02/23/12 16:48
(http://www.klassa.bg/)
(http://www.klassa.bg/)
Pension funds may now invest in IPOs
Bulgarian pension companies will be able to invest in initial public offerings (IPOs) and debt securities issued by international financial institutions, stipulate amendments to the Social Security Code adopted by the Financial Supervision Commission (FSC) and moved for coordination with the Ministry of Finance. However, the possibility to effect transactions in which the respective pension fund is a seller of financial instruments has been revoked. Investments in precious metals and oil will be banned as well since these are deemed to be more risky. Requirements to the insurance intermediaries (which do not exists in the present Social Security Code) are also stipulated, such as a certificate showing no previous conviction and adequate education of employees. If the amendments are adopted, pension companies themselves will be responsible for the professional qualification of their employees.According to Angel Djalazov, Deputy Chairman of the FSC responsible for Social Security Supervision, the amendments to the Code are intended to improve investment regulations. He explained that the amendments stipulate a reduction of the fees and charges payable by insured people and higher fines and penalties. The draft includes a provision that the 1% investment fee payable by all insured people each year will be reduced by 0.1% as of 2012, reaching 0.6% in 2016. Pension companies will deduct 5% from every social security instalment and the bill projects this percentage to decrease each year as of 2017 and reach 3% by 2020, the FSC explained.
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Публикувана на 02/23/12 16:48 http://www.klassa.bg/News/Read/article/196350_Pension+funds+may+now+invest+in+IPOs
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