Pension Supervision Work Summary
- Receive the following documents from the Pension Office:
- Audited annual financial statements
- Quarterly Statements, detailing the sale and acquisition of investment products
- Updates to the Statement of Investment Principles
The CMDA may specify the format in which the above mentioned documents should be submitted as well as any additional information that may be required. Upon receipt of documents CMDA will analyze the documents.
The CMDA may conduct inspections of the Pension Office/ documents/records
Provide consultation to the Pension Board when it determines the administration fee rate.
Verify that candidates for Board positions meet the requirements of Board members.
Receive personal, confidential, income and asset disclosure statements from appointed Board members; define the format and content of these statements; ensure confidentiality of the collected information.
Report concerns to President of Maldives regarding continuing eligibility of Board members.
Define types of derivative instruments in which the pension assets may not be invested.
Define other types of investment vehicles in which pension assets may not be invested
Identify countries where regulation is sufficiently developed to permit investment by the Pension Office in international classes of assets.
Implement a licensing and regulatory structure for asset managers that are legal entities in the Maldives. Ensure adequate monitoring of the asset managers.
Implement a licensing and regulatory structure for open-ended vehicles that are legal entities in the Maldives.
Implement a licensing and regulatory structure for custodians that are legal entities in the Maldives.
Develop conditions with which foreign custodians must comply in servicing the Pension Office
Maldives Pension Administration Office (MPAO) TOR for CEO
Terms of Reference for the CEO of MPAO
