The NSSMC clarified the nuances regarding the powers of the members of the NPF councils during the war

The NSSMC (National Securities and the Stock Market Commission) adopted a Resolution designed to ensure the full-fledged operation of the management bodies of non-state pension funds (NPF boards) during the war.
Based on the results of consultations with the market, the regulator decided to grant NPF councils with all the powers provided for by the Law on Non-State Pension Insurance. This step will help to level the risks of complete or partial destruction of the system of corporate management of pension funds due to the deprivation of the necessary functionality of the board of the fund in the conditions of war.
In accordance with the NSSMC`s Resolution No. 1500 of 12/28/2022, amendments are made to the previous document — Resolution No. 706 of 06/22/2022. It is provided that in the event of the expiration of the term of office of a member of the NPF council before the beginning or during the period of martial law, his authority shall be extended for the period of martial law and up to 90 days after its full termination.
In addition, since new technologies allow meetings of founders of pension funds to be held remotely, the NSSMC removes the caveat regarding the «reasonable impossibility» of holding such meetings.