Permitted investments

An administrator shall ensure that the assets of a pension fund are invested in– (a) investment grade convertible debentures which are traded publicly; (b) closed end or open end mutual or pooled funds which do not invest in prohibited investments; (c) bonds issued by the United States Treasury; (d) bonds issued by the Government of Belize; Private Pensions 49 (e) investment grade corporate bonds; (f) real estate; (g) fully secured first mortgages; (h) United States Treasury Bills; (i) investment grade treasury bills of foreign countries; (j) investment grade commercial paper; (k) certificates of deposits with a financial institution licensed in Belize; (l) loans to plan members or former members secured by the assets of the pension fund; or (m) fixed term deposits or cash held with a foreign bank rated as investment grade or a financial institution licensed in Belize. (2) For the purposes of this regulation, “investment grade” means a grade given to any security or other obligation by any two or more internationally recognized 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.