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Slovak MPs approve fast-track proceedings for three government amendments

Parliament on March 10 approved shortened legislative proceedings for three legal amendments submitted by the government to the ongoing parliamentary session

Parliament on March 10 approved shortened legislative proceedings for three legal amendments submitted by the government to the ongoing parliamentary session

With the exception of a law which would reduce the fees paid to private pension fund management companies (DSSs) by their clients, the government’s proposals are being supported by the opposition, the TASR newswire wrote.

The first amendment would temporarily (to the end of 2010) reduce the levies paid by traders and entrepreneurs to the solidarity reserve fund (a brand of collective pension savings) from the current 4.75 percent to 2 percent. It will also separate the calculation of levies paid by self-employed persons from the minimum salary.

The change in fees paid to DSSs would create, as of next year, two elements: a fixed payment and a variable one. The fixed payment would reduced from the current level of 0.065 percent to 0.025 percent of the clients’ assets administered by DSSs. The rest of the payments will depend on the growth of pension savings.

Parliament will also discuss the possibility of people who have worthless shares deposited in the Central Depository of Securities (CDCP) and want to get rid of them. The government proposes transferring them free of charge to the National Property Fund (FNM). More than a million individuals still own registered securities, mainly from the period of coupon privatisation in the early 1990s. Many of them are now worthless yet thousands of people continue having to pay fees to manage their accounts. TASR

Compiled by Zuzana Vilikovská from press reports
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