praktika te mira ne menaxhimin e riskut te investimeve alternative ...
praktika te mira ne menaxhimin e riskut te investimeve alternative ...
praktika te mira ne menaxhimin e riskut te investimeve alternative ...
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PRAKTIKA TE MIRA NE MENAXHIMIN E RISKUT TE INVESTIMEVE ALTERNATIVE NGA<br />
FONDET E PENSIONEVE<br />
1 Hyrje<br />
1. Objektiva e mbikeqyrjes se pensio<strong>ne</strong>ve esh<strong>te</strong> <strong>te</strong> mbroje in<strong>te</strong>resin e a<strong>ne</strong>tareve dhe perfituesve <strong>te</strong><br />
fondeve <strong>te</strong> pensio<strong>ne</strong>ve dhe <strong>te</strong> ruaje stabili<strong>te</strong>tin e industrise se pensio<strong>ne</strong>ve dhe sis<strong>te</strong>mit financiar si <strong>te</strong> <strong>te</strong>re.<br />
Duke marre <strong>ne</strong> konsidera<strong>te</strong> shpej<strong>te</strong>si<strong>ne</strong> dhe kompleksi<strong>te</strong>tin <strong>ne</strong> rritje <strong>te</strong> tregjeve financiare, autori<strong>te</strong>t e<br />
mbikeqyrjes se fondeve <strong>te</strong> pensio<strong>ne</strong>ve duhet <strong>te</strong> je<strong>ne</strong> <strong>te</strong> pergatitur per zhvillimet qe mund <strong>te</strong> shakaktoj<strong>ne</strong><br />
sfida per ke<strong>te</strong> objektive. Perdorimi me i gjere i formave al<strong>te</strong>rnative <strong>te</strong> investimit, <strong>te</strong> tilla si (fondet e)<br />
fondeve mbroj<strong>te</strong>se dhe investimet <strong>ne</strong> letra me vlere <strong>te</strong> mbesh<strong>te</strong>tura <strong>ne</strong> pasuri <strong>te</strong> paluajtshme, ja<strong>ne</strong> nje<br />
zhvillim i konsiderueshem. Perderisa enti<strong>te</strong><strong>te</strong> e pensio<strong>ne</strong>ve ja<strong>ne</strong> duke vendosur nje pjese <strong>te</strong> kapitalit <strong>te</strong> tyre<br />
<strong>ne</strong> keto tipe instrumentash, risku po<strong>te</strong>ncial qe kalon nga keto produk<strong>te</strong> justifikon vemendjen specifike nga<br />
autori<strong>te</strong><strong>te</strong>t mbikeqyrese. Menyra se si mbikeqyresit pergjigjen ndaj ketyre risqeve varion <strong>ne</strong> varesi <strong>te</strong><br />
metodave <strong>te</strong> mbikeqyrjes <strong>te</strong> adaptuara. Sidoqof<strong>te</strong>, <strong>te</strong> gjithe mbikeqyresit presin qe <strong>te</strong> adaptohen metoda <strong>te</strong><br />
menaxhimit <strong>te</strong> <strong>riskut</strong> qe marrin <strong>ne</strong> konsidera<strong>te</strong> riskun qe del nga investimet al<strong>te</strong>rnative. Me qellim <strong>te</strong><br />
mbesh<strong>te</strong>tjes se mbikeqyresve ndersa ata qar<strong>te</strong>soj<strong>ne</strong> dhe artikuloj<strong>ne</strong> keto objektiva (pritje), IOPS 1 ka<br />
zhvilluar nje bashkesi <strong>praktika</strong>sh <strong>te</strong> <strong>mira</strong> “Good Practices, GP 2 ” <strong>te</strong> cilat pershkruhen <strong>ne</strong> ke<strong>te</strong> dokument,<br />
duke skicuar njohuri<strong>te</strong> dhe dijet e mbikeqyresve. Megjtha<strong>te</strong>, <strong>ne</strong> shumicen e juridiksio<strong>ne</strong>ve pergjigjet e<br />
mbikqeqyresve bazohen <strong>ne</strong> rregullore. Perputhja e pla<strong>ne</strong>ve dhe fondeve me ke<strong>te</strong> rregullore monitorohet<br />
nga autori<strong>te</strong>t mbikeqyrese, psh <strong>ne</strong>permjet mbikeqyrjes off and on – si<strong>te</strong> dhe nje vleresimi <strong>ne</strong> thellesi <strong>te</strong><br />
fondeve <strong>te</strong> pensio<strong>ne</strong>ve.<br />
2. Nuk ekziston nje percaktim i prere i <strong>investimeve</strong> al<strong>te</strong>rnative. Koncepti esh<strong>te</strong> i nje natyre dinamike<br />
dhe ngush<strong>te</strong>sisht i lidhur me zhvillimin e tregjeve financiare. Ne praktike, investimet al<strong>te</strong>rnative<br />
karak<strong>te</strong>rizohen nga veçori <strong>te</strong> cilat i dalloj<strong>ne</strong> ato nga investimet tradicionale, <strong>te</strong> tilla si: aplikimi i produk<strong>te</strong>ve<br />
dhe deriva<strong>te</strong>ve financiare inovative, perdorimi i leves financiare <strong>ne</strong> menyre eks<strong>te</strong>nsive, natyra jolikuidie e<br />
<strong>investimeve</strong> ku ato mbesh<strong>te</strong><strong>te</strong>n, mbesh<strong>te</strong>tja me e madhe <strong>ne</strong> af<strong>te</strong>si<strong>ne</strong> e menaxherit dhe mungesa e<br />
krahasimeve/kufijve kuptimplo<strong>te</strong>. Ne ke<strong>te</strong> faze, nje lis<strong>te</strong> jo e plo<strong>te</strong>/ezauruese e tipeve <strong>te</strong> <strong>mira</strong>tuara <strong>te</strong><br />
<strong>investimeve</strong> al<strong>te</strong>rnative do <strong>te</strong> perfshije fondet mbroj<strong>te</strong>se, kapitalin privat (priva<strong>te</strong> equity), investimet <strong>ne</strong><br />
pasuri <strong>te</strong> luajtshme <strong>te</strong> sigurta etj. Karak<strong>te</strong>ristika <strong>te</strong> ndryshme <strong>te</strong> <strong>investimeve</strong> al<strong>te</strong>rnative ka<strong>ne</strong> ndikim <strong>ne</strong><br />
profilin e tyre <strong>te</strong> riksut. Çeshtjet kyçe qe ja<strong>ne</strong> me <strong>te</strong> lidhura me investimet al<strong>te</strong>rnative <strong>te</strong> cilat ka<strong>ne</strong> <strong>ne</strong>voje<br />
qe <strong>te</strong> trajtohen <strong>ne</strong> <strong>menaxhimin</strong> e <strong>riskut</strong> <strong>te</strong> fondeve <strong>te</strong> pensio<strong>ne</strong>ve ja<strong>ne</strong>: risku i likudi<strong>te</strong>tit, risku operacional,<br />
transparenca e kufizuar, dobesi <strong>te</strong> vleresimit, çeshtjet e kontrollit dhe konflikti i in<strong>te</strong>resit.<br />
3. Autori<strong>te</strong>t mbikeqyrese di<strong>ne</strong> qe, <strong>ne</strong> parim, ka vend per investime al<strong>te</strong>rnative brenda fondeve <strong>te</strong><br />
pensio<strong>ne</strong>ve. Fondet al<strong>te</strong>rnative <strong>te</strong> <strong>investimeve</strong> mund <strong>te</strong> gje<strong>ne</strong>roj<strong>ne</strong> shanse per nje menaxhim me <strong>te</strong> mire ose<br />
per <strong>te</strong> zvogeluar riskun total <strong>te</strong> portofolit duke diversifikuar ase<strong>te</strong>t, dhe duke lejuar fondet e pensio<strong>ne</strong>ve, si<br />
investues afatgja<strong>te</strong>, <strong>te</strong> perfitoj<strong>ne</strong> prej primit <strong>te</strong> likuidi<strong>te</strong>tit qe mund <strong>te</strong> shoqeroje instrume<strong>te</strong>t me pak likuide.<br />
Sidoqof<strong>te</strong>, autori<strong>te</strong><strong>te</strong>t e mbikeqyrjes se fondeve <strong>te</strong> pensio<strong>ne</strong>ve di<strong>ne</strong> qe stra<strong>te</strong>gji<strong>te</strong> me riskuese trashegohen<br />
shpesh <strong>ne</strong> investimet al<strong>te</strong>rnative, duke ditur qe ato ja<strong>ne</strong> dizenjuar fillimisht per individet me pasurit <strong>te</strong><br />
1 IOPS – In<strong>te</strong>rnational Organization of Pension Supervisors, Organizata Nderkombetare e Mbikeqyresve <strong>te</strong> Pensio<strong>ne</strong>ve<br />
2 Good practices – Praktika <strong>te</strong> <strong>mira</strong>. Ne ma<strong>te</strong>rial do <strong>te</strong> perdoret shkurtimi GP.<br />
1
medha (me nje tolerace konsekutive risku). Investime <strong>te</strong> tilla mund <strong>te</strong> je<strong>ne</strong> komplekse, jolikuide ose opake,<br />
dhe per pasoje kerkoj<strong>ne</strong> nje analize dhe inspektim <strong>te</strong> kujdesshem, dhe <strong>ne</strong> shumicen e ras<strong>te</strong>ve, nje rishikim<br />
dhe monitorim me rigoroz se shumica e produk<strong>te</strong>ve tradicionale – veça<strong>ne</strong>risht kur perfshihen investitoret<br />
po<strong>te</strong>nciale vul<strong>ne</strong>rable, si perfituesit e fondeve <strong>te</strong> pensio<strong>ne</strong>ve. Kujdestaret/<strong>te</strong> besuarit (fiduciaries) duhet per<br />
ke<strong>te</strong> qellim <strong>te</strong> shqyrtoj<strong>ne</strong> me kujdes riskun <strong>ne</strong> <strong>te</strong> cilin po eksopzoj<strong>ne</strong> a<strong>ne</strong><strong>te</strong>raret e fondeve.<br />
4. Nje fond pensio<strong>ne</strong>sh ve<strong>te</strong> ka pergjegjesi<strong>ne</strong> <strong>te</strong> realizoje menaxhim adekuat <strong>te</strong> <strong>riskut</strong> per investime<br />
al<strong>te</strong>rnative dhe <strong>te</strong> permbushe çdo dispozi<strong>te</strong> statutore. Autori<strong>te</strong><strong>te</strong>t e mbikeqyrjes se fondeve <strong>te</strong> pensio<strong>ne</strong>ve<br />
kerkoj<strong>ne</strong> <strong>te</strong> siguroj<strong>ne</strong> qe kujdestaret/<strong>te</strong> besuarit <strong>te</strong> idetifikoj<strong>ne</strong> dhe shperndaj<strong>ne</strong> me menyre <strong>te</strong> drej<strong>te</strong> riskun e<br />
shoqeruar me keto investime. Nen dri<strong>te</strong>n e parimit baze <strong>te</strong> IOPS per proporcionali<strong>te</strong>tin, pergjigjia e<br />
autori<strong>te</strong><strong>te</strong>ve mbikeqyrese kundrejt <strong>riskut</strong> <strong>te</strong> <strong>investimeve</strong> al<strong>te</strong>rnative duhet <strong>te</strong> marre <strong>ne</strong> konsidera<strong>te</strong> situatat<br />
specifike <strong>te</strong> fondeve <strong>te</strong> pensio<strong>ne</strong>ve qe mbikeqyrin dhe natyren e <strong>riskut</strong> <strong>te</strong> <strong>investimeve</strong> al<strong>te</strong>rnative qe mban.<br />
Kjo nuk do <strong>te</strong> tho<strong>te</strong> se kerkesat e mbikeqyresve per fondet e vogla dhe <strong>te</strong> thjeshta <strong>te</strong> pensio<strong>ne</strong>ve duhet <strong>te</strong><br />
je<strong>ne</strong> me <strong>te</strong> pakta, por kjo mund <strong>te</strong> <strong>ne</strong>kuptoje qe mund <strong>te</strong> behet nje diferencim <strong>ne</strong> menyren se si enti<strong>te</strong>t e<br />
pensio<strong>ne</strong>ve <strong>ne</strong> menyre individuale aplikoj<strong>ne</strong> <strong>te</strong>knikat e menaxhimit <strong>te</strong> <strong>riskut</strong> <strong>ne</strong> praktike, ose <strong>ne</strong> perqasjen<br />
qe autori<strong>te</strong><strong>te</strong>t mbikeqyrese bej<strong>ne</strong> <strong>ne</strong> lidhje me adekuaci<strong>te</strong>tin dhe korrek<strong>te</strong>si<strong>ne</strong> e menaxhimit <strong>te</strong> <strong>riskut</strong> <strong>te</strong><br />
aplikuar nga fondet e pensio<strong>ne</strong>ve <strong>ne</strong> koto investime.<br />
5. Ne perputhje me parimet baze <strong>te</strong> IOPS per mbikeqyrjen, perpjekjet e mbikeqyresve <strong>ne</strong> lidhje me<br />
<strong>menaxhimin</strong> e <strong>riskut</strong> per investime al<strong>te</strong>rnative duhen perqendruar <strong>ne</strong> ato fusha ku mund <strong>te</strong> dalin probleme<br />
dhe ndikimi i tyre mund <strong>te</strong> je<strong>te</strong> eks<strong>te</strong>nsiv/i gjere. Nje lokalizim i limituar i <strong>investimeve</strong> al<strong>te</strong>rnative nuk<br />
duhet <strong>te</strong> shoqerohet automatikisht me rritjen e qe<strong>ne</strong>sishme <strong>te</strong> profilit <strong>te</strong> <strong>riskut</strong> – <strong>ne</strong> <strong>te</strong> ver<strong>te</strong><strong>te</strong> format<br />
“tradicionale” <strong>te</strong> investimit mund <strong>te</strong> mbaj<strong>ne</strong> nje risk <strong>te</strong> ngjashem, bile edhe me <strong>te</strong> madh. Autori<strong>te</strong><strong>te</strong>t<br />
mbikeqyrese mund ta shikoj<strong>ne</strong> si <strong>te</strong> leverdisshme adaptimin e monitorimit off-si<strong>te</strong> per <strong>te</strong> marre informacion<br />
ose <strong>te</strong> analizoj<strong>ne</strong> nivelin e fondeve ku investimet <strong>ne</strong> ase<strong>te</strong> al<strong>te</strong>rnative duken veça<strong>ne</strong>rsiht <strong>te</strong> larta, ose mbi<br />
bazen ad-hoc.<br />
6. GP e IOPS <strong>ne</strong> <strong>menaxhimin</strong> e <strong>riskut</strong> <strong>te</strong> <strong>investimeve</strong> al<strong>te</strong>rnative nga fondet e pensio<strong>ne</strong>ve, <strong>te</strong><br />
pershkruara <strong>ne</strong> ke<strong>te</strong> dokument, mund <strong>te</strong> ndihmoj<strong>ne</strong> autori<strong>te</strong><strong>te</strong>t mbikeqyrese <strong>te</strong> fokusoj<strong>ne</strong> perqasjen e tyre <strong>te</strong><br />
pergjithshme mbikeqyrese <strong>ne</strong> çeshtje <strong>te</strong> paraqitura nga fondet e pensio<strong>ne</strong>ve dhe <strong>menaxhimin</strong> e <strong>riskut</strong> <strong>te</strong><br />
ketyre ase<strong>te</strong>ve. GP jep ndihmese <strong>ne</strong> shqyrtimin e <strong>menaxhimin</strong> e <strong>riskut</strong> <strong>te</strong> <strong>investimeve</strong> al<strong>te</strong>rnative, <strong>ne</strong><br />
veçanti me pak likuide, me pak transparen<strong>te</strong>, me risk <strong>te</strong> lar<strong>te</strong>. GP ja<strong>ne</strong> skicuar qe <strong>te</strong> ndihmoj<strong>ne</strong> vleresimin<br />
<strong>ne</strong> kon<strong>te</strong>ksin e mbikeqyrjes “<strong>ne</strong> baze parimesh”.<br />
7. GP reflektoj<strong>ne</strong> çfare autori<strong>te</strong><strong>te</strong>t e mbikeqyrjes presin zakonisht <strong>te</strong> shikoj<strong>ne</strong> kur vleresoj<strong>ne</strong><br />
<strong>menaxhimin</strong> e <strong>riskut</strong> <strong>te</strong> fondeve <strong>te</strong> pensio<strong>ne</strong>ve qe investoj<strong>ne</strong> <strong>ne</strong> investime al<strong>te</strong>rnative. Karak<strong>te</strong>ri i GP<br />
thekson parimin prioritar qe esh<strong>te</strong> pergjegjesia e fondeve <strong>te</strong> pensio<strong>ne</strong>ve per <strong>te</strong> zhvilluar politikat e<br />
investimet <strong>te</strong> tyre al<strong>te</strong>rnative <strong>ne</strong> menyre <strong>te</strong> pergjegjshme. Si <strong>te</strong> tilla, GP gjithashtu mund <strong>te</strong> ndihmoj<strong>ne</strong> dhe<br />
inkurajoj<strong>ne</strong> fondet e pensio<strong>ne</strong>ve <strong>te</strong> permiresoj<strong>ne</strong> <strong>praktika</strong>t e tyre <strong>te</strong> menaxhimit <strong>te</strong> <strong>riskut</strong>. Pavaresisht nga<br />
keto GP <strong>te</strong> mbikeqyrjes, pergjegjesia e fundit per zhvillimin e <strong>praktika</strong>ve me <strong>te</strong> <strong>mira</strong> dhe veprimin korrekt<br />
<strong>te</strong> fondeve <strong>te</strong> pensio<strong>ne</strong>ve mbe<strong>te</strong>t <strong>ne</strong> <strong>menaxhimin</strong> e fondeve <strong>te</strong> pensio<strong>ne</strong>ve.<br />
2
2 Praktika <strong>te</strong> Mira (GP) <strong>ne</strong> Menaxhimin e Riskut <strong>te</strong> Investimeve Al<strong>te</strong>rnative nga Fondet e<br />
Pensio<strong>ne</strong>ve<br />
1. Karak<strong>te</strong>ristikat e <strong>investimeve</strong> al<strong>te</strong>rnative<br />
GP 1: Autori<strong>te</strong><strong>te</strong>t mbikeqyrese kerkoj<strong>ne</strong> qe nje fond pensio<strong>ne</strong>sh <strong>te</strong> veproje me due diligence 3 kur vlereson<br />
investimet al<strong>te</strong>rnative per t’u siguruar qe marrin plo<strong>te</strong>sisht <strong>ne</strong> konsidera<strong>te</strong> riskun specific dhe<br />
karak<strong>te</strong>ristikat e kthimit <strong>te</strong> ketyre <strong>investimeve</strong>.<br />
1.1 Esh<strong>te</strong> e zakonshme per autori<strong>te</strong><strong>te</strong>t mbikeqyrese <strong>te</strong> kerkoj<strong>ne</strong> qe fondet e pensio<strong>ne</strong>ve <strong>te</strong> njohin rangun e<br />
<strong>riskut</strong> me <strong>te</strong> cilin perballen <strong>ne</strong> menyre qe ta vleresoj<strong>ne</strong> dhe menaxhoj<strong>ne</strong> a<strong>te</strong> <strong>ne</strong> menyre efektive. Duke ditur<br />
qe investimet al<strong>te</strong>rnative karak<strong>te</strong>rizohen shpesh nga risk dhe profil kthimi divergjent dhe asimetrik,<br />
transparence e likudi<strong>te</strong>t <strong>te</strong> limituar, vleresimi korrekt i <strong>riskut</strong> dhe menaxhimi i ketyre instrumentave esh<strong>te</strong><br />
veça<strong>ne</strong>risht i rendesishem dhe ka <strong>te</strong> ngjare <strong>te</strong> ke<strong>te</strong> karak<strong>te</strong>ristika <strong>te</strong> qe<strong>ne</strong>sishme <strong>te</strong> ndryshme dhe komplekse<br />
nga menaxhimi i <strong>riskut</strong> i shumices se instrumentave tradicionale. Nje numer risqesh ja<strong>ne</strong> <strong>te</strong> pranishem <strong>ne</strong><br />
investimet al<strong>te</strong>rnative, perfshire riskun e likudi<strong>te</strong>tit, riskun operacional, riskun kundra-parti, riskun e<br />
reputacionit, dhe risqe qe lidhen me outsourcing 4 /delegimin e detyrave <strong>te</strong> <strong>te</strong> tre<strong>te</strong>t. Gjithashtu, per disa<br />
produk<strong>te</strong>, kthimi varet shume nga af<strong>te</strong>si<strong>te</strong> drejtuese sesa nga performaca e klases se asetit. Per keto arsye<br />
indikatoret e <strong>riskut</strong> dhe kthimit tradicional nuk japin domosdoshmerisht nje pamje adekua<strong>te</strong> <strong>te</strong><br />
karak<strong>te</strong>ristikave specifike <strong>te</strong> <strong>investimeve</strong> al<strong>te</strong>rnative. Shifrat historike <strong>te</strong> kthimit ja<strong>ne</strong> shpesh <strong>te</strong> devijuara<br />
ose nuk perfaqesoj<strong>ne</strong> investimet specifike. Per pasoje autori<strong>te</strong><strong>te</strong>t mbikeqyrese duhet <strong>te</strong> marrin <strong>ne</strong><br />
konsidera<strong>te</strong> si ato mund <strong>te</strong> siguroj<strong>ne</strong> dhe inkurajoj<strong>ne</strong> fondet e pensio<strong>ne</strong>ve per <strong>te</strong> vleresuar <strong>ne</strong> menyre <strong>te</strong><br />
drej<strong>te</strong> dhe menaxhuar riskun po<strong>te</strong>ncial qe keto investime mund <strong>te</strong> ke<strong>ne</strong>.<br />
2. Politika e portofolit & stra<strong>te</strong>gjia e investimit<br />
GP 2a: Autori<strong>te</strong><strong>te</strong>t mbikeqyrese presin qe investimet e nje fondi pensio<strong>ne</strong>sh <strong>ne</strong> ase<strong>te</strong> al<strong>te</strong>rnative <strong>te</strong> perkoj<strong>ne</strong><br />
me stra<strong>te</strong>gji<strong>ne</strong> e pergjithshme <strong>te</strong> fondit <strong>te</strong> pensio<strong>ne</strong>ve, <strong>te</strong> behen llogaritje <strong>te</strong> <strong>mira</strong> nga fondet e pensio<strong>ne</strong>ve<br />
per profilion e <strong>riskut</strong> total, duke perfshire relacionin/lidhjen midis <strong>investimeve</strong> al<strong>te</strong>rnative nga njera a<strong>ne</strong><br />
dhe portofolin total <strong>te</strong> <strong>investimeve</strong> dhe natyren dhe madhesi<strong>ne</strong> e detyrimeve nga ana tje<strong>te</strong>r.<br />
GP 2b: Autori<strong>te</strong>t mbikeqyrese presin qe fondet e pensio<strong>ne</strong>ve <strong>te</strong> verifikoj<strong>ne</strong> <strong>ne</strong> in<strong>te</strong>rvale <strong>te</strong> rregullta qe<br />
diversifikimi pergja<strong>te</strong> stara<strong>te</strong>gjise se investimit <strong>te</strong> je<strong>te</strong> adekuat dhe qe perqendrimet e padeshirushme <strong>ne</strong><br />
portofole <strong>te</strong> evitohen.<br />
2.1 Autori<strong>te</strong><strong>te</strong>t mbikeqyrese presin qe fondet e pensio<strong>ne</strong>ve <strong>te</strong> vendosin paraprakisht karak<strong>te</strong>ristikat e<br />
kthimit dhe <strong>riskut</strong> <strong>te</strong> <strong>investimeve</strong> <strong>ne</strong> <strong>te</strong> cilat duan <strong>te</strong> investoj<strong>ne</strong>, duke perfshire gjeresi<strong>ne</strong> e shperndarjes se<br />
<strong>riskut</strong>. Ky vendim duhet marre brenda kuadrit <strong>te</strong> politikes se <strong>investimeve</strong> stra<strong>te</strong>gjike. Procesi i zgjedhjes <strong>te</strong><br />
<strong>investimeve</strong> al<strong>te</strong>rnative duhet gjithshtu <strong>te</strong> je<strong>te</strong> <strong>ne</strong> linje me politiken e <strong>investimeve</strong> stra<strong>te</strong>gjike <strong>te</strong> fondit.<br />
Krak<strong>te</strong>ristikave divergjen<strong>te</strong> <strong>te</strong> <strong>investimeve</strong> al<strong>te</strong>rnative i duhet dhe<strong>ne</strong> nje konsidera<strong>te</strong> e duhur <strong>ne</strong>permjet<br />
perdorimit <strong>te</strong> nje infrastrukture <strong>te</strong> pershtatashme (psh kapaci<strong>te</strong><strong>te</strong>, sis<strong>te</strong>me). Analiza e <strong>riskut</strong> perben bazen<br />
per <strong>te</strong> vendosur <strong>ne</strong>se investimet al<strong>te</strong>rnative pershta<strong>te</strong>n me natyren dhe madhesi<strong>ne</strong> e detyrimeve <strong>te</strong> fondit <strong>te</strong><br />
3<br />
Due diligence – <strong>ne</strong>nkupton nje kontroll <strong>te</strong>resor, por per arsye <strong>te</strong> hyrjes se ketij <strong>te</strong>rmi <strong>ne</strong> fjalorin e fushes si <strong>te</strong> tille, <strong>ne</strong> ma<strong>te</strong>rial do ta perdorim <strong>ne</strong><br />
Anglisht.<br />
4 Outsourcing - <strong>ne</strong>nkupton dhenien e nje detyre per t’u realizuar nga eksper<strong>te</strong>/kompani jash<strong>te</strong> kompanise. Per leh<strong>te</strong>si do ta perdorim <strong>ne</strong> Anglisht.<br />
3
pensio<strong>ne</strong>ve. Vleresimi i <strong>riskut</strong> duhet <strong>te</strong> shqyrtoje karak<strong>te</strong>rsitikat specifike <strong>te</strong> <strong>investimeve</strong> al<strong>te</strong>rnative, psh<br />
<strong>ne</strong>permjet aplikimit <strong>te</strong> procedurave <strong>te</strong> pershtatshme <strong>te</strong> <strong>te</strong>stimit <strong>te</strong> stresit. Aspek<strong>te</strong> <strong>te</strong> tjera qe luaj<strong>ne</strong> rol <strong>ne</strong><br />
zgjedhjet e <strong>investimeve</strong> stra<strong>te</strong>gjike perfshij<strong>ne</strong>: strukturen e investimit (fonde çader ose menaxhim ve<strong>te</strong>),<br />
likuidi<strong>te</strong>tin e kerkuar, kostot, por gjithashtu nivelin e dijes se kerkuar (i cili mund <strong>te</strong> fitohet pjeserisht nga<br />
<strong>te</strong> tre<strong>te</strong>t).<br />
2.2 Diversifikimi i mjaftueshem i <strong>investimeve</strong> esh<strong>te</strong> esencial, brenda portofolit total dhe brenda portofolit<br />
<strong>te</strong> <strong>investimeve</strong> al<strong>te</strong>rnative. Portofolet jolikuide shpesh mund <strong>te</strong> levizin <strong>ne</strong> harmoni <strong>ne</strong> ras<strong>te</strong> <strong>te</strong> caktuara<br />
stresi. Ekspozime <strong>te</strong> tilla <strong>te</strong> zakonshme mund <strong>te</strong> mos kapen <strong>ne</strong> nje analize normale mesatare-variacion.<br />
3. Due diligence<br />
GP 3a: Autori<strong>te</strong><strong>te</strong>t mbikeqyrese presin qe, kur fondet e pensio<strong>ne</strong>ve vendosin <strong>te</strong> investoj<strong>ne</strong> <strong>ne</strong> investime<br />
al<strong>te</strong>rnative, <strong>te</strong> ke<strong>ne</strong> nje kuptim <strong>te</strong> qar<strong>te</strong> <strong>te</strong> karak<strong>te</strong>ristikave <strong>te</strong> <strong>riskut</strong> <strong>te</strong> <strong>investimeve</strong> al<strong>te</strong>rnative <strong>ne</strong> <strong>te</strong> cilat po<br />
investoj<strong>ne</strong> dhe qe ky kuptim i <strong>riskut</strong> <strong>te</strong> mbesh<strong>te</strong><strong>te</strong>t nga analiza <strong>ne</strong> in<strong>te</strong>rvale <strong>te</strong> rregullta <strong>te</strong> profilit <strong>te</strong> <strong>riskut</strong> <strong>te</strong><br />
stra<strong>te</strong>gjive <strong>te</strong> investimit dhe kapaci<strong>te</strong><strong>te</strong>ve <strong>te</strong> menaxhereve <strong>te</strong> fondeve <strong>ne</strong> <strong>te</strong> cilat fondet e pensio<strong>ne</strong>ve ka<strong>ne</strong><br />
investuar ose ka<strong>ne</strong> ndermend <strong>te</strong> investoj<strong>ne</strong>. Analiza duhet bazuar <strong>ne</strong> informacion <strong>ne</strong> kohe dhe <strong>te</strong><br />
mjaftueshem rreth fondeve dhe menaxhereve <strong>te</strong> tyre, keshtuqe <strong>te</strong> mund <strong>te</strong> behet nje vleresim i pavarur.<br />
GP 3b: Autori<strong>te</strong><strong>te</strong>t mbikeqyrese i kushtoj<strong>ne</strong> nje vemendje <strong>te</strong> madhe informacionit qe fondet e pensio<strong>ne</strong>ve<br />
mbaj<strong>ne</strong> rreth (fondeve <strong>te</strong>) fondeve <strong>te</strong> <strong>investimeve</strong> ku ato mbesh<strong>te</strong><strong>te</strong>n. Repor<strong>te</strong>t e gje<strong>ne</strong>ruara sipas (fondeve<br />
<strong>te</strong>) fondeve duhet <strong>te</strong> perdorin instruksio<strong>ne</strong> <strong>te</strong> drejta vleresimi, duhen dhe<strong>ne</strong> <strong>ne</strong> kohe, dhe duhet <strong>te</strong> ke<strong>ne</strong><br />
siguri cilesore <strong>te</strong> mjaftueshme.<br />
GP 3c: Autori<strong>te</strong><strong>te</strong>t mbikeqyrese presin qe çdo vleresim i fondeve <strong>te</strong> fondeve <strong>te</strong> perfshije nje gjykim <strong>te</strong><br />
cilesise se menaxhimit <strong>te</strong> <strong>riskut</strong> <strong>te</strong> realizuar nga fondi i menaxhereve <strong>te</strong> fondeve dhe respektimin e<br />
standar<strong>te</strong>ve dhe kri<strong>te</strong>reve <strong>te</strong> verejtura.<br />
3.1 Menaxheret e kujdestareve/<strong>te</strong> besuarve pergjegjes per nje fond pensio<strong>ne</strong>sh nuk duhet <strong>te</strong> ndermarrin<br />
investime al<strong>te</strong>rnative <strong>ne</strong>se ato nuk kuptoj<strong>ne</strong> plo<strong>te</strong>sisht karak<strong>te</strong>ristikat e investimit <strong>ne</strong> fjale, dhe riskun qe e<br />
shoqeron. Ata duhet <strong>te</strong> evitoj<strong>ne</strong> investimet qe nuk i kuptoj<strong>ne</strong>. Investigimi due diligence esh<strong>te</strong> faza me e<br />
rendesishme e procesit <strong>ne</strong> lidhje me investimet <strong>ne</strong> fonde investimesh al<strong>te</strong>rntive, jo ve<strong>te</strong>m sepse ai af<strong>te</strong>son <strong>te</strong><br />
in<strong>te</strong>resurit <strong>te</strong> konfirmoj<strong>ne</strong> <strong>ne</strong>se <strong>te</strong> kuptuarit e tyre esh<strong>te</strong> i sak<strong>te</strong>.<br />
Per arsye se fondet e <strong>investimeve</strong> ja<strong>ne</strong> shpesh <strong>te</strong> bazuar off-shore 5 dhe mund <strong>te</strong> je<strong>ne</strong> subjekt i pak<br />
mbikeqyrjeje, <strong>ne</strong>se ka, kerkohet nje investigim due diligence eks<strong>te</strong>nsiv.<br />
3.2 Kur fondet e pensio<strong>ne</strong>ve vleresoj<strong>ne</strong> investimet al<strong>te</strong>rnative, pikat e vemendjes <strong>ne</strong> procesin due diligence<br />
mund <strong>te</strong> ndahen <strong>ne</strong> vija <strong>te</strong> pergjithshme <strong>ne</strong> tre: njerezit, proceset dhe performaca. Vleresimi i njerezve<br />
shikohet <strong>ne</strong> <strong>te</strong> dy menaxhim dhe staf, aspek<strong>te</strong>t kyç ja<strong>ne</strong> risku i in<strong>te</strong>gri<strong>te</strong>tit dhe ekspertizes se skuadres<br />
menaxhuese. Vleresimi i proceseve perqendrohet <strong>te</strong>k faktoret <strong>te</strong> tille si organizimi i fondeve <strong>te</strong> pensio<strong>ne</strong>ve,<br />
proceset operacionale dhe <strong>te</strong> menaxhimit <strong>te</strong> <strong>riskut</strong>, procesi i <strong>investimeve</strong> dhe proceset qe rrethoj<strong>ne</strong> çdo<br />
outsorcing/delegim <strong>ne</strong> palet e treta, perfshire perdorimin e sis<strong>te</strong>meve <strong>te</strong> pershtatshem dhe ekzis<strong>te</strong>ncen<br />
e pla<strong>ne</strong>ve <strong>te</strong> emergjences. Nje vleresim i performances duhet <strong>te</strong> perfshije nje vleresim <strong>te</strong> menyres <strong>ne</strong> <strong>te</strong><br />
cilen vleresimi i fondit esh<strong>te</strong> prekur dhe, deri sa esh<strong>te</strong> e mundur, nje analize <strong>te</strong> rekordeve <strong>te</strong> gjurmeve<br />
<strong>te</strong> menaxhimit. Per autori<strong>te</strong><strong>te</strong>t mbikeqyrese esh<strong>te</strong> e pershtatshme <strong>te</strong> verifikoj<strong>ne</strong> <strong>ne</strong>se fondet e<br />
pensio<strong>ne</strong>ve siguroj<strong>ne</strong> qe investimet e tyre al<strong>te</strong>rnative perputhen me <strong>praktika</strong>t e <strong>mira</strong> <strong>te</strong> industrise (<strong>ne</strong><br />
lidhje me <strong>menaxhimin</strong> e <strong>riskut</strong>, raportimin dhe kontrollin e brendshem), duke perfshire <strong>ne</strong> cilen<br />
5 Off-shore – ketu <strong>ne</strong>nkupton ja<strong>ne</strong> <strong>te</strong> shkeputur ose <strong>ne</strong> distance.<br />
4
shkalle ze vend vleresimi i pavarur i proceseve dhe sis<strong>te</strong>meve <strong>te</strong> ofruesit <strong>te</strong> <strong>investimeve</strong> al<strong>te</strong>rnative.<br />
Due diligence duhet gjithashtu <strong>te</strong> perfshije nje vleresim <strong>te</strong> aspek<strong>te</strong>ve fiskale dhe ligjore <strong>te</strong><br />
(dokumentacionin e) <strong>investimeve</strong> <strong>ne</strong>n shqyrtim.<br />
3.3 Nje çeshtje kyç per t’u adresuar <strong>ne</strong> vleresimin e due diligence dhe monitorimin e proceseve <strong>te</strong><br />
fondeve <strong>te</strong> pensio<strong>ne</strong>ve esh<strong>te</strong> <strong>ne</strong>se vemendje e duhur i kushtohet vleresimit. Fondet e pensio<strong>ne</strong>ve ka<strong>ne</strong><br />
<strong>ne</strong>voje <strong>te</strong> vleresoj<strong>ne</strong> madhesi<strong>ne</strong> <strong>ne</strong> <strong>te</strong> cilen vleresimet ja<strong>ne</strong> prodhuar <strong>ne</strong> menyre <strong>te</strong> pavarur dhe si esh<strong>te</strong><br />
ruajtur kjo pavaresi. Midis <strong>te</strong> tjerash duhen shqyrtuar gjithashtu: (pershtatshmeria e) metoda e<br />
perdorur e vleresimit, procedurat e vleresimit dhe <strong>te</strong> <strong>te</strong>stit prove rreth modelit <strong>te</strong> çmimit, verifikime <strong>te</strong><br />
pavaruara dhe frekuencen e vleresimeve.<br />
3.4 Nese nje fond pensio<strong>ne</strong>sh merr pjese <strong>ne</strong> fonde çader (dmth nje fond investimesh i cili ve<strong>te</strong> investon <strong>ne</strong><br />
disa <strong>ne</strong>n-fonde <strong>te</strong> ndyshem), a<strong>te</strong>here procesi due diligence konsideron disa aspek<strong>te</strong> sh<strong>te</strong>se, <strong>te</strong> ngritura prej<br />
futjes se nje shtrese sh<strong>te</strong>se menaxhimi.<br />
4. Termat e kontra<strong>te</strong>s dhe monitorimi<br />
GP 4: Autori<strong>te</strong><strong>te</strong>t mbikeqyrese presin qe investimet al<strong>te</strong>rnative <strong>te</strong> nje fondi pensio<strong>ne</strong>sh <strong>te</strong> bazohen <strong>ne</strong> <strong>te</strong>rma<br />
adekua<strong>te</strong> kontra<strong>te</strong>. Kjo dmth, keto <strong>te</strong>rma duhet <strong>te</strong> <strong>ne</strong>nvizoj<strong>ne</strong> nje limitim/kufizim <strong>te</strong> qar<strong>te</strong> <strong>te</strong> <strong>riskut</strong> me qellim<br />
qe <strong>te</strong> limitohen humbjet financiare po<strong>te</strong>nciale, masat qe duhen marre <strong>ne</strong> rast se preken kufij<strong>te</strong> e lejuar,<br />
transparencen adekua<strong>te</strong>, nje pershkrim <strong>te</strong> qar<strong>te</strong> <strong>te</strong> periudhave <strong>te</strong> mbyllura (lock-up), dhe <strong>ne</strong> pergjithesi<br />
kush<strong>te</strong>t dhe pagesat eksplici<strong>te</strong> <strong>ne</strong> rast <strong>te</strong> anulimit dhe perfundimit/mbylljes. Perbushja e <strong>te</strong>rmave <strong>te</strong><br />
kontra<strong>te</strong>s duhet monitoruar rregullisht dhe sis<strong>te</strong>matikisht nga fondet e pensio<strong>ne</strong>ve.<br />
4.1 Specifikimet e <strong>te</strong>rmave adekua<strong>te</strong> <strong>te</strong> kontratave varen nga karak<strong>te</strong>ristikat e fondeve <strong>te</strong> pensio<strong>ne</strong>ve dhe<br />
<strong>investimeve</strong> <strong>ne</strong>n shqyrtim. Termat e çdo kontra<strong>te</strong> <strong>te</strong> firmosur midis nje fondi pensio<strong>ne</strong>sh dhe nje ofruesi<br />
investimesh al<strong>te</strong>rnative duhet <strong>te</strong> lejoj<strong>ne</strong> fondin e pensio<strong>ne</strong>ve <strong>te</strong> realizoje menaxhim adekuat <strong>te</strong> <strong>riskut</strong>. Esh<strong>te</strong><br />
e rendesishme <strong>te</strong> verifikohet se fondi i pensio<strong>ne</strong>ve ka mberritur <strong>ne</strong> nje anulim <strong>te</strong> marreveshjes, e cila e le<br />
fondin e pensio<strong>ne</strong>ve si <strong>te</strong> <strong>te</strong>re “<strong>ne</strong> kontroll”. Duhet percaktuar nje politike pruden<strong>te</strong> investimesh, <strong>ne</strong> linje<br />
me in<strong>te</strong>resat e paleve <strong>te</strong> in<strong>te</strong>resit (stakeholders) dhe per arritur nje <strong>te</strong> ardhur <strong>te</strong> pershtatshme <strong>ne</strong> lidhje me<br />
riskun e ndodhur dhe detyrimet/pergjegjesi<strong>te</strong> e mbuluara. Me qellim <strong>te</strong> parandalimit <strong>te</strong> humbjeve per shkak<br />
<strong>te</strong> pergjegjesive <strong>te</strong> paleve <strong>te</strong> treta (TPL), fondet e pensio<strong>ne</strong>ve duhet <strong>te</strong> perdorin nje strukture <strong>te</strong> kufizuar <strong>te</strong><br />
pergjegjesive.<br />
4.2 Investimet al<strong>te</strong>rnative nuk mund <strong>te</strong> konsiderohen si pasive. Me qellim <strong>te</strong> sigurimit <strong>te</strong> fleksibili<strong>te</strong>tit<br />
optimal operacional <strong>ne</strong> tregjet financiare, fondet e <strong>investimeve</strong> al<strong>te</strong>rnative mund <strong>te</strong> vendosin <strong>te</strong> mos<br />
percaktoj<strong>ne</strong> qar<strong>te</strong> stra<strong>te</strong>gji<strong>te</strong> <strong>ne</strong> prospek<strong>te</strong>t e tyre. Kontrolli i shpesh<strong>te</strong> dhe <strong>ne</strong> menyre aktive i performaces<br />
se fondit dhe menaxhuesve <strong>te</strong> fondit si dhe verifikimi i permbushjes se marreveshjeve, i jep mundesi fondit<br />
<strong>te</strong> pensio<strong>ne</strong>ve <strong>te</strong> nderhyje <strong>ne</strong> faza <strong>te</strong> hershme, <strong>ne</strong>se <strong>ne</strong>voji<strong>te</strong>t. Nderhyrjet <strong>ne</strong> kohe mund <strong>te</strong> parandaloj<strong>ne</strong><br />
humbje <strong>te</strong> medha. Procesi i monitorimit mbulon jo ve<strong>te</strong>m aspek<strong>te</strong>t e investimit por gjithashtu çeshtjet<br />
operacionale. Kur nje fond pensio<strong>ne</strong>sh merr pjese <strong>ne</strong> nje fond fondesh, procesi i monitorimit esh<strong>te</strong><br />
pjeserisht i deleguar <strong>te</strong>k <strong>te</strong> tre<strong>te</strong>t (outsourced). Ne ke<strong>te</strong> rast, fokusi i fondit <strong>te</strong> pensio<strong>ne</strong>ve kalon prej fondit<br />
mbesh<strong>te</strong><strong>te</strong>s <strong>ne</strong> fondin e fondeve.<br />
4.3 Pasja e nderveprimeve/kontak<strong>te</strong>ve <strong>te</strong> rregullta me menaxheret e <strong>investimeve</strong> <strong>te</strong> tyre al<strong>te</strong>rnative,<br />
veça<strong>ne</strong>risht ku nje pjese e konsiderueshme e <strong>investimeve</strong> ja<strong>ne</strong> <strong>ne</strong> nje menaxher <strong>te</strong> caktuar, mund <strong>te</strong><br />
leh<strong>te</strong>soje fuqimisht procesin e monitorimit <strong>te</strong> fondit. Kjo mund <strong>te</strong> perfshije pye<strong>te</strong>sore <strong>te</strong> rregullt ose vizita<br />
5
<strong>ne</strong> vend (on-si<strong>te</strong>) dhe gjithashtu mund <strong>te</strong> perfshije angazhimin e konsulen<strong>te</strong>ve specialis<strong>te</strong> per <strong>te</strong> ndihmuar<br />
<strong>ne</strong> procesin e monitorimit.<br />
4.4 Ekzis<strong>te</strong>nca e letrave a<strong>ne</strong>sore, qe ofroj<strong>ne</strong> <strong>te</strong>rma preferenciale investitoreve <strong>te</strong> caktuar, mund <strong>te</strong> ndikoje<br />
<strong>ne</strong> menyre <strong>te</strong> ndjeshme <strong>ne</strong> profilin e <strong>riskut</strong> <strong>te</strong> <strong>investimeve</strong>. Prajdaj esh<strong>te</strong> e rendesishme per fondet e<br />
pensio<strong>ne</strong>ve <strong>te</strong> sigurohen se menaxheret e <strong>investimeve</strong> <strong>te</strong> tyre nuk ofroj<strong>ne</strong> keto leh<strong>te</strong>sira ose se ata ja<strong>ne</strong><br />
totalisht transparent/<strong>te</strong> hapur dhe <strong>te</strong> kompensuar. Kjo duhet <strong>te</strong> reflektohet <strong>ne</strong> <strong>te</strong>rmat e kontra<strong>te</strong>s.<br />
5. Komunikimi<br />
GP 5: Autori<strong>te</strong><strong>te</strong>t mbikeqyrese presin qe nje fond pensio<strong>ne</strong>sh <strong>te</strong> je<strong>te</strong> transparent <strong>ne</strong> komunikimin e tij me<br />
palet e in<strong>te</strong>resit (stakeholders) rreth politikave <strong>ne</strong> lidhje me investimet al<strong>te</strong>rnative dhe objektivat qe kerkon<br />
<strong>te</strong> arrije <strong>ne</strong> lidhje me ke<strong>te</strong>.<br />
5.1 Duke ditur nivelin po<strong>te</strong>ncial <strong>te</strong> moskuptimit dhe debatit rreth <strong>investimeve</strong> al<strong>te</strong>rnative, fondet e<br />
pensio<strong>ne</strong>ve duhet <strong>te</strong> komunikoj<strong>ne</strong> (bej<strong>ne</strong> <strong>te</strong> ditur) paleve <strong>te</strong> in<strong>te</strong>resit (stakeholders) politiken e tyre <strong>te</strong><br />
<strong>investimeve</strong> dhe <strong>praktika</strong>t e menaxhimit <strong>te</strong> <strong>riskut</strong> qar<strong>te</strong>sisht dhe sak<strong>te</strong>sisht. Nje komunikim i tille formon<br />
bazen per nje transparence <strong>te</strong> plo<strong>te</strong> <strong>te</strong> informacionit kyç per zhvillimin e biz<strong>ne</strong>sit dhe qendrueshmeri<strong>ne</strong><br />
financiare. Kjo mund <strong>te</strong> ndihmoje per <strong>te</strong> menaxhuar riskun e reputacionit vetjak <strong>te</strong> fondit <strong>te</strong> pensio<strong>ne</strong>ve.<br />
6. Kalimi/delegimi i detyrave <strong>te</strong> <strong>te</strong> tre<strong>te</strong>t (Outsourcing)<br />
GP 6: Autori<strong>te</strong><strong>te</strong>t mbikeqyrese presin qe <strong>ne</strong>se perdoret outsourcing, fondet e pensio<strong>ne</strong>ve mbe<strong>te</strong>n<br />
pergjegjes, dhe keshtu siguroj<strong>ne</strong> menaxhim adekuat <strong>te</strong> <strong>riskut</strong> per investimet al<strong>te</strong>rnative.<br />
6.1 Fondet e pensio<strong>ne</strong>ve shpesh i kaloj<strong>ne</strong> aktivi<strong>te</strong><strong>te</strong> paleve <strong>te</strong> treta, mundesisht duke perdorur shoqeri<strong>te</strong><br />
brenda grupit <strong>te</strong> cilit i perket fondi i pensio<strong>ne</strong>ve. Ne rast <strong>te</strong> outsourcing, autori<strong>te</strong><strong>te</strong>t mbikeqyrese presin qe<br />
fondet e pensio<strong>ne</strong>ve <strong>te</strong> siguroj<strong>ne</strong> qe palet e treta <strong>ne</strong> shqyrtim i perbushin/plo<strong>te</strong>soj<strong>ne</strong> rregullat e aplikuara<br />
nga ve<strong>te</strong> fondet e pensio<strong>ne</strong>ve. Ne rast <strong>te</strong> perdorimit <strong>te</strong> outsourcing, menaxhimi i <strong>riskut</strong> <strong>te</strong> fondit <strong>te</strong><br />
pensio<strong>ne</strong>ve fokusohet <strong>ne</strong> procesin e perzgjedhjes, <strong>ne</strong>gociatat per nje kontra<strong>te</strong> <strong>te</strong> mire, vleresimi dhe<br />
monitorimi i procesit <strong>te</strong> menaxhimit <strong>te</strong> <strong>riskut</strong> dhe aspek<strong>te</strong> <strong>te</strong> tjera <strong>te</strong> paleve <strong>te</strong> cilave iu delegohen detyrat.<br />
6.2 Parimi baze esh<strong>te</strong> qe nje fond pensio<strong>ne</strong>sh <strong>te</strong> sigurohet qe menaxhimi i <strong>riskut</strong> <strong>te</strong> paleve <strong>te</strong> treta <strong>te</strong> je<strong>te</strong><br />
adekuat. Per ke<strong>te</strong> qellim, per autori<strong>te</strong><strong>te</strong>t mbikeqyrese, fondet e pensio<strong>ne</strong>ve ve<strong>te</strong> mbe<strong>te</strong>n pika kryesore e<br />
kontaktit. Çeshtja kyçe per <strong>te</strong> vleresuar esh<strong>te</strong> si fondet e pensio<strong>ne</strong>ve siguroj<strong>ne</strong> qe palet e treta realizoj<strong>ne</strong><br />
nje menaxhim <strong>te</strong> mire <strong>te</strong> <strong>riskut</strong> per detyrat e deleguara.<br />
6.3 Nese, <strong>ne</strong> baze <strong>te</strong> informacionit <strong>te</strong> marre nga fondi (ose <strong>ne</strong> menyra <strong>te</strong> tjera), nuk esh<strong>te</strong> e mundur <strong>te</strong><br />
percaktohet <strong>ne</strong>se detyrimet per menaxhim adekuat <strong>te</strong> <strong>riskut</strong> ja<strong>ne</strong> permbushur <strong>ne</strong> perputhje me aktivi<strong>te</strong>t e<br />
subkontraktuara, autori<strong>te</strong><strong>te</strong>t mbikeqyrese mund <strong>te</strong> vendosin, kur esh<strong>te</strong> e mundur, <strong>te</strong> bej<strong>ne</strong> investigime <strong>te</strong><br />
me<strong>te</strong>jshme <strong>ne</strong> palet <strong>te</strong> cilave iu ja<strong>ne</strong> deleguar detyrat. Sidoqof<strong>te</strong>, fondi i pensio<strong>ne</strong>ve mbe<strong>te</strong>t pergjegjes dhe<br />
keshtu siguron, menaxhim adekuat <strong>te</strong> <strong>riskut</strong> per investimet al<strong>te</strong>rnative.<br />
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