ROMANIA - The first acquisition in the private pensions market could occur by the end of the year, the Romanian Private Pensions Supervisory Commission says.
Private Pensions Supervisory Commission president Mircea Oancea said: "We expect to receive a request for a portfolio transfer from one mandatory pensions fund to another by the end of the year, but for the time being, we have had no such requests."
Oancea did not name a specific fund, but explained it would most likely be small funds which had a hard time surviving on the market due to the very small number of clients.
Current legislation dictates that a mandatory pension fund must have at least 50,000 participants after three years, otherwise it must exit the market.
Oancea also said that private pension payments would be made through distinct funds from those already in operation. These funds are expected to be established by the end of 2009.
He said: "We will finalise the legislative framework next year. Now we have one chunk, accumulation funds, and we must develop the law for the payment of pensions, after which there will be a new authorisation period."
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