Regulatory Alerts2023-12-21
Ordinance No 29 of 12.07.2006 on the minimum level of credit ratings of banks and the determination of countries, international financial organizations, markets and indices of these markets pursuant to Art. 176, para. 3 of the Social Insurance Code
The Financial Supervision Commission establishes the minimum credit rating levels required for banks holding funds from supplementary pension insurance and benefit payment funds. The Ordinance defines eligible countries, specific financial markets, and recognized indices, while also listing approved international financial organizations for investment purposes. It mandates that pension insurance companies justify the consistency of non-standard credit ratings with regulatory standards and submit these justifications within three working days of initial use or changes in compliance.
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