Regulation on the Completion and Amendment of the Regulation on Internal Controls and Internal Audit for Pension Funds

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Based on Article 35, paragraph 1, sub-paragraph 1.1, and Article 65 of Law No. 03/L-209 on the Central Bank of the Republic of Kosovo (Official Gazette of the Republic of Kosovo, No. 77/16 August 2010), amended and supplemented by Law No. 05/L-150 (Official Gazette of the Republic of Kosovo, No. 10/03 April 2017), and Article 4, paragraph 4.1, Article 13, paragraph 13.1, sub-paragraph d, in conjunction with Article 15, paragraph 15.7, sub-paragraph e, Article 20, paragraph 20.1, sub-paragraph d, and Article 22, paragraph 22.7, sub-paragraph e, of Law No. 04/L-101 on the Pension Funds of Kosovo (Official Gazette of the Republic of Kosovo, No. 10/8 May 2012), as well as in implementation of Article 11 of Law No. 05/L-116 on the Amendment and Supplement of Law No. 04/L-101 on the Pension Funds of Kosovo (Official Gazette of the Republic of Kosovo, No. 3/17 January 2017), amended and supplemented by Law No. 04/L-115 (Official Gazette of the Republic of Kosovo, No. 25/07 September 2012) and Law No. 04/L-168 (Official Gazette of the Republic of Kosovo, No. 8/8 April 2013), the Board of the Central Bank, at its meeting held on 28 February 2025, adopted this:

REGULATION ON THE COMPLETION AND AMENDMENT OF THE REGULATION ON INTERNAL CONTROLS AND INTERNAL AUDIT FOR PENSION FUNDS

Article 1 Purpose The purpose of this Regulation is to complete and amend the Regulation on Internal Controls and Internal Audit for Pension Funds, adopted by the Board of the Central Bank on 29 June 2017 (hereinafter: the base regulation).

Article 2

1. Paragraph 12 of Article 9 of the base regulation is amended and supplemented as follows:
2. The head of the internal audit function must: 12.1. Meet the criteria established for directors and/or senior managers of pension funds, in accordance with relevant legislation; 12.2. Be certified in the field of audit by any: 12.2.1. institution accredited in Kosovo for this purpose; 12.2.2. internationally recognized institution; or 12.2.3. relevant institution accredited for this purpose by the competent authority in the country where it was established, to provide certification services in the field of audit.

2 of 2 12.3. Be an individual of high ethical and professional reputation, with adequate qualifications and experience in the field of audit.

Article 3 Transitional Provisions Pension funds must comply with the requirements of this Regulation within a period of 1 (one) year from the date of entry into force of this Regulation.

Article 4 Effects and Entry into Force

1. All other provisions of the base regulation remain in force, except for those amended and supplemented by this Regulation, which take effect from the entry into force of this Regulation.
2. This Regulation is an integral part of the base regulation.
3. This Regulation enters into force on 1 March 2025.

Dr.sc. Bashkim Nurboja Chairman of the Board of the Central Bank of the Republic of Kosovo