The recast of the Law on the Regulation of Pension Plans and Funds, approved by the Royal Legislative Decree 1/2002 of 29 November, integrates the original Law 8/1987 of 8 June, of Regulation of the Plans and Funds Pensions, and their successive amendments, which have, together with insurance, set up a specific supplementary social provision instrument, in the framework of the private savings systems.

According to the legislative evolution compiled in the recast text of the Regulatory Law of Pension Plans and Funds, approved by the Royal Legislative Decree 1/2002 of 29 November, this royal decree updates, systematizes and completes the adaptation of the regulatory regulatory framework for pension plans and funds, as well as the accumulated experience in the field, and taking into account developments in the field of the European Union.

This new regulation of pension plans and funds integrates and replaces the original regulation, approved by Royal Decree 1307/1988 of 30 September 1988 and partially amended later, in particular by the Royal Decree 1589/1999 of 15 October 1999. For its part, the Royal Decree 1588/1999 of 15 October, approving the Regulation on the implementation of the pension commitments of companies with the workers and beneficiaries, expressly maintains its validity.

The new regulatory development has been guided by several principles: firstly, the need to develop different aspects introduced by Law 24/2001 of 27 December, of fiscal, administrative and of the social order, referring to the consideration of the plans of occupational pensions as an instrument of social social foresight coordinated with the processes of representation and collective bargaining in the field of work, offering to the parts A degree of autonomy and freedom of pacts is involved, enabling them to be adapted to needs and features that are in the business and business environment with greater flexibility.

In the second place, the differentiation is made, as pointed out by Law 24/2001 of 27 December, of fiscal, administrative and social order measures, which exists between the employment pension funds (which are part of the employment pensions) and personal pension funds (which integrate individual and associated pension schemes), given the different nature of their objectives. The former are in the so-called second pillar of the supplementary provision, which allows firms to commit pension commitments to their employees, while the latter are covered by the so-called third pillar. which channels individual and independent savings decisions.

Third, the result of certain provisions of the European Union's financial regulation, and in particular Directive 2003 /41/EC of the European Parliament and of the Council of 3 December 2003, is incorporated into the legislation. June 2003, concerning the activities and supervision of the pension funds for employment.

This regulatory body guides the new regulation of pension fund investments, establishing greater legal certainty for the participants in the investment process, and increasing the level of transparency information to the unit-holders. The regulation of investments is a question of adapting to a situation of the financial markets different from the one existing in 1988, date of approval of the current regulation.

In particular, under the general guidance of the abovementioned Directive, this regulation takes as a prudential reference the regulation of investments in the technical provisions of insurance institutions and is also aimed at regulation of collective investment institutions. In any event, account must be taken of the prudential nature of these investments, given their long-term investment nature, which is a finalist.

In addition, provisions relating to the freedom to provide services in financial matters are incorporated, thereby giving greater regulatory relevance to the services provided in this field, which is in turn in a improvement of the services provided and an increase in the specialization of the activity.

Finally, given the nature of the various modifications and the systematic analysis that has been sought to give to the regulation, it was necessary to carry out a new structure according to it. The new regulation adopted contains five titles, three additional provisions, five transitional provisions and two final provisions. As a methodology, the legal text has been followed, to complete and complete its development according to the expected enablement.

Title I begins with a general description of the institutions that make up the pension plan and fund system: it has an impact on the nature of the pension plans, concreting its basic principles established under Financial and actuarial systems for capitalisation. It also refers to the nature of pension funds as independent assets attached to the development of pension schemes, in their two categories, employment and personal funds, and in the entrustment of their representation, administration and custody to specialised entities, the management and depository institutions of pension funds. At the same time, this Title I develops the general scheme of contributions, contingencies and benefits of the pension scheme system, supplemented by the specific scheme for persons with disabilities arising from the additional provision fourth of the recast text of the Law on the Regulation of Pension Plans and Funds, approved by the Royal Legislative Decree 1/2002 of 29 November.

Title II regulates the figure of pension schemes, as a financial and contractual instrument; on the basis of the classification of pension schemes on the basis of the obligations laid down, which distinguish between pension schemes defined contribution, defined and mixed provision, taking into account the ownership and allocation of the resources integrated into the pension fund, and the agreed conditions laid down in its specifications and, where appropriate, in the technical base, describe the main financial and actuarial aspects of the capitalisation system; regulating the financial reserves and guarantees to be constituted, the determination of individual economic rights, the periodic review of the actuarial financial system, as well as the termination and settlement of pension plans. The specific regulation of the plans of the employment system, in particular its personal scope and the promotion process, the functioning of the control committee of the plan, and relevant aspects of the development of the plan of employment are discussed below. pensions, such as the amendment of their specifications and the impact of actuarial reviews, the rights and obligations of information to members and beneficiaries, and the rights in the event of termination of the employment relationship, and a development specific to the joint promotion employment plans promoted by several companies, developing in a flexible manner, the different possibilities for taking into account the different characteristics of companies, especially small and medium-sized enterprises and the circumstances that are present in the business and business environment.

This Title II also contains specific provisions for the pension plans of the individual system, promoted by financial institutions, highlighting the figure of the defender of the participant established by Law 24/2001, December 27, fiscal, administrative and social order measures, as well as provisions for the pension plans of the associated system, promoted by associations or unions in the interest of their members or affiliates; of the regulation of these It is worth noting that transparency and rights and obligations are enhanced. information to participants and beneficiaries, in line with the legislator's foresight, and in coherence also with the provisions of Law 44/2002 of 22 November 2002, of measures to reform the financial system.

Title III regulates the figure of pension funds, also distinguishing a regulation of the common elements and subsequently developing the own characteristics of the employment and personal funds.

The general regulation addresses the process of constitution and implementation of the pension fund, the content of its documented operating rules, the integration of pension plans, and the dissolution and liquidation of pension funds.

The specific provisions for the pension funds contained in this Title III have an impact on the functioning of the pension fund control committee, and regulate the channelling of resources from a pension scheme. In the case of a pension fund or other funds other than the pension fund to which it is attached, as well as the multipurpose of the pension scheme for several pension funds, both possibilities introduced by Law 24/2001 of 27 December, fiscal, administrative and social order measures, which make it possible to participate in different investment policies, to benefit from economies of scale or, where appropriate, to make resources more flexible according to the characteristics and needs of the collective members of the plan. In addition, specific provisions for personal pension funds are laid down for the development of pension schemes for the individual and associated systems.

Title III is completed with the development of the pension fund investment scheme, addressing the principles and fitness requirements of the assets, the prudential criteria for diversification, dispersion, (i) the consistency and liquidity of the investments, the general conditions of the investment transactions, the criteria for the valuation of assets and the investment in open pension funds that channel resources from other pension funds; as the reference to external financial guarantees offered to members of pension schemes contractually independent of the fund and the pension scheme.

Title IV regulates the figures of the managing body and the depository of the pension fund, the requirements for the exercise of its activity as such, the content of its functions, the remuneration of its services, as well as the replacement of the manager or depository of a pension fund. This Title IV also regulates the freedom to provide services or the contracting of the management and deposit of the financial assets of the pension fund with third entities authorized under the Community directives for the provision of such services.

Title V contains the general administrative control regime, accounting and reporting obligations, with the effect on the administrative and administrative supervision tasks conferred on the Ministry of Economy, the content of the of the administrative records, the subject to the accounting rules and the audit of the annual accounts of pension funds and their managing bodies, the reporting obligations and the advertising and recruitment of pension schemes.

The regulation is supplemented by three additional provisions, five transitional provisions and two final provisions.

The additional provision first refers to the contingencies subject to the additional provision of the recast text of the Law on the Regulation of Pension Plans and Funds, approved by the Royal Legislative Decree 1/2002, of 29 November, which regulates the obligation to exteriorize the pension commitments assumed by the companies in the same terms as provided for in the recast text of the law. The second set the deadline for the resolution of requests for administrative authorisation. The third relates to the conditions for the exercise of the professional activity of the actuaries in relation to the occupational pension schemes.

The five transitional provisions have an impact on maintaining the validity of the transitional arrangements for voluntary integration into pension schemes of existing institutions of foresight before the entry into force of the The Commission is of the view that, in the light of the Commission's proposal, it is necessary to ensure that, in accordance with the provisions of the Treaty, it is necessary to ensure that, in accordance with the rules laid down in the Treaty, it is necessary to establishment of a transitional regime for the investments of pension funds; in the life of the (i) loans granted to members previously, and in the adjustment of the control fees for pension schemes to the regulation introduced by Law 24/2001 of 27 December, of tax, administrative and social measures, and their corresponding regulatory development.

The final provision first contains the final provision of the recast text of the Law on the Regulation of Pension Plans and Funds, approved by the Royal Legislative Decree 1/2002 of 29 November, concerning the Supplementary social provision for staff at the service of public administrations, entities and undertakings, as amended by Law 44/2002 of 22 November 2002 on measures to reform the financial system and which concerns insurance collective and pension schemes of the employment system promoted by those for the implementation of their pension commitments with their staff, excluding from the consideration and concurrency rules of public pensions to benefits paid through such contracts and pension schemes, as provided for by the legislation.

In its virtue, on the proposal of the First Vice President of the Government and Minister of Economy, with the prior approval of the Minister of Public Administrations, in agreement with the Council of State and after deliberation of the Council of Ministers at their meeting on 20 February 2004,

D I S P O N G O:

Single item. Approval of the Regulation on pension schemes and funds.

The pension funds and plans regulation is approved, which is inserted below.

Repeal provision. Repealed and declared rules in force.

1. All provisions of equal or lower rank shall be repealed as set out in this royal decree and in the regulation which it approves, and in particular the following:

(a) The Regulation of pension plans and funds, approved by Royal Decree 1307/1988 of 30 September 1988, without prejudice to the provisions of paragraph 2 of this provision.

b) Royal Decree 1589/1999 of 15 October 1999 amending the Regulation on pension schemes and funds, approved by Royal Decree 1307/1988 of 30 September 1988, without prejudice to the provisions of paragraph 2.f of this Regulation Repeal provision.

(c) Royal Decree 1351/1998 of 26 June 1998 laying down the conditions for the administration and deposit of the foreign financial assets of pension funds.

2. Maintain their validity:

(a) Of the Regulation on pension schemes and funds approved by Royal Decree 1307/1988 of 30 September 1988, Article 56.1 is maintained; Article 60; Article 62; Article 63.2; Article 72; and Article 6 (2) of the Regulation. 73.2; the single additional provision, and the transitional provisions which maintain their effects with respect to the rebalancing plans which have been received by them.

b) The Regulation on the implementation of the pension commitments of companies with workers and beneficiaries, approved by Royal Decree 1588/1999 of 15 October.

(c) The Order of 7 November 1988 determining the registration procedure for institutions relating to pension plans and funds governed by Law 8/1987 of 8 June.

(d) The Order of 21 July 1990, by which actuarial rules applicable to pension schemes are adopted, with the exception of their second, third and eighth paragraphs.

e) The Order of 12 March 1996, approving the system of statistical-accounting information of the pension fund managing entities.

(f) The single additional provision and the single transitional provision of Royal Decree 1589/1999 of 15 October 1999 amending the Regulation on pension schemes and funds, approved by Royal Decree 1307/1988 of 30 June 1988. September.

g) The Resolution of the Directorate-General for Insurance and Pension Funds of 31 October 2000 in relation to the mortality and survival tables used in pension schemes for the contingencies in which they are defined the capability.

The provisions listed in paragraphs (c) to (g) above remain in force in so far as they do not object to the Regulation on pension schemes and funds which is adopted and will be implemented as long as no new pension funds are available. provisions in the developing matter of the regulation to be adopted, replacing those provisions.

Final disposition first. Powers of the State.

The provisions contained in the Regulation of pension plans and funds that are inserted below have the consideration of basic management of banking and insurance, and of the general planning of the activity Article 149.1.11. of the Constitution, except for the matters referred to in the following paragraphs, which are considered to be the exclusive competence of the State:

(a) In accordance with Article 149.1.6. of the Constitution, trade legislation is considered to be the subject matter of:

1. º Titles I and II, except for articles: 19, 20, 21, 23, 27 to 32, inclusive, 34, 40, 41, 47, 48, 49, 53 and 54.

2. The first and second first and second transitional provisions.

(b) According to Article 149.1.14. of the Constitution, the matters governed by the first transitional provision and the first provision are considered to be legislation of the general budget.

Final disposition second. Entry into force.

This royal decree will enter into force on the day following its publication in the "Official State Gazette".

Given in Madrid, 20 February 2004.

JOHN CARLOS R.

The First Vice President of the Government and Minister of Economy,

RODRIGO DE RATO Y FIGAREDO

PENSION PLAN AND FUND RULES

TITLE I

Pension Fund and Plan System

CHAPTER I

Institutions and elements that make up the system

Article 1. Object.

This regulation aims to develop the recast text of the Law on the Regulation of Pension Plans and Funds, approved by the Royal Legislative Decree 1/2002 of 29 November.

The references contained in this regulation to the recast of the law shall be construed as being made to the recast of the Law on the Regulation of the Pension Plans and Funds referred to in the preceding paragraph and to the amendments subsequent to its content.

Article 2. Nature of pension plans.

1. Pension schemes define the right of persons, in whose favour they are constituted, to receive income or capital by retirement, survival, permanent incapacity and death and the obligations to make contributions to them. The resources needed for the financing, coverage and effectiveness of pension schemes will be integrated into the pension funds regulated in this regulation.

Voluntarily constituted, the benefits of pension schemes will in no case be substitute for those to which the corresponding system of social security may be entitled, having, in consequence, private and complementary character or not of those.

The denomination of pension plans, as well as their acronym, is reserved for the plans regulated by this regulation.

2. The personal elements of a pension plan are:

a) The promoter of the plan: it has such consideration any company, company, entity, corporation, association or union that promotes its creation or participates in its development.

b) The participants: the physical persons in whose interest the plan is created have this consideration, regardless of whether they make contributions or not.

(c) The beneficiaries, on the understanding of the natural persons entitled to the receipt of benefits, have been or are not members.

3. Pension plans subject to this regulation will necessarily be covered by one of the following:

(a) Employment system: corresponds to the plans whose promoter is any company, company, corporation or entity and whose members are the employees of these.

b) Associated system: corresponds to plans whose promoter is any association or union, being the members of its associates, members or affiliates.

(c) Individual system: corresponds to plans whose promoter is a financial institution and whose members are any natural persons.

4. Pension plans must meet each of the following basic principles:

(a) Non-discrimination: pension plans shall ensure access as a participant in a plan to any natural person who fulfils the conditions of engagement or contracting capacity with the promoter that characterises each type of contract.

The principle of non-discrimination will apply to the different modalities of plans in the terms provided for in this regulation.

b) Capitalisation: pension schemes will be implemented through financial or actuarial systems of capitalisation. As a result, the performance will be strictly adjusted to the calculation derived from such systems.

(c) Irrevocability of contributions: promoters ' contributions to pension plans shall be of an irrevocable nature.

(d) Attribution of rights: contributions and contributions to pension schemes and the capitalisation system used determine for the unit-holders the rights of economic content intended for the achievement of the benefits under the terms provided for in this regulation.

(e) Compulsory integration into a pension fund: the contributions of the promoters and the contributions of the unit-holders, and any resources attached to the pension scheme, shall be made compulsory in a fund of pensions in the terms set out in this regulation.

5. A plan monitoring committee, representative of its personal elements, shall be set up in the employment and associated plans, the operation of which shall be in accordance with the provisions of this Regulation.

6. Contributions and contributions to the pension plans shall be in accordance with the limits laid down in the rules in force.

Article 3. Nature of pension funds.

1. Pension funds are assets created for the sole purpose of fulfilling pension plans, the management, custody and control of which will be carried out in accordance with this regulation.

The denomination of pension funds, as well as their acronym, is reserved for those established in accordance with this regulation.

2. Pension funds covered by this legislation shall not have legal personality and shall necessarily be administered by a managing body with the tender of a depository entity which complies with the conditions laid down in this Regulation.

3. Pension funds may be set up for the implementation of various pension schemes or a single plan. Depending on the modalities of pension schemes that they integrate, pension funds are classified as:

(a) Employment pension funds. The pension schemes of the employment system shall necessarily be integrated into pension funds whose scope of action is limited to the development of pension schemes for that system.

(b) Personal pension funds, the scope of which shall be limited to the development of the individual or associated system plans.

4. The pension funds shall be set up as a committee on the control of the fund, representative of the pension schemes attached to it, the operation of which shall be in accordance with the provisions of this Regulation. The establishment of this control committee shall not be required where the pension fund exclusively integrates plans of the individual system promoted by the same institution.

5. The creditors of the pension funds will not be able to make effective their claims on the assets of the promoters of the plans and the unit-holders, whose liability is limited to their respective commitments to contribute to their pension plans. Pensions attached.

The equity of pension funds shall not be liable for the debts of the sponsoring, managing and depository entities.

Article 4. Managing entities and depository institutions of pension funds.

1. The public limited liability companies, the sole purpose of which is the administration of pension funds, may be pension fund management entities, provided that they meet the requirements laid down in this Regulation.

Also, insurance institutions authorized to operate in Spain in the field of direct insurance on life, and social security mutual societies may also be pension fund management entities, provided that they comply with the requirements provided for in this Regulation.

The denomination of the pension fund managing entity or pension fund management company is reserved exclusively for entities that meet the requirements of this regulation.

2. The custody and deposit of the securities and other financial assets integrated into the pension funds shall correspond to a depository institution established in Spain. Credit institutions which meet the requirements laid down in this Regulation may be the depository institutions of pension funds.

3. The managing entities and the depositories shall act in the interest of the funds they administer or preserve, being responsible to the sponsoring entities, members and beneficiaries of all the damages caused to them by the non-compliance. of their respective obligations. Both entities are obliged to demand this responsibility reciprocally in the interests of those entities.

CHAPTER II

System contributions and benefits scheme

SECTION 1 GENERAL SCHEME OF CONTRIBUTIONS, CONTINGENCIES AND BENEFITS

Article 5. Contributors.

1. Only the following personal elements of pension schemes may be made available or contributions:

a) The participants, whatever the system of the plan.

b) The promoter of a scheme of the employment system, in favour of its employees, taking on the latter the ownership of the imputed contribution.

In addition, individual entrepreneurs who make business contributions to their employees, as promoters of an employment pension scheme, will be able to make their own contributions to that plan.

The contributions will be made by the promoters of employment plans and the contributions will be made by the participants, in the cases and form that, in accordance with this regulation, will establish the respective pension plan.

2. No contributions or contributions made by entities or persons other than the personal elements referred to in the previous paragraph shall be admissible, without prejudice to the special arrangements for persons with disabilities in the section 2. of this chapter.

However, capital increases may be permitted free of charge obtained by a pension scheme, either directly or through the pension fund, provided that the total amount is allocated financially between the participants in the plan and are taxed in accordance with the applicable rules.

Necessarily, the direct contributions of the participant will be made by the participant, without the mere mediation of a third party in the payment being able to alter the nature of the income destined to such contribution and its treatment holds or other type of charge.

Article 6. Limitation of annual contributions.

1. The maximum annual contributions to the pension schemes covered by this regulation will be adapted to the following:

(a) The total of the maximum annual contributions of unit-holders to the pension schemes covered by this regulation, not including the business contributions which the promoters of occupational pension schemes impute to the Member States shall not exceed the limits laid down in general and on the basis of the age in Article 5.3.a) of the recast of the law or in a law which amends those limits.

(b) The total of the business contributions made by the promoters of employment pension schemes in favour of their employees and imputed to those employees shall have as a maximum annual limit the amounts set out in the Article 5.3.b) of the recast text of the law or in a provision with a range of law that modifies those limits.

Individual employers who make business contributions in favour of their employees, as promoters of an employment pension scheme, will be able to make their own contributions to the scheme up to the maximum limit established for business contributions. These contributions shall not be qualified as business contributions, except for the purposes of calculating limits.

(c) The limits referred to in paragraphs (a) and (b) above shall be applied independently and individually to each integrated participant in the family unit.

(d) Exceptionally, the sponsoring undertaking may make contributions to an employment pension scheme for which it is a promoter where it is necessary to ensure the ongoing benefits or the rights of the members of the scheme. include defined benefit schemes for retirement and it has become apparent, through the appropriate independent actuary opinion or actuarial reviews, that there is a deficit in the pension scheme.

2. No pension scheme may allow annual contributions from the same participant, direct or imputed, in excess of the amount provided for in the preceding paragraphs, without prejudice to the provisions of the fifth transitional provision of the text. recast of the law and the special scheme for persons with disabilities referred to in this regulation.

3. Any excess over the maximum contribution established may be withdrawn by 30 June of the following year, without application of the penalty provided for in Article 36.4 of the recast of the law.

The above is without prejudice to the obligation of the managing and depository entities to accept contributions in excess of the established limits, and of the administrative liability punishable under the provisions of the provisions of the in article 35.3.n) of the recast text of the law.

The return of the amounts unduly contributed will be adjusted to the following conditions:

(a) The refund shall be made for the amount actually paid in excess, under the consolidated right of the participant. The profitability attributable to the excess contribution will increase the pension fund's assets if it is positive, and will be taken into account if it is negative.

If the consolidated right was insufficient for the return, and the participant had made contributions to other pension schemes in the year in which the excess occurred, the remainder shall be returned by applying the above rules with regard to the rights established in those plans or to which the rights would have been mobilised where appropriate.

b) In the case of excess contributions from the promoters of pension schemes in the employment system, the amount actually paid in excess shall be repaid by the amount of the return on the equity of the fund. positive to the latter, being of the promoter's account if it were negative.

(c) In the event that contributions from the participant in the same financial year are combined with contributions from the business to an employment plan, the contributions shall be withdrawn in the first place. made to the individual or associated plan.

The above paragraphs are without prejudice to the fact that the excess of the contribution results from an incorrect quantification or instrumentation of its collection and the liabilities that may be derived.

Article 7. Contingencies.

Contingencies likely to be covered in a pension plan may be:

a) Retirement.

1. º For the determination of the retirement contingency, the corresponding social security system will be included.

Therefore, the retirement contingency will be understood to be produced when the participant effectively accesses retirement in the corresponding Social Security scheme, either at the ordinary age, anticipated or later.

The persons who, under the Social Security regulations, are in the situation of partial retirement will have as a preferred condition in the pension plans that of participation for the coverage of the contingencies provided for in this article, which can be carried out, with the possibility of making contributions for total retirement. However, the specifications of the pension schemes may provide for the payment of benefits on the basis of access to partial retirement. In any event, the system of incompatibilities provided for in Article 11 shall apply.

2. Where the access of a participant to retirement is not possible, the contingency shall be understood to be produced from the ordinary retirement age in the General Social Security Scheme, at the time the participant is not involved. exercise or have ceased work or professional activity, and are not listed for retirement contingency under any social security scheme.

b) Total permanent disability for the usual profession, absolute for all work, and great invalidity.

For the determination of these situations, the corresponding Social Security regime will be in place.

(c) The death of the participant or beneficiary, which may result in the right to benefits of widower, orphan's or to other heirs or designated persons.

Article 8. Anticipation of the provision corresponding to retirement.

1. If the specifications of the pension plan provide for it, the perception of the pension benefit may be anticipated from the age of 60.

For this purpose, the following circumstances will be required in the participant:

(a) That it has ceased to be a major activity in the social security system, without prejudice to the fact that, where appropriate, it continues to be assimilated to the high level of social security.

(b) That at the time of application for the provision of the advance provision does not yet meet the requirements for obtaining the retirement provision in the corresponding Social Security scheme.

The advance of the provision regulated in this paragraph shall not be made in cases where access to retirement as referred to in Article 7 (a) is not possible .2.o

2. The specifications of the pension schemes may also provide for the early payment of the pension benefit in the event that the person concerned, whatever his age, is able to put out his or her employment relationship and becomes legal unemployment as a result of the employment regulation file approved by the labour authority.

Article 9. Exceptional liquidity assumptions.

1. Exceptionally, the rights established in the pension schemes may be made effective in whole or in part in the cases of serious illness or long-term unemployment in accordance with the provisions of this Article, provided that the expressly provide for the specifications of the pension scheme and with the conditions and limitations to which they lay down.

2. The specification of pension schemes may provide for the ability of the participant to make effective his or her consolidated rights in the event that he is affected by a serious illness or his or her spouse, or any of the ascendants or descendants of those in the first degree or person who, under a tutelage or a welcoming regime, coexists with the participant or the dependent.

It is considered a serious disease for these purposes, provided that it can be credited by medical certificate of the competent services of the health entities of the Social Security or concerted entities that extend to the affected:

(a) Any injury or injury temporarily incapacitating the person's occupation or usual activity for a continuous period of at least three months, and requiring clinical intervention for major surgery or treatment in a hospital facility.

(b) Any injury or injury with permanent sequelae that partially limit or completely impede the occupation or usual activity of the person concerned, or incapacitate them for the performance of any occupation or activity, requires or does not require assistance from other persons in this case for the most essential activities of human life.

The above assumptions shall be deemed to be a serious illness as long as they do not result in the participation of a permanent disability benefit in any of its degrees, in accordance with the Social Security regime, and provided that they involve a decrease in their disposable income from an increase in expenses or a reduction in their income.

3. The consolidated rights in pension schemes may be made effective in the case of long-term unemployment provided that the unemployed members meet the following conditions:

a) Hallse in legal status of unemployment for a continuous period of at least 12 months.

Legal situations of unemployment are considered to be the cases of extinction of the employment or administrative relationship and suspension of the employment contract referred to as such legal situations of unemployment in Article 208.1.1 and 2 of the recast text of the General Law of Social Security, approved by the Royal Legislative Decree 1/1994 of 20 June, and complementary and implementing rules.

b) Not entitled to unemployment benefits at their contributory level, or having exhausted such benefits.

c) Be enrolled in the State Employment Public Service or competent public body as a job seeker at the time of application.

d) In the case of self-employed persons who have previously been integrated into a social security scheme as such, the pension scheme may provide for the ability of the participant to make his or her rights effective consolidated when he is an uninterruptible job seeker during the 12 months prior to the application, and is recognized for the right to unemployment benefit in his care modality.

Article 10. Benefits.

1. The benefits are the economic right of the beneficiaries of the pension schemes as a result of the occurrence of a contingency covered by the pension schemes. The benefits of pension schemes shall be in cash and may be:

a) Provision in the form of capital, consisting of a single payment perception. Payment of this benefit may be immediate to the date of the contingency or deferred to a later time.

By reason of the same contingency, a payee can only obtain a single benefit from this mode.

If, at the end of the period indicated for recovery, the beneficiary objects to the recovery of the capital, or does not indicate the means of payment, the managing body shall deposit its amount in a credit institution at the disposal and on behalf of the beneficiary, thus being satisfied with the provision in charge of the pension scheme.

b) Provision in the form of income, consisting of the perception of two or more successive payments on a regular basis, including at least one payment in each annuity. The income may be actuarial or financial, of a constant or variable amount according to some index or default reference parameter.

The rents may be temporary or temporary, immediate to the date of the contingency or deferred to a later time.

In the event of the death of the beneficiary, the specifications may provide for the reversal of the income to other intended or designated beneficiaries.

For the same contingency, a beneficiary may receive from each pension plan two or more benefits in the form of rent in different modalities, as provided for in the specifications.

c) Mixed benefits, which combine rents of any kind with a single payment in the form of capital, and must be adjusted as provided for in the preceding paragraphs.

2. The specifications shall specify the form of the benefits, their modalities, and the rules for determining their amount and maturity, in general or optional for the beneficiary, indicating whether or not they are revalued and, where appropriate, the the form of revaluation, its possible reversions and the degree of assurance or guarantee.

3. The beneficiary of the pension scheme or its legal representative, as provided for in the specifications of the plan, shall report the occurrence of the contingency, indicating in its case the form chosen for the recovery of the benefit, and submit the supporting documentation as provided for in the specifications.

The time limit provided for in those cases may not exceed six months after the occurrence of the contingency or since its recognition by the relevant authority or body. The delay in the notification of the occurrence of the contingency by the beneficiary over the time limit laid down in the rule does not entail the loss of the right to benefit, without prejudice to the administrative penalty provided for in the which, where appropriate, may give rise to such delay.

In the event of death, the time limit shall be counted from the fact that the beneficiary or his legal representative has knowledge of the death of the deceased and of his designation as a beneficiary, or since he/she can prove his/her status by testamentaria or other means.

As provided for in the specifications, the communication and documentary accreditation may be submitted to the management or depository or promoter of the pension plan or to the control committee of the plan in the case of the employment plans and associates, by means of the recipient to carry out the necessary actions aimed at the recognition and effectiveness of the benefit.

4. Recognition of the right to benefit must be notified to the beneficiary in writing signed by the managing body, within the maximum period of 15 working days from the submission of the relevant documentation, indicating the form, modality and amount of the benefit, frequency and maturity, forms of revaluation, possible reversions and degree of assurance or guarantee, reporting in their case the risk borne by the beneficiary, and other defining elements of the supply, as provided for in the specifications or in accordance with the option identified by that.

If this is an immediate capital, it must be paid to the beneficiary within a maximum of seven working days after the receipt of the relevant documentation.

5. If the specifications so provide, subject to the conditions laid down by them, and to the extent permitted by the conditions of guarantee of benefits, the beneficiary of a deferred or ongoing payment may request the advance of the Initially planned maturities and amounts. These amendments may be authorised only once in each financial year.

6. In the exceptional liquidity assumptions provided for in Article 9, as provided for in the specifications, and subject to the conditions or limitations laid down by them, the consolidated rights may be made effective by means of a payment or in successive payments as long as such duly accredited situations are maintained.

7. The benefits of the pension schemes must be paid to the beneficiary or beneficiaries provided for or designated, except in the case of a judicial or administrative action, in which case the order of the beneficiary is subject to the provisions of the corresponding.

Article 11. Incompatibilities of the system of contributions and benefits.

1. On the basis of access to retirement, contributions to pension schemes may only be allocated to the death contingency.

However, if the retiree initiates or resumes work or professional activity, causing discharge in the corresponding Social Security system, he/she may make contributions to retirement pension schemes in the regime.

Also, if at the time of access to retirement the person is continuing to be discharged under another social security scheme for the exercise of a second activity, he/she may make contributions to retirement under that scheme.

2. Where access to retirement is not possible, contributions made from the ordinary retirement age in the General Social Security Scheme may be allocated to the death contingency only if they are in the interested in the following circumstances:

(a) That they have ceased or are not engaged in a work or professional activity that is a major determinant of a social security system.

b) That you cannot access retirement or figure in any social security system with expectation of post-retirement access.

If the cessation of activity occurs after the ordinary retirement age is met in the General Social Security Regime, the other circumstances, the contributions made since the end of the retirement age may only be destined for death.

However, in the cases referred to in this paragraph, if the person concerned initiates or resumes the work or professional activity, causing discharge in the corresponding Social Security system, he may make contributions to plans of pensions for retirement under that scheme.

3. In addition, in the case referred to in Article 8 (1), the beneficiary at least 60 years of age may only make contributions to pension schemes for the benefit of the pension scheme in respect of the retirement pension. the death contingency.

However, if the person concerned resumes the work or professional activity, causing discharge in the corresponding Social Security scheme, he/she may make contributions to retirement pension schemes in that scheme.

In the case of an advance on the pension provision for the employment adjustment file, the beneficiary under the age of 65 may resume the contributions for any contingencies likely to occur. he would have received the full or suspended recovery.

4. In no case shall the condition of participation and that of the beneficiary by retirement or corresponding benefit in a pension scheme or by reason of the membership of several pension schemes be combined.

If the person concerned is a beneficiary of a retirement pension scheme, a corresponding benefit or his or her advance, and is pending recovery or payment, he/she may resume his/her retirement contributions. he had received that benefit in full or suspended his perception and expressly assigned the remaining economic rights to the subsequent retirement, from the year following that in which the payment was received or suspended. the provision in progress, provided that it meets the requirements set out in the paragraphs prior to making such contributions.

5. Persons who are in a situation of permanent incapacity for the usual occupation, or absolute and permanent for all work, or great invalidity, recognised under the relevant social security scheme, may make contributions to the pensions for the coverage of the contingencies provided for in Article 7 which may occur in the person concerned, taking into account the following:

(a) If access to retirement is not possible, this contingency shall be deemed to be produced where the person concerned reaches the ordinary retirement age in the corresponding Social Security scheme. Where the applicable social security scheme provides for retirement due to incapacity and is occurring before the ordinary retirement age, the provisions of the preceding paragraph may be applied.

(b) The person declared in total permanent incapacity for the usual profession who is discharged under another social security scheme for another activity may make contributions for any contingency.

(c) The beneficiary of the provision of a permanent disability pension scheme may resume contributions to pension schemes for any contingency that may occur, once it has received the pension scheme. or suspended collection.

6. Continuity in the recovery of benefits arising from retirement pension schemes and corresponding benefits or permanent incapacity shall be compatible with the subsequent discharge of the beneficiary under a social security scheme. exercise of activity, unless otherwise specified in the specifications.

7. The perception of the consolidated rights due to serious illness or long-term unemployment shall be incompatible with the provision of contributions to any pension scheme, except those which are compulsory or linked to those of the promoter of a pension. job plan.

8. The provisions of this Article shall be without prejudice to the arrangements for the implementation of the pension commitments of undertakings with the workers and beneficiaries provided for in the first provision of the recast text of the law. In particular:

(a) The perception of benefits will be compatible with contributions in favour of beneficiaries who, exceptionally, make the promoters of the pension scheme of the employment system where necessary to ensure that the benefits are benefits in progress in the event that an independent actuary opinion or the actuarial review has become apparent, the existence of a deficit in the pension scheme, as provided for in this provision. rules.

(b) The receipt of benefits from permanent disability pension schemes shall be compatible with the contributions of a promoter who, where appropriate, are provided for in the employment pension schemes for the staff in question. situations, in order to implement pension commitments relating to such staff.

(c) The receipt of the benefit in respect of retirement by a record of employment adjustment shall be compatible with the contributions of the sponsor provided, where appropriate, in the pension schemes of the employment system in favour of the staff affected by the employment regulation file, in order to implement the pension commitments, referred to the staff, to be subject to the aforementioned first provision of the recast text of the law.

d) The perception of the consolidated rights of a pension scheme in case of serious illness or long-term unemployment will also be compatible with the realisation of contributions to the employment plans in order to implement the pension commitments relating to staff affected by such situations, which are subject to the additional provision of the recast text of the law.

The same scheme shall apply in respect of contributions from recipients that are compulsory or linked to those of the sponsor of an employment plan.

SECTION 2. SPECIAL FINANCIAL REGIME FOR PERSONS WITH DISABILITIES

Article 12. Contributions in favour of persons with disabilities.

According to the special arrangement provided for in the fourth additional provision of the recast text of the law and under the conditions laid down in this Regulation, the specifications of the pension schemes may provide for the making contributions to pension schemes in favour of persons with a degree of physical or sensory disability equal to or greater than 65 per cent, psychic equal to or greater than 33 per cent, as well as those with disabilities who have an incapacity declared judicially, regardless of their degree. The degree of disability shall be credited by certificate issued in accordance with the applicable rules or by a final judgment. The financial arrangements for pension schemes with the following specialties will apply to them:

(a) Under this special scheme, both direct contributions from the disabled person may be made as well as contributions to his/her favour by the persons with whom they have a family relationship in the direct line or collateral up to and including the third degree, as well as the spouse or those who are in charge of them under a guardianship or a reception.

In the case of contributions in favor of persons with disabilities, they will have to be designated beneficiaries in a unique and irrevocable way for any contingency. In the event of the death of the disabled person, the provisions of Article 13 (c) shall

.

(b) Contributions in favour of the disabled may be made to pension schemes of the individual system, as well as to associated pension schemes in the case of the disabled himself, or the person making the pension. Please be a partner, member or affiliate of the sponsoring entity.

In any event, the ownership of the consolidated rights generated by the contributions made in accordance with this regulation in favor of a person with disabilities will correspond to the latter, which will exercise the rights inherent in the condition of participation by itself or through your legal representative if you were a minor or legally incapacitated.

This is without prejudice to the contributions that the disabled himself may make to the same plan or to other pension schemes.

(c) The contributions provided for in paragraphs (a) and (b) above shall be made without prejudice to contributions made by the sponsor of an employment plan in favour of persons with disabilities due to their membership of the that.

Article 13. Special scheme contingencies for persons with disabilities.

Contributions to pension schemes made by members with a degree of disability under the terms set out in Article 12, as well as those made in their favour under that article, may be allocated to cover the following contingencies:

(a) Retirement of the person with disabilities in accordance with Article 7.

If access to this situation is not possible, they may receive the benefit corresponding to the age specified according to the specifications of the plan from the time they are 45 years old, provided that they lack employment or professional occupation.

(b) Incapacity, as provided for in Article 7.

In addition, the degree of permanent incapacity which permanently incapacitate you for the employment or occupation that you have been exercising, or for any work, including the great invalidity, may be covered. (b) the payment of benefits under a social security scheme where access to the benefit is not possible.

c) The death of the disabled person, who can generate benefits as set out in Article 7.c).

However, contributions made by persons who may make contributions in favour of the disabled as provided for in Article 12 (a) may, in the event of the death of the disabled, generate benefits. (viudad), orphan or in favour of those who have carried out them, in proportion to their contribution.

d) Retirement, as provided for in Article 7, of the spouse or of one of the relatives of the disabled person in direct or collateral line up to and including the third degree, of which he or she is dependent on him or her under guardianship or welcome.

e) The death of the spouse of the disabled person, or of one of the relatives in direct or collateral line up to and including the third degree of whom he or she is dependent on or who is in charge of them under a tutelage or a reception.

(f) Contributions which, in accordance with the provisions of this Regulation, can only be used to cover the death contingency of the disabled person shall be made under the general scheme.

Article 14. Cash flow of the special scheme for persons with disabilities.

The rights established in the pension schemes of members with a degree of disability under the terms laid down in Article 12 may be made effective in the case of serious illness and long-term unemployment. as provided for in Article 9 with the following specialties:

(a) In the case of disabled members, the cases of serious illness affecting him under Article 9 shall apply where they cannot be qualified as contingency under Article 13. In addition to the cases referred to in that Article, in the case of disabled persons, situations requiring, on a continuous basis for a minimum period of three months, their detention in the case of disabled participants shall also be considered to be a serious illness. residence or specialised centre, or treatment and home care.

(b) The alleged long-term unemployment provided for in Article 9 shall apply where such situation affects the disabled participant, his or her spouse or one of his or her relatives in direct or collateral line up to the third degree, including, of which he is economically dependent, or who has him at his or her capacity as a guardianship or a host.

Article 15. Benefits of the special scheme for persons with disabilities.

1. Benefits arising from direct contributions made by the person with disabilities to any pension scheme and those charged by the sponsor in the employment plans shall be governed by the provisions of Article 10.

2. Benefits arising from contributions made in favour of the disabled by the spouse or persons referred to in Article 12 (a), the beneficiary of which is the disabled person himself, shall be in the form of income.

However, they may be collected in the form of capital or mixed, as provided for in Article 10, in the following cases:

(a) In the event that the amount of the consolidated right to the occurrence of the contingency is less than twice the annual interprofessional minimum wage.

b) In the event that the disabled beneficiary is affected by a large disability, requiring third-party assistance for the most essential activities of life.

TITLE II

Pension plans

CHAPTER I

General features

SECTION 1 CLASSES AND CHARACTERISTICS OF PENSION PLANS

Article 16. Classes of pension plans.

By reason of the obligations stipulated, the pension plans will be adjusted to the following classes:

(a) Defined contribution plans in which, by default, the amount of contributions by unit-holders and, where applicable, the contributions of the promoters of employment plans, the plan does not guarantee or define the amount of future capabilities.

The contribution may be set in absolute terms or on the basis of other measures such as wages, business flows, social security contributions or other variables which may be used as a reference.

In this mode of plans, the benefits will be determined from the occurrence of the contingency or the payment of the benefits, as a result of the capitalization process developed by the plan, according to set out in Article 75 (5).

However, on the basis of the occurrence of the contingency, the beneficiaries may be guaranteed the amount of the benefits incurred, provided that the guarantee is provided through the relevant contracts. provided by the plan with insurance institutions or other financial institutions, which shall in no case assume the risks inherent in those benefits.

The above is without prejudice to the possibility for financial institutions to assume, with the unit-holders of individual pension schemes, commitments to the revaluation of the consolidated rights to a the date determined, in the terms of Article 77, which shall in any event be considered as independent guarantees of the pension scheme.

b) Defined benefit plans, in which the amount of all benefits to be perceived by the beneficiaries is predetermined.

For the purposes of the financial and actuarial operation provided for in Section 2. of this Chapter, those plans shall also be considered as such that in their specifications they establish a functioning which has the primary and continuing objective to provide members with a certain level of performance, with the provision of funding mechanisms or systematic adjustments for such purposes.

These plans will apply to them as provided for in Article 21.

The definition of the benefit may be performed in absolute terms or in terms of some magnitude such as wages, seniority in the company, supplementary perceptions or other variables that may be used as a reference.

(c) Mixed plans, the purpose of which is, simultaneously or separately, the amount of the benefit and the amount of the contribution.

In general, pension schemes in which the determination of the obligations laid down does not comply strictly with the provisions of paragraphs (a) and (b) above shall be included in this modality. In particular, they are understood to be included in this mode:

1. The plans in which the amount of the contributions is defined is guaranteed to obtain a minimum interest rate in the capitalization of those or a minimum benefit.

2. The plans in which the amount of the contributions is defined is guaranteed to obtain a particular interest rate in the capitalization of the contributions made.

3. º Those plans that combine the defined contribution for some contingency, collective or subplan, with the defined benefit for another or other of the contingencies, collectives or subplans.

(d) The plans of the employment systems and the associated system may be of any of the three previous modalities. Individual system plans can only be in the defined contribution mode.

Article 17. Ownership and attachment of pension plan resources.

1. The ownership of the property resources affected by each plan shall be the responsibility of the members and beneficiaries.

Each pension scheme will involve contributions and benefits, in accordance with the system and the manner in which the plan is registered and in accordance with the contractual conditions laid down therein.

The promoter's contributions to the employment pension plans shall be irrevocable.

Contributions to a pension plan are irrevocable from the moment they are due according to their requirements, regardless of their actual disbursement.

2. In accordance with the contributions made by each participant, direct or imputed, with the benefits provided and the financial-actuarial arrangements applicable in the pension plan, the consolidated rights of the corresponding pension scheme shall be quantified. participate.

The correlation between the contributions and benefits of the beneficiaries will result from the agreed contractual conditions and the results of the capitalization system used.

3. The economic contributions of the members and, where appropriate, those of the promoters of the employment plans, and any resources attached to a pension plan shall be integrated immediately and directly into the pension fund in which the pension scheme is integrated the plan and will be collected in the plan's position account in the pension fund.

The accounting operation of a plan's position account in a pension fund shall be in accordance with the criteria laid down by the Minister for Economic Affairs.

With this account, compliance with the capabilities resulting from the execution of the plan will be met.

This account will also include the corresponding allocation to the income plan arising from the investments of the pension fund, in accordance with the provisions of this regulation.

4. The pension scheme will be formalised by the acceptance of its integration into the corresponding pension fund consisting of the examination of the draft plan and, where appropriate, acceptance, by the committee on the control of the fund, or in its absence by the the fund managing body, to understand, under its responsibility, that the requirements required by this regulation are met and the procedure provided for in this regulation is addressed for each mode of plan.

At the request of the unit-holders must be issued certificates of membership of the pension plans which, in no case, will be transmissible.

Article 18. Specifications of the pension plan.

Pension plans must necessarily specify the following aspects:

a) Determination of the plan's personal scope, as well as its modality and class within the meaning of this regulation.

b) Rules for the constitution and operation of the plan control commission in the case of employment plans and associates.

c) Financing system, with information on the financial and actuarial aspects of the capitalization system used.

d) Admembership to a pension fund, constituted or to constitute, as regulated in this regulation.

(e) Definition of the benefits and rules for determining the amount of benefits, indicating whether or not the benefits are revalued and, where applicable, the form of revaluation. The criteria and arrangements for the differentiation of contributions and benefits shall also be specified where appropriate.

It shall also be specified if there are or are provision for full or partially insured or guaranteed benefits, with indication, in the latter case, of the degree of assurance or guarantee.

Pension plans which provide for benefits defined for all or any of the contingencies or benefits caused must incorporate, as an annex to the specifications, a technical basis drawn up by actuary with the content and requirements set out by the Minister for Economic Affairs.

(f) Rights and obligations of members and beneficiaries, covered contingencies, as well as, where appropriate, the age and circumstances that generate the right to the benefits, form and conditions of such benefits.

The specifications should provide for the documentation to be received by the participant at the time of the plan's adherence and the periodic information it will receive as provided for in this regulation.

g) Causes and circumstances that empower members to modify or suspend their contributions and their rights and obligations in each case.

(h) Rules relating to the high and low level of unit-holders and, in particular, the mobility of consolidated rights. They shall also provide for the procedure for the transfer of the consolidated rights corresponding to the participation and, where appropriate, of the economic rights corresponding to the beneficiary who, by way of a collective or other labour collective, alters their membership of a pension scheme, as provided for in this regulation.

i) Requirements for the modification of the plan and procedures to be followed for the adoption of agreements in this respect.

j) Plan termination causes and rules for settlement.

SECTION 2. FINANCIAL AND ACTUARIAL ASPECTS OF PENSION PLANS

Article 19. Capitalization system.

1. Pension schemes will be implemented through financial and actuarial systems of capitalisation. As a result, the performance will be strictly adjusted to the calculation derived from such systems.

The contributions, the returns obtained through the investments made by the corresponding pension fund, the consolidated rights of the members and the benefits of the beneficiaries are realized in some financial flows that are strictly in line with the capitalization system used by each pension scheme as provided for in this Regulation.

2. Only the use of individual capitalization actuarial and financial systems shall be admissible in pension schemes.

The quantification of each participant's consolidated rights will reflect their ownership over 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 for such concepts to be deferred. of the tax imputation supported by that.

3. Pension schemes which cover a risk shall require the establishment of the relevant mathematical provisions or capitalisation funds on the basis of the benefits offered, the modality of the plan and the capitalisation system. used.

The coverage of a risk by the pension plan will require the quantification of its cost and the corresponding provisions, according to the survival, mortality or invalidity tables and the interest rates that are specify in the plan itself.

These tables and, where appropriate, the usable interest rates shall be in accordance with the criteria to be set by the Minister for Economic Affairs.

A solvency margin should be established through the necessary reserves to ensure compliance with the obligations under the terms of this regulation.

4. Pension schemes may provide for the recruitment of insurance, endorsements and other guarantees with the relevant financial institutions for the coverage of certain risks or the insurance or guarantee of benefits.

These contracts may be formalized, in accordance with the relevant regulations in each case, with credit institutions and with insurance companies.

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 purposes of covering the economic rights of the the beneficiaries.

Article 20. Capitalization fund and mathematical provisions.

1. For contingencies operating under the defined contribution regime, and for which the amount of the contributions is defined, the plan ensures that a minimum or determined interest rate is obtained in the capitalization of those contributions. shall constitute a capitalisation fund consisting of the contributions and the results of the investments attributable to those contributions, deducted from the costs attributable to it.

2. For contingencies operating under the defined benefit scheme, as well as in cases where the amount of benefits caused by actuarial nature is guaranteed, the corresponding mathematical provisions shall be provided.

When such a provision is calculated prior to the contingency event it shall be constituted by the amount representing the excess current actuarial value of the future benefits referred to in the plan, on the actuarial actuarial value of the contributions which, if any, corresponds to each member of the collective. Where the mathematical provision is calculated upon accrual of the benefit, the amount shall correspond to the current actuarial value of the future payments to be completed.

Both the cost of the hedge of a risk and the calculation of the mathematical provisions shall be made in accordance with the tables of survival, mortality or invalidity and with the interest rates specified in the plan of pensions and adjusted to the criteria set by the Minister for Economic Affairs.

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

4. The Minister for Economic Affairs may regulate the remaining technical provisions which the pension plans must constitute in accordance with their obligations.

Article 21. Capital reserves and solvency margin.

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.

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

:

a) Four percent of the mathematical provisions.

(b) Four per cent of the guaranteed minimum capitalisation fund for operations in which the plan ensures a minimum or determined interest in the capitalisation of 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 mutually exclusive hedges, these coefficients shall be applied on the basis of the highest risk capital.

3. The solvency margin shall not be required when the plan is fully insured. If the underwriting is partial, the calculation of the solvency margin shall include the part of the mathematical provisions and the minimum capitalisation fund corresponding to the risk assumed by the plan. The coefficients referred to in paragraph 2 (c) shall apply on the part of the risk capital assumed by the plan.

The constitution of the solvency margin referred to in paragraph 2.b shall not be required when the guarantee of interest by the plan is secured or secured in accordance with paragraph 4 of the Article 19.

4. The minimum amount of the solvency margin set out in this Article shall not be less than EUR 225,000.

However, coverage of that absolute minimum during the first five years of the plan may be made in a linear manner, unless a greater amount is required for each of those exercises pursuant to paragraph 2 of this Article. Article.

The Minister of Economy may review the minimum amount of the solvency margin and the conditions for its financing according to the circumstances in the pension plans.

5. Each pension scheme shall specify the procedure for making the necessary contributions to the constitution of the reserves required by this legislation, as well as the replacement of the decreases in the pension scheme. such reservations, on the minimum required.

6. The specifications and the technical basis of the plan shall include the impact of the reserve assets exceeding the minimum amount of the solvency margin payable, in the amount of the contributions and/or benefits and in the determination of the the consolidated rights of members.

Article 22. Determination of the consolidated and economic rights.

1. The contributions of the participants to the pension plans, direct or imputed, and the actuarial financial system used, determine for the aforementioned members some rights of economic content and benefits in the terms collected in this regulation.

The consolidated rights of the members and, where appropriate, the economic rights of the beneficiaries shall be adjusted for the allocation of results that corresponds to them during the exercise of their maintenance in the plan.

2. They constitute consolidated rights of a participant in the economic rights derived from their contributions and from the actuarial financial system of capitalization that the corresponding pension plan applies. They are consolidated rights by members of a pension scheme as follows:

(a) In contingencies operating under the defined contribution mode, the share of the capitalization fund corresponding to the participant, determined on the basis of contributions, direct and imputed, and income generated by the resources invested, taking into account, where appropriate, the breaks and expenses that have occurred.

b) In contingencies operating under the defined benefit mode, the mathematical provision and the solvency margin corresponding to the participant.

In these pension plans, the specifications may provide for the non-inclusion in the consolidated shares of the share of the equity reserves that integrate the solvency margin corresponding to the share.

The specifications of an employment pension plan will concretize the promoter's supplementary contributions resulting from a deficit that has been determined as a result of an actuarial review.

In the case of associated plans only the decrease of the consolidated rights can be foreseen.

The provisions of the foregoing paragraph shall in any event be without prejudice to the provisions of Article 33 in relation to the possibility of amending the system of benefits and contributions as provided for in the specifications of the plan.

c) In the mixed-mode plans the determination of the consolidated rights shall be in accordance with the rules contained in paragraphs (a) and (b) above, depending on the modality of the benefits referred to in the plan pensions. For contingencies in which the amount of the contributions is defined, it is ensured that a minimum or determined interest is obtained in its capitalization, the consolidated right shall be composed of the corresponding capitalization fund. and the solvency margin corresponding to the participant.

In these pension plans, the specifications may provide for the non-inclusion in the consolidated shares of the share of the equity reserves that integrate the solvency margin corresponding to the share.

3. In the event of the event giving rise to a benefit in favour of a beneficiary, the amount of the benefit shall be in accordance with the consolidated right of the participant which generates the right to such benefit, unless it is defined. In this case, the unfavourable deviation between the reserve constituted and the required performance must be borne by the sponsor, or as set out in the specifications of the pension scheme.

4. Where the benefit is quantified from the occurrence of the contingency and consists of an actuarial income or a given deferred capital, and the obligation to pay is assumed by the plan, the consolidated rights to be made (a) effective in the provision of benefits shall be reduced in the aliquot portion of the eligible solvency margin corresponding to the beneficiary.

Where the benefit is defined, it may be expected to increase, at the time of the contingency, in the aliquot portion of the solvency margin attributable to the participant, provided that such benefit does not consist of an income or determined deferred capital whose risk is assumed by the plan.

5. The consolidated rights of the members and, where appropriate, the economic rights of the beneficiaries may be mobilised to another or other pension schemes in the terms and conditions set out in this regulation for each mode of plan.

6. On an annual basis, and without prejudice to the provisions of this Regulation on reporting obligations, the managing body of the pension fund in which the plan is integrated shall forward to each participant certification on the contributions, direct or imputed, made in each calendar year and the value, at the end of the calendar year, of their consolidated rights.

7. The consolidated rights of the participant in a pension scheme may not be the subject of an attachment, judicial or administrative action, until such time as the right to benefit is caused or that they become effective in cases of serious illness. or long-term unemployment.

In the terms of Article 8 (8) and (10) of the recast of the law, where the right to benefits of the participation in a pension scheme is the subject of an embargo or an obstacle, judicial or administrative, it shall be valid and effective, although it will not be implemented until the right to benefit is caused or the alleged serious illness or long-term unemployment provided for in this regulation is met. In such circumstances, the managing body shall order the transfer of the funds corresponding to the benefits to which it applies, in compliance with the freezing order.

Article 23. Review of the pension plan.

1. The financial and actuarial system of the plans must be reviewed, at least every three years, with the necessary competition of an independent actuary and, if necessary, in addition to those other independent professionals who are precise to develop a complete analysis of the actuarial and financial development of the pension plan.

The professionals involved in the review must necessarily be persons other than the actuary or experts involved in the ordinary development of the pension plan, without extending such a limitation to the persons or entities performing audit functions of the accounts.

2. The review of actuarial aspects shall include at least the following information:

a) Description of the fundamental 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 to the next actuarial review.

j) Conclusions and recommendations.

3. The financial aspects of the revision referred to in this Article shall relate to the investment policy carried out in relation to the objectives and characteristics of the pension schemes to which it relates. At least, it will include the following:

(a) Basic criteria of the investment policy set by the control commission.

b) Characteristics of the assets that comprise the portfolio.

c) Setting benchmarks that reflect investment policy and strategy.

d) Analysis of possible deviations from the benchmarks.

e) Asset management and distribution policies based on profitability and risk criteria. Matching these policies to the objectives and characteristics of each plan.

f) Analysis of sensitivity of investments.

g) Analysis of the duration of the portfolios and the congruence of deadlines with respect to the obligations of each plan.

4. In the case of pension schemes which entail the establishment of the solvency margin, the review shall be carried out on an annual basis.

5. In the individual and associated contribution plans, the previous revision may be replaced by an economic-financial report issued by the additional managing body to the audited annual accounts of the pension fund. The economic-financial report shall include at least the following information:

a) Description of the fundamental aspects of the plan.

b) Pension plan collective data.

c) Evolution and distribution of the pension plan's position account.

d) The investment program applied to the pension fund in which the plan is integrated.

e) Evolution of revenue and expenditure, other than contributions and benefits.

(f) Overall pension plan profitability, specifying the method of calculation of such a return.

g) Imputation of pension fund results to the various pension schemes.

(h) Information on insurance policies or guarantee contracts for benefits which, where appropriate, would have been contracted for the benefits caused.

(i) Forecasts for the following financial years: a temporary forecast of yields, maturities or asset disposals and a schedule of payments for benefits already caused shall be included.

6. The Minister for Economic Affairs may develop the content and set the criteria to be used in actuarial and financial reviews and in the economic and financial reports, as well as the procedure and time limits for their presentation.

Article 24. Termination of pension plans.

1. Pension plans will end with the following causes:

a) For failing to comply with the basic principles set out 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 that are essential for the effective development of the plan, so that its functioning is paralyzed or impossible.

c) Where the pension scheme has failed 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 they have been required to develop such plans, do not proceed with their formulation.

(d) By means of a manifest impossibility of carrying out the necessary variations resulting from the revision of the plan within the meaning of Article 23.

e) By the absence of participants and beneficiaries in the pension plan for a period of more than one year.

f) by dissolution of the pension plan promoter.

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 pension scheme. In the event of the dissolution of the entity 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, a single entity is a promoter of several pension schemes in the employment system, all unit-holders and their rights will be integrated into a single pension scheme. consolidated and, where appropriate, the beneficiaries, within 12 months of the date of effect of the corporate operation.

g) For any other cause set out in the pension plan specifications.

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 members and, where appropriate, of the rights deriving from the benefits arising from the plan, in other pension schemes.

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, failing that, on individual or associated system 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.

CHAPTER II

Employment System Pension Plans

SECTION 1 PERSONAL SCOPE AND PROMOTION OF AN EMPLOYMENT PLAN

Article 25. Personal scope of the employment plans.

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

Likewise, the individual or independent professional employer, who employs workers under employment relationship, may promote a pension scheme for the employment system in the interest of the latter in which he may also be listed as participate. To this end, the sponsor of the plan must be the individual individual employer who is an employer in the employment contract with the workers involved.

Several companies or entities, including individual entrepreneurs, will be able to jointly promote an employment pension scheme in which they will be able to implement the commitments that are likely to be covered by the scheme, conditions set out in this Regulation.

2. Employees or employees, in particular, staff linked to the sponsor by employment relationship, including staff with a special employment relationship irrespective of the security arrangements, are considered to be employees. Social security, as well as, where appropriate, the staff of the public administrations and public authorities linked to the relationship of dependent services governed by statutory or administrative rules.

The specifications of the plan may provide for the incorporation into the plan as members of workers who have previously extinguished the employment relationship with the promoter in respect of which the promoter maintains commitments. pensions to be implemented in the pension scheme.

The references contained in this regulation to employees, employees or employment relationships shall be construed as being made, where appropriate, to the staff of the public authorities and entities, and to the related services relationship.

3. The condition of participants may also be extended to the working and working partners in the employment plans promoted in the field of cooperative and labour companies, if this is provided for in the specifications of the plan promoted by the society.

In such cases, the sponsoring company may make contributions in favour of the aforementioned unit-holders, without prejudice to their own contributions to pension schemes.

The references contained in this regulation to employees, employees or employment relationships shall be understood, where appropriate, to the aforementioned working or working partners, and to the worker-partner relationship.

Also, in the field of the relationship between cooperative or labor societies and their partners, the references of this regulation to the collective agreement or equivalent arrangement may be considered to be made to the agreements of the social or governing bodies of such companies.

4. Under the same pension scheme of the employment system, the existence of sub-plans will be admissible, even if they are of different forms or in each of the different contributions and benefits. The integration of the workers 'or employees' collective into each sub-plan and the diversification of the promoter's contributions shall be made in accordance with criteria established by collective agreement or equivalent arrangement or as intended in the specifications of the pension plan.

Article 26. Principle of non-discrimination in employment plans.

1. A plan of the employment system shall be non-discriminatory when the whole staff employed by the sponsor is either in or under the conditions of being eligible for the scheme without being required to be older than two years in order to gain access to the scheme. Any plan of the employment system may provide for access with an age of less than two years or from entry into the sponsor's template.

Non-discrimination shall be understood as referring to the worker's right to access the plan as long as there is a working relationship with the promoter.

In order to determine the age of two maximum years required for the access referred to in the first subparagraph of this paragraph, the time elapsed from the entry into the promoter's template shall be computed under any employment contract mode.

In case of income in the sponsor's template for subrogation of the promoter in the labor relations of another company, the seniority of the worker in the transferring company will be computed for the purpose of being able to access the pension plan. The right of access to the plan is without prejudice, where appropriate, to the system of contributions and benefits to be applied in the plan to the staff affected by the subrogation as provided for in collective agreement or equivalent arrangement or in the specifications themselves, or the subrogation of the sponsor in the pension commitments assumed by the transferor undertaking and its implementation.

Within the maximum period of 12 months from the date of effect of the subrogation on employment relations, the specifications of the plan must be adapted to regulate expressly, where appropriate, the differentiated system of contributions. and benefits to be applied to staff affected by such subrogation.

2. Non-discrimination in access to the scheme of the employment system shall be compatible with the differentiation of contributions from the sponsor for each participant and with the application of differentiated contributions and benefits and with the joint subplans within the same plan, all according to criteria derived from collective agreement or equivalent arrangement or set out in the plan specifications.

Article 27. Promotion of an occupational pension scheme.

1. The sponsor of the occupational pension scheme shall draw up the initial draft of the plan, which shall include the specifications referred to in Article 18. The project shall include, where appropriate, the technical basis as an annex to the specifications, drawn up by actuary.

Through the usual means of communication with the staff, the sponsor will release the draft pension plan, the content of which must be available to the workers, and the constitution of a promoter commission with representation of the promoter or promoters and of the workers or potential participants.

2. The sponsoring commission shall be composed and operate in accordance with the provisions of Section 2. of this Chapter for the control committee of an occupational pension scheme, with the peculiarities provided for in this Article, guaranteeing in any event the peer representation of the promoter or promoters ' representation.

In the pension plans of the employment system, procedures for the direct designation of the members of the sponsoring commission by the negotiating commission of the agreement, or the appointment of the representatives, may be established. of employees by agreement of the majority of the employees ' representatives in the company.

Where the designation by the negotiating commission of the agreement is provided for, each party shall designate, respectively, the representatives of the sponsor and the workers on the commission promoting the plan.

The direct designation of the members of the sponsoring commission may be placed on the whole or part of the members of the special negotiating body or of the representatives of undertakings and/or employees irrespective of the fact that the whether or not they are potential participants.

The direct designation of the members of the sponsoring commission may be revoked at any time in accordance with the terms of Article 31.2 for the control commission.

3. In the absence of the direct designation provided for in the previous paragraph, the sponsor shall establish an electoral process for the election of the representatives of the staff in the sponsoring commission.

Workers who meet the conditions outlined in the plan's specifications to access it as participants will be eligible and eligible.

The electoral process shall be in accordance with the provisions of Article 31 for the control committee of the plan.

4. The sponsoring commission may adopt the agreements it deems appropriate to finalise and implement the content of the project and shall seek, except in the defined contribution plans which do not provide for the possibility of granting any guarantee to members or beneficiaries, the opinion of an independent actuary on the adequacy of the financial and actuarial system of the final pension plan resulting from the negotiation process.

This opinion will include an express statement on the feasibility of the plan, in the light of the statistical, demographic and financial bases on which the projected plan is supported.

The project must be adopted by agreement of the parties present in the sponsoring commission, which must include at least the favorable vote of the majority of the representatives of each of the parties.

Once agreed, the sponsoring commission will proceed to the presentation of the aforementioned project to the pension fund in which it intends to integrate, which in any case must be a pension fund that integrates pension plans of the employment system.

5. The arrangements for small and medium-sized enterprises in Articles 4 and 9 (6) of the recast text of the law shall apply to undertakings covered by Commission Recommendation 96 /280/EC of 3 April 1996, on the definition of small and medium-sized enterprises, or to replace it in the future.

When the pension plan is promoted by a small and medium enterprise, the promoter will proceed to formalize the plan with the corresponding pension fund if it agrees with the representation of the workers. In this case the sponsoring commission may be set up as a control committee for the plan, starting the normal term of office.

When the pension scheme is promoted by small and medium-sized enterprises, it will not be necessary to seek the opinion on the adequacy of the system when the pension plan provides for the assurance of the guarantees provided for in the specifications with an insurance entity.

6. In the light of the draft pension plan for employment, the pension fund control committee or, failing that, its managing body shall, as the case may be, adopt the plan's admission agreement in the background, under its responsibility, which shall be comply with the requirements set out in this regulation, communicating it to the plan's promoter commission. The plan shall be deemed to be formalised with the date of the admission agreement in the fund.

Article 28. Membership of participants in employment plans.

1. The communication of the admission of the plan in the fund provided for in the previous article, may be made effective the incorporation to the plan of participants, and the commission promoting the plan of employment must urge the constitution of the relevant control commission of the plan within a period of not more than 12 months from the formalisation of the plan. As long as the control committee is not established, the functions assigned to it by this regulation shall correspond to the sponsoring commission.

2. Where the incorporation of workers directly into the pension scheme has been established in the collective agreement, they shall be deemed to be attached to the pension scheme unless, within the period agreed to that effect, they expressly declare in writing to the promoter or plan control that they want to not be incorporated into the plan.

The above is without prejudice to the fact that, where appropriate, the agreement conditions the obligations of the company with the employees to be incorporated into the pension plan.

Also, under the agreement adopted by the company with the employees ' representatives in the company, the sponsoring commission, once the pension plan of the employment system has been formalized, will be able to carry out the incorporation into the plan of the members and, where appropriate, of the beneficiaries, with a deadline for those who do not wish to join the plan to communicate it in writing. The subscription of individual or collective documents of accession to the scheme of the employment system by virtue of the express delegation granted by the members shall also be admissible.

The provisions of the preceding paragraph shall be without prejudice to the fact that, where appropriate, the collective agreement or equivalent provision establishing the pension commitments conditions the obligation of the undertaking to its implementation through a plan of the employment system, or of the actions and rights to be exercised in the event of discrepancy or inadequate information on the processes of incorporation into the plan.

3. The worker who fulfils the conditions for access to the plan may exercise his right of incorporation at any time and as long as the employment relationship with the sponsor has not been extinguished, without prejudice to the system of contributions and benefits applicable in each case.

Taking into account the provisions of the second paragraph of Article 25.2, in cases where the incorporation into the plan of workers who have extinguished their employment relationship with the sponsor is foreseen, the specifications shall specify the conditions for their incorporation and the system of contributions and benefits applicable.

SECTION 2 OF THE CONTROL COMMISSION IN THE EMPLOYMENT PLANS

Article 29. Duties of the control committee on the employment plan.

The functioning and implementation of each pension scheme of the employment system will be supervised by a control committee constituted for the purpose. The control committee of the plan shall have the following functions:

a) Oversee compliance with the plan clauses in all that relates to the rights of their members and beneficiaries.

b) Select the actuary or actuaries to certify the situation and dynamics of the plan and designate the independent actuary for the review of the plan as provided for in Article 23.

(c) Propose and, where appropriate, agree on any amendments it deems relevant to contributions, benefits or other variables or aspects of the pension plan, taking into account the provisions of Article 33.

d) Name the representatives of the control committee of the plan in the control committee of the pension fund to which it is attached and supervise the adequacy of the balance of the plan's position account, in its respective fund of pensions, to the requirements of the financial regime of the plan itself.

e) Propose and, if necessary, decide on the other issues on which the text recused from the law and this regulation gives you competence.

f) Judicial and extrajudicial refiling the collective interests of the members and beneficiaries in connection with the pension plan.

Article 30. Composition of the control committee.

1. The control committee for the employment pension scheme shall be composed of representatives of the sponsor or promoters and representatives of the members and, where appropriate, of the beneficiaries, in accordance with the following criteria:

(a) In general, the number of members of the control committee for the plan shall be that set out in the specifications, with the allocation of 50% of the members and, in any case, of the set of votes to be granted. representatives appointed by the sponsor or promoters in relation to the representation of the members and beneficiaries.

However, pursuant to collective bargaining agreement, a distribution of representatives other than that provided for in the preceding paragraph may be established, without prejudice to the necessary application of the provided for in Article 32, and the representation of the sponsor and the unit-holders must be ensured.

(b) The specifications shall indicate the number and distribution of the respective representatives of the members and beneficiaries.

However, the representatives of the participants may be represented by the beneficiaries of the pension scheme if it is established in the plan as a whole, or as long as the beneficiary group does not reach the plan. the number, percentage or conditions required by the plan specifications, if any, to have a specific representation.

The pension schemes of the employment system may provide for the specific representation in the control committee of the unit-holders and, where appropriate, of the beneficiaries of each of the sub-plans defined within it. plan.

When in the development of the plan it will be without participants, the representation attributed to them will be the beneficiaries.

2. Joint or aggregate representation systems may be established in the joint promotion employment pension schemes in the control committee of the promoters, unit-holders and beneficiaries, respectively, in accordance with the provided for in this Regulation.

3. The members of the control committee of the plan shall be appointed for a maximum period of four years, and may be re-elected or renewed.

The control committee shall appoint at least the members of the Committee of the Presidency and the Secretariat.

Article 31. Designation or selection of members of the control committee.

1. The specifications of the plan shall regulate the procedure for the designation or election of the members of the control committee of the plan.

The individual employer who promotes an employment plan in which he/she can appear as a participant shall be the holder of political rights and representation in the control committee for his/her status as a promoter, not being a designable, eligible or voter in the scope of the representation of the members or beneficiaries.

2. Procedures for the direct designation of the members of the control committee by the negotiating body of the Convention, and/or the appointment of representatives of the representatives of the members of the employment system, may be laid down in the pension plans of the employment system. participants and beneficiaries by agreement of the majority of the employees ' representatives in the company.

Where the designation by the negotiating commission of the agreement is provided for, each party shall appoint, respectively, the members of the control commission representatives of the sponsor, and the members representing members and beneficiaries.

The appointment of the members of the control committee or the representatives of members and beneficiaries in the control committee may coincide with all or part of the components of the special negotiating body or, where appropriate, representatives of the representatives of the members of the of workers in the company regardless of whether they are members or not.

The direct designations of the members of the control commission may be revoked at any time by the respective parties, which shall designate the substitutes.

In the event of a designation by the negotiating body of the Convention, the Convention may agree that the renewals or revocation of the members of the control commission shall be carried out, if appropriate, by the respective parties in the commission to follow up the convention.

If agreed by the negotiating commission of the agreement or is provided for in the specifications, the members of the control commission appointed by it as representatives of the members and beneficiaries may be renewed or subsequently revoked by the majority of the employees ' representatives in the company.

3. In the absence of a direct designation provided for in the previous paragraph, the election of the representatives of the members and beneficiaries shall be carried out by means of an electoral process in accordance with the following criteria:

(a) The participants of the plan shall be eligible, but the specifications may exclude from the condition of eligibility the partakers in abeyance by extinction or suspension of the employment relationship with the promoter.

Beneficiaries will be eligible whenever, according to the specifications, a specific representation in the control commission corresponds to them.

In the event that the representation of the beneficiaries is attributed to the representation of the participants, the beneficiaries will be eligible unless the specifications exclude them from such a condition or the condition that reach the number or percentage of the total collective expected in those to that effect.

Legally constituted workers ' unions will have the right to present candidate and, where appropriate, candidate candidates.

Candidates must be endorsed by unions or by the signature of a percentage of members of the corresponding electoral college set in specifications, which may not be less than 10 percent.

(b) All members of the plan shall be eligible regardless of whether or not they make contributions, provided that they maintain their consolidated rights in the plan.

The beneficiaries will be eligible when, according to the specifications, a specific representation in the control commission corresponds to them. In such a case, a college of members and other beneficiaries may be formed for the election of the respective representatives.

In the event that the representation of the beneficiaries is attributed to the representatives of the members, the beneficiaries may also be electors if this is provided for in the specifications, whatever their number or when they reach the total collective number or percentage of the plan provided for in those specifications to that effect. In such cases, the beneficiaries shall be eligible for the same conditions as the members for the election of the joint representation of both groups in the control committee.

When the specific representation in the control commission of each of the sub-plans articulated in the plan has been foreseen, the respective schools of the collectives attached to each subplan will be formed, for the choice of the specific representatives of each sub-plan as provided for in the preceding paragraphs.

(c) The voting system for the election of representatives of the members and beneficiaries in the control committee of the plan shall be in accordance with the specifications.

The vote will be free, personal, direct and secret, and the different systems or mechanisms of voting, including voting by mail, can be established in the specifications.

In the process of electing the members of the control committee, in no case shall the vote be weighted by the economic rights attributable to each voter or to his or her schools or collectives.

In the case referred to in this paragraph (c), the sponsor may designate and revoke its representatives in the control committee at any time by means of communication to the control committee.

4. Natural persons who directly or indirectly hold a stake in a pension fund managing body of more than five per cent of the capital may not be members of the control committee of an employment pension scheme. paid-up social security of that entity.

Members of a control committee of an employment plan may not acquire rights or shares of the managing body of their pension fund during the performance of their duties in such a commission. If the acquisition is mediated, it shall cease to be a member of that control commission.

Article 32. Adoption of decisions by the control committee.

1. The control committee for the plan shall meet at least once in each financial year, and for each session the corresponding minutes shall be drawn up.

The decisions of the control committee of the plan shall be adopted in accordance with the majorities stipulated in the specifications of the plan, and it is permissible for those specifications to provide for qualified majorities. Each member of the control committee shall have one vote, which may be delegated to another member of the committee.

2. Where the pension plan is a defined contribution for the retirement contingency, decisions affecting the investment policy of the pension fund shall include at least the favourable vote of half of the pension representatives. participants in the control committee.

Necessarily are considered decisions that affect the investment policy the agreements that, where appropriate, correspond to the plan control commission relating to:

a) The choice and change of pension fund.

(b) The delegation to the managing body of functions and powers relating to the rights arising from investments, as well as the contracting of the management and/or deposit of assets with third entities.

c) The exercise of rights inherent in securities and other assets.

d) The selection, acquisition, disposition, realization, or warranty of assets.

e) The pipeline of plan resources to another fund or plan to multiple funds.

The provisions of this paragraph shall also apply in respect of the subplans for the contribution defined for the retirement contingency which, as provided for in Article 66, are implemented in different pension funds. of those that implement other subplans.

3. In the pension plans of the defined or mixed benefit mode, decisions affecting the economic cost assumed by the undertaking of the defined benefits shall include at least the favourable vote of half of the representatives of the promoter or promoters.

Necessarily, it is considered decisions affecting the economic cost assumed by the company the agreements that, according to the specifications, correspond to the commission of control of the plan relating to:

(a) Amendments to specifications affecting the system of financing and coverage of any contingencies, contributions and benefits arrangements, financial system of the plan, as well as calculation, mobility or liquidity of the consolidated rights.

b) The modification of the technical basis of the plan and the hiring of insurance or other guarantees of benefits.

(c) Agreements on the application of surplus or treatment of the deficit to be disclosed in the pension scheme.

(d) The agreements of the control committee of the plan affecting the investment policy expressly listed in paragraph 2 above.

SECTION 3. DEVELOPMENT OF THE EMPLOYMENT PLAN

Article 33. Modification of the specifications and revision of the financial 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 amendment agreement may be adopted by the control committee of the plan with the majority regime set out 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 collective agreement between the company and the representation of the employees.

2. The financial and actuarial system of the plans shall be reviewed at least every three years by an independent actuary appointed by the control committee, in accordance with those laid down in Article 23.

If, as a result of the review, the need or convenience of introducing variations in contributions and contributions, in the provided benefits, or in other aspects with incidence in the development, will be considered. financial actuarial shall be submitted to the control committee of 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 (d) (d), on the exceptional contributions of the undertaking in favour of beneficiaries, the deficit corresponding to pensions must be determined and expressed separately caused by the beneficiaries existing at the date of the said actuarial review or opinion.

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

Article 34. Information to participants and beneficiaries of employment plans.

1. On the occasion of their incorporation into the employment pension scheme, the members who request it must receive a certificate of membership 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 the content of the specifications shall be at their disposal at all times.

A copy of the statement of the principles of the investment policy of the pension fund referred to in Article 69.3 shall also be given to the participant, or, if provided for in the specifications, the place and how it will have its content available to you.

The use of individual accession bulletins, as referred to in Article 101, shall be optional in the terms provided for in paragraph 3 of that Article.

In the event of not using these individual membership bulletins, it will be delivered to the participant of a certificate of membership in the plan.

2. At least annually, the managing body of the pension fund in which the plan is integrated shall forward to each participant in the employment plans a certificate on the contributions, direct or imputed, made in each year. and the value, at the end of the calendar year, of their consolidated rights in the plan.

The specifications may provide for shorter time limits than previously indicated for forwarding such information.

The certification referred to in this paragraph shall contain a summary of the determination of the contingencies covered, the destination of the contributions and the rules of incompatibility on those contingencies.

Also, the certification will include an indication of what is established in this regulation on the duty to communicate the occurrence of contingencies and to request the delivery within the prescribed period, warning of the sanction Article 36 (4), second paragraph, of the recast text of the law, as well as a summary of the possible forms of recovery of the benefit.

Where appropriate, the certification shall indicate the amount of the excess contribution of the participant warned against the established maximums and the duty to communicate the means for the refund of the refund.

3. If the contingency is produced and communicated, the beneficiary of the employment pension scheme shall be required to receive appropriate information on the benefit and its possible reversions, on the relevant recovery options, where appropriate, and with respect to the degree of guarantee or the risk of the beneficiary's account.

Where appropriate, it shall be delivered to the beneficiary of the certificate of insurance or guarantee of his or her benefit, issued by the entity concerned.

At least annually, the pension fund manager shall send to the beneficiaries of the employment pension plans a certificate on the value of their economic rights in the plan at the end of each year. natural.

4. In the employment pension schemes, at least on a quarterly basis, members and beneficiaries shall be provided with information on the evolution and status of their consolidated and economic rights in the plan, as well as on other matters which may affect them, in particular the regulatory changes, changes in the plan's specifications, the rules of operation of the fund or its investment policy, and the management and deposit fees.

The quarterly information shall contain a summary of the evolution and status of the assets of the fund, the costs and the profitability obtained, reporting, where appropriate, on the contracting of the management with third entities. In addition, all expenditure of the pension fund, in the part that is attributable to the plan, shall be made available to members and beneficiaries in accordance with the terms laid down in the specifications of the pension scheme. percentage on the position account. The Directorate-General for Insurance and Pension Funds may determine the items to be included in the expenditure.

However, in the employment plans, the periodic information provided for in this paragraph, in respect of consolidated entitlements corresponding to the defined benefits of the members of the plan, may be provided in the 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.

Article 35. Rights in case of cessation and mobilisation of rights.

1. The termination or suspension of the employment relationship of the participant with the sponsor shall not cause the loss and mobilisation of the consolidated rights in the employment pension scheme, except in the cases and conditions provided for in this Article.

2. Unit-holders who have ceased to make contributions, both direct and imputed, but maintain their consolidated rights in the plan, whether or not they have ceased their employment relationship, acquire the status of unit-holders. in suspense, continuing with the personal element category of the pension plan.

The consolidated rights of the suspended members will be adjusted for the imputation of the results that correspond to them during the exercise of their maintenance in the plan according to the capitalization system that it is applicable to them.

The specifications and, where appropriate, the technical basis of the plan shall be expressly provided for by the scheme applicable to suspended members.

3. The consolidated rights of members of the pension scheme of the employment system may not be mobilised for other pension schemes, except in the case of the termination of the employment relationship and only if it is provided for in the specifications. of the plan, or termination of the pension plan. In this case, together with the mobilization of the economic resources, the managing body of origin must transfer to the destination all the relevant information of the participant, and the content of this information must be communicated to it. The maximum period for carrying out this mobilisation shall be one month from the receipt of the complete documentation.

The consolidated rights may not be mobilised when, in order to implement the promoter's pension commitments relating to unit-holders who have extinguished their employment relationship with the promoter, the specifications provide for the continuity of the promoter's contributions to his or her favour and, where appropriate, those of the participant who have a compulsory nature.

If the specifications provide for it, the participant who has extinguished or suspended his or her employment relationship with the promoter may make voluntary contributions to the pension scheme, provided that he has not mobilised his rights. consolidated.

4. For the determination of the consolidated right at the time of the termination or suspension of the employment relationship, the mathematical provision or guaranteed minimum capitalisation fund corresponding to the participant shall be calculated in accordance with the same system financial-actuarial, method and assumptions that would be applicable to you as an asset.

Without prejudice to the foregoing, in the event of termination or suspension of the employment relationship, the specifications may provide for the non-inclusion in the consolidated right of the part of the solvency margin of the plan corresponding to the participate. In addition, the specifications may provide for adjustments that are estimated to be relevant to the value of the consolidated right, in consideration of the pension plan's position account.

As set out in the preceding paragraphs, it shall apply both for the purposes of mobilisation of the consolidated right and in the case of the permanence of the person concerned in the plan.

Without prejudice to the foregoing paragraphs, the application of penalties for the mobilisation of consolidated rights shall not be admissible, except where appropriate, arising from the partial termination of contracts with insurance or financial institutions relating to risks or benefits.

5. The economic rights of the beneficiaries in the employment plans shall not be mobilised except for the termination of the pension scheme.

Article 36. Adaptations by corporate or business operations.

1. If, as a result of corporate transactions, a single entity is a promoter of several pension schemes in the employment system, all unit-holders and their consolidated rights shall be integrated into a single pension scheme and, where appropriate, to the beneficiaries and their economic 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 in the latter's obligations to the unit-holders ' and, where appropriate, the beneficiaries of the plan, those entities shall pass on to be promoters of the plan, and the specifications of the plan shall be adapted to the operating conditions of the joint promotion plans within the 12-month period from the date of effect of the subrogation.

However, the resulting companies in which the segregation of their initial plan collective has been agreed will be able to promote new employment plans to which the consolidated rights of their employee collective will be transferred. participants and, where appropriate, the economic rights of the beneficiaries.

SECTION 4. JOINT PROMOTION EMPLOYMENT PENSION SCHEMES

Article 37. Personal scope of the joint promotion employment plans.

1. A number of undertakings or entities, including individual entrepreneurs, and public authorities bodies and bodies may jointly promote an occupational pension scheme in which they may implement the commitments which may be covered by the terms and conditions laid down in this Regulation, while respecting the principles and characteristics of the plans laid down in this Regulation.

2. The joint promotion plans may limit their scope to the sponsoring undertakings which are present at the time of their formalisation or to provide for the possibility of new companies being incorporated subsequently.

Joint promotion plans may be open to any undertaking, or limit its scope to that of certain sponsoring undertakings or on the basis of criteria such as membership of the same group, the small and medium-sized character undertaking, the undertaking to make commitments for pensions under a collective bargaining agreement of a supra-business scope or other criteria.

3. Without prejudice to the general scheme provided for in the preceding paragraph, a pension scheme promoted by several undertakings may be defined, in addition, on the basis of the following characteristics:

(a) Where there is an enterprise-wide collective bargaining agreement that agrees to the incorporation of companies and unit-holders into joint promotion pension schemes as provided for in this regulation, each Company may, in any case, agree to promote its own pension plan.

(b) For the purposes of the promotion of schemes of the employment system of undertakings within the same group, a group of undertakings shall be considered when the conditions laid down in Article 42 of the Trade Code are met.

All or some of the companies in the same group will be able to jointly promote a pension scheme for the employment system. The pension scheme may provide for the optional participation of other entities of any kind that are part of the unit of decision and communities of goods formed by undertakings of the group. With the exception of the provisions of the pension scheme, it may also be possible for foreign companies with agencies, branches or establishments in Spanish territory to form part of the pension scheme. of the group.

Bodies and entities forming part of the public administrations may also jointly promote pension schemes which may be considered by entities in the same group for the purposes of the provisions of this Regulation. rules.

(c) A joint promotion plan shall be considered to be promoted by small and medium-sized enterprises when they fall within Commission Recommendation 96 /280/EC of 3 April 1996 on the definition of small and medium-sized enterprises. midsize companies, or the one that will replace it in the future.

Article 38. Obligations stipulated in the joint promotion employment plans.

1. The joint promotion pension schemes shall be in the form of the contribution defined for the retirement contingency, without prejudice to the provisions of the following paragraphs.

The defined benefits provided for in the event of death and permanent incapacity of the participant, as well as those guaranteed to the beneficiaries after any contingency and their reversions, must be guaranteed as a whole by means of the insurance contracts provided for in the plan, which in no case will bear the risks inherent in those benefits. The insurance contracts provided for the death and invalidity coverage of the participant shall be of no more than one year and may be renewable.

2. However, joint promotion pension schemes promoted by undertakings under the same collective agreement, which provide for defined retirement benefits and decide to take the risk themselves, must comply with the following: requirements:

(a) Retirement benefits must be defined in terms and conditions of uniform conditions for all members of the group of members of the pension scheme.

(b) A single system of financing the plan and a single set of financial-actuarial assumptions should be used in determining the actuarial measures of the pension scheme set out in this regulation. These scenarios should be prudent and consistent with each other.

(c) The joint promotion pension schemes of this modality shall maintain sub-accounts of differentiated positions for each sponsoring undertaking in the fund or funds in which the pension plan is integrated.

d) Actuarial reviews, even when issued in a single document or report, should be individualized for each sponsoring company.

If the above requirements are not met, these benefits must be guaranteed in their entirety by insurance contracts provided by the plan.

Where the pension scheme provides for the independent membership of undertakings not covered by the collective bargaining agreement, the scheme of obligations described in paragraph 1 may only be considered by the undertakings concerned. Paragraph 1 of this Article.

3. Joint promotion pension schemes promoted by undertakings within the same group which provide for defined retirement benefits shall be in accordance with the provisions of this Regulation for the defined benefit mode, and shall be application of paragraphs (c) and (d) of the previous paragraph.

4. Each sponsoring undertaking shall be responsible for the fulfilment of the contribution obligations for its unit-holders provided for in the relevant specifications or annex, without prejudice to the mediation in the payment of contributions which perform some of the promoters on behalf of others.

Article 39. Specifications and Annexes to the Joint Promotion Employment Plans.

1. The specifications of the pension plan shall include an annex for each sponsoring undertaking which shall contain all the specific conditions relating to that undertaking and its unit-holders, in any event the contributions and corresponding benefits, which may be different for each sponsoring undertaking, without the annexes being able to contain clauses that leave no effect or change any of the general conditions contained in the plan's specifications, including, where appropriate, the general scheme of contributions and benefits.

Where appropriate, the technical basis of the pension plan shall also include annexes for each sponsoring undertaking, relating to its system of contributions and benefits, and insurance against them.

2. In the plans laid down in Article 38 (2) and (3) (2) and (3), the specifications and the technical basis of the plan shall specify the mechanisms necessary for establishing the total the definition of risks assumed by each sponsoring undertaking, each being solely responsible for the obligations assumed in relation to its employees-unit-holders and beneficiaries.

Each of the sub-accounts provided for in Article 38 (2) (c) shall bear only the risks inherent in the collective undertaking of the undertaking concerned, including, where appropriate, the required solvency margin provided for in Article 38 (c). in Article 21.

Article 40. Promotion and formalisation of joint promotion employment plans.

The promotion and formalization of the joint promotion pension plans will be governed by the provisions of Article 9 of the recast text of the law and 27 of this regulation, with the particularities provided for in this article:

(a) The initial project of a joint promotion employment system pension scheme for enterprises included in its scope may be established by collective agreement in the field of supra-enterprise; the sponsoring commission may be designated directly by the negotiating body of the convention or, failing that, by the representation of the undertakings and workers in that field, and the designation may be placed on those representatives.

The project will include at least the specifications, and, where appropriate, the general technical basis. The pension scheme promoted in the supra-business area may be formalised by admission to the pension fund, without prejudice to the subsequent accession of the undertakings by the subscription of the relevant annexes.

(b) In another case, at least two companies shall be present for the promotion, which shall draw up the initial draft plan which shall include the specifications, and, where appropriate, the technical basis, as well as the draft Annex. The individual company.

Through the usual means of communication with the staff, the promoters will make known the project, the content of which must be available to the workers and their representatives, and they will urge the creation of a single promoter commission.

The promotion commission of the joint promotion plan will be formed and operate in accordance with the provisions of Article 41 for the control commission of this type of plan, being able to opt for a system of joint representation or a system of aggregate representation of undertakings and workers in the terms referred to in that provision.

For the designation of the representatives of the workers or potential participants, the electoral processes or the procedures for direct designation may be used in the terms provided for in Article 41 of the Treaty. control commission.

The formalisation of the joint promotion employment plan will require the incorporation of the annexes signed by the sponsoring companies.

(c) Within a period of not more than 12 months from the formalisation of the plan by means of the admission agreement in the corresponding pension fund, the establishment of the plan control commission shall be carried out.

Once the pension plan has been formalised, other companies may be incorporated, where appropriate, by voluntary subscription of the corresponding annexes.

The incorporation of new companies will require the approval of the sponsoring or control commission of the plan, although they may delegate such a function in a member of these or in the managing body.

A joint promotion plan may be attached to several pension funds under the terms provided for in this regulation.

(d) The sponsoring commission or, where appropriate, the control of a pension scheme promoted by an undertaking or entity may agree to modify and adapt the specifications in order to transform it into a promotion pension scheme together with the conditions set out in this Chapter, with the aim of integrating into it the other companies and members eligible for membership of the joint promotion pension scheme.

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, accompanying the certification of the admission agreement together with the relevant annexes.

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 period referred to in the preceding subparagraph, since the control committee is aware of such modification.

However, in the case of a plan promoted exclusively by small and medium-sized enterprises, the communication referred to in the preceding paragraphs shall be quarterly.

Article 41. Commission for the control of the joint promotion employment plans.

1. The composition and functioning of the committees for the control of the employment plans for joint promotion shall be in accordance with the provisions of Section 2 of this Chapter for the Committee on the Control of an Employment Plan, with the specific features of the point to this article.

In any case, the control committee of the plan shall be composed of representatives of the promoters, the members and, where appropriate, the beneficiaries.

2. In the joint promotion employment plans, systems of joint or aggregate representation may be established in the control commission of the collective promoters, unit-holders and, where appropriate, beneficiaries, respectively:

a) Joint representation.

In this system, the control commission shall be composed of representatives representing the group of promoters, the members and, where appropriate, the beneficiaries of the plan, respectively, without differentiating specifically by companies.

The specifications may attribute the representation of the beneficiaries to the participants ' representatives.

In this system, the incorporation of a new company into the plan will not necessarily alter the composition of your control commission until your next renewal.

b) Aggregate representation.

In this system, the control commission shall be composed of representatives specific to the personal elements of each company, that is, of each promoter, its members and its beneficiaries.

The representation of the beneficiaries can be attributed to the representatives of the participants.

In the system of aggregate representation, if the specifications provide for it, the total number of representatives in the commission of control of the personal elements of the pension plan for each company, if any, may be allocated to the number of members and beneficiaries concerned. In no case shall the attribution of representations be admissible according to the economic interest of each promoter or collective.

The incorporation into the plan of a new company will involve the incorporation to the commission of control of representatives of their personal elements, which must be designated or chosen within the time specified in the specifications, than not may be more than 12 months from the admission agreement.

3. In the case of a joint promotion employment pension scheme set up under collective bargaining agreements with a supra-business area, procedures for the appointment of the supervisory board by the committee may be laid down. negotiating and/or by the representation of undertakings and workers in this field. The appointment of the representatives in the control committee may coincide with all or part of the components of the special negotiating body or representatives of the parties concerned, even if they are not members or beneficiaries of the pensions.

In addition, in the system of aggregate representation, the direct designation of the representatives of members and beneficiaries of each sponsoring company can be foreseen by agreement of the majority of the representatives of the workers in the latter; the designation may be placed on all or some of those representatives.

For direct designation and revocation, the provisions of Article 31 (2) shall apply.

4. In the absence of a direct designation provided for in the preceding paragraph, the election of the representatives of members and beneficiaries in the control committee shall apply to the electoral process provided for in Article 31 (3). following particularities:

(a) Joint promotion plans with a joint representation system shall be operated by means of single electoral colleges encompassing members and, where appropriate, beneficiaries.

(b) In the joint promotion pension schemes with an aggregate representation system, an electoral college of members and, where appropriate, a college of beneficiaries shall be set up for each undertaking.

5. The members of the joint promotion plan control committee shall be appointed for a maximum period of four years, and may be re-elected or renewed, without prejudice to Article 31 (2) in relation to the possible revocation of previously appointed members.

Article 42. Amendment and revision of the joint promotion employment plans.

1. The amendment of the specifications of the joint promotion employment plans may be made by means of the procedures and arrangements provided for in the specifications. The amendment agreement may be adopted by the control committee of the plan with the majority regime set out in the specifications.

However, the specifications may provide for the modification of the benefit and contribution arrangements or any other extremes, and, where appropriate, the subsequent adaptation of the technical basis, to be agreed, if appropriate, by collective agreement between the representation of companies and workers in the supra-business area.

Without prejudice to the functions and powers conferred by this regulation on the control committee of the pension plan, for the modification of particular conditions contained in the annexes of each company will be the procedure provided for in them, without the possibility of the corresponding agreements being able to modify or leave the general terms of the plan specifications without effect.

The amendment of the Annex may be carried out by agreement between the company and the representation of its employees. Where the control commission operates under an aggregated system of representation, the Annex may attribute the decision or proposal of its amendment to the members representing the personal elements of the plan corresponding to the undertaking in question. question, with the regime of majorities established in that.

In any case, it is for the control committee of the plan to formalize the modifications of the annexes that have been agreed upon, and will be responsible for its adequacy to the current regulations and the general conditions of the specifications.

2. The control committee of the plan shall designate the actuary to carry out the actuarial review where appropriate, which shall include the individual assessment relating to each sponsoring undertaking, as well as the pension plan as a whole.

If, as a result of the actuarial review, the need or desirability of changes in contributions, benefits or other variables is raised, the question will be submitted to the control committee of the plan so that agree or propose what it deems appropriate. If the proposed variations affect one or more individual undertakings, the amendments shall be made in accordance with the provisions of paragraph 1 above for the amendment of the Annex.

In the plans that stipulate defined benefit obligations, as set out in Article 38.2, if, as a result of the actuarial review, it is appropriate to introduce changes in the contributions and contributions and/or the benefits provided for in order to restore the actuarial balance of the obligations assumed by one of the sponsoring undertakings, shall be submitted, subject to the agreement of the representatives of the workers and of the the company concerned, to the control committee of the plan to propose or agree on what it considers from.

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

1. The separation of a promoting entity from a joint promotion pension scheme may take place in order to integrate 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 company may also be made for the integration of the commitments into another joint promotion plan, under collective agreement between the company and the representation 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 originating joint promotion.

The separation agreement will result in the transfer of the participants and beneficiaries and their consolidated and economic rights to the target plan.

If, by virtue of corporate transactions, an entity is at the same time promoting the joint promotion plan and another or other plans of the employment system, within 12 months of the company's operation, the integration of its members and beneficiaries of the various plans and their consolidated and economic rights into a single plan.

Where appropriate, the separation of the joint promotion plan shall proceed if the concentration is agreed to 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. the adherence 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 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 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 greater than 10 per percent of the plan's position account.

The separation will not result in any discount or penalty on the economic rights of the affected members and beneficiaries.

Article 44. Termination of 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 integrated into the employment plans in which they may hold such a condition.

In default, the transfer of the consolidated rights of the participants to the pension plans shall be carried out.

2. Where any of the causes of termination of a pension scheme set out in this regulation affect only one of the plan's sponsoring entities and its collective, the plan control commission shall agree to the discharge of the sponsoring entity. in the joint promotion employment plan within two months of the date of the joint promotion plan being made clear.

The absence of a sponsoring entity will result in the transfer of the consolidated rights of its members and, where appropriate, their beneficiaries to other pension schemes. The consolidated rights of the members shall be integrated, where appropriate, in the employment plans where they may be such. Failing this, they will be transferred to the pension plans that they designate, and they can choose, if they so provide in the specifications, for their stay as part of the suspension in the joint promotion plan.

CHAPTER III

Individual pension plans

Article 45. Constituent subjects and stipulated obligations.

1. The promoters of pension schemes in the individual system shall be financial institutions. Such plans can only be provided by a promoter.

For these purposes, credit institutions, insurance institutions, pension fund management entities, investment firms, companies, companies, companies, companies, companies, companies, companies, companies, companies, companies, companies, companies, companies, companies, etc. managers of collective investment institutions, registered in the special registers under the Ministry of Economy, the Banco de España or the National Securities Market Commission.

2. The members of these pension schemes may be any natural person.

3. The individual pension plans shall be of a defined contribution for all contingencies, without the plan being able to guarantee a minimum interest in capitalisation.

Once the contingency has occurred, the pension plan may provide for the guarantee of the benefits caused and its possible reversions, provided that these are guaranteed in full by the corresponding contracts with insurance or financial institutions provided for in the plan, which shall in no case assume the risks inherent in such benefits.

Article 46. Principle of non-discrimination.

A plan of the individual system shall be non-discriminatory when any person who manifests the will of accession and has the capacity to be bound can do so in the contractual terms stipulated for any of the members Injured.

Article 47. Promotion of an individual pension plan.

1. In the pension plans of the individual system, the promoter is responsible for the functions and responsibilities provided for in this regulation. In particular the functions would be as follows:

a) Oversee compliance with the plan clauses in all that relates to the rights of their members and beneficiaries.

b) Select the actuary or actuaries and, where appropriate, independent professionals who must certify, where appropriate, the situation and dynamics of the plan and its review.

c) Designate your representatives in the control committee of the fund to which you are attached to your plan.

When the pension fund exclusively integrates one or more pension schemes of the individual system promoted by the same institution, the functions and responsibilities assigned to the supervisory board of the institution may correspond. fund as set out in Article 67.

(d) Propose and, where appropriate, decide on the other issues on which the rule attributes competition to it.

e) Judicial and extrajudicial refiling the collective interests of the members and beneficiaries in connection with the pension plan.

2. The individual pension plan promoter shall draw up the draft plan specifications.

The promoter of the plan will proceed to the presentation of the referred project to the pension fund in which it intends to integrate.

In the light of the pension plan project, the pension fund control commission or, failing that, its managing body will, where appropriate, adopt the plan's admission agreement in the background, under its responsibility, that the requirements set out in the recast text of the law and in this regulation are met, and shall inform the sponsor of the plan.

3. In the previous communication, the incorporation of participants in the plan may be effective.

In the pension plans of the individual system, no control commission of the plan shall be constituted, and the promoter shall correspond to the functions and responsibilities assigned to that commission in this regulation.

Article 48. Membership and information to participants in individual pension schemes.

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, Member States should be adequately informed of the main features of the pension and coverage plan

which for each participant can be granted based on their work and personal circumstances.

The above information shall also include the data for the pension scheme participant's advocate as well as the applicable management and deposit fees.

The incorporation of the participant into the individual pension scheme will be formalised by subscribing to the newsletter or accession document regulated in Article 101.

On the occasion of accession, delivery will be made to the participant who requests it for a certificate of membership of the plan and the initial contribution made, if any.

You will also be given a copy of the specifications of the plan, as well as the statement of the principles of the investment policy of the pension fund referred to in Article 69 (3), or indicate the place and form in which they will be available to you.

2. On an annual basis, the managing body of the pension fund shall forward to each participant in the individual plans a certificate on the contributions made in each calendar year and the value, at the end of the calendar year, of their rights consolidated.

The certification referred to in this paragraph shall contain a summary of the determination of the contingencies covered, the destination of the contributions and the rules of incompatibility on those contingencies.

Also, the certification will include an indication of what is established in this regulation on the duty to communicate the occurrence of contingencies and to request the delivery within the prescribed period, warning of the sanction Article 36 (4), second paragraph, of the recast text of the law, as well as a summary of the possible forms of recovery of the benefit.

Where appropriate, the certification shall indicate the amount of the excess of the contribution and the duty to communicate the means for the refund of the refund.

3. Produced and communicated the contingency, the beneficiary of the individual pension plan shall receive appropriate information on the benefit and its possible reversions, on the corresponding recovery options, if any, and with respect to the degree the guarantee or the risk of the beneficiary's account.

Where appropriate, it shall be delivered to the beneficiary of the certificate of insurance or guarantee of his or her benefit, issued by the entity concerned.

4. In addition to the obligations laid down in the preceding paragraphs, the managing bodies shall provide the unit-holders and beneficiaries of the individual pension plans, at least on a quarterly basis, with information on developments and the state of their economic rights in the plan, as well as extremes which could affect them, in particular the regulatory changes, changes in the plan's specifications, the rules of operation of the fund or its investment policy; and of the management and deposit commissions.

The quarterly information shall contain a summary of the progress and situation of the assets of the fund, the costs and the profitability obtained, and report, where appropriate, on the procurement of management with third parties. In addition, all expenditure of the pension fund, in the part that is attributable to the plan, shall be made available to members and beneficiaries in accordance with the terms laid down in the specifications of the pension scheme. percentage on the position account. The Directorate-General for Insurance and Pension Funds may determine the items to be included in the expenditure.

5. The specifications of the pension plans of the individual system may be modified by agreement of the sponsor, after communication by the sponsor or by the relevant managing body or depositary, at least one month in advance, to the unit-holders and beneficiaries.

Article 49. Advocate for participation.

1. In the pension plans of this system, the advocate of the participant must be appointed, which will also be the beneficiaries.

The entities that promote these pension plans, either individually or grouped by the same group, territorial scope or any other criteria, must designate as an advocate for the participation of entities or independent experts of recognised standing, whose decision shall be subject to complaints made by members and beneficiaries or their successors in title against the managing or depository institutions of the pension funds in which they are integrated the plans or against the own entities promoting the individual plans.

2. The decision of the advocate for the benefit of the complaint shall bind those entities. This linkage shall not preclude the completeness of judicial protection, the use of other mechanisms for the settlement of disputes or arbitration, nor the exercise of control and administrative oversight functions.

3. The sponsor of the individual pension scheme, or the managing body of the pension fund in which it is integrated, shall communicate to the Directorate-General for Insurance and Pension Funds the appointment of the participant's advocate and its acceptance, as well as the rules of procedure and time limit laid down for the resolution of complaints which, in no case, may exceed two months after the submission of those claims.

4. The costs of designation, operation and remuneration of the advocate of the participant shall in no case be borne by the claimants or by the corresponding pension plans and funds.

5. The provisions of this Article shall be without prejudice to the application, where appropriate, of the provisions relating to the protection of customers of financial services in Chapter V of Law 44/2002 of 22 November 2002 on measures for the reform of the financial system, and its development regulations.

Article 50. Mobilization of rights in an individual plan.

1. The consolidated rights in the pension plans of the individual system may be mobilised to another pension plan or plans by unilateral decision of the participant or by termination of the plan. Unilateral decision mobilisation may be total or partial.

2. The economic rights of the beneficiaries in the pension schemes of the individual system may also be mobilised for other pension schemes at the request of the beneficiary, provided the conditions for guaranteeing and securing the pension (a) the provision of such a provision and under the conditions laid down in the specifications of the corresponding pension schemes. This mobilization may be total or partial, and in no case will modify the mode and conditions of collection of all initial benefits.

3. In any of these assumptions, the consolidated rights shall be integrated into the pension plan or plans designated by the participant.

The integration of the consolidated rights into another pension plan or plans requires the status of the person who mobilizes those rights.

The transfer of the consolidated rights between plans attached to different funds 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 source fund to the target fund account.

4. Where a participant wishes to mobilise all or part of the consolidated rights which he has in a pension scheme to another plan integrated into another pension fund managed by a different managing body, the participant shall be directed to the company manager of the destination pension scheme to initiate his/her transfer.

To this end, the participant must accompany his application with the identification of the plan and pension fund from which the mobilization will take place, as well as, where appropriate, the amount to be mobilized. The application shall incorporate a communication addressed to the management company of the pension fund of origin to order the transfer including an authorisation from the participant to the destination managing body so that, on its behalf, it can request the the management company of the fund of origin the mobilisation of the consolidated rights, as well as all the financial and fiscal information necessary to carry it out.

The application 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 managing body of destination, unless expressly provided by the specifications of the pension plan of destination limit it to the managing body.

In the event that there are agreements that permit the management of requests for mobilization through mediators or the commercial networks of other entities, the filing of the application in any establishment of these entities understand the management entity.

The managing body of destination, in addition to verifying compliance with the requirements laid down in regulation for the mobilisation of such rights, must transfer the application to the management company of the fund of origin, with at least the indication of the plan and the pension fund of destination, the depositary of the plan and the data of the account of the pension fund of destination to which the transfer is to be made.

The source fund manager must order the bank transfer and forward to the destination fund manager all financial and tax information necessary for the transfer.

The maximum time to proceed to this mobilisation shall be seven working days, to be counted since the target management entity has all the necessary documentation, until the source managing body orders the timely transfer.

5. Where a participant wishes to transfer all or part of the consolidated rights which it has in a pension scheme to another plan managed by the same pension fund manager, it shall indicate the amount to be mobilised and, in its case, the pension fund to which the transfer is addressed.

The manager must issue the transfer order within two working days of the submission of the request by the participant.

6. The procedure for the mobilisation of economic rights at the request of the beneficiary shall be in accordance with the provisions of the preceding paragraphs, where the references made to the beneficiaries and their economic rights are understood. participants and their consolidated rights.

In the case of benefits secured by insurance or other financial institution, the conditions and the mobilisation procedure, if any, shall be in accordance with the relevant contract.

7. The implementation of expenditure or penalties on consolidated rights by mobilisation shall not be admissible.

CHAPTER IV

Associated Pension Plans

Article 51. Constituent subjects and stipulated obligations.

1. The promoters of the pension scheme of the partner system shall be associations or trade unions which shall be legally constituted for common purposes or objectives other than the purpose of setting up a pension scheme.

Different associations or unions will be able to jointly promote an associated system pension scheme. In the joint promotion plans, the scheme of contributions and benefits of the members and beneficiaries of each sponsoring entity shall be set out in an independent annex in the specifications of the plan.

2. The members of these pension schemes shall be the members, members or affiliates belonging to the promoters ' associations or trade unions.

3. The associated pension plans may be of defined contribution, defined benefit or mixed.

In any case, the defined benefits that are provided for any contingency, as well as those guaranteed to the beneficiaries, after any contingency and their reversions, must be guaranteed in full. by the corresponding contracts provided for by the plan with insurance or other financial institutions, which shall in no case assume the risks inherent in those benefits.

Article 52. Principle of non-discrimination.

1. An associated system plan shall be non-discriminatory when all the partners of the sponsoring entity or entities are able to access the plan on an equal basis and rights, without prejudice to the different consolidated rights and benefits that are derived from the different contributions of the participants.

2. In the plans of the partner system there will be no contribution from the sponsoring entity.

3. The same promoter may urge the constitution of several schemes of the associated system of different modalities.

Article 53. Associated plan control commission.

1. The functioning and implementation of each pension scheme of the associated system shall be supervised by a control committee which shall consist of representatives of the sponsor or promoters and members and, where appropriate, of the beneficiaries of the plan. If the plan is uninvolved, the representation attributed to them shall be the responsibility of the beneficiaries.

In the control commission of an associated plan, the majority of its members, regardless of the representation they have, must be composed of associate members or affiliates of the sponsoring entity.

The specifications of an associated pension plan must provide for the system of designation or election of the members of the control commission, with the possibility to provide for the designation by the governing bodies or assembly members. of the sponsoring entity.

The appointment of representatives in the control committee may be placed on members of these bodies.

2. Joint or aggregate representation systems may be established in the joint promotion-related pension schemes in the control committee of the promoters, unit-holders and beneficiaries, respectively.

3. The control committee of the associated plan shall have the functions established for the sponsor of the individual plans in Article 47.1.

4. They may not be members of the supervisory board of an associated pension scheme, natural persons who hold, directly or indirectly, a participation in a pension fund managing institution of more than five per cent of the capital paid-up social security of that entity.

Article 54. Promotion of an associated pension plan.

1. The sponsor of the associated pension scheme shall draw up the draft specifications of the plan and seek, except in the defined contribution plans which do not provide for the possibility of granting any guarantee to members or beneficiaries, an opinion of a actuary on the adequacy of the financial and actuarial system of the pension plan project.

Obtained, if appropriate, the favourable opinion, the promoter of the plan shall proceed to the presentation of the referred project to the pension fund in which it intends to integrate.

In the view of the pension plan project, the pension fund control committee or, as appropriate, its managing body, shall, where appropriate, adopt the plan's admission agreement in the background to be understood, under its responsibility, that the requirements set out in this standard are met, communicating it to the developer of the plan.

The prior communication may be made effective the incorporation into the unit plan.

2. The prior and periodic information to be provided to the members of the associated pension scheme shall be governed by the provisions of Article 48 for the individual pension schemes, with the exception of any information which may be applicable in the relationship to the defined benefit plans contained in Article 34.

3. The sponsor of the associated plan shall require the establishment of the relevant plan control committee within a period of not more than 12 months from the formalisation of the pension scheme as set out in the previous paragraph. As long as the control commission is not established, the functions attributed to it shall correspond to the sponsor of the plan.

4. The amendment of the specifications of the pension schemes of the partner system may be made by means of the procedures and arrangements provided for in those procedures. The amendment agreement may be adopted by the control committee of the plan with the majority regime set out in the specifications.

5. If, as a result of the revision of the pension scheme as laid down in Article 23, the need or desirability of changes in contributions, in the provision of benefits provided for or in other aspects with an impact, is raised. in the financial-actuarial development, the control committee shall be submitted to the plan to propose or agree on what it deems appropriate in accordance with the specifications of the plan.

Article 55. Mobilization of rights in an associated plan.

1. The rights established in the pension plans of the partner system may be mobilised to another pension plan or plans by unilateral decision of the participant or by loss of the promoter's associate status or by termination of the plan. Unilateral decision mobilisation may be total or partial.

2. The economic rights of the beneficiaries in the pension schemes of the partner system may also be mobilised for other pension schemes at the request of the beneficiary, provided the conditions for guaranteeing and securing the benefit they allow it and under the conditions laid down in the specifications of the corresponding pension schemes. This mobilisation may be total or partial, and shall in no case change the mode and conditions of recovery of all initial benefits.

3. The provisions of Article 50 (3) and (3) shall apply to the mobilisation of the consolidated rights of the beneficiary or of the economic rights of the beneficiary in an associated pension scheme.

In the event that the benefits are guaranteed by insurance institutions or other financial institutions, the procedures for the mobilisation of the rights corresponding to them shall be in accordance with the provisions of the contract. corresponding.

TITLE III

Pension funds

CHAPTER I

General arrangements for the organisation of pension funds

Article 56. Classification of pension funds.

1. In accordance with Article 3 (3), pension funds shall necessarily be covered by one of the following two categories:

(a) Employment pension funds, the scope of which shall be limited to the development of pension schemes in the employment system exclusively.

(b) Personal pension funds, the scope of which shall be limited to the development of pension plans of the associated and/or individual system.

Each pension fund will be able to integrate one or more plans of the corresponding system, thus enabling its development in the terms set out in this regulation.

2. By way of derogation from the previous paragraph, in relation to the investment processes developed by the pension funds, they may be covered within two types:

(a) Closed pension fund, intended solely for the purpose of implementing the investment of the plan's resources or pension plans attached to it.

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 set out 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 worth of EUR 30 million in the position accounts of plans directly integrated into the that.

Article 57. Administration and promotion of pension funds.

1. Under the conditions and within the limits laid down in this Regulation, pension funds shall be administered by a managing body with the tender of a depository institution meeting the requirements laid down in Title IV, without prejudice, where appropriate, to the functions of the fund control committee referred to in Article 64.

Each pension fund shall have a single management entity and a single depositary entity, without prejudice to the contracting with third entities of the management of the investments or the deposit of securities and cash from the fund of pensions under the terms and conditions provided for in this Regulation.

2. Legal persons who have been invited to and participate in the establishment of the funds are the sponsoring entities of the pension funds.

In the case of personal pension funds, it will act as a promoter of the necessary fund and exclusively its managing body. In the event of a subsequent replacement of the managing body, it shall be understood that, for the purposes set out in this Regulation, the new manager acquires the status as a promoter of the personal pension fund.

In the pension funds of employment, any company or companies promoting employment plans can be promoted to implement in the fund, as well as the trade unions, their federations and confederations, and associations business, which is legitimate for collective bargaining in the field of enterprise. In the absence of the above, the status of promoter shall be the responsibility of the managing body of the employment fund.

Article 58. Constitution and registration of pension funds.

1. The pension funds shall be constituted, subject to the authorization of the Ministry of Economy, in public deed granted by the entity or the sponsoring entities, and shall be entered in the Trade Register and in the Special Register of Pension Funds. established in Article 96.

2. Prior to the formation of a pension fund, the entity or the sponsoring entities shall request administrative authorization for this purpose with the General Directorate of Insurance and Pension Funds of the Ministry of Economy.

The granting or refusal of the prior administrative authorization for the formation of the pension fund shall be made by reasoned resolution of the General Directorate of Insurance and Pension Funds, which does not exhaust the administrative.

3. Prior authorisation may be requested for the establishment of a pension fund and at the same time the authorisation and registration in the Register of pension fund management entities and in the register of pension funds entities that intend to participate as such to the constitution of that. The establishment of the pension fund shall not be authorised without the prior or simultaneous authorisation and registration of the managing body in accordance with this Regulation.

4. The formation of the pension fund shall be carried out in public deed in accordance with the approved project, to which the sponsoring, management and depository entities shall be awarded, and shall be entered in the Trade Register.

The writing of the constitution must necessarily contain the following terms:

(a) The name or social reason and the domicile of the entity or the sponsoring entities and the managing and depository entities, as well as the identification of the persons acting in their representation in the grant.

(b) The name of the fund to be followed, in any case, of the expression "pension fund".

c) The object of the fund under this regulation, expressing the category of the fund as staff or employment. Failing this, the category of the fund shall be deemed to be the category of the first plan to be integrated into the fund.

d) The operating rules with the minimum content set out in the following article.

5. On the basis of the administrative authorization, a registration sheet shall be opened for each fund in the Mercantile Register, in which it shall be the first seat corresponding to the writing of the constitution and shall contain the extremes to be expressed, the rules governing the Trade Register.

6. The prior administrative authorisation for the establishment of a pension fund shall take effect within three months of its notification.

Within the indicated period, the application for the registration of the fund in the Special Register of Pension Funds along with the writing of the constitution must be submitted to the General Directorate of Insurance and Pension Funds. duly registered in the Trade Register, and accreditation of the tax identification number.

On the other hand, after that period, the prior administrative authorisation granted shall be without effect, unless duly justified.

The grant or refusal of the registration of the pension fund in the Special Register shall be made by reasoned resolution of the General Directorate of Insurance and Pension Funds, which shall be notified to the sponsoring entity, and not runs out the administrative route, and will be published in the "Official State Gazette".

7. The registration resolution in the Special Register of Pension Funds enables the pension fund for the integration and development of pension schemes, without prejudice to the publication of the resolution for general knowledge in accordance with the Previous section.

8. The Minister for Economic Affairs may lay down rules for the development of the procedure for the authorisation and registration of pension funds.

Article 59. Rules of operation of the pension fund.

The rules of operation of the pension fund shall specify at least:

(a) The name of the fund and its scope of action as staff or employment. Failing this, the category of the fund shall be deemed to be the category of the first plan to be integrated into the fund.

(b) The procedure for the election and renewal and the duration of the mandate of the members of the fund's control committee, as well as the rules of operation of the fund.

c) The investment policy of the resources contributed to the fund.

d) The criteria for imputation of results, in accordance with the provisions of this regulation.

e) The actuarial systems that can be used in the execution of pension plans.

(f) The maximum commission to be satisfied with the management and depository entities taking into account the provisions of Article 84.

g) The rules for the distribution of the operating expenses of the fund control commission.

h) The conditions for the mobilization of position accounts and the criteria for quantification of position accounts.

i) The requirements for the modification of these operating rules and for the replacement of the managing and depository entities. In no case shall the replacement be operated without the prior agreement of the commission, or the subcommittees, for the control of the pension fund, except as provided for in Article 85.

(j) The rules governing the dissolution and liquidation of the pension fund.

Article 60. Subsequent amendments to the pension funds.

1. The special register of pension funds shall include the writing of the constitution and its subsequent amendments in the manner provided for in this Article.

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.

Registration decisions in the Special Register of amendments to the rules of operation of a pension fund shall not require publication in the "Official Gazette of the State", without prejudice to the provisions of the paragraph 3 below.

3. By way of derogation from paragraph 2, changes in the name of the pension fund, of its own domicile, if it has, and of the managing body, depository or promoter of the fund shall not require prior administrative authorisation, but shall communicate to the General Directorate of Insurance and Pension Funds within the maximum period of 10 days from the adoption of the relevant agreements accompanying certification of these.

For the replacement of the manager or depository, the provisions of Article 85 shall be taken into account.

The agreements referred to in this paragraph and the foregoing shall be raised to public deed which shall be entered in the Trade Register. The amendments referred to in this paragraph shall incorporate accreditation of the communication referred to above, and shall be submitted to the Directorate-General for Insurance and Pension Funds for the final endorsement of the aforementioned changes in the Special Register and its publication in the "Official State Gazette".

4. The integration of pension schemes into the fund and the transfers of position accounts from plans to other funds will not require prior administrative authorisation, but the managing bodies should report them to the Directorate-General for Insurance. and Pension Funds within 10 days from the date of adoption of the corresponding agreements, for their constancy in the Special Register.

The communication of the integration should include, where appropriate, the identification of the members of the commission promoting the plan. The constitution of the control commission of the plans, and the cesses and appointments of its members shall be communicated to the Directorate General of Insurance and Pension Funds within 10 days from the adoption of the agreements corresponding. The communications shall indicate the position and representation of each person, as well as their national identity document number.

In the case of the pension plans of the individual system, the General Directorate of Insurance and Pension Funds shall be notified to the person or persons designated or empowered as representatives of the promoter in the actions that as such correspond to the pension scheme, as well as the identification of the defender of the participant. Successive cesses and appointments of the persons referred to in this paragraph shall be communicated within the period of 10 days referred to in the preceding paragraph.

5. The category of a pension fund as staff or employment may vary according to new integration of plans, provided that, where appropriate, the transfer to other funds of the attached plans which do not correspond to the the category to be integrated into.

The transfers of pension plans to other funds and the subsequent integration of new plans, which will determine a change in the category of the fund as a staff or employment, will be communicated to the Directorate-General for Insurance and Funds Pensions as provided for in paragraph 4 above.

In any case, the transfers of pension plans to other funds will require the agreement of the respective control commissions of the plans or the respective promoters if they are from the individual system.

Without prejudice to the above paragraphs, amendments to the rules of operation of a fund that are limited to indicating the category of the fund as staff or employment, without altering the regulation of others aspects, will not require prior administrative authorisation. However, amendments to the rules of operation of the fund which, where appropriate, are agreed to bring other aspects of their content into line with a change of category of the fund as a staff or employment shall be subject to administrative authorisation. in accordance with the procedure referred to in paragraph 2 of this Article. This prior administrative authorisation may be conditional, where appropriate, on the transfer to other funds of the attached plans which do not correspond to the new agreed category.

The changes to the rules of operation of the fund referred to in the preceding paragraph, once authorized in their case, shall be raised to public deed, which shall, where appropriate, incorporate certification of the manager and the (a) deposit of the fund with the transfer to other funds of the pension schemes attached which do not correspond to the new category. The deed duly registered in the Commercial Register must be filed with the General Directorate of Insurance and Pension Funds by applying for registration in the Special Register of Pension Funds.

6. The Directorate-General for Insurance and Pension Funds may issue specific rules on the procedures for the authorisation and registration of amendments to pension funds and communication obligations under this Article.

Article 61. Operations with pension plans.

1. The integration of a pension scheme into a pension fund will require the following circumstances to be specified:

(a) Rules of quantification of the position account, with particular reference to the criteria for imputation of the results obtained from the investments made by the fund, as well as its operating costs.

(b) Conditions for the transfer of the position account of a plan to the pension fund designated by it.

The formula for the transmission of goods and rights and, where applicable, the cost and the processing that the operation will entail should be provided.

c) Procedure in case of plan settlement.

2. The operating rules of each pension fund shall provide for the mobility of the position account of a plan in the following situations

(a) In the cases referred to in Article 85.

(b) In the event that any pension plan is freely decided by the plan control commission or, if applicable, by the individual system plan promoter.

The same forecasts will necessarily affect the open pension funds, in order to enable the mobility of investments made by other pension funds.

Article 62. Dissolution and liquidation of pension funds.

1. The dissolution of pension funds will proceed:

(a) By revocation of the administrative authorization to the pension fund in accordance with the provisions of Chapter IX of the recast of the law.

b) By the cessation of the control committee of the fund, in such a way that it is impossible to function.

It is understood that this is a cause in the alleged impossibility of adopting agreements that are essential for the effective development of the pension fund, so that its functioning is paralyzed or impossible.

(c) In the cases referred to in Article 85 (4) and (5), the time limits laid down for the designation of a new managing body or depository shall not have occurred.

(d) By decision of the control committee of the fund, or if the fund does not exist, if the promoter, managing body and depository decide to do so by common agreement.

e) For any other cause established in the rules of operation of the fund.

2. Once the pension fund has been dissolved, the settlement period shall be opened, with the words 'in liquidation' being added to its name, the corresponding operations being carried out jointly by the fund control committee and the institution. manager.

The managing entity shall act in the settlement under the mandate and guidelines of the fund's control commission, with the deposit of the institution's tender for the implementation of the operations.

It will be admissible for the pension fund rules to provide for all plans to be integrated into a single pension fund in the event of the pension fund's liquidation, without prejudice to any plans subsequently freely the right of mobilisation to another fund.

In any case, it will be prerequisites for the termination of pension funds for the individual guarantee of the benefits caused and the continuation of the pension plans in force through another or other Pensions already constituted or to be constituted.

3. The public deed of dissolution or, where appropriate, the administrative agreement of dissolution shall be entered in the Register of Commerce and the Special Register, also published in the "Official Gazette of the Commercial Registry", and in one of the greater circulation of the place of the registered office.

The settlement shall be completed after the liquidators have complied with the provisions of the last subparagraph of paragraph 2 or, failing that, the manager must apply to the business registrar and the Directorate-General for Insurance and Pension Funds the respective cancellation of seats relating to the pension fund extinguished.

CHAPTER II

Specific rules on employment pension funds

Article 63. Commission for the control of the occupational pension fund.

1. In the employment pension funds, a committee on the control of the fund shall necessarily be set up, the composition of which shall be in accordance with the following conditions

(a) If the fund integrates a single employment pension plan, the plan control commission shall exercise the functions of the fund control commission.

(b) If the same pension fund implements several occupational pension schemes, the fund's control committee may be formed with representatives of each of the plans or through a joint representation of the plans of the Pension funds, as provided for in the following paragraphs.

2. A system of aggregate representation may be used for the training of the control committee of the Employment Pension Fund. In such a case, each pension plan shall have its own representatives in the control committee of the fund, appointed by the respective committees of control of the plans among its members.

Each plan shall designate at least two representatives of its own in the fund's control committee, one by its promoter or promoters, and one by its members.

3. By way of derogation from the above paragraph, the system of joint representation within the control committee of the employment fund shall also be admissible. To this end, two or more employment plans integrated into the same fund may be grouped under a joint representation in the committee on the control of the fund, if the monitoring committees of those plans so decide by common agreement, designate the representatives among its members on the agreed terms.

In addition, under collective bargaining agreements in the field of enterprise, several employment plans integrated into the same fund may be grouped under a joint representation in the fund's control committee, with representatives appointed by the negotiating body of the convention or by the representatives of the undertakings and workers in the supra-business field. The appointees may be all or part of the components of the special negotiating body or representatives of the parties concerned.

For each set of plans grouped under the same joint representation in the fund control commission, at least two representatives, one by the promoters, and one by the participants of those plans, shall be appointed.

Once the joint representation of a group of plans is designated, it will be permissible for other employment plans attached to the fund to be subsequently provided for such representation, at the request of the promoter or control committee of the plan. The interested party accepted by the representatives of the group of plans, or by virtue of collective agreement of supra-business scope.

4. The rules for the establishment of the fund for the control of the fund shall be specified in the rules of operation of the Employment Pension Fund, taking into account the provisions of the preceding paragraphs.

On a general basis, co-existence within the control committee of the employment fund of schemes with their own representation and plans under joint representation will be admissible, unless otherwise provided for in the operation of the fund.

5. The rules of operation of the fund shall specify the procedure and arrangements for the appointment of representatives of the members of the control committees for the plans concerned or, where appropriate, among the components of the committee. (a) the business of the supra-business collective agreement or representatives of undertakings and workers in that field.

Article 64. Operation of the control committee of the Employment Pension Fund.

1. The functions of the control committee of the employment pension fund are, among others:

a) Monitoring compliance with the attached plans.

b) Control of compliance with the rules of operation, the fund itself and the plans.

(c) The appointment of experts whose performance is required by the recast of the law and in this regulation, without prejudice to the powers provided for in each pension scheme.

d) The representation of the fund, being able to delegate to the managing body for the exercise of its representation functions.

(e) The examination and approval of the performance of the managing body in each financial year, requiring, where appropriate, the responsibility provided for in Article 22 of the recast of the law and in Article 4 of this Regulation.

(f) The replacement of the managing or depository entity, in the terms provided for in Article 23 of the recast of the law and Article 85 of this Regulation.

g) The suspension of the execution of acts and agreements contrary to the interests of the fund, in the terms and with the limits derived from the nature of those.

h) Where appropriate, the approval of the integration into the fund of new pension plans, a function that may be delegated to one of its members or to the managing body. The admission of the first plan to be integrated into the fund shall be agreed by its managing body.

(i) The proposal and, where appropriate, the decision on the other questions on which this regulation confers jurisdiction on it.

You may collect from the managing body and deposit the information that is relevant to the performance of your duties.

2. The mandate of the members of a committee shall be temporary and free. The rules for the operation of the fund shall include the procedure for the appointment and renewal of its members, the duration of its term of office, which shall not exceed four years, but may be re-elected, as well as cases and forms of the fund's control committee should be convened.

The control committee of the fund shall meet at least once in each financial year, and for each session the corresponding minutes shall be drawn up.

3. Once the members of the Committee on the Control of the Fund have been appointed, they shall appoint each other to the Chair and the Secretariat. The commission shall be validly constituted when, duly convened, the majority of its members are present, and shall adopt its agreements by a majority, taking into account the provisions of the following paragraphs.

In the event that the fund integrates several pension plans, the vote of the designated representatives for each plan shall be weighted in the attention of their number and the plan's position account in the fund or, if applicable, the account of the position of the set of schemes of the employment system grouped under a joint representation. If the commission operates under a unitary joint representation of all the plans attached, each member shall have one vote.

The rules of operation of the pension fund may require qualified majorities for the adoption of agreements.

4. Where a fund integrates pension schemes for the provision of a defined contribution for the retirement contingency, the provisions of Article 32 (2) for the adoption of agreements affecting investment policy shall apply. The same rule shall apply when the plans of the said mode show at least 50 percent of the position accounts.

In addition, the provisions of paragraph 3 of that Article 32 shall apply for the adoption of agreements affecting investment policy where the defined and mixed benefit plans integrated into the fund are at least the same as the 50 percent of the position accounts.

5. For reasons of heterogeneity in the types of pension schemes attached to or in the same fund, the constitution, within the control committee, of subcommittees which operate according to the homogeneous areas of plans or plans, may be arbitrated. according to investment modalities or other criteria.

The members of the subcommittees must necessarily be members of the control committee, and the requirements for adopting agreements affecting the investment policy provided for in the previous paragraph must be guaranteed.

In any event, it is understood that the functions of the control commission listed in paragraphs (c), (e), (f), (g) and (i) of paragraph 1 are not delegated to the subcommittees, without prejudice to the mandates granted to any of the subcommittees. its members to act before third parties on behalf of the fund.

6. The operating costs of the monitoring and subcommittees shall be borne by the fund, but their total or partial assumption may be agreed by the sponsoring entities.

Article 65. Channelling of resources from an employment pension scheme attached to a fund to other open pension funds.

The control commission of an employment pension scheme attached to a fund may agree to channel resources from its position account to other employment pension funds authorised to operate as open, in the Following conditions:

(a) The investor employment pension scheme shall maintain a holding account in the open employment fund which may be mobilised to another open, or reintegrable, employment fund in the fund in which the plan is integrated. inverter.

It is for the control committee of the open fund to accept the opening of such a participation account, and may delegate such a faculty to one of its members, a subcommittee or its manager.

(b) The plan's participation account in the open fund shall be considered an asset of the employment fund to which the investor plan is assigned, individually assigned to the position account of the investor plan.

In the asset of the fund to which the investor plan is attached, the plan's participation account shall not be applicable to the investment diversification limits provided for in this regulation. As regards the management and deposit fees attributable to that account, the effect of Article 84 shall be as provided for in Article 84.

The open employment fund will not be able to guarantee a minimum return on the participation of an investor plan.

c) Instrumentation of the collection of contributions and payment of benefits of the plan will be carried out in the fund to which it is attached, corresponding to its management the certification and mobilization of the consolidated rights, the recognition and credit for the capabilities and quantification of the plan's position account.

(d) The investor employment plan control committee may appoint representatives among its members to attend, with a voice and without a vote, the meetings of the control committee of the open fund, where appropriate.

In any case, the management of the open fund should inform the control committee of the investment plan of the changes in the operating rules and the investment policy of the open fund, and with the frequency of is agreed, which shall be at least annually, shall inform the said committee on the status and movements of the holding account and on the investments of the open pension fund. In addition, the management of the open pension fund shall provide the information to the manager of the fund to which the investor plan is attached on a daily basis.

Article 66. An employment pension scheme to be attached to a number of pension funds.

1. A single employment pension scheme may be attached to two or more employment pension funds, managed, where appropriate, by different management entities, from the time of the formalisation of the plan or after the plan.

Multiple membership shall be made exclusively by the articulation of the subplans defined in accordance with the following paragraph, which shall be used in the respective funds.

The specifications of the pension plan and, where appropriate, the technical basis of the plan shall specify the delimitation of each of the various sub-plans, their system of contributions and benefits and specific financial system.

The promoter or control commission of the plan will request the integration of each subplan into the respective fund in the terms provided for in this regulation for the integration of plans.

2. For the purposes of the preceding paragraph, the delimitation of sub-plans in an employment pension scheme for the purposes of their membership in different funds may be established in the following cases:

(a) In employment plans where there is at least one collective with a defined contribution regime and another or others with a defined benefit scheme, a sub-plan may be formalised for each of the different schemes of defined benefit, in addition to another for the collective affected by the defined contribution scheme.

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 disability.

(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 plans, when each sub-plan corresponds to a company promoting it.

A single participant or beneficiary may be attached to more than one subplan based on 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 for each subplan will be integrated into the corresponding fund.

The various sub-plans will not assume responsibility for each other. The actuarial review will be performed independently for each subplan.

4. The control committee of the plan shall exercise its functions in respect of the whole pension plan, without prejudice to the possibility of agreeing to the formation of subcommittees between its members for the exercise of tasks relating to the sub-plans.

The plan shall be represented in each of the control committees of the corresponding funds, as set out in Article 63.

5. The manager of each pension fund shall be responsible for the management of the collective of members and beneficiaries of the sub-plan attached to the fund, the effective implementation of the contributions and benefits that correspond to them, the certification of its consolidated and economic rights, the management of the subplan's resources and the quantification of the sub-plan's position account.

CHAPTER III

Specific rules on personal pension funds

Article 67. Commission for the control of personal pension funds.

1. In the case of personal pension funds, a committee on the control of the fund shall be set up with representatives of each of the plans attached to the fund and the tasks provided for in Article 64.

2. In the case of pension schemes of the associated system, these representatives shall be appointed by the respective control committees of the plans. If the fund integrates a single plan of the partner system, the plan control commission shall exercise the control commission of the fund.

In application of the provisions of Article 54 (3), as long as the first control commission of the scheme of the associated system is not established, it is up to the sponsor of the plan to appoint representatives to the control committee. of the fund or, where appropriate, to exercise the functions of the fund if it is the only plan attached.

3. In the case of plans of the individual system, the representatives in the control committee of the fund shall be appointed by the respective entities promoting the plans. To this end, if between the plans attached to the fund there are two or more plans of the individual system promoted by the same sponsoring entity, it may designate a joint representation of those plans in the control committee of the fund.

If the fund exclusively integrates one or more individual system plans promoted by the same entity, the constitution of a fund control commission shall not be required, corresponding to the sponsor of the plan or plans the roles and responsibilities assigned by this regulation to that committee.

The rules of operation of the personal pension fund shall specify the rules on the composition and functioning of the fund's control committee taking into account the provisions of this regulation.

Article 68. Functioning of the control committee of the personal pension funds.

1. The mandate of the members of the control committee for the personal fund shall be temporary and free. In the rules for the operation of the fund, it shall be entered

the procedure for the election and renewal of its members, the duration of their term of office, which shall not exceed four years, but may be re-elected, as well as the cases and ways in which the said commission is to meet.

The control committee of the fund shall meet at least once in each financial year, and for each session the corresponding minutes shall be drawn up.

2. Once the members of the Committee on the Control of the Fund have been elected, they shall appoint each other to the Chair and the Secretariat. The commission shall be validly constituted when, duly convened, the majority of its members are present, and shall adopt its agreements by a majority, taking into account the provisions of the following paragraph.

In the event that the fund integrates several pension plans, the vote of the representative or designated representatives for each plan shall be weighted in respect of their number and the plan's position account in the fund. Where appropriate, the position account of the set of plans of the individual system of the same promoter shall be weighted if the sponsor has designated a joint representation of his plans.

The rules of operation of the fund will specify the requirements for the adoption of agreements, and may require qualified majorities.

3. For reasons of heterogeneity in the types of plans attached to a single fund or dimension, the constitution, within the committee on the control of the fund, may be arbitrated from subcommittees operating according to homogeneous areas of plans or according to Investment modalities.

The members of the subcommittees shall, in any case, be members of the control committee.

4. The operating expenses of the control commission and subcommittees shall be borne by the pension fund or by the sponsoring entities, as agreed. In any case, the proportional share of those expenses which, in relation to the respective position accounts, correspond to plans of the individual system shall be supported by their sponsoring entities.

CHAPTER IV

Pension fund investment scheme

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 will be given to protecting the interest of members and beneficiaries.

2. Investment management shall be carried out by honorable persons who possess the appropriate qualifications and professional experience.

Concurrability in those who have been observing a trajectory of respect for the commercial laws and other norms that regulate the economic activity and the life of the business, as well as the good commercial practices, financial and banking.

3. 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 issues such as the methods of measurement of the risks inherent in the investments and management processes of the control of such risks, as well as the strategic placement of assets. with regard to the nature and duration of its commitments, and shall be reviewed in the event of significant changes to it and, in any event, as a consequence of the amendments to be made in the light of the conclusions of the actuarial financial review referred to in Article 23.

4. Pension fund assets will be invested mostly in regulated markets. Investments in assets that cannot be traded on regulated markets shall, in any event, be maintained within prudential levels.

The assets affected by the coverage of the technical provisions shall be invested in an appropriate manner to the nature and duration of the planned future benefits of the pension plans.

For the purposes of this Title, regulated markets are considered to be those established within the scope of the Organisation for Economic Cooperation and Development (OECD), which fulfil the conditions required by the Directive. Council Directive 93 /22/EEC of 10 May 1993 on investment services in the field of marketable securities, and those other than, where appropriate, the Spanish financial control authorities, by understanding that their conditions of They are equivalent to those laid down in the said Community rules.

Organized derivatives markets will also be considered 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.

5. The assets of the pension funds will be invested according to criteria of safety, profitability, diversification, dispersion, liquidity, monetary congruence and of adequate time limits to their purposes, according to the rules.

6. The supervisory board of the pension fund or the managing body, following the instructions of the control committee of the fund concerned or in accordance with the rules of operation of the fund, shall exercise all rights. inherent in the values integrated in the fund with quantitative relevance and stable character, for the exclusive benefit of the members and beneficiaries, especially the right to attend and vote in the general meetings.

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 Securities Market.

8. The use of derivative instruments shall be subject to compliance with the requirements laid down in Article 71 of this Regulation and the rules which, in its development, may be issued by the Minister for Economic Affairs.

9. The assets belonging to the pension fund's assets are collectively and proportionally to all the plans attached to the fund and to all the members and beneficiaries thereof, 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 recast text of the law.

However, the Minister of the Economy 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 this.

Without prejudice to the foregoing, the Minister for Economic Affairs may regulate the conditions under which investments in the equity of the employment pension fund may be allocated in order to use its internal rate of return as a type of technical interest.

Article 70. Eligible investments from pension funds.

Are eligible assets for pension fund investment:

1. Securities and fixed and variable income rights admitted to trading on regulated markets, including those that qualify for the subscription or acquisition of those.

marketable securities of fixed income or new issue variable shall be provisionally eligible in the event that the issuing entity has securities of the same class issued before it is traded on such markets. Provisional fitness shall cease, if within one year of its issuance, the requirements for this purpose are not met.

Such securities and 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 after the end of the periods referred to above.

2. Actions and participations of collective investment institutions governed by Law 35/2003 of 4 November of institutions of collective investment or in Council Directive 85 /611/EEC of 20 December 1985, provided that the the funds or the statutes of the companies whose shares or shares are intended to be acquired do not authorise the investment of more than 10% of the institution's assets in shares or units of other collective investment institutions.

3. Deposits with credit institutions that are in sight, provided that the credit institution is based in a Member State of the European Union, and provided that they are nominated in currencies that are traded on OECD foreign exchange markets.

4. 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.

5. Mortgage loans, in so far as the first mortgage is concerned and the mortgage is constituted on buildings which meet the requirements set out in the previous paragraph. In addition, all requirements that would be required by mortgage legislation must be met.

Credits against the public treasury for withholding tax on corporation tax.

Pignoraticios credits, provided that the object of the guarantee is also an asset eligible for the investment of the pension funds.

6. Derivative financial instruments admitted to trading on an organised market for derivatives on interest rates, exchange rates, shares, dividends or stock indices, which meet the requirements set out in Article 71.

7. Securities, fixed income securities and derivative financial instruments, not admitted to trading on regulated markets. In order for these categories to be eligible for the investment of pension funds, they must meet the following requirements:

a) Securities not traded on regulated markets.

In order for them to be considered eligible for pension funds, they must meet the following requirements:

1. No restrictions on their free transmission may be submitted. In the case of securities or shares/units issued by companies or venture capital funds authorised to operate in Spain under Law 1/1999 of 5 January, where the free transmission or the structure is limited by configuration and structure capital increases to the partners or unit-holders of the venture capital institution, this requirement shall be deemed to be accredited when they incorporate a clause or express repurchase agreement of the securities or units of the venture capital institution into the fund pensions.

2. º must have been issued by entities with registered offices in any OECD member country in which the character of tax haven is not present.

3. The issuing entity 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 non-traded assets on regulated markets may result in the exercise, in 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 involved, a significant participation, both in the group of the managing body as in the entity in which it is invested. 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 credits granted by the companies of the groups mentioned.

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 non-negotiated securities issued by the economic group of the manager or the promoters of the integrated pension schemes in the managed funds is prohibited.

(b) Monetary market instruments and fixed income securities with a maturity of less than 18 months 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 or its autonomous agencies, the autono communities, the local corporations, the state societies, public entities of the European Economic Area, the agencies international financial services for which Spain is a member and for others that result from international commitments that Spain can assume.

2. º That are issued by a company whose securities are traded on a regulated market.

(c) Non-traded derivative financial instruments in an organised market for derivatives on interest rates, exchange rates, shares, dividends or stock indices, provided that they meet the following requirements:

1. CCPs are entities domiciled in OECD Member States subject to prudential supervision of those States or supranational bodies of which Spain is a member, engaged in a regular and professional manner to carry out such operations and to have sufficient solvency.

2. º that transactions may be without effect at any time at the request of the pension fund, so that the contractual terms of each transaction must allow at all times its liquidation or transfer to a third party. In order to ensure compliance with this requirement, either the counterparty or the financial intermediary who has undertaken this commitment and meets the requirements set out in the previous indent shall be required to offer daily purchase quotes and sale. The maximum difference between the two types of contributions shall be fixed in each contract made and in the periodic information documents of the entity drawn up after the signature of each contract. In the case of transfer to a third party, the third party shall be subrogated to at least the price fixed for that day by the counterparty or financial intermediary mentioned above.

3. The contractual clauses incorporate accurate documentation about the valuation method according to which the daily quotes mentioned in the previous indent are to be determined.

4. When the counterparty belongs to the same group as the pension fund manager, it must be possible to prove that the transaction is performed at market prices. It shall be presumed to have been carried out at market price when the counterparty has carried out other operations under those same conditions with non-group entities.

5. º That meet the remaining requirements set out in Article 71.

8. The Minister for Economic Affairs may lay down the conditions to be met by other assets not listed above for consideration as eligible for investment by pension funds.

Article 71. Derivatives transactions.

1. Pension funds may invest in derivative financial products in order to ensure adequate coverage of the risks assumed throughout or part of the portfolio as an investment to more effectively manage the portfolio, or in the the framework for a management aimed at achieving a concrete objective of profitability. In the case of derivative financial instruments not traded on organised derivatives markets, their purpose may be to cover only the risks assumed by the pension fund or the achievement of a specific objective of profitability.

2. Pension funds may not use any derivative other than those referred to in the following paragraph, either being engaged in isolation well incorporated in a structured transaction in combination with other instruments, securities or deposits.

3. Pension funds may use the following derivative financial instruments: futures, options, time-limits, financial swap transactions and structured transactions resulting from the combination of two or more instruments or assets on the terms that the Minister of Economy can establish. In the case of structured operations, each of the components that the components must be fit according to the provisions of this chapter.

4. 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 set out in Article 72.

5. Pension funds shall assess their operations in derivatives on a daily basis.

6. The control commissions, the sponsoring entities or, as the case may be, the managing and depository entities shall be extremely diligent in respect of the investment in derivative financial products, for which they will be required to establish the appropriate internal control mechanisms to verify that such operations are appropriate to their objectives and that they have the necessary means and experience to carry out such activity.

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 over-reliance on one of them, on a particular issuer or on a group of companies, and on accumulations. (a) risk on the portfolio as a whole, and must comply with the conditions set out in the following paragraphs at all times:

(a) At least 70 percent of the pension fund's asset will be invested in financial assets admitted to trading on regulated markets, in bank deposits, in mortgage and real estate loans. It may also include in that percentage the shares in investment funds under Law 35/2003 of 4 November of collective investment institutions or of Council Directive 85 /611/EEC of 20 December 1985, whose holdings are considered to be listed.

The position in the instruments and the investment in the assets referred to in Article 70 (7) shall not exceed, as a whole, 30% of the assets of the pension fund.

The Minister of Economy may lay down specific rules on the incidence of financial instruments derived from the calculation of the limits set out in this Article, as well as the application of limits, conditions and rules for valuation of transactions with those instruments.

(b) Investment in securities or securities issued by a single entity, plus the credits granted to it or endorsed or guaranteed by it, shall not exceed five per cent 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 five percent of the asset is exceeded. of the background.

The fund will be able to invest in several companies in the same group, not being able to exceed the total investment in the group 10 percent of the fund's asset.

No pension fund may have invested more than two percent of its asset in securities or assets not admitted to trading on regulated markets issued or endorsed by a single entity. No pension fund may have more than four per cent of its asset in securities or assets not traded on regulated markets issued or endorsed by entities belonging to the same group.

Investment in the same investment fund whose holdings have the consideration of listed securities may reach up to 20 percent of the fund's asset.

(c) Pension funds may not invest more than five percent of their assets in securities or securities issued by entities in the group to which the sponsor or promoters of the integrated employment plans belong.

(d) The investment of pension funds in securities or securities issued or endorsed by the same institution shall not exceed five per cent, in nominal value, of the total of the securities or securities in circulation of that institution.

In the case of securities or shares/units issued by companies or venture capital funds authorised to operate in Spain under Law 1/1999 of 5 January, the regulator of venture capital institutions and their companies This limit will be raised to 20 percent.

The limits set out in the preceding paragraphs shall not apply to assets issued or endorsed by the State or its autonomous bodies, by the Autonomous Communities, local corporations or by public administrations. (a) the equivalent of the Member States of the OECD, or of the international institutions or bodies of which Spain is a member and by those other than of international commitments which Spain may assume, provided that the investment in values of the same emission do not exceed 10% of the nominal balance of the issue.

e) Investment in real estate, mortgage loans and real estate rights may not exceed 20 percent of the pension fund's asset. No more than five per cent of the pension fund's asset can be invested in a single building. These limits will also apply to real estate and real estate rights that are close enough and of a similar nature to be considered as a single investment.

For the purposes of applying the limits provided for in this Article, holdings in the share capital of companies whose securities are not admitted to trading on markets shall be deemed to be treated as immovable property. regulated, which have as their exclusive social object the holding and management of buildings, and in which at least 90 per cent of their assets are made up of buildings.

This asset category will not result from application as set forth in paragraph (d) above.

(f) For the verification of the limits provided for in this Article, the fund's asset shall be determined in accordance with the valuation criteria set out in Article 75, excluding from the calculation of the asset the items derived from the (a) insurance against the plans incorporated in it, the shares in other pension funds, the debts owed by the sponsor of employment plans to those for reasons of rebalancing plans under the fourth transitional provision of the Recast of the law, and the portion of the position account channeled to another pension fund.

In the case of structured operations, these limits will also be applied to each of the elements that make up the operation.

g) In the case of pension funds managed by a same managing body or by different management entities belonging to the same group of companies, the limitations set out in the preceding paragraphs shall be calculated, in addition to the consolidated balance sheet of those funds.

h) The Minister for Economic Affairs may lay down conditions and percentages in accordance with Community rules for establishing or implementing compliance with monetary congruence.

i) 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 those listed in this Article, to investments of pension funds in assets or financial transactions which are included in the liability of undertakings promoting pension schemes attached to the fund, to the management or depository of the fund or of the undertakings belonging to the same group of undertakings.

Article 73. Liquidity of pension funds.

1. The pension funds, in consideration of the needs and characteristics of the pension plans attached, shall establish a liquidity ratio in accordance with the provisions of liquid asset requirements, which are contrasted with the benefits, they will define the appropriate level of coverage by the relevant pension fund.

Such a liquidity requirement shall be kept in view deposits and in money market assets with a maturity of not more than three months.

2. Pension funds will not be able to contract loans or make guarantors on behalf of third parties. However, they may contract debts in an exceptional and transitional manner, with the sole purpose of obtaining liquidity for the payment of benefits, subject to prior notification to the Directorate-General for Insurance and Pension Funds, and in terms of refers to the previous section.

Article 74. General conditions of operations.

1. As a general rule, the pension funds shall carry out transactions on financial assets admitted to trading on regulated markets, in accordance with the resulting prices in those markets, unless the transaction can be carried out in more favourable conditions for the fund than those resulting from the market.

2. For pension funds, transactions on financial assets admitted to trading on regulated or organised markets referred to in Article 69 (4) shall be carried out in such a way as to effectively affect prices with the (a) a number of tenders and plural claims, unless the transaction can be carried out under conditions which are more favourable to the fund than those resulting from the market.

Without prejudice to Article 17 (1), the pension fund shall have at all times the ownership and free disposition of the assets in which the investment in its assets materializes.

Assets must be located in the European Economic Area.

For these purposes, the location of the assets shall be determined according to the following criteria:

(a) Securities: the address of its depositary. Where securities are represented by means of a statement of account, that of the entity in charge of its accounting records. Where they need to be guaranteed by credit establishment or insurance institution, it shall be the place where the guarantor establishment is situated.

(b) Investment fund shares: the domicile of the depositary.

(c) Deposits: the place where the establishment in which they were established is situated.

d) Real Estate: the place where they are located.

e) Credits: the debtor's domicile. If this is real guarantee credits, the place where the guarantee can be executed.

(f) Other negotiable rights: the issuer's domicile.

In any case, marketable securities must be deposited with financial intermediaries authorised to operate by means of establishment in a Member State of the European Economic Area or, in the case of securities represented by means of account entries, their specific rules must be respected.

The entries in account with accounting records outside the European Economic Area and within the scope of the OECD shall be guaranteed or endorsed by credit institution authorised to operate by means of establishment in a Member State of the European Economic Area.

3. The managing and depository institutions of a pension fund, as well as its directors and directors, and the members of the supervisory board, may not buy or sell for themselves items of the fund's assets directly or per person or interposed entity. Similar restriction shall apply to the procurement of appropriations. For this purpose, the operation is understood to be performed per person or entity interposed when it is executed per person united by relationship of parentage in direct or collateral line, consanguine or by affinity, up to the fourth degree inclusive, (a) a member of the supervisory board or a trustee or any company in which the members, directors, directors, entities or members of the supervisory board have, directly or indirectly, a percentage equal to or greater than 25% of the capital or perform functions involving the exercise of the power of decision.

The disposal and acquisition of assets by depository entities that are part of their normal operations shall not be considered to be included in the preceding paragraph.

4. The assets of the pension funds may only be the subject of a guarantee to ensure that the obligations of the fund are met.

Non-party obligations may not exceed five percent of the fund's asset in any case.

These effects shall not be taken into account in the acquisition of assets in the period up to the total settlement of the relevant transaction, nor those existing in respect of the beneficiaries up to the time of payment of the relevant benefits, or those corresponding to the consolidated rights of the unit-holders.

5. Where the excess over any of the investment ceilings referred to in this Regulation is due solely to the exercise of rights incorporated in the securities forming part of the portfolio, to the change in the value of securities which were acquired subject to legal rules, to a reduction in the pension fund's own assets through the mobilisation of position accounts or settlement of plans, or when membership of the same group is a circumstance over after the investment, the fund will have a one-year period to be counted from the time the excess is produced, to proceed with its regularisation.

Article 75. Investment valuation criteria.

1. Marketable securities, whether fixed or variable, belonging to pension funds, shall be valued at their value for completion, in accordance with the following criteria:

(a) For securities admitted to trading on a regulated market, the value of their contribution to the closing of the day to which their estimation relates or, in the absence thereof, to the last published or the average change shall be understood weighted if there was no official closing price. 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.

As a derogation from the preceding paragraph, fixed income securities with a maturity of less than or equal to six months shall be valued at the purchase price increased in the corresponding accrued interest, which is (a) to calculate according to the internal rate of return on these investments, and never to apply a linear method of refunding. In the case of fixed income investments exceeding six months, the valuation method indicated in the preceding paragraph shall be applied on the day on which it restates just six months for the maturity, considering as the price of the acquisition that matches the internal return on investment at the market interest rate.

(b) In the case of fixed-income securities not admitted to trading on a regulated market or, where admitted to trading, their price or price is not sufficiently representative, the value of the holding shall be determined by updating its future financial flows, including the redemption value, at a rate equivalent to the average of the last month resulting from the Bank of Spain's annotated public debt market with the same maturity, applying, where appropriate, the appropriate homogenisations according to the quality of the issuer to be provided for in the accounting rules.

(c) In the case of other securities, other than those referred to in the preceding paragraphs, it is understood by the value of the undertaking that it is necessary to apply rational, value-based criteria accepted in practice, taking into account, where appropriate, the criteria laid down by the Minister for Economic Affairs under the principle of maximum prudence.

2. The buildings shall be computed by their value for assessment.

At least annually, the properties of the fund must be assessed. The assessments may be carried out by the technical services of the Directorate-General for Insurance and Pension Funds or by an approved appraiser for the valuation of assets on the mortgage market, in accordance with the rules specific to the assessment of buildings approved by the Minister for Economic Affairs.

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 closest to the residual 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 valuation the amount of works certificates to the extent that they are paid and are in accordance with an effective realization of these.

3. The loans shall be valued at their current value, with the limit of the value of the guarantee, using the interest rate of the State of the State of duration closest to the residual of the credit for its update.

4. The pension funds shall calculate the value of the position account of the integrated plans on a daily basis.

The quantification of the position account of each integrated plan in the fund will be derived from the application of the investment valuation criteria set out above, and in an additional way, from the accounting valuation rules or, where appropriate, of those set out for their specific application to pension funds.

The mobilisation of the position account of a pension scheme may involve a penalty in favour of the pension fund, in accordance with the provisions of the pension scheme.

The operating rules may provide for the mobilisation of a position account to be made by transmitting to another pension fund the assets that are proportionally corresponding to that account. position.

5. For the purposes of making contributions to pension plans, mobilisation of consolidated rights, recognition of benefits and liquidity of consolidated rights in exceptional cases, the daily value of the account shall be used of the position of the plan, applying the date on which the contribution, mobilisation, liquidity or payment of the benefit is made effective.

However, the rules of operation of the fund may refer to the valuation of the consolidated rights and benefits to that corresponding to the business day following that indicated.

For the assessment of payments to be made for non-guaranteed claims, which are to be met in the form of deferred capital or income from the capitalisation fund, the value of the account shall also be used position on the date or dates of their maturities, but the rules of operation of the fund may refer the valuation to the stock exchange or similar changes corresponding to the business day following that of the maturity.

The provisions of this paragraph are without prejudice to the validity and legal effects of the date of the contribution or the request for mobilisation, liquidity or recognition of the benefit.

For the purposes of this Regulation, the date of application shall be the date of receipt by the manager or depositary, the sponsor of the plan or the control commission of the plan of the request made in writing by the participant. or a beneficiary, or a third party acting in its representation, containing all the necessary documentation; the recipient shall be obliged to provide the applicant with evidence of its receipt.

The managing body of delays resulting in excess over the time limits provided for in this Regulation shall be responsible between the date of receipt of the application with the relevant documentation and the date of the effective order of payment or mobilisation of the transaction, without prejudice to the possibility of the managing body to repeat against the entity that caused the delay.

6. For the purposes of coverage of technical provisions and capitalisation funds with a guarantee of interest, the asset valuation criteria set out in the preceding paragraphs shall apply, net of the debts incurred for the acquisition of the assets. assets, and the value adjustments to be made.

However, special methods for the valuation of fixed income securities may be established for the employment pension funds by the Minister for Economic Affairs, in order to ensure that they remain on the balance sheet of the pension fund or the use of your internal rate of performance as a type of technical interest.

The Minister of Economy is empowered to issue specific rules on eligible assets for the investment of pension funds and for the coverage of technical provisions and capitalization funds with a guarantee of interest.

Article 76. Investment of a pension fund in open pension funds.

The control commission of an employment or personal pension fund may agree to investment in pension funds, of the same category, authorised to operate as open under the following conditions:

(a) The investor pension fund shall maintain a holding account in the open fund which may be mobilised to another open pension fund. The same fund may maintain a holding account in more than one open fund.

It is up to the control committee of the open fund to accept the opening of such an account, and may delegate such a faculty to a subcommittee or to the manager of the fund.

(b) The participation in the open fund may not be allocated to a plan or plans determined by those assigned to the investor fund, but shall be considered an asset of the investor pension fund, collectively allocated and proportionally to all plans attached to it.

In the asset of the investor pension fund, the account of participation in an open fund will not be applicable to the limits of the diversification of investments of the pension funds provided for in this regulation, in relation to with the equity of the investor fund. As regards the management and deposit fees charged to that account, the provisions of Article 84 shall apply.

The open fund will not be able to guarantee a minimum return on the participation of investor pension funds.

c) In the investor fund, the collection of contributions and payment of benefits from the plans attached to the fund will be used, corresponding to the management of the certification and mobilization of the consolidated rights, the recognition and payment of the benefits and the quantification of the position accounts of the plans attached.

(d) The control committee of the investor fund may appoint representatives among its members to attend, with a voice and without a vote, the meetings of the control committee of the open fund, where appropriate.

In any event, the managing body of the open fund shall inform the supervisory committee of the investor fund of changes in the rules of operation and the investment policy of the open fund, and with the frequency agreed upon, which shall be at least annually, shall inform the Commission of the status and movements of the holding account and the investments of the open pension fund. In addition, the management of the open fund will provide information to the investor fund manager on a daily basis.

Article 77. External guarantee in defined contribution pension plans.

In the event that financial institutions, in the terms permitted by their specific rules, offer to the members of the individual pension plans or associates an individual guarantee, referred to of a certain value of the consolidated right at a given date, such guarantees shall be formalised in writing, specifying clearly and in detail the identity of the guarantor entity, the object of the guarantee and the profitability or parameter of the reference, the plan to which it relates, the duration, maintenance conditions and possible causes suspension or termination of the guarantee, the circumstances, time and form in which it may be required to carry out, in order to determine the amount to be compensated by the financial institution and, where appropriate, quantitative limits on the guarantee. If the information refers to a theoretical return implicit in the transaction, it shall be informed of its calculated equivalent on an annual basis.

It shall be expressly stated that the guarantee is payable to the guarantor entity, which is obliged to satisfy it directly to the user, without being able to be required or considered as the provision of the pension plan, contribution to the plan or increase of the rights established in the plan, being an independent guarantee of the rights and obligations arising from the membership of the pension scheme.

The aforementioned guarantees, established between the guarantor and the participating entity, will not be subject to the investment actions of the control commissions or the manager of the fund or of third parties with the the management of the investments of the pension fund has been contracted, without prejudice to the concerts on the part of the guarantor entity and those.

Pension fund management entities will not be able to assume the guarantees referred to in this article.

Pension plans or funds in respect of which the guarantor entity offers its guarantee may not contain in its name the term "guarantee", "guaranteed", "safe", "insured" or those other that lead to think which is the pension plan or pension fund, if any, who offers the guarantee.

All of the above is without prejudice to the provisions of Law 34/1988, of 11 November, General of Advertising, and provisions of development.

TITLE IV

Managing entities and depository of pension funds

CHAPTER I

Requirements and activity of management and depository entities

Article 78. Pension fund management entities with exclusive social object.

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) Have a paid-up capital of 601,012 euros.

In addition, own resources should be increased by the following percentages of the total assets of the fund or funds under management of EUR 6,010,121 in the following tranches:

One per cent for excesses on 6,010,121 euros to 901,518,157 euros.

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

0.1 percent for excess 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) Your actions will be nominative.

c) Having as their exclusive social object and activity the administration of pension funds. Its name shall be followed in any case by the expression 'pension fund manager'.

(d) They may not issue obligations or go to credit and shall have their assets materialized in accordance with paragraph 3 of this Article.

e) You must have your registered office in Spain.

(f) You must obtain prior administrative authorisation and register in the Special Register of pension fund management entities established in this Regulation.

(g) To the members and to the natural and legal persons who are members of the Management Board, as well as to the Directors-General and assimilated to the latter of the pension fund management entities, it shall be applicable to them the criteria and arrangements for incompatibilities and limitations set out in Articles 14 and 15 of Law 30/1995 of 8 November 1995 on the organisation and supervision of private insurance.

The Minister of Economy may regulate the form of accreditation of the requirement set out in this paragraph (g).

2. For the purposes of paragraph 1 (a), they may be counted as additional own resources:

(a) The paid-up share capital in excess of EUR 601,012.

(b) The legal reserve, the revaluation reserves of assets by application of legal standard, the share issue premium, the voluntary reserves and the part of the credit balance of the profit and loss account to increase voluntary reserves.

In any case, they shall be deducted from the own resources: the costs of establishment, constitution, capital increase and formalization of debts that appear on the asset, the balance debtor of the account of losses and earnings, the negative results of previous years, the losses resulting from the overvaluation of assets and the underestimation of liabilities that have not been imputed to results, and any obligation, provision or debt which has not been accounted for in accordance with the laws or regulations.

3. The own resources of the managing entities governed by this Article shall be invested in financial assets contracted in regulated markets, in real estate, securities, treasury or any other asset appropriate to the social object. unique that characterizes these entities.

In no case shall these entities be able to issue bonds, promissory notes, effects or similar securities, or give guarantees or pay their assets or go to credit.

4. They shall be the cause of dissolution of the pension fund management entities regulated in this Article:

(a) Those listed in Article 260 of the consolidated text of the Law on Companies, approved by Royal Decree 1564/1989 of 22 December 1989.

(b) The revocation of the administrative authorisation as provided for in this Regulation, unless the entity itself renounces such authorisation by coming such a waiver solely motivated by the modification of its social object for develop an activity other than the exclusive social object of the administration of pension funds referred to in paragraph 1 (c).

The dissolution agreement, in addition to the publicity that prevents Article 263 of the aforementioned recast text of the Company Law, will be entered in the Special Register and will be published in the "Official State Gazette", and the registration in the Special Register will be cancelled later, in addition to complying with the provisions of Article 278 of the recast text of the Law on Anonymous Societies.

Article 79. Authorisation and registration of pension fund management entities with exclusive social object and subsequent amendments.

1. The public limited liability companies referred to in the previous Article, which are constituted to administer pension funds as a social object and exclusive activity, shall request prior administrative authorization and registration in the Register (a) special pension fund management entities to be able to act as such.

Once the company has been established and registered in the Commercial Registry, it must ask the General Directorate of Insurance and Pension Funds for the prior administrative authorization and simultaneous registration in the aforementioned company. Special register.

The granting or refusal of the authorisation and the simultaneous registration in the Special Register of pension fund management entities shall be made by a reasoned decision of the Directorate-General for Insurance and Pension Funds, which shall be publish in the "Official State Gazette" for general knowledge, and does not exhaust the administrative route.

2. The above paragraph is without prejudice to the fact that, in order to exercise as a managing body of one or more certain pension funds, the administrative authorisation procedures provided for in this Regulation should be followed. the establishment of pension funds or the replacement of management entities.

Applications for prior authorization of a pension fund may be combined, and for authorization and registration in the special register of the managing body seeking to assume the administration of such a fund.

In any case, the administrative authorization for the formation of the pension fund will require the prior or simultaneous authorization and registration of the managing body with exclusive social object.

3. Changes in the name, address and statutes of the managing body shall not require administrative authorisation, but without prejudice to the advertising provided for in the rules on public limited liability companies, they shall be notified to the Directorate-General for Insurance and Pension Funds for constancy in the Special Register, within 10 days of the adoption of the relevant agreement.

Social capital increases and reductions and the subscribed capital disbursements shall be reported to the General Directorate of Insurance and Pension Funds.

This paragraph is without prejudice to the duty to present at the time of the General Directorate of Insurance and Pension Funds the corresponding public deed entered in the Commercial Register.

4. The Minister for Economic Affairs may lay down specific rules on the procedure for the authorisation and registration of pension fund management entities, and on the reporting obligations for amendments, and in particular on the communication of data relating to its advisors and senior positions and to the concurrence of close links with other dominant or dominated entities, participants or participants, or other extremes related to their organisation and activity programmes.

Article 80. Insurance entities acting as pension fund managers.

1. The insurance institutions authorised to operate in Spain in the life field, including social security mutual societies, which fulfil the conditions laid down in this Regulation, may also act as pension fund management entities. rules.

For this purpose, they shall comply with the requirements set out in paragraphs (a), (e), (f) and (g) of Article 78.1.

2. For the purposes of paragraph (a) of Article 78.1, for the coverage of the initial minimum of EUR 601,012 and additional resources required in the light of the assets of the funds managed, the insurers may compute the capital or mutual funds disbursed, the legal reserve, the revaluation reserves of assets by application of legal standard, the share issue premium, the voluntary reserves and the part of the credit balance of the loss account and Gains to be made to increase voluntary reserves.

In any event, the demand for own resources for the activity as a pension fund manager is considered to be in addition to the uncommitted own equity requirements for the solvency margin and the fund's coverage. security required for the exercise of the insurance activity.

3. The insurance institution intending to act as a pension fund manager shall apply for prior administrative authorisation and registration in the Special Register of pension fund management entities to that effect.

The application will be filed with the General Directorate of Insurance and Pension Funds, which will decide on the authorization and simultaneous registration of the entity.

4. Insurers which are pension fund managers shall be subject to their specific rules contained in Law No 30/1995 of 8 November 1995 on the management and supervision of private insurance in respect of their dissolution, liquidation and extinction, as well as in relation to the revocation of the administrative authorisation to act as a life insurance or social security mutual entity.

5. The absence of insurance institutions in the special register of pension fund management entities shall be the result of:

(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 to be a manager of pension funds (d) Revocation or suspension of the administrative authorisation for the management of pension funds imposed as a sanction in accordance with the provisions of the Article 36 (1) of the recast text of the law, in conjunction with Article 41 of Law 30/1995, of 8 November, of the management and supervision of private insurance.

e) At the request of the entity itself, without prejudice to the provisions of 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 that has caused a loss in the Special Register of pension fund management entities may return to such activity and cause again discharge in accordance with paragraph 3 of this Article. which meets the requirements laid down for the management of pension funds.

6. The Minister for Economic Affairs may lay down specific rules on the procedure for the authorisation and registration and discharge of insurance institutions in the Special Register of pension fund management entities.

Article 81. Functions of the pension fund management entities.

1. Pension fund management entities shall have the following functions:

(a) The intervention in the granting of the corresponding public deed of incorporation of the pension fund as, in its day, the modification or liquidation of the fund. Where appropriate, you may collaborate or perform other tasks related to the preparation of such documents.

b) The keeping of the accounts of the pension fund per day and to carry out 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 plan. It shall provide the relevant instructions for the transfer of the accounts and the rights involved.

(d) The issuance, in union of the depository institution, of the certificates of belonging to the pension plans, required by the unit-holders whose plans are integrated into the fund. Certification shall be made annually on the contributions made and charged to each participant, as well as the value, for the exercise of their consolidated rights, without prejudice to the reporting obligations contained in this regulation.

e) The determination of the value of the mobilizable position account to another pension fund, when requested by 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 stipulated in this regulation.

2. The following shall be the functions of the aforementioned managing entities in the terms expressly laid down by the supervisory committee of the pension fund and with the limitations it considers relevant:

(a) The selection of investments to be made by the pension fund, in accordance with its operating rules and the applicable administrative requirements on such matters.

b) Order the depositary to purchase and sell the pension fund assets.

(c) The exercise of the rights deriving from the securities and other assets belonging to the fund, where the fund's control commission has delegated it to it.

d) Authorization for the transfer of position accounts to other funds.

Article 82. Pension fund depository institutions.

1. The custody and deposit of the securities and other financial assets integrated into the pension funds shall correspond to a depository institution established in Spain. Institutions that meet the following requirements may be institutions that meet the following requirements:

(a) To be a credit institution in accordance with the current rules on credit institutions.

b) Have your registered office or branch in Spain.

(c) Having as an authorized activity the receipt of public funds in the form of a deposit, current accounts or other similar accounts that bear the obligation of the refund and as a depository of securities on behalf of the public holders represented in the form of titles or as administrators of values represented in annotations in account.

Depository institutions of pension funds shall be entered in the Special Register of Depository Entities of Pension Funds.

2. The credit institution intending to act as a depository of pension funds shall apply for registration in the Special Register of Depository Entities of Pension Funds for that purpose.

The application will be filed with the General Directorate of Insurance and Pension Funds, to whom it is appropriate to resolve. The resolution in favour of registration shall entail the authorisation to be a depository of pension funds.

3. The discharge in the Register of depository institutions of pension funds shall be produced by:

a) Revocation or suspension of administrative authorization to operate as a credit institution.

b) Dissolution of the institution or closure of the establishment in Spain.

(c) Revocation or suspension of the administrative authorisation granted to be the depository of the pension funds, imposed as a sanction in accordance with Article 36 (1) of the recast text of the law, in conjunction with Article 41 of Law 30/1995, of 8 November, of the management and supervision of private insurance.

(d) At the request of the entity itself, without prejudice to the provisions of Article 85 of this Regulation.

The loss in the Special Register of Depository Entities of Pension Funds shall be without prejudice to the liabilities incurred by the credit institution in the exercise of its activity as a depository pension funds.

The entity that would have caused a loss in the Special Register of Depository Entities may cause the resumption of such activity again in the terms referred to in paragraph 2 above, provided that it meets the requirements to be depository of pension funds.

4. No one shall, at the same time, be a manager and depositary of a pension fund, except as provided for in the case of replacement of the managing body.

5. The Minister for Economic Affairs may lay down specific rules on the registration and discharge procedure in the Special Register of Depository Institutions of Pension Funds.

Article 83. Functions of the depository institutions of pension funds.

1. In addition to the custody function, they shall exercise the supervision of the managing body with the sponsoring entities, unit-holders and beneficiaries, and must carry out only those operations agreed by the managing entities that comply with the legal and regulatory provisions.

2. Each pension fund shall have a single deposit institution, without prejudice to the procurement of different securities or cash deposits with other institutions. The deposit institution of the pension fund is responsible for the custody of the pension fund's securities or cash without this liability being affected by the fact that a third party is entrusted with its management, administration or deposit.

3. The institution of a pension fund shall have the following functions:

(a) The intervention in the granting of the constitution and, where appropriate, the modification or liquidation of the pension fund, and in tasks related to the preparation of such documents.

(b) The control of the pension fund management company, in terms of strict compliance with the pension fund's obligations, in accordance with the principle of liability stipulated in this regulation.

(c) The issue, together with the managing body, of the certificates of membership of the members of the pension schemes, which are integrated into the fund.

(d) Instrumentation, which can be performed with the managing body, collections and payments arising from pension plans, in its double aspect of contributions and benefits, as well as the transfer of consolidated rights between plans, where applicable.

e) The exercise, on behalf of the fund, of the transactions of purchase and sale of securities, the collection of returns on investments and the materialization of other income, the transmission of assets and how many transactions are derived of the value repository itself.

f) channeling the transfer of the position account from a pension plan to another fund.

g) The receipt of securities owned by the pension fund, constitution in deposits guaranteeing their custody and issuing the supporting documents.

h) The receipt and custody of the liquid assets of the pension funds.

Article 84. Remuneration of management and depository institutions of pension funds.

1. Management companies shall be charged as a total remuneration for the development of their duties by an established management committee, in an express manner, within the limit set in the rules of operation of the pension fund. Such commissions will be determined and individualized for each of the pension plans integrated into the pension fund.

In no case shall the fees payable by the managing body be higher, for all the concepts, than the two per cent annual value of the position accounts to which they are to be charged. Such a limit shall apply to each integrated pension scheme and to the pension fund as a whole, and individually to each participant and beneficiary.

2. In remuneration for the development of the tasks entrusted to it in this Regulation, the depository institutions of pension funds shall receive from the pension funds, in the form of a deposit commission, a maximum remuneration of 0,5% the value of the position accounts to which they are to be charged.

This limit will apply to each integrated pension plan and to the pension fund as a whole, and individually to each participant and beneficiary.

3. The determination of the amount of the fees shall be admissible according to the results attributed to the plan, although in no case may they exceed the maximum amounts indicated above.

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, the above limit shall be jointly operated on the basis of commissions accumulated to be collected by the various managers and depositories or institutions.

5. The pension fund management bodies shall communicate to the Directorate-General for Insurance and Pension Funds the percentages to be applied at each time in respect of the management and deposit commission agreed for each of the pensions at the time of their integration into the pension funds and subsequent amendments, within 10 days of the completion of the plan or the modification agreement. The same obligation is established for the channelling of plan position accounts to open funds, as well as the participation of pension funds in open funds.

The reporting obligation set out in the preceding paragraph also extends to the managing entities of the open pension funds in relation to the management and deposit fees applicable to the accounts of the participation in investor pension funds and investment pension schemes for investors.

The commissions set out in this article may not be applied as soon as the communication referred to in this paragraph does not occur. The Directorate-General for Insurance and Pension Funds may give publicity to such committees.

Article 85. Replacement of the managing or depository entity.

1. The replacement of the managing or depository entities shall proceed:

(a) By decision of the pension fund control commission.

(b) At the request of the managing or depository institution itself, upon submission of another entity to replace it.

c) By unilateral waiver by the managing or depository entity.

d) By dissolution, insolvency procedure or exclusion from the special register of the entity.

2. The supervisory board of the pension fund may agree to the replacement of the manager or depository by designating another entity willing to take over the management or the deposit. As long as the corresponding designation does not occur, the affected entity shall continue in its duties.

3. The replacement of the manager or depository may be produced at the request of the institution itself, upon presentation of the entity's replacement.

In such a case, approval by the fund control commission and by the managing body or depository shall be required to continue in its functions of the replacement project which, in compliance with the requirements laid down in the operation of the fund, be proposed to those.

To proceed with the replacement of the managing body, it will be a prerequisite that the management entity has complied with the provisions of Article 98 on the formulation, auditing and advertising of accounts and, where appropriate, the constitution by the (a) the necessary guarantees which are required to cover the responsibilities of his or her management.

In no case shall the managing body or depository be given up to the exercise of its functions, until all the requirements and formalities for the designation of its substitutes have been met.

4. The managing or depository institutions of a pension fund may unilaterally waive their duties.

To that end, the managing or depository entity shall communicate its waiver by means of a fehating notification to the fund's control commission.

The manager will not be able to unilaterally resign from her duties without having complied with the provisions of Article 98 on the formulation, auditing and advertising of accounts.

If the resignation of the manager or depository is not accepted by the committee of control of the fund, such waiver will only have binding effects passed for a period of two years from its feisty notification, provided that, in the case of the lawmaking manager, the latter has complied with the requirements for the formulation, audit and publicity of accounts and has, where appropriate, constituted the necessary guarantees to be required to cover the responsibilities of its management.

If the two-year deadline is expired, no substitute entity or surrogate deposit will be appointed, the pension fund will be dissolved.

5. The dissolution, the insolvency proceedings of the managing or depository entities and their exclusion from the administrative register shall result in the cessation of the management or custody of the fund or funds of the entity concerned.

If this is the management entity, the management shall be provisionally entrusted to the depositary.

If the entity that ceases its functions is the depositary, the financial and cash assets of the fund shall be deposited with the Bank of Spain, as long as it does not appoint a substitute.

In both cases, the dissolution of the fund will occur if no new managing or depository entity is designated within one year.

The provisions of this paragraph are without prejudice to the provisions of paragraph 8 of this Article.

6. The replacement or new designation of manager and depository of a pension fund shall not be subject to administrative authorisation, but shall be communicated to the Directorate-General for Insurance and Pension Funds within 10 days of the date of the adoption of the agreement by the control committee of the fund, accompanying certification of the relevant agreements.

Once the replacement has been communicated, the corresponding public deed duly registered in the Commercial Registry, which will be incorporated, must be presented to the General Directorate of Insurance and Pension Funds. accreditation of the communication.

7. The merger and division of pension fund management entities shall require prior authorisation from the Directorate-General for Insurance and Pension Funds and, where appropriate, complete the procedure laid down in this Regulation for the authorisation and registration of the resulting new entity seeking to be a pension fund manager.

The merger or division affecting the depository institutions of pension funds shall be communicated to the General Directorate of Insurance and Pension Funds for the discharge of the dissolved entity in the Special Register of Entities. deposits of pension funds and, where appropriate, to apply for the discharge in that of the resulting credit institution which intends to act as a depository of pension funds. The resulting credit institution may provisionally assume the depository functions of the pension funds concerned, although such a circumstance should be communicated to the Directorate-General for Insurance and Pension Funds.

8. Changes in the control of the managing bodies and the replacement of their members should be brought to the attention of the committees of control of the funds within the information processes provided for in this regulation.

The replacement of the managing company of a pension fund, as well as the changes in the management of the pension fund, in excess of 50% of the capital of the pension fund, will confer on the pension plans integrated into that fund the right to mobilize its position account by moving it to another pension fund.

9. The Minister for Economic Affairs may lay down specific rules on the procedures provided for in this Article.

CHAPTER II

Hiring the management and deposit of financial assets of pension funds

Article 86. Purpose and general aspects of procurement.

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.

2. Where the management of financial assets has been contracted, the depository institutions of the pension funds may contract the deposit of such assets with other entities, hereinafter referred to as deposit entities, under the conditions laid down in the this chapter.

In any case, the contracts for the management of financial assets must expressly incorporate the deposit regime of the financial assets.

3. The management of the financial assets of a pension fund may be entrusted to one or more investment entities by means of separate contracts on different portfolios which, in turn, will incorporate their own deposit regime. assets.

The deposit contract linked to a management contract will be arranged with a single entity.

Management and deposit cannot be entrusted to a single entity, even if it meets the requirements set out in the following Article for the provision of both services.

4. The subscription of the previous contracts shall require, on a prior basis, the express agreement or agreement of the control committee of the pension fund on those and all of its terms and conditions, as well as the authorisation of the institution deposit, in the case of the management contract, and the authorisation of the managing body in the repository. Optionally, these contracts may be formalized in a single document.

5. Investment in deposits or cash accounts made up of third credit institutions, and not linked to an asset management contract, shall be governed by the investment rules of the pension funds contained in Chapter IV of the Title III.

Article 87. Requirements of investment and deposit entities.

1. Investment entities with which the management of financial assets 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) 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 of the supervision of the Member State concerned, for the development and pursuit of the activity which it intends to contract, in accordance with Council Directives 93 /22/EEC of 10 May 1993 on investment services in the field of Council Regulation (EEC) No 2052/88 of 20 December 1985 on the approximation of the laws of the Member States relating to the 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 Parliament and the Council of 20 March 2000 on access to the business of credit institutions and their financial year.

Asset management may also be contracted with other pension fund management entities authorised under Article 78, as well as with third country entities through its 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 Member State concerned for the custody and deposit of securities and cash in accordance with Directives 93 /22/EEC 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.

3. Where appropriate, in order for the entities referred to in this Article to be able to subscribe to contracts covered by this Chapter under arrangements for the establishment or provision of services, the notification referred to in the Directives shall be required. the competent authorities of the home Member State to the competent Spanish authorities in the business of insurance, collective investment institutions, pension funds or investment firms or entities to be sent by the competent authorities of the home Member State credit, as applicable.

Article 88. Financial assets whose management may be contracted with investment entities.

1. For the purposes of this Chapter, financial assets, money market instruments and other financial instruments that are traded on regulated markets shall be considered as financial assets.

2. The contract for the management of financial assets may only permit the acquisition and sale on regulated markets located in OECD Member States of assets which are normally traded on them, irrespective of the nationality of the issuer.

For the purposes of this Article, regulated markets are considered to be those which fulfil the conditions required by Council Directive 93 /22/EEC of 10 May 1993 and those other than, where appropriate, to determine the conditions of the Spanish financial control, to understand that its operating conditions are equivalent to those laid down in the aforementioned Community legislation.

Investments and transactions in derivative financial instruments shall be made exclusively for the purpose of ensuring adequate coverage of the risks affecting the securities or assets previously acquired by the investment entity under the management contract. At no time shall the current or potential liabilities generated as a result of the operation with derivative instruments for these purposes exceed the value of assets the risk of which is covered.

3. 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 Securities Market.

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

The procurement of the management of financial assets and, where appropriate, the deposit of these assets shall be in accordance with the following general conditions:

(a) Contracts must be completed in writing, at least in one of the official Spanish languages, without prejudice to the issuance of duplicates in other languages at the request of the pension fund or the Directorate-General Insurance and Pension Funds.

For the purposes of testing, the content of the contract written in one of the official Spanish languages shall prevail.

(b) Contracts may only permit the acquisition and deposit of financial assets that meet the requirements of the previous article. The general rules on investments of pension funds laid down in Chapter IV of Title III shall apply to them. For these purposes, the corresponding percentages shall apply on the part of the assets whose management is contracted.

(c) 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 the conditions laid down in Article 87 (2

.

(d) Economic movements arising from the management contract and the deposit of assets acquired under the management contract shall be used in cash accounts and in specific securities, the sole purpose of which shall be to operations generated by that contract.

e) The contract must establish and guarantee that the property, the full domain and the free disposition of the assets objects of the contract belong at all times to the pension fund. 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.

(f) In the contracts, the managing body of the pension fund shall be reserved the power to order the investment entities and deposit the purchase or sale of financial assets, the suspension or cancellation of the commitments (a) to take account of the fund of the relevant deposits. The manager may be able to do so by communicating such a circumstance to the institution of the pension fund.

g) The pension fund managing body and its depositary institution shall establish in the contracts, in accordance with the arrangements agreed by the fund control committee, the control, communication and control obligations and mechanisms. periodic information, which investment and deposit institutions shall comply with. 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 subject to the contract shall be incorporated.

It shall also provide, at least monthly, a complete report on the transactions carried out, the status of the securities and cash accounts certified by the deposit institution, the valuation of the assets, criteria used, investment strategy raised and any other issues deemed relevant.

h) 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.

i) The maximum duration of contracts shall be three years, which may be extended either expressly or tacitly. The managing body and the institution of the fund, respectively, shall reserve the right to unilaterally resolve the contracts covered by this regulation.

In no case may notice periods exceed one month for the termination of the contract by any of the parties. Such a maximum period of one month shall apply to the periods which, where appropriate, are established in order to express opposition to the extension of the contract.

(j) 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.

Article 90. Specific conditions of the asset management contract.

1. The contract shall establish that the management of the financial assets shall be carried out in a differentiated and individualized manner directly by the investment entity. The contract shall establish the express acceptance by the investment entity of the criteria and limits set out in the Spanish legislation on pension plans and funds.

2. The managing body of the pension fund shall establish how many additional conditions it considers necessary to ensure compliance with the criteria and limits set out in the Spanish legislation on pension plans and funds and an appropriate control of investments in financial assets subject to the contract.

3. In the contract, the limits of diversification and dispersion and the quantitative and qualitative conditions of the investments deemed necessary to ensure prudent management and adequate control of the assets must be laid down. managed by the investment entity, while respecting the investment rules of the pension funds.

Article 91. Specific conditions of the deposit contract linked to a management contract.

1. The deposit of the financial assets acquired under the management contract, as well as the economic movements derived therefrom, shall be used through securities and cash accounts. The ownership of such accounts shall be the responsibility of the institution of the pension fund on behalf of the institution.

2. The accounts opened in the deposit institution shall be clearly identified in the contract and shall record only and exclusively the transactions carried out on behalf of the pension fund under the management contract.

3. The deposit entity shall assume its contractual obligations without any liability to third parties.

4. The deposit contract shall set out the reporting obligations on the status of the securities and cash accounts as well as the commitments made under the financial asset management contract. On a regular basis at least weekly, the deposit institution shall provide the managing entities and depository the pension fund with the information referred to by independent notifications.

5. The contract shall establish the express acceptance by the deposit institution of the requirements and limits set out in the Spanish legislation on investments in pension funds.

Article 92. Remuneration in the related asset and deposit management contracts.

1. In contracts, the concepts and amounts of the remuneration of the investment and deposit entity and expenses shall be clearly and accurately expressed.

2. In any event, the remuneration for the pension fund arising from the contracts for the management and deposit of the financial assets, together with that corresponding to the managing and depository institutions of the pension fund, shall not exceed the limits set out in Article 84.

Article 93. Responsibility of the management and depository institutions of the pension fund.

1. The liabilities and liabilities of the managing and depository institutions of the pension fund shall not be affected by the fact that they trust, respectively, the management and custody and the deposit of the financial assets to a third party.

2. Without prejudice to Article 22 of the recast of the law and in the preceding paragraph of this Article, the management and depository institutions of the pension funds shall also be responsible for the control and demand of the compliance with the obligations arising from such contracts and shall ensure the adequacy of the operations carried out by the entities with which the management and, where appropriate, the deposit of financial assets have been contracted, to the Spanish legislation in the field of pension plans and funds.

To this effect, the following obligations correspond to them:

(a) Require investment and deposit entities to comply immediately with the obligations arising out of the contract, and to verify and require the adequacy of their operations to the mandate granted and to the Spanish legislation in the investment of pension funds.

(b) Submit to the supervisory board of the pension fund, at the intervals agreed upon, the information received on the financial assets and transactions carried out under those contracts.

c) Communicate to the supervisory board of the pension fund the delays or inadequacies of the information provided or the non-compliances by the investment and deposit institutions of their contractual obligations, as well as informing the body of the measures taken or proposing to them.

(d) Adopt the necessary measures to meet the requirements of the Directorate-General for Insurance and Pension Funds in the performance of their duties, and in particular the measures to be taken by them under the terms of the established in Articles 33 and 34 of the recast text of the law.

3. The managing and depository institutions shall take the necessary measures in such a way that all investments in the pension fund's assets are in accordance with the requirements and limits laid down in Chapter IV of Title III of this Regulation. rules.

4. The managing and depository entities, as soon as they are aware that the operations carried out do not adapt to the mandates given or to the Spanish legislation on pension plans and funds, must take the necessary measures to to correct such situations by exercising, where appropriate, the powers referred to in Article 89,f) or by terminating contracts.

5. The conclusion of the contracts covered by this Chapter may in no way limit the supervisory functions conferred by the rules in force on the control committee of the fund, nor its powers on investment policy, nor on the special to order the suspension of acts or operations contrary to the interests of the fund.

In particular, the fund's control committee may lay down requirements and limitations for the exercise by the managing entities and deposit the fund of the powers provided for in Article 89,f) and to terminate the contracts, their extension or amendment. In any event, the control committee of the fund may order the managing entities and deposit the exercise of such powers.

Article 94. Information to the Directorate-General for Insurance and Pension Funds on the procurement of management and deposit.

1. The formalisation and execution of the contracts covered by this Chapter shall not require their submission to the Directorate-General for Insurance and Pension Funds, without prejudice to their conservation at the domicile of the managing and depository entities of the pension funds at the disposal of that and their inspection services.

In the statistical-accounting information to be sent by the pension fund management entities to the General Directorate of Insurance and Pension Funds, information on these contracts will be included, deposit and investment entities, their execution and incidents.

The General Directorate of Insurance and Pension Funds may establish the minimum content and the form of this information.

The Minister of Economy will be able to establish specific rules for the development of this chapter.

2. Where appropriate, the Directorate-General for Insurance and Pension Funds, in use of its supervisory and control powers, may require the adequacy of the contracts to the rules of pension plans and funds, and may order the suspension of the operations as long as the above requirement is not duly completed, without prejudice to the adoption, where appropriate, of administrative intervention measures provided for in Chapter IX of the recast of the law and in Law No 30/1985 of 8 December 1985. November, for the management and supervision of private insurance.

TITLE V

Administrative control regime and accounting and reporting obligations

Article 95. Management and administrative monitoring.

1. It is up to the Ministry of Economy to manage and supervise the compliance with the rules of the recast of the law and this regulation, which can be obtained from the managing and depository entities, the control commissions and the the actuaries of all the information that is accurate to check the correct compliance with the laws and regulations.

2. The provisions on the inspection of insurance institutions in accordance with Article 72 of Law 30/1985 of 8 November 1985 on the management and supervision of private insurance shall apply to the inspection of management and pension funds.

In the absence of any express mention in the specifications of the pension plans or the rules of operation of the pension funds, all actions arising from the Inspection shall be understood as communicated when such communication is made to the relevant managing body.

3. The pension fund management bodies shall provide the Directorate-General for Insurance and Pension Funds with information on their situation, the pension funds they manage and the pension plans integrated into the pension funds, with the periodicity and content provided for in this Regulation.

4. The data, documents and information held by the Ministry of the Economy in the exercise of its functions for the management and supervision of pension funds, other than those contained in public administrative records, will have a reserved character.

All persons who exercise or have exercised an activity in the management and supervision of pension funds, as well as those to whom the Ministry of the Economy has entrusted functions with respect to the same, are subject to the duty of professional secrecy on the terms and with the same responsibilities and exceptions as laid down in Article 75 of Law 30/1995 of 8 November 1995 on the management and supervision of private insurance.

5. The Directorate-General for Insurance and Pension Funds may, where appropriate, provide a reasoned agreement on the initiation of the procedures for administrative intervention measures provided for in Chapter IX of the recast of the law and Title VI of this Regulation. rules.

Article 96. Administrative records.

1. The following administrative records are set out in the Directorate-General for Insurance and Pension Funds of the Ministry of Economy:

a) Special register of pension funds.

b) Special register of pension fund management entities.

(c) Special register of depository institutions of pension funds.

2. The special register of pension funds shall

:

a) Prior authorization 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 of these.

d) Identification of its promoter, management and depository entities and change or replacement of such entities.

(e) The plan or pension plans integrated into the fund, in particular its name and modality, identification of the sponsor or promoters and, where appropriate, of the participant's advocate.

(f) Revocation of the administrative authorisation to the pension fund, the dissolution agreement and the settlement intervention.

3. The special register of managing bodies shall be:

(a) Administrative decisions for authorization and registration to act as pension fund managers.

b) The writing of constitution and amendments to statutes.

c) The name and address of the company and its modifications.

d) The increase and reduction of subscribed and paid-up share capital.

e) The name and surname and national identity document number of the administrators and senior positions of the entity.

f) Identification of managed pension funds.

g) The merging and excision of entities.

(h) The revocation or suspension of the administrative authorisation, the settlement agreement, appointment and termination of liquidators, the settlement intervention.

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

4. In the Special Register of Depository Institutions of Pension Funds, they shall be:

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

(b) The name and address of the company and its modifications.

(c) Pension funds in respect of which the depository functions are exercised.

(d) The name and last name and number of the national identity card of the administrators, directors or managers to whom the entity would be represented as a depository of pension funds.

e) The revocation or suspension of the administrative authorization imposed on the entity as a sanction under this regulation.

5. The entities and persons listed in the records referred to in this Article shall provide the documentation and information necessary to enable them to be kept up to date, without prejudice to the obligation to provide services. individualized information requirements that are formulated by the General Directorate of Insurance and Pension Funds.

As a general rule, modifications of data or facts subject to registration, which do not require administrative authorization under this regulation, shall be communicated to the Directorate-General for Insurance and Pension Funds in the 10-day period from the date of the adoption of the relevant agreements, accompanying the timely certification of such agreements.

6. Applications and documents submitted in respect of authorisations and acts subject to registration shall be drawn up in Spanish or, where appropriate, accompanied by translation into that language.

Article 97. Accounting of pension funds and management entities.

1. The accounting of pension funds and plans and their management entities shall be governed by their specific rules and, failing that, by those laid down in the Trade Code, the General Accounting Plan and other provisions of the commercial law on accounting matters.

The Minister of the Economy is empowered, after reporting by the Accounting and Audit Institute of Accounts and the Advisory Board of Insurance and Pension Funds, to develop these specific accounting standards, particularly by the establishment of the accounting plan of the pension funds and plans and, where appropriate, of the accounting plan of the managing entities other than the insurers.

2. The pension fund managing bodies shall keep the books of accounts corresponding to the funds they administer required by the Trade Code and other provisions applicable to them, including the compulsory nature of the (i) a general ledger, which shall contain, for each of the accounts, the charges and fertilizers which are carried out, and shall at all times be consistent with the entries made in the daily book, as well as the records which, where appropriate, the Minister of Economics.

In any case, they must keep a record of accounts, which will collect the accounts used for the reflection of the transactions in the daily book of the pension fund, with breakdowns in sub-accounts, as well as the main relationships accounting records relating to those as soon as they are not defined by the accounting rules in force at any time.

Article 98. Annual accounts.

1. The financial year of the pension funds and their management entities shall coincide with the calendar year.

Within the first quarter of each financial year, pension fund management entities shall:

(a) Form the annual accounts of the managing body for the previous financial year, and submit them to the approval of its duly audited competent bodies.

b) Form the balance sheet, profit and loss account, memory and management report of the previous year of the fund or funds administered. Those documents, duly audited, shall be submitted for approval by the control committee of the respective fund, which may give it the dissemination it deems appropriate.

(c) Submit the documents referred to in the preceding paragraphs, including the audit reports, relating to the manager and to each fund, to the supervisory committees of the relevant funds and to the pension plans the funds, as well as the Directorate-General for Insurance and Pension Funds.

2. In the case of the annual accounts of the insurance managing bodies, for their formulation, approval and presentation, including the audit report, before the Directorate-General for Insurance and Pension Funds, the time limit shall be that laid down in the specific regulations for the management and supervision of private insurance.

However, the documents relating to the insurance managing body must be submitted to the control committees of the funds and the plans within the first quarter of the financial year, unless the Commission the control of the relevant fund expressly authorizes an upper limit which may not exceed that laid down in the abovementioned rules for the management and supervision of private insurance.

In any event, in respect of the annual accounts and audit of pension funds managed by insurance institutions, the time limit laid down in paragraph 1 shall be governed by the deadline.

3. Within the first half of each financial year, the managing entities shall publish, for general dissemination, the documents referred to in paragraph 1, and shall make their deposit in the Trade Register in accordance with the law applicable societage.

4. The documents referred to in paragraph 1 shall be audited by experts or companies of experts registered as auditors in the Accounting and Audit Institute of Accounts.

The audit reports shall cover the financial and actuarial accounting aspects, including an express statement regarding compliance with the provisions of the recast of the law, in this respect. regulation and in the provisions that develop it.

5. The Directorate-General for Insurance and Pension Funds may require the management of pension funds to carry out exceptional external audits, with the scope it deems necessary.

6. The Minister for Economic Affairs shall establish the balance sheet, profit and loss account and other accounting statements of the pension funds and their management entities, as well as the accounting and valuation criteria as soon as they are not available. determined by provisions of the Government.

Article 99. Information requirements.

1. The Directorate-General for Insurance and Pension Funds may collect from the managing bodies and the depositaries any accounting and statistical data, public or reserved, relating to them and to the pension funds administered by them, are related to their inspection and guardianship functions, and shall indicate the frequency with which such information shall be drawn up and the maximum time limits for their delivery.

Among other issues, the information to be provided may relate to the issuance of interim interim reports; where appropriate, the assessment of actuarial assumptions used; asset and liability studies; and consistency with the principles of investment policy 2. The Directorate-General for Insurance and Pension Funds may provide for the publicity which, if appropriate, must be given, on an aggregate or individual basis, to the data referred to in the previous paragraph, with the aim of promoting frequent, rapid and sufficient information in favour of members and the beneficiaries or the monitoring committees of the occupational pension schemes.

In any event, upon request of the participant or beneficiary, the manager shall provide or make available to those the annual accounts, the memory and audit report of the pension fund, the state and movements of the the position account of its pension scheme, corresponding to the last financial year, and the actuarial and financial review report or financial economic report referred to in Article 23.

3. The supervisory committees of the pension schemes may request from the Directorate-General for Insurance and Pension Funds information on data relating to the pension fund to which they are attached or to their managing or depository institution. previously published and which are held by or may be collected by such a management centre.

4. The provisions of this Article are without prejudice to the reporting obligations to members and beneficiaries of pension schemes set out in Title II.

The Minister of the Economy may regulate the content, requirements and conditions of the information to the members and beneficiaries of the pension plans, in so far as it is deemed necessary to ensure adequate information the interests of those.

5. Pension fund management entities are subject to the fulfilment of the reporting obligations laid down in the legal order and, in particular, the tax obligations of information of the management and the depositaries shall be governed by the general provisions of the legal order and by the specific provisions of this Regulation.

Article 100. Advertising of pension plans.

1. The advertising relating to pension plans and funds and to their managing bodies shall be in accordance with the provisions of Law 34/1988 of 11 November 1988, General of Advertising, and provisions for development, taking into account the provisions of this Law. Article.

Any form of communication offering pension plans or disclosure of information about them, whatever the medium or medium used for such purposes, including circulars, shall be considered as advertising. calls and custom letters that are part of a broadcast campaign.

2. Advertising relating to pension plans and funds shall transmit to the addressees a truthful, effective and sufficient information on the essential characteristics of the pension scheme or of the services or products related to it; and must, at least, meet the following requirements:

(a) The identification of the sponsor of the plan and of the manager and depository of the relevant fund, which is sufficiently highlighted by trade names or trade marks, unless they are liable to mislead, The social name shall be used.

(b) Where the advertising of a pension scheme includes the provision of other operations, services or products, its content shall identify the various offerors, where appropriate, and clearly distinguish the proposals different contractual arrangements for the pension plan itself.

(c) Where the disclosure includes references to the profitability obtained by the plan, the procurement period shall be recorded, its equivalent calculated on an annual basis, the identification of the auditor of the pension fund and, where appropriate, clarify the nature of the estimate and provide a clear and precise report on the historical results of which are not indicators of future results. The offer of revaluation commitments of the consolidated rights, not assumed by the plan itself, should clearly identify the guarantor entity.

3. Advertising relating to pension schemes and funds is not subject to administrative authorisation, nor should it be the subject of systematic pre-pension remission, although in any event advertising must be available at any time available to the public. the Directorate-General for Insurance and Pension Funds.

4. The provisions of this Article are without prejudice to the control and powers of the Banco de España and the National Securities Market Commission on the advertising of transactions, contracts or services of the activities subject to its supervision to be offered in conjunction with the advertising of pension schemes.

5. In order to promote awareness by the general public of the activity relating to pension plans and funds and to the supplementary social provision, the Ministry of the Economy, through its publications services, may to edit data and aggregate information relating to pension funds and management and depository institutions, on the basis of the content of the administrative registers covered by this regulation and of the information of a nature statistics-book relating to pension funds and management entities which are required to present to the Directorate-General for Insurance and Pension Funds, as well as aggregate information on data available to them concerning the implementation of the pension commitments of companies with their regulated staff in the first provision of the recast text of the law and rules that complement and develop such a provision.

The publications referred to in this paragraph may include the individual balance sheets and losses and individual earnings accounts of pension funds and management entities.

Article 101. Recruitment of pension schemes.

1. The recruitment of a pension scheme shall be formalised by means of a document or bulletin of accession concluded by the participant jointly with the sponsor of the plan, the manager and the depositary.

The membership bulletin shall contain information at least on the following:

a) The name, system, and mode of the plan or pension plans.

b) The denomination of the fund or pension funds and identification number in the special register.

(c) The name and registered address of the sponsor of the plan, as well as the manager and deposit of the corresponding fund with its identifying number in the relevant special registers.

(d) The law applicable to the contract, and indication of the applicable tax law.

e) Indications on the system of contributions, contingencies covered, pointing out, where appropriate, to be determined in accordance with the social security scheme applicable to the participant, benefits scheme, possible beneficiaries, forms of recovery and degree of insurance or guarantee of benefits, with the identification, where appropriate, of the name and registered office of the insurance or guarantor entity.

The destination of contributions and benefits, in accordance with this Regulation, shall be indicated for persons without the possibility of access to retirement who are not listed as high or as under any social security scheme, as well as retired people.

The bulletin must contain spaces for the identification of the contingencies covered or the destination of the contributions and the designation of beneficiaries, warning that the designated persons must be in any case natural persons.

In defined contribution schemes, the reliance on the value of consolidated rights and benefits in respect of the evolution of the value of the equity of the fund shall be identified.

(f) Indications on the limits of the contribution to pension plans established by the legislation, and the time limit for the communication of the occurrence of the contingency and the application of the benefits by the beneficiary in accordance with that, with a warning of the administrative penalties provided for in the recast of the law for failure to comply with the above limits or the deadline.

(g) Indications on the calculation of the consolidated duty and conditions and time of mobilisation and, where appropriate, exceptional liquidity assumptions. In any event, the non-repayable character of the consolidated duty shall be clearly reflected until the production of the contingency or, where appropriate, in the exceptional circumstances.

(h) Claim instances for use in the event of a dispute, indicating, where appropriate, the name and address of the participant's defender.

i) The place and the way in which the participant may at any time access the contents of the pension plan specifications and the rules of operation of the fund, the investment policy statement referred to in Article 69 (3), as well as, where appropriate, to the Rules of Procedure of the Ombudsman, documents which, in any event, must be made available to members and beneficiaries.

In no case may any bulletins or documents of adherence to a pension plan be issued that incorporate the procurement of operations, products or services other than that.

2. The provisions of the above paragraph shall be without prejudice to the use and exchange of their commercial networks by financial institutions or other undertakings for the marketing of pension schemes and other products or services, or of the intervention by mediators in the recruitment of pension schemes.

No account shall be taken of the subscriber of the pension plan for the expenses inherent in the procurement of the plan, nor the remuneration or commissions established by the marketing or mediation services in that plan.

3. In the case of pension schemes in the employment system, the issuance of individual bulletins will be optional, as agreed by the company with the representation of the employees, and the incorporation of the worker can be carried out. the plan by means of collective newsletters or directly by the sponsoring or control commission as provided for in Article 28, and provided that the potential participant has not requested in writing its exclusion.

In any case, each participating participant shall be provided with a request for a certificate of membership of the plan as referred to in Article 34.

4. In so far as the structure and organisation of the market for pension schemes so permits, the recruitment of pension schemes may be carried out by electronic means.

The Minister of the Economy is enabled to establish specialties and limitations with respect to the rules that, in general, regulate the procurement by electronic means, taking into account the particularities that may result from the recruitment of pension schemes and their unit-holders.

5. The Minister for Economic Affairs may lay down implementing rules as provided for in this Article to the extent that he considers it necessary to promote the most appropriate procurement procedures and formalities in the interests of users.

Additional disposition first. Contingencies subject to the first provision of the recast text of the Law on the Regulation of Pension Plans and Funds.

1. For the purposes of the first provision of the recast text of the Law on the Regulation of Pension Plans and Funds, the contingencies to be used under the conditions laid down in that provision shall be those for retirement, permanent incapacity and death as provided for in Article 7 (1) (a) (1) (b) and (c) of this Regulation.

2. In the case of employees who have access to partial retirement under the Social Security legislation, the company's commitments relating to those linked to full retirement will be subject to the said additional provision. permanent incapacity and death cited above.

3. The undertakings given by undertakings with workers who are in the form of employment and who are subject to legal unemployment as a result of an employment regulation, which consist of the payment of benefits before the end of the period (a) retirement, may be subject to implementation, on a voluntary basis, in accordance with the arrangements provided for in that additional provision in the first recast of the law, in which case they shall be subject to the financial and tax rules derived from them; of that.

The provisions of the preceding paragraph shall apply to benefits payable to the worker concerned by the employment adjustment file as long as he is not entitled to retirement, as well as to the reversions of such benefits by death produced before access to retirement.

The commitments relating to staff affected by the employment regulation dossier specifically linked to the employment regulations will necessarily be subject to the abovementioned additional provision of the recast of the law. In the case of permanent incapacity, benefits payable to such staff by or from retirement, as well as those of death before or after retirement other than the reversions referred to in the preceding paragraph.

Additional provision second. Deadline for the resolution of requests for administrative authorisation.

The requests for administrative authorizations regulated in this regulation shall be resolved and notified within six months of the date of the filing of the application for authorization.

In no case shall a pension fund or a pension fund managing institution be deemed to have been authorised by virtue of acts alleged for the duration of the period referred to.

Additional provision third. Professional activity of the actuaries in relation to 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. An actuary person shall be able to carry out his or her professional activity in respect of individual pension schemes or as partners in a legally constituted company whose social object and activity includes the functions of the institution. referred to in the previous paragraph. The activity of these companies shall be incompatible with the exercise of the audit of accounts in relation to the same pension plans and funds for which they carry out their professional activity.

The control committees of the pension plans may freely choose any actuary or society of those referred for the elaboration of the actuarial reviews and opinions required by this a regulation which, according to the latter, must be carried out by independent professionals.

For the elaboration of the technical bases of the plan and for its regular operation, if the control commission of the plan so agrees, the plan may also be used by actuaries who provide their services by virtue of the professional services or professional services in the managing body, depository or promoter of the fund or in the promoter or insurer of the plan, or in any entity of the group of any of these. In any event, the actuaries who draw up the technical bases or intervene in the ordinary operation of the plan shall be persons or companies other than those which, as independent professionals, are required to carry out the review and opinions. mandatory as referred to in the preceding paragraph.

3. In order for the review and actuarial opinions by independent actuaries, natural persons or companies, it shall be considered that there is a dependency when one of the following circumstances is present:

(a) Where the actuary or the actuary company is 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 is integrated, or with the promoter or insurer of the plan, or with an entity in 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 preceding the one of its performance for the plan assumes more than 20 percent of the total total income accruing from their professional activities in that financial year.

(b) Where the actuary or the company controls, directly or indirectly, 20 percent of the capital at least any of the entities referred to in paragraph (a), or is part of its administrative organs, or when one of those entities holds such control over the capital of the actuary society.

(c) Where the actuary or company of actuaries and the auditor or audit firm of the pension fund have any of the assumptions of dependence referred to in the preceding paragraphs, in the financial year in which they are the actuarial review or opinion or in any of the three previous ones.

d) In the event that the actuary natural person is a participant or beneficiary of the plan or member of its control commission.

When in an actuary society some of the assumptions of dependency are present, the control commission of the plan may entrust the actuarial review or opinion to some of its actuary partners for its elaboration in title individual, provided that the designated person can be considered as non-dependent.

In addition, the control committee of the plan may appoint an actuary company even if one of its partners is in a position of dependence, provided that the latter refrains from drafting the actuarial review or opinion, maintaining, however, the subsidiary liability referred to in the third additional provision of the recast text of the law and paragraph 4 of this additional provision.

4. 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 national authorities in the field of education and training, and in the case of the departments of the Ministry of Economic Affairs and the Ministry of Economic Affairs. The Directorate-General for Insurance and Pension Funds may require professional corporations to examine and issue opinions on certain professional actions carried out.

5. Actuaries issuing reports or opinions on any of the instruments that formalise pension commitments, will respond, directly, unlimited and, if several, jointly and severally, in front of the promoter, commission, managing body, plan and Pension fund, unit-holders and beneficiaries, for all the damages that will be caused to them by the default or defective performance of their obligations.

Where the actuarial opinion is issued by an actuary of a society of actuaries, the direct, unlimited and joint liability shall also include the company, unless the acting actuary of the opinion has stated expressly in the one who acted on his own behalf and under his sole responsibility. The liability of the actuarial partners not signatories to the actuarial opinion shall be subsidiary to the former, but mutually supportive.

The above is without prejudice to the formation of sureties, guarantees, insurance or other guarantees on the part of actuaries and their companies in anticipation of possible liability for damages that may arise from the exercise of your activity.

6. The actuaries and the companies of the actuaries shall keep and keep the documentation relating to each actuarial opinion or review carried out by them, including the working papers which constitute the evidence and the basis of the findings which 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 The deadline will be extended until the final judgment is handed down or otherwise the process will end.

The loss or deterioration of the documentation referred to in the preceding paragraph shall be communicated by the actuary to the control commission of the corresponding pension plan within 15 calendar days since it was knowledge of it.

7. The Administrative Register of actuaries of pension schemes and funds established in the Directorate-General for Insurance and Pension Funds under Article 46 of the Pension Funds and Plans Regulation, approved by the Royal Decree, is deleted. 1307/1988, of 30 September.

First transient disposition. Transitional arrangements for voluntary integration into pension schemes of existing institutions of provision for the entry into force of Law 8/1987 of 8 June of Regulation of Pension Plans and Funds.

The scheme of voluntary integration into pension schemes of funds and institutions of foresight, contained in the transitional provisions of the Regulation of pension schemes and funds, approved by Royal Decree 1307/1988, 30 September, and in the implementing and supplementary rules of those transitional provisions, shall remain in force in respect of undertakings, workers and beneficiaries and plans for rebalance, which have been covered by those provisions for the integration of the rights recognised in pension schemes under them.

Second transient disposition. Adaptation of pre-existing pension plans and funds.

1. Without prejudice to compliance with the provisions of the second transitional provision of the recast of the Law on the Regulation of Pension Plans and Funds, approved by the Royal Legislative Decree 1/2002 of 29 November, the plans and funds (a) the provisions of this Regulation must be adapted to the provisions of this Regulation as soon as it is not governed by that law, without prejudice to the effective application of the provisions of this Regulation. provisions contained in that law and in this regulation. The period for adaptation to this Regulation shall be 12 months from its entry into force.

2. In the case of pension funds which, prior to the entry into force of this Regulation, have obtained prior authorisation for their incorporation or are entered in the Special Register of Pension Funds, in which the the sponsor or promoters of the fund do not comply with the provisions of Article 57 (2) of this Regulation, such entities may maintain their status.

3. In accordance with the provisions of the second transitional provision of the recast of the law, the pension funds which, on 1 January 2002, will simultaneously integrate pension schemes from the employment system and the system's plans. Member or individual may maintain such a situation as employment pension funds, although in this case they will not be able to integrate new individual or associate pension schemes.

Transitional provision third. Transitional arrangements for investments in pension funds.

Pension funds must adapt their investments to the rules laid down in Chapter IV of Title III of this Regulation within one year. However, the investments with a certain maturity made in accordance with the previous regulation contained in the Regulation on pension plans and funds, approved by Royal Decree 1307/1988 of 30 September 1988, may be maintained in the the equity of the pension funds until their maturity.

Transitional disposition fourth. Validity of the credits granted to unit-holders.

The credits granted to participants by pension funds prior to the entry into force of this regulation will remain in effect in the agreed terms, until their extinction.

Transient disposition fifth. Commission for the control of occupational pension schemes formalised before the entry into force of Law 24/2001 of 27 December.

The employment pension plans formalised prior to the entry into force of Law 24/2001 of 27 December, of fiscal, administrative and social order measures, must be in line with the provisions of Article 7.3 of the recast of the Pension Plans and Funds Act and Articles 30 and 32 of this Regulation before 1 January 2005.

For compliance with Article 30.1.a) of this regulation, the corresponding collective agreement by which the composition of the control committee will be determined must be adopted within the said period. The specifications of the plan should be incorporated, if appropriate.

In order to adapt to the provisions of Article 32 of this Regulation, the corresponding specifications modification agreement shall be adopted before 1 January 2005.

After this period has not been adopted, the provisions of Article 30.1.a shall apply directly to the provisions of Article 32 (1) (a), as well as the provisions of Article 32, respectively.

Final disposition first. Additional social provision for staff at the service of public administrations, entities and companies.

As provided for in the second final provision of the recast text of the Law on the Regulation of Pension Plans and Funds, public administrations, including local corporations, entities, bodies, etc. (a) they will be able to promote occupational pension schemes and to make contributions to them, as well as to collective insurance contracts, including those formalised by a business social security fund, to the (a) the additional provision of the recast text, for the purpose of to implement the commitments or obligations for pensions linked to the contingencies of Article 8.6 of the recast of the law relating to their official or employment staff or in relation to services governed by administrative rules statutory.

The above shall be without prejudice to the corresponding budgetary rating available to each entity or undertaking, as well as to any prior authorisations to which they may be subject, both in character regulatory as administrative, in order, where appropriate, to allocate resources to the financing and implementation of the supplementary social provision of staff.

Benefits paid through pension schemes or collective insurance contracts, including those formalised by a business social security mutual fund, in accordance with the additional provision of the said text recast, shall not have the consideration of public pensions, nor shall be taken into account for the purpose of limiting the initial indication or fixing of the maximum amount of public pensions.

In the employment pension schemes promoted by the public administrations, the appointment of the members of the promoter or control committee, as well as the incorporation of the members and, where appropriate, the beneficiaries, may be carried out under the arrangements adopted for the purpose by the negotiating bodies established in the rules on the determination of the working conditions of the staff at the service of those bodies.

Final disposition second. Power for regulatory development.

It is up to the Minister of Economy, on a proposal from the Directorate-General for Insurance and Pension Funds and after hearing the Advisory Board of Insurance and Pension Funds, to develop the provisions contained in this report. a regulation on matters which are specifically attributed to the regulatory authority of that minister, as soon as it is necessary for its implementation.