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Bill: D.d.l. 03/4370 - Fondo Strategico d'Investimento Istaliano/Istalian Strategic Investement Fund Creation Act
Details
Submitted by[?]: Fronte Democratico - P.L.
Status[?]: passed
Votes: This bill is a resolution. It requires more yes votes than no votes. This bill will not pass any sooner than the deadline.
Voting deadline: July 4371
Description[?]:
| Carla Maritini, Minister of Finance: "MPs, in order to invest Istalia's budgetary exceeds and the Central Bank's foreign-exchange reserves to save for the future, to strengthen the economy, and to improve the quality of life of Istalians, it is provided the creation of a sovereign wealth fund, which will be called "Fondo Strategico d'Investimento Istaliano/Istalian Strategic Investement Fund" (FSII), in the form of a Joint-stock Company fully controlled by the Minister of Finance. While the FSII shall be and maintain its status as an independent state-owned investment holding company it will report to and is responsible directly to the Ministry of Finance. The management and board of the FSII ultimately reports to the the Ministry of Finance, the Gouvernement, and the President. The SPN shall have the authority and responsibility therein to invest its defined sums, granted by the Gouvernement, in major corporations both foreign and domestic, and other investment opportunities for-profit and betterment of Kanjor. The holding, however, is obliged to always hold a minority of the capital of the companies in which it invests. To fulfill the missions entrusted to it, the fund shall invest in profitable projects that generate income and invest in the long term but without the duration of the investment being fixed beforehand. However, for the fund to be responsive and have liquidity to act quickly, it will have to turn its portfolio. The fund management is divided between two structures: - A Steering Committee which will deliberate and resolve the following matters including: mid- and long-term investment policies; modification of financial status, such as the increase or decrease of capital; entrustment of assets to FSII; appointment and dismissal of executive officers; approval of budget and account settlement; evaluation of management performance of FSII; inspection of the business. The member of the Steering Committee are appointed by the Minister of Finance on suggestion of the Parliamentary Financial Committee. - The already mentioned Board of directors, composed of seven members (2 as representatives of the Minister of Finance and the Government, 2 as representatives of the Central Bank of Istalia and 3 qualified personalities) appointed by the Minister of Finance on suggestion and with approval of the Steering Commitee. The board of directors implements the investments policies approved by the Steering Committee. The FSII will manage three types of Investments: - Traditional Investments: the traditional asset portfolio shall pursue stable risk-adjusted returns by investing in publicly traded securities, mostly stocks and bonds. - Alternative Investments: Alternative investments have a different risk/return profile compared with traditional asset classes. FSII shall invest in alternative assets as a way of complementing investment in traditional assets. Alternative investments usually comprise assets that have low liquidity and are based on private contracts. - Special Investments: Special Investments are aimed to build a portfolio of direct stakes in global quoted companies. The FSII is authorized to invest in: stocks and bonds, inflation-linked bonds and commodities, private equity, real estate, hedge funds, pension funds, third sovereign funds and, as mentioned, special investments. The FSII shall present every here a report on its activities and the future programs to the Minister of Finance and the Parliamentary Finance Committee. OOC: This is an RP ordinary bill, it requires more yes votes than no votes like an ordinary bill. |
Proposals
Debate
These messages have been posted to debate on this bill:
| Date | 00:10:53, March 31, 2018 CET | From | Partito Nazionale Democratico | To | Debating the D.d.l. 03/4370 - Fondo Strategico d'Investimento Istaliano/Istalian Strategic Investement Fund Creation Act |
| Message | Silvia Rossi, AI Speaker for Finance, We currently vote no, but can be persuaded if there is clear evidence of the need for such a structure outside of the Istalian Central Bank, which in our opinion fulfills these duties anyway. |
| Date | 08:53:27, March 31, 2018 CET | From | Alleanza Radicale - NCD | To | Debating the D.d.l. 03/4370 - Fondo Strategico d'Investimento Istaliano/Istalian Strategic Investement Fund Creation Act |
| Message | Giacomo Tancredi, Spokeperson of AR: "Mr Speaker, I would just say to Hon. Rossi that the Istalian Central Bank persues these objectives: "It is an independent institution responsible for maintaining the stability of the financial system, for issuing all banknotes and coins in the country, overseeing and regulating the banking sector, keeping the government's currency reserves and act as lender of last resort for the istalian banking system. The Bank of Istalia is also the sole owner of the Istalian Mint. Other functions include, market supervision, oversight of the payment system and provision of settlement services, State treasury service, Central Credit Register, economic analysis and institutional consultancy." There are no provisions about Investments and the other purpose of this Institution as well as of the Deposits and Consignments Fund." |
| Date | 09:55:15, March 31, 2018 CET | From | Partito Nazionale Democratico | To | Debating the D.d.l. 03/4370 - Fondo Strategico d'Investimento Istaliano/Istalian Strategic Investement Fund Creation Act |
| Message | OOC: It says "betterment of Kanjor - you mean Istalia or are you a spy? IC: Silvia Rossi, AI Speaker for Finance, We are a little worried about buying publicly traded bonds at the cost of the tax payer. We understand that ultimately the gain will be larger than the cost, but do we have the right to use the people's money like that? Do not misunderstand, we are very interested in the proposal which will probably pass without our vote anyway, but we would like it explained. Is there not a huge risk in this fund? If a public stock, financed by us, fails drastically, won't we be extremely susceptible, and moreover, it will make us susceptible to events happening in foreign markets? |
| Date | 11:53:54, March 31, 2018 CET | From | Fronte Democratico - P.L. | To | Debating the D.d.l. 03/4370 - Fondo Strategico d'Investimento Istaliano/Istalian Strategic Investement Fund Creation Act |
| Message | OOC: I made a mistake, I mean Istalia obviously. |
| Date | 14:25:01, March 31, 2018 CET | From | Alleanza Radicale - NCD | To | Debating the D.d.l. 03/4370 - Fondo Strategico d'Investimento Istaliano/Istalian Strategic Investement Fund Creation Act |
| Message | Simone Calenda, Minister of Trade and Industry: "Mr Speaker, if I can speak in behalf also of the collegue Minister Maritini, the law provides the obligation for the Fund to invest in clearly profitable activities and on long term investments, the most sure and less suscettible of the failures. The short term investment are very unprevedible, but for this reason the latter kind of investment has been not considered. And the Parliamentary Finance Committee should receive each years or on demand a rapport on the status and of the programmed investments." |
| Date | 00:05:31, April 01, 2018 CET | From | Partito Nazionale Democratico | To | Debating the D.d.l. 03/4370 - Fondo Strategico d'Investimento Istaliano/Istalian Strategic Investement Fund Creation Act |
| Message | Silvia Rossi, AI Speaker for finance, We thank the honorable speakers and we will vote in favor of this fund, whilst the other proposal we will continue to oppose. This is a great opportunity created by the government for Istalia and probably the one that is more certainly here to stay. |
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Voting
| Vote | Seats | |||||||
| yes |
Total Seats: 369 | |||||||
| no | Total Seats: 0 | |||||||
| abstain |
Total Seats: 114 |
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