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LEGAL ACTS OF THE REPUBLIC OF LATVIA
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The translation of this document is outdated.
Translation validity: 29.04.2014.–28.02.2016.
Amendments not included: 04.02.2016., 22.11.2017., 11.10.2018.

Text consolidated by Valsts valodas centrs (State Language Centre) with amending laws of:

31 October 2002 [shall come into force from 4 December 2002];
20 November 2003 [shall come into force from 1 January 2004];
18 March 2004 [shall come into force from 1 May 2004];
5 May 2005 [shall come into force from 1 June 2005];
28 September 2006 [shall come into force from 25 October 2006];
26 April 2007 [shall come into force from 30 May 2007];
25 September 2008 [shall come into force from 17 October 2008];
14 November 2008 [shall come into force from 1 January 2009];
23 April 2009 [shall come into force from 1 May 2009];
28 May 2009 [shall come into force from 1 July 2009];
20 December 2010 [shall come into force from 1 January 2011];
15 November 2012 [shall come into force from 1 January 2013];
9 July 2013 [shall come into force from 7 August 2013];
12 September 2013 [shall come into force from 1 January 2014];
3 April 2014 [shall come into force from 29 April 2014].

If a whole or part of a section has been amended, the date of the amending law appears in square brackets at the end of the section. If a whole section, paragraph or clause has been deleted, the date of the deletion appears in square brackets beside the deleted section, paragraph or clause.

The Saeima1 has adopted and
the President has proclaimed the following law:

Law On State Funded Pensions

Chapter I
General Provisions

Section 1. Purpose of the Law

This Law prescribes the general principles for the establishment and operation of State funded pension schemes (hereinafter - funded pension schemes), the general provisions for the contribution, administration, management, investment and payment of funds, as well as State supervision of such activities.

Section 2. Funded Pension Scheme

(1) The State funded pension is part of the State old age pension consisting of accrued funded pension capital.

(2) A funded pension scheme is a State organised set of measures for making contributions, administration of funds contributed and payments of pensions which without increasing of total amount of contributions for old age pensions provides an opportunity to acquire additional pension capital by investing part of the contributions for old age pensions in financial instruments, and other assets in accordance with the procedures laid down in Section 12 of this Law.

[20 November 2003; 5 May 2005]

Chapter II
Participation in the Funded Pension Scheme

Section 3. Persons Participating in the Funded Pension Scheme

(1) All persons who are subject to the State pension insurance in accordance with the Law On State Social Insurance and who have not reached the age of 30 years on the day of coming into force of this Law shall be registered as participants of a funded pension scheme.

(2) Persons subject to the State pension insurance who are 30 to 49 years (including) of age on the day of coming into force of this Law may commence participation in a funded pension scheme voluntarily by submitting an appropriate submission 2 to the State Social Insurance Agency (hereinafter - Agency).

(3) The registration of persons socially insured in a funded pension scheme shall be performed in accordance with the procedures stipulated by the Cabinet.

(4) Participation in a funded pension scheme shall be suspended in the cases referred to in Sections 7 and 8 of this Law.

(5) Persons to which Regulation (EEC, Euratom, ECSC) No. 259/68 of 29 February 1968 laying down the Staff Regulations of Officials and the Conditions of Employment of Other Servants of the European Communities (Staff Regulations) is applicable shall be registered as participants of a funded pension scheme, if:

1) they are returning to Latvia and the funded pension capital accrued in the funded pension scheme thereof has been received from a European Union pension scheme, to which it was transferred in related to the participation in the scheme;

2) they, prior to becoming participants of a European Union pension scheme, were not participants of a funded pension scheme, but have become such upon choosing to transfer the funded pension capital accrued in the European Union pension scheme to the State pension system of Latvia, in conformity with the procedures laid down in this Law.

(6) The procedures by which the funded pension capital accrued in a European Union pension scheme which has been transferred to the State pension system of Latvia shall be transferred to a funded pension scheme shall be stipulated by the Cabinet.

[31 October 2002; 26 April 2007; 25 September 2008 / Paragraphs five and six shall come into force on 1 January 2009. See Transitional Provisions]

Section 4. Contributions in the Funded Pension Scheme

(1) Contributions in the funded pension scheme form a part of the contributions actually made for State pension insurance.

(2) The contribution rate in the funded pension scheme shall be six per cent of the contribution object specified in the Law On State Social Insurance.

[23 April 2009; 20 December 2010 / See Paragraphs 2 and 3 of Transitional Provisions]

Section 5. Account of a Participant of the Funded Pension Scheme

(1) The Agency shall ensure that the accrued funded pension capital to each participant of the funded pension scheme - funds accrued during a specific time period in accordance with this Law in favour of a participant of the funded pension scheme - are calculated and registered in an account of the participant of the funded pension scheme.

(2) The Cabinet shall determine the procedures for accounting of accounts of the funded pension scheme participants and for the calculation of the funded pension capital, as well as the maximum amount of administration (administrative) expenses of the funded pension scheme.

Section 6. Participation in the Funded Pension Scheme in Case of Disability

[26 April 2007]

Section 7. Payment of Funded Pension Capital

(1) A participant of the funded pension scheme, upon reaching the age that gives rights to receive the old age pension or later, has the right to select whether:

1) to add the accrued funded pension capital to the non-funded pension capital and to calculate (recalculate) the old age pension in accordance with the Law On State Pensions,

2) to acquire a life assurance (lifetime pension) policy utilising the accrued funded pension capital. The Cabinet shall issue such standard regulations regarding lifetime assurance.

(2) If a participant of the funded pension scheme becomes a participant of a European Union pension scheme, the accrued funded pension capital thereof shall be transferred to the European Union pension scheme. The procedures, by which the accrued funded pension capital shall be transferred to the European Union pension scheme, shall be determined by the Cabinet.

[31 October 2002; 25 September 2008 / Paragraph two shall come into force on 1 January 2009. See Transitional Provisions]

Section 8. Payment of Funded Pension Capital in Case of Death of a Participant

If a participant of the funded pension scheme has died prior to requesting an old age pension, the whole funded pension capital registered by the day of the death of the participant of the funded pension scheme shall be included in the special budget of State pensions and taken into account when calculating the survivor's pension to family members who were supported by the dead participant of the funded pension scheme in accordance with the Law On State Pensions.

Chapter III
Supervision, Monitoring, Administration of Operation and Management of Funds of the Funded Pension Scheme

Section 9. Supervision of Operation of the Funded Pension Scheme

(1) The Ministry of Welfare shall perform the supervision of the funded pension scheme.

(2) In accordance with this Law the Ministry of Welfare has the right:

1) to request and receive an annual account from the Agency regarding the operation of the funded pension scheme and reports submitted by the fund manager regarding operation of the funded pension scheme;

2) to request and receive quarterly from insurers reports on life assurance (lifetime pension) services (provided in accordance with this Law), dynamics in the number of participants and the amounts of lifetime pensions.

[26 April 2007]

Section 10. Competence of Agency

(1) In accordance with this Law the Agency shall:

1) ensure the establishment and updating of accounts of participants to the funded pension scheme by registering contributions made and the funded pension capital accrued;

2) inform the person regarding the registration in a funded pension scheme and other significant changes in the operation of the funded pension scheme;

21) issue or send a statement of account of the participant of a funded pension scheme and information regarding the change of the fund manager or investment plan, upon attendance in person of the participant of the funded pension scheme, or upon submission of a written request;

3) conclude contracts with fund managers regarding the management of funds of the funded pension scheme and conditions thereof;

4) ensure fulfilment of submissions of the funded pension scheme participants regarding selection and change of managers of the funded pension scheme funds and investment plans. The Agency is not entitled on its own initiative to decide on the change of a manager of the funded pension scheme funds and the investment plan, except the cases provided for in Section 13, Paragraphs six and seven of this Law;

5) ensure compliance with Section 7 of this Law in accordance with procedures stipulated by the Cabinet;

6) each year in accordance with procedures stipulated by the Cabinet, prepare a report on the operation of the funded pension scheme which provides a true and clear representation regarding the management of the funded pension scheme, contributions made and fund transfers, as well as regarding the compliance of the accounting of accounts of the funded pension scheme participants with the requirements of laws and regulations. The report of the operation of the funded pension scheme in accordance with international auditing standards shall be verified by a sworn auditor and approved by the Minister for Welfare;

7) ensure the publication of information regarding the funded pension scheme and the results of the operations thereof.

(2) The expenses of the Agency for the administration of the funded pension scheme shall be covered in accordance with the procedures stipulated by the Cabinet.

(3) The documents providing for the establishment and updating of accounts of the funded pension scheme participants shall be kept with the Agency as long as the relevant person participates in the funded pension scheme and for another 30 years following termination of the participation.

[31 October 2002; 26 April 2007; 14 November 2008]

Section 11. Manager of the Funded Pension Scheme Funds and Custodian

(1) The manager of funds of the funded pension scheme shall perform the management of the contributions made in the funded pension scheme, further fruits (interest) and other assets (hereinafter - funds). The funds of the funded pension scheme may be managed by an investment management company registered in Latvia or the branch in Latvia of an investment management company registered in a European Union or European Economic Area state (hereinafter - Member State), which is entitled to provide investment management services (hereinafter - Member State branch). The manager of funds of the funded pension scheme may only commence the management of funds of the funded pension scheme after registration in the register of managers of funds of funded pension schemes maintained and updated by the Finance and Capital Market Commission (hereinafter - Commission).

(11) The manager of funds of the funded pension scheme shall ensure that its minimum share capital is at least:

1) 500,000 euro, if it is planning to manage or is managing the funds of a funded pension scheme with a value no more than 50,000,000 euro;

2) 1,000,000 euro, if it is planning to manage or is managing the funds of a funded pension scheme with a value from 50,000,001 euro to 100,000,000 euro;

3) 2,000,000 euro, if it is planning to manage or is managing the funds of a funded pension scheme with a value from 100,000,001 euro to 200,000,000 euro;

4) 3,000,000 euro, if it is planning to manage or is managing the funds of a funded pension scheme with a value greater than 200,000,000 euro.

(2) The manager of funds of the funded pension scheme shall perform transactions with funds of the funded pension scheme through intermediation of the custodian, entering into a custodian bank agreement therewith. The funds of the funded pension scheme may be held in a bank registered in Latvia, which in accordance with the procedures laid down in laws and regulations has commenced the provision of investment services and non-core services, including the keeping of financial instruments, or the branch in Latvia of a bank registered in a Member State, if the respective bank is entitled to provide investment services and non-core services, including the keeping of financial instruments. The selection of a custodian, the duties and liabilities thereof, as well as the procedures for the entering into and fulfilment of a custodian bank agreement shall be laid down in this Law and the Law On Investment Management Companies.

(3) The provisions for the management of funds of the funded pension scheme, consequences and liability for non-compliance therewith shall be provided in a contract entered into by the Agency with a manager of funds of the funded pension scheme. A decision to enter into the contract with a manager of funds of the funded pension scheme, on any further amendments in such contract, as well as on early termination of such contract shall be made by the director of the Agency. The Cabinet shall determine the contents, type and procedures for the entering into of a contract.

(4) The manager of the funds of the funded pension scheme shall develop one or several plans for the investment of funds of the funded pension scheme - a systematic set of such provisions according to which the management of funds of the funded pension scheme shall be performed and which are presented in a prospectus of the relevant investment plan. The prospectus (prospectuses) of an investment plan is an integral part of the contract entered into between the Agency and the manager of funds of the funded pension scheme. The manager of funds of the funded pension scheme is entitled to perform the management of funds of the funded pension scheme in conformity with an investment plan only following the registration of the prospectus of the relevant investment plan with the Commission. If the prospectus of an investment plan does not conform to the requirements laid down in laws and regulations, the Commission shall reject the registration thereof.

(41) If amendments to the prospectus of the investment plan provide for changing the investment provisions of the investment plan or to increase the maximum amount of remuneration payments from the investment plan to the manager of funds, custodian or another person, the amendments to the prospectus of the investment plan shall enter into effect not earlier than six months after an agreement has been concluded on amendments to the contract between the Agency and the manager of funds of the funded pension scheme.

(5) A manager of funds of the funded pension scheme shall ensure compliance with provisions in relation to the investments of funds of the funded pension scheme, provide orders to make payments with funds contributed in the funded pension scheme, as well as receive and transfer financial instruments and perform other transactions with the funds of the funded pension scheme in conformity with the requirements prescribed by the law and the terms and conditions of the contract concluded with the Agency.

(51) The manager of funds of the funded pension scheme shall ensure that the maximum payments for the management of an investment plan, including the remuneration to be paid to the manager and the custodian, as well as payments to third persons, which are performed from the funds of the investment plan, do not exceed two per cent of the average value of the investment plan assets per year. These payments shall not include expenses which have arisen upon performing transactions by selling the assets of the investment plan with repurchase.

(52) [Paragraph shall come into force on 1 January 2015 and shall be included in the wording of the Law on 1 January 2015. See Paragraph 18 of Transitional Provisions]

(53) [Paragraph shall come into force on 1 January 2015 and shall be included in the wording of the Law on 1 January 2015. See Paragraph 18 of Transitional Provisions]

(54) The manager of funds of the funded pension scheme shall register the funds of the funded pension scheme under its management and manage them separately from any other property owned or managed by the manager of funds of the funded pension scheme. The manager of funds of the funded pension scheme shall manage part of the funds of the funded pension scheme, which are managed in accordance with a specific investment plan (funds of investment plan) separately from other assets thereof and the funds of other investment plans.

(55) Management of funds of the funded pension scheme includes the following services:

1) management of investments of the investment plan funds;

2) administration of the investment plan funds, which includes:

a) handling legal and accounting matters,

b) provision of information regarding the performance of the investment plan,

c) calculation of the value of the investment plan and of an investment plan unit,

d) monitoring the regulatory compliance of the investment plan,

e) distribution of the income of the investment plan,

f) execution of the orders and notifications by the Agency in respect of dealing with the investment plan funds,

g) settlement under the contractual obligations,

h) keeping accounts on the transactions related to investment plan funds;

3) marketing of the investment plan (advertising, market research and similar services).

(6) Each participant of the funded pension scheme has the right, in accordance with the procedures stipulated by the Cabinet, to select and change the manager of funds of his or her funded pension capital accrued or an investment plan if one manager of funds has two or more investment plans. It is permitted to change the manager of funds of the funded pension scheme not more frequently than once a year, but an investment plan of one and the same manager of funds of the funded pension scheme - not more frequently than twice a year, as well as additionally when:

1) the Commission has cancelled the entry in the register of managers of funds of funded pension schemes;

2) [28 May 2009];

3) reorganisation of the manager of funds of the funded pension scheme selected by the participant of the funded pension scheme has occurred;

4) the manager of funds of the funded pension scheme unifies an investment plan selected by the participant of the funded pension scheme with another investment plan (plans) and has registered with the Commission a prospectus of a new investment plan (new version of the investment plan prospectus) or append the selected investment plan to another investment plan managed by the same manager of the funds of the funded pension scheme;

5) the manager of funds of the funded pension scheme exercises the rights referred to in Paragraph nine of this Section.

(7) [28 May 2009]

(8) [18 March 2004]

(9) The manager of funds of a funded pension scheme is entitled to transfer the investment plan managed by him or her to another manager of funds of a funded pension scheme. The manager of funds shall enter into a contract regarding the transfer of the investment fund assets and shall make the relevant amendments in the contracts entered into with the Agency regarding the management of the funds of the State funded pension scheme. If the manager of funds within one year after taking over of the transferred investment plan makes amendments to the investment policies of the investment plan or increases the payments for transactions which are associated with investment plan funds and investment management, or increases remuneration, such amendments shall enter into effect not earlier than six months after entering into of the relevant amended contract.

[31 October 2002; 20 November 2003; 18 March 2004; 28 September 2006; 26 April 2007; 28 May 2009; 3 April 2014 / The new wording of Paragraph four and Paragraph 4.2 concerning the obligation of the manager of funds of the funded pension scheme to draw up the document with key information designated for the participants of the funded pension scheme, as well as the new wording of Paragraph 5.1 and Paragraphs 5.2 and 5.3 concerning the payments to the manager of funds of the funded pension scheme for the management of the investment plan shall come into force on 1 January 2015 and shall be included in the wording of the Law on 1 January 2015. See Paragraph 18 of Transitional Provisions]

Section 11.1 Advertisements for the Management of Funded Pension Scheme Funds

(1) Any public advertising (advertisement) of the management of funded pension scheme funds and the services associated thereof in any way may occur only in conformity the prospectus of the investment plan registered with the Commission.

(2) In placing an advertisement or publicly notifying the regulations of the investment plan, the investment plan advertisement shall indicate:

1) the name of the investment plan;

2) the name of the management company, legal address and the location of the executive institutions;

3) the name of the custodian;

4) the place of issuing of the prospectus of the investment plan;

5) a notice that the current yield does not guarantee a similar yield in the future(if in the advertisement is mentioned the yield of the investment plan).

(3) In placing an advertisement or publicly notifying the regulations of the investment plan, the investment plan advertisement shall in no way guarantee a profit or a specific level of yield.

[5 May 2005; 28 May 2009]

Section 11.2 Delegation of Funded Pension Scheme Managed Fund Services

(1) If in the prospectus of the investment plan is provided information regarding separate services associated with the management of the funds of a State funded pension scheme, which the manager of funds of the funded pension scheme plans to transfer (delegate) to another person, the manager of funds of the funded pension scheme shall observe the procedures for the transfer (delegation) of investment management services laid down in the Investment Management Companies Law.

(2) For the purpose of applying Paragraph one of this Section, an investment plan shall be comparable to an investment fund, management of the funds of an investment plan shall be comparable to management of the funds of an investment fund, administration of the funds of an investment plan shall be comparable to administration of the funds of an investment fund, and marketing of an investment plan shall be comparable to marketing of an investment fund within the meaning of the Investment Management Companies Law.

[26 April 2007; 3 April 2014]

Section 11.3 Registration of Managers of Funds of Funded Pension Schemes

(1) In order to register in the register of managers of funds of funded pension schemes, an investment management company or the branch of a Member State shall submit a submission to the Commission. The following documents shall be annexed thereto, which determine the operation of the investment management company in the management of funds of the funded pension scheme:

1) an activity plan for the next three years, in which it is described how it is planned to ensure the management of the funds of the funded pension scheme, and in which at least the following information is included:

a) the investment plans to be introduced,

b) an expenditure forecast and the sources for covering them;

2) a description of the internal control system, which includes:

a) the organisational structure with clearly specified tasks and duties of officials,

b) the accounting policy and the main principles of the organisation of registration,

c) the financial risk management policy,

d) a description of the management information system,

e) the provisions for the protection of the information system.

(2) After receipt of a submission by the branch of a Member State, the Commission shall send a request to the supervisory body of the respective Member State, requesting therein the notification of the following information:

1) that the investment management company licensed in the Member State fulfils the capital requirements and within one year prior to submitting the submission for registration, violations of these requirements have not been established;

2) that the investment management company licensed in the Member State observes the rules of internal control and within one year prior to submitting the submission for registration no sanctions have been applied thereto for violations of the abovementioned rules;

3) that the supervisory body of the Member State does not object to the branch of the Member State commencing the management of funds of the funded pension scheme;

4) that the supervisory body of the Member State will, without delay, inform the Commission of any facts which endanger or may endanger the activities of the branch of the Member State in Latvia.

(3) The Commission shall examine the submission and take a decision to make an entry in the register of managers of funds of funded pension schemes or to refuse to make an entry within 60 days after receipt of the documents specified in Paragraphs one and two of this Section which have been drawn up in accordance with the requirements of the laws and regulations governing the procedures for drawing up of documents.

(4) The Commission shall take a decision to refuse to make an entry in the register of managers of funds of funded pension schemes if:

1) the submitter of the submission does not conform with the requirements of Section 11, Paragraph one of this Law;

2) the submitter of the submission has not submitted all the documents referred to in Paragraph one of this Section or has presented false or inaccurate information in the documents submitted;

3) the submitted documents have not been processed in accordance with the requirements of this Law and the laws and regulations governing the activities of the funded pension scheme, personal data protection and the procedures for drawing up documents;

4) within one year prior to submitting the submission the investment management company has violated the capital requirements;

5) within one year prior to submitting the submission the investment management company has violated the rules of internal control and sanctions have been applied thereto for the abovementioned violations;

6) the supervisory body of the Member State objects to the branch of the Member State commencing the management of funds of the funded pension scheme;

7) the supervisory body of the Member State has not agreed to inform the Commission of any facts which endanger or may endanger the activities of the branch of the Member State in Latvia;

8) the Commission has not received the notification of the supervisory body referred to in Paragraph two of this Section.

(5) The Commission has the right to cancel an entry in the register of managers of funds of the funded pension scheme if:

1) any of the cases referred to in Paragraph four of this Section has been established;

2) the manager of funds of the funded pension scheme violates the requirements of the laws and regulations governing the activities of the funded pension scheme, as a result of which further operation of the manager of funds or the interests of the participants of the funded pension scheme may be adversely affected;

3) the manager of funds of the funded pension scheme violates the rules of the investment plan, in accordance with which he or she has undertaken to invest and manage the funds of the funded pension scheme;

4) the licence of the manager of funds of the funded pension scheme for the provision of investment management services is cancelled;

5) the manager of funds of the funded pension scheme, within one year from the day of registration thereof by the Commission in the register of managers of funds of the funded pension scheme, has not entered into a contract with the Agency regarding the management of funds of the State funded pension scheme;

6) the manager of funds of the funded pension scheme is reorganised or liquidated;

7) the manager of funds of the funded pension scheme withdraws from the management of funds of the funded pension scheme;

8) it is requested by the supervisory body of the branch of a Member State;

9) the supervisory body of the branch of a Member State informs the Commission of facts which endanger or may endanger the activities of the branch of a Member State in Latvia.

(6) If the Commission has established the circumstances specified in Paragraph five of this Section, which allows to make a decision to cancel an entry in the register of managers of funds of the funded pension scheme, it has the right not to cancel the entry but initially to take a decision to give a warning or to apply the fine referred to in Section 13, Paragraph 5.1 of this Law, as well as to specify the time period for elimination of the violations established. If, after expiry of the time period, the manager of funds of the funded pension scheme has not eliminated the violations established, the Commission shall cancel the entry in the register of managers of funds of the funded pension scheme.

(7) If an administrative act issued by the Commission regarding the cancellation of an entry in the register of managers of funds of the funded pension scheme is appealed, it shall not suspend the operation of the act.

[28 May 2009]

Section 12. Provisions for Investment of Funded Pension Scheme Funds

(1) A manager of funds of the funded pension scheme, when investing the funds of the funded pension scheme, shall act as a conscientious and careful proprietor and solely in the interests of the participants of the investment plan, as well as observe precautionary principles which ensure the reduction of risk, security of investments, quality and liquidity in accordance with the rules of the investment plan, and shall implement such investment policy which is aimed towards the growth of the funds of the funded pension scheme of the participants of the investment plan. Funds of the funded pension scheme may be invested in the following financial instruments:

1) securities or money market instruments issued and guaranteed by the State and international financial authorities if such securities or money market instruments have been issued and guaranteed by:

a) [18 March 2004],

b) Latvia or another Member State,

c) a Member State of the Organisation for Economic Co-operation and Development the long-term credit rating of which in foreign currency according to the evaluation of international rating agencies conforms to the investment category (hereinafter - a Member State of the Organisation for Economic Co-operation and Development),

d) an international financial authority the member of which is one or several Member States;

11) securities or financial market instruments issued or guaranteed by the State and international financial institutions, which do not conform to the requirements of Paragraph one, Clause 1 of this Section, but are included in the registered regulated markets of Latvia or in another Member State;

2) securities or money market instruments issued and guaranteed by local governments, if:

a) such securities or money market instruments have been issued or guaranteed by Latvia or another Member State, or a local government of a Member State of the Organisation for Economic Co-operation and Development,

b) such securities or money market instruments conform to the requirements specified in Paragraph one, Clause 3 of this Section;

3) the shares of commercial companies and other capital securities (hereinafter - capital securities) or debt securities of commercial companies if such securities:

a) are included in the registered regulated markets of Latvia or in another Member State,

b) are included in the official or comparable thereto listing of a stock exchange (regulated market) registered in a Member State of the Organisation for Economic Co-operation and Development and the abovementioned stock exchange is a full member of the International Stock Exchange Federation,

c) are not included in the regulated markets referred to in Sub-clauses "a" and "b", but in the issuance of securities regulations it is provided that the securities therein shall be included within a year from the day when the subscription for the receipt of such securities has commenced. If the referred to securities are not included in the regulated markets referred to in Sub-clauses "a" and "b" within a year from the day when the subscription for the receipt of such securities has commenced, it shall be the duty of the manager of funds of the funded pension scheme to repurchase these securities for a price which conforms to the purchase value thereof;

4) investment in a credit institution which has received a licence to operate the credit institution and to which it is permitted to provide financial services in Latvia or in another Member State;

5) investment funds registered in Latvia or in another Member State within the meaning of the Investment Management Companies Law (hereinafter - investment fund);

51) alternative investment funds registered in Latvia or in another Member State within the meaning of the Law On Alternative Investment Funds And Fund Managers (hereinafter - alternative investment fund);

6) derivative financial instruments, if:

a) such derived financial instruments are included in the registered regulated markets of Latvia or in another Member State, or also included in the official or comparable thereto listing of a stock exchange (regulated market) registered in a Member State of the Organisation for Economic Co-operation and Development and the abovementioned stock exchange is a full member of the International Stock Exchange Federation,

b) a credit institution which has received a licence to operate the credit institution and to which it is permitted to provide financial services in Latvia or in another Member State has assumed obligations included in such a derivative financial instrument;

7) in a risk capital market - in a market, which offers the financing of capital commercial companies registered in Latvia or in another Member State at the development stage thereof.

(2) Funds of the funded pension scheme shall be invested in compliance with the following investment restrictions:

1) the total amount of investments in securities or money market instruments issued or guaranteed by one state or an international financial institution may not exceed 35 per cent of the funds of the scheme that are managed and invested in accordance with a systematised set of provisions developed by the manager of funds of the funded pension scheme which is set out in a prospectus of the investment plan (hereinafter - assets of investment plan). The abovementioned restriction may be exceeded when performing investments in the transferable securities issued by the state, as well as if the assets of an investment plan have securities or money market instruments from six or more issues of one issuer and the value of securities or money market instruments of each individual issue does not exceed 20 per cent of the assets of the investment plan, as well as six months following the first contribution made in the relevant investment plan, if the value of the assets of the investment plan is less than 150,000 euros;

2) the total amount of investments in securities or money market instruments issued or guaranteed by one local government may not exceed 5 per cent of the assets of the investment plan. This restriction shall not apply to investments in the transferable securities issued by local governments of Latvia;

3) the investments in securities of one issuer may not exceed 5 per cent of the assets of the investment plan and concurrently 5 per cent of the equity capital and number of voting stocks of the relevant issuer;

4) investment in securities of one issuer may not exceed 10 per cent of the assets of the investment plan and concurrently 10 per cent of the debt securities of one issuer. This restriction shall not apply to securities referred to in Paragraph two, Clause 1 of this Section;

5) total amount of investments in securities referred to in Paragraph one, Clause 3, Sub-clause "c" of this Section may not exceed 20 per cent of the assets of the investment plan;

51) total amount of investments in securities referred to in Paragraph one, Clause 11 of this Section may not exceed 10 per cent of the assets of the investment plan;

6) deposits in one credit institution may not exceed 10 per cent of the assets of the investment plan. This restriction shall not apply to claims on the basis of claims against a Custodian bank;

7) the investments in one investment fund may not exceed 10 per cent of the assets of the investment plan and 30 per cent of net assets of such investment fund;

71) the investments in one alternative investment fund may not exceed 10 per cent of the assets of the investment plan and 30 per cent of net assets of such alternative investment fund, while the total amount of investments in alternative investment funds may not exceed 10 per cent of the investment plan assets;

8) the investments in financial instruments issued by commercial companies that are a part of one group by managers of funds of the funded pension scheme may be made only through intermediation of a stock exchange (regulated market), and investments in such securities may not exceed 5 per cent of the assets of the investment plan;

81) the investments in investment funds and alternative investment funds managed by commercial companies included in one group with the manager of funds of the funded pension scheme may not exceed 15 per cent of the assets of the investment plan;

82) total investment in investment funds and alternative investment funds under the management of the manager of funds of the funded pension scheme may not exceed 10 per cent of the assets of the investment plan;

9) the total amount of investments in securities or money market instruments issued by one commercial company or one group of commercial companies may not exceed 10 per cent of the assets of the investment plan;

10) deposits in one credit institution or in credit institutions contained in one group and investments in transferable financial instruments issued by the same credit institution or credit institutions contained in one group in total may not exceed 15 per cent of the assets of the investment plan. This restriction shall not apply to claims on the basis of claims against a custodian bank;

11) investments in capital securities, alternative investment funds and investment funds that may make investments in capital securities or other financial instruments of equivalent risk may not exceed 50 per cent of the total assets of the investment plan;

12) investments in derived financial instruments may be performed only because in order to ensure against the risk of fluctuations in the value of the specified investment plan assets, which may be caused by changes in the price of assets or exchange rate, and only then if the manager of funds has submitted to the Commission regulations in which is described in detail the management policy and the derived financial instrument valuation methods;

13) the value of a single investment in risk capital market may not exceed 5 per cent of the investment plan assets, whereas the total investment value in risk capital market may not exceed 10 per cent of the investment plan assets. Investments in the capital of such capital company, which is in the stage of development, may not exceed 5 per cent of the fixed capital of the respective capital company and the number of voting stocks or shares, but the amount of an investment (capital) share of a capital company, which was founded with the purpose of financing capital companies in the stage of development, or investments in the capital of such capital companies, which were founded with the purpose of financing capital companies in the stage of development, may not exceed 30 per cent of the sum total of the investment (capital) or the capital of the respective capital company;

14) the total investment value in alternative investment funds and risk capital market may not exceed 20 per cent of the investment plan assets, following the restrictions laid down in Paragraph two, Clause 7.1 of this Section in respect of investing in alternative investment funds, and the restrictions laid down in Paragraph two, Clause 13 of this Section in respect of investing in risk capital market;

15) when using the assets of an investment plan in transactions with the sale of assets with repurchase, liabilities arising from such transactions may not exceed 50 per cent of the assets of the investment plan. Such transactions may only be performed for ensuring the short-term liquidation of the investment plan for a period of time up to three months.

(21) Commercial companies included in one group within the meaning of this Section are commercial companies the annual accounts of which are consolidated in accordance with international accounting standards.

(3) Funds of the funded pension scheme may be invested in such currency by which payments of the funded pension capital are made in compliance with the following additional conditions:

1) the funds of the scheme may be invested in currencies unmatched to the obligations if total amount of such investments does not exceed 30 per cent of the assets of the investment plan;

2) the investments of funds of the scheme in one currency unmatched to the obligations may not exceed 10 per cent of the assets of the investment plan;

3) [12 September 2013].

(4) The managers of funds of the funded pension scheme are prohibited from:

1) investing the funds of the funded pension scheme in immovable property, except investments in alternative investment funds which may invest in immovable property;

2) lending the investment plan funds;

3) investing the funds of the funded pension scheme in financial instruments issued by the manager of funds of the funded pension scheme itself, except in the investment funds and alternative investment funds under its management, for buying or selling of certificates of which the manager of funds does not receive a commission payment from the funds of the investment plan;

4) borrowing money on the account of the investment plan, except for loans to provide short-term liquidity for a period of up to three months, and not exceeding 50 per cent of the investment plan asset value;

5) assuming any commitments on the account of the investment plan that arise from a guarantee agreement;

6) exceeding 50 per cent of the investment plan assets when entering into the transactions referred to in Paragraph two, Clause 15 of this Section and Clause 4 of this Paragraph.

(5) [3 April 2014]

(6) [3 April 2014]

(7) [3 April 2014]

[31 October 2002; 20 November 2003; 18 March 2004; 5 May 2005; 26 April 2007; 28 May 2009; 9 July 2013; 12 September 2013; 3 April 2014]

Section 12.1 Consequences of a Violation of the Investment Provisions for the Funded Pension Scheme Funds

(1) A violation of the investment provisions prescribed in the investment plan prospectus shall not invalidate the respective transaction, whereas the manager of funds of the funded pension scheme has an obligation to indemnify for all damages incurred to the participants of the investment plan as a result of such actions. The manager of funds has an obligation to design a procedure for laying down the procedures for evaluating the damages and indemnifying them.

(2) The manager of funds of the funded pension scheme shall, without delay, however no later than on the following working day notify the Commission in writing regarding a violation of the investment provisions, as well as regarding measures for elimination of such violations, indicating the time period for elimination of the violations.

(3) If, in order to eliminate violations of investment provisions, it becomes necessary for a manager of funds of the funded pension scheme to dispose of an investment in the investment plan, however, disposal of such investment (asset) is impossible in financial markets, the manager of funds has an obligation to redeem the investment concerned at its fair value. The fair value of an investment shall be determined in accordance with the Commission regulations prescribing the preparation of annual reports of investment plans of the funded pension schemes.

(4) After having eliminated investment violations, the manager of funds of the funded pension scheme has an obligation to evaluate without delay whether such actions have incurred damages to the participants of the investment plan.

(5) If the manager of funds of the funded pension scheme establishes that the violation of investment provisions has resulted in damages to the participants of the investment plan, the manager of funds of the funded pension scheme has an obligation, no later than on the next day after elimination of the damages, to indemnify for them in the specified amount by making a cash contribution to the account of the investment plan concerned.

(6) A custodian has an obligation to monitor the compliance with the investment provisions prescribed in the investment plan prospectus, and, when detecting a violation thereof, shall, without delay, notify in writing the manager of funds of the funded pension scheme and the Commission thereof.

(7) A custodian has an obligation to monitor the process of evaluation and indemnification for damages, as well as to supply the Commission with a statement that the evaluation of damages performed by the manager of funds of the funded pension scheme corresponds to the actual amount of damages, and with information that funds have been contributed to the account of the investment plan concerned towards indemnification for damages.

(8) It is permissible to exceed the investment restrictions prescribed by the investment plan if they have been caused by extraordinary and adverse developments in financial markets. The manager of funds of the funded pension scheme shall notify the Commission on having exceeded investment restrictions in accordance with the procedures laid down in Paragraph two of this Section.

[3 April 2014]

Section 12.2 Ensuring of Cash Flow

(1) The manager of funds of the funded pension scheme has an obligation to ensure cash flow in accordance with the signed contracts.

(2) If, in order to ensure cash flow, it becomes necessary for a manager of funds of the funded pension scheme to dispose of an investment in the investment plan, however, disposal of such investment (asset) is impossible in financial markets, the manager of funds has an obligation to redeem the investment concerned at its fair value. If such redemption of investment has incurred damages to the participants of the investment plan, the manager of funds of the funded pension scheme and the custodian shall act in accordance with the provisions of Section 12.1 of this Law, which specify the actions to be taken in the case of a violation of the investment provisions for the funded pension scheme.

[3 April 2014]

Section 13. Monitoring of Operation of Managers and Custodians of Funds of the Funded Pension Scheme

(1) The Commission shall monitor the operation of managers and custodians of the funds of the funded pension scheme.

(2) The Commission has an obligation:

1) to monitor that the managers of funds of the funded pension scheme, when managing the funds of the funded pension scheme, comply with the requirements of laws and regulations;

2) to monitor that the custodians of funds of the funded pension scheme, when keeping the funds of the funded pension scheme, comply with the requirements of laws and regulations;

3) to register a prospectus of an investment plan conforming to the requirements laid down in law.

(3) The Commission shall notify the Agency regarding the making of or annulment of an entry in the register of managers of funds of the funded pension scheme.

(4) The Commission and sworn auditors approved thereof have the right to perform inspections of the operation of managers of funds of the funded pension scheme and the holders of funds, and to request documents and information regarding the operation thereof and the management of funds of the funded pension scheme. Managers of funds and holders of funds have an obligation to provide all necessary information and to present all the documents during such inspections.

(5) The Commission on the basis of the reports submitted and inspections performed shall evaluate the stability of the financial standing and solvency of the manager of funds and the custodian and, if necessary, provide instructions regarding the improvement of the standing of the assets of the funded pension scheme, as well as determine a time period for the implementation of the instructions.

(51) If the manager of funds or the holder of funds violate this Law, according to the laws and regulations issued in accordance with this Law or the provisions of the prospectus of the investment plan of the funded pension scheme, the Commission has the right to impose on the manager of funds and the Custodian of funds a fine up to 400 minimum monthly salaries.

(6) If the Commission cancels an entry in the register of managers of funds of the funded pension scheme, it shall immediately, but not later than on the following working day, notify the Agency thereof. The Agency shall transfer the funded pension scheme funds managed by the relevant manager in accordance with the procedures stipulated by the Cabinet to other managers of the funded pension scheme funds for management, as well as perform other activities of substantiated necessity to prevent the reduction of value of the funded pension scheme funds managed by the relevant manager of the funded pension scheme funds.

(7) If the manager of the funded pension scheme funds has refused to manage the funded pension scheme funds and participants of the funded pension scheme whose pension capitals are managed by the relevant manager of the funded pension scheme funds, within two months of the day when the Agency has notified them on the refusal of such manager of the funded pensions scheme funds, have not submitted to the Agency a written submission regarding the selection of a new manager of the funded pension scheme funds, in accordance with the procedures stipulated by the Cabinet the Agency shall transfer such funded pension capitals of the participants to the scheme for management to other managers of the funded pension scheme funds.

[31 October 2002; 18 March 2004; 26 April 2007; 28 May 2009]

Section 14. Reports On Management of Funded Pension Scheme Funds and Audit Thereof

(1) The manager of funds of the funded pension scheme shall, in accordance with procedures stipulated by the Commission, prepare an annual report which provides a true and clear representation regarding the management of funds of the funded pension scheme, accounting of contributions made and investments. A sworn auditor approved by the board of an investment management company shall examine the report in accordance with international auditing standards.

(2) A sworn auditor has an obligation to notify in writing the manager of funds regarding deficiencies determined in the inspection and to send the copies of his or her notice to the Commission and the Agency. If the financial situation of the manager demands rapid action, the sworn auditor has an obligation to notify the Commission and Agency immediately thereof.

(3) In order to ensure monitoring, the Commission is entitled to request the manager of funds of the funded pension scheme to prepare other reports in accordance with the regulations issued by the Commission regarding the procedures for the preparation and submission of such reports.

[31 October 2002; 18 March 2004; 28 September 2006; 28 May 2009]

Chapter IV
Final Provisions

Section 15. Procedures for Settlement of Disputes

(1) Administrative acts issued and actual acts by Agency officials may be disputed within one month from the day of the coming into effect of the administrative act by submitting a relevant submission to the director of the Agency. The decisions of the director of the Agency may be appealed to a court within one month from the day of the entering into effect thereof.

(2) Administrative acts of the Commission, which have been issued in accordance with this Law, may be appealed in the Administrative Regional Court. The matter shall be adjudicated as the Court of First Instance. The matter shall be adjudicated with the composition of three judges. The judgment of the Administrative Regional Court may be appealed, by submitting a cassation complaint.

[26 April 2007; 28 May 2009]

Section 16. Termination of the Operations of the Treasury in the Management of Funded Pension Scheme Funds

(1) From 1 august 2007, participants of funded pension schemes who select or change managers of funded pension capital funds shall not be given the possibility of selecting the Treasury as a manager.

(2) In order to terminate the operations of the Treasury in the management of funded pension scheme funds and to transfer the funded pension capital registered in the funded pension scheme funds participants accounts under Treasury management to other fund managers, a competition shall be announced. The regulations of the competition, procedures for the transfer of funds and time periods, as well as the managers of funded pension scheme funds shall compensate the Agency for the expenditures associated with the transfer of the capital shall be determined by the Cabinet. The competition shall be announced not earlier than 1 August 2007.

[28 September 2006]

Transitional Provisions

1. [28 September 2006]

2. The rate determined in Section 4, Paragraph two of this Law shall come into force on 1 January 2016.

[25 September 2008; 23 April 2009; 20 December 2010; 15 November 2012]

3. By coming into force of the rate determined in Section 4, Paragraph two of this Law the rate is:

1) as of 1 July 2001 not less than 2 per cent of the contribution object determined in law;

2) as of 1 January 2007 not less than 4 per cent of the contribution object determined in law;

3) as of 1 January 2008 not less than 8 per cent of the contribution object determined in law;

4) as of 1 May 2009 2 per cent of the contribution object determined in law. The rate shall be applied to contributions which are registered from 1 May 2009 in the account of a participant of a funded pension scheme, except adjusted contributions for the time period until 31 December 2008;

5) as of 1 January 2011 not less than 2 per cent of the contribution object determined in law;

6) as of 1 January 2013 4 per cent of the contribution object determined in law;

7) as of 1 January 2015 5 per cent of the contribution object determined in law.

[25 September 2008; 23 April 2009; 20 December 2010; 15 November 2012]

4. By the establishment of the Finance and Capital Market Commission:

a) the Cabinet shall issue the regulations referred to in Section 12 of this Law regarding the investment of funds of the funded pension scheme;

b) the Securities Market Commission shall perform the functions of the Commission referred to in Sections 11, 13 and 14 of this Law.

[20 November 2003]

5. [28 September 2006]

6. [28 September 2006]

7. Investment companies, which up to 30 April 2004 have commenced the management of the funds of State funded pension schemes, shall, by 31 December 2004 perform the necessary measures in order that they conform to the requirements laid down in this Law.

[18 March 2004]

8. [26 April 2007]

9. The Cabinet shall by 1 February 2007:

1) make the necessary amendments to Cabinet Regulation No. 272 of 27 May 2003, Regulations Regarding the Operation of State Funded Pension Schemes;

2) issue the regulations referred to in Section 16, Paragraph two of this Law.

[28 September 2006]

10. Amendments to Sections 11 and 14 and the deletion of Paragraphs 1, 5 and 6 of these Transitional Provisions of this Law shall come into force on 1 November 2007.

[28 September 2006]

11. Amendments to Section 3 of this Law regarding the supplementation thereof with Paragraphs five and six, and amendments to Section 7 of this Law regarding the supplementation thereof with Paragraph two shall come into force on 1 January 2009.

[25 September 2008]

12. If investment management companies have received a licence for the management of funds of the State funded pension scheme, the Commission shall perform the registration of the investment management company in the register of managers of funds of the funded pension scheme within one month after the day of the coming into force of the relevant amendments to the Law by which the registration of the managers of funds of the funded pension scheme are prescribed, without requesting additional documents.

[28 May 2009]

13. Amendments to the second sentence of Section 12, Paragraph one, Clause 3, sub-clause "c" of this Law, in relation to the obligation to repurchase securities and the amendments to Section 13, Paragraph two in relation to the determination of additional restrictions shall not apply to investments which were performed prior to the coming into force of the amendments referred to, and such transactions may be continued in accordance with those legal provisions which were prescribed by law until the day of the coming into force of these amendments, except the cases where the amount of these investments is increased or other transaction rules are amended.

[28 May 2009]

14. Amendments to Section 12, Paragraph two of this Law in relation to the supplementation thereof with Clause 15 and amendments to Section 12, Paragraph four of this Law in relation to the new wording thereof shall come into force on 1 December 2009.

[28 May 2009]

15. The Cabinet shall, within six months after the date when after the end of the financial year when the annual revenues of the social insurance special budget have exceeded the expenditures, assess the reduction of the social insurance contribution rate to the State funded pension scheme in the years 2011-2015 and its impact on the retirement pension capital of a participant of the State funded pension scheme, and shall submit a respective report to the Saeima. The report shall also include an assessment of the possibility to compensate the State funded pension scheme for the reduction of the social insurance contribution rate.

[15 November 2012]

16. Any investments made before the Law On Alternative Investment Funds and Managers of Alternative Investment Funds effective date, however which, within the meaning of the abovementioned Law, are considered to be alternative investment funds, shall be subject to the restrictions laid down in this Law in respect of alternative investment funds.

[3 April 2014]

17. The minimum share capital referred to in Section 11, Paragraph 1.1 of this Law shall be ensured by the manager of funds of the funded pension scheme:

1) by 1 January 2015 - in the amount of 50 per cent;

2) by of 1 January 2016 - in the amount of 100 per cent.

[3 April 2014]

18. The requirement laid down in Section 11, Paragraphs four and 4.2 of this Law concerning the obligation of the manager of funds of the funded pension scheme to draw up the document with key information designated for the participants of the funded pension scheme, Section 11, Paragraphs 5.1, 5.2 and 5.3 of this Law concerning the payments to the manager of funds of the funded pension scheme for the management of the investment plan, as well as the amendments concerning the capital requirements set forth for the manager of funds of the funded pension scheme shall come into force on 1 January 2015.

[3 April 2014 / The abovementioned amendments shall be included in the wording of the Law on 1 January 2015]

19. Managers of funds of the funded pension schemes shall ensure that, starting 1 January 2015, the investment plan rules are in compliance with the requirements laid down in Section 11, Paragraph 5.3 of this Law, which establish the maximum amount of payment for the management of an investment plan.

[3 April 2014]

This law shall come into force on 1 July 2001.

This Law has been adopted by the Saeima on 17 February 2000.

President V. Vīķe-Freiberga

Riga, 8 March 2000

 


1 The Parliament of the Republic of Latvia

Translation © 2017 Valsts valodas centrs (State Language Centre)

 
Document information
Status:
In force
in force
Issuer: Saeima Type: law Adoption: 17.02.2000.Entry into force: 01.07.2001.Theme:  Social protectionPublication: Latvijas Vēstnesis, 78/87 (1989/1998), 08.03.2000.; Latvijas Republikas Saeimas un Ministru Kabineta Ziņotājs, 7, 06.04.2000.
Language:
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