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Ministry of Justice of Ukraine

August 25, 2004

 

No. 1049/9648

THE DECISION OF STATE COMMISSION ON SECURITIES AND THE STOCK MARKET OF UKRAINE

of August 18, 2004 No. 348

About approval of the Regulations on replacement procedure of person performing activities for asset management of the pension fund

(as amended on 03-10-2019)

In pursuance of requirements of the Law of Ukraine "About non-state pension provision" and according to the Laws of Ukraine "About obligatory national pension insurance", "About state regulation of the security market in Ukraine" State commission on securities and the stock market RESHILA:

1. Approve Regulations on replacement procedure of person performing activities for asset management of the pension fund it (is applied).

2. V.i.o. to provide the executive secretary of V. Pryadko: state registration of this decision in the Ministry of Justice of Ukraine; publications of this decision according to the current legislation.

3. The decision becomes effective according to the current legislation.

4. Control over the implementation of this decision to assign to the acting executive secretary of V. Pryadko.

Commission chairman

A. Balyuk

 

Approved by the Decision of State commission on securities and the stock market of Ukraine of August 18, 2004 No. 348

Regulations on replacement procedure of person which carries out activities for asset management of the pension fund

I. General provisions

1. This Provision establishes procedure and terms of replacement of person who carries out activities for asset management of the pension funds, and procedure for purpose of person which will temporarily exercise asset management of non-state pension fund (further - the pension fund).

2. Replacement of person who carries out activities for asset management of the pension fund (further - Person) can be performed by council of the pension fund (further - council of fund) in case:

1) terminations of term of the relevant agreement on asset management;

2) early termination of such agreement at the initiative of council of the pension fund, in particular:

cancellations by the National commission on securities and the stock market (further - the Commission) licenses for carrying out professional activity in the stock market - activities for asset management of institution investors (activities for asset management) (further - the license) which were issued to Person;

terminations of Person;

the conclusions Person of contracts which break or consequence of which violation of regulations of the legislation on non-state pension provision, terms of the contract about asset management of the pension fund or conditions of the investment declaration of the pension fund is;

recognitions unsatisfactory results of activities of such Person concerning asset management of the pension fund by council of fund;

reduction for year more than for 20 percent of the weighted average indicator of change of net value of unit of pension assets of fund and/or more than for 10 percent of the weighted average indicator of change of net value of unit of pension assets of accumulative system of pension insurance; on pension assets which were in management of Person (Persons) if such reduction is not caused by objective changes in the financial market;

3) early termination of such agreement at the initiative of Person.

3. Council of fund within one working day from decision date about replacement of Person surely reports about such decision of the National commission which performs state regulation in the sphere of the markets of financial services, and the Commission with indication of the reasons of such replacement.

In case of the termination of term or agreement cancelation about asset management council of fund shall within one working day from the date of discharge of such agreement in writing report to the keeper and Person about the termination of term of the agreement on asset management or its termination with indication of the reasons of it.

4. In case when asset management of fund was exercised of two and more Persons, power of the person on which replacement the relevant decision is made by council of fund can temporarily be carried out by another (others) Person (Persons) who (which) performs (perform) activities for asset management of this fund.

5. In case when asset management of fund was exercised of one Person, council of fund shall not later than one month from the date of discharge of the agreement on asset management sign the contract on asset management of the pension fund with other Person who obtained the license.

ІІ. Replacement procedure of Person in case of the termination of term of the agreement on asset management

1. Person not later than in 10 working days prior to cancellation of the agreement on asset management of the pension fund in case of lack of intentions of further asset management of this fund shall inform in writing the Commission, council of fund and the administrator concerning the termination of effective period of such agreement.

Information on fund, structure and structure of assets of fund and documents which confirm them, by condition on the first of current month is attached to the message which is provided to the Commission.

2. In case of failure to meet requirement, the stipulated in Item 5th Section I of this Provision, council of fund within one working day shall inform in writing the National commission which performs state regulation in the sphere of the markets of financial services, the Commission, Person, the administrator and the keeper about not conclusion of the agreement on asset management of the pension fund.

3. Concerning appointment of Person which will temporarily exercise asset management of this pension fund the Commission performs such actions:

1) within 10 working days from the date of receipt of the message from council of fund on not conclusion of the agreement on asset management of the Commission pension fund will promulgate information on this pension fund, structure and structure of assets of fund on the official website of the Commission and reports about adoption of statements from Persons concerning their desire to exercise temporary asset management of this pension fund;

2) within 10 working days from the date of promulgation the Commission adopts statements from Persons who showed willingness to exercise temporary asset management of this pension fund. Persons enclose information of rather available license to these applications, financial condition, the list of institution investors which asset management is exercised by such Person, availability of application of sanctions against this Person;

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