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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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 />
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