[11554]
January 18, 2000
TO: INTERNATIONAL COMMITTEE No. 3-00
RE: ITALY'S PENSION FUND OVERSIGHT BOARD SETS STANDARDS FOR
SELECTING ADVISORS
______________________________________________________________________________
Attached is a memorandum from the Institute’s counsel in Italy describing a set of uniform
standards for selecting pension fund managers adopted by the Pension Oversight Board (COVIP) on
December 9, 1999. COVIP has authority under Legislative Decree 124 of 1993 to oversee pension funds
in Italy.
The standards would impose a number of requirements on pension funds seeking to hire
investment advisors. The standards also would require investment advisor candidates to provide
specified information, including performance information, in order to be considered by pension funds.
The standards took effect on December 22, 1999.
Mary S. Podesta
Senior Counsel
Attachment