TAILIEUCHUNG - SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS June 2011

We provide several new insights about the value of active management and the economic significance of fund return predictability through an analysis of the optimal portfolios of mutual funds prescribed by our framework at the end of the sample period (December 31, 2002). In particular, consider an investor who completely rules out predictability in fund returns, as well as active management skills. Not surprisingly, this investor heavily weights index funds, such as the Vanguard Total Stock Market Index fund. However, if this investor allows for the possibility of predictability in fund risk loadings and benchmark returns, she allocates her entire wealth to actively managed funds in the. | SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS June 2011 1 2010 SURVEY OF INVESTMENT REGULATIONS OF PENSION FUNDS Background This report describes the main quantitative investment regulations applied to pension funds in OECD and selected non-OECD countries as of December 2010. The questionnaire covers all types of pension plans financed via pension funds. Where regulations vary depending on the type of plan occupational personal mandatory voluntary DB DC etc the tables identify the types of plan that the investment regulations apply to. The information collected concerns all forms of quantitative portfolio restrictions minima and maxima applied to pension funds at different legal levels law regulation guidelines etc . The survey also includes information on investment regulations pertaining to selected non-OECD countries that participate in the meetings of the Working Private Pension Party WPPP as observers . Brazil Colombia India the Russian Federation and South Africa . The survey contains four different tables. Table 1 contains only portfolio ceilings on pension fund investment by broad asset classes. Table 2 contains quantitative restrictions on foreign investment. Table 3 contains other quantitative restrictions classified by type of regulation. Table 4 shows the main changes to pension fund investment regulations during the period 2002-2010. Main regulatory changes regarding pension fund investments during 2010 The main regulatory changes made during 2010 where in New Zealand Chile Hungary and Turkey. With regards to New Zealand responses contained in Tables 1 and 4 have been modified to reflect the requirement of a restriction on the amount of Growth Assets being not less than 15 or more than 25 of the default allocated members assets in growth assets for the KiwiSaver In Chile the Investment Regime changed the definition of hedging in January 2010. Until 2009 the hedging was made in relation to the denomination currency of mutual funds and investment .

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