Law 6/2015, 15 January, the Reserve Fund of retirement law 6/2015, 15 January, the Reserve Fund of retirement since the General Council in its session of 15 January 2015 has approved the following: Law 6/2015, 15 January, the Reserve Fund of retirement preamble the law 17/2008 , 3 October, of the social security, in his article 84.1 kept the bottom of existing technical reserves in order to meet the future needs of the social security system in the area of contributory retirement branch.
According to the same law, the management of the Funds of the branch Board of Directors upon the retirement of the Caixa Andorrana de Seguretat Social. As in article 85, for carrying out this task the Board of Directors has the support of a Commission delegate with professionals in financial matters.
The aim of this law is to comply with the second final provision of the law 17/2008, establishing, by a specific law, the legal reserve fund retirement with regard to its nature and function and the regulation of acts of management, intervention and control. At the same time, it gives continuity to the work done by the Committee for the follow up of reservations and reinforces the professionalism and independence of the decision-making process, in the face of a near future in which it is anticipated that the Funds reach the higher amounts. Also establish criteria relating to investment policy, to allow for their adaptation to future circumstances of the Fund.
The management of the Reserve Fund of retirement should be consistent with the future commitments of the Andorran pension system with the aim of preserving the purchasing power of their heritage. Provide to the bottom of a legal framework to allow the proper management of this heritage and contribute to lengthen the life of the Fund. This Fund is one of the tools to contribute to the long-term sustainability of the Andorran social security system retirement.
In the current context, both in Andorra as in other countries of our surroundings, we are reviewing the social security systems in order to respond to the economic and demographic challenges of the future. The Government has initiated a reform of the pension system with the introduction of a law that introduces measures such as the commitment of the State with respect to possible future deficits of the retirement, ensuring minimum reserves of the Reserve Fund of retirement.
The evaluation of different systems of reserve fund applied in other public systems compared and the particularities of the Andorran social security system have recommended separating the unique heritage of the Caixa Andorrana de Seguretat Social and provide its own legal personality, the Reserve Fund of the retirement, regulating a management structure which will prioritize the technical capacity of managers and their autonomy of action. The law regulates the governing bodies of the Reserve Fund of retirement, providing of special relevance to the Management Committee of the Fund, made up of people with relevant experience and who will be responsible for the control of the reserve fund, the definition and implementation of the management of the Fund, to the supervision of the managing bodies and dipositàries, and reported properly.
This law regulates also the sources of financing of retirement Reserve Fund as well as the guiding principles of the investment strategy, and sets out obligations of information both to the Government and to the General Council and the citizens, in order to ensure transparency in the management and the results of the reserve fund.
The law is divided into six chapters: chapter I. Nature and object second chapter. Organization and administration of Chapter three. Sources of equity financing and management Chapter fourth. Definition and implementation of the investment strategy Chapter five. Managing bodies and dipositàries Chapter six. Duty of information in chapter first defined the nature and the purpose of the reserve fund. The second chapter establishes the organizational structure of the reserve fund, as well as the obligation to be bound by strict rules of conduct and for good governance. The third chapter deals with the sources of funding of the Reserve Fund and the composition of its shareholders ' equity, and equity management. In the fourth chapter defines the principles of the investment strategy you need to follow the rainy day Fund, and its implementation. In the fifth chapter regulates the selection of the managing bodies and dipositàries of the Reserve Fund and the relationship with them, and the criteria that they must meet these entities to offer maximum guarantees in the rainy day Fund. In the sixth chapter establishes the obligations of information that has to meet the reserve fund in order to provide an appropriate degree of transparency and provide sufficient information for decision making bodies, the Government, the General Council and to the public.
Chapter first. Nature and subject-matter Article 1 legal status 1. The Reserve Fund of retirement as an entity of public law with its own legal personality and assets and with full capacity to act, publicly and privately, independently of the general administration, to develop the functions which are assigned in accordance with the provisions of this law and other legislation in force.
2. The ownership of the resources that make up this heritage belongs to the beneficiaries of the Andorran social security retirement branch (Caixa Andorrana de Seguretat Social), in their contributory.
3. The Administration and representation of the Reserve Fund of retirement are exercised by the Board of Directors of the Reserve Fund and the Management Committee, in accordance with the distribution of powers established in this law.
Article 2 Subject 1. The retirement Reserve Fund has as an object the management of the assets of the retirement of the Caixa Andorrana de Seguretat Social, which is conferred by virtue of the provisions in this law.
2. The management of this heritage has been carried out in accordance with the principles of management of the reserve fund established in article 26 and taking into consideration the needs to cover the financial obligations of the branch out of retirement.
3. The Reserve Fund of retirement can be carried out also the management of other backup or similar funds within the scope of the public sector or for general interest.
Second chapter. First Section organisation and administration. Governing bodies Article 3 governing bodies

The governing bodies of the Reserve Fund of retirement are the Board of Directors of the Reserve Fund and the Management Committee.
Second section. The Board of Directors of the reserve fund Article 4 Composition and competencies 1. The Board of Directors of the reserve fund is formed by the members of the Board of Directors of the Caixa Andorrana de Seguretat Social.
The election, the composition, the Organization and the regulation of the Board of Directors of the Caixa Andorrana de Seguretat Social remaining are governed by law 17/2008, of 3 October, social security, and by the regulations that in the future the substitute.
2. the competences of the Board of Directors of the reserve fund: a) represent the reserve fund retirement, extrajudicialment and legally, in the subjects that are not the responsibility of the Management Committee.
b) appoint and cease, in the cases provided in this law, the members of the managing Commission designating.
c) co-ordinating and proclaim the appointment of the remaining members of the Management Committee, as well as his replacement as provided by law.
d) receive information on a regular basis of the managing Commission, and ask for as long as they are interested in, on the status of the Reserve Fund of retirement, on the policy of investment, and on any other point related to his performance that it considers relevant to the knowledge of the current state, the commitments and the financial provisions of the Fund.
e) Issue reports to the Government when it intends to adopt measures that are considered to be recommended to improve the management of the Fund.
f) Fix the remuneration of the members of the Management Committee are appointed as independent experts. The remuneration to be fixed will attend the budget reserve fund.
g) approve the internal rules of that body.
h) Approve the annual accounts of the Fund of retirement reserve and the budget.
and) determine the level of public information Fund, in order to comply with the reporting obligations described in the sixth chapter, at the proposal of the Management Committee.
j) Approve the annual report of monitoring foreseen in article 39.
k) Appoint the two independent experts, proposed unanimously by the remaining members of the Commission to appoint the Managing Director of the Fund, at the proposal) of the managing Commission.
m) Approve, on the proposal of the Management Committee, the structure of the Fund and the allocation of functions and powers.
n) Approve, on the proposal of the managing Commission, the recruitment of staff, the management policies and remuneration, as well as the internal regulations of the staff of the Fund and its code of ethics and conduct.
or at the proposal of the Management Committee Approved), the investment strategy.
The third section. Management Committee Article 5 Composition, appointment and duration 1. The Management Committee is composed of: a) a member of the Board of Directors of the reserve fund, appointed to this Council.
b) a person of the Board of the Caixa Andorrana de Seguretat Social, appointed by its Board of Directors.
c) a person in the direction of the Andorran National Institute of finance, appointed by its Board of Directors.
d) two people, as independent experts, named by the Board of Directors of the Fund and proposed unanimously by the remaining members of the Management Committee.
Also attends the meetings of the Management Committee, with voice but without vote, the director of the Fund.
2. The Management Committee shall appoint, among its members, a president and a Vice President to replace it in the event of absence or temporary impossibility. Corresponds to the Chairman and, if appropriate, the Vice President, convene and conduct the meetings of the managing Commission, postal voting ruling in case of a tie, sign the acts and certifications of the meetings, and represent the managing Commission for the execution of their decisions.
In any case, the contractual consent of the managing Commission against third parties is issued jointly by the president and Vice President, joint and without prejudice to the cases in which it is possible to the delegation, in accordance with the internal rules provided for in article 9, section 9.
3. The managing Commission also appoints a Secretary, who may not be a member, and who attends meetings and stand up Act.
4. Can attend the meetings of the Management Committee, without the right to vote, the external consultants who will consider it necessary to call for the exercise of its functions.
5. The Office of Member of the Management Committee has a duration of four years, in the case of a member of the Board of Directors of the reserve fund, and six years for the other members. The same person may be appointed a member of the Management Committee as a maximum for two or three consecutive mandates continuously not mandates.
6. In the event that a vacancy occurs in the managing Commission, will proceed to the appointment of his replacement as soon as possible. The duration of the mandate of the new Member will be appointed exceptionally the period remaining to fulfill the mandate of the Member causing the vacancy.
Article 6 incompatibility Requirements 1. The members of the Management Committee must be persons of good repute with appropriate professional knowledge and outstanding, to exercise the functions inherent in the Office and with adequate professional experience.
2. It is considered that they are people of recognized good repute and professional business that have a good personal and professional reputation, people the public image of which corresponds to that of good administrators and, in a specific way, that: a) do not have a criminal record for crimes of forgery, of infidelity in the custody of documents and violation of secrets, of waste of public flows , of discovery and revelation of secrets or offences against heritage.
b) have No criminal record for other malicious crimes.
c) are not or have been disabled to exercise public office or administration or in public or private entities in Andorra or abroad.
d) are not or have been declared bankrupt or in a situation of legal arrangement, and if they have been, have been legally rehabilitated.
3. It is considered that they have appropriate professional experience people who have played normally for a period equal to or greater than five years some of the charges or the following responsibilities: a) functions, administration, management, control of audit or financial advice, operational entities of the financial system, auditing companies or insurance companies, preferably in the field of financial management and investment services to third parties.

b) functions of responsibility similar to those of the previous point and in the financial field, in other private entities or public administration.
c) functions for the analysis, development and/or implementation of economic and financial policy.
4. It is considered that have suitable knowledge if they have a university degree in economics, finance or business administration and management, or have another higher degree and additional training in financial matters.
The independent expert members have to prove, in addition, academic or specialised training of competent professional experience in management of assets and liabilities, investment risk management or insurance, banking, financial markets or similar.
5. In all cases, the designation of a member must contain sufficient motivation that supports the suitability of the person for the position.
6. The members of the Management Committee should be preferably of Andorran nationality; exceptionally, however, will be able to turn to people of Andorra, by reason of their competence, knowledge and experience in the field.
Article 7 independence in the exercise of the Office 1. The members of the Management Committee must exercise their responsibility with independence with respect to the body that appoints and also with respect to any of the entities, public or private, that hire or you can hire the Management Committee in the exercise of its functions.
2. The appointment of a member of the Management Committee is published in the official bulletin of the Principality of Andorra.
3. The Office of Member of the Management Committee is incompatible with the following charges: a) a member of the General Council or a common.
b) Magistrate/ada of the Constitutional Court.
c) member of the Superior Council of Justice.
d) Mayor and magistrate/ada and a member of the public prosecutor's Office.
e) Any function or Office, Manager or Executive, in political parties, unless the Member appointed by the Board of Directors of the reserve fund.
4. The independent expert will not be able to combine this with any other that is exercised in the field of public administration, by appointment, contract or civil service; We exclude from this incompatibility regime to the provision of specific services or sporadic in the public administration, as defined in the internal regulations.
5. The membership of the managing Commission is incompatible with any activity that could jeopardize the independence and impartiality in the exercise of the Office.
6. Within the period of ten working days after taking possession of his Office, each Member of the Management Committee must submit to the Board of Directors of the Fund a statement in which he has to make clear that is not found in any of the causes of incompatibility set out by this law. If in the course of his term found in any of these causes, you must notify immediately to the Board of Directors of the Fund so that it will proceed to replace it.
Article 8 Termination and separation 1. The members of the Management Committee are constant in the charge for any of the following reasons: a) To end of the period for which they were appointed.
b) By resignation, presented in writing in front of whom he appointed.
c) to death.
d) for disability declared by judicial resolution.
e) to conviction for the Commission of a crime of which are mentioned in paragraph 2 of article 6.
f) to arrive at the age of 72 years.
g) For serious breach or repeated of the functions of his Office. In particular has this consideration the unjustified absence at more than 20% of the meetings of the Management Committee in a calendar year.
2. In the case of independent experts, their forced removal to the causes of the letter g) earlier agreed by the Board of Directors of the Fund on the proposal prompted and approved unanimously by the other three members of the Management Committee.
3. The other members of the Management Committee may be revoked and substituted freely by those who are responsible to designate them.
Article 9 Operation 1. The Management Committee is convened by the president, on its own initiative or of at least two members, with an agenda that must include the documentation relating to the issues the subject of deliberation and the date, time and place of the meeting.
2. The Management Committee will meet at least once every two months and shall inform the Board of Trustees of the Fund at least once every three months.
3. The Management Committee is validly constituted when at least four of its members are met.
The agreements are adopted by a majority of the members present and, in case of a tie, the vote of the president is ruling.
4. Assistance to the managing Commission can be in person or by using electronic or telematic means of distance communication, once verified and guaranteed the identity of the Member.
5. With the exception of duly justified cause, the members of the managing Commission have a duty to participate in all the meetings regularly convened and remain bound to respect the secrecy of the deliberations.
6. In the event that a member has a conflict of interest in the resolution of any of the issues dealt with in the framework of the meetings, has to abstain from the vote and voice in connection with the issue.
7. Will be able to attend the meetings of the Management Committee, with voice but without vote, other experts in view of the significance of the subjects treated.
8. The Management Committee may hire the services of specialised external advice.
9. The Management Committee shall be a rules of procedure.
10. The Secretary, with the approval of the president, minuted of all meetings, appointments and decisions of the managing Commission, which must sign the president and the Secretary. The certifications of the managing Commission agreements are delivered by the Secretary with the approval of the president.
Article 10 Responsibilities of the managing Commission competences of the managing Commission: 1. The definition, the implementation and the monitoring of the investment policy of the Fund.
2. The monitoring of possible management mandates.
3. The formulation of the proposed investment strategy of the Fund.
4. The supervision and control of the management of the assets of the Fund.
5. The selection and contracting of institutions and dipositàries the bottom.
6. The supervision and control of the institutions and dipositàries in respect of the Fund.
7. The formulation of the internal regulation of the managing Commission.
8. Monitoring, control and contracting of the bank accounts into which are credited the assets of the Fund, in accordance with the provisions of the law.

9. Represent the reserve fund retirement, extrajudicialment and legally, in the subjects that they are their competition.
10. Issue reports to the Board of Directors of the Fund when it proposes the adoption of measures that are considered suitable for the improvement in the management of the Fund.
11. Formulate the annual accounts and the budget settlement of retirement Reserve Fund and present them to the Board of Directors of the Fund for approval.
12. Formulating the draft annual budget for approval by the Board of Directors of the Fund.
13. Approve annually the strategic objectives and the General guidelines of the administration of the Fund and oversee the achievement.
14. to propose to the director of the Fund to the Board of Directors of the Fund.
15. Select employees and, if appropriate, of the professionals needed for the proper management, organization and control of the Fund, without prejudice to the Faculty of delegating to the Director of the Fund.
Article 11 dissolution and liquidation of the reserve fund 1. The dissolution of the Fund will have to be agreed by the General Council through the approval of a law.
2. This legislative Act the procedure of liquidation and transfer of the resources of the Fund, seeking the protection of the rights of the beneficiaries of the Andorran Social Security retirement as owners of the resources that make up the background.
The third section. Director of the reserve fund Article 12 Appointment and separation from the position as head of the Fund lies in a person named and loosely separated by the Board of Directors of the Fund, at the proposal of the Management Committee.
Article 13 Powers 1. The director performs the functions of implementation and follow-up of the decisions of the ordinary managing Commission.
2. The responsibilities of the director, but not limited to, are: a) to implement and execute the resolutions of the managing Commission relating to the investment policy of the Fund.
b) monitoring and control of the management of the Fund in the event that management mandates from external funds.
c) to monitor and control of quality, taking into account the parameters of the initial selection and continuous evaluation established by the Management Committee in the corresponding policy in relation to the managing bodies and dipositàries.
selection and contracting of the proposal) institutions and dipositàries the bottom.
e) the monitoring of the operating bank accounts into which are credited the assets of the Fund, in accordance with the provisions of the law.
f) Represent legally, by delegation, the reserve fund retirement, extrajudicialment and legally.
g) manage and organize technically the background.
h) hire and fire the staff of the Fund, as delegated by the Board of Directors of the Fund.
and) Issue reports to the managing Commission on all measures deemed necessary and recommended by the improvement in the management of the Fund.
Article 14 requirements and incompatibility 1. The director of the reserve fund must be a person of good repute and relevant professional, with suitable knowledge to exercise the functions inherent in the Office and with adequate professional experience.
2. for the consideration of the requirements of good repute and appropriate professional and knowledge, apply the same rules as for the members of the Management Committee and, in particular, for its independent experts.
3. It is considered that it has adequate professional experience for the post of director of the person certifying that a professional experience of more than ten years in auditing and control linked to the financial sector, or in operational entities of the financial sector, insurance companies, investment funds and pension funds in the areas of Treasury, capital market and investment management , and has played with normal high charges or responsibilities of Directors, steering or control in organisms or entities of the financial sector, insurance or in the public administration. Must have experience in products, assets and financial services, fixed income, equities, structured products and knowledge of international financial markets, as well as their risks, trends and indicators.
4. The director shall be independent of the institutions with which to hire the background and do not participate in the decision-making process of these bodies. In this sense, the director may not keep any financial, commercial, labour relationship or otherwise, either directly or indirectly, by the entities with which it contracts the Fund, on the basis of which the managing Commission to reach the conclusion that the independence is compromised. If the independence of the director will see compromised by any factor, has the obligation to establish the safeguards necessary to reduce these factors and to avoid compromising their independence. In the event that the safeguards will not adequately reduce the factors that compromise their independence, it is subject to decision of the Management Committee the resolution of this situation.
5. The director has to exercise the Office with exclusive dedication and, consequently, is incompatible with the exercise of any other public or private remunerated activity, profession, or.
Section four. Supervision of the reserve fund Article 15 The supervisor Us Court of accounts is the supervisor of the reserve fund.
Fifth section. Code of conduct and confidentiality Article 16 code of conduct The Board of Directors of the Fund develops a code of conduct binding for their members, the members of the Management Committee, the director of the Fund and the employees of the Fund. This code of conduct includes, as a minimum, the rules of conduct in force of the Andorran financial system.
The above-mentioned code of conduct also applies to management companies, dipositàries and fund advisors.
Article 17 Confidentiality members of the governing bodies of the funds, their staff, as well as all the people who play or have played a role in the background, including experts who are hired by the Fund, they have the duty of confidentiality with regard to all information obtained in the exercise of their duties, even after its termination or their separation , as well as any other duties regulated by the Law on the protection of personal data.
The sixth section. Article 18 cooperation agreements cooperation agreements


In order to optimize the management of its resources, the Fund can sign collaboration agreements with other public entities to carry out aspects of their administrative management related functions, such as accounting, human resources, information systems and/or others to be determined.
Third chapter. Sources of equity financing and management Article 19 shareholders ' equity 1. At the time of the reserve fund, retirement funds own initials are formed by all the assets of the balance sheet of the Andorran Social Security Box that correspond to the consideration of the available reserves and reserve fund frozen retirement branch and to the results of the exercise of the Reserve Fund of the retirement of the liabilities of the balance sheet of the Caixa Andorrana de Seguridad Social.
2. The assets of the Andorran Social security described in paragraph (1) change of ownership and to be part of the assets of the reserve fund, and is a game that is equivalent in its liabilities called "heritage of retirement reserve fund".
3. the results obtained in each exercise the retirement reserve fund in the management of their investments are included in the balance of the Reserve Fund and together with the heritage, make up the assets of the retirement reserve fund.
4. The Fund has a minimum patrimony at the beginning of each financial year, as the legislation in matters of social security.

Article 20 contributions to reserve fund 1. The Andorran Social Security carries out regular contributions to the reserve fund, as a result of the payment of the excess by superàvits in the branch of retirement, at least every three months.
2. The budget reserve fund includes forecasts, both contributions and refunds, included in the budget of the Caixa Andorrana de Seguretat Social, and must inform the Management Committee of the Fund and the Government.
3. In the event that during the year the Andorran Social Security allows for a positive or negative deviation over 10% with respect to the ordinary annual contributions, the Chairman of the Board of Directors of the Andorran Social Security has to inform the Management Committee of the Fund and the Government.
4. There may be extraordinary contributions to the reserve fund as a result of transfers of the budgets of the State, with the aim of maintaining the minimum coverage level laid down in paragraph 4 of article 19, or by decision of the Government.

Article 21 Refunds of retirement Reserve Fund of 1. Repayments by the assets of the Fund are only permitted to comply with the obligations of the Caixa Andorrana de Seguretat Social in the payment of benefits from the branch of retirement, at the time that needs it.
2. The Board of Directors of the Caixa Andorrana de Seguretat Social Plan these trips of heritage in the annual budget and report their forecasts to the General Council as well as the managing Commission of the reserve fund, in order to manage the needs of Treasury.
In the event that the repayments made during the year are higher than the real needs of effective of the Caixa Andorrana de Seguretat Social payment of benefits of the retirement, these refunds will automatically revert to the reserve fund before submitting to the General Council the settlement of accounts for the financial year in which the excess occurred.
Article 22 Budget 1. The reserve fund has its own budget.
2. The managing Commission presents the budget proposal of the reserve fund to the Fund's Board of Directors for approval.
3. The Board of Directors of the Fund has to send the budget to the Ministry in charge of finances with sufficiently in advance so that it can be integrated into a specific section of the general budget bill to be submitted to the General Council for approval.
4. The Government may not modify the budget proposal, and observations that you may make must be considered by the Board of Directors of the reserve fund, which, if necessary, the will take into account and made a new budget proposal.
5. The budget of the Fund of reservation is subject to the general law of public finance and the concordant provisions and deployment.
Article 23 management and Administration 1. The Management Committee administers the retirement reserve funds with total independence from the Government, while respecting the principles of transparency, efficiency, effectiveness and prudence, and pricing in each case the circumstances of financial markets.
2. The contracting authority of the reserve fund is the managing Commission.
3. The selection and contracting of institutions and dipositàries, as well as the contracts for the provision of services related to the management of the Heritage Fund, will be carried out by means of direct purchase. The contracting party invites, whenever it is possible and justified, at least three legitimate bidders to contract with the entity and which comply with the requirements of administrative terms and technical specification.
4. The selection and contracting of institutions and dipositàries, as well as the contracts for the provision of services related to the management of the assets of the Fund can be made also by means of a negotiated procedure, provided that the nature of this contract have the characteristics of the supply are such that it is not able to determine the conditions of the contract with the precision necessary for their adjudication by selecting the best tender according to the rules that govern the open procedure or restricted.
4.1. The negotiated procurement procedure is the procedure in which the contract is awarded to the bidder that offers the most advantageous tender in accordance with the award criteria set out in administrative terms, after having invited the candidates who meet the requirements set out in the same terms, and have negotiated the terms of the contract with one or more candidates. The terms of the negotiated procedure with bidding edict are the same as those of the open and restricted procedures which determines the law of public contracts.
4.2. The contracting authority may not publish an edict of tender in the following cases:

to Bid in competition with open procedure) removed or restricted and unassigned due to lack of participants, for the non-admission of the tenders or because the bids submitted were not suitable, provided that the initial conditions of contract are not substantially modified.
b) to the extent that is absolutely necessary, when the overwhelming urgency, consequence of unforeseeable events, it is not compatible with the terms of the open, restricted or negotiated procedure with the publication of an edict of tender.
c) When for reasons of technical specificity duly justified the contract only may be entrusted to one or more specific persons, provided that they are authorised to enter into contracts with the Administration in question.
4.3. During the negotiations the contracting authority gives a deal equal to all bidders. In particular, it does not provide for discriminatory information which can give advantages to certain bidders with respect to the rest.
4.4. During the negotiations, it is necessary to ensure the right to confidentiality in order not to transfer, even respecting the anonymity of the idea, any approach that could impair the intellectual property rights or patent or simply business original formulations.
4.5. The negotiated procedure regulatory establishes what financial and technical aspects can be negotiated. In any case, the general object of the negotiation is on qualitative and economic conditions of the execution of the contract. Cannot be subject to negotiation anything that has no direct relationship with the object of the contract. The negotiated procedure should try on qualitative aspects of the implementation of the contract, the negotiation of which can lead to logically alternatives in the formulation of the price.
5. In the event of paragraphs 3 and 4 are compulsory request the approval of an administrative terms and technical specification, the establishment of the Evaluation Committee and the publication of the edict of adjudication.
6. The operations and financial services in the framework of the contracts of managing bodies and dipositàries of funds and the actions that, in the field of the management of the Fund, make directly the managing Commission, remain outside of the scope of application of the public procurement Law.
Article 24 Formulation and approval of annual accounts and budget clearance 1. The Management Committee of the Fund formulates the annual accounts of the Fund of retirement reserve within a maximum period of three months to count from the end of the year.
2. The annual accounts are formulated to carry out the necessary adaptations according to the characteristics and nature of the activities of the Reserve Fund of retirement.
3. The Board of Directors of the Fund approves the annual accounts once we receive the tracking and control annual report foreseen in article 37.
4. Once the Board of Directors has approved the annual accounts of the reserve fund, are relayed to the Ministry in charge of finances for the submitted to the General Council.
Article 25 Inembargabilitat The property and rights that make up the heritage of the reserve fund are unalienable and not pignorables.
The fourth chapter. Definition and implementation of the investment strategy Article 26 principles of investment strategy 1. The investment strategy of the Fund is governed by the principles of accountability, transparency, liquidity, security, efficiency and diversification, at the same time try to get to medium and long term a positive real return, that is to say, more than inflation in Andorra.
At the same time, the Reserve Fund's investment strategy should include the investment policy and must take into account at least issues such as methods of identification, measurement and control of risks arising from the investment and management of funds, as well as the strategic placement of assets with respect to the nature of the commitments of the reserve fund.
2. In the definition of the investment strategy will take into account the conclusions of the actuarial study that la Caixa Andorrana de Seguretat Social carried out according to the provisions of the current regulations as well as the findings of other studies conducted by the Government.
3. The assets of the Fund are invested in accordance with the prudent person rule, and in particular, in accordance with the following rules: a) the assets will be invested in defending the interests of the beneficiaries. In the event of a possible conflict of interest, the Management Committee oversees because the investment will make defending only the interests of beneficiaries;
b) the assets will be invested mainly in quotations. Investments in assets that are unable to negotiate on a regulated financial market must remain always within safe levels;
c) the assets will be invested taking into consideration at all times the safe distance of diversification of risks, so that they avoid an excessive concentration of credit risk, counterparty risk, country risk, currency risk, market risk, interest rate risk or sector risk.
d) investment in derivative instruments shall be possible insofar as what will contribute to the reduction or the coverage of the risk of investment or facilitates the effective management of the portfolio without increasing their risk profile. These derivative instruments will be valued in accordance with the international standards of accounting and financial information, and will be included in the valuation of assets of the reserve fund.
4. The reserve fund cannot get loans or act as guarantor on behalf of third parties. However, the Management Committee may authorize the reserve fund to get some level of leverage only with the aim of getting liquidity, and temporary short term and always respecting the principles set out in paragraph 1.
5. In the management of the reserve fund will take into account criteria for socially responsible investment, taking as a reference the principles of Responsible Investment promoted by the United Nations.
Article 27 Investment Policies 1. In application of the principles described in article 26, the following general criteria are established in the investment policy of the Fund: a) the reserve fund invests at least 50% of their wealth in money market instruments and/or fixed income assets negotiated or listed on regulated markets or equivalent and with a credit quality to the principles that govern this investment policy and in any case filed with at least a grade level of investment (investment grade in the internationally accepted nomenclature) by one or more rating agencies of recognized solvency.

b) The reserve fund invests up to a 35% of their wealth in assets in equity securities in quotations.
c) the reserve fund invests at most 15% of the assets in assets other than those above, fact that allows investment in other types of assets.
d) in any case, for the purposes of liquidity of the reserve fund, at least 80% of its assets must be invested in eligible assets, in accordance with the provisions of paragraph 1 of article 29, and liquids. Liquid assets are understood to be:-money market instruments;
-the bank deposits;
-the securities or traded daily in quotations;
-collective investment undertakings subject to a comparable regulation in the Andorran legislation and with liquidity preferably daily or, at least, fortnightly.
To these effects, it is considered regulated market:-everything that appears on one of the lists relating to these markets of the Member States of the European Union as well as the rest of the trading markets of securities and financial instruments for third countries authorised and/or supervised by an authority to operate in accordance with international standards in the field of regulation and supervision of financial markets; or-any market or multilateral trading system of securities or financial instruments that have regular functioning and that are subject to rules laid down by the competent authorities relating to the operation of the market and the conditions of access, for admission to trading, of transparency and of protection similar to those of the markets to which the preceding paragraph refers, and which is considered as such by the INAF.
2. The regulations will be able to set the maximum percentage of investment in fixed income assets and minimum percentages of investment in equities and other assets, in order to define in more detail the investment policy described in section 1. However, it is the responsibility of the managing Commission to establish the long-term investment strategy of the reserve fund. It is also the responsibility of the managing Commission define and write the mandate or management mandates regulating in detail the application of this investment strategy, as well as determine the assets eligible for investment and the constraints in the area of risk management policy, while respecting the principles of management set out in article 26.
3. The Andorran Social Security sent to the managing Commission of the retirement actuarial reserve fund study that is carried out according to the provisions of the legislation in force, as soon as I have the study.
4. The Management Committee of the rainy day Fund is coordinated with the Caixa Andorrana de Seguretat Social in order to assess the need to elaborate an actuarial study in a given time.
5. Each year the Management Committee assessed and, if necessary, change the investment policy, as long as, arises by virtue of the last actuarial study presented by the Caixa Andorrana de Seguretat Social and circumstances of financial markets or market conditions. In the event that will modify the investment policy will be informed to the public through electronic channels established in application of article 40.
Article 28 socially responsible investment in the management of the reserve fund will take into account criteria for socially responsible investment, taking as a reference the principles of Responsible Investment promoted by the United Nations, and who is in charge of this task is the Management Committee of the Fund, developing the tools and necessary policies of the Fund.
Article 29 Assets for investment and diversification of risks 1. Assets are considered to be suitable for investment, to which refers the letter d) of paragraph 1 of article 27: a) negotiable instruments and money market admitted or traded on regulated markets.
b) negotiable securities and money market instruments traded on other regulated markets, in regular operation, recognised and open to the public.
c) negotiable securities and money market instruments issued recently and which are pending to be traded on regulated markets, in regular operation, recognised and open to the public, and as long as their terms of issue expect to be admitted to trading in a maximum period of one year.
d) shares and shares of collective investment institutions authorized in accordance with Andorran legislation or who are subject to similar regulation, provided that:-have a level of investor protection equivalent to that granted to Andorra;
-provide periodic information (at least monthly) which allows the evaluation of the assets and the liabilities, of the benefits and of the operations of the period considered.
e) bank deposits in banks with registered office in a Member State of the European Union, the OECD or in Andorra. In case you do not have registered offices in a Member State of the European Union, the OECD or in Andorra, the deposits can be made in other entities provided that these are subject to a precautionary rules that the INAF deems equivalent to those in force in Andorra.
f) derivatives, including equivalent instruments that require a payment in cash, traded in a regulated market, and/or OTC derivatives (over-the-counter), on condition that:-the underlying asset is a financial instrument, the financial index, interest rates, exchange rates or currencies in which the reserve fund may invest according to its investment policy;
-the counterparties to OTC derivatives transactions are institutions subject to provisional supervision, and belong to categories authorized by the investment policy of the reserve fund;
-the OTC derivatives are subject to reliable and verifiable daily assessment on a daily basis and can be sold, liquidated or settle-at any time in its value just by a compensatory operation by initiative of the reserve fund or who is authorized to manage on its behalf. g) with the exception of money market Instruments traded on a regulated market , the issuer of which is regulated in order to give coverage to investors and savings, and provided that:-they are issued or guaranteed by a central, regional or local administration, the central bank of a Member State of the European Union, Andorra or of any country of the OECD or by any organisation international audience to which belong some of these countries (ECB, EIB, etc.);
-issued by a company, the titles of which are traded on a regulated market;

-be issued or are guaranteed by an entity subject to provisional supervision in accordance with the criteria defined in the European legislation or act in accordance with provisional rules that, in the opinion of the INAF, are at least as stringent as those laid down in Andorra;
-issued by other entities that offer protections for investors similar to those mentioned in the three earlier cases, and as long as you have the permission of the INAF.
2. You will be able to establish additional limitations the regulations by the Government or the strategies that can establish the managing Commission of the Reserve Fund of retirement.
Article 30 the general criteria for assessing assets Valuation of the assets of the reserve fund is the market value.
The values quoted in quotations are valued in accordance with the official quotation market known in which listed.
The real estate assets must be assessed taking into consideration the international standards of valuation.
The values that are not traded on regulated markets are valued for their estimated value of realisation or value likely to negotiation, using internationally accepted valuation accounting procedures. The criteria used must pursue in the search for the most accurate assessment, taking into account all the factors that come into play when it comes to value securities assets. In this sense, it is necessary to take into account the criteria accepted internationally as a best practice in assessment.
Article 31 investment strategy and management mandates 1. The Management Committee of the Fund defines an investment strategy that includes the investment policy and risk management policy, which must be approved by the Board of Directors of the Fund.
This investment strategy has also included the appointment of strategy managers, if necessary, in a supporting role of depositaries and, finally, must also contain the detailed definition and of the mandate or mandates of management that you want to designate as saying investment strategy.
2. The mandate of management may include different annexes in which established specific management mandates, in order to entrust to the managing bodies of the reserve fund the management of the investment portfolio which, because of its specificity, it is advisable to entrust management institutions specialists. In one of the annexes will be possible, if so decided by the Management Committee, what part of the investment portfolio runs the managing Commission directly, without any delegation management entity.
3. The document under the management mandate must include the following aspects relating to the investment in equities: a) the percentages of target investment in equity markets, which should take into consideration the possible investment in both countries considered developed as some of the leading index providers emerging as reference.
b) the percentages of investment in equity that will be managed with a passive management and active management criteria.
c) the percentages of investment that the Management Committee decides to invest in assets in equity that follow a theme or sector and, therefore, does not correspond exactly with the countries or geographical areas.
4. The document under the management mandate must include the following aspects concerning investment in fixed-income securities and money market instruments: a) the percentages of investment goal in the fixed income markets, which should focus on assets of Governments and private companies from countries considered developed according to some of the main suppliers of reference indexes.
b) if it considers it necessary, on the basis of the analysis of the future flows, the mandate could collect a percentage of the investment intended to cover part of future commitments (cash-flow matching).
c) the percentages of investment in fixed-income securities that will be managed with a passive management and active management criteria.
d) the percentages of investment in fixed income assets from the point of view of the type of coupon that pay (fixed, floating, linked to inflation or others who may be considered).
e) the percentage of investment in fixed income assets in the short term.
5. The document under the management mandate must include the aspects relating to the investment in other types of assets the following: a) the percentages of investment in assets of equities or fixed income listed.
b) the percentages of investment in assets in fixed income high yield, that is to say, ranked below investment grade by one or more rating agencies.
c) the percentages of investment in fixed income assets of Governments and of private companies, according to one of the main suppliers of emerging countries considered of reference indexes.
d) the percentages of investment in other types of assets.
6. The document under the mandate of management must also include reference indexes for each of the types of assets that are the object of investment.
These indices of reference must meet criteria of representativeness, invertibilitat, transparency, accuracy, widespread acceptance and availability of investment products or by-products that are repliquin.
The benchmark index has to be calculated from the frequency set for each type of asset that is the object of investment.
7. The document under the management mandate should also include the criteria of rebalancing of assets in the case of exceeding the maximum set out in the mandate for revaluation of assets.
8. the credit risk of the investment in fixed income assets is determined by the credit framework of reference rates that are fixed for the investment in fixed income assets, both the assets of fixed-income securities classified in this typology, such as fixed income assets that its characteristics are classified under the types of other types of assets.
You can set additional limitations on credit risk, or the regulations on the part of the Government, or the policies that you can set the managing Commission of the reserve fund.
9. The document under the mandate of management must also include the following aspects: a) conditions and limits for the investment through derivative products.
b) conditions and limits on stock lending.

c) criteria for investing in currencies other than the euro and coverage criteria. The investment in currencies other than the euro are allowed in order to diversify the investments of the reserve fund, in accordance with the general criteria of investment, while the Management Committee should establish the criteria for hedging of currency risk.
of operational risk monitoring criteria) of the managing bodies of investment funds that can be invested in the reserve fund. In the mandate of management established these criteria, which must be consistent with the criteria for the selection of managers that are established in article 33.
e) information you must provide the managing bodies and dipositàries in the managing Commission of the Reserve Fund for the development of their tasks of monitoring and control. The Management Commission must be defined in the mandate of the management information needs and the possible needs of provision of information to third parties on behalf of the managing bodies and dipositàries of the reserve fund. The presentation of results should be done in accordance with the international standards for the presentation of results, standards GIPS (Global Investment Performance Standards).
f) maximum costs that can be applied to both managers as depositaries.
10. The Management Committee of the reserve fund may establish additional restrictions on the showing this law according to their expectations, the situation of financial markets or the management of the reserve fund.
Chapter five. Institutions and asset management institutions Article 32 dipositàries 1. The Management Committee of the Fund may agree that the investment of the assets will take place through institutions or foreign entities, which are regulated in accordance with the Andorran legislation or OECD, assimilated. In this case, the management would take place on the basis of a unique management mandate or specific to each of them and the Management Committee should establish the percentages of equity investing through a single management entity with the aim of ensuring a correct diversification.
2. The number of institutions is determined by the volume of assets of the reserve fund at any given time and the criteria and principles of management of the Fund. Establishes a maximum of wealth managed by the same entity of 25% of the total assets of the reserve fund.
3. The Management Committee reviews annually the fulfilment of these criteria.
4. It will be considered as a single management entity and therefore subject to these limits, the institutions that are part of the same group or have a stake greater than 25% in its shareholders, both at the time of entry into force of this law as if they gave this circumstance in the future as a result of corporate operations.
Article 33 selection of institutions and delivery criteria 1. Due to their specificity, the processes of selection and recruitment of institutions or dipositàries will be governed according to what is established in this law.
2. The general criteria to select the managing bodies are those of diversification, experience, expertise, capacity, safety, profitability, risk, taking into account both the capacities of the organizations in the management of assets and operating aspects of organization and control of the same entity.
3. The contracting authority of the reserve fund established by the folds of administrative terms and technical specification.
4. in the technical specifications document will establish the specific criteria used to assess both the capacities of the organizations in the management of assets, and operating aspects of organization and control of the entity. These specific criteria should allow to assess the entities in compliance with the following aspects: a) to have a clearly articulated investment process which can be expected to generate added value consistently within the parameters defined by the objectives and the investment policy of the reserve fund.
b) Demonstrate sufficient experience and expertise, as well as have stable management teams, specialized and properly with incentives.
c) assessing the quality of management by means of the indicators most appropriate in each case. Offer a competitive management fees proposal, taking into account fixed and variable fees depending on results.
d) have structures of organization of the entity that demonstrate a commitment to the asset management activity and to ensure the good governance of the Organization, taking into account the importance of a Department or function of compliance with internal control and independent, to ensure compliance with the legal requirements and regulations that affect the activities of the Organization as well as the internal rules.
e) Have sufficient resources and technology to support their investment strategies, to ensure maximum efficiency, to ensure the integrity of the data and to minimize human errors.
f) dispose of processes and mechanisms to identify and manage the risk of counterpart, to ensure compliance with the investment managers and to control the level of rating of the depositories with what works. You must also have appropriate controls to settle and reconcile transactions with the depositories.
5. The contractual relationship between the background and the entities is governed by private law. The contracts with the entities establish the validity period, which may be renewable.
6. The criteria for sharing between the different institutions of the contributions, repayments or the reponderacions of the heritage of the reserve fund are determined by the Management Committee in accordance with strictly criteria imply specific metrics that allow technicians in the principles: diversification, experience, expertise, capacity, safety, efficiency, profitability and risk.
Article 34 depositories of the assets 1. It is the responsibility of the Management Committee the selection of the depositories of the assets of the Fund and establish the percentages of assets to be deposited in a single entity.
2. The Management Committee of the Fund may be decided that the deposit and custody of heritage will take place through the Andorran foreign depositories or regulated in accordance with the OECD legislation, and establish the percentages of the Andorran equivalent or heritage to be deposited in the same organization with the object of ensuring a correct diversification.
3. The number of depositories is determined by the volume of assets of the reserve fund at any time, to the needs of information and control that may have the Management Committee and to the maximization of the efficiency in the provision of this service.

In accordance with the above, you are allowed to hire depositories of Andorra that form part of the same group that the Andorran financial institutions, and at the same time hiring a global depositary institution, which carry out the functions of deposit and custody of assets deposited outside Andorra.
Article 35 depositories selection 1. Due to their specificity, the processes of selection and recruitment of depositories are governed according to the provisions of article 23.
2. The general criteria to select the depositories are diversification, solvency, experience, expertise, capacity, security and cost, taking into account both that the service provided by the Organization to respond to the specific needs of the reserve fund, as internal control aspects of depositaries and the evaluation of transactional costs, direct and indirect, that may be generated by the activity of the depository.
3. The contracting authority reserve fund established by the folds of administrative terms and technical specification.
4. in the technical specifications document will establish the specific criteria used to assess both the capabilities of the organizations to respond to the specific needs of the reserve fund, as are aspects of internal control and the evaluation of the direct and indirect transaction costs, that may be generated by the activity of the depository. These specific criteria should allow to assess that the entities comply with the following aspects: a) Demonstrate a financial fortress, an experience and a specialization in the field of outstanding dipositaria.
b) have a capacity of administration of assets, both traditional and proven alternative.
c) have sufficient and efficient processes and technological capabilities to carry out the accounting, valuation and verification of the compliance of the investment guidelines of the Fund and the presentation of results.
d) have efficient processes to carry out the management of the Treasury of the reserve fund.
e) Offer a competitive costs, both fixed commissions on heritage, as well as for transactions and operations or administration fees and information.
5. The contractual relationship between the background and the depositories is governed by private law. The contracts with the entities establish the validity period, which may be renewable.
Chapter six. Duty of information Article 36 quarterly report of supervision 1. The Management Committee of the Fund develops a quarterly report on monitoring of the management of the Fund.
2. This quarterly report contains at least the following information: a) detail of the heritage that breakdown of the different types of assets in which to invest.
b) Returns and volatilities obtained by the Fund.
c) Control the fulfilment of general criteria of investment and management of risks.
3. The reports corresponding to the second and fourth quarter of each year, the Management Committee includes the evaluation of the fulfilment of the criteria for selection of the managing bodies and dipositàries, as well as a description of the criteria of distribution between the different institutions and dipositàries of the contributions, repayments or the reponderacions of the assets specified under Chapter five.
4. These quarterly reports are made to get to the Board of Directors of the reserve fund within three months following the close of each term natural.
Article 37 annual report of monitoring and control 1. The Commission manages the reserve fund produces an annual report on the monitoring and control of the evolution of the Fund.
2. The annual report of monitoring and control contains at least the following information: a) changes in the investment policy.
b) significant changes in the mandate of management.
c) Breaches of the mandate of management that have been produced.
d) changes in the managing bodies or dipositàries.
e) evolution of the policies, criteria and the socially responsible investment initiatives.
f) audit annual report foreseen in article 38.
g) special review annual report of agreed procedures foreseen in article 39.
3. This report is relayed to the Board of Directors of the Fund for approval.
4. Once approved, in the first quarter of the following year, the report is done to get to the Board of Directors of the Caixa Andorrana de Seguretat Social, the Government and the Court of Auditors. The Chairman of the Board of Directors of the Social security system must submit the report to the Legislative Commission of the General Council in charge of the management of Social Security.
5. In the event that the Board of Directors of the Fund does not approve the annual report, it informs the Caixa Andorrana de Seguretat Social and Government, which in turn makes the General Council and of the Court of accounts.
Article 38 annual audit The reserve fund is subject to an annual audit by an independent auditor of an entity and prestige.
The external auditors and the auditing should respect the ethical standards of the most demanding professionals. In this sense, the external auditors and the auditing should take into consideration the principles reflected in the code of ethics of the International Federation of Accountants (IFAC) and carry out the audit work in accordance with the provisions of the international standards of auditing issued by the International Auditing and Assurance Standards Board.
The auditor is appointed for a maximum period of 4 years.
The direction and the signature of the work of audit may correspond to one or more members of the same organization auditor. The audit reports must be signed with the logo of the organisation mentioned and is required the signature of the responsible partners who have been in charge of the field work carried out in the entity audited. The reports may not be signed by other members of the same organization that have not participated in the work.
In the event that the external auditors should have knowledge of the existence of elements likely to significantly affect the stability of the reserve fund, must issue a report to the Board of Directors of the reserve fund, which will be sent to the Government.
Article 39 special annual report review of agreed procedures 1. Each year a report is made to verify that the management of the Fund complies with the requirements set out in the fourth and fifth chapters.
2. the report prepared by a person or entity an expert and independent of the governing bodies of the Fund and of the managing bodies and dipositàries.

3. The Management Committee of the book develops the necessary content of this report.
Article 40 information to citizens On the Board of Directors of the reserve fund safeguards because they established the telematic channels required in order to provide information to citizens about the organisational structure of the reserve fund, on the principles of his investment strategy, which includes the investment policy and the management of risks, about the results annually and on other topics of interest that you consider appropriate.
First transitional provision In a maximum period of ninety days from the entry into force of this law has been to set up the Management Committee described in the second chapter.
Exceptionally, the duration of Office of the members of the Managing Committee that are also members of the Board of Directors of the Caixa Andorrana de Seguretat Social non finirà later cease its status as a member of the Board of Directors.
Second transitional provision 1. In a maximum period of ninety days from the entry into force of this law and to coincide with the first of the month will have to change ownership of the assets of the Andorran Social security described in paragraph 1 of the article 19 of the initial Reserve Fund's assets at the time.
2. The transfer of assets will be pricing at market price and the date of creation of the reserve fund all assets subject to transfer. In the case of securities that are not traded on regulated markets, are valued for their estimated value of realisation or value likely to negotiation, using internationally accepted valuation accounting procedures. The valuation of financial assets will be held by the depositories of the same. The General intervention of the State will monitor the results of the evaluations and give the go-ahead to the global amount of the transfer.
Third transitional provision 1. The Commission manages the retirement Reserve Fund has six months from its Constitution in order to adapt the management contracts and deposit with the corresponding entities.
2. Evaluation criteria for the selection of new managing bodies of the reserve fund described in paragraph 4 of article 33, also must comply with the existing institutions on the date of entry into force of this law. The entities will have six months to respond to the request for information you will need to do the managing Commission of the reserve fund. The Management Committee will have a term of six months from its Constitution to make the request for information to the entities.
3. In the same way, the evaluation criteria for the selection of new depositories of the reserve fund described in paragraph 4 of article 35, also must comply with the existing depositories on the date of entry into force of this law. The entities will have six months to respond to the request for information you will need to do the managing Commission of the reserve fund. The Management Committee will have a term of six months from its Constitution to make the request for information to the entities.
Repealing this Act hereby repealed first paragraphs 5 and 6 of article 84 and article 85 of law 17/2008, of 3 October, of the social security system.
Repealing this Act hereby repealed application regulation II No. 21 of the Caixa Andorrana de Seguretat Social, of 12 October 1989 and other legal or regulatory provisions are in contradiction with the present law.
First final provision modifies the letter n) of article 47 of the law 17/2008, of 3 October, of the social security system, which is written as follows: "n) monitoring and supervision of the financial management of the branches and retirement, and commissioned the actuarial studies that analyse the financial viability of the retirement."
Second final provision is added a paragraph 3 to article 6 of law 11/2012, of 21 June, general indirect tax, amended by law 29/2012, of 18 October, by law 11/2003, of 23 May and by law 10/2014, on 3 June, with the following wording: "15. The benefits of banking and financial services whose retirement reserve fund recipient that is intended to manage the assets of the retirement of the Caixa Andorrana de Seguretat Social. "
Third final provision is added a letter e) to paragraph 1 of article 8 of the law 95/2010, of 29 December, of the income tax, amended by law 17/2011, from December 1, with the following wording: "e) The retirement reserve fund that aims to manage the assets of the retirement of the Caixa Andorrana de Seguretat Social".
The fourth final provision empowers the Government to approve the regulations that are necessary to develop this law.
Fifth final provision this law shall enter into force the day after being published in the official bulletin of the Principality of Andorra.
Casa de la Vall, 15 January 2015 Vicenç Mateu Zamora Syndic General Us the co-princes the sancionem and promulguem and let's get the publication in the official bulletin of the Principality of Andorra.
Joan Enric Vives Sicília François Hollande Bishop of Urgell, President of the French Republic Co-prince of Andorra Co-prince of Andorra