Freshly adopted amendment requires ASF to periodically consider regulating investments by private, voluntary pension schemes

The Chamber of Deputies adopted on Tuesday by a vote of 183 to 79 and 9 abstentions the bill approving the Government's Emergency Ordinance No. 174/2022 amending and complementing specific regulatory acts in the field of private pension schemes; among others, the bill stipulates that the Financial Supervisory Authority (ASF) periodically examines the possibility of developing regulations regarding the investment of the assets of privately managed pension funds and voluntary pension funds.

The purpose of the ordinance is to amend and supplement Law No. 411/2004 on privately managed pension funds, Law No. 204/2006 on voluntary pensions, as well as of Law No. 187/2011 on the establishment, organization and operation of the private pension system's Guarantee Fund.

The select committees introduced an amendment according to which "ASF periodically examines the possibility of developing regulations regarding the investment of the assets of privately managed pension funds, of voluntary pensions so as to contribute to the flexibility of the investment framework, in order to encourage the appropriate diversification of pension fund assets with a view to obtaining fair risk-adjusted investment returns."

The Chamber of Deputies is the decision-making body on this matter.