Private pension fund managers in Romania will be allowed to invest up to 10% of their assets in mutual funds, compared to the 5% current cap, according to a draft emergency ordinance of the government quoted by Ziarul Financiar.
According to data provided by the Financial Supervision Authority (ASF), the investments of the mandatory private pension funds investments (P2 funds) in open-end investment funds were RON 4.58 billion, meaning 3% of their combined portfolio.
Another provision taken into account by the government regards the signing of contracts with private pension fund managers by the use of electronic signature.
A person becomes a participant in a pension fund by signing, including by means of distance communication, an individual act of accession, on his own initiative, or following its distribution by the recording institution, according to the text of the ordinance.
iulian@romania-insider.com
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