Overhaul of the Governance of State-Linked Pension Administration Ahead: Mandatory Investment Policy Statements, GIPS-Based Performance Measurements and More

Following the mandate set out under Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (“ Law 4/2023 ”), which mandates the professional and transparent management of pension program assets and liabilities, and which requires legal accountability for cut-loss actions, [1] the government is currently completing work on a new Draft Regulation of the Government on the Management of Assets and Liabilities of Pension Programs Linked to State Finances by Pension Program Administrators (“ Draft Regulation ”). [2]