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. nr.) the following amendments: 1. Replace the words "the whole law of insurance supervision inspection" (fold) with the words "financial and capital market Commission" (fold).
2. Make the second subparagraph of article 6 (1) of the following: "1) bank, if it is allowed in the Republic of Latvia to attract individual deposits;".
3. Express article 20 the following: "article 20. The Pension Fund of funds Manager (1) Pension Fund accumulated pension capital funds and other assets, including new deposits and received income from them, can manage only the following companies: 1) the bank to which the financial and capital market Commission issued the license for banking operations and starpniekdarbīb in the stock market and who is authorised to raise deposits of natural persons;
2) insurance joint stock company to which the financial and capital market Commission issued the license for life insurance operations;
3) brokerage firm for which financial and capital market Commission has issued a license for securities market starpniekdarbīb;
4) investment company for which financial and capital market Commission has issued a license for the operation of the investment firm.
(2) each pension fund freely chosen pension fund managers in accordance with the provisions of this law.
(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 the agreement adopted by the Management Board of the Pension Fund. The contract and any subsequent amendments in the register in the financial and capital market Commission.
(4) the Pension Fund of funds Manager supports the pension plan approved investment strategy and the implementation of the rules on pension fund investment, make settlements with the Fund in lieu of cash, receives and transfers securities and carrying out other transactions with the Fund assets under law and the financial and capital market Commission licensed pension plans.
(5) the closed pension funds management and pension fund founder (shareholder) may not be connected undertakings (companies).
(6) the management of the financial and capital market Commission duly agreed with the Bank of Latvia, is to deposit a security, not less than 50 000 lats, which in the judgment of the pension fund liabilities and pension plan participants for damages if the damage suffered by the employee or management fraud, theft or negligence.
(7) for the management of the financial and capital market Commission in the order must always be there the same assets that do not belong to the Pension Fund and are equivalent to at least one percent of all the assets of the Pension Fund, which manages the funds Manager. The active part that the sixth part of this article exceeds the amount specified, the Manager must hold government securities, which are listed on a stock exchange established in Latvia in the official lists, and serve as an additional safeguard against potential losses if the losses suffered by the employee or management fraud, theft or negligence.
(8) the funds Manager is responsible for ensuring that business with the Pension Fund accumulated retirement capital to meet the requirements of the law and the financial and capital market Commission licensed pension plan. "
4. Express article 21, second paragraph as follows: "(2) a pension fund can be kept only in bank-credit, which governed the law of credit institutions which are authorised in the Republic of Latvia to attract individual deposits."
5. Article 25: replace the first paragraph, the words "guidelines" with the words "legislative provisions";
replace the second paragraph, the words "dial" with the word "regulations".
6. in article 28: make the first paragraph by the following: "(1) State pension fund supervision over financial and capital market Commission.";
replace the sixth paragraph, the words "binding instructions" with the words "laws, rules and ordinances".
7. Replace 8., 22., 25., and article 28, the words "Cabinet" (fold) with the words "financial and capital market Commission" (fold).
The law shall enter into force on 1 July 2001.
The law adopted by the Parliament in June 1, 2000.
State v. President Vaira Vīķe-Freiberga in Riga 2000 June 20.