Ordinance No. 29 of 12.07.2006 on the Minimum Level of Credit Ratings of Banks and on Determining the Countries, International Financial Organizations, Markets and Indices of These Markets Pursuant to Art. 176, Para. 3 of the Social Security Code

(Title amended - State Gazette, No. 94 of 2018, effective from 19.11.2018; amended, No. 64 of 2022, effective from 09.08.2022)

Pub. - State Gazette, No. 62 of 01.08.2006; amended and supplemented, No. 3 of 11.01.2008; amended and supplemented, No. 98 of 11.12.2009; amended and supplemented, No. 91 of 18.11.2011; amended and supplemented, No. 94 of 13.11.2018, effective from 19.11.2018; amended and supplemented, No. 8 of 28.01.2020; amended and supplemented, No. 81 of 15.09.2020; amended and supplemented, No. 60 of 20.07.2021; amended, No. 64 of 09.08.2022, effective from 09.08.2022; amended, No. 29 of 31.03.2023.

Adopted with Decision No. 60-N of 12.VII.2006 by the Commission for Financial Supervision.

Art. 1. (Amended in full - State Gazette, No. 98 of 2009; amended, No. 94 of 2018, effective from 19.11.2018; amended, No. 64 of 2022, effective from 09.08.2022.)

With this Ordinance, the following are determined:

1. the minimum level of credit ratings of banks pursuant to Art. 176, Para. 1, Item 5 of the Social Security Code (SSC);
2. (amended - State Gazette, No. 64 of 2022, effective from 09.08.2022) the countries pursuant to Art. 176, Para. 1, Item 1, letter "v", Item 2, letter "b", Item 4, letter "b", Item 6, letter "b" and Item 12 of the SSC;
3. the markets pursuant to Art. 176, Para. 1, Item 1, letter "v", Item 2, letter "b" and Item 4, letter "b" of the SSC;
4. the markets and indices of these markets pursuant to Art. 176, Para. 1, Item 6, letter "b" of the SSC;
5. the international financial organizations pursuant to Art. 176, Para. 1, Item 1, letter "d" of the SSC.

Art. 2. (Amended - State Gazette, No. 3 of 2008; amended and supplemented, No. 98 of 2009; amended in full, No. 91 of 2011; amended and supplemented, No. 94 of 2018, effective from 19.11.2018; amended and supplemented, No. 8 of 2020; amended and supplemented, No. 60 of 2021.)

(1) (Repealed - State Gazette, No. 94 of 2018, effective from 19.11.2018.)

(2) (Amended - State Gazette, No. 94 of 2018, effective from 19.11.2018; supplemented, No. 60 of 2021.)
The minimum levels of credit ratings of banks pursuant to Art. 176, Para. 1, Item 5 of the SSC, into which funds of a supplementary pension insurance fund and a payment fund may be invested in deposits, are:

1. (amended - State Gazette, No. 8 of 2020) long-term credit ratings corresponding to the credit quality grade "4" according to Annex III of Commission Implementing Regulation (EU) 2016/1799 of 7 October 2016 laying down implementing technical standards with regard to the mapping of credit assessments by external credit assessment agencies for credit risk in accordance with Article 136(1) and Article 136(3) of Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ, L 275/3 of 17 October 2016), hereinafter referred to as "Implementing Regulation (EU) 2016/1799"; or
2. (amended - State Gazette, No. 94 of 2018, effective from 19.11.2018; amended and supplemented, No. 8 of 2020) long-term credit ratings corresponding to those indicated in Item 1 and assigned by credit rating agencies that are registered or certified in accordance with Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (OJ, L 302/1 of 17 November 2009) and are not included in Annex III of Implementing Regulation (EU) 2016/1799.

(3) (Amended - State Gazette, No. 94 of 2018, effective from 19.11.2018; amended, No. 8 of 2020; amended, No. 60 of 2021.) When a pension-insurance company invests funds of a fund pursuant to Para. 2 in a deposit in a bank with a credit rating assigned by an agency pursuant to Para. 1, Item 2, the company submits to the Commission for Financial Supervision a justification based on information on the assigned credit rating from the respective credit rating agency, regarding the compliance of this rating with a credit rating pursuant to Para. 2, Item 1.

(4) The justification pursuant to Para. 3 is submitted by the pension-insurance company:

1. (amended - State Gazette, No. 94 of 2018, effective from 19.11.2018; amended, No. 8 of 2020) upon the first use of a credit rating assigned by a credit rating agency pursuant to Para. 2, Item 2 - within three working days from the day of concluding the bank deposit contract;
2. upon a change in the compliance of the minimum levels of credit ratings pursuant to Para. 2, Item 2 with those pursuant to Para. 2, Item 1 - within three working days from the day of becoming aware.

(5) (Repealed - State Gazette, No. 94 of 2018, effective from 19.11.2018.)

(6) (Amended - State Gazette, No. 94 of 2018, effective from 19.11.2018; amended, No. 60 of 2021.) When a bank has long-term credit ratings assigned by more than one rating agency, funds of a fund pursuant to Para. 2 may be invested in deposits in such a bank only if each of these ratings meets the requirement of Para. 2.

(7) (Repealed - State Gazette, No. 94 of 2018, effective from 19.11.2018.)

Art. 3. (Amended - State Gazette, No. 91 of 2011; repealed No. 94 of 2018, effective from 19.11.2018.)

Art. 4. (Amended - State Gazette, No. 3 of 2008; amended in full, No. 98 of 2009; repealed No. 94 of 2018, effective from 19.11.2018.)

Art. 5. (Amended - State Gazette, No. 3 of 2008; amended in full, No. 98 of 2009; amended in full, No. 91 of 2011; amended and supplemented, No. 94 of 2018, effective from 19.11.2018; amended and supplemented, No. 8 of 2020; amended and supplemented, No. 81 of 2020; amended, No. 64 of 2022, effective from 09.08.2022.)

(1) (Amended - State Gazette, No. 94 of 2018, effective from 19.11.2018; amended, No. 8 of 2020; amended and supplemented, No. 81 of 2020; amended, No. 64 of 2022, effective from 09.08.2022.) The countries pursuant to Art. 176, Para. 1, Item 1, letter "v", Item 2, letter "b", Item 4, letter "b" and Item 12 of the SSC and the markets pursuant to Art. 176, Para. 1, Item 1, letter "v", Item 2, letter "b" and Item 4, letter "b" of the SSC are:

No.	Country pursuant to Art. 176, Para. 1, Item 1, letter "v", Item 2, letter "b", Item 4, letter "b" and Item 11 SSC	Market pursuant to Art. 176, Para. 1, Item 1, letter "v", Item 2, letter "b" and Item 4, letter "b" SSC
1.	Australia	Australian Securities Exchange; Chi-X Australia Pty
2.	Brazil	B3
3.	Israel	Tel Aviv Stock Exchange
4.	India	Bombay Stock Exchange; National Stock Exchange of India
5.	Indonesia	Indonesia Stock Exchange
6.	Canada	TMX Group
7.	China	Shanghai Stock Exchange; Hong Kong Stock Exchange; Shenzhen Stock Exchange
8. (new - State Gazette, No. 81 of 2020)	Colombia	Bolsa de Valores de Colombia
9. (new - State Gazette, No. 81 of 2020)	Costa Rica	Bolsa Nacional de Valores de Costa Rica
10. (previous No. 8 - State Gazette, No. 81 of 2020)	Malaysia	Bursa Malaysia
11. (previous No. 9 - State Gazette, No. 81 of 2020)	Mexico	Bolsa Mexicana de Valores
12. (previous No. 10 - State Gazette, No. 81 of 2020)	New Zealand	New Zealand Exchange
13. (previous No. 11 - State Gazette, No. 81 of 2020)	United Kingdom	London Stock Exchange; ; Effective:; a) from the day following the expiration of the transition period pursuant to Art. 126 of the Agreement on the Withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community, in case this Agreement enters into force;; b) from the day on which the Treaty on the Functioning of the European Union and the Treaty on European Union cease to apply to the United Kingdom pursuant to Article 50(3) of the Treaty on European Union, in case the Agreement on the Withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community does not enter into force.
14. (previous No. 12 - State Gazette, No. 81 of 2020)	Russia	Moscow Exchange
15. (previous No. 13 - State Gazette, No. 81 of 2020)	North Macedonia	Macedonian Stock Exchange
16. (previous No. 14, amended - State Gazette, No. 81 of 2020)	United States	New York Stock Exchange; NASDAQ; BOX Exchange; Cboe BYX Exchange; Cboe BZX Exchange; Cboe C2 Exchange; Cboe EDGA Exchange; Cboe EDGX Exchange; Cboe Exchange; The Investors Exchange; Long-Term Stock Exchange; Miami International Securities Exchange; MIAX Emerald; MIAX PEARL; MEMX; Nasdaq BX; Nasdaq GEMX; Nasdaq ISE; Nasdaq MRX; Nasdaq PHLX; NYSE Arca; NYSE Chicago; NYSE MKT; NYSE National
17. (previous No. 15 - State Gazette, No. 81 of 2020)	Singapore	Singapore Exchange
18. (previous No. 16 - State Gazette, No. 81 of 2020)	Taiwan	Taiwan Stock Exchange
19. (previous No. 17 - State Gazette, No. 81 of 2020)	Thailand	Stock Exchange of Thailand
20. (previous No. 18 - State Gazette, No. 81 of 2020)	Turkey	Borsa Istanbul
21. (previous No. 19 - State Gazette, No. 81 of 2020)	Chile	Santiago Stock Exchange (MILA)
22. (previous No. 20 - State Gazette, No. 81 of 2020)	Switzerland	SIX Swiss Exchange; BX Swiss
23. (previous No. 21 - State Gazette, No. 81 of 2020)	South Africa	JSE Limited
24. (previous No. 22 - State Gazette, No. 81 of 2020)	South Korea	Korea Exchange
25. (previous No. 23 - State Gazette, No. 81 of 2020)	Japan	Tokyo Stock Exchange

(2) (New - State Gazette, No. 8 of 2020; amended and supplemented, No. 81 of 2020.) The countries, markets and indices pursuant to Art. 176, Para. 1, Item 6, letter "b" of the SSC are:

No.	Country pursuant to Art. 176, Para. 1, Item 6, letter "b" SSC	Market pursuant to Art. 176, Para. 1, Item 6, letter "b" SSC	Index of the market pursuant to Art. 176, Para. 1, Item 6, letter "b" SSC
1.	Australia	Australian Securities Exchange; Chi-X Australia Pty Ltd	All Ordinaries Index; Chi-X Australia 200 Index
2.	Brazil	B3	Ibovespa
3.	Israel	Tel Aviv Stock Exchange	TA-125 Index
4.	India	Bombay Stock Exchange; National Stock Exchange of India	BSE SENSEX; NIFTY 50
5.	Indonesia	Indonesia Stock Exchange	LQ-45
6.	Canada	TMX Group	S&P/TSX Composite Index
7.	China	Shanghai Stock Exchange; Hong Kong Stock Exchange; Shenzhen Stock Exchange	SSE 180 Index; Hang Seng Index; SZSE 100
8. (new - State Gazette, No. 81 of 2020)	Colombia	Bolsa de Valores de Colombia	COLCAP
9. (new - State Gazette, No. 81 of 2020)	Costa Rica	Bolsa Nacional de Valores de Costa Rica	Indice Accionario Costa Rica (IACR)
10. (previous No. 8 - State Gazette, No. 81 of 2020)	Malaysia	Bursa Malaysia	FTSE Bursa Malaysia KLCI
11. (previous No. 9, amended - State Gazette, No. 81 of 2020)	Mexico	Bolsa Mexicana de Valores	S&P BMV IPC
12. (previous No. 10 - State Gazette, No. 81 of 2020)	New Zealand	New Zealand Exchange	S&P/NZX 50 Index
13. (previous No. 11 - State Gazette, No. 81 of 2020)	United Kingdom	London Stock Exchange; ; Effective:; a) from the day following the expiration of the transition period pursuant to Art. 126 of the Agreement on the Withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community, in case this Agreement enters into force;; b) from the day on which the Treaty on the Functioning of the European Union and the Treaty on European Union cease to apply to the United Kingdom pursuant to Article 50(3) of the Treaty on European Union, in case the Agreement on the Withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community does not enter into force.	FTSE 100
14. (previous No. 12 - State Gazette, No. 81 of 2020)	Russia	Moscow Exchange	RTS Index
15. (previous No. 13 - State Gazette, No. 81 of 2020)	North Macedonia	Macedonian Stock Exchange	MBI 10
16. (previous No. 14 - State Gazette, No. 81 of 2020)	United States	New York Stock Exchange; NASDAQ; NYSE Arca	S&P 500 Index; Dow Jones Industrial Average (DJIA); NASDAQ 100; NYSE Arca Major Market Index
17. (previous No. 15 - State Gazette, No. 81 of 2020)	Singapore	Singapore Exchange	Straits Times Index (STI)
18. (previous No. 16 - State Gazette, No. 81 of 2020)	Taiwan	Taiwan Stock Exchange	TAIEX
19. (previous No. 17 - State Gazette, No. 81 of 2020)	Thailand	Stock Exchange of Thailand	SET 50 Index
20. (previous No. 18, amended - State Gazette, No. 81 of 2020)	Turkey	Borsa Istanbul	BIST 100
21. (previous No. 19 - State Gazette, No. 81 of 2020)	Chile	Santiago Stock Exchange (MILA)	Indice de Precios Selectivo de Acciones (IPSA)
22. (previous No. 20 - State Gazette, No. 81 of 2020)	Switzerland	SIX Swiss Exchange; BX Swiss	Swiss Market Index (SMI); BIRW
23. (previous No. 21 - State Gazette, No. 81 of 2020)	South Africa	JSE Limited	FTSE/JSE Top 40 Index
24. (previous No. 22 - State Gazette, No. 81 of 2020)	South Korea	Korea Exchange	KRX 100
25. (previous No. 23 - State Gazette, No. 81 of 2020)	Japan	Tokyo Stock Exchange	Nikkei 225; Nikkei 400

(3) (Amended, No. 94 of 2018, effective from 19.11.2018; previous Para. 2 amended, No. 8 of 2020.) The indices pursuant to Art. 176, Para. 1, Item 6, letter "b" of the SSC may also be MSCI Global Investable Market Indices, only if they are constructed on shares traded on the markets pursuant to Para. 2.

Art. 5a. (New - State Gazette, No. 94 of 2018, effective from 19.11.2018; amended, No. 8 of 2020; amended, No. 29 of 2023.)

The international financial organizations pursuant to Art. 176, Para. 1, Item 1, letter "d" of the SSC are:

1. Asian Infrastructure Investment Bank;
2. Asian Development Bank;
3. African Development Bank;
4. Bank for International Settlements;
5. Council of Europe Development Bank;
6. European Bank for Reconstruction and Development;
7. European Atomic Energy Community;
8. European Investment Fund;
9. European Stability Mechanism;
10. European Financial Stability Facility;
11. European Union;
12. Inter-American Development Bank;
13. Islamic Development Bank;
14. Caribbean Development Bank;
15. Multilateral Investment Guarantee Agency;
16. International Development Association;
17. International Bank for Reconstruction and Development;
18. (Repealed - State Gazette, No. 29 of 2023);
19. (Repealed - State Gazette, No. 29 of 2023);
20. International Finance Corporation;
21. International Monetary Fund;
22. Global Fund to Fight AIDS, Tuberculosis and Malaria;
23. Nordic Investment Bank;
24. Black Sea Trade and Development Bank;
25. an international financial organization established by two or more member states, which aims to mobilize financing and provide financial support to its members affected or threatened by severe financial problems.

Art. 6.

(1) Whoever commits or allows the commission of an offense under this Ordinance shall be punished pursuant to Art. 351 of the SSC.

(2) Violations of the provisions of this Ordinance are established by acts drawn up by officials authorized by the Deputy Chairman of the Commission for Financial Supervision, heading the "Insurance Supervision" Department.

(3) Penalty orders are issued by the Deputy Chairman of the Commission for Financial Supervision, heading the "Insurance Supervision" Department, or by an official authorized by him.

(4) The establishment of violations, the issuance, appeal and enforcement of penalty orders are carried out in accordance with the Law on Administrative Offenses and Penalties.

FINAL PROVISIONS

§ 1. (Amended - State Gazette, No. 60 of 2021.) This Ordinance is issued on the basis of Art. 176, Para. 3 of the Social Security Code and was adopted with Decision No. 60-N of 12.VII.2006 by the Commission for Financial Supervision.

§ 2. The Commission for Financial Supervision issues guidelines on the application of this Ordinance.

Transitional and Final Provisions to the Ordinance Amending and Supplementing Ordinance No. 29 of 2006 on the Minimum Level of Credit Ratings of Banks and on Determining the Countries, International Financial Organizations, Markets and Indices of These Markets Pursuant to Art. 176, Para. 2 of the Social Security Code

(State Gazette, No. 8 of 28.01.2020)

§ 4. Pension-insurance companies shall bring their activities into compliance with the provisions of this Ordinance within a six-month period from its entry into force.

Transitional and Final Provisions to ORDINANCE No. 70 of 29.06.2021 on the Requirements for Payment Funds

(State Gazette, No. 60 of 20.07.2021)

§ 5. The following amendments and supplements are made to Ordinance No. 29 of 12.07.2006 on the Minimum Level of Credit Ratings of Banks and on Determining the Countries, International Financial Organizations, Markets and Indices of These Markets Pursuant to Art. 176, Para. 2 of the Social Security Code (Pub. State Gazette, No. 62 of 2006; amended, No. 3 of 2008; amended and supplemented, No. 98 of 2009, No. 91 of 2011, No. 94 of 2018 and No. 8 and 81 of 2020):

1. In Art. 2:
   a) in Para. 2, after the words "supplementary pension insurance fund", the words "and a payment fund" are added; b) in Para. 3 and 6, the words "supplementary pension insurance fund" are replaced with "fund pursuant to Para. 2".
2. In Paragraph 1 of the Final Provisions, the words "Art. 176, Para. 2" are replaced with "Art. 176, Para. 3".

Transitional and Final Provisions to the Ordinance Amending Ordinance No. 63 of 8 November 2018 on the Requirements for the Content, Frequency of Preparation and Deadlines for Submission of Reports for Supervisory Purposes of Pension-Insurance Companies and Funds Managed by Them

(State Gazette, No. 64 of 09.08.2022, effective from 09.08.2022)

§ 19. The following amendments are made to Ordinance No. 29 of 12.07.2006 on the Minimum Level of Credit Ratings of Banks and on Determining the Countries, International Financial Organizations, Markets and Indices of These Markets Pursuant to Art. 176, Para. 2 of the Social Security Code (Pub. State Gazette, No. 62 of 2006; amended, No. 3 of 2008; amended and supplemented, No. 98 of 2009, No. 91 of 2011, No. 94 of 2018, No. 8 and 81 of 2020 and No. 60 of 2021):

1. In the title of the Ordinance, the words "Para. 2" are replaced with "Para. 3".
2. In Art. 1, Item 2 and in Art. 5, Para. 1, everywhere the words "Item 11" are replaced with "Item 12".