{"kind":"expression","expression":{"expr_id":"580","doc_id":"580","label":"1998 Revision","is_as_enacted":"f","commenced_on":null,"superseded_on":null,"valid_from":null,"valid_to":null,"is_current":"t","incorporating":null,"akn_expr_iri":"\/akn\/ky\/act\/sl\/1998\/4\/eng@1998-01-01","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/sl\/1998\/4\", \"expression\": \"\/akn\/ky\/act\/sl\/1998\/4\/eng@1998-01-01\", \"manifestation\": \"\/akn\/ky\/act\/sl\/1998\/4\/eng@1998-01-01.pdf\"}, \"pdf\": {\"md5\": \"e2684af6464d5801284bd39ab59a3411\", \"path\": \"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/1998\/1998-0004\/1998-0004_1998 Revision.pdf\", \"pages\": 15, \"filename\": \"1998-0004_1998 Revision.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 4000, \"paragraph_count\": 16, \"text_char_count\": 24451}, \"usage\": null, \"method\": \"pymupdf-text\", \"version\": \"kyleg-akn-1.0\", \"extracted_at\": \"2026-06-22\"}, \"classification\": \"text_layer\", \"validation_flags\": [], \"docai_processor_id\": null}, \"akomaNtoso\": {\"act\": {\"body\": [{\"eId\": \"sec_n1\", \"num\": null, \"text\": \"National Pensions (Pension Fund Investments) Regulations (1998 Revision) THE NATIONAL PENSIONS LAW (10 of 1996) (1998 Revision) THE NATIONAL PENSIONS (PENSION FUND INVESTMENTS) REGULATIONS (1998 Revision) Revised under the authority of the Law Revision Law (19 of 1975). The National Pensions (Pensions Fund Investments) Regulations, 1998 originally made under the principal Law, as amended, as part of the Schedule thereto, and which came into force on the 1st June, 1998. Revised this 21st day of July, 1998 National Pensions (Pension Fund Investments) Regulations (1998 Revision) National Pensions (Pension Fund Investments) Regulations (1998 Revision) NATIONAL PENSIONS (PENSION FUND INVESTMENTS) REGULATIONS (1998 Revision) ARRANGEMENT OF REGULATIONS\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Citation\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Definitions and interpretation\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Asset allocation\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Prohibited investments\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Review of asset allocation\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Investment in securities and loans\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Investment in companies, etc.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Investment in mutual or pooled funds\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Mortgages, etc.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Financial statements\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Register of members\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"Restriction on borrowing\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_13\", \"num\": \"13.\", \"text\": \"Investments and loans in the name of the pension fund\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_14\", \"num\": \"14.\", \"text\": \"No pledging, mortgaging, etc., except as permitted by the regulations\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_15\", \"num\": \"15.\", \"text\": \"Acceptance of bonds, debentures, etc., by the pension fund Schedule - Stock Exchanges on which securities must be traded in order to be traded publicly for the purposes of these regulations National Pensions (Pension Fund Investments) Regulations (1998 Revision) National Pensions (Pension Fund Investments) Regulations (1998 Revision) NATIONAL PENSIONS (PENSION FUND INVESTMENTS) REGULATIONS (1998 Revision) 1. These regulations may be cited as the National Pensions (Pension Fund Investments) Regulations (1998 Revision). Citation 2. (1) In these regulations- Definitions and interpretation \u201caffiliate\u201d means a company that is an affiliate within the meaning of subregulation (2); \u201cbook value\u201d means the acquisition cost of an asset of a pension fund, including all direct costs associated with the acquisition, prior to any external financing; \u201cderivative securities\u201d means securities whose values, distributions or dividends depend, or are contingent, on the values or prices of other assets, commodities or securities, or on other variables; \u201cEurobonds\u201d means bonds that are offered outside the country of the borrower and outside the country in whose currency the bonds are denominated; \u201cexpense ratio\u201d means the total annualised expenses as a percentage of average net assets of a pension fund; \u201cinvestment grade\u201d means a grade given to any security or other obligation by any two or more internationally recognised credit rating agencies to indicate that the security or other obligation is eligible for investment and that it has at least an adequate capacity to pay interest and repay principal; \u201clarge capitalisation equity\u201d means equity of a company which has equity market capitalisation equal to or more than that of the company which is ranked 470th in equity market capitalisation in the Standard & Poors 500 index from time to time; \u201cmarket value\u201d means the most probable price that would be obtained for property in an arm\u2019s length sale in an open market under conditions requisite to a fair sale, the buyer and seller each acting prudently, knowledgeably and willingly; \u201cmutual or pooled fund\u201d means a company or unit trust- National Pensions (Pension Fund Investments) Regulations (1998 Revision) (a) whose assets in investments which are excluded by regulation 4 do not exceed ten per cent of its total assets (except in the case of index funds); and (b) that issues equity interests, the purpose or effect of which is the pooling of investor funds with the aim of spreading risks and enabling investors in the mutual or pooled fund to receive profits or gains from the acquisition, holding, management or disposal of investments, but does not include- (c) a person licensed under- (i) the Banks and Trusts Companies Law (1995 Revision); or 1995 Revision 1998 Revision 1997 Revision 1998 Revision (ii) the Insurance Law (1998 Revision); or (d) a person registered under- (i) the Building Societies Law (1997 Revision); or (ii) the Friendly Societies Law (1998 Revision); \u201cprime rated\u201d means a minimum short-term credit rating of A-3 (Standard and Poors) or Prime 3 (Moody\u2019s) or an equivalent rating given to any short-term interest-bearing security; \u201creal estate company\u201d means a company which holds a portfolio of properties and includes a mutual or pooled fund or a segregated fund the principal object of which is to provide investors with a means of investing in a portfolio of real estate or leaseholds; \u201crelated person\u201d means a related person within the meaning of subregulation (3); \u201csecurity\u201d includes a share of any class or series of shares, a debt obligation of a company, a certificate evidencing such share or debt obligation and a warrant; \u201csegregated fund\u201d means a fund established by a company that is authorised to operate a fund in which money from one or more contributors is accepted for investment, the assets of which fund are maintained by the company as separate and distinct from the general funds of the company; \u201csmall to medium capitalisation equity\u201d means equity of a company which has equity market capitalisation less than that of the company which is ranked four hundred and seventieth in equity market capitalisation in the Standard and Poors 500 Index from time to time; \u201ctraded publicly\u201d means traded on an exchange, specified in the Schedule hereto, on which securities are traded if the prices at which they have been traded on that National Pensions (Pension Fund Investments) Regulations (1998 Revision) market are regularly published in a newspaper or business or financial publication of general or regular paid circulation; \u201cventure capital\u201d means investment in a company or undertaking with unlisted securities or which recently has been formed, with a view to providing finance for the development or expansion of that company; and \u201cvoting share\u201d means any share of any class of shares of a company that carries voting rights under all circumstances and any share of any class of shares that carries voting rights by reason of the occurrence of any contingency that has occurred and is continuing. (2) For the purpose of these regulations- (a) a company shall be deemed to be affiliated with another company if one of them is the subsidiary of the other or both are subsidiaries of the same company or each of them is controlled or is legally or beneficially owned by the same person or group of persons; (b) the affiliate of every company shall be deemed to be affiliated with all companies with which the company is affiliated; (c) a company shall be deemed to be a subsidiary of another company if- (i) it is controlled or legally or beneficially owned by- (A) that other company; (B) that other company and one or more companies each of which is controlled or legally or beneficially owned by that other company; or (C) two or more companies each of which is controlled or legally or beneficially owned by that other company, or (ii) it is a subsidiary, within the meaning of sub-subparagraph (i)(A), of a company that is that other company\u2019s subsidiary; (d) a company shall be deemed to be controlled by a person if- (i) voting shares of the company that carry more than fifty per cent of the votes for the election of directors are held, other than by way of security only, by or for the benefit of the person; and (ii) the votes carried by the voting shares referred to in subparagraph (i) are sufficient, if exercised, to elect a majority of the board of directors of the company; (e) a company shall be deemed to be the holding company of all its subsidiaries; and National Pensions (Pension Fund Investments) Regulations (1998 Revision) (f) a person shall be deemed to own voting shares that are owned by another company controlled by that person. (3) For the purposes of this regulation a person shall be deemed to be related to- (a) every company that the person controls and every affiliate of every such company; (b) every partner of the person who has a substantial beneficial interest in a partnership in which the person has a substantial beneficial interest; and (c) every trust or estate in which the person has a substantial beneficial interest or as to which the person serves as trustee or in a similar capacity to a trustee. 3. (1)  An administrator shall ensure that- Asset allocation (a) between forty per cent and seventy per cent of the market value of the assets of the pension fund is invested in- (i) large capitalisation equities which are traded publicly; (ii) small to medium capitalisation equities which are traded publicly up to a maximum of ten per cent of the market value of the assets of the pension fund; (iii) investment grade convertible debentures which are traded publicly; or (iv) closed end or open end mutual or pooled funds which invest in equities or convertible debentures and either are listed on a stock exchange specified in the Schedule or are authorised as an undertaking for collective investments in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 1989; (b) between twenty per cent and forty per cent of the market value of the assets of the pension fund is invested in- (i) bonds issued by the United States Treasury; (ii) investment grade bonds; (iii) investment grade corporate bonds; (iv) investment grade Eurobonds; (v) investment grade preference shares which are traded publicly; (vi) fully secured first mortgages, the total value of which shall not exceed ten per cent of the market value of the assets of the pension fund; or National Pensions (Pension Fund Investments) Regulations (1998 Revision) (vii) closed end or open end mutual or pooled funds which invest at least ninety per cent of their assets in investment grade bonds, mortgages or preference shares; and (c) twenty-five per cent or less of the market value of assets of the pension fund is invested in- (i) United States Treasury Bills; (ii) investment grade treasury bills of foreign countries prescribed for the purpose by the Superintendent; (iii) investment grade commercial paper; (iv) investment grade money market funds; (v) investment grade bank certificates of deposits; or (vi) fixed term deposits or cash held with a bank rated as investment grade or a clearing bank in the Islands. (2) In the allocation of the assets of a pension fund the administrator shall ensure that the selection of investments shall be made with consideration given to the overall context of the investment portfolio without undue risk of loss or impairment and with a reasonable expectation of fair return or appreciation given the nature of the investment. (3) In making a selection of investments the administrator shall take into account the demographic composition of the members of the pension plan from time to time and the difference between the amount of contributions made to a fund and the benefits that are paid out of that fund. (4) (a) At least seventy per cent of the market value of the assets of a pension fund shall be denominated in the currency of the United States of America and no more than twenty per cent of the market value of the assets shall be denominated in the currency of the Islands; and (b) In the case of depository receipts, mutual funds and similar equity-related investment vehicles, the principal location of the underlying investments shall be considered by the administrator in determining proper currency allocation. (5) Subject to subregulation (8), a person engaged in selecting an investment for, or making a loan from, a pension fund shall not select an investment or make a loan except in a category or sub-category of investment or loan that is specifically permitted by these regulations. (6) An administrator of a pension plan that was established before, and was in effect on, the 1st June, 1998 shall comply with these regulations by the 1st September, 1998. National Pensions (Pension Fund Investments) Regulations (1998 Revision) (7) Every investment that is made by a pension fund on or after the 1st June, 1998 shall be in accordance with these regulations. (8) An administrator shall, in administering the investments of the pension fund, provide written guidelines of the policy to be followed where there is an actual or perceived conflict of interest on the part of the administrator or an agent officer or employee of the administrator. (9) The guidelines referred to in subregulation (8) shall include minimum disclosure requirements with respect to an actual or perceived conflict of interest including the timing of the disclosure. 4. (1) An administrator shall not invest the assets of a pension fund in- Prohibited investments (a) derivative securities; (b) securities purchased on margin; (c) venture capital; (d) limited partnerships; (e) shares in companies which are not traded publicly; or (f) real estate. (2) The assets of a pension fund shall not be loaned to or, invested in the securities of- (a) the administrator of the pension plan; (b) an officer, employee or agent of the administrator; (c) a person responsible for holding or investing the pension fund or a custodian or investment manager of the fund or any officer or employee of that person, custodian or manager; (d) an employer, who contributes to the plan, an employee of the employer and, where the employer is a company, an officer or director of the employer; (e) the spouse or child of any person referred to in paragraphs (a) to (d); (f) where the employer is a company- (i) any person who directly or indirectly holds more than ten per cent of the voting shares carrying more than ten per cent of the voting rights attached to all voting securities of the company or the spouse or child of that person; or (ii) any person who directly or indirectly together with a spouse or child holds more than ten per cent of the voting shares carrying more than ten per cent of the voting rights attached to all securities of the company; (g) a company that is an affiliate of the employer; or National Pensions (Pension Fund Investments) Regulations (1998 Revision) (h) a company wholly owned or controlled directly or indirectly by a person referred to in subparagraphs (a) to (g), except that an administrator of a pension fund in respect of which a bank that is the holder of an \u201cA\u201d licence issued under section 5(1) of the Banks and Trust Companies Law (1995 Revision) and which operates as a clearing bank in the Islands is an employer may invest the assets of the pension fund in deposit or current accounts at that bank or its affiliates on condition that- 1995 Revision (i) the consent in writing of the Superintendent to the banking arrangements has been previously obtained; (ii) only money that is part of the assets of the pension fund is held in such accounts; and (iii) the accounts are audited annually by the pension fund\u2019s auditor who shall deliver a copy of his report to the Superintendent. (3) An administrator shall not engage in short selling for a pension fund. 5. The asset allocation of a pension fund shall be reviewed by the administrator at least once each month to ensure that it is in compliance with these regulations. Review of asset allocation 6. (1) The aggregate amount of a pension fund that may be invested in the securities of or loaned to any single company, person, association or country shall be limited to five per cent of the total market value of a pension fund\u2019s assets at the time the investment or loan is made. Investment in securities and loans (2) Subregulation (1) does not relate to investments in United States Treasury securities. (3) For the purpose of subregulation (1)- \u201cperson\u201d includes a related person or group of related persons. (4) An administrator shall ensure that- (a) all bonds, bills and commercial paper in which the fund has invested are of investment grade; (b) all bank certificates in which the pension fund has invested do not exceed- (i) one per cent of the issuing bank\u2019s total shareholder equity; or (ii) five per cent of the issuing bank\u2019s shareholder equity if the bank is the holder of an \u201cA\u201d licence issued under section 5(1) of the Banks and Trust Companies Law (1995 1995 Revision National Pensions (Pension Fund Investments) Regulations (1998 Revision) Revision) and if the approval in writing of the Superintendent has previously been obtained; (c) the companies in which the pension fund has invested have made an annual profit for at least three of the five years immediately preceding the date of investment; (d) the guaranteed investment certificates in which the pension fund may have invested are issued by an insurance company or companies rated by internationally recognised credit rating agencies at a grade of A or higher; and (e) all securities in which the pension fund has invested are traded publicly in markets with proper registration and custodian facilities. 7. A pension fund shall not own more than ten per cent of any class of shares of a company, mutual fund, or unit trust. Investment in companies, etc. 8. The administrator of a pension fund shall not invest in closed end mutual or pooled funds which are not traded publicly. Investment in mutual or pooled funds 9. (1) The funds of a pension plan shall not be loaned on the security of a mortgage or other security agreement on real estate or leaseholds where the amount paid for the mortgage or agreement, together with the amount of indebtedness under any mortgage or other security agreement on the real estate or leasehold ranking equally with or superior to the loan, exceeds sixty per cent of the market value of the real estate therein at the time the advances were approved. Mortgages, etc. (2) The administrator may accept as payment or part payment a mortgage or other security agreement, and may advance funds secured by a mortgage or other security agreement that would otherwise contravene this section in order to protect an existing investment of the pension fund. 10. (1) The administrator shall file with the Superintendent audited financial statements for the pension fund and the pension plan at the plan\u2019s financial year end. Financial statements (2) The financial statements shall- (a) be filed within six months after each financial year end of the plan occurring on or after the 1st December, 1998; (b) be comprised of a statement of net assets, statement of operations, and a statement of changes in net assets and shall be prepared on the accrual basis of accounting; (c) be prepared in accordance with generally accepted international accounting principles; and National Pensions (Pension Fund Investments) Regulations (1998 Revision) (d) identify- (i) the name of the pension plan for which the statements have been prepared; (ii) the registration number of the pension plan; and (iii) the financial period for which the financial statements have been prepared. (3) The statement of net assets referred to in subregulation (2) shall disclose at least- (a) the market value, book value and the percentage of a fund\u2019s assets held in each category of investments referred to in regulation 3 at the end of the period to which the statement refers; (b) income accrued and not yet received; (c) payments due and payable by- (i) the employer or employers; and (ii) the members; and (d) amounts payable, indicating by whom the amounts are payable and their nature and amount. (4) The financial statements shall disclose- (a) related party transactions; (b) for individual investments where either the book value or the market value exceeds one per cent of the book value or market value of the pension fund, information with respect to each category of investments specified in regulation 3 that sets out- (i) for insured contracts, the name of the insurance company and type of contract; (ii) for mutual or pooled funds or segregated funds, the name of the operator of each fund, the name of each fund, the primary category of investments held in each fund and the market value of the investment in each fund; and (iii) for term deposits and guaranteed investment certificates, the name of the entity where the funds are deposited and the aggregate market value or book value of the investment in each fund; (c) the expense ratio for the financial year; (d) the terms of any agreement related to payments for administrative assistance for or for investment advice in respect of the fund; and (e) the investment performance of the pension fund during the year calculated in accordance with the Performance Presentation Standards of the Association of Investment and Research. National Pensions (Pension Fund Investments) Regulations (1998 Revision) (5) The statement of operations referred to in subregulation (2) shall include- (a) realised gains or losses; (b) investment income; (c) all fees and expenses incurred by the plan; and (d) unrealised gains and losses. (6) The statement of changes in net assets referred to in subregulation (2) shall include a reconciliation between the market value of total investments at the beginning and end of the period, and shall disclose at least- (a) contributions from members and employers; (b) benefit payments; and (c) refunds and transfers, indicating their nature and amounts. (7) An auditor of a pension fund shall report to the administrator immediately when, in the course of reporting on the financial statements, he becomes aware that there are circumstances that indicate that there has been, or may be, a contravention of the Law or these regulations, and the auditor shall immediately send a copy of his report to the Superintendent. (8) A financial statement submitted for filing shall be approved by the administrator and the approval shall be evidenced by the manual or facsimile signature of- (a) the administrator; (b) where the administrator is a pension committee, board of trustees, agency or commission acting as the administrator, two members duly authorised to signify the approval; or (c) where the administrator is an approved provider or trust company, an officer of the its provider or trust company duly authorised to sign on its behalf. 11. The administrator shall prepare and submit, together with the financial statement each year, a register of the members of the pension plan, and the register shall specify- Register of members (a) the name of each member; (b) the date of birth of each member; (c)  the employer of each member; and (d) the value of the accrued benefit of each member. 12. An administrator shall not borrow on behalf of the pension fund. Restriction on borrowing 13. All investments and loans of a pension fund shall be held in the name of, or for the account of, the fund. Investments and loans in the name of the pension fund National Pensions (Pension Fund Investments) Regulations (1998 Revision) 14. Unless otherwise permitted by these regulations, an administrator shall not directly or indirectly pledge or mortgage the assets of the pension fund. No pledging, mortgaging, etc., except as permitted by the regulations Acceptance of bonds, debentures, etc., by the pension fund 15. Where a pension fund owns investments in a company and, as a result of arrangements for the reorganisation or liquidation of the company, or for the amalgamation of the company with another company, the investments are to be exchanged for bonds, debentures or other evidences of indebtedness, or shares that result in the limitations set out in this Part being exceeded, the pension fund may accept and hold such bonds, debentures or other evidence of indebtedness or shares. SCHEDULE regulation 2 Stock Exchanges on which Securities must be Traded in order to be Traded Publicly for the Purposes of these Regulations New York Madrid Frankfurt Milan American Paris Dublin Singapore NASDAQ Stockholm Vienna Bangkok Toronto Copenhagen Oslo Sydney London Zurich Helsinki Auckland Tokyo Geneva Brussels Kuala Lumpur Osaka Amsterdam Hong Kong Cayman Islands Publication in revised form authorised by the Governor in Council this 21st day of July, 1998 Carmena H. Parsons Clerk of Executive Council\", \"element\": \"section\", \"heading\": null}], \"meta\": {\"notes\": null, \"workflow\": null, \"lifecycle\": {\"source\": \"#cilegis\", \"eventRef\": [{\"eId\": \"e_commence_1998_01_01\", \"date\": \"1998-01-01\", \"type\": \"generation\", \"source\": \"#cilegis\"}]}, \"references\": {\"source\": \"#canary\", \"TLCRole\": [], \"TLCEvent\": [{\"eId\": \"ev_commencement\", \"href\": \"\/akn\/ontology\/canary\/event\/commencement\", \"showAs\": \"commencement\"}], \"TLCPerson\": [], \"TLCConcept\": [{\"eId\": \"inForce\", \"href\": \"\/akn\/ontology\/canary\/concept\/temporal\/in-force\", \"showAs\": \"in force\"}], \"TLCProcess\": [], \"TLCLocation\": [], \"TLCOrganization\": [{\"eId\": \"cilegis\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\", \"showAs\": \"Cayman Islands legislation mirror (kyleg)\"}]}, \"temporalData\": {\"source\": \"#cilegis\", \"temporalGroup\": [{\"eId\": \"tg_inforce_1998_01_01\", \"timeInterval\": [{\"end\": null, \"start\": \"#e_commence_1998_01_01\", \"duration\": null, \"refersTo\": \"#inForce\"}]}]}, \"classification\": null, \"identification\": {\"source\": \"#cilegis\", \"FRBRWork\": {\"FRBRuri\": \"\/akn\/ky\/act\/sl\/1998\/4\", \"FRBRdate\": [{\"date\": \"1998-01-01\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/sl\/1998\/4\/!main\", \"FRBRalias\": [{\"name\": \"cmsId\", \"value\": \"1998-0004\"}], \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRnumber\": \"4 of 1998\", \"FRBRcountry\": \"ky\", \"FRBRsubtype\": \"subordinate\"}, \"FRBRExpression\": {\"FRBRuri\": \"\/akn\/ky\/act\/sl\/1998\/4\/eng@1998-01-01\", \"FRBRdate\": [{\"date\": \"1998-01-01\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/sl\/1998\/4\/eng@1998-01-01\/!main\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRlanguage\": \"eng\"}, \"FRBRManifestation\": {\"FRBRuri\": \"\/akn\/ky\/act\/sl\/1998\/4\/eng@1998-01-01.xml\", \"FRBRdate\": [{\"date\": \"2026-06-22\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/sl\/1998\/4\/eng@1998-01-01.xml\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRformat\": \"application\/xml\"}}}, \"name\": \"act\", \"header\": {\"title\": \"National Pensions (Pension Fund Investments) Regulations\", \"actNumber\": \"4 of 1998\", \"longTitle\": null}}, \"doc\": null, \"bill\": null, \"judgment\": null}}","akn_full_text":"National Pensions (Pension Fund Investments) Regulations (1998 Revision)\n\nSupplement No. 3 published with Gazette No.19 of 14th September, 1998.\n\nTHE NATIONAL PENSIONS LAW (10 of 1996)\n\n(1998 Revision)\n\nTHE NATIONAL PENSIONS (PENSION FUND INVESTMENTS)\nREGULATIONS\n\n(1998 Revision)\n\nRevised under the authority of the Law Revision Law (19 of 1975).\n\nThe National Pensions (Pensions Fund Investments) Regulations, 1998 originally\nmade under the principal Law, as amended, as part of the Schedule thereto, and\nwhich came into force on the 1st June, 1998.\n\nRevised this 21st day of July, 1998\n\nNational Pensions (Pension Fund Investments) Regulations (1998 Revision)\n\n2\n\nNational Pensions (Pension Fund Investments) Regulations (1998 Revision)\n\nNATIONAL PENSIONS (PENSION FUND INVESTMENTS)\nREGULATIONS\n\n(1998 Revision)\n\nARRANGEMENT OF REGULATIONS\n\n1.\nCitation\n2.\nDefinitions and interpretation\n3.\nAsset allocation\n4.\nProhibited investments\n5.\nReview of asset allocation\n6.\nInvestment in securities and loans\n7.\nInvestment in companies, etc.\n8.\nInvestment in mutual or pooled funds\n9.\nMortgages, etc.\n10. Financial statements\n11. Register of members\n12. Restriction on borrowing\n13. Investments and loans in the name of the pension fund\n14. No pledging, mortgaging, etc., except as permitted by the regulations\n15. Acceptance of bonds, debentures, etc., by the pension fund\nSchedule - Stock Exchanges on which securities must be traded in order to be\ntraded publicly for the purposes of these regulations\n\n3\n\nNational Pensions (Pension Fund Investments) Regulations (1998 Revision)\n\n4\n\nNational Pensions (Pension Fund Investments) Regulations (1998 Revision)\n\nNATIONAL PENSIONS (PENSION FUND INVESTMENTS)\nREGULATIONS\n\n(1998 Revision)\n\n1.\nThese regulations may be cited as the National Pensions (Pension Fund\nInvestments) Regulations (1998 Revision).\nCitation\n2.\n(1) In these regulations-\nDefinitions and\ninterpretation\n\u201caffiliate\u201d means a company that is an affiliate within the meaning of\nsubregulation (2);\n\u201cbook value\u201d means the acquisition cost of an asset of a pension fund, including\nall direct costs associated with the acquisition, prior to any external financing;\n\u201cderivative securities\u201d means securities whose values, distributions or dividends\ndepend, or are contingent, on the values or prices of other assets, commodities or\nsecurities, or on other variables;\n\u201cEurobonds\u201d means bonds that are offered outside the country of the borrower\nand outside the country in whose currency the bonds are denominated;\n\u201cexpense ratio\u201d means the total annualised expenses as a percentage of average\nnet assets of a pension fund;\n\u201cinvestment grade\u201d means a grade given to any security or other obligation by\nany two or more internationally recognised credit rating agencies to indicate that\nthe security or other obligation is eligible for investment and that it has at least an\nadequate capacity to pay interest and repay principal;\n\u201clarge capitalisation equity\u201d means equity of a company which has equity market\ncapitalisation equal to or more than that of the company which is ranked 470th in\nequity market capitalisation in the Standard & Poors 500 index from time to time;\n\u201cmarket value\u201d means the most probable price that would be obtained for\nproperty in an arm\u2019s length sale in an open market under conditions requisite to a\nfair sale, the buyer and seller each acting prudently, knowledgeably and willingly;\n\u201cmutual or pooled fund\u201d means a company or unit trust-\n\n5\n\nNational Pensions (Pension Fund Investments) Regulations (1998 Revision)\n\n(a) whose assets in investments which are excluded by regulation 4\ndo not exceed ten per cent of its total assets (except in the case of\nindex funds); and\n(b) that issues equity interests, the purpose or effect of which is the\npooling of investor funds with the aim of spreading risks and\nenabling investors in the mutual or pooled fund to receive profits\nor gains from the acquisition, holding, management or disposal of\ninvestments,\nbut does not include-\n(c) a person licensed under-\n(i)\nthe Banks and Trusts Companies Law (1995 Revision); or\n1995 Revision\n1998 Revision\n1997 Revision\n1998 Revision\n(ii) the Insurance Law (1998 Revision); or\n(d) a person registered under-\n(i)\nthe Building Societies Law (1997 Revision); or\n(ii) the Friendly Societies Law (1998 Revision);\n\u201cprime rated\u201d means a minimum short-term credit rating of A-3 (Standard and\nPoors) or Prime 3 (Moody\u2019s) or an equivalent rating given to any short-term\ninterest-bearing security;\n\u201creal estate company\u201d means a company which holds a portfolio of properties and\nincludes a mutual or pooled fund or a segregated fund the principal object of\nwhich is to provide investors with a means of investing in a portfolio of real\nestate or leaseholds;\n\u201crelated person\u201d means a related person within the meaning of subregulation (3);\n\u201csecurity\u201d includes a share of any class or series of shares, a debt obligation of a\ncompany, a certificate evidencing such share or debt obligation and a warrant;\n\u201csegregated fund\u201d means a fund established by a company that is authorised to\noperate a fund in which money from one or more contributors is accepted for\ninvestment, the assets of which fund are maintained by the company as separate\nand distinct from the general funds of the company;\n\u201csmall to medium capitalisation equity\u201d means equity of a company which has\nequity market capitalisation less than that of the company which is ranked four\nhundred and seventieth in equity market capitalisation in the Standard and Poors\n500 Index from time to time;\n\u201ctraded publicly\u201d means traded on an exchange, specified in the Schedule hereto,\non which securities are traded if the prices at which they have been traded on that\n\n6\n\nNational Pensions (Pension Fund Investments) Regulations (1998 Revision)\n\nmarket are regularly published in a newspaper or business or financial publication\nof general or regular paid circulation;\n\u201cventure capital\u201d means investment in a company or undertaking with unlisted\nsecurities or which recently has been formed, with a view to providing finance for\nthe development or expansion of that company; and\n\u201cvoting share\u201d means any share of any class of shares of a company that carries\nvoting rights under all circumstances and any share of any class of shares that\ncarries voting rights by reason of the occurrence of any contingency that has\noccurred and is continuing.\n(2) For the purpose of these regulations-\n(a) a company shall be deemed to be affiliated with another company\nif one of them is the subsidiary of the other or both are\nsubsidiaries of the same company or each of them is controlled or\nis legally or beneficially owned by the same person or group of\npersons;\n(b) the affiliate of every company shall be deemed to be affiliated\nwith all companies with which the company is affiliated;\n(c) a company shall be deemed to be a subsidiary of another\ncompany if-\n(i)\nit is controlled or legally or beneficially owned by-\n(A) that other company;\n(B) that other company and one or more companies each\nof which is controlled or legally or beneficially owned\nby that other company; or\n(C) two or more companies each of which is controlled or\nlegally or beneficially owned by that other company,\nor\n(ii) it is a subsidiary, within the meaning of sub-subparagraph\n(i)(A), of a company that is that other company\u2019s subsidiary;\n(d) a company shall be deemed to be controlled by a person if-\n(i)\nvoting shares of the company that carry more than fifty per\ncent of the votes for the election of directors are held, other\nthan by way of security only, by or for the benefit of the\nperson; and\n(ii) the votes carried by the voting shares referred to in\nsubparagraph (i) are sufficient, if exercised, to elect a\nmajority of the board of directors of the company;\n(e) a company shall be deemed to be the holding company of all its\nsubsidiaries; and\n\n7\n\nNational Pensions (Pension Fund Investments) Regulations (1998 Revision)\n\n(f)\na person shall be deemed to own voting shares that are owned by\nanother company controlled by that person.\n(3) For the purposes of this regulation a person shall be deemed to be\nrelated to-\n(a) every company that the person controls and every affiliate of\nevery such company;\n(b) every partner of the person who has a substantial beneficial\ninterest in a partnership in which the person has a substantial\nbeneficial interest; and\n(c) every trust or estate in which the person has a substantial\nbeneficial interest or as to which the person serves as trustee or in\na similar capacity to a trustee.\n3.\n(1)  An administrator shall ensure that-\nAsset allocation\n(a) between forty per cent and seventy per cent of the market value\nof the assets of the pension fund is invested in-\n(i)\nlarge capitalisation equities which are traded publicly;\n(ii) small to medium capitalisation equities which are traded\npublicly up to a maximum of ten per cent of the market\nvalue of the assets of the pension fund;\n(iii) investment grade convertible debentures which are traded\npublicly; or\n(iv) closed end or open end mutual or pooled funds which invest\nin equities or convertible debentures and either are listed on\na stock exchange specified in the Schedule or are authorised\nas an undertaking for collective investments in transferable\nsecurities\npursuant\nto\nthe\nEuropean\nCommunities\n(Undertakings for Collective Investment in Transferable\nSecurities) Regulations, 1989;\n(b) between twenty per cent and forty per cent of the market value of\nthe assets of the pension fund is invested in-\n(i)\nbonds issued by the United States Treasury;\n(ii) investment grade bonds;\n(iii) investment grade corporate bonds;\n(iv) investment grade Eurobonds;\n(v) investment grade preference shares which are traded\npublicly;\n(vi) fully secured first mortgages, the total value of which shall\nnot exceed ten per cent of the market value of the assets of\nthe pension fund; or\n\n8\n\nNational Pensions (Pension Fund Investments) Regulations (1998 Revision)\n\n(vii) closed end or open end mutual or pooled funds which invest\nat least ninety per cent of their assets in investment grade\nbonds, mortgages or preference shares; and\n(c) twenty-five per cent or less of the market value of assets of the\npension fund is invested in-\n(i)\nUnited States Treasury Bills;\n(ii) investment grade treasury bills of foreign countries\nprescribed for the purpose by the Superintendent;\n(iii) investment grade commercial paper;\n(iv) investment grade money market funds;\n(v) investment grade bank certificates of deposits; or\n(vi) fixed term deposits or cash held with a bank rated as\ninvestment grade or a clearing bank in the Islands.\n(2) In the allocation of the assets of a pension fund the administrator shall\nensure that the selection of investments shall be made with consideration given to\nthe overall context of the investment portfolio without undue risk of loss or\nimpairment and with a reasonable expectation of fair return or appreciation given\nthe nature of the investment.\n(3) In making a selection of investments the administrator shall take into\naccount the demographic composition of the members of the pension plan from\ntime to time and the difference between the amount of contributions made to a\nfund and the benefits that are paid out of that fund.\n(4) (a) At least seventy per cent of the market value of the assets of a\npension fund shall be denominated in the currency of the United\nStates of America and no more than twenty per cent of the market\nvalue of the assets shall be denominated in the currency of the\nIslands; and\n(b) In the case of depository receipts, mutual funds and similar\nequity-related investment vehicles, the principal location of the\nunderlying investments shall be considered by the administrator\nin determining proper currency allocation.\n(5) Subject to subregulation (8), a person engaged in selecting an\ninvestment for, or making a loan from, a pension fund shall not select an\ninvestment or make a loan except in a category or sub-category of investment or\nloan that is specifically permitted by these regulations.\n(6) An administrator of a pension plan that was established before, and\nwas in effect on, the 1st June, 1998 shall comply with these regulations by the 1st\nSeptember, 1998.\n\n9\n\nNational Pensions (Pension Fund Investments) Regulations (1998 Revision)\n\n(7) Every investment that is made by a pension fund on or after the 1st\nJune, 1998 shall be in accordance with these regulations.\n(8) An administrator shall, in administering the investments of the pension\nfund, provide written guidelines of the policy to be followed where there is an\nactual or perceived conflict of interest on the part of the administrator or an agent\nofficer or employee of the administrator.\n(9) The guidelines referred to in subregulation (8) shall include minimum\ndisclosure requirements with respect to an actual or perceived conflict of interest\nincluding the timing of the disclosure.\n4.\n(1) An administrator shall not invest the assets of a pension fund in-\nProhibited investments\n(a) derivative securities;\n(b) securities purchased on margin;\n(c) venture capital;\n(d) limited partnerships;\n(e) shares in companies which are not traded publicly; or\n(f)\nreal estate.\n(2) The assets of a pension fund shall not be loaned to or, invested in the\nsecurities of-\n(a) the administrator of the pension plan;\n(b) an officer, employee or agent of the administrator;\n(c) a person responsible for holding or investing the pension fund or\na custodian or investment manager of the fund or any officer or\nemployee of that person, custodian or manager;\n(d) an employer, who contributes to the plan, an employee of the\nemployer and, where the employer is a company, an officer or\ndirector of the employer;\n(e) the spouse or child of any person referred to in paragraphs (a) to\n(d);\n(f)\nwhere the employer is a company-\n(i)\nany person who directly or indirectly holds more than ten\nper cent of the voting shares carrying more than ten per cent\nof the voting rights attached to all voting securities of the\ncompany or the spouse or child of that person; or\n(ii) any person who directly or indirectly together with a spouse\nor child holds more than ten per cent of the voting shares\ncarrying more than ten per cent of the voting rights attached\nto all securities of the company;\n(g) a company that is an affiliate of the employer; or\n\n10\n\nNational Pensions (Pension Fund Investments) Regulations (1998 Revision)\n\n(h) a company wholly owned or controlled directly or indirectly by a\nperson referred to in subparagraphs (a) to (g),\nexcept that an administrator of a pension fund in respect of which a bank that is\nthe holder of an \u201cA\u201d licence issued under section 5(1) of the Banks and Trust\nCompanies Law (1995 Revision) and which operates as a clearing bank in the\nIslands is an employer may invest the assets of the pension fund in deposit or\ncurrent accounts at that bank or its affiliates on condition that-\n1995 Revision\n(i)\nthe consent in writing of the Superintendent to the banking\narrangements has been previously obtained;\n(ii) only money that is part of the assets of the pension fund is\nheld in such accounts; and\n(iii) the accounts are audited annually by the pension fund\u2019s\nauditor who shall deliver a copy of his report to the\nSuperintendent.\n(3) An administrator shall not engage in short selling for a pension fund.\n5.\nThe asset allocation of a pension fund shall be reviewed by the administrator\nat least once each month to ensure that it is in compliance with these regulations.\nReview of asset\nallocation\n6.\n(1) The aggregate amount of a pension fund that may be invested in the\nsecurities of or loaned to any single company, person, association or country shall\nbe limited to five per cent of the total market value of a pension fund\u2019s assets at\nthe time the investment or loan is made.\nInvestment in securities\nand loans\n(2) Subregulation (1) does not relate to investments in United States\nTreasury securities.\n(3) For the purpose of subregulation (1)-\n\u201cperson\u201d includes a related person or group of related persons.\n(4) An administrator shall ensure that-\n(a) all bonds, bills and commercial paper in which the fund has\ninvested are of investment grade;\n(b) all bank certificates in which the pension fund has invested do\nnot exceed-\n(i)\none per cent of the issuing bank\u2019s total shareholder equity;\nor\n(ii) five per cent of the issuing bank\u2019s shareholder equity if the\nbank is the holder of an \u201cA\u201d licence issued under section\n5(1) of the Banks and Trust Companies Law (1995\n1995 Revision\n\n11\n\nNational Pensions (Pension Fund Investments) Regulations (1998 Revision)\n\nRevision) and if the approval in writing of the\nSuperintendent has previously been obtained;\n(c) the companies in which the pension fund has invested have made\nan annual profit for at least three of the five years immediately\npreceding the date of investment;\n(d) the guaranteed investment certificates in which the pension fund\nmay have invested are issued by an insurance company or\ncompanies rated by internationally recognised credit rating\nagencies at a grade of A or higher; and\n(e) all securities in which the pension fund has invested are traded\npublicly in markets with proper registration and custodian\nfacilities.\n7.\nA pension fund shall not own more than ten per cent of any class of shares\nof a company, mutual fund, or unit trust.\nInvestment in\ncompanies, etc.\n8.\nThe administrator of a pension fund shall not invest in closed end mutual or\npooled funds which are not traded publicly.\nInvestment in mutual or\npooled funds\n9.\n(1) The funds of a pension plan shall not be loaned on the security of a\nmortgage or other security agreement on real estate or leaseholds where the\namount paid for the mortgage or agreement, together with the amount of\nindebtedness under any mortgage or other security agreement on the real estate or\nleasehold ranking equally with or superior to the loan, exceeds sixty per cent of\nthe market value of the real estate therein at the time the advances were approved.\nMortgages, etc.\n(2) The administrator may accept as payment or part payment a mortgage\nor other security agreement, and may advance funds secured by a mortgage or\nother security agreement that would otherwise contravene this section in order to\nprotect an existing investment of the pension fund.\n10. (1) The administrator shall file with the Superintendent audited financial\nstatements for the pension fund and the pension plan at the plan\u2019s financial year\nend.\nFinancial statements\n(2) The financial statements shall-\n(a) be filed within six months after each financial year end of the\nplan occurring on or after the 1st December, 1998;\n(b) be comprised of a statement of net assets, statement of operations,\nand a statement of changes in net assets and shall be prepared on\nthe accrual basis of accounting;\n(c) be prepared in accordance with generally accepted international\naccounting principles; and\n\n12\n\nNational Pensions (Pension Fund Investments) Regulations (1998 Revision)\n\n(d) identify-\n(i)\n the name of the pension plan for which the statements have\nbeen prepared;\n(ii) the registration number of the pension plan; and\n(iii) the financial period for which the financial statements have\nbeen prepared.\n(3) The statement of net assets referred to in subregulation (2) shall\ndisclose at least-\n(a) the market value, book value and the percentage of a fund\u2019s\nassets held in each category of investments referred to in\nregulation 3 at the end of the period to which the statement refers;\n(b) income accrued and not yet received;\n(c) payments due and payable by-\n(i)\nthe employer or employers; and\n(ii) the members; and\n(d) amounts payable, indicating by whom the amounts are payable\nand their nature and amount.\n(4) The financial statements shall disclose-\n(a) related party transactions;\n(b) for individual investments where either the book value or the\nmarket value exceeds one per cent of the book value or market\nvalue of the pension fund, information with respect to each\ncategory of investments specified in regulation 3 that sets out-\n(i)\nfor insured contracts, the name of the insurance company\nand type of contract;\n(ii) for mutual or pooled funds or segregated funds, the name of\nthe operator of each fund, the name of each fund, the\nprimary category of investments held in each fund and the\nmarket value of the investment in each fund; and\n(iii) for term deposits and guaranteed investment certificates, the\nname of the entity where the funds are deposited and the\naggregate market value or book value of the investment in\neach fund;\n(c) the expense ratio for the financial year;\n(d) the terms of any agreement related to payments for administrative\nassistance for or for investment advice in respect of the fund; and\n(e) the investment performance of the pension fund during the year\ncalculated in accordance with the Performance Presentation\nStandards of the Association of Investment and Research.\n\n13\n\nNational Pensions (Pension Fund Investments) Regulations (1998 Revision)\n\n(5) The statement of operations referred to in subregulation (2) shall\ninclude-\n(a) realised gains or losses;\n(b) investment income;\n(c) all fees and expenses incurred by the plan; and\n(d) unrealised gains and losses.\n(6) The statement of changes in net assets referred to in subregulation (2)\nshall include a reconciliation between the market value of total investments at the\nbeginning and end of the period, and shall disclose at least-\n(a) contributions from members and employers;\n(b) benefit payments; and\n(c) refunds and transfers, indicating their nature and amounts.\n(7) An auditor of a pension fund shall report to the administrator\nimmediately when, in the course of reporting on the financial statements, he\nbecomes aware that there are circumstances that indicate that there has been, or\nmay be, a contravention of the Law or these regulations, and the auditor shall\nimmediately send a copy of his report to the Superintendent.\n(8) A financial statement submitted for filing shall be approved by the\nadministrator and the approval shall be evidenced by the manual or facsimile\nsignature of-\n(a) the administrator;\n(b) where the administrator is a pension committee, board of trustees,\nagency or commission acting as the administrator, two members\nduly authorised to signify the approval; or\n(c) where the administrator is an approved provider or trust\ncompany, an officer of the its provider or trust company duly\nauthorised to sign on its behalf.\n11. The administrator shall prepare and submit, together with the financial\nstatement each year, a register of the members of the pension plan, and the\nregister shall specify-\nRegister of members\n(a) the name of each member;\n(b) the date of birth of each member;\n(c)  the employer of each member; and\n(d) the value of the accrued benefit of each member.\n12. An administrator shall not borrow on behalf of the pension fund.\nRestriction on\nborrowing\n13. All investments and loans of a pension fund shall be held in the name of, or\nfor the account of, the fund.\nInvestments and loans in\nthe name of the pension\nfund\n\n14\n\nNational Pensions (Pension Fund Investments) Regulations (1998 Revision)\n\n14. Unless otherwise permitted by these regulations, an administrator shall not\ndirectly or indirectly pledge or mortgage the assets of the pension fund.\nNo pledging,\nmortgaging, etc., except\nas permitted by the\nregulations\nAcceptance of bonds,\ndebentures, etc., by the\npension fund\n15. Where a pension fund owns investments in a company and, as a result of\narrangements for the reorganisation or liquidation of the company, or for the\namalgamation of the company with another company, the investments are to be\nexchanged for bonds, debentures or other evidences of indebtedness, or shares\nthat result in the limitations set out in this Part being exceeded, the pension fund\nmay accept and hold such bonds, debentures or other evidence of indebtedness or\nshares.\nSCHEDULE\nregulation 2\n\nStock Exchanges on which Securities must be Traded in order to be Traded\nPublicly for the Purposes of these Regulations\n\nNew York\nMadrid\nFrankfurt\nMilan\nAmerican\nParis\nDublin\nSingapore\nNASDAQ\nStockholm\nVienna\nBangkok\nToronto\nCopenhagen\nOslo\nSydney\nLondon\nZurich\nHelsinki\nAuckland\nTokyo\nGeneva\nBrussels\nKuala Lumpur\nOsaka\nAmsterdam\nHong Kong\nCayman Islands\n\nPublication in revised form authorised by the Governor in Council this 21st day\nof July, 1998\n\nCarmena H. Parsons\nClerk of Executive Council\n\n15","akn_extracted_at":"2026-06-22 15:39:24.714074+00","cms_id":"1998-0004","law_type":"subordinate","year":"1998","number":"4","title":"National Pensions (Pension Fund Investments) Regulations","status":"in_force"},"provenance":{"files":[{"file_id":"5639","expr_id":"580","kind":"akn_xml","filename":"1998-0004_1998 Revision.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/1998\/1998-0004\/1998-0004_1998 Revision.akn.xml","content_md5":"f97f1d6e8834565e74c2a30f3dc6bbab","byte_size":"28760","http_last_modified":null,"fetched_at":"2026-06-22 15:39:24.847241+00"},{"file_id":"1159","expr_id":"580","kind":"pristine_pdf","filename":"1998-0004_1998 Revision.pdf","source_url":"\/cms\/images\/LEGISLATION\/SUBORDINATE\/1998\/1998-0004\/1998-0004_1998 Revision.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/SUBORDINATE\/1998\/1998-0004\/1998-0004_1998 Revision.pdf","content_md5":"e2684af6464d5801284bd39ab59a3411","byte_size":"61136","http_last_modified":null,"fetched_at":"2026-06-21 23:09:36.451467+00"},{"file_id":"1160","expr_id":"580","kind":"working_pdf","filename":"1998-0004_1998 Revision.pdf","source_url":"\/cms\/images\/LEGISLATION\/SUBORDINATE\/1998\/1998-0004\/1998-0004_1998 Revision.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/1998\/1998-0004\/1998-0004_1998 Revision.pdf","content_md5":"e2684af6464d5801284bd39ab59a3411","byte_size":"61136","http_last_modified":null,"fetched_at":"2026-06-21 23:09:36.451467+00"}],"paragraph_count":7,"latest_history":null},"quality":{"expr_id":"580","doc_id":"580","quality_state":"needs_review","quality_score":"85","needs_human_review":"t","deterministic_categories":"{page_header_footer_noise}","llm_categories":"{truncated_text,other}","repair_actions":"{manual_review,reextract_full_text,strip_page_furniture}","finding_severity_counts":"{\"low\": 1, \"medium\": 1}","finding_summary":"Sample appears mostly complete but ends mid-definition; verify full text for completeness and correct metadata alignment.","assessed_at":"2026-06-22 15:29:45.918796+00","updated_at":"2026-06-22 15:29:45.918796+00"}}