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, no. 22) the following amendments: 1. Replace the entire law, the word "Finance" with the word "financial".
2. Turn off the article 1, point 12.
3. Article 20: make the first part of paragraph 1 by the following: "1): (a) the credit institution) that financial and capital market Commission has issued a license for the operation of the credit institution, (b)) which the law has initiated the provision of investment services;";
make the first part of paragraph 3 as follows: "3) investment brokerage company, for which the financial and capital market Commission has issued a license for the provision of investment services;";
replace the fourth subparagraph, the word "security" with the words "financial instruments";
to make the seventh part of the second sentence as follows: "The share of those assets, which exceeded the sixth part of this article the amount specified in the Manager must hold government securities or money market instruments which are listed on a stock exchange established in Latvia (regulated market) are officially listed, and serve as an additional safeguard against potential losses if the losses suffered by the employee or management fraud, theft or negligence."
4. Article 21: make first and second subparagraph by the following: "(1) the holder of the funds in accordance with the Pension Fund's Board concluded the Treaty provisions adopted pension contributions accounts, receive and handle financial instruments, as well as the original documents relating to money and other property, which represents the assets of the pension accruals, payments on money lending or debiting of the pension capital for holding up funds in bank accounts the Executive orders relating to the Pension Fund and financial instrument transfers.
(2) a pension fund can hold only a credit institution to which the financial and capital market Commission has issued a license for the operation of the credit institution, and which law has launched an investment service and contribution to the provision of additional services. ";
replace the third paragraph, the word "security" with the words "financial instruments";
Replace in the fifth subparagraph, the word "security" with the words "financial instruments".
5. Article 23: Supplement of part 1, 2 and 3, after the word "the" with the words "transferable securities or money market instruments";
to make the fourth paragraph (1) of the following: "1) investment in one State, local or international financial institutions the emitted or guaranteed in the securities or money market instruments must not exceed 35 per cent of pension plan assets. Those limitations be exceeded in relation to the State securities issued money market instruments or, if the pension plan assets are securities or money market instruments of the six or more of one of each of the issuer and of the emissions emissions of securities and money market instruments separately do not exceed 20 percent of the assets of the pension scheme; ";
replace the fourth subparagraph, paragraph 7 and 8, the word "securities" with the words "financial instruments".
The law shall enter into force on January 1, 2004.
The Parliament adopted the law of November 20.
The President of the Parliament instead of the President i. Otter Riga 2003 11 December Editorial Note: the law shall enter into force by January 1, 2004.