State Funded Pension Scheme

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Management of State funded pension scheme assets
 
Management of contributions made to the funded pension scheme, further fruits (interest) and other assets may be performed by a manager of the funded pension scheme. Assets of the funded pension scheme may be managed by an investment management company registered in the Republic of Latvia or a branch of an investment management company registered in the European Union or European Economic Area which is opened in Latvia and is authorized to provide investment management services. The manager of funded pension scheme assets may commence managing the funded pension scheme assets only after the registration of the manager of funded pension scheme assets with the register which has been maintained and updated by the Financial and Capital Market Commission. The procedure for registration of the managers of funded pension scheme assets is set out in Section 11.3 of the Law on State Funded Pensions.

The investment management company which performs management of State funded pension scheme assets shall comply with the Law on State Funded Pensions, Cabinet Regulation No. 272 of 27 May 2003, Regulations regarding the Operation of State Funded Pension Schemes, as well as Regulations issued by the Financial and Capital Market Commission.

The Commission shall process an application and take a decision regarding making an entry in the register of managers of the funded pension scheme assets or refusal to make a relevant entry within a 60-day period after submission of all the documents mentioned in Section 11.3 (1) and (2) of the Law on State Funded Pensions which are prepared and completed in compliance with the relevant requirements.        

The Law on State Funded Pensions, Cabinet Regulation No. 272 of 27 May 2003, Regulations regarding the Operation of State Funded Pension Schemes and other rules regulating management of State funded pension scheme assets are available (in Latvian) at: 

http://www.fktk.lv/lv/tiesibu-akti/pensiju-fondi/likumi/