📋 Korean Law Insight | Financial Regulation
By Attorney NOH UJIN | HANBYOL LAW LLC, Seoul
Korean Pension Fund Investment Regulations for Foreign Asset Managers
South Korea's pension sector represents one of the largest and most sophisticated pools of institutional capital in Asia. The National Pension Service (NPS), with assets exceeding KRW 1,000 trillion (approximately USD 750 billion), is the world's third-largest pension fund. For foreign asset managers seeking to access this capital, understanding the complex web of Korean pension fund investment regulations is not just beneficial—it is absolutely essential.
This guide provides a comprehensive overview of the regulatory framework governing pension fund investments in Korea, with specific focus on the opportunities and compliance requirements for foreign asset managers, fund managers, and financial institutions seeking to manage or advise Korean pension assets.
1. Overview of Korea's Pension System
Korea operates a multi-pillar pension system comprising:
- National Pension Service (NPS / 국민연금공단): The mandatory public pension scheme covering most employees and self-employed individuals
- Government Employees Pension Service (GEPS / 공무원연금공단): Pension for government employees
- Korea Teachers' Pension (KTP / 사립학교교직원연금공단): For teachers in private schools
- Korea Post (우체국보험): Postal savings and insurance with pension components
- Occupational Retirement Pension (IRP/DB/DC): Employer-sponsored plans governed by the Act on the Guarantee of Employees' Retirement Benefits (근로자퇴직급여 보장법)
Collectively, these funds manage assets totaling well over KRW 1,500 trillion, making Korea one of the most significant pension markets in the world.
2. Key Regulatory Framework
2.1 National Pension Act (국민연금법)
The National Pension Act governs the NPS's establishment, funding, and investment mandates. Under Article 102 and related provisions, the NPS Fund Management Committee (기금운용위원회) sets investment policy, including allocation limits for domestic and overseas investments, as well as permitted asset classes. Foreign asset managers typically engage the NPS through its Global Investment Management (GIM) department, which oversees overseas alternative investments, equity mandates, and bond management.
2.2 Financial Investment Services and Capital Markets Act (FSCMA / 자본시장과 금융투자업에 관한 법률)
The FSCMA is the cornerstone of Korean securities regulation. Foreign asset managers wishing to provide discretionary investment management services or investment advisory services to Korean pension funds must either:
- Register as a foreign investment manager (외국 금융투자업자) with the Financial Services Commission (FSC) and hold an investment advisory or discretionary management license; or
- Operate through a licensed Korean subsidiary or joint venture; or
- Be engaged under a specific exemption or regulatory sandbox mechanism
2.3 Act on Real Estate Investment Trusts (부동산투자회사법) & Infrastructure Investment
For foreign managers focusing on real assets, Korea's K-REIT structure and the Infrastructure Investment Act provide frameworks for pension fund exposure to real estate and infrastructure assets. The Korean pension funds have significantly increased allocations to alternative assets, including overseas real estate, infrastructure, private equity, and hedge funds.
2.4 Act on the Guarantee of Employees' Retirement Benefits (퇴직급여법)
This legislation governs the retirement pension schemes offered by employers. The retirement pension market—DB (Defined Benefit), DC (Defined Contribution), and IRP (Individual Retirement Pension)—has grown rapidly and is managed through bank trusts, insurance companies, and securities firms. Foreign asset managers can access this market through sub-advisory arrangements or by structuring funds eligible for retirement pension investment.
3. Licensing and Registration Requirements for Foreign Asset Managers
Foreign asset managers intending to provide investment management or advisory services in Korea must navigate the licensing regime under the FSCMA:
3.1 Investment Advisory Business (투자자문업)
A foreign firm providing investment advice—recommending securities, derivatives, or fund investments—to Korean pension funds or institutional investors must register as an investment advisory business (투자자문업) with the FSC. Requirements include minimum capital of KRW 1 billion, fit-and-proper assessments of key personnel, and compliance with the FSCMA's conduct-of-business rules.
3.2 Discretionary Investment Management (투자일임업)
Where a foreign manager is delegated investment decision-making authority over assets, a discretionary investment management license is required. This requires minimum capital of KRW 5 billion and appointment of at least one investment management expert certified under Korean standards. Many foreign managers establish a Korean subsidiary (법인) or a registered branch to hold this license.
3.3 Fund Manager Registration (집합투자업)
Foreign managers wishing to distribute Korean-registered funds (집합투자기구) to pension funds need a collective investment business license. Alternatively, for offshore funds distributed to Korean institutional investors including pension funds, simplified registration with the Korea Financial Intelligence Unit (KoFIU) and notification under the Foreign Exchange Transactions Act (FETA / 외국환거래법) may be required.
4. Investment Limits and Asset Allocation Rules
The NPS operates under strict asset allocation guidelines set by the Fund Management Committee. As of 2024-2025, the NPS's target allocation includes:
| Asset Class | Target Allocation (%) | Notes |
|---|
| Domestic Equities | ~14% | KRX-listed stocks |
| Overseas Equities | ~35% | Global equity mandates |
| Domestic Bonds | ~25% | Government & corporate bonds |
| Overseas Bonds | ~10% | Sovereign & IG corporate |
| Alternative Investments | ~15% | PE, RE, Infrastructure, Hedge |
| Short-term/Cash | ~1% | Liquidity management |
These allocations are reviewed and updated annually. The NPS has been consistently increasing its overseas and alternative asset exposure to improve returns and diversification. For foreign managers, the alternatives and overseas equity mandates represent the primary access points.
5. The NPS Mandate Procurement Process
Securing a mandate from the NPS is a rigorous and competitive process:
- RFP Issuance: The NPS periodically issues Requests for Proposals (RFPs) for various mandates through its Global Investment Management team. Foreign managers monitor the NPS website and maintain relationships with NPS investment professionals.
- Qualification Requirements: Managers must typically demonstrate AUM above a specified threshold, track record of 3–5+ years, robust compliance programs, and Korean language capabilities in some cases.
- Due Diligence: The NPS conducts thorough operational, investment, and legal due diligence, often including on-site visits to the manager's offices.
- Negotiation and Agreement: Investment Management Agreements (IMAs) are negotiated, often with specific Korean law clauses and reporting requirements.
- Ongoing Reporting: Quarterly performance reports, risk reports, and ESG disclosures are typically required.
6. ESG Requirements and Responsible Investment
Korean pension funds, led by the NPS, have made significant commitments to Environmental, Social, and Governance (ESG) investing. The NPS adopted its Responsible Investment Principles in 2022 and has incorporated ESG screening into its equity and alternative investment mandates. Foreign managers seeking NPS mandates are increasingly expected to:
- Demonstrate robust ESG policies and integration processes
- Report on ESG metrics aligned with TCFD, UNPRI, and GRI frameworks
- Exclude investments in sectors flagged by NPS ESG guidelines (e.g., controversial weapons, certain tobacco products)
- Engage in active stewardship and proxy voting consistent with NPS's stewardship code
7. Tax Considerations for Foreign Asset Managers
Foreign asset managers managing Korean pension assets face several tax considerations under the Korea-source income rules:
- Management Fee Withholding Tax: Management fees paid by NPS or other Korean pension funds to foreign managers are generally subject to a 22% withholding tax (including local surtax) unless reduced by an applicable tax treaty. Korea has tax treaties with over 90 countries, and many allow reduced rates (e.g., 10–15% for business profits if the foreign manager has no Korean permanent establishment).
- Permanent Establishment Risk: Frequent visits by investment professionals to Korean clients or pension fund meetings may create a permanent establishment (고정사업장) risk under domestic tax law or treaty provisions.
- Capital Gains: Gains on disposal of Korean securities by pension funds are generally exempt from Korean capital gains tax for non-resident investors under certain conditions, but complex rules apply to substantial holdings.
8. Anti-Money Laundering and Customer Due Diligence
Under the Act on Reporting and Using Specified Financial Transaction Information (특정 금융거래정보의 보고 및 이용 등에 관한 법률 / AML Act) and the Financial Transaction Reports Act, foreign asset managers operating in Korea must implement robust AML/CFT programs, conduct customer due diligence (CDD) on investors, and report suspicious transactions to KoFIU. Pension funds themselves are categorized as low-risk institutional clients, simplifying certain AML requirements, but the overall compliance framework remains stringent.
📌 Official References
Frequently Asked Questions (FAQ)
Q1: Can a foreign asset manager directly manage NPS funds without a Korean entity?
Yes, under certain conditions. The NPS can engage foreign managers through direct IMAs under an overseas mandate structure, which does not always require a licensed Korean entity. However, if the foreign manager is providing services on an ongoing basis within Korea (e.g., through resident staff or a branch), licensing under the FSCMA may be triggered. We recommend a legal opinion before establishing any on-the-ground presence.
Q2: What are the minimum AUM requirements to qualify for an NPS mandate?
Requirements vary by asset class and mandate type. For global equity mandates, managers typically need AUM of USD 5–20 billion or more and a demonstrable track record of 3–5 years. For alternative investments (private equity, infrastructure), niche expertise and co-investment capabilities may matter more than total AUM. The NPS RFP documents specify requirements for each mandate.
Q3: How does the Korean retirement pension (IRP/DC) market differ from the NPS?
The NPS is a government-managed fund with centralized investment policy. The IRP/DC market is decentralized, with individual account holders or employers selecting investment products. Foreign managers typically access the IRP/DC market by structuring eligible investment funds (펀드) or ETFs distributed through licensed Korean financial institutions (banks, securities firms, insurance companies). The regulatory requirements are different and generally more product-registration focused rather than mandate-procurement focused.
Q4: Are there restrictions on the types of assets Korean pension funds can invest in overseas?
Korean pension funds are permitted to invest in a wide range of overseas assets, including equities, bonds, real estate, infrastructure, private equity, hedge funds, and commodities. However, specific restrictions may apply—for example, limitations on investments in high-risk derivatives, certain sanctioned jurisdictions (OFAC/UN sanctions), and sector-specific restrictions imposed by the NPS Fund Management Committee. Additionally, foreign exchange hedging requirements and FETA compliance must be managed.
Q5: What reporting obligations do foreign managers have after being appointed by a Korean pension fund?
Reporting requirements are typically specified in the IMA and may include: quarterly performance attribution reports, risk reports (VaR, tracking error, drawdown analysis), ESG reports, proxy voting records, and ad hoc reports for material events. The NPS also requires compliance with its own Stewardship Code if the manager exercises voting rights on behalf of the fund. Reports must often be provided in Korean or with certified Korean translations.
Q6: How does a double tax treaty affect withholding tax on management fees?
Korea has tax treaties (조세조약) with over 90 countries. Under most treaties, management fees or service fees paid to a foreign asset manager may be taxed as business profits (사업소득), which is generally exempt from Korean withholding tax if the manager has no Korean permanent establishment. However, some treaties classify management fees as "royalties" or "technical service fees," which may be subject to 5–15% withholding. A tax treaty analysis is strongly recommended before contracting.
Q7: What are the key compliance steps for a foreign manager newly appointed by a Korean pension fund?
- Confirm licensing status under FSCMA (is Korean entity or license required?)
- Register with KoFIU and complete AML/CDD requirements
- Analyze withholding tax exposure and treaty position
- Implement ESG reporting aligned with NPS standards
- Execute IMA with Korean law governing clause and arbitration clause (typically KCAB or SIAC)
- Establish quarterly reporting cadence and appoint Korean legal counsel for ongoing compliance
- Register fund products with the FSC if distributing via the IRP/DC market
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📋 韩国法律洞察 | 金融监管
作者：NOH UJIN 律师 | HANBYOL LAW LLC，首尔
针对境外资产管理公司的韩国养老基金投资法规
韩国养老基金行业是亚洲最重要的机构资本来源之一。国民年金公团（NPS）管理资产超过1,000万亿韩元（约7,500亿美元），是全球第三大养老基金。对于希望进入这一市场的境外资产管理公司而言，深入理解韩国养老基金投资法规体系至关重要。
1. 韩国养老体系概述
韩国养老体系包含多个层次：
- 国民年金公团（NPS）：覆盖大多数雇员和自营职业者的强制性公共养老计划
- 公务员养老金公团（GEPS）：政府雇员养老金
- 私立学校教职员养老金公团（KTP）：私立学校教师养老金
- 企业退休年金（IRP/DB/DC）：雇主赞助的退休金计划，受《劳动者退休金保障法》约束
2. 主要法规框架
境外资产管理公司在韩国开展业务，须遵守以下主要法规：
- 《国民年金法》：规范NPS的设立、资金管理和投资授权，NPS基金运营委员会负责制定投资政策
- 《资本市场与金融投资业法》（FSCMA）：为境外资产管理公司提供许可证注册制度，包括投资顾问业和全权委托投资管理业
- 《劳动者退职给付保障法》：规范企业退休年金的运营和管理
3. 境外资产管理公司的牌照要求
向韩国养老基金提供投资管理服务的境外公司须获得以下之一的牌照：
- 投资顾问业（투자자문업）：最低资本金10亿韩元
- 全权委托投资管理业（투자일임업）：最低资本金50亿韩元
- 集合投资业（집합투자업）：用于分发韩国注册基金产品
4. NPS资产配置规则
| 资产类别 | 目标配置（%） | 备注 |
|---|
| 国内股票 | ~14% | KRX上市股票 |
| 境外股票 | ~35% | 全球股票授权 |
| 国内债券 | ~25% | 政府债及企业债 |
| 境外债券 | ~10% | 主权债及投资级公司债 |
| 另类投资 | ~15% | PE、房产、基建、对冲基金 |
| 短期/现金 | ~1% | 流动性管理 |
5. ESG要求
NPS已于2022年采纳责任投资原则，并将ESG筛选纳入股票及另类投资授权。境外管理公司须展示健全的ESG政策，并按照TCFD、UNPRI和GRI框架进行报告。
6. 税务考虑
境外资产管理公司从韩国养老基金收取的管理费通常须缴纳22%的预扣税（含地方附加税），但可通过适用税收协定降低税率。建议在签订合同前进行税收协定分析，以避免被认定为常设机构（고정사업장）的风险。
常见问题解答（FAQ）
Q1：境外资产管理公司是否可以在没有韩国实体的情况下直接管理NPS资金？
在某些条件下可以。NPS可通过海外委托结构与境外管理公司签订直接IMA协议，不一定需要持牌韩国实体。但如在韩国境内持续开展业务（如驻有常驻员工），则可能触发FSCMA的许可要求。
Q2：申请NPS授权的最低AUM要求是多少？
要求因资产类别和授权类型而异。全球股票授权通常要求AUM在50-200亿美元以上，并有3-5年以上业绩记录。另类投资授权则更注重专业能力和联合投资能力。
Q3：韩国企业退休年金（IRP/DC）市场与NPS有何不同？
NPS是集中管理的政府基金，IRP/DC市场则是分散化的，个人账户持有人或雇主自行选择投资产品。境外管理公司通常通过韩国金融机构分发合规基金产品进入IRP/DC市场。
Q4：韩国养老基金海外投资有哪些限制？
韩国养老基金可投资境外股票、债券、房地产、基础设施、私募股权、对冲基金等。但须遵守特定限制，包括制裁地区限制、高风险衍生品限制，以及NPS基金运营委员会规定的行业限制和外汇对冲要求。
Q5：境外管理公司被委任后有哪些报告义务？
IMA中通常规定季度绩效报告、风险报告（VaR、跟踪误差、回撤分析）、ESG报告、代理投票记录等，重大事件须提交临时报告。报告须提供韩语版本或经认证的韩语翻译。
📌 官方参考资料
📚 相关文章
📋 韓国法律インサイト | 金融規制
弁護士 NOH UJIN | HANBYOL LAW LLC，ソウル
外国資産運用会社のための韓国年金基金投資規制
韓国の年金セクターはアジア最大規模の機関投資家資本の一つです。国民年金公団（NPS）は1,000兆ウォン超（約750億米ドル）の資産を運用し、世界第3位の規模を誇ります。外国資産運用会社がこの市場にアクセスするためには、韓国の年金基金投資規制を深く理解することが不可欠です。
1. 韓国年金制度の概要
韓国の年金制度は多層構造を持ちます：
- 国民年金公団（NPS）：大部分の従業員・自営業者を対象とする強制加入の公的年金
- 公務員年金公団（GEPS）：公務員の年金
- 私立学校教職員年金公団（KTP）：私立学校教員の年金
- 勤労者退職給付保障法に基づく退職年金（IRP/DB/DC）：企業スポンサーの退職年金プラン
2. 主要法的フレームワーク
外国資産運用会社が韓国で業務を行う際の主要な規制：
- 「国民年金法」：NPSの設立・資金運用・投資権限を規定
- 「資本市場と金融投資業に関する法律」（FSCMA）：投資顧問業・一任投資管理業の免許制度
- 「勤労者退職給付保障法」：企業退職年金の規制
3. 外国資産運用会社の免許要件
- 投資顧問業（투자자문업）：最低資本金10億ウォン
- 一任投資管理業（투자일임업）：最低資本金50億ウォン
- 集合投資業（집합투자업）：韓国登録ファンドの分配向け
4. NPS資産配分ルール
| 資産クラス | 目標配分（%） | 備考 |
|---|
| 国内株式 | ~14% | KRX上場株式 |
| 海外株式 | ~35% | グローバル株式マンデート |
| 国内債券 | ~25% | 国債・社債 |
| 海外債券 | ~10% | ソブリン・投資適格社債 |
| 代替投資 | ~15% | PE・不動産・インフラ・ヘッジ |
| 短期/現金 | ~1% | 流動性管理 |
5. ESG要件
NPSは2022年に責任投資原則を採択し、ESGスクリーニングを株式・代替投資マンデートに組み込んでいます。外国運用会社はTCFD、UNPRI、GRIフレームワークに沿ったESG報告が求められます。
6. 税務上の考慮事項
韓国の年金基金から支払われる運用報酬は通常22%の源泉徴収税（地方付加税込み）が課されますが、適用可能な租税条約により税率が軽減される場合があります。常設施設（고정사업장）リスクを避けるため、契約前に租税条約の分析を行うことを強く推奨します。
よくある質問（FAQ）
Q1：韓国法人なしでNPS資産を直接運用できますか？
一定の条件下では可能です。NPSは海外マンデート構造を通じて外国運用会社と直接IMAを締結できます。ただし、国内での継続的な業務活動（常駐スタッフなど）はFSCMAの免許要件を引き起こす可能性があります。
Q2：NPSマンデートの最低AUM要件は？
資産クラスとマンデートの種類によって異なります。グローバル株式マンデートでは通常50〜200億米ドル以上のAUMと3〜5年以上のトラックレコードが必要です。代替投資マンデートでは専門性と共同投資能力が重視される場合があります。
Q3：韓国の退職年金（IRP/DC）市場とNPSの違いは？
NPSは集中管理型の政府基金ですが、IRP/DC市場は分散型で個人または雇主が投資商品を選択します。外国運用会社は通常、韓国の金融機関を通じた適格ファンド商品の分配でこの市場にアクセスします。
Q4：韓国年金基金の海外投資制限は？
株式、債券、不動産、インフラ、プライベートエクイティ、ヘッジファンドなど幅広い海外資産への投資が認められています。ただし、制裁対象地域、高リスクデリバティブ、NPS基金運用委員会が定める業種制限等には注意が必要です。
Q5：委任後の報告義務は？
IMAで規定される四半期パフォーマンスレポート、リスクレポート（VaR、トラッキングエラー、ドローダウン分析）、ESGレポート、議決権行使記録のほか、重要事象の随時報告が求められます。韓国語版または認定翻訳版の提出が必要な場合があります。
📌 公式参考資料
📚 関連記事
📋 Perspectiva Legal Coreana | Regulación Financiera
Por el Abogado NOH UJIN | HANBYOL LAW LLC, Seúl
Regulación de Inversiones en Fondos de Pensiones de Corea para Gestores de Activos Extranjeros
El sector de pensiones de Corea del Sur representa uno de los mayores grupos de capital institucional en Asia. El Servicio Nacional de Pensiones (NPS) gestiona activos superiores a 1.000 billones de wones (aproximadamente 750.000 millones de USD) y es el tercer mayor fondo de pensiones del mundo. Para los gestores de activos extranjeros que buscan acceder a este capital, comprender el marco regulatorio coreano es absolutamente esencial.
1. Descripción General del Sistema de Pensiones Coreano
El sistema de pensiones de Corea incluye:
- Servicio Nacional de Pensiones (NPS): Plan de pensiones públicas obligatorio
- Servicio de Pensiones de Empleados del Gobierno (GEPS): Para funcionarios públicos
- Pensiones de Maestros de Corea (KTP): Para docentes de escuelas privadas
- Planes de Pensiones de Jubilación Empresarial (IRP/DB/DC): Regulados por la Ley de Garantía de Prestaciones por Jubilación de los Empleados
2. Marco Regulatorio Clave
- Ley Nacional de Pensiones: Rige el NPS y el Comité de Gestión del Fondo establece las políticas de inversión
- Ley de Mercados de Capital y Servicios de Inversión Financiera (FSCMA): Régimen de licencias para gestores extranjeros (asesoría de inversión y gestión discrecional)
- Ley de Garantía de Prestaciones por Jubilación de los Empleados: Regula los planes de pensiones de jubilación empresarial
3. Requisitos de Licencia para Gestores Extranjeros
- Negocio de Asesoría de Inversión (투자자문업): Capital mínimo de 1.000 millones de wones
- Gestión Discrecional de Inversiones (투자일임업): Capital mínimo de 5.000 millones de wones
- Negocio de Inversión Colectiva (집합투자업): Para distribuir fondos registrados en Corea
4. Reglas de Asignación de Activos del NPS
| Clase de Activo | Asignación Objetivo (%) | Notas |
|---|
| Renta Variable Doméstica | ~14% | Acciones cotizadas en KRX |
| Renta Variable Internacional | ~35% | Mandatos de renta variable global |
| Bonos Domésticos | ~25% | Bonos públicos y corporativos |
| Bonos Internacionales | ~10% | Soberanos e IG corporativos |
| Inversiones Alternativas | ~15% | PE, Inmobiliario, Infraestructura, Hedge |
| Corto Plazo/Efectivo | ~1% | Gestión de liquidez |
5. Requisitos ESG
El NPS adoptó sus Principios de Inversión Responsable en 2022 e incorporó el análisis ESG en sus mandatos de renta variable e inversiones alternativas. Los gestores extranjeros deben demostrar políticas ESG sólidas e informes alineados con los marcos TCFD, UNPRI y GRI.
6. Consideraciones Fiscales
Las comisiones de gestión pagadas por fondos de pensiones coreanos a gestores extranjeros generalmente están sujetas a una retención fiscal del 22% (incluido el recargo local), aunque los convenios de doble imposición pueden reducir esta tasa. Se recomienda un análisis del convenio fiscal antes de contratar para evitar riesgos de establecimiento permanente (고정사업장).
Preguntas Frecuentes (FAQ)
P1: ¿Puede un gestor extranjero gestionar fondos del NPS directamente sin una entidad coreana?
Sí, bajo ciertas condiciones. El NPS puede contratar gestores extranjeros a través de estructuras de mandato en el extranjero que no siempre requieren una entidad coreana con licencia. Sin embargo, si el gestor realiza actividades continuas dentro de Corea (como personal residente), puede activarse el requisito de licencia bajo FSCMA.
P2: ¿Cuáles son los requisitos mínimos de AUM para un mandato del NPS?
Los requisitos varían según la clase de activos. Para mandatos de renta variable global, generalmente se requiere un AUM de 5.000-20.000 millones de USD o más y un historial de 3-5 años. Para inversiones alternativas, la especialización y la capacidad de co-inversión pueden ser más determinantes.
P3: ¿Cómo difiere el mercado de pensiones de jubilación (IRP/DC) del NPS?
El NPS es un fondo de gestión centralizada, mientras que el mercado IRP/DC está descentralizado. Los gestores extranjeros generalmente acceden al mercado IRP/DC distribuyendo fondos aptos a través de instituciones financieras coreanas autorizadas.
P4: ¿Existen restricciones a las inversiones en el extranjero de los fondos de pensiones coreanos?
Los fondos de pensiones coreanos pueden invertir en una amplia gama de activos extranjeros, incluyendo acciones, bonos, inmuebles, infraestructuras, capital privado y fondos de cobertura. Sin embargo, se aplican restricciones específicas en jurisdicciones sancionadas, derivados de alto riesgo y ciertas restricciones sectoriales del NPS.
P5: ¿Cuáles son las obligaciones de presentación de informes tras ser designado por un fondo de pensiones coreano?
Los requisitos incluyen informes trimestrales de rendimiento, informes de riesgo (VaR, error de seguimiento, análisis de caída), informes ESG, registros de votación por delegación e informes ad hoc para eventos materiales. Los informes deben proporcionarse en coreano o con traducciones certificadas.
📌 Referencias Oficiales
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