The effectiveness of the governing bodies: the NSSMC improved the Procedure for holding the meeting of the founders of the non-State pension fund

The NSSMC (National Securities and Stock Market Commission) approved a Resolution on certain issues of holding the meeting of the founders of the NPF (non-State pension fund) at a meeting on February 3, 2022.

“The NSSMC is constantly working on improving all processes and mechanisms in the capital markets and is looking for ways to simplify them for the convenience of market participants. With this document, we resolved a number of issues that had come to us from the professional community,” Yurii Boiko, the Commissioner, said.

The NSSMC has amended the Procedure and Conditions of holding the meeting of NPF founders by survey. In particular, in the case of receiving proposals from the founders of the Fund on the inclusion of the additional issues and/or new Draft resolutions into the agenda of the meeting in this way, the responsible person no later than 10 days before the start date of voting shall form and send a new Draft agenda to the founders. The responsible person also simultaneously posted it on the Fund administrator’s website and/or on the Fund’s website.

Among other things, the document provides for the adoption of the NSSMC Resolution on the agenda of the meeting of the NPF founders, which did not take place twice in a row due to their ineffectiveness through the lack of a sufficient number of representatives of the founders. This Provision is established by the Law of Ukraine On Non-State Pension Provision.

The NSSMC has developed a Draft Law in order to bring the regulatory acts in  line with the requirements of the Law of Ukraine On Improvement of Functions of State Regulation of Financial Services Markets, and finalized it taking into account the comments and proposals received by the Regulator from market participants.

After the entry into force of this Resolution, the following orders will be recognized as invalid:

– The State Commission for Regulation of Financial Services Markets of Ukraine “On Approval of the Procedure for Holding the Meeting of Founders of Non-State Pension Fund by Survey” dated 11.12.2003 №161,

– The National Commission for State Regulation of Financial Services Markets  “On Approval of the Procedure for Adoption by the National Commission for State Regulation of Financial Services Markets, the Decision on the Agenda of Meeting of Founders of Non-State Pension Fund, and the Recognition as Invalid, the Order of the State Commission for Regulation of Financial Services Markets of Ukraine from March 18, 2004 №83” dated 18.07.2013 № 2363.

The document is available on the official website of the NSSMC at the link.