Document from CIS Legislation database © 2003-2022 SojuzPravoInform LLC

The document ceased to be valid since  February 3, 2017 according to Item 1 of the Order of the National commission performing state regulation in the field of the markets of financial services of Ukraine of December 20, 2016 No. 3157

Registered by

Ministry of Justice of Ukraine

January 12, 2004

No. 25/8624

THE ORDER OF STATE COMMISSION ON REGULATION OF THE MARKETS OF FINANCIAL SERVICES OF UKRAINE

of November 13, 2003 No. 118

About approval of Licensed conditions of implementation of activities for administration of non-state pension funds

(as amended on 05-03-2013)

According to requirements of article 34 of the Law of Ukraine "About financial services and state regulation of the markets of financial services", article 27 of the Law of Ukraine "About non-state pension provision" and requirements of item 4 of the Regulations on State commission for regulation of the markets of financial services of Ukraine approved by the Presidential decree of Ukraine of April 4, 2003 No. 292, and also for the purpose of enhancement of state regulation of activities for provision of services on non-state pension provision State commission on regulation of the markets of financial services of Ukraine

DECIDED:

1. Approve Licensed conditions of implementation of activities for administration of non-state pension funds (are applied).

2. To department of supervision of non-state pension funds (Rybalchenko A. A.) provide provision of this order in the Ministry of Justice of Ukraine for state registration.

3. And public relations (Nagornyak M. V.) to provide to department of interaction with mass media publication of this order in mass media after its state registration.

4. Control of execution of the order to leave for the Commission chairman.

Chairman

Commissions V. Suslov

Approved by the Order of State commission on regulation of the markets of financial services of Ukraine of November 13, 2003 No. 118

Licensed conditions of implementation of activities for administration of non-state pension funds

These Licensed conditions are developed according to requirements of the Laws of Ukraine "About financial services and state regulation of the markets of financial services", "About non-state pension provision" (further - the Law), Regulations on the National commission performing state regulation in the field of the markets of financial services, No. approved by the Presidential decree of Ukraine of November 23, 2011 1070, of the Regulations on the State register of financial institutions approved by the order of State commission on regulation of the markets of financial services of Ukraine of 28.08.2003 No. 41, registered in the Ministry of Justice of Ukraine 11.09.2003 for N 797/8118 (daleepolozheniye about the Register), and other regulatory legal acts which regulate the relations arising in the field of implementation of activities for administration of non-state pension funds.

Section 1. General provisions

1.1. These Licensed conditions establish the requirements obligatory for accomplishment at the time of receipt of the license and during implementation of activities for administration of non-state pension funds (further - the pension funds).

1.2. In these Licensed conditions the terms below are used in such value:

the applicant - the legal entity who files documents for obtaining or cancellation of the license, renewal of the license, issue of the duplicate of the license;

the skilled worker - the worker of the administrator who meets qualification requirements to specialists in the questions of administration of non-state pension funds established by the National commission performing state regulation in the field of the markets of financial services;

the licensee - the legal entity (the individual founder of corporate pension fund who made the decision on independent implementation of administration of such fund, the professional administrator or the company on asset management) who obtained license for activities on administration of the pension funds;

licensing - issue, renewal and cancellation of licenses, issue of duplicates of licenses, conducting licensed cases;

the license - the document of the established sample which certifies the right of the licensee to perform activities for administration of the pension funds on condition of accomplishment of these Licensed conditions;

the applicant's representative - person who shall or has the right to make the transaction on behalf of the applicant according to the Civil code of Ukraine.

Other terms are used in these Licensed conditions according to the Law of Ukraine "About financial services and state regulation of the markets of financial services", the Law, Regulations on the Register.

1.3. Licensing of activities for administration of the pension funds is performed by Natskomfinuslug.

1.4. At the time of filing of application about licensing for implementation of activities for administration of the pension funds the professional administrator or the company on asset management shall be entered in the State register of financial institutions (further - the Register) according to Regulations on the Register and Regulations on entering into the State register of financial institutions of information on administrators of non-state pension funds, the approved order of Gosfinuslug of 22.02.2005 No. 3617, registered in the Ministry of Justice of Ukraine 28.03.2005 for No. 336/10616.

1.5. The license for activities on administration of the pension funds grants the right to the licensee to perform activities for administration of the pension funds in all territory of Ukraine.

1.6. In case of implementation of activities for administration of the pension funds through separate division of the administrator such division shall perform activities according to these Licensed conditions.

Information on such division (for the professional administrator and the company on asset management) shall be entered in the Register according to Regulations on the Register and Regulations on entering into the State register of financial institutions of information on administrators of non-state pension funds, the approved order of Gosfinuslug of 22.02.2005 No. 3617, registered in the Ministry of Justice of Ukraine 28.03.2005 for No. 336/10616.

1.7. The license for activities on administration of the pension funds is termless.

1.8. The license loses action after recognition its invalid or cancellations.

1.9. Implementation of activities for administration of the pension funds after cancellation of the license or recognition its invalid is not allowed (taking into account requirements of part five of article 28 of the Law.

1.10. In case of the bases for renewal of the license or issue of the duplicate of the license the administrator shall perform operations according to requirements of these Licensed conditions.

1.11. In case of allocation, and also the termination of legal litsaadministrator with successorship by merge, accession, separation, transformation it shall obtain the new license according to these Licensed conditions.

1.12. In case of cancellation or recognition invalid, or the terminations of effective period of the license of the company on asset management on implementation of professional activity in the security market, namely activities for asset management, the company on asset management for implementation of activities for administration of the pension funds shall bring the activities into accord to Item 2.1 of these Licensed conditions within three months from the date of cancellation, recognition invalid or the terminations of effective period of the specified license.

1.13. For licensing, renewal of the license, issue of the duplicate of the license the payment which amount and procedure for introduction are established by regulatory legal acts of Gosfinuslug or Natskomfinuslug is levied.

1.14. The licensee cannot transfer the license or its copy to other legal entity or physical person for implementation of activities for administration of the pension funds.

1.15. The licensee shall observe the procedure for acceptance and registration of citizens established by the legislation for work according to requirements of Chapter III of the Labor code of Ukraine (execution of an employment agreement with hired employee).

Section 2. Requirements to the applicant in case of receipt of license for activities on administration of the pension funds

2.1. Requirements to the professional administrator

2.1.1. The professional administrator can be created in the form of joint-stock company or limited liability company.

2.1.2. The professional administrator formed as joint-stock company has the right to issue exclusively common nominal shares.

2.1.3. The keeper of that pension fund with which council it signed the service agreement of the pension fund cannot be the founder of the administrator.

2.1.4. The name of the professional administrator shall display its form of business, contain the words "administrator of the pension fund" and differ from names of any other administrators of the pension funds.

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