Pension Funds/Opinions/Operation of pensions funds

Custodian of pension funds

     
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Under the terms of Article 48 of Decree-Law no. 12/2006, of 20 January, "securities and other documents representing the securities that make up the pension fund must be deposited with one or more credit institutions authorised to receive deposits or other repayable funds or with investment firms authorised to act as custodians of financial instruments on behalf of clients, provided that they are established in the European Union".

The above-mentioned Article 48 resulted from the transposition of Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision, which states in its Article 19(2) that "Member States shall not restrict the freedom of institutions to appoint, for the custody of their assets, custodians established in another Member State and duly authorised ...".

Thus, the national and Community legal regimes for pension funds are clear in providing for the possibility of accepting depositary entities established in the European Union and the European Economic Area, and not in relation to third countries such as Switzerland.


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