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Chile’s Superintendencia de Pensiones Officially Approves New AFP Regulation (en español)

October 25, 2017

The Chilean Superintendencia de Pensiones has officially approved new rules allowing AFPs to invest directly in alternative assets effective as of November 1, 2017.

(El Mostrador) Los fondos de pensiones darán un esperado salto a partir de la próxima semana.

Este miércoles la Superintendencia de Pensiones publicó las normas que modifican los Regímenes de Inversión que permitirán la inversión en activos alternativos por parte de los Fondos de Pensiones (AFP) y del Fondo de Cesantía Solidario, lo que podría impulsar la rentabilidad de los fondos y mejorar las pensiones de los chilenos.

La nueva normativa, impulsada por la Ley de Productividad promulgada en octubre de 2016, entrará en vigencia a partir del 1 de noviembre de 2017 y tendrá como objetivo final que los afiliados y cotizantes al sistema obtengan una mayor pensión, dando una mayor diversificación de las inversiones y ampliando el universo de inversiones de largo plazo, así como la posibilidad de invertir en forma directa en una mayor variedad de activos con eventuales ahorros de costos para los Fondos.

De acuerdo a la Super, este conjunto de herramientas permitirán mejorar la rentabilidad de los fondos previsionales de las personas.

“Sabemos que la rentabilidad es un elemento fundamental para construir una buena pensión. Un punto más de rentabilidad durante toda la vida laboral de un afiliado o afiliada puede aumentar en cerca de 25% el monto que recibirá al momento del retiro. Es por eso que estos cambios son un hito importante que contribuirá, en el mediano y largo plazo, a cumplir el objetivo de mejorar las pensiones”, señaló el Superintendente de Pensiones, Osvaldo Macías, a través de un comunicado.

En paralelo, el Banco Central fijó los límites estructurales máximos de inversiones en activos alternativos para cada tipo de Fondo de Pensiones y para el Fondo de Cesantía Solidario, los que fueron informados por el instituto emisor el 11 de octubre, de los cuales el Fondo A (mas riesgoso) podrá tener hasta un 10% de sus recursos invertidos en activos alternativos, 8% para el B, 6% para el C y el resto, los activos alternativos no podrán presentar más del 5% de su cartera.

Dichos activos alternativos -autorizados por el regulador-, fueron Vehículos para invertir en activos de capital privado extranjero; Vehículos para invertir en deuda privada extranjera; Coinversión en capital privado y deuda privada en el extranjero; acciones de sociedades anónimas cerradas nacionales, de sociedades por acciones nacionales (SpA) y de sociedades en comandita por acciones nacionales cerradas (se incluyen en este grupo las acciones de sociedades concesionarias de obras de infraestructura y las acciones de sociedades inmobiliarias); Mutuos hipotecarios endosables con fines no habitacionales; Bienes raíces nacionales no habitacionales sujetos a contratos de arrendamiento con opción de compra (leasing); Bienes raíces nacionales no habitacionales para renta. Participación en convenios de crédito (créditos sindicados);

Desde la SP detallan que “por ejemplo, en el mercado nacional los Fondos de Pensiones podrán entrar a la propiedad de las sociedades concesionarias que construyen puertos, aeropuertos o autopistas. Además podrán adquirir hoteles, centros comerciales o edificios de oficinas para arriendo, entre otros. En el extranjero podrán invertir en fondos que invierten en acciones y deuda de empresas que no se transan en bolsas de valores”.

Además, la nueva normaestablece otros cambios a la regulación de las inversiones de los Fondos de Pensiones y del Fondo de Cesantía Solidario que también regirán desde noviembre de 2017, como la posibilidad de que los Fondos inviertan en bonos emitidos por fondos de inversión nacionales, se aumenta el límite por emisor aplicable a las cuotas de fondos de inversión nacionales desde el 35% al 49%, y se facilita la adquisición por parte de los Fondos de Pensiones y de Cesantía Solidario de instrumentos nacionales en el extranjero, exceptuando del requisito de registro a las emisiones de emisores chilenos en el exterior, en tanto estos emisores se encuentren inscritos en los registros de la Superintendencia de Valores y Seguros (SVS) o la Superintendencia de Bancos e Instituciones Financieras (SBIF).

Chile’s Superintendencia de Pensiones Officially Approves New AFP Regulation (en español) was last modified: November 8th, 2017 by Editor
AFPAlternative AssetsChileLimitsPension FundsPrivate EquitySuperintendencia de Pensiones
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