Amendments To The State Funded Pension Law

Original Language Title: Grozījumi Valsts fondēto pensiju likumā

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The Saeima has adopted and the President promulgated the following laws: law on State funded pensions in State funded pension Act (the Saeima of the Republic of Latvia and the Cabinet of Ministers rapporteur, 2000, nr. 7; 2002, nr. 24; 2004, nr. 2, 9.; 2005, 12. No; 2006, 21 n.) the following amendments: 1. Add to article 3 of the fourth subparagraph by the following: "(4) participation in the funded pension scheme is terminated only 7 and 8 of this Act in the case referred to in the article." 2. Turn off the article 6. 3. Supplement article 9 the second subparagraph of paragraph 1, after the words "the scheme and" with the words "submitted by management". 4. in article 10, first paragraph: turn off paragraph 2, the words "after previous notification in the šēj"; Replace paragraph 6, second sentence, the words "the Auditor that" with the words "and" an auditor; Add to paragraph 7 the words "after the funded pension scheme and its" with the word "activities". 5. in article 11: adding to article 4.1 part as follows: "(5) if the investment prospectus, the amendment provides for the plan to change the investment plan-rules or increase funds Manager funds holder or other persons of the investment funds of the plan, the maximum amount of compensation payable, investment plans prospectus amendments enter into force not earlier than 1 January of next year."; replace the sixth subparagraph, first sentence, the words "and the management of the investment plan" with the words "management or investment plan"; Add to sixth with paragraph 5 by the following: "5) occupational pension scheme funds Manager uses the ninth part of this article the said rights."; to supplement the article with the ninth subparagraph by the following: "(9) occupational pension scheme funds Manager is entitled to its managed investment plans for another occupational pension scheme trustees of funds if it is administered for a period of not less than one year the State funded pension scheme. Fund managers signed a contract on the transfer of the assets of the investment plan and make the relevant amendments to the contracts concluded by the Agency of the State funded pension scheme management. If the funds Manager in the year after the takeover of the investment plan for the amendment of the investment policy of the investment plan or increase the cost of transactions related to investment plan and investment management, or increased remuneration, such amendments shall enter into force not earlier than six months after the conclusion of the amendment to the agreement. " 6. To supplement the law with article 11.2 the following: ' article 11.2. Occupational pension scheme funds management service delegation (1) if the investment plan prospectus contains information about the individual to the State funded pension scheme management related services that occupational pension schemes, funds Manager plans to put (delegate) to other persons, occupational pension schemes, funds Manager investment management company comply with the statutory investment management service transfer (delegation) order. (2) the application of this article, the first part of the investment plan is an investment fund investment management company within the meaning of the law. " 7. in article 12: to supplement the first part with 1.1 as follows: ' 11) national and international financial institutions in the emitted or guaranteed securities or money market instruments which do not meet the first part of paragraph 1, but includes Latvia, other Member State of the European Union or the European economic area country registered regulated market; "; make the first part of paragraph 3 as follows: "3) company shares and other equity securities (equity securities) or debt securities of the company, provided that these securities: (a)) is included in Latvia, other Member State of the European Union or the European economic area on the regulated market registered in, (b)) are included in the Organization for economic cooperation and development Member stock exchange (regulated market) or equivalent in the official list of the stock exchange is a stock exchange of the International Federation's full member , c) are not included in the "a" or "b" referred to in subparagraph regulated market, but securities rules provides that the securities it will include one year from the date of subscription to receive those securities. If these securities within one year from the date of subscription, it is not included in the "a" or "b" referred to in subparagraph regulated market, occupational pension schemes, funds Manager acts according to a fifth of this article; " turn off the first part of the second sentence of paragraph 5; make the first part of paragraph 6 of the bottom point "a" the following: "(a)) these derivative financial instruments are included in Latvia, other Member State of the European Union or the European economic area on the regulated market registered in or included in the Organisation for economic cooperation and development Member stock exchange (regulated market) or equivalent in the official list of the stock exchange is a stock exchange of the International Federation's full member,"; to supplement the first part of paragraph 7 as follows: "7) venture capital market: a market that offers capital funding of companies in their development phase." Add to the second part of paragraph 5.1 by the following: "51) total investment in the first part of the securities referred to in point 1.1 shall not exceed 10 per cent of the assets of the investment plan"; replace the second paragraph 8 and 8.1 points, the word "group" with the words "one group"; Replace in paragraph 8.1 of part two "5" with the number "15"; Add to the second part of paragraph 8.2 the following: "investment in the 82) occupational pension schemes of management in managing existing investment funds may not exceed 10 per cent of the assets of the investment plan"; replace the second subparagraph of paragraph 9, the words "one group" with the words "one group"; replace the second paragraph of paragraph 11 the number "30" with the number "50"; Add to the second part of paragraph 13 and 14 with the following: "13) investments in risk capital markets must not exceed 5 percent of the assets of the investment plan; 14) total investment in investment funds, which manages the company have no obligation at the request of the investors buy back the shares of investment funds or comparable securities, shall not exceed 10 per cent of the assets of the investment plan ". Add to article 2.1 of the following parts: "(21) one of the companies in the group for the purposes of this article are commercial, which consolidated financial statements in accordance with international accounting standards."; adding to the fourth paragraph of point 1, after the words "real estate" with the words "excluding the investments in investment funds, which are allowed to invest in real estate"; to make the fourth paragraph 3 by the following: "3) invest in the occupational pension scheme issued by the management of financial instruments, with the exception of its existing managing investment funds for which the certificate for the purchase or sale of a funds Manager does not receive a Commission from the resources of the investment plan". turn off the fifth paragraph, the words "and the Agency". 8. Article 13: Supplement to article 5.1, subparagraph by the following: "(51) If the funds Manager or holder of resources in violation of this law, in accordance with this law the regulatory enactments issued or occupational pension schemes, investment plan, the provisions of the prospectus, the Commission is entitled to impose investment management company and the custodian to fines of up to 400 minimum monthly wages."; replace the sixth and seventh paragraph, the words "other occupational pension schemes for management" with the words "other means of occupational pension scheme managers". 9. Express article 15 the following: ' article 15. Dispute procedures agency official issued administrative provisions and the actual conduct of the person can be a challenge during the month of the administrative act, the date of its entry into force, shall submit the relevant application to the Agency Director. The Director of the Agency's decision may appeal to the Court within one month from the date of its entry into force. " 10. Turn off transitional provisions of point 8.
The law adopted by the Parliament in the 2007 26 April. The President of the Parliament instead of the President i. Emsis in Riga in 2007 May 16

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