The Saeima has adopted and the President promulgated the following laws: the amendments to the law "on private pension funds" "make law" on private pension funds ' (the Saeima of the Republic of Latvia and the Cabinet of Ministers rapporteur, 1997, nr. 14; 1998, 2, 19; 1999, no. 13. no; 2000, no. 13; 2002; 2004, nr. 22, 2., no. 9; 2005, no 8) follows: 1. Article 1: turn off;
make paragraph 5 by the following: "5) holder of the funds — the company that holds the private pension fund assets and carry out other features in this Act and the contract holder obligations;"
turn 6 and 7;
Replace paragraph 8, the words "retirement benefits" with the word "retirement";
make paragraph 9 by the following: "9) institutions for occupational retirement provision: the funds in a certain period of time under this Act is the accumulated contribution plan participant's right;"
Replace paragraph 10, the words "retirement benefits" with the word "retirement";
Add to article 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23 and 24 by the following: ' 13) pension plan — a codified set of rules under which the Pension Fund is accumulated benefits, invested and paid out accrued;
14) down the cost plan: a pension plan, the pension plan member reaches retirement age, certain retirement costs and which may provide cover against biometric risks;
15) down the contribution plan: a pension plan who is a member of the pension scheme provides for regular or irregular contributions and which may provide cover against biometric risks or guarantee a specific return on investment;
the level of the beneficiary — 16) a person who after the pension plan within a certain age receive benefits;
17) the sponsoring employer — the person who is the employer and making contributions to private pension funds for employees or the self-employed person's contributions in his own right;
biometric risks — 18) risks linked to death, disability and longevity;
19) provision — in accordance with a prescribed contribution plan accrued retirement benefits or costs in accordance with the established plan beneficiary institutions for payments or services. Payments can be defined as the level of payments to the beneficiary's lifetime or payment within a specified period, or a one-off cost;
20) home state — the European Union or the European economic area (hereinafter referred to as Member States), which is registered in the private pension fund;
21) the participating State, the Member State which is not the home State and the home State private pension fund shall provide their services;
22) the main actuarial — private pension fund officials who evaluate pension plans include commitments and the resulting adequacy of technical provisions;
23) technical reserves: a possible pension fund liabilities, calculated according to the Pension Fund provided the specific contribution plans with guaranteed yield fixed-cost plans and pension plans to provide for cover against biometric risks;
24) risk capital market — a market that offers capital funding of companies in their development phase. "
2. Make the text of article 2 as follows: "this law determines the level of accumulation and defined contribution plan and a specific plan, the cost of private pension funds, their operating foundations, pension plans, retirement plan participants ' rights and obligations, funds management, the competence, as well as national control over these actions."
3. Article 3: make the first paragraph by the following: "(1) the private pension fund (Pension Fund) is a joint stock company registered in the business register to which the financial and capital market Commission in accordance with the procedure laid down in this Act is issued a license for the operation of the Pension Fund (hereinafter licence).";
Add to article 1.1 part as follows: "(11) the Pension Fund in accordance with this law and the pension plans accrue and investing retirement plan participants and the same for them voluntarily made cash contributions to provide these retirement participants.";
to make the fourth subparagraph by the following: "(4) the Pension Fund, which offers only the contribution plan without a guaranteed rate of return or the plan does not provide the risk coverage of risks Biomet, the excess of income over expenditure may not be removed, or to pay dividends to shareholders, and it fully charged to pension plan members ' individual accounts in accordance with the requirements of the law.";
to supplement the article with a fifth by the following: "(5) the share capital of pension funds may invest only in funds, except when the financial and capital market Commission's pension fund is being reorganized."
4. in article 6: replace the first paragraph, the word "closed" with the word "closed";
make the second paragraph as follows: "(2) For the open pension fund founders (shareholders) can only be: 1) bank, which has received the license for the activity of the credit institution in a Member State or the Organisation for economic cooperation and development in a Member State;
2) life insurance company, which has received a license to conduct life insurance or in the Member State of the Organisation for economic cooperation and development in a Member State. ";
make the third paragraph as follows: "(3) a Person who wishes to purchase the shares of the Pension Fund, it shall inform the financial and capital market Commission of at least one month prior to the transaction, specifying the number of shares and shareholders who sell shares. Financial and capital market Commission within one month of receipt of information may require additional information or prevent such a transaction. "
5. Express articles 7 and 8 of the following: ' article 7. Pension Fund (1) the pension fund founders developed and approved (adopted) the statutes of the Fund in accordance with this law and commercial law.
(2) the articles of Association of pension funds should not be retroactively worsen the pension plan member or third party State and limit the right to actually get to the articles of Association.
8. article. The licensing of pension funds (1) the Pension Fund requires a licence, which is issued by the financial and capital market Commission. The Pension Fund is entitled to enter only after such a licence in the financial and capital market Commission. The Pension Fund is entitled to offer a retirement plan that meets the conditions of the licence. License terms indicate the type of retirement plan and information about it, or it may contain a guaranteed return or provide cover against biometric risks.
(2) a licence is issued without a time limit. If the financial and capital market Commission pension fund withdrew the licence, it is not restored.
(3) in order to receive a license, the Pension Fund shall provide financial and capital market Commission: 1) licence application, specifying the documents annexed thereto;
2) the document proving the payment of the initial capital;
3) pension fund list of shareholders, stating their firm, legal address, registration number and location. Registered foreign legal entities shall also submit certified copies of the registration documents;
4) statement, which populates each Pension Fund Council and Board member of the Pension Fund's internal control Service Manager, Chief Actuary, as well as the person authorized to make decisions on behalf of the Pension Fund. The notification shall indicate the following information: a) to the pension fund company and position to which the person stands, b) name, surname, year of birth and the date the personal code (if any) and citizenship, c) education (degree), d), (e) skills) or have had a criminal record, f) or have been deprived of the right to carry out commercial activities, (g)) previous jobs in the last 10 years and a brief description of the job responsibilities;
5) this part 4 of the persons referred to in paragraph passport or other identity document copy of the page that contains the identification data of the person [first name, last name, year of birth and the date the personal code (if any)], and of formal education;
6) organizational and management structure, in which the description clearly the Council (if created) and the members of the Management Board responsibilities and powers, as well as clearly defined and divided into another Pension Fund Executive tasks and responsibilities;
7) a description of the accounting policies, giving the Organization of accounting principles;
8) management information system;
9) information system protection rules;
10) description of the internal control system;
11) suspicious financial transaction identification procedures;
12) action plan for the subsequent three years, the number of participants of pension plan forecast (for each pension plan), the contribution and the amount of the cost impact of prog (for each pension plan), with a separate indication of contributions and expenses the sector in prog biometric risk coverage, private pension fund administrative expenditure projections and the sources cover;
13) article 20 of this law the ninth part of the requirements of the contract with the management;
14) this law article 21, the seventh part of the requirements of the contract with the holder of the funds;

15) according to article 9 of this law establish the requirements of the pension plan (two EC semplāro). This plan to the Pension Fund shall provide financial and capital market Commission, by electronic means, send to the Commission's electronic mail address, or together with the documents submitted to the relevant technical information media;
16) according to article 23 of this law 10.1 part for each pension plan drawn up for the investment policy;
17) individual membership contract look GUI if the Pension Fund pension plan provided for the direct participation of members through individual membership agreement;
the description of Agenda 21), in which the pension fund registered and accounted for the individual and collective membership agreement (hereinafter referred to as the membership agreement). Membership registration and records the contract may only be carried out electronically, enabling third parties to track the amendment of registry entries. For immediate registration of participating contracts and records in accordance with approved procedure is responsible for the Pension Fund. Membership agreement terms and conditions shall not conflict with the provisions of a pension scheme.
(4) If the Pension Fund wants to offer fixed-cost plan or defined contribution plan with guaranteed yield or pension plan provide cover against biometric risks, in addition to the third subparagraph, the documents submitted: 1) the pension plan provides for guaranteed yield, the benefits and risks of biometric description;
2) method of calculating contributions, with a separate indication of the calculation of contributions to cover biometric risks;
3) the methodology for the calculation of technical provisions;
4) the amount of the technical reserves, forecast for the subsequent three years of operation;
5) requires the same amount of forecasts for the next three years of operation and its security arrangements.
(5) the third part of this article, paragraph 4 of the statement of the accuracy of the information provided to certify a person, in respect of which the notice is served, as well as the Pension Fund's Board Chairman.
(6) the financial and capital market Commission review the pension fund application for licence and shall take a decision not later than 90 days after receiving all this statutory decision required documents prepared and presented in accordance with the requirements of the laws.
(7) where, until a decision on the issue of the relevant licence changes to financial and capital market Commission to provide information or documents are amended, the Pension Fund will be obliged to submit the financial and capital market Commission, new information, or the full text of the document with the amendments.
(8) the financial and capital market Commission license shall not be issued if: 1) the setting up of pension funds, has not been complied with this law or other laws and regulations governing commercial activities;
2) Pension Fund Council or members of the Management Board, Chief Actuary, pension fund internal control internal control services of the sponsoring Manager does not meet the requirements set out in this Act;
3) pension fund accounting and accounting system or pension plan participant individual account settlement system does not meet the description submitted by the Pension Fund's organizational and management structure for the registration of particulars or the Pension Fund presented a pension plan;
4) documents submitted contain false or incomplete information;
5) Pension Fund planned activities do not comply with this law and other laws regulating commercial requirements. "
6. To supplement the law with 8.1 and 8.2 of the article as follows: "article 8.1. License renewal and issuance of duplicate (1) If there is a change in the pension fund business, financial and capital market Commission re-registered at the Pension Fund.
(2) the application for the Pension Fund pension fund license renewal shall be submitted to the financial and capital market Commission not later than seven days after the change of the registered firm.
(3) the financial and capital market Commission re-registered at the licence not later than seven days after receipt of the application.
(4) where the licence has been lost, the Pension Fund shall immediately submit the financial and capital market Commission an application for the issue of a duplicate licence.
(5) the financial and capital market Commission, issue a duplicate licence not later than seven days after receipt of the application.
Article 8.2. Change of conditions of licence (1) if the Pension Fund wants to change the licence to be issued the conditions, it shall submit financial and capital market Commission of the application and according to the conditions of licence specified in article 8 of this law, the third of 12, 15, 16 and 17, the document referred to in paragraph 1 as well as, if necessary, amendments to the agreements with managers and funds of funds.
(2) If the Pension Fund wants to offer fixed-cost plan or defined contribution plan with guaranteed yield or pension plan provide cover against biometric risks, in addition to the first paragraph of this article documents it submitted to the finance and capital market Commission of the Act in the third paragraph of article 8 of these documents, as well as information on the main actuarial according to this law, article 8, point 4 of part three.
(3) the financial and capital market Commission within a month of the whole provided for in this article and in accordance with the requirements of the laws and the documents prepared for the receipt of the Pension Fund's appearance.
(4) the financial and capital market Commission may take a decision on the retention of the licence, if: 1) documents submitted contain false or incomplete information;
2) pension fund accounting and accounting system or pension plan participant individual account settlement system does not meet the description submitted by the Pension Fund's organizational and management structure for the registration of particulars or the Pension Fund presented a pension plan;
3) Pension Fund planned activities do not comply with this law and other laws regulating the business requirements;
4) the Pension Fund's Chief Actuary does not meet the requirements set out in this Act;
5) Pension Fund is implemented for the improvement of the financial situation of the plan;
6) financial and capital market within the time limit fixed by the Commission, the pension fund does not resolve the identified irregularities.
(5) a State fee for the license change doesn't pay. "
7. To make article 9 as follows: "article 9. Pension plan and its amendments (1) the pension plans of the Pension Fund, but it recorded in the financial and capital market Commission.
(2) a pension plan to be included in the title the words "pension plan". Only those pension plans that are created and registered in accordance with the procedure laid down in this Act, shall have the right to include the word in the title of the "pension plan".
(3) any cash payment, accumulation, investing the pension fund or the retirement of the cost may be only subject to the financial and capital market Commission registered pension plan.
(4) the Pension Fund submit documents for registration of the pension scheme at the same time with the application for licence.
(5) If, after the issue of the Pension Fund is developing a new pension plan and wants to register it financial and capital market Commission, it shall submit financial and capital market Commission an application for registration of a pension plan and this law article 8 of part three of the 15, 16 and 17. documents listed, as well as, if necessary, amendments to the agreements with managers and funds of funds. Financial and capital market Commission review the Pension Fund and the documents submitted for pension plan registration or refusal to register a pension plan shall be taken within 30 days after receiving all this statutory decision required documents prepared and presented in accordance with the requirements of the laws.
(6) pension plan: 1) pension fund type, name and registered office;
2) the name of the pension plan;
3) for information on the management and funding of the holder;
4) criteria and conditions applicable to the withdrawal of members of the pension plan;
5) features contributions and the consequences of a breach of this order;
6) retirement plan participant individual account contributions made and the accumulated retirement benefits calculation and accounting rules;
7) retirement age;
8) arrangements for the provision of recipient according to the defined contribution plan will be paid to institutions for occupational retirement provision;
9) other cases in which the provision of, and the order in which they are to be paid in such cases;
10)-rules that will respect the pension plan, and the risks associated with the investments and the distribution of income;
11) procedures are covered by the pension plan expenses and information on maximum payments pension plan administration and management and the remuneration to be paid to the holder of the funds, as well as the order in which the pension plan participants shall be informed of the cost of the pension scheme;
12) other pension plan requires the news;
13) financial statement auditor's name or business name;
14) contributions to the plan with guaranteed profitability — in addition to the yield percent;
15) cost plan — in addition to retirement payouts well and period, as well as the provision of arrangements for payment;

16) pension plan to cover against biometric risks — in addition to biometric risks, sedzamo also, duties and the procedure for accession of the risks.
(7) a pension plan may provide that the participant reaches the age specified in the pension plan, you may continue participation in this plan, in addition to the agreement with the Pension Fund for the provision of payment order. If the pension plan provides for the possibility to receive retirement benefits, the Pension Fund at the same time with the pension plan shall be submitted to the financial and capital market Commission, the Pension Fund's Board of Directors approved the payment of the retirement benefits of the methodology.
(8) a pension plan for which the undertaking of responsibility taken over the sponsoring employer may only have one membership agreement entered into with the sponsoring employer, who guaranteed to fulfil their commitments.
(9) after the pension plan registration financial and capital market Commission amendments may be made only with the written consent of the Commission.
(10) the financial and capital market Commission's written consent to the amendment of the pension plan is not necessary, if the amendment is made in connection with pension fund officials, pension fund, the pension fund management or the legal holder of the company or change of address. In this case, the pension plan amendment shall enter into force on the day following their approval, and pension funds in the seven days after the approval of the amendments submitted by the financial and capital market Commission.
(11) in order to receive permission to amend the pension plan, the Pension Fund shall provide financial and capital market Commission: 1) the application for the amendment of the pension plan;
2 the Pension Fund's Board) a reasoned decision (certified copy or extract) of a pension plan amendment;
3) pension plan amendments (two EC semplāro;)
4) pension plan text that contains amendments. The full text of the pension scheme to the Pension Fund shall provide financial and capital market Commission only electronically, by sending them to the Commission's electronic mail address, or together with the documents submitted to the technical medium.
(12) the financial and capital market Commission an application for the amendment of the pension plan shall consider and adopt a decision within 30 days after receiving all this statutory decision required documents prepared and presented in accordance with the requirements of the laws.
(13) If the pension plan amendments are intended to amend the pension plan-to increase provisions, administrative costs or management or remuneration payable to the holder of the funds, the Pension Fund shall determine that a pension plan amendment shall enter into force not earlier than six months (if the membership in the pension plan is concluded at least one collective membership agreement) or not earlier than a month (if the pension plan has been only individual membership agreement) then the financial and capital market Commission permission to amend the pension plan and the pension plan members and beneficiaries, institutions for occupational retirement provision sent written notice of the amendment to the pension plan.
(14) the tenth part of this article, the time limits referred to in the Pension Fund may be disregarded if, together with the amendment to the pension plan's financial and capital market Commission shall submit proof of the pension plan Committee (if the pension plan members the relevant pension plan participating in accordance with the collective agreement of the membership) or pension plan participants (if the pension plan members the relevant pension plan participating in accordance with individual membership agreement) do not oppose such an amendment to the pension plan. "
8. To supplement the law with article 9.1 of the following: ' article 9.1. Public preaching services (advertising) (1) any pension fund, the activities and services of public preaching (ad) in any form may take place only subject to the financial and capital market Commission registered pension plan. Advertising of the proposed pension fund contribution plan defined who does not guarantee profitability, must in no way guarantee profit or return on a certain level. If you specify on the pension plan's profitability, the need to inform you that the current profitability does not guarantee similar yield in the future.
(2) the pension plan ad (placing an advert or publicly announcing retirement plan rules): 1) the name of the pension plan;
2) Pension Fund and legal address of the company;
3) pension plan management name and legal address;
4) pension plan features the name and legal address;
5) site, where you can get acquainted with the pension plan and its investment policy. "
9. Article 10: replace the first paragraph, the words "retirement benefits" with the word "retirement";
turn off the fifth;
to supplement the article with sixth and seventh paragraph as follows: "(6) If the employer has entered into an agreement with a collective membership of open or closed pension funds, employers and employees participating in the pension plan, common create the pension plan Committee shall be an employee of the employer representation is the same. If the pension plan participate in fewer than one hundred employees of the employer, the pension plan Board is optional.
(7) the pension plan is a pension plan Committee the audit institution, which controls the management of the pension plan and execution according to collective membership agreement. "
10. Article 11: turn off the first sentence of the first subparagraph;
Add to article 1.1 part as follows: "(11) If the employer undertakes to guarantee a certain level of benefits the pension plan benefits paid to beneficiaries, the pension plan and collective membership agreement shall include a provision that States that it is the duty of the employer to make contributions to the right of its employees to the extent necessary to ensure that the amount of costs.";
make the second paragraph as follows: "(2) If the employer decides to make contributions to the pension plan, to ensure that the benefits of their employees, this decision applies to all the employees of the employer under the occupation and seniority and rank the post, as well as other objective criteria.";
to make the fourth paragraph (1) of the following: 1) to receive benefits under the provisions of a pension scheme; ";
express the sixth part as follows: "(6) eligible costs according to the provisions of the pension plan before retirement age is a member of the pension plan, which is recognized as the first group of disabled for life, or, the pension plan member's death, she designated person and the heirs in accordance with the procedure laid down in the civil code.";
off the seventh;
to make an eighth of the following: "(8) a member of a pension plan is entitled to transfer the savings to institutions or part of it to another retirement plan."
11. Article 12 of the expression by the following: ' article 12. The guarantee pension plan participants (1) a member of the pension scheme without any additional conditions are entitled to all his individual account accrued retirement benefits, with the exception of article 13 of this law provided for in the first subparagraph when an employer breaking the collective membership agreement, is entitled to transfer the Member's retirement benefits to another pension fund.
(2) Retirement plan funds, financial instruments and other property held, booked and managed separately from the Pension Fund, the holder of the funds, as well as the same management and other it management of existing resources.
(3) If the Pension Fund, the holder of the funds or the funds Manager declared bankrupt or is being wound up, the pension plan features must not be included in the Pension Fund, a shareholder or funds management — the property of the debtor.
(4) The pension plan member or his or her own good pension fund contributed funds immediately (no later than the next working day following the day on which the funds are credited to the pension plan on the open account) to be charged to the pension plan member's individual account.
(5) Individual account accumulated retirement benefits in no case can become a means of management, holder, or the employer's property. The drive toward retirement benefits may be appealed only if the judgment of the Court of Justice recognised that the pension plan has caused injury to third parties by making a criminal offence.
(6) The pension plan member will be able to continue participation in the pension plan, retirement benefits and receive this statutory pension plan participants information when a member of a pension scheme after it launched a membership in the pension plan, making a permanent move to a Member State of the European Union, the countries of the European economic area or in another foreign country. "
12.13. Article: replace the first paragraph, the words "pension funds for employees transferred to another pension fund" with the words "to participate in another pension fund";
make the second paragraph as follows: "(2) If the pension plan member wishes to terminate membership in the pension plan, to take part in another pension plan, they must submit an appropriate written request to the Board of the Pension Fund (or employer, if the participant participates in a pension plan to a collective membership contract) for at least one calendar month.";

to supplement the article with the fourth paragraph as follows: "(4) the transfer of the employees may be the only accrued right means that written consent is received by the employer."
13. Express article 14 the following: ' article 14. Pension Fund Administration (1) pension fund management institution for the creation and operation of the commercial law regulation, in so far as this law provides otherwise. The closed pension fund the establishment of the Council is not compulsory.
(2) the Pension Fund creates an effective internal control system to ensure that all the activities of the pension fund risk early identification and management, retirement plan assets, effective protection, pension fund management institution information veracity and timeliness, the law, other legislation, the financial and capital market Commission orders, regulations, rules and pension fund policies and procedures, as well as provide ongoing pension fund from the executive body of independent internal control system monitoring.
(3) for the Pension Fund's Management Board, internal control Department, the head of the main actuarial, as well as the person who is authorized to make decisions on behalf of a pension fund may be a person who meets the following requirements: 1) it is sufficiently competent in the area will be responsible to ensure that the Pension Fund's Board is designed so that the pension fund would be able to consistently, professional, high quality and relevant legislation to carry out the provision of accrual;
2) has a higher education and not less than three years of relevant professional experience;
3) it has a perfect reputation;
4 it is not deprived of the right to) do business.
(4) the Chief Actuary requires actuarial professional bodies (associations) proof of his professional consistency the main actuarial tasks. Actuarial professional organization (Association) is to be the International Actuarial Association (International Actuarial Association) member.
(5) for the Pension Fund's Board must be a person who is competent in matters of financial management and comply with the third paragraph of this article 3 and paragraph 4.
(6) a Person must not be a member of the Board of the Pension Fund, the Management Board of the pension fund internal control Service Manager, actuarial, and it may not have the power to take decisions on behalf of pension funds in the following cases: 1) it is convicted of intentional fraudulent company to insolvency or bankruptcy (bankruptcy abuse) or other intentional criminal offence;
2) is convicted of intentionally committing a crime, but released on parole due to the Statute of limitations, pardon or amnesty;
3) against their proposed criminal case about intentional criminal offence is terminated due to a statute of limitations or amnesty;
4) so-called criminally liable for intentional criminal offence, but the criminal proceedings against them terminated on a reabilitējoš basis.
(7) any changes relating to Pension Fund Council (if such a Council was created) and the composition of the Management Board, as well as changes in relation to the Pension Fund of the Council and of the members of the Management Board of the pension fund candidates, internal control Department, the head of the main actuarial and persons authorized to make decisions on behalf of the Pension Fund, in effect, if they agreed with the financial and capital market Commission.
(8) in order to harmonise the third subparagraph of the persons referred to in the nomination, the pension fund should be submitted to the financial and capital market Commission: 1) application, which contains the documents annexed thereto;
2) Pension Fund Governing Body decision on the appointment of that person to the post in question;
3) information and documents (submitted pursuant to article 8 of this law, the third subparagraph of paragraph 4 and 5) on the persons who are candidates for the posts concerned.
(9) persons, which stands for the Pension Fund of the Council or of the members of the Board, the Chief Actuary, the internal control manager service, post, if the financial and capital market Commission within 30 days of receipt of the application and the documents set out in this Act for designated persons, no reasoned objections regarding this person compliance requirements.
(10) the pension fund management body is obliged to do the same after the financial and capital market Commission's request to immediately withdraw from the posts referred to in the third subparagraph, if they do not meet the requirements of this article.
(11) if the financial and capital market Commission issued the administrative act of the sixth subparagraph of this article, the persons referred to withdrawal from the posts is appealed, the appeal does not suspend the execution. "
14. To turn off V.
15. Replace the title of Chapter VI, the word "Fund" with the word "plan".
16. Article 20: replace the title of the article the word "Fund" with the word "plan";
make the first part as follows: "(1) accumulated in the pension fund provision of funds and other assets may be only manage the following commercial companies: 1) a credit institution, entitled to provide investment services and investment requirement in Latvia;
2) insurance joint stock company, which is empowered to deal with life insurance in Latvia;
3) investment brokerage company, entitled to provide investment services in Latvia;
4) investment management company, entitled to provide government services in Latvia (also individually manage investors ' financial tools). ";
replace the second paragraph, the word "Fund" with the word "plan";
make the third paragraph as follows: "(3) funds and other asset management rules are laid down in the Treaty that the Pension Fund's Board negotiated with management. Decision on the conclusion of such a contract shall be adopted by the Management Board of the Pension Fund. The contract with the management and any subsequent amendments shall be made in the financial and capital market Commission within three business days of signing it. Closed pension funds shall be submitted in addition to the Pension Fund signed the shareholders that the holder of the funds and the Pension Fund's shareholders are not related persons. ";
to make the fourth subparagraph by the following: "(4) the pension plan provides management pension plan approved investment strategy and the implementation of the rules on pension fund investment, carry out settlement of funds paid under a pension plan, receives and transfers of financial instruments and carrying out other transactions with the assets of the pension plan in accordance with the requirements of the law and the financial and capital market Commission registered pension plans."
replace the name of the eighth "licensed" by the word "registered";
to supplement the article with the ninth subparagraph by the following: "(9) contract with a minimum of management that should be noted are: 1) the procedure for the exchange of information that provides this statutory duties of management and pension fund activity report;
2) features the Manager's duty to inform the Pension Fund of its status changes according to the requirements of this law;
3) rules that the contract was terminated only after conclusion of a contract with a new management. "
17.21. Article: replace the title, the word "Fund" with the word "plan";
to make the first, second and third subparagraph by the following: "(1) the holder of the funds in accordance with the Pension Fund's Board concluded the terms of the Treaty, adopt the contribution to the pension plan accounts, receive and handle financial instruments, as well as the original documents relating to money and other property, which represents the pension plan assets, payments on money lending or debiting of the pension plan for holding funds in bank accounts, created the Executive orders relating to pension plans and transfers of financial instruments.
(2) the pension plan funds can be held only for the following companies: 1) a credit institution, entitled to provide investment services and investment requirement in Latvia;
2) investment brokerage company, entitled to provide investment services in Latvia.
(3) the Management Board of the Pension Fund shall take a decision on the conclusion of the agreement with the pension funds of the plan holder, the funds and other financial instruments for the safe storage of the property. This contract and any subsequent amendments shall be made in the financial and capital market Commission not later than within three working days of signing it. Closed pension funds shall be submitted in addition to the Pension Fund signed the shareholders that the holder of the funds and the Pension Fund's shareholders are not related persons. ";
express the sixth part as follows: "(6) Means the holder of the follow and report financial and capital market Commission and the Pension Fund, or funds Manager comply with this law and other legislative requirements on pension plan investments and financial and capital market Commission registered pension plan, as well as investment (investment) rules.";
to supplement the article with the seventh subparagraph by the following: "(7) means the holder of the contract with the minimum required are: 1) the procedure for the exchange of information that provides this statutory obligations of the holder of the resources and tasks, as well as pension fund reporting;

2) means the holder of the obligation to inform the Pension Fund of its status changes according to the requirements of this law;
3 obligations of the holder of the funds) to follow it, to management of the action with the relevant pension fund pension plan features meet the requirements of the laws and the provisions of a pension scheme;
4) procedure which has determined the funds Manager in relation to orders on transactions with pension fund pension plan. "
18. To supplement the law with article 21.1 as follows: "article 21.1. Management or the transfer of funds (1) If the Pension Fund decides to change the management or the holder of the funds, it shall, within three working days after the conclusion of the new Treaty in addition to the new Treaty submitted financial and capital market Commission: 1) a motivated decision of the Management Board of the Pension Fund of funds Manager or the transfer of funds and approved by the Board of management or the transfer of funds to the calendar plan;
2) or management features of insolvency or bankruptcy of the holder in the event, including information on the activities of the Pension Fund.
(2) the pension fund within 30 days after the conclusion of a new agreement with the holder, be required to submit financial and capital market Commission documents showing that the new funds received by the holder of the respective pension plan the accrued funds and other assets, as well as the funds and other assets of the ownership documents. If necessary, the financial and capital market Commission has the right to claim a pension fund's extraordinary report, prepared in accordance with the laws and regulations governing private pension fund, annual report and Auditor's opinion. "
Article: 19.22 to make first and second subparagraph by the following: "(1) the Management Board of the Pension Fund provides each Member of the pension scheme accumulated retirement benefits calculation and records regardless of whether the participant participates in a pension plan to a collective or individual membership agreement. If the pension fund guarantee profitability or a given level of benefits or provide cover against biometric risks, the Management Board shall ensure that all contribution and cost of separate accounts, as well as technical provisions for each pension plan participant.
(2) the individual accounts are recorded in all pension contributions that are made by the person concerned or carried out on its behalf, as well as all earnings from the investments, registering a separate contributions to biometric risk coverage. ";
turn off third.
20. To supplement the law with article 22.1 as follows: "article 22.1. Own funds (1) the pension fund that offers defined contribution plans with guaranteed returns or specified cost plan or pension plan provide cover against biometric risks, the minimum size of the funds is the equivalent of three million euros, which is recalculated after the Bank of Latvia exchange rate. The requirements of this article are not applicable for closed Pension Fund, if the employer has taken over responsibility for the closed Pension Fund pension plans obligations.
(2) in order to ensure that this article is referred to in the first subparagraph, the Pension Fund's financial stability of operation, it must be a permanent own funds according to the requirements of this article. The procedure of the calculation of the own funds of the financial and capital market Commission.
(3) in the first subparagraph the Pension Fund shall immediately inform the financial and capital market Commission of the own funds decline reasons if they dropped by 10 percent and more in comparison with the previous financial reports shows.
(4) in order to assess the first paragraph of this article of the Pension Fund's financial stability, its own funds compared with the solvency margin. The Pension Fund has met the solvency requirement if the own funds of the Fund is equal to or greater than the solvency margin for it.
(5) the available solvency margin is a financial and capital market Commission duly calculated size, which may not be less than the minimum size of the funds.
(6) in the case referred to in the first subparagraph the pension funds own funds amount to less than the calculated solvency margin, but larger than the minimum size of the funds, the Pension Fund shall immediately inform the financial and capital market Commission and not later than 10 days submit to the harmonisation of the financial and capital market Commission financial position improvement plan the same amount of funds to restore to calculated solvency margin.
(7) If the first paragraph of this article of the pension funds own funds amount to less than the minimum size of own funds, the Pension Fund shall immediately inform the financial and capital market Commission and not later than 10 days submit to the harmonisation of the financial and capital market Commission financial position improvement plan the same amount of funds for immediate restoration to the minimum size of the funds.
(8) If this article is the sixth and seventh in the cases referred to in the pension fund refused to submit the financial position improvement plan or plan submitted, the taking of measures do not provide the same features, or the plan is not implemented, financial and capital market Commission may decide: 1) prohibit pension fund free to dispose of his assets and to take on new commitments;
2) detect all the pension fund or part of the costs of compulsory prior coordination with the financial and capital market Commission;
3) cancel the licence issued to the Pension Fund. "
21.23. Article: put the title and first paragraph by the following: ' article 23. Pension plan assets-principles and provisions (1) a pension plan's funds and other assets that are managed in accordance with the specific provisions of the pension plan (the pension plan assets), according to the valuation of the pension scheme rules of the exercise lay the investment policy, which provides pension plan members increase benefits in the longer term. Investing the assets of the pension scheme, the Pension Fund will act as a careful and thorough landlord and only retirement plan in the interest of the participants, as well as comply with the precautionary principle, which provides for risk reduction, investment security, quality, liquidity and appropriate members of the pension scheme benefits costs. ";
Add to article 1.1 part as follows: "(11) the assets to cover the technical reserves are invested, taking into account the future cost of the maturity composition of institutions.";
adding to the third subparagraph of paragraph 4 and 5 with the words "or are traded on other regulated and publicly available financial instruments markets";
make the third subparagraph of paragraph 8 by the following: ' 8) investment funds or investment companies in the common pielīdzināmo (hereinafter referred to as the Fund), if a trust fund is established in this part, paragraph 1 and 2 in that country and its investors are entitled without restriction to dispose of their investment licence; "
Supplement to the third part of this paragraph 11: "11) risk capital market. ';
make quarter point 7 by the following: ' 7) investments in financial instruments issued by a group of pension funds in the company must not exceed 5 percent of the pension fund established the pension plan assets, and investments should only be made with the mediation of the regulated market; ";
Add to fourth with 7.1 points as follows: ' 71) investment in financial instruments issued by commercial companies, which have concluded with the Pension Fund of collective membership agreement may not exceed 5procent of the pension plan assets, investment in the sponsoring employer in one of the Group companies shall not exceed 10 per cent of pension plan assets, and the investment must be carried out only with regulated market; ";
Add to article 5.1 part as follows: "(51) at least 70 per cent of the pension plan's investments in financial instruments must be carried out with the mediation of the regulated market.";
Add to sixth after the word "loans" with the words "as well as to issue guarantees";
replace the seventh paragraph, first sentence, the words "repurchase or purchase with atpakaļpārdošan transactions" with the words "reverse repurchase transactions with or atpakaļpārdevum conditions";
to complement the seventh subparagraph with the sentence the following wording: "these transactions may be carried out only for the pension plan's short-term liquidity for up to three months."
to supplement the article with the 7.1 part as follows: "(71) investing the assets of the pension scheme risk capital market requirements for one issuer or counterparty shall not exceed 10 per cent of pension plan assets.";
to make an eighth of the following: "(8) a pension plan may invest the assets of financial derivatives, subject to the following conditions: 1) set out the Pension Fund's Board of Directors approved the investment policy;
2) Pension Fund Board has established appropriate reporting, risk management and control system that provides continuous, accurate and objective evaluation of derivatives;

3) investments are made to guard against certain pension plan asset value fluctuation risks which may result from a change in the asset price or exchange rate, or to ensure effective management of the portfolio;
4) derivative financial instruments are included in the third part of this article, paragraph 4 of the stock exchange (regulated market) official list or financial instrument contains commitments entered into by a credit institution, entitled to provide financial services in Latvia or another Member State;
5) investment one issued by the issuer (the total amount of transactions with one business partner) financial derivatives should not exceed 5procent of the pension plan assets. ";
replace the words "the ninth part of the pension" with the words "Defined contribution pension";
to complement the ninth part of paragraph 1, after the word "currency" and in paragraph 2, after the word "the" with the words "currencies (except euro)";
Add to article 9.1 of the part as follows: "(91) financial and capital market Commission shall open foreign currency positions for calculating order.";
to supplement the article with 10.1 and 10.2 part as follows: "(101) the investment policy of the pension scheme must be laid down in the pension plan assets-principles, the risks associated with investments in detection methods and risk management system. Information about the investment policies of the minimum that should be noted are: 1) the policy objectives and conditions;
2) asset allocation strategy (long-term assets the breakdown by main categories of investment);
3) active deployment tactics (geographically, by market sector, of the neriem and the currency of transactions);
4) general policies for the individual financial instruments and other investment choices;
5) contribution to quantitative restrictions, compliance and it control;
6) limit, which given the nature of the assets in the event of termination or holding limited;
7) or is intended for use in derivative financial instruments, to enter into a purchase agreement with reverse repurchase or atpakaļpārdevum;
8) If is for derivative financial ins trument, — the general use of derivatives policy, financial derivatives valuation methods and risk management policy, as well as derivative financial ins trument economic impact of the use of the investment portfolio;
9) the allocation of responsibilities in decision making;
10) investment risk detection, control and management methods;
11) criteria that evaluate the return on investment;
12) investment-related voting policy description that allows you to participate in making decisions about investments, also the decision-making procedure on voting rights;
13) information about the media holder and Manager of funds, as well as the performance evaluation methods;
14) potential conflicts of interest prevention policy, which describes how potential conflicts of interest in the case, the Pension Fund will ensure that funds Manager invested in pension plan assets of the pension plan are solely in the interests of participants.
(102) the Pension Fund Governing Board provides adequate reporting and control system to make sure that the funds Manager pension plan funds shall be managed in accordance with the Pension Fund's Board defined policies and procedures. "
22. To supplement the law with article 23.1 as follows: "article 23.1. Technical provisions (1) the Pension Fund, which offers fixed deposit plan with guaranteed returns or specified cost plan or pension plan provide cover against biometric risks, under these pension plans establish sufficient technical provisions, to be able to fully meet those obligations and to ensure its stability.
(2) the first paragraph of this article of the Pension Fund's Board approved the establishment of technical provisions and are responsible for compliance with this policy. Pension Fund for the creation of the technical reserves shall be submitted in writing to the financial and capital market Commission within 10 days after the approval of this agenda, as well as within the time limit indicated above be informed of any changes.
(3) technical provisions to create the same currency in which the Pension Fund undertaken under the pension plan.
(4) the technical provisions must be continuously covered with coverage for technical provisions according to this law, the requirements of article 23.
(5) to cover the technical reserves and technical reserves must be matched by currency. Financial and capital market Commission determines the allowable deviation of the technical reserves the technical reserve coverage and coordination on currency.
(6) the calculation of the technical provisions for each pension plan alone at least once a year.
(7) the financial and capital market Commission issued rules and regulations for the calculation of technical provisions.
(8) if the technical provisions are not covered by this law, the requirements of article 23 matching assets, pension funds will immediately inform the financial and capital market Commission and not later than 10 days after the financial and capital market Commission of information submitted to it of the financial situation of the improvement plan. Plan showing the planned pension fund measures covering technical provisions for renewal and their deadlines. After the reconciliation plan with the financial and capital market Commission Pension Fund provides retirement plan participants the opportunity to become acquainted with it.
(9) the Pension Fund, which offers fixed deposit plan with guaranteed yield or pension plan provide cover against biometric risks or determine the cost of the pension plan, the annual report of the actuarial valuation, which adds volume and body to determine the financial and capital market Commission. "
23. Make the article 24 as follows: "article 24. Pension plan members and beneficiaries, institutions for occupational retirement provision information (1) to the Pension Fund by the pension plan participants or beneficiaries, institutions for occupational retirement provision, or an authorized representative shall be issued, at the request of the Pension Fund's annual accounts and annual reports and annual accounts and reports relating to the pension plan, if this Fund is responsible for more than one pension plan, as well as the pension plan investment policy description.
(2) the pension fund no later than seven days after receipt of the financial and capital market Commission authorized the amendment of the pension plan, in writing, inform the relevant pension plan members and beneficiaries, institutions for occupational retirement provision with the exception of article 9 of this law the tenth part in certain cases when the pension fund the pension plan participants and beneficiaries to inform institutions about the amendments made within seven days after their approval of the Governing Board of the Pension Fund.
(3) a pension fund shall be issued at the request of a member of the pension plan, as well as detailed information, which includes: 1) the provision of cost-estimated, if applicable;
2) institutions for occupational retirement provision in case of cessation of employment;
3) where the Member bears the investment risk, information on investment options, if applicable, and the actual investment portfolio as well as information on risk exposure and costs related to the investments;
4) order in which a participant's employment relationship with the employer, the accrual of benefits can be transferred to other pension funds or retirement plan.
(4) the Management Board of the Pension Fund for each Member of the pension scheme, at least once a year, send a written report of the review period. In this report, pension plan members be given the benefit of the contributions paid during the reporting period, a provision for his individual retirement account, as well as information that the pension plan member can get acquainted with the activities of the Pension Fund's annual report.
(5) the Pension Fund's Board must notify the pension plan participants of any changes relating to the Auditor, the management or the appointment of holders of the funds, as well as to provide other relevant information about the Pension Fund's activities since the previous reporting.
(6) each recipient institutions, on retirement or when other payments or services, obtain information about them. "
24. Article 25: make the second, third and fourth subparagraph by the following: "(2) the Pension Fund annual report prepared in accordance with financial and capital market Commission issued regulations. The annual report shall be submitted to the financial and capital market Commission within 10 days after being approved by the Pension Fund's shareholders ' meeting but not later than four months after the end of the reporting year.
(3) a sworn auditor certified auditor or company on the results of the inspection shall be notified in writing to the Pension Fund. The report shall be drawn up according to the law "on sworn auditors". A copy of the message is added to the annual report, which the Pension Fund shall provide financial and capital market Commission in accordance with the second paragraph of this article.
(4) a sworn auditor or certified auditor shall prepare a report of the company pension fund management. The report shall state the specific deficiencies, as well as deals with specific activities of the Pension Fund. A copy of the report sent to the financial and capital market Commission in accordance with the second paragraph of this article. ";
replace the sixth paragraph, the words "the full audit" with the word "test";
off the seventh;

Supplement to the eighth article as follows: "(8) the financial and capital market Commission has the right to require certified auditor certified auditor or company information on the examination of the annual report."
25. in article 26: make the second paragraph, the second sentence as follows: "the pension plan participants can continue its participation in the pension plan with the new employer.";
turn off the third paragraph, first sentence, the words "or apply for the accrued retirement benefits in cash".
26. Express article 27 the following: "article 27. Pension Fund reorganization or liquidation (1) pension fund reorganization or liquidation in accordance with commercial law, referred to in this article shall be subject to the additional rules.
(2) the Pension Fund may be to reorganize or liquidate only with the financial and capital market Commission's permission.
(3) in order to obtain permission for reorganisation, the pension funds involved in the reorganisation process pension funds (hereinafter referred to as the reorganizējam pension funds) shall provide financial and capital market Commission: 1) the application for the pension fund reorganization, indicating the type and application of the reorganisation of annexed documents;
2) reorganisation of the draft Treaty;
3) reorganisation of audit opinion on the draft Treaty;
4) reorganisation prospectus (prospectus).
(4) Reorganizējam pension fund in the restructuring and reorganization of the treaty draft prospectuses in addition to legislation to the information required to be included in the information on the reorganizējam Pension Fund pension plan future operations and procedures, to ensure that the reorganisation will not hurt the pension plan of the legitimate interests of the participants.
(5) if the pension fund the reorganization will result in a new pension fund, of the financial and capital market Commission in article 8 of this law, in the third paragraph, the documents indicated.
(6) if the Pension Fund as a result of a reorganisation or newly created pension funds changes the composition of shareholders, the Pension Fund shall submit financial and capital market Commission of this law, article 8, paragraph 3 of part three of the above information and documents about the new shareholders.
(7) if the pension fund the reorganisation results in a change to the Pension Fund Council or members of the Management Board, Chief Actuary, pension fund internal control Services Manager, the Pension Fund shall provide financial and capital market Commission in article 14 of this law in the eighth part of the specified document.
(8) shareholders ' meeting shall not adopt a decision on the termination of the liquidation of the Pension Fund, while not completely fulfilled obligations to the pension plan participants.
(9) the Pension Fund in the event of liquidation of pension plan members are entitled to all the benefits of their individual savings accounts.
(10) in the assets of the Pension Fund accumulated retirement capital in accordance with the financial and capital market Commission's order transferred to another pension fund.
(11) the financial and capital market Commission application for pension fund restructuring or liquidation shall consider and adopt a decision within 30 days following receipt of all statutory and regulatory requirements of the appropriate documents. "
27. in article 28: make the first paragraph by the following: "(1) the financial and capital market Commission monitor the financial activities of pension funds and the provision of information to pension plan participants or beneficiaries, institutions for occupational retirement provision".
replace the second paragraph, the word "licensed" by the word "registered";
replace the third paragraph, first sentence, the word "licensed" by the word "registered", and in the second sentence, the word "Fund" — with the word "plan";
Add to article 5.1, 5.2, 5.3 and 5.4 in part as follows: "(51) finance and capital market Commission can revoke the license issued to the Pension Fund, if: 1) Pension Fund has not started operations within 12 months from the date of issue of the licence;
2) 22.1, sixth and seventh article or article 23.1 eighth case provided for and within the time limits set in the Pension Fund did not provide financial improvement plan;
3) Pension Fund does not take measures aimed at the improvement of the financial situation of the plan;
4) technical reserves are not fully covered by this law, the requirements of article 23 matching assets;
5) pension fund violates this law, in accordance with the Cabinet of Ministers issued rules and financial and capital market Commission, the laws, regulations or other rules regulating the business requirements of the law or comply with the conditions of the licence;
6) pension fund waives license;
7) Pension Fund ended after a court ruling;
8) pension fund fails to fulfil his obligations to the pension plan participants;
9) Pension Fund financial and capital market within the time limit fixed by the Commission does not resolve any irregularities.
(52) the financial and capital market Commission provides participating States concerned, the competent institution of the information about the withdrawal of the licence.
(53) if the financial and capital market Commission has identified conditions that allow you to decide on the Pension Fund for the operation of the withdrawal of the licence issued, it may take a reasoned decision on the suspension of the licence. The period of suspension of the licence shall not be longer than six months. Financial and capital market Commission indicate the restrictions that the pension fund should be followed until the suspension of the licence expires. Restrictions within the meaning of this article can be attributed to: 1) new members of the Association;
2) new contributions;
3 the amendment of the Treaty);
4) new pension plan registration.
5) Fund to bail;
6) another pension fund.
(54) the financial and capital market Commission issued the administrative act or the withdrawal of the licence suspension appeal shall not suspend the execution of this Act. "
28. To supplement the law with the provisions of Chapter VIII in the following wording: "chapter VIII. Article 30 of the cross-border activities. The opening of a branch (1) If the Pension Fund wants to open a branch in another Member State, it shall submit financial and capital market Commission an application for the opening of the branch, the branch address: 1) participating country (address to be used for sending and receiving information);
2) the organisational structure of the branch;
3) news on the branch manager according to this law, article 8, paragraph 4, the third paragraph, which allows you to verify the person's compliance with the requirements set out in this Act;
4) action plan for the first three years.
(2) If the Pension Fund has provided financial and capital market Commission, the application according to the first paragraph of this article, the financial and capital market Commission within three months of the date of receipt of the application, review and forward the country concerned to the competent authorities, at the same time announcing the Pension Fund on the transfer of information.
(3) the financial and capital market Commission may take a decision on the refusal to open a branch in another Member State, if it considers that: 1) pension fund filed documents containing false or incomplete information;
2) branch and management structure does not allow to provide the monitoring;
3) Branch Manager does not meet the requirements set out in this Act;
4) Pension Fund is implemented for the improvement of the financial situation of the plan;
5) financial and capital market Commission are not remedied within the time limit set for its irregularities found.
(4) the financial and capital market Commission decision on the refusal to open the branch sent to the Pension Fund. In his decision, it states the reasons for the refusal.
(5) the Pension Fund is entitled to open a branch in another Member State after having received the financial and capital market Commission's statement that information about the Pension Fund's intention to open a branch of the participating countries sent to the competent authorities.
31. article. Institutions for occupational retirement provision to ensure the acceptance of contributions from other Member States of the sponsoring employer (1) to the Pension Fund for every new intention to accept contributions for the provision of any other Member State of the sponsoring employer shall notify in writing to the financial and capital market Commission.
(2) communication to the Pension Fund shall contain the following information: 1) in a participating State;
2) sponsoring employer company;
3) participating country sponsoring employer provided pension plan characteristics to which a participating State and financial and capital market Commission agreed and briefly described in this law article 8, referred to in the third subparagraph, a certified translation into the language of the country concerned or languages, for which the participating State and financial and capital market Commission agreed.
(3) If the Pension Fund in the financial and capital market Commission has filed a notice pursuant to the second subparagraph of this article, the financial and capital market Commission within three months from the date of receipt of the notification referred to in their appearance and transfers in the country concerned to the competent authorities, at the same time announcing the Pension Fund on the transfer of information.
(4) the financial and capital market Commission does not transmit information to the participating national competent authorities if it considers that: 1) Pension Fund is implemented for the improvement of the financial situation of the plan;
2) pension fund organization structure does not allow to provide the Republic of Latvia laws adequate surveillance;
3) financial and capital market within the time limit fixed by the Commission, the pension fund does not resolve the identified irregularities.

(5) if the financial and capital market Commission decides not to transfer the pension funds of the information submitted by the State concerned, the competent authorities, it shall without delay forward to the relevant pension fund decision, stating the reasons for the refusal.
(6) the competent national authorities Involved two months of financial and capital market Commission of the date of receipt of the notification may inform the financial and capital market Commission on conditions that the pension fund should be followed in carrying out the activities involved in: 1) of the pension plan members rights arising from membership in the pension plan, based on the work of legal relations;
2) investment restrictions, if any, established by the State;
3) pension plan participants or beneficiaries, institutions for occupational retirement provision in the amount of information to be provided.
(7) the financial and capital market Commission after the sixth part of this article, this disclosure immediately forwards it to the Pension Fund.
(8) the Pension Fund is entitled to initiate the adoption of supplementary pension provision of contributions from the participating countries sponsoring employer after the sixth subparagraph of this article, the information referred to in or on the expiry of that period. Pension funds must comply with the national requirements concerned arising from its competent authority the information furnished pursuant to the sixth part of this article.
(9) if the competent national authorities involved in the information about the changes in the conditions that the pension fund should be followed for the activity of the clouded the country going, financial and capital market Commission shall immediately forward to the Pension Fund.
32. article. To ensure the provision of contributions from Latvia registered the sponsoring employer (1) To the Pension Fund Member State can initiate accept contributions for retirement from Latvia registered the sponsoring employer, the competent authorities of Latvia to receive from the home country to the competent authorities a notification containing 31. this law referred to in the second paragraph of article information.
(2) within two months of the date of receipt of the financial and capital market Commission collects and sends the Pension Fund's country of residence to the competent institution of the information that the Pension Fund, taking contributions for retirement from Latvia registered the sponsoring employer, to provide pension plan participant or beneficiary institutions.
(3) a Member State Pension Fund is entitled to accept contributions for the provision of institutions registered in Latvia, the sponsoring employer after the second part of the information referred to in or on the expiry of that period. The Pension Fund Member State must comply with the requirements arising from the financial and capital market Commission, the information provided in accordance with the second paragraph of this article.
(4) If the conditions are amended by the Pension Fund to follow activity in Latvia, financial and capital market Commission shall immediately inform the Pension Fund's home country competent authority.
33. article. The monitoring of cross-border transactions (1) financial and capital market Commission has the right to carry out inspections in another Member State pension funds, which receive contributions to provide institutions of Latvia registered the sponsoring employer.
(2) the financial and capital market Commission monitors, as another Member State Pension Fund, which receives the contributions to ensure the provision of Latvia registered the sponsoring employer, comply with the conditions regarding the provision of information to members of the Pension Fund.
(3) financial and capital market Commission is entitled to receive from the Pension Fund of the other Member States and the competent authorities to carry out the necessary monitoring information.
(4) the monitoring of the financial and capital market Commission consults with the Pension Fund's home country be the competent institution.
(5) if the financial and capital market Commission, the other Member States carried out the supervision of pension funds who accepts contributions for retirement from Latvia registered the sponsoring employer, found irregularities, it shall immediately inform the Pension Fund's home country competent authority. "
29. the transitional provisions be supplemented with paragraph 9 and 10 by the following: "9. the pension funds, which receive financial and capital market Commission issued the special permission (license) to the Pension Fund's activities, Financial and capital market Commission within one month after the date of entry into force of the law to re-register your license, giving it the right to offer the defined contribution plan without a guaranteed yield and without biometric risk coverage for.
10. Pension Plan the financial and capital market Commission licensed, pension fund investment policy drawn up pursuant to article 23 of the law's requirements and submitted part 10.1 financial and capital market Commission within three months after the entry into force of the amendments to the law. "
30. Make informative reference to European Union directives as follows: "Informative reference to European Union directives, the law includes provisions resulting from: 1) of the Council of 29 June 1998 Directive 98/49/EC on safeguarding the supplementary pension rights of employed and self-employed persons moving within the community;
2) of the European Parliament and of the Council of 21 January 2002, Directive 2001/107/EC amending Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to the worth of transferable papers collective investment undertakings (UCITS) to make provision in respect of the management companies and simplified prospectuses;
3) of the European Parliament and of the Council of 3 June 2003 of Directive 2003/41/EC on the activities and supervision of institutions for occupational retirement provision ".
The law adopted by the Parliament in December 2005 on November 10.
State v. President Vaira Vīķe-Freiberga in Riga on 25 November 2005 in editorial Note: the law shall enter into force on 9 December 2005.