Publication date: 09.07.2024
Legal regulation of non-state pension funds in Ukraine
Introduction.
Non-state pension funds (NPFs) play an important role in providing additional pension savings for citizens, complementing the state pension system and contributing to the financial stability of pensioners. In Ukraine, the legal regulation of non-state pension funds is necessary to ensure their transparent and efficient operation, protection of the rights of fund participants and stability of the pension system as a whole.
Key regulations
The legal regulation of non-state pension funds in Ukraine is based on a number of regulations, including the following key ones:
TheLaw of Ukraine "On Non-State Pension Provision". This law establishes the legal, economic and organizational framework for the operation of non-state pension funds, defines the procedure for the establishment, operation and liquidation of NPFs, and regulates the relations between participants, depositors and managers of pension assets.
TheLaw of Ukraine "On Financial Services and State Regulation of Financial Services Markets". The law regulates the activities of financial institutions, including non-state pension funds, and defines the powers of state regulatory and supervisory authorities over financial services markets.
Law of Ukraine "On Securities and Stock Market". The law establishes the legal framework for the issue, circulation and redemption of securities, regulates the activities of professional stock market participants, including NPFs as investors.
TheLaw of Ukraine "On State Regulation of the Securities Market in Ukraine". The Law defines the legal framework for the activities of state authorities that regulate and supervise the securities market, including the activities of non-state pension funds.
State regulatory authorities
The main state authorities responsible for regulating and supervising the activities of non-state pension funds in Ukraine are:
TheNational Securities and Stock Market Commission (NSSMC). It is a central executive body that carries out state regulation and supervision of the securities market, including the activities of NPFs. The main functions of the NSSMC include:
- Development and implementation of regulations in the field of pension provision.
- Licensing of NPFs and professional securities market participants.
- Supervision of compliance with the requirements of the legislation on the activities of NPFs.
- Protection of the rights of NPF participants.
National Bank of Ukraine (NBU). The NBU supervises the activities of banking institutions that provide asset management services to NPFs and regulates monetary policy issues that affect the functioning of the financial services market.
Establishment and operation of non-state pension funds
Non-state pension funds are established to provide additional pensions to individuals by accumulating and investing pension contributions. The main stages of establishment and operation of NPFs include:
Establishment of theNPF. A non-state pension fund is established on the basis of a decision of the founders, who develop a charter and other constituent documents that determine the legal status, management structure and procedure for the fund's activities. The NPF must be registered with the NSSMC and obtain a license to operate.
Management of pension assets. NPF assets are managed by asset management companies (AMCs), which enter into agreements with NPFs to manage pension assets. AMCs are obliged to comply with the requirements of the legislation on investment of pension assets, ensure their safety and growth.
Accounting and reporting. NPFs are obliged to keep records of pension assets and transactions with them, ensure timely and complete reporting to fund participants, the NSSMC and other regulatory authorities.
Supervision ofNPF activities. The NSSMC supervises the activities of NPFs by conducting scheduled and unscheduled inspections, identifying violations of the law and applying sanctions to violators.
Rights and obligations of participants and depositors of NPFs
The legal regulation of non-state pension funds defines the rights and obligations of participants (persons receiving pension payments) and depositors (persons or organizations paying pension contributions).
Rights of participants
Theright to pension payments. NPF participants have the right to receive pension payments upon reaching retirement age or other circumstances stipulated by the agreement.
Theright to information. Participants have the right to receive information on the status of their pension accounts, the results of investment of pension assets, the terms of pension provision and other important aspects of the NPF's activities.
Theright to change the terms of the agreement. Participants have the right to change the terms of the private pension agreement, including the amount of pension contributions, frequency of payments and other conditions.
Responsibilities of participants
- Compliance with the terms of the agreement. Participants are obliged to comply with the terms of the private pension agreement, pay pension contributions in a timely manner and report changes in their personal data.
Rights of depositors
Right to information. Depositors have the right to receive information on the status of their pension accounts, the results of investment of pension assets and other important aspects of NPF activities.
Theright to change the terms of the agreement. Depositors have the right to change the terms of the private pension agreement, including the amount of pension contributions, frequency of payments and other conditions.
Responsibilities of depositors
Timely payment of contributions. Depositors are obliged to pay pension contributions in a timely manner in accordance with the terms of the private pension agreement.
Compliance with theterms of the agreement. Depositors are obliged to comply with the terms of the agreement, notify of changes in their personal data and other important circumstances.
Investment of pension assets
Investment of pension assets is a key aspect of the activities of non-state pension funds. Ukrainian legislation establishes requirements for the investment of pension assets to ensure their preservation and growth. The main provisions on investment of pension assets include:
Diversification of investments. AMCs are required to diversify investments of pension assets in order to reduce risks associated with fluctuations in the value of individual assets.
Restrictions on investments. Legislation establishes restrictions on investments of pension assets in certain types of assets, including securities, bank deposits, real estate, etc., in order to ensure their liquidity and reliability.
Control over investments. The NSSMC monitors the investment of pension assets, checking compliance with the requirements of laws and regulations on investment, as well as the effectiveness of asset management.
Protection of the rights of NPF participants
Protecting the rights of participants in non-state pension funds is an important aspect of the legal regulation of this area. Ukrainian legislation provides for a number of mechanisms to protect the rights of NPF participants, including
State supervision. The NSSMC exercises state supervision over the activities of NPFs, conducting inspections and imposing sanctions in case of violations of the law.
Mandatory disclosure ofinformation. NPFs are obliged to regularly disclose information about their activities, the state of pension assets and investment results, which ensures transparency and accountability of their activities.
Insurance of pension assets. Legislation provides for the possibility of insuring pension assets against risks associated with bankruptcy or other negative events, which provides additional protection of the interests of NPF participants.
Dispute resolution. NPF participants have the right to apply to the court or state supervisory authorities in case of violation of their rights, which ensures legal protection and the possibility of compensation for losses.
Conclusion.
The legal regulation of non-state pension funds in Ukraine is an important tool for ensuring efficient and transparent operation of NPFs, protection of the rights of participants and depositors, and stability of the pension system. It includes the regulatory framework, the activities of state regulatory and supervisory authorities, the rights and obligations of participants and depositors, mechanisms for investing pension assets and protecting the rights of participants. Effective legal regulation contributes to the development of private pension provision, increases public confidence in pension funds and ensures the financial stability of pensioners.
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