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COUNCIL OF MINISTERS REGULATION
of 9 March 2004
on the detailed rules for the valuation of assets and liabilities of pension funds
On the basis of art. 99 par. 6 of the Act of 28 August 1997. of the organisation and functioning of pension funds (Dz. U. No 139, pos. 934, of late. 1. 1) ) The following shall be managed:
§ 1. The terms used in the Regulation indicate:
1) [ 1] a valuation market-an organisational and financial-segregated system that provides the same conditions for the conclusion of transactions, and the general and equal access to information on those transactions; the valuation market shall also be considered to be the an electronic treasury securities market of MTS Poland, hereinafter referred to as "MTS Poland", carried out by MTS-CeTO S.A.;
2) fixing course-the price for 100 PLN of the nominal value of the treasury securities, which is fixed in the course of the treasury securities fixation;
3) the fixing of treasury securities-the actions taken to determine the ringing and information exchange rate for the bid and the sale in accordance with the Rules of the Securities Regulations of the Securities specified by the National Bank of Poland in an agreement with the issuer;
4) the valuation course-the average daily price of the transaction by volume of trading, and if it is not officially established on the valuation market, the valuation course is for:
a) [ 2] MTS Poland:
-a fixing course, and if it is not officially established on the valuation market, then
-the reference rate established by the valuation market organiser,
(b) other valuation markets:
-the closing rate, and if it is not officially established on the valuation market, then
-the last uniform rate at the date of valuation, and if it is not officially established on the valuation market, then
-the reference rate established by the valuation market organiser;
5) a short-term debt security-a debt security with a maturity of not more than one year, counting from the date of its issuance.
§ 2. The valuation of assets and liabilities of pension funds shall take place at market value, subject to the precautionary principle referred to in Article 4. 7 of the Act of 29 September 1994. of accounting (Dz. U. of 2002. Nr 76, pos. 694, with late. 1. 2) ).
§ 3. 1. Securities quoted on the valuation market shall be valued on the basis of the valuation rate at the valuation date. In the absence of a valuation course from the date of valuation, securities shall be valued on the basis of the valuation rate of the last day in which it is established.
2. If the securities are listed on the same day on more than one valuation market or in more than one quotation system, subject to the paragraph. 3, the pension fund shall set up the valuation market and the quotation system based on the estimated volume of trading in the valuation markets and quotation systems. Changes in the valuation market may be made if, in two consecutive calendar months, the turnover in another valuation market has exceeded the size of the turnover on the current valuation market, taking into account § 13 (1) (a) of the valuation market. 2.
3. [ 3] In the case of debt treasury debt securities, for which a fixing rate is set on MTS Poland, the valuation market is MTS Poland.
§ 4. 1. Debt securities unlisted on the valuation market shall be measured according to the detailed valuation methodology set out by the pension fund referred to in § 14.
2. Short-term debt securities unquoted on the valuation market shall be measured using the straight-line depreciation of a discount or premium on the purchase price.
3. If the period for the beginning of the listing of debt securities does not exceed a month, they shall be measured by the straight-line method of depreciation of the discount or premium in relation to the purchase price.
§ 5. Debt securities from the day immediately following the date of the last quotation in the market for the repurchase date shall be measured using the straight-line depreciation method of the discount or premium arising as the difference between the redemption price of the security in question and the price after which the pension fund valued the security on the last day of its listing.
§ 6. Other unquoted securities in the valuation market shall be valued at the purchase price.
§ 7. 1. [ 4] Value of dematerialised shares in accordance with the provisions of the Act of 29 July 2005. marketing of financial instruments (Dz. U. Nr 183, pos. 1538), but unlisted on the valuation market, is equal to the value of the shares of that issuer listed on the valuation market.
2. If there are differences between the shares of the new issue and the quoted shares in the valuation market for their holders, the value of the new issue shall be determined as the value of the quoted issue on the revaluation market adjusted by the value of the rights of the holders of shares differing those issues.
§ 8. Securities acquired from a reverse repurchase agreement in a transaction to secure a deposit or a loan shall be measured using the straight-line method of amortisation of the difference between the repurchase price of the securities and the the price of their acquisition.
§ 9. The obligation of the pension fund to repurchase the securities sold at a given price and within a specified period shall be deemed to be a liability for the loan and shall be valued using the straight-line depreciation of the difference between the repurchase price of the securities valuable and the price of their sales.
§ 10. Where the securities referred to in paragraphs 3 to 6 and paragraphs 8 and 9 are of the securities to which the interest rate or the prices are counted, the value of those securities, determined on the basis of the valuation rules set out in paragraphs 3 to 6 and § 8 and 9, shall be increased by interest due to the date of valuation, unless the interest value has been included in the above course or price.
§ 11. Claims on loan, credit or deposit shall be valued at the amount of the nominal value and the interest accrued to the date of valuation.
§ 12. (1) Participation units disposed of by investment funds opened or specialised investment funds shall be open at the last repurchase price of the unit at the date of the valuation.
2. In the period between the sale by the open investment fund of units of participation and the first day in which this fund makes the repurchase of these units, their valuation shall be made at the last purchase price, and in case there are different prices acquisitions from the same date-the average purchase price of the weighted volume purchased by the participating unit pension fund shall be used.
3. [ 5] Investment certificates issued by investment funds closed are valued at the last price of their redemption, and if they are listed on the valuation market and were traded after the last valuation date, the detailed rules set out in § 3 shall apply. paragraph 1.
§ 13. 1. valuation rules as in the case of valuation of domestic assets shall be applied to the valuation of assets to be loked abroad. The value of foreign assets is converted into the value in the Polish currency at the rate of the average foreign currency in which these assets are denominated, determined by the National Bank of Poland at the date of valuation.
2. In the case of listing securities simultaneously on the valuation market on the territory of the Republic of Poland and abroad, their valuation is made on the basis of the quotations on the territory of the Republic of Poland.
§ 14. 1. If the valuation of assets is not possible according to the rules laid down in § 3 and § 4 par. Either 2 and 3 and § 5-13 or valuation using those rules would be contrary to the principle of prudence, or a valuation under the rule set out in § 6 would lead to a valuation which is significantly different from the market value, the pension fund shall measure the value of those assets according to the detailed valuation methodology they have specified.
2. In the case referred to in paragraph. 1, the fund shall be obliged to report to the supervisory authority a report on the applied valuation methodology at the date of application of the valuation methodology set out by itself for the first time.
3. The supervisory authority may, within seven working days from the date of receipt of the report referred to in paragraph 1, be notified to the Commission. 2, request in writing a change of the applied valuation methodology in a manner specified by itself.
4. The pension fund shall change the methodology of the valuation starting from the valuation made on the day following the day of receipt of the request referred to in the paragraph. 3.
§ 15. Liabilities of the pension fund, which cannot be valued at the appropriate application of the valuation rules of the assets of that fund, shall be measured at the date of the valuation at the time of valuation.
§ 16. The Regulation of the Council of Ministers of 23 June 1998 shall be repealed. on the detailed rules for the valuation of assets and liabilities of pension funds (Dz. U. Nr. 89, pos. 561, of 2000 Nr 49, poz. 566 and 2001. Nr 50, poz. 513).
§ 17. This Regulation shall enter into force on 1 May 2004.
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1) The amendments to the said Act were announced in Dz. U. 1998 r. Nr 98, pos. 610, No. 106, pos. 668 i Nr 162, pos. 1118, 1999 No. 110, item. 1256, of 2000 Nr 60, poz. 702, 2001 No. 8, pos. 64 and No. 110, pos. 1189, 2002 Nr 25, pos. 253, No. 153, pos. 1271 i No 241, pos. 2074 and 2003 No 124, pos. 1153, No. 166, pos. 1609 and Nr 170, pos. 1651.
2) Amendments to the text of the single law have been announced in the Dz. U. 2003 r. Nr 60, poz. 535, Nr 124, pos. 1152, No 139, pos. 1324 and No. 229, pos. 2276.
[ 1] Paragraph 1, point 1, as amended by Paragraph 1 (1) (a) of the (a) of the Regulation of the Council of Ministers of 18 January 2006. amending the Regulation on the detailed rules for the valuation of assets and liabilities of pension funds (Journal of Laws No. 17, item. 131). The amendment entered into force on 2 February 2006.
[ 2] § 1 point 4 lit. (a) as set out in paragraph 1 (1) (a), (b) of the Regulation of the Council of Ministers of 18 January 2006. amending the Regulation on the detailed rules for the valuation of assets and liabilities of pension funds (Journal of Laws No. 17, item. 131). The amendment entered into force on 2 February 2006.
[ 3] § 3 (3) 3 in the wording set by § 1 item 2 of the Regulation of the Council of Ministers of 18 January 2006 amending the Regulation on the detailed rules for the valuation of assets and liabilities of pension funds (Journal of Laws No. 17, item. 131). The amendment entered into force on 2 February 2006.
[ 4] § 7 ust. 1 in the wording set by § 1 item 3 of the Regulation of the Council of Ministers of 18 January 2006. amending the Regulation on the detailed rules for the valuation of assets and liabilities of pension funds (Journal of Laws No. 17, item. 131). The amendment entered into force on 2 February 2006.
[ 5] § 12 par. 3 in the wording set by § 1 item 4 of the Regulation of the Council of Ministers of 18 January 2006. amending the Regulation on the detailed rules for the valuation of assets and liabilities of pension funds (Journal of Laws No. 17, item. 131). The amendment entered into force on 2 February 2006.
