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) the following amendments: 1. Add to article 3, the second subparagraph following the words and figures "from 30 to 49 years" with the word "including".
2. To make article 7 by the following: ' article 7. The capital cost of the pension funded occupational pension scheme member reaches the age giving entitlement to old-age pension, or later, have the right to choose: 1) accumulated pension capital funded add unfunded capital and the pension calculated (recalculated) old-age pension in accordance with the law "on State pensions" or 2) for occupational pensions accumulated capital to buy life insurance (lifetime pensions) policy. Such life pension insurance standard provisions issued by the Cabinet of Ministers. "
3. in article 10, first paragraph: make paragraph 4 by the following: "4) provide occupational pension scheme of the members of the application performance of occupational pension schemes and investment management plan choice and change. The Agency is entitled, on its own initiative, decide on the occupational pension schemes and investment management changes, with the exception of article 13 of this law in the sixth and seventh as provided in part; "
turn off paragraph 5, the words "in cases where the funded pension scheme will require members of the old-age pension";
Replace paragraph 6, the words "State trustee agency" with the words "the Minister of welfare".
4. Express article 11 and 12 as follows: "article 11. Occupational pension scheme funds Manager and holder (1) occupational pension scheme, contributions made to a further fruit (interest) and other assets (hereinafter the funds) management may be carried out by the Treasury in accordance with Cabinet of Ministers rules or in the investment company for which financial and capital market Commission (hereinafter the Commission) has issued a special permit (license) occupational pension schemes for managing funds. Licenses occupational pension schemes to manage the funds (hereinafter licence) procedure for the issuing and cancellation by the Commission.
(2) occupational pension scheme funds Manager deals with occupational pension scheme carried out by means of the holder of the funds. Features of the holder is a legal person, which is licensed by the Commission for the operation of the credit institution and with which occupational pension schemes, funds Manager of the custodian agreement. The choice of the holder of the funds, as well as the custodian of the conclusion of the contract and the implementation of this law and in relation to: 1) Treasury-Cabinet of Ministers regulations;
2) investment firms: the law on investment companies ".
(3) occupational pension schemes management rules, consequences and responsibilities are covered by the contract, which the Agency is closed by means of occupational pension scheme managers. Decision on the conclusion of the contract with occupational pension schemes, the management of any future amendments to this agreement, as well as for the early termination of this agreement, shall adopt the Agency's Director. Contract content, type, and order of conclusion shall be determined by the Cabinet of Ministers.
(4) occupational pension scheme funds Manager in the development of one or more of the occupational pension scheme investment plans — a systematic set of rules, which happens in the funded pension scheme management and which are set out in each relevant investment plan in the prospectus. Investment plans prospectus (prospectus) are Agency and occupational pension schemes, the management contract form an integral part. Occupational pension schemes management according to the investment plan of the occupational pension scheme funds Manager (excluding Treasury) is entitled to carry out only after the registration of the prospectus of the investment plan of the Commission. If the prospect of the investment plan does not meet the statutory requirements, the Commission refused it registration.
(5) occupational pension scheme funds Manager provides rules in respect of occupational pension schemes, investment of funds, gives orders to make settlements with occupational pension scheme contributed funds, as well as receive and transfer of the securities, and perform other transactions with occupational pension schemes means according to requirements of the law and the contract concluded with the Agency. Occupational pension scheme funds Manager in the management of the existing occupational retirement schemes and manages accounts funds separate from any other occupational pension scheme and its management in the management of existing assets. Occupational pension schemes means that is managed in accordance with a defined investment plan (investment plan), occupational pension schemes, funds Manager managed separately from the other assets and overall it investment plan.
(6) every occupational pension scheme members are entitled to the Cabinet in the order you choose and change your accumulated pension funded capital management and investment plan, if one has two management or investment plans. Occupational pension schemes, change management, no more frequently than once a year, but the same occupational pension schemes, investment management plan change — no more than twice a year, as well as additional if: 1) the Commission shall revoke the occupational pension schemes for the management of special permission (license) of the investment firm or the special permission (license) to manage the funds of the scheme;
2) occupational pension scheme funds Manager even waives scheme management;
3) have taken place in the funded pension scheme members in occupational pension schemes, reorganization of management;
4) occupational pension scheme funds Manager occupational pension scheme of the members of the chosen investment plan combined with other investment plan (the plan) and are registered by the Commission in the new investment plan Prospectus (prospectus of the investment plan of the new version).
(7) occupational pension scheme funds Manager in accordance with the procedure laid down by the Commission, agreed with the Agency, there the same assets at least one percent of all occupational pension schemes, the value of assets managed by the occupational pension schemes, funds Manager, but not less than 50 000 lats, which are deposited as Security Commission to a licensed bank. The active part which exceeds the amount of the security, occupational pension schemes, funds Manager invested in Latvian State issued or guaranteed debt securities, debt securities, which are included in the register of the Republic of Latvia to official stock exchange listing, the bank issued mortgage mortgage bonds, banks and bank term deposits issued certificates.
(8) in the seventh part of this article referred to in the occupational pension scheme assets are management security against potential losses if the losses suffered by the occupational pension schemes of employees in the management of fraud, theft, negligence, or any other criminal offence and after a court ruling that the damages to be spent. Occupational pension scheme assets management are exempt from liability if, six months after the Commission has been revoked by the occupational pension schemes management license, the Agency has brought a claim for damages.
 
12. article. Occupational pension schemes, investment rules (1) occupational pension scheme funds may invest in the following financial instruments: 1) the national and international financial institutions in securities issued or guaranteed if these securities are issued or guaranteed by: a) the Republic of Latvia, the Republic of Estonia or the Republic of Lithuania, (b)) of the European Union or the European economic area (hereinafter EEA) Member States, (c)) of the Organisation for economic cooperation and development member whose long-term foreign currency credit rating by the international rating agency rating data corresponds to the category of investment (hereinafter referred to as the Organization for economic cooperation and development Member State) , d) international financial institutions, which is a member of one or more of the European Union or the Member States of the EEA;
2) municipal securities issued or guaranteed if: (a) in) these securities are issued or guaranteed by the Republic of Latvia, the Republic of Estonia, the Republic of Lithuania, the European Union or the Member States or in the EEA of the Organisation for economic cooperation and development) Member State authorities, b these securities comply with the first paragraph of this article, paragraph 3;
3) company shares and other equity securities (equity securities) or debt securities of the company, provided that these securities: (a)) is included in the Republic of Latvia, the Republic of Estonia, the Republic of Lithuania or registered in the official stock exchange or a comparable list (official list)

(b)) are included in the European Union or the EEA Member State or to the Organization for economic cooperation and development established the stock exchange official list, which is also the international stock exchange of the full member of the Federation, (c)) are not included in the official lists of stock exchanges, but the securities rules provides that the securities of the first subparagraph of paragraph 3 "a" and "b" stock exchange referred to in lists will include one year from the date of When you start a subscription for these securities;
4) deposits a credit institution which has received the license for operation of the credit institution, and which is authorized to provide financial services in the Republic of Latvia, the Republic of Estonia, the Republic of Lithuania, a European Union Member State or EET;
5) investment funds, if the investment fund is registered in the Republic of Latvia, the Republic of Estonia, the Republic of Lithuania, a European Union Member State or EET. Investment fund managing company is bound by the request of the investors buy back the shares of the investment fund or comparable securities;
6) derivative financial instruments, if: (a) these derivative financial instruments) are included in the European Union or the EEA Member State or to the Organization for economic cooperation and development established the stock exchange official list, which is also the international stock exchange of a full member of the Federation or the Republic of Latvia, the Republic of Estonia, the Republic of Lithuania or registered in the stock exchange official list, (b) financial instruments in the child) the commitment entered into by a credit institution who has received the license and which a credit institution is authorised to provide financial services in the Republic of Latvia, the Republic of Estonia, the Republic of Lithuania, a European Union Member State or EET.
(2) occupational pension scheme funds invest, subject to the following restrictions: 1) of investments the investment of one national or international financial institutions the emitted or guaranteed in securities may not exceed 35 per cent of the scheme which are managed and invested under the occupational pension scheme management developed a codified set of rules, which are set out in the prospectus of the investment plan (hereinafter plan assets). Those limitations to be exceeded if the investment plan assets are securities of six or more single issuer discharges and emissions of each individual securities value does not exceed 20 percent of the assets of the investment plan, and six months after the first contribution made to the plan, if the plan assets of the investment value of less than 100 000 lats;
2 the total of one) the investment of the emitted or guaranteed in the municipal securities may not exceed 5 per cent of the assets of the investment plan;
3) investments in securities of the issuer capital one shall not exceed 5 per cent of the assets of the investment plan, while 5 percent of the share capital of the issuer and of the number of voting shares;
4 one of the issuer's investment) debt securities may not exceed 10 per cent of the assets of the investment plan, while 10 per cent of one-issuer debt securities issued. This limitation does not apply to this article, the second part of the securities referred to in paragraph 1;
5) total investments of the first subparagraph of paragraph 3 "c" in the securities referred to in (a) must not exceed 20 percent of the assets of the investment plan;
6) one credit institution deposits shall not exceed 10 per cent of the assets of the investment plan. This limitation does not apply to claims against the custodian upon request;
7) investments in one investment fund shall not exceed 5 per cent of the assets of the investment plan and 10 percent from this investment fund's net assets;
8) occupational pension schemes of the Group's management company in the emitted securities investments should only be made with the stock exchange, and the investment in such securities may not exceed 2 percent of the assets of the investment plan;
9) total investments of the company or any one group company in securities issued may not exceed 10 per cent of the assets of the investment plan;
10) one credit institution deposits and investments of the same credit institution debt and equity securities and in derivative financial instruments total may not exceed 15 per cent of the assets of the investment plan. This limitation does not apply to claims against the custodian upon request;
investments in equity securities 11) and investment funds, which can invest in securities or other capital risk in terms of those financial instruments, pielīdzināmo together must not exceed 30 per cent of the assets of the investment plan.
(3) occupational pension scheme may invest funds in the currency in which occupational pension is made capital costs, subject to the following conditions: 1) means a scheme may invest to a liabilities unmatched currencies if the total amount of such contribution does not exceed 30 per cent of the assets of the investment plan;
2) schemes with investment commitments in one unmatched currency must not exceed 10 percent of the assets of the investment plan.
(4) occupational pension schemes for the management of occupational pension scheme prohibited features: 1) invest in real estate;
2) grant loans;
3) invest the funds of occupational pension scheme Manager in securities issued by it in the management of existing investment funds.
(5) occupational pension scheme funds Manager immediately, but not later than the next business day shall notify the Commission and the Agency of investment restrictions, threats, as well as on measures for the prevention of this offence. "
5. Article 13: make first and second subparagraph by the following: "(1) the Commission shall monitor the activities of investment firms, the management of the funded pension scheme.
(2) the Commission has the duty to: 1) monitor that investment firms managing occupational pension scheme features comply with the legislative requirements;
2) register law compliant investment plans prospectus;
3) to issue rules on the licensing of investment firm occupational pension schemes management. ";
express the sixth part as follows: "(6) if the Commission decides on the occupational pension scheme trustees of funds withdrawal of the licence issued to it immediately, but not later than the next working day shall inform the Agency. The Agency, the occupational pension scheme managed by the management of the funded pension scheme features a cabinet order shall transfer management to another occupational pension schemes for the management and take other reasonable actions necessary to avoid the occupational pension scheme of the management the management of the former funded pension scheme products. ";
to supplement the article with the seventh subparagraph by the following: "(7) where the occupational pension scheme funds Manager this law, article 11 of the sixth part 2 in the case provided for in paragraph even declined from occupational pension schemes management and occupational pension scheme members whose pension funds are managed by the respective occupational pension funds Manager of the scheme, within two months from the date of the agency they are announced on the occupational pension scheme trustees of funds withdrawal have not provided written submissions to the Agency on a new occupational pension scheme, the selection of the management of the Agency members of the occupational pension scheme equity in the Cabinet in the order served in the management of another occupational pension schemes for management. "
6. To make article 14, the first paragraph by the following: "(1) occupational pension scheme funds Manager in accordance with the procedure laid down by the Commission prepares a report which gives a true and fair view of the occupational pension scheme management, accounting and contributions made to the investment. Report in accordance with international audit standards to verify sworn auditor that approved by the Board of the investment firm or the Treasury Executive Body (Manager). "
7. transitional provisions: to make paragraph 1 by the following: ' 1. Until 1 January 2003 the occupational pension scheme funds Manager is just the Treasury. The Cabinet of Ministers assess the occupational pension scheme results in 2003 and up to 31 December 2004 shall prepare and submit to the Parliament proposals on the future Treasury operations occupational pension schemes management. ";
Add to transitional provisions with paragraph 5 and 6 by the following: "5. The Treasury funded pension scheme funds may invest in Latvian state securities, mortgage lending in the mortgage bonds, certificates of deposit and term bank, pursuant to this law, article 12, second paragraph, the limits, and only in the currency in which occupational pensions are made the cost of capital.

6. the State which does not apply the rules of law on occupational pension schemes management licensing, as well as article 11 of the seventh and eighth part, article 12, first paragraph, third and fourth subparagraphs of paragraph 3 as well as article 13, fourth and fifth. "
Transitional provision to the relevant cabinet regulations effective date, but no longer than up to 31 May 2003 the following applicable to the Cabinet of Ministers regulations, in so far as they do not conflict with the State funded pension law: 1) Cabinet of 12 June 2001, Regulation No 236 of "lifetime pension insurance standard provisions";
2) Cabinet of 12 June 2001 No. 253 of rules "rules for the functioning of the Treasury State funded pension scheme management;
3) Cabinet of 12 June 2001, Regulation No 254 of the "regulations on the State funded pension scheme".
The law adopted in 2002 the Saeima on 31 October.
The President of the Parliament instead of the President i. Otter Riga 2002 November 20 editorial Note: the law shall enter into force by December 4, 2002.