The legislative body gave a final reading to a bill that defines the requirements regarding the organization, licensing and work performed by managers of optional pension funds. This way, the legislation on optional pensions was updated, IPN reports.

In particular, there were introduced new norms concerning optional pension funds and their managers. The document envisions the norms applying to the depositories of these and the duties to supervise these entities assigned to the National Commission for Financial Markets.

There were amended the Tax Code, the Law on the National Commission for Financial Markets, the law on Financial-Industrial Groups, the Penal Code, the Accounting Law, the Law on Alternative Collective Placemen Organisms and other normative documents. The Contravention Code’s provisions concerning the violation of the legislation on optional pension funds were also modified.

So far the national legislation stipulated the notion of “nonstate pension” and this was now replaced with “optional pension”.