Changes for the better: the NSSMC approved the Procedure for conducting a meeting of the founders of the non-state pension fund

The NSSMC (National Securities and Stock Market Commission) developed the Procedure for conducting a meeting of the founders of the non-state pension fund. The members of the Regulator decided to approve it at its regular meeting.

“Meeting of founders is the management body of the fund, therefore it is important to regulate their work. By the document we have answered a number of unresolved issues and, hopefully, these changes are for the better”, says Yurii Boiko, the Commissioner of the NCSSM.

Thus, the order provides an improved procedure and conditions for the conducting of the meeting of the NPF founders by polling and Resolution of the NSSMC on the agenda of the meeting of NPF’s founders, which has not been held twice in a row due to their illegality for lack of a sufficient number of founders.

Accordingly, the Procedure defines:

• the requirements for the notification of meetings of NPF founders by poll, sent to these founders by a responsible person determined by the founders (the founder) initiating (initiates) the organization and conducting of meetings of NPF founders by poll, and the documents attached to such notification, as well as the procedure for its submission, including in paper and electronic forms;
• the procedure for decision-making decisions by the NPF founders by poll on issues within the competence of the meeting, in particular with regard to new candidates for inclusion in the management board of the fund, and the procedure for drawing up a questionnaire for voting as follows;
• the requirements to the act on the voting results and the minutes of the NPF founders’ meeting held by means of survey research;
• the procedure for submission and review of the documents for the Resolution of the NSSMC on the agenda of the NPF founders’ meeting, which were convened but did not take place.

It should be reminded that the Law of Ukraine On Non-State Pension Provision establishes that if the founders’ meetings did not take place twice in a row due to their illegality because of the lack of a sufficient number of founders’ representatives, the Regulator makes the Resolution on the agenda of such meetings.