News in branch

The Financial Supervision Commission (FSC) adopted amendments and supplements to Regulation No 9 on the manner and procedure for valuation of assets and liabilities of supplementary pension funds and pension companies
27.03.2009

On 27th March 2009, the FSC adopted amendments and supplements to Regulation No 9 on the manner and procedure for valuation of assets and liabilities of supplementary pension funds and pension companies, on the fund’s net asset value, for calculation and disclosure of the unit value and on the requirement to maintenance of individual accounts.
The amendments to the regulation are a result of the experience gained in relation to its implementation, of the necessity of harmonization of the terminology with the Act on Markets in Financial Instruments and the precision of certain provisions. The regulation provides that in the cases when, by 12 o’clock on the day of the valuation, there is no redemption price for buy-back of shares, units, respectively, issued by a collective investment scheme, their valuation is performed by the latest announced price and the pension company notifies the deputy chairman of the FSC of that. The purpose of this amendment is to harmonize the valuation done by the pension companies concerning the same shares or units of collective investment schemes.
Another amendment concerns the follow-up valuation of an investment estate by fair value, which will be made as of the last business day of each quarter by an independent valuer licensed for real estate valuation in accordance with the Act on Independent Valuers. According to the previous legislation, this valuation was only made twice per year. The purpose of the change is to allow the pension companies to be more flexible and to react more adequately to the changes in real estate prices.
The amendments come into effect on 1st July 2009.

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