Order Tin/1483/2010, Of 2 June, Establishing The Conditions For The Materialization Of The Funds Deposited In The Special Account Of The Prevention And Rehabilitation Fund.

Original Language Title: Orden TIN/1483/2010, de 2 de junio, por la que se determinan las condiciones para la materialización de los fondos depositados en la cuenta especial del Fondo de Prevención y Rehabilitación.

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Article 73 of the consolidated text of the General Law on Social Security, approved by Royal Legislative Decree 1/1994, on 20 June, in the new wording given by the third final provision. Three of law 26/2009, of 23 December, the State budget for 2010, provides in its paragraph 1 that annual surplus obtained by the mutual in its management will affect, first of all, to the Constitution of reserves to be determined by regulation. There is also that the fate that has been given to the overspending of surpluses, once covered indicated reserves will be established by regulation.

Paragraph 2 of that article, in turn, points out that in any case 80 per cent of the excess surplus must be ascribed to general purposes of prevention and rehabilitation, among which is the promotion of actions extraordinary of the companies in the prevention of accidents at work and occupational diseases, indicating that such assignment shall be carried out through his entry into the special prevention and open rehabilitation fund account in the Bank of Spain at the disposal of the Ministry of labour and immigration and whose ownership corresponds to the General Treasury of the Social Security.

That same paragraph 2 also provides that the General Treasury of the Social Security can materialize the funds deposited in the account of the Fund for the prevention and rehabilitation, until its final use, in securities issued by legal persons public, in the amounts, terms and other conditions to be determined by the Ministry of labour and immigration, provided that income and expenses that generate the financial assets in which the Fund has materialized as well as the own account, they will be credited and charged respectively in this, unless the aforementioned Ministry otherwise.

Accordingly, the regulation on cooperation of the mutual of accidents and professional illnesses of the Social Security, approved by Royal Decree 1993 / 1995 of 7 December, regulates the distribution of excess surpluses resulting from management, once covers the provision and the reserves provided for in this regulation article 66 in its paragraph 1 that 80 percent will be used for the general purposes of prevention and rehabilitation, through its income by mutual until 31 July of each year in the Bank of Spain and special account at the disposal of the Ministry of labour and immigration, which will have the concrete destination that has been given to such funds , within the affectation to the designated general purpose and subject to other laws that may apply in this regard.

For its part, the order of 27 June 1997, on determination of reserves and surpluses that have to constitute the mutual of accidents and professional illnesses of the Social Security, in accordance with the provisions of articles 65, 66 and 73 of that regulation, establishes that it undertakes computing dues paid, obtained or received as the effectively collected and recognized by the General Treasury of the Social security within each year, that would be one that would have accrued in favour of the mutual.

The funds deposited in the special account of the Fund for the prevention and rehabilitation opened in the Bank of Spain at the disposal of the Ministry of labour and immigration, and whose ownership corresponds to the General Treasury of the Social Security, are entering the common service name in application of the principles of financial solidarity and unique case, resulting from application as a result, provisions on the subject in the general regulations of the financial management of Social Security, approved by Royal Decree 1391 / 1995, of 4 August, whose article 7.5 sets, charged to the funds deposited in the Bank of Spain, the General Treasury of the Social Security will materialize in public financial assets amounts and the deadlines foreseen payments advice in which case attributable will be expenses involving such operations.

Accordingly, this order is issued in order to establish the conditions for the materialization of the resources deposited in the account of the prevention and rehabilitation fund, until its final use in financial assets issued by public legal entities, in order to obtain a higher return of such funds.

This order is issued in the exercise of the powers conferred on the effect by article 73.2 of the text of the General Social Security Act and the first final provision of the regulation on cooperation of the mutual of accidents and illnesses of the Social Security, approved by Royal Decree 1993 / 1995 of 7 December.

By virtue, I have: article 1. Conditions for the materialization of the prevention and rehabilitation fund.

1. the funds deposited in the special account opened at the Bank of Spain at the disposal of the Ministry of labour and immigration, and whose ownership corresponds to the General Treasury of the Social Security, called Fund of prevention and rehabilitation, they may materialize until its final use in financial assets issued by public legal entities that meet the minimum credit rating that is set given by one agency qualification recognized by the National Commission of the stock market and which are admitted to trading on a regulated market or multilateral trading system.

2. the funds allocated for the acquisition of financial assets shall not exceed 90 per cent of the amount to which ascend the bottom of prevention and rehabilitation, in such a way that the remaining balance in the special account of the Fund permit anticipated payments charged to it.

If at some point it exceeds the percentage limit laid down in the previous paragraph as a consequence of the aforementioned Fund prevention and rehabilitation management, reinvestment of the product of the following maturities of financial assets acquired will depend to the fulfillment of that percentage limit in the shortest possible time.

3. the income generating assets as well as the special account will be credited in the single account opened by the General Treasury of the Social Security in the Bank of Spain. Moreover, the expenses will be loaded on the own account of the Fund.

4. by a decision of the Secretary of State of the Social Security, once received a report from the General direction of Treasury and financial policy, will determine the amount to be allocated for the acquisition of financial assets, with the limit set in paragraph 2, as well as the characteristics of the assets that will be reversed, between which shall include at least issuing public legal persons, deadlines and minimum credit ratings referred to in paragraph 1.

Likewise, by order of the Secretary of State of the Social Security, once received a report from the General direction of Treasury and financial policy, financial assets in which materialize the prevention and rehabilitation fund will realized is.

Article 2. Skills acquisition, disposal and management of financial assets.

1 corresponds to the Treasury General of the Social Security, prior agreement of the Council of Ministers, the acquisition and disposal of the concerned financial assets in accordance with the procedure laid down in the Royal Decree 1221 / 1992, of 9 October, on the heritage of the Social Security, which will be part of its heritage and will be managed under the direction of the Secretary of State of the Social Security.

2. the realization of the prevention and rehabilitation fund operations will be carried out by the Bank of Spain, which will act as the agent bank.

Article 3. Nature of operations and budget allocation.

Investment, reinvestment and divestment, made pursuant to the Royal Decree 1221 / 1992, of 9 October, as well as other operations of acquisition, disposition and management of financial assets with the prevention and rehabilitation fund, they will have budgetary character throughout the exercise and they shall be charged at the time of its realization to the budget of expenses or income from the General Treasury of the Social Security according to the nature of the operation for what it will give instructions specific for its budgetary allocation.

Article 4. Accounting standards.

The General intervention of the Social Security, in accordance with the powers conferred by article 125.3 of the Law 47/2003, of 26 November, having General budget, will dictate the necessary accounting rules for the registration of operations related to the management of the Fund for the prevention and rehabilitation.

First final provision. Powers of implementation.

It empowers the Secretary of State of the Social Security to enact provisions that are necessary for the implementation of this order.

Second final provision. Entry into force.

This order shall enter into force the day following its publication in the "Official Gazette".

Madrid, June 2, 2010.-the Minister of labour and immigration, Celestino Corbacho Chaves.

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