Local investments

(1) The aggregate amount of a pension fund that may be invested in assets outside of Belize shall not exceed twenty percent of the total market value of a pension fund’s assets. (2) For the purpose of subregulation (1), assets not exceeding ten percent of the total market value of a pension fund’s assets may be deemed to be assets in Belize where the assets are approved by the Supervisor in writing. (3) For the purpose of this section, “assets in Belize” means assets which– (a) originate in Belize; or (b) are denominated in Belize dollars; and (c) are physically held in Belize.