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

of August 29, 2006 No. 6154

About approval of the Procedure of the separate actions connected with the termination of non-state pension funds

According to Article part three 17, of parts one, third article 18 of the Law of Ukraine "About non-state pension provision" State commission on regulation of the markets of financial services of Ukraine Decided:

1. Approve the Procedure of the separate actions connected with the termination of non-state pension funds it (is applied).

2. To provide to department of supervision of organizations of non-state pension provision and Legal department provision of this order in the Ministry of Justice of Ukraine for state registration.

3. To provide to management of organizational and analytical ensuring work of the head publication of this order in mass media after its state registration.

4. Control of execution of this order to assign to the vice-chairman according to distribution of obligations.

Approved by the Order of State commission on regulation of the markets of financial services of Ukraine of August 29, 2006 No. 6154

Procedure of the separate actions connected with the termination of non-state pension funds

I. General provisions

1. This Procedure of the separate actions connected with the termination of non-state pension funds (further - the Procedure), is applied in case of the termination of the non-state pension funds (further - the pension fund) created according to the Law of Ukraine "About non-state pension provision" (further - the Law).

2. This Procedure determines features of holding procedure of the termination of the pension funds by their liquidation or reorganization (accession or merge).

3. In this Procedure terms are used in the following values:

merge - the termination of activities of two or more pension funds of one type as legal entities and transfer of all rights and obligations to the legal successor to the pension fund created as a result of such reorganization;

the commission on the termination - liquidation commission of the pension fund in case of its liquidation or the commission on reorganization of the pension fund in case of its termination by accession or merge formed according to the Section II of this Procedure;

liquidation - the termination of pension fund activity from which its termination as the legal entity without legal successors results;

the body which made the decision on the termination of the pension fund - authorized body of the individual founder (the founder's legal successor) of the pension fund, either meeting of founders of the pension fund, or court, or the National commission performing state regulation in the field of the markets of financial services in the cases provided by the Law and this Procedure;

accession - the termination of pension fund activity as legal entity and transfer of all rights and obligations of such pension fund to the legal successor as whom other pension fund of the same type acts.

Other terms in this Procedure are used in the values given in the Law.

4. The termination of the pension fund can result only:

liquidations;

accessions;

merges.

The termination of the pension fund by separation or transformation to other type of the pension fund is not allowed.

II. Procedure for education, structure, powers and procedure for functioning of the commission on the termination of the pension fund

1. In case of decision making about the termination of the pension fund according to requirements of the Law the body which made such decision appoints the commission on the termination and the commission chairman on the termination. The commission on the termination is formed in number of at least three people.

2. In structure of the commission on the termination is designated person who:

is capable;

it was not condemned for intentional crimes;

within the last seven years was not the head of the legal entity declared bankrupt or subjected to the procedure of involuntary liquidation during stay of this person on executive position;

has complete higher education and work experience in the field of non-state pension provision at least three years.

3. In structure of the commission on the termination members of council of the pension fund which stops can be appointed.

4. From the date of approval of Natskomfinuslug of the decision on the termination of the pension fund, or appointment by a court decision of liquidation commission or appointment of the commission on the termination of Natskomfinuslug in case of acceptance by it according to the paragraph the second parts two of article 16 of the Law or in other cases established by the law, decisions on the termination of the pension fund appoints governing body of the pension fund the commission on the termination to which pass all powers on management of the pension fund.

5. The commission on the termination shall perform management of the current pension fund activity and has exclusive right to be effective from his name within the powers conferred to it until completion of the procedure of the termination of the pension fund.

6. Treat powers of the commission on the termination:

right to sign of documents and use of seal of the pension fund (in the presence);

ensuring implementation of transactions on realization of assets of the pension fund;

observance of the actions and procedures provided by the current legislation when carrying out the termination of the pension fund;

other powers determined by the current legislation.

7. Treat obligations of the commission on the termination:

creation and provision of necessary balances, acts, reports, references and other documents on pension fund activity according to the procedure, provided by the current legislation;

adoption of statements and relevant documents from members of the pension fund;

inventory count of pension assets and obligations of the pension fund;

carrying out payment under obligations of the pension fund;

accomplishment of the actions determined by the current legislation when carrying out the termination of the pension fund;

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