18
The legal regime on
pension fund reserve management
Unclear and overlapping §Numerous laws and ministerial decrees
§Unclear which apply and which have been repealed
§It is possible to interpret that pension funds can invest
in PE based on Article 13 of
Law 1902/1990:
´´.....Likewise
they are permitted to purchase and sell all types of shares with a prior
joint decision of the Ministers of National Economy and Social Security
and the Governor of the Bank of Greece.
§More accurately, through investments via
funds incorporated according to Article 12 of Law 1902/90
10% of
the fund´s value may be invested in non-listed shares, after
obtaining permission
from the Hellenic Capital Market Commission.