Provisions regarding investments of financial resources, conflicts of interests and depository services

The document, available for consultation, on the scheme of the ministerial regulation for the implementation of the article 14, para 3 of the Law July 6th, 2011, n. 98 converted with modifications by the law July 15th, 2011, n. 111, provides compliance measures on investments of the financial resources, conflicts of interests, and depository services of the pension funds.

In particular, the decree basically set out a prudential reference framework for the Pension funds to pursue the best investment options of their assets, in order to ensure an adequate welfare protection to their subscribers against the compulsory contributions they have paid in.

The reference legal framework of the Pension funds has been therefore completed by the Decree July 6th, 2011, n.98 that assigned to Covip the supervisory tasks on the Pension funds and the reporting to the Surveillance ministries (i.e. Ministry of Labour and Social Policy, Ministry of Economy and Finance).

In particular, article 14, para 3, sets out that the Ministry of Economy and Finance together with the Ministry of Labour and Social Policy and Covip, must issue a regulation governing the compliance on investments of financial resources, conflicts of interests and depository services of the Pension Funds, based on the provisions of the laws and regulations in force for the complementary pensions funds, as per Legislative decree December 5th, 2005, n. 252.

In this context Managers & Partners offers the following consultancy services:

– Assistance in drafting the investment policy document,

– Support in drafting the document on the management policy of conflicts of interests,

– Gap Analysis for the evaluation of the Pension Fund compliance with the provisions of Covip, the supervisory body.