Regulatory body had a meeting 9 July

National Securities and Stock Market Commission approved amendments to the Regulations on the procedure for determining the net asset value of private (public, corporate, professional) pension funds. The relevant resolution was adopted at a regular meeting of the regulator on 9 July 2013.

«This document was designed to bring the Regulation on the procedure for determining the net asset value of private (public, corporate, professional) pension funds in line with the applicable law regulating the activities of Accumulative pension system in Ukraine.

The new edition of the Regulation also takes into account the suggestions and wishes of professional stock market participants and the relevant ministries and agencies the document was agreed upon with at the time of its publication. We hope that the amendments will improve the efficiency and transparency of the activities of persons engaged in professional management of pension fund assets, reducing the risks of loss and impairment of assets, protection of investor rights and improvement of state regulation in this area», summarized Oksana Symonenko, Director of the Department for Joint investment and regulation of institutional investors of the NSSMC.

Ms. Symonenko also said that these changes in the Regulation settle certain aspects of methodology and procedure for calculating net asset value of the accumulative pension system, the third and second level in particular, which is essential to improve the procedure and test the accuracy of calculations.

The regulatory act is developed in accordance with Article 8 of the Law of Ukraine «On State Regulation of Securities Market in Ukraine», Article 47 of the Law of Ukraine «On Private Pension Provision» and Article 86 of the Law of Ukraine «On Mandatory State Pension Insurance».

10 July 2013 the document was sent to the Ministry of Justice of Ukraine for civil registration.