Regulatory Alerts2006-07-12
Ordinance No. 29 of 12.07.2006 on the Minimum Level of Credit Ratings of Banks and on Determining Countries, International Financial Organizations, Markets and Indices Thereof
The Commission for Financial Supervision issues Ordinance No. 29 to establish the minimum credit rating levels required for banks whose deposits may hold funds from supplementary pension and payment funds. The ordinance designates specific countries, international financial organizations, and stock markets whose indices are eligible for investment under the Social Security Code. It mandates that pension-insurance companies provide justification for using ratings from non-listed agencies and defines the legal framework for enforcing these requirements.
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