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CSSPP: Full disclosure of investment portfolios of pension funds, twice a year

The Council of the CSSPP, Romania's pensions watchdog, recently approved secondary legislation providing for full disclosure of the investment portfolios of all pension funds twice a year, with a lag of aprox. 3 months. All fund managers have already undergone the first step in this supplementary transparency exercise by publishing detailed investment information for the end of 2010 on their websites.

The new provisions regarding transparency and disclosure are:
- Detailed investment portfolio structure, including holdings of each financial instrument and each issuer, valid for December 31st of each year, shall be published together with the yearly financial statements, meaning by April 15th next year;
- Detailed investment portfolio structure, including holdings of each financial instrument and each issuer, valid for June 30th of each year, shall be published by October 1st of each year.

Thanks to the additional disclosure legal requirements, all 5.5 million participants to Romanian pension funds will be able to fully learn about their fund's investment portfolio. Also, according to the new approved regulations, private pension fund's administrators will need to publish additional information within the annual report dedicated to participants regarding the activity from the previous year, namely investment principles and policy, underlying risks of all types, costs of total administration and their breakdown and other.

These new provisions complement the already existing prudential rules of transparency and disclosure, under which all pension fund mangers periodically publish detailed information regarding the pension funds' assets, holdings, risks, fees and other such information.


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