and beneficiaries arising from the rebalancing plans. 4. The control committees of the pension plans may freely choose any actuary for the elaboration of the actuarial reviews and opinions required by this regulation which, according to this regulation, must be carried out by Independent professionals. In order to carry out the actuarial services necessary for the ordinary development of the pension scheme, the supervisory board may appoint actuaries who carry out their activities under employment or professional relations within the institution. the manager, depository or promoter of the fund or the sponsoring or insurance institution of the plan, or any entity in the group of any of these. However, in accordance with the provisions of Article 25.2 of the Regulation on the Instrumentation of the Pension Commitments of Companies with Workers and Beneficiaries, approved by Royal Decree 1588/1999 of 15 October 1999, the the actuarial report on the valuation of rights for past services, and, where appropriate, of the obligations to retirees and beneficiaries arising from the rebalancing plans, must be drawn up by an independent actuary. In any event, the actuaries involved in the regular development of the plan shall be persons other than those who, as independent professionals, are required to carry out the review and mandatory opinions referred to in this Article. regulation. 5. In order to review and actuarial opinions by independent actuaries, it will be considered that there is dependency when one of the following circumstances is present:

(a) Where the actuary or the company in which it provides its services are linked by virtue of the relationship of professional services or employment relationship with the managing body, depository or promoter of the fund in which the plan, or with the sponsor or insurer of the plan, or with an entity of the group of any of these.

In any case, it will be understood that there is a dependency when the income received by the actuary or company of any of the referred entities in the year before the performance of the plan, they assume more than 20 percent of the total income accruing from their professional activities in that financial year. (b) where the actuary or the company in which it provides its services controls, directly or indirectly, 20% of the capital at least any of the entities referred to in point (a) above, or is part of its organs of administration, or where one of those entities holds such control over the capital of the company in which the actuary provides its services. (c) In the event that the actuary is a participant or beneficiary of the plan or member of its control commission.

6. With regard to the performance of actuarial reviews by actuaries other than the actuary or actuaries involved in the ordinary development of the pension plan, they shall be deemed not to be persons other than: (a) actuarial services company and, where applicable, companies in the same group in which the actuary develops its activity, as a partner or employee.

b) Other actuaries that provide services as partners or employees in the company or in other companies in the group.

With reference to that requirement, in cases where the budgeting, presentation or billing of the actuarial works carried out corresponds to persons, natural or legal, other than the signers, the works be understood to be performed in the name and representation of the former.

7. The documentation relating to the actuarial review reports of the pension plans, including the work papers of the actuary which constitute evidence or support of the findings in the report, shall be subject to quality control. (a) the powers of the supervisory bodies of the professional corporation to which the actuary belongs or the company in which it provides its services and the services of the Ministry of Economy and Finance. The Directorate-General for Insurance and Pension Funds may require professional corporations to examine and issue opinions on certain professional activities carried out. 8. The actuaries and the companies in which they provide their services shall retain and preserve the documentation relating to each actuarial opinion or review carried out by them, including the working papers constituting the evidence and the basis of the findings in the report, duly ordered, for a period of five years from the date of issue of the actuarial opinion, unless they are aware of the existence of a dispute in which such documentation may constitute evidence, in which case the time limit shall be extended until the final judgment is delivered or another mode ends the process. The loss or deterioration of the documentation referred to in the preceding paragraph shall be communicated by the actuary to the control committee of the corresponding pension plan within 15 calendar days after the date of its knowledge. 9. The Administrative Register of actuaries of pension plans and funds, established in the Directorate-General for Insurance and Pension Funds under Article 46 of the Regulation on pension plans and funds, approved by the Royal Decree, is deleted. 1307/1988 of 30 September 1988. '

Article 2. Amendment of the Regulation on the implementation of the pension commitments of companies with workers and beneficiaries, approved by Royal Decree 1588/1999 of 15 October 1999.

The Regulation on the implementation of the pension commitments of companies with workers and beneficiaries, approved by Royal Decree 1588/1999 of 15 October, is amended as follows: One. Article 29 (2) is worded as follows:

" 2. For the purposes of quantifying the right to rescue the contracts covered by this Chapter, the following rules shall apply: (a) Where for a given contract the insurer guarantees a technical interest rate based on the provisions of the Article 33 (2) of the Regulation on the Management and Supervision of Private Insurance, approved by Royal Decree 2486/1998 of 20 November 1998, the amount of the right of rescue may not be less than the value of the assets which the represent the investment of the relevant life insurance provisions. For these purposes, the value of the assets shall be defined as their market value, defined as such in the accounting plan of the insurance institutions.

In contracts other than previous contracts, the redemption value may not be less than the value of the life insurance provisions corresponding to the policy. (b) If there is a deficit in the coverage of the corresponding provisions, such a deficit shall not be passed on to the right of redemption. (c) The amount of the right to ransom may not be applied to any penalties or discounts.

In the case of the insured worker's right to rescue, where the contractual terms refer to the value of the redemption value of the assets corresponding to the policy, the contract must be provided for in the contract. the ability of the insured to remain in the collective insurance in the event of termination of the employment relationship with the policyholder. "

Two. An additional provision is added to the Regulation on the implementation of the pension commitments of undertakings with workers and beneficiaries, approved by Royal Decree 1588/1999 of 15 October 1999, which will be drawn up as follows: way:

" Single additional disposition. Implementation of the pension commitments of the companies with the workers and beneficiaries through the business social security plans provided for in Article 51.4 of Law 35/2006 of 28 November of the Income Tax Physical Persons and partial modification of the laws of Taxes on Societies, on the income of non-residents and on the Heritage.

1. Under no circumstances may the condition of the sponsor of a pension scheme for the employment system and the condition of the holder of a business social security plan be combined. Companies may be taking on a single business social security plan or promoting a single pension scheme for the employment system.

2. Without prejudice to the reporting requirements laid down in Articles 105 and 106 of the Regulation on the Management and Supervision of Private Insurance, insurance institutions, in respect of contracted business social security plans, The following information shall be provided to the undertaking undertaking the plan, together with the policy, general, special and special conditions, annexes and supplements:

(a) Technical bases and description of the investment policy that is intended to be applied in the event that the policy provides for participation in benefits for the insured.

(b) In the first quarter of each year, a summary statement on the situation of the business social security plan shall be provided at 31 December of the preceding year containing at least the following paragraphs:

1. The relationship of insured workers and, where appropriate, recipients of benefit recipients.

2. Value of technical provisions and their suitability for the commitments covered by the policy. 3. The amount of the premiums, benefits and rescues by mobilization carried out in the year. 4. The guaranteed interest in each financial year. 5. Number of costs and expenses incurred. 6. The investment policy applied if it is expected to participate in benefits in favour of the insured, with an indication of the calculation, results obtained and the allocation of the said participation. 7. The Policy Rescue Value. 8. Changes in regulations, changes in the general, special and special conditions of the policy and in its technical base.

3. The undertaking of the business social security plan must provide the legal representatives of the workers with the information provided for in the previous paragraph. In the absence of legal representation of the workers this information must be given to each worker.

4. The insurance undertaking shall be obliged to provide the insured workers with the following information:

(a) A certificate of insurance on the occasion of incorporation into the insured collective or renewal of the policy in temporary insurance. They shall also be given the general, special and particular conditions of the policy, and the description of the investment policy if they are expected to participate in benefits in favour of the policyholders or, they shall be given the place and form of the investment policy. in which such information will be available to you at all times.

In any case, the information referred to in Article 5.1 of the Organic Law 15/1999, of December 13, of Protection of Personal Data, shall be made available to the insured persons. (b) At least annually, the insurance undertaking shall forward to each insured person in the business social security plan:

1. Individual insurance certificate stating your membership of the business social security plan, indicating the policy number, your personal data, the contingencies covered and the individual benefits guaranteed by the insurer.

2. Certification for tax purposes of the value of the premiums charged that, in compliance with the plan, was satisfied by the taker in the previous year. 3. The value of the mathematical provision at 31 December of the previous year. 4. "Value of rescue" in case of cessation of the employment relationship and conditions in which the mobilization is permitted to another instrument of social foresight.

c) Once the contingency has been produced and communicated, the beneficiary of the business social security plan must receive appropriate information on the benefit and its possible reversions, on the recovery options. where applicable, and in respect of the degree of guarantee or the risk of the beneficiary's account.

In your case you will be handed over to the beneficiary of the insurance certificate or guarantee of your benefit issued by the insurance institution. At least annually, the insurance undertaking shall send the beneficiaries a certificate on the value of their economic rights at the end of each calendar year. (d) At a half-yearly basis, the insurance institutions shall forward to the insured persons and beneficiaries of the business social security plans information on the development and status of their mathematical provisions, as well as other extremes which may affect them, in particular regulatory changes, changes in the general, special or particular conditions of the policy, changes in the technical base or in the investment policy if the benefit is provided for in favour of the insured. The half-yearly information shall contain a summary of the costs, costs, guaranteed interest and, where appropriate, results obtained from the profit share, and shall necessarily include the quantification of the economic rights of the insured in the event of termination or termination of the employment relationship. (e) In addition to the obligations laid down in the preceding paragraph, the insurance institutions shall make available to the insured persons and beneficiaries of the business social security plan, at least on a quarterly basis, the information provided for in the previous paragraph.

To this end, the insurance companies must articulate the necessary measures and use the necessary means to guarantee the access of any insured person to this information. In any case, the insurance institutions shall send the periodic information of a quarterly nature to the insured persons who expressly request it.

5. The holder of a business social security plan may exercise the right to rescue only to integrate all the commitments made in the business social security plan into another business social security plan or plan. of pensions promoted by the company. In both cases the new insurer or pension scheme will assume full coverage of the pension commitments transferred. The amount of the right to ransom must be paid directly to the new insurer of the new business social security plan or to the pension fund in which the pension scheme is integrated. It shall be permissible for the payment of the redemption value to be made by the transfer of the assets, net of the necessary costs to make the corresponding changes of ownership. 6. The insured of the business social security plans may exercise the right to rescue only in the event of termination of the employment relationship and only if it is provided under the general, special or special conditions of the policy, being able to integrate their economic rights into other plans of business social foresight, in insured plans of foresight or in pension plans. For the mobilisation, the insured person shall be directed to the insurance undertaking or the destination manager to initiate the transfer. To this end, the insured person shall accompany his application with the identification of the insured social security plan and the insurance institution of origin from which the mobilisation will take place, as well as, where appropriate, the amount to be mobilised. The application shall incorporate a communication addressed to the home insurance institution to order the transfer including an authorisation from the insured person to the insurer or the managing body of destination so that, on its behalf, it can request the insurance against the business social security plan of origin the mobilization of the economic rights, as well as all the financial and fiscal information necessary to realize it. Within a maximum of two working days after the insurance institution or the managing body of destination has all the necessary documentation, it shall, in addition to verifying compliance with the requirements laid down in this Regulation, In order to mobilise such rights, to inform the insurance institution of the business social security plan of origin, indicating at least the insured forecast plan or social security plan. business, destination insurer and the data of the target account to which the transfer is to be made, or, in the case of mobilisation of a pension scheme, the plan and the pension fund of destination, the depositary of the pension scheme and the details of the account of the pension fund of destination to which the transfer is to be made. Within a maximum of 20 working days from the receipt by the insurance institution of origin of the application with the relevant documentation, this entity shall order the bank transfer and refer the insurance or to the insurer. destination manager all relevant information of the insured, and must communicate to this information the contents of the information. Economic rights may not be mobilised where, in order to implement commitments for the pension of the policyholder concerned to insured persons who have extinguished their employment relationship with that person, the conditions of the policy provide for the continuity of the contributions from the taker to his or her favour and, where appropriate, those of the insured person who have a compulsory nature. In addition, insured persons may exercise their right to ransom in cases of long-term unemployment and serious illness in the terms and conditions laid down for pension schemes. 7. In any case that does not contradict this additional provision, the content of the ar-ties 26.1, 27.1, 27.3, 28.1, 28.3, shall apply to the business social security plans. 28.4, 29.2, 30, 31 and 33 of this Regulation. "

Single additional disposition. Mobilisation of rights in insurance plans secured to employment pension schemes and business social security plans.

Without prejudice to the provisions of Article 49 (3) of Royal Decree 439/2007 of 30 March on the approval of the Income Tax Regulation of the Physical Persons and amending the Regulations of Pension funds, approved by Royal Decree 304/2004 of 20 February 2004, the policyholder of an insured pension scheme may also mobilise all or part of his mathematical provision to an employment pension scheme of which he is a participant or a business social forecast plan in which you have the condition of insured. Such mobilisation shall be in accordance with the procedure laid down in Article 49 (3) of Royal Decree 439/2007, considering as possible instruments of destination the employment pension scheme or the business social security plan, as appropriate.

Single transient arrangement. Adaptation of pension plans and funds and of the managing and depository entities to what is established in this royal decree.

1. The pension plans and funds and other entities to which this royal decree applies shall have to adapt their specifications and operating rules to that provided for therein. Such adaptation shall be in accordance with the following paragraphs.

As a general rule, and without prejudice to the effective application of the provisions contained in this royal decree from the date of entry into force, a period of 12 months shall be granted from the date of entry into force of the said provisions. the formal adaptation of the specifications of pension schemes and rules of operation of pension funds. The information to members and beneficiaries of pension schemes and to the insured of business social security schemes referred to in Articles 34, 48 and 54 of the pension scheme and pension fund and the supplementary provision The Regulation on the implementation of the pension commitments of undertakings with workers and beneficiaries shall be compulsory as from 1 January 2008 in respect of the last six months. The pension funds must adapt within six months of the entry into force of the royal decree their investment scheme to the criteria laid down in Articles 69, 70, 71, 71 ter, 72 and 75 of the regulation of plans and funds of the (a) pensions relating to the general principles of investments, to eligible assets, to transactions with derivatives, to the limits of diversification and dispersion and to the criteria for the valuation of investments. 2. Without prejudice to the adjustment regime provided for in the previous paragraph, the managing or depository entities which at the time of the entry into force of this royal decree are already authorized to operate or, not standard, have already In order to comply with the provisions of the Royal Decree, the administrative authorization before the Directorate-General for Insurance and Pension Funds shall be 12 months in order to adapt to the provisions of the royal decree. Reports on the effectiveness of internal control procedures and on the degree of compliance with the requirements laid down in Article 85c shall be referred for the first time together with the accounting statistical documentation. the annual calendar year in which the present royal decree enters into force, provided that the adaptation has been carried out before the end of the period for the submission of the statistical accounting documentation. In another case, the report or reports shall be referred for the first time together with the annual accounting statistical documentation for the year following the calendar year following the entry into force of this royal decree. 3. The managing or depository entities which at the time of the entry into force of this royal decree were already authorized to operate or, not standard, had already applied for the administrative authorization before the Directorate General of Insurance and Pension Funds, shall have a one-year period for the submission of the rules of procedure referred to in Article 85a (5) of the pension scheme and pension funds. 4. The constancy in the annual management report of the pension fund of the investment policy of the fund's control committee, in relation to the exercise of the political rights inherent in all the securities integrated into the pension fund referred to in Article 69 (6) of this Regulation, it shall be required in the annual accounts management report for the financial year in which the present royal decree enters into force.

Single end disposition. Entry into force.

1. This royal decree shall enter into force on 1 January 2008, with the exception of the following paragraph.

2. The amendment referred to in Article 19 of the Regulation on pension schemes and funds, contained in Article 1 (2) of this royal decree, shall enter into force on 21 December 2007, in respect of the requirements for the consideration of sex. as a determining factor in the risk assessment.

Given in Madrid, on December 14, 2007.

JOHN CARLOS R.

The Second Vice President of the Government and Minister of Economy and Finance,

PEDRO SOLBES MIRA