BUSINESS IN SHORT

EC asks Slovakia to remove pension fund investment restrictions

THE EUROPEAN Commission (EC) has asked Slovakia to remove investment restrictions on pension funds, established in the second pension pillar as part of pension reform.

THE EUROPEAN Commission (EC) has asked Slovakia to remove investment restrictions on pension funds, established in the second pension pillar as part of pension reform.

The EC sees these limitations as an infringement of the European Communities treaty pertaining to restrictions on the free movement of capital, the SITA newswire wrote.

If the EC does not receive a satisfactory reply within two months, it may refer the matter to the European Court of Justice.

The law on old-age pension saving introduced restrictions on free movement of capital among the member states because it defines restrictive measures related to investments. Under this law, pension fund management companies cannot invest more than 30 percent of their assets in other EU states.

Moreover, pension fund management companies cannot invest more than 20 percent in securities issued by other EU states or in securities guaranteed by other EU states. Such restrictions do not apply to securities issued or guaranteed by Slovakia, the EC noted on its web site.



Get daily Slovak news directly to your inbox

Top stories

He was almost murdered. Instead, he is to become general prosecutor

It was not clear whether the election would take place on December 3 until the very last moment.

Maroš Žilinka

News digest: No skiing in Slovakia at least until January

The coalition should meet to discuss the opening of schools, former police corps president travelled to Slovakia to be detained.

First snow appeared in Bratislava and caused traffic problems

Fico and Kotleba have not been fined for being maskless yet

The police are dealing with violent protesters, but no politician has been penalized for calling on people not to wear masks.

Ex-police chief Lučanský in handcuffs

He is one of the eight people facing charges after Operation Judas.

Milan Lučanský