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2. The amount of solvency margin shall in no case be less than 500,000.00 patacas.

Article 42 (Insufficiency of solvency margin)

  • 1.

    In case the solvency margin is verified to be insufficient, even if circumstantial or temporary, the management company shall present to AMCM for approval and within the period laid down by the latter a short-term recovery plan to set right the equilibrium of its financial situation.

  • 2.

    The recovery plan referred to in the preceding paragraph shall be based on an appropriate activity plan, which should include projected accounts.

  • 3.

    In case AMCM considers the recovery plan to be inadequate, it may make modifications that shall be binding on the management company.

Section II Deposit

Article 43 ( c ) (Deposit)

  • 1.

    Securities and other documents representing the assets of the pension fund shall be held in custody with credit institutions under the supervision of the AMCM. However, where such securities or documents are located overseas, the same may be held in custody with institutions duly authorised and supervised by competent authorities of the country or territory where such institutions are domiciled, provided that such institutions hold a credit rating equal to or higher than the minimum credit rating established in the notice of the AMCM awarded by at least one of the specialised credit rating agencies.

    • ( c )

      As amended by Article 1 of Law n° 10/2001 of 2 July.

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