On Approval of the Regulation on Conducting Activities of Non-State Pension Fund Administration

NATIONAL COMMISSION FOR SECURITIES AND STOCK MARKET DECISION Kyiv On Approval of the Regulation on Conducting Activities of Non-State Pension Fund Administration

In accordance with paragraph 1 of part one of Article 7, Articles 29, 30 of the Law of Ukraine "On State Regulation of Capital Markets and Organized Commodity Markets", the Law of Ukraine "On Non-State Pension Provision",

The National Commission for Securities and Stock Market

HAS DECIDED:

1. Approve the Regulation on Conducting Activities of Non-State Pension Fund Administration, attached hereto.

2. Declare invalid the order of the National Commission exercising state regulation in the field of financial services markets, dated December 03, 2013 No. 4400 "On Approval of the Regulation on Conducting Activities of Non-State Pension Fund Administration", registered in the Ministry of Justice of Ukraine on February 04, 2014 under No. 218/24995 (with amendments).

3. The Department of Methodology shall ensure submission of this decision for state registration to the Ministry of Justice of Ukraine.

4. The Administration of Administrative Activities shall ensure publication of this decision on the official website of the National Commission for Securities and Stock Market.

5. The Department of Legal Development, after state registration of the decision by the Ministry of Justice of Ukraine, shall ensure publication of this decision on the official website of the National Commission for Securities and Stock Market.

6. This decision enters into force from the day following the day of its official publication.

7. Administrators of non-state pension funds shall bring their activities into compliance with the requirements of this Regulation no later than 90 calendar days after the termination or cancellation of martial law.

8. Control over the implementation of this decision shall be vested in a member of the National Commission for Securities and Stock Market A. Il'in.

Chairman of the Commission Oleksiy SEMENYUK

Protocol of the Commission meeting dated 18.02.2026 No. 8

APPROVED
Decision of the National Commission for
Securities and Stock Market
______________________ No. _____

Regulation on Conducting Activities of Non-State Pension Fund Administration

I. General Provisions

1. This Regulation establishes the procedure for conducting activities of non-state pension fund administration (hereinafter – pension fund), including:
   obligations of the pension fund administrator, requirements for the organization and conduct of its activities in administering the pension fund; rules for personalized accounting of pension fund participants, including participants of the accumulation system of compulsory state pension insurance (hereinafter – participant of the accumulation system of pension insurance), and the procedure for accessing this information.

2. In this Regulation, terms are used in the following meanings:

1. archival document – a document regardless of its type, type of material carrier of information, place and time of creation, and form of ownership, which has ceased to perform the functions for which it was created, but is preserved or subject to preservation due to its significance for the individual, society, or state, or its value for the owner as an object of movable property;
2. banking details – name of the bank, MFO code, recipient identification code, IBAN (bank account number);
3. extract from an individual pension account – a document provided to the pension fund participant in written (paper or electronic) form, which confirms information regarding the amount of pension funds due to them and operations with them during the period for which such extract is provided;

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4. statement of personalization of pension contributions (statement of personalization) – a document in paper or electronic form, formed by the contributor of the pension fund, which serves as the basis for the administrator of the pension fund to credit pension contributions to the individual pension accounts of the participants of the pension fund, for whose benefit such contributions were paid as a single payment;
5. document enabling identification of the person – passport of a citizen of Ukraine, passport of a citizen of Ukraine for travel abroad, diplomatic passport of Ukraine, service passport of Ukraine, as well as a national passport of a foreigner or a document replacing it;
6. registered person – a physical or legal entity for whom an appropriate account card is opened in the personalized accounting system;
7. identification code – identification code of a legal entity in the Unified State Register of Enterprises and Organizations of Ukraine;
8. KIS – complex information and communication system of the NSCSPFM;
9. LEI code – identification number under the international legal entity identifier;
10. account card – an account document containing a set of data about the registered person or another object of accounting in the personalized accounting system;
11. operational day – a working day during which the administrator performs all operations in the personalized accounting system of the pension fund;
12. official communication channel – means of the electronic office of the user of the KIS;
13. pension contribution – a monetary contribution of the contributor of the pension fund, paid for the benefit of the participant(s) of the pension fund in accordance with the pension contract;
14. pension accumulations of the accumulation system of pension insurance – the amount of funds accounted for on the individual pension account of the participant of the accumulation system of pension insurance in the Accumulation Pension Fund or pension fund – a second-level entity, formed at the expense of insurance contributions and other inflows to the Accumulation Pension Fund or pension fund – a second-level entity;
15. participant's pension accumulations – the amount of funds accounted for on the individual pension account of the participant of the pension fund, formed in the system of non-state pension provision at the expense of pension contributions and other inflows to the pension fund for the benefit of such participant;
16. personalized accounting – collection, processing, systematization, and storage of information about participants of non-state pension provision and participants of the accumulation system of pension insurance, concluded contracts and submitted applications, information about the determination of their rights to pension payments from funds accumulated for their benefit, as well as calculation of the amount of these payments;
17. representative – a physical or legal entity obliged or entitled to perform legal acts on behalf of another party it represents, in accordance with the Civil Code of Ukraine;
18. calculation day – a calendar day for which the calculation of net asset value, net asset value of one unit of pension assets, and quantity of units of pension assets, as well as other data necessary for the calculation of these indicators, is carried out. The calculation day is every calendar day of the year;
19. personalized accounting system of pension fund participants (personalized accounting system) – a set of data fixed in the form of records in electronic databases and/or in paper form in accordance with legislation;
20. special application – a specialized software product that provides specific functions and special services to contributors and participants of the pension fund via the network (internet) using standardized protocols, allowing them to interact with the pension fund administrator, exchange data, send and receive information in the form of files (documents, images, etc.), and automate such interaction processes, which guarantees security, protection against unauthorized access, encryption, preservation of information (documents), and the possibility of backup.

Other terms in this Regulation are used in the meanings provided in the Law of Ukraine "On Non-State Pension Provision" (hereinafter – the Law), the Law of Ukraine "On Compulsory State Pension Insurance", the Licensing Conditions for conducting professional activities in capital markets – activities of administering non-state pension funds, approved by the decision of the National Commission for Securities and Stock Market dated August 26, 2022 No. 1122, registered in the Ministry of Justice of Ukraine on October 06, 2022 under No. 1186/38522 (hereinafter – Licensing Conditions), and the Regulation on carrying out financial monitoring by subjects of primary financial monitoring, state regulation and supervision of activities of which is carried out by the National Commission for Securities and Stock Market, approved by the decision of the National Commission for Securities and Stock Market dated March 11, 2021 No. 176, registered in the Ministry of Justice of Ukraine on April 19, 2021 under No. 532/36154 (hereinafter – Regulation on carrying out financial monitoring).

3. Signing of documents provided for by this Regulation, which are received by the administrator, or sent by the administrator in electronic form, is carried out as follows:

1. documents received by the administrator are signed by the sender using a qualified electronic signature based on a qualified public key certificate in accordance with the requirements of legislation on electronic document flow and electronic trust services;
2. documents sent by the administrator are signed using a qualified electronic signature of the head or another representative of the administrator who has appropriate authority, using electronic signatures and/or seals based on a qualified public key certificate, in accordance with legislation on electronic document flow and electronic trust services.

II. Organization of Activities for Administering the Pension Fund

4. Conducting activities for administering the pension fund consists of the administrator performing the following functions:
   maintaining personalized accounting of pension fund participants in accordance with the Law and this Regulation; concluding pension contracts on behalf of the pension fund and controlling their compliance; conducting informational and explanatory work with participants and contributors of the pension fund; ensuring the receipt of information about the payment of pension contributions paid to the pension fund for the benefit of participants; concluding pension payment contracts for a fixed term on behalf of the pension fund; determining the amount and ensuring the payment of pension payments to participants of the pension fund (heirs of participants of the pension fund) in cases provided for by the Law; transferring pension funds in cases provided for by the Law; choosing another pension fund to which the pension funds of participants of the corporate pension fund (except for participants of the accumulation system of pension insurance) should be transferred, in cases provided for by the Law; issuing instructions to the custodian regarding the transfer of funds to pay for expenses incurred at the expense of pension assets in accordance with Article 48 of the Law; providing organizational, technical, and material support for the activities of the pension fund board and the holding of meetings of the founders of the pension fund; reporting at meetings of the pension fund board, where issues regarding the results of the pension fund's activities are considered, through its representative(s); providing the pension fund with agency and advertising services related to its activities; maintaining a register of persons providing agency services to the pension fund in accordance with the Law; providing and publishing information about the pension fund and its activities in non-state pension provision in accordance with the terms of the pension fund administration agreement and legislation; preparing and submitting on behalf of the pension fund reporting in the field of non-state pension provision and other reporting in cases and in the manner provided for by the legislation of Ukraine; providing in writing to participants of the accumulation system of pension insurance information about the conditions and procedure for receiving a lifetime pension from funds accounted for on their individual pension accounts; providing in writing in cases and in accordance with the current legislation of Ukraine to persons indicated by the participant of the pension fund or heirs, guardians (custodians), information about the presence of funds in the account of the deceased (declared by the court as missing or deceased) participant of the pension fund; performing operations defined by legislation during the liquidation (reorganization) of the pension fund; ensuring the conduct of audit checks of the pension fund's activities; maintaining accounting and tax accounting of the pension fund; calculating the net asset value of the pension fund and the net asset value of one
   unit of pension assets (together with persons conducting activities for managing the pension fund's assets); exchanging information with other subjects of non-state pension provision and, in cases provided for by legislation, with state bodies, legal entities, and physical entities; performing other functions in cases provided for by the Law and the pension fund administration agreement.

An asset management company that has received a license for conducting professional activities in capital markets – activities of administering non-state pension funds (hereinafter – license) and plans to conduct activities for administering the pension fund(s), and the sole founder of a corporate pension fund who has decided to independently administer such pension fund, conducts activities for administering through its functional structural unit created in accordance with the Law and this Regulation.

5. To ensure its activities, the administrator must develop and approve by decision of its management body, to which the statute grants authority to make such decisions, internal documentation intended to formalize and regulate the actions of the administrator, its structural units, and employees of the administrator in the process of conducting activities for administering, provided for by Chapter 5 of Section II of the Licensing Conditions.

Internal documents of the administrator must meet the following requirements:

1. the internal regulation on the administration of pension funds (hereinafter – internal regulation) is a document that regulates the activities of the administrator and its units directly involved in conducting activities for administering the pension fund and must contain:
   organizational and functional structure of the administrator; scheme and procedure for interaction and information exchange (including documents) between the administrator and the person(s) managing the pension fund's assets, the custodian, and the pension fund board; functional scheme of the pension fund administration process with breakdown by functions of individual units of the administrator; description of interaction of structural units of the administrator with other units regarding the performance of functions for administering the pension fund; specifics of maintaining personalized accounting of pension fund participants; procedure for providing information from the personalized accounting system, including to participants of the pension fund; procedure for maintaining a register of persons providing agency services. The internal regulation may contain other norms regulating the activities of the administrator;

2. the regulation on the administration by a separate structural unit (hereinafter – regulation on administration by a structural unit) is developed and approved by:
   the administrator conducting activities for administering pension funds through its separate unit; an asset management company conducting activities for administering pension funds through its functional and/or separate structural unit; the sole founder of a corporate pension fund who has decided to independently administer such pension fund, through its functional and/or separate structural unit. The regulation on administration by a structural unit is a document that regulates the activities for administering the pension fund by a separate and/or functional structural unit of the administrator, asset management company, and sole founder of a corporate pension fund who has decided to independently administer such pension fund, and must contain:
   procedure for creation and liquidation of the unit (for a separate structural unit); authority of the unit regarding the administration of pension funds; requirements for premises taking into account the requirements for premises established by the Licensing Conditions; organizational and functional structure of the separate and/or functional structural unit and its place in the general structure of the legal entity; scheme and procedure for interaction and information exchange (including documents) between the separate and/or functional structural unit and the person(s) managing the pension fund's assets, the custodian, and the pension fund board; functional scheme of the pension fund administration process with breakdown by functions in the separate and/or functional structural unit; description of interaction (subordination) of specialists and managers of the separate and/or functional structural unit with the central office and other units of the legal entity regarding the performance of functions for administering the pension fund; specifics of maintaining personalized accounting of pension fund participants by the separate and/or functional structural unit; procedure for providing information from the personalized accounting system, including to participants of the pension fund; procedure for maintaining a register of persons providing agency services. The regulation on administration by a structural unit may contain other norms regulating its activities for administering pension funds.

3. the regulation on the implementation of internal financial monitoring is developed and approved by the administrator in accordance with the Regulation on carrying out financial monitoring.

4. the regulation on the procedure for organizing and conducting internal audit is developed and approved by the administrator in accordance with the standards of corporate governance in professional participants of capital markets and organized commodity markets, approved by decisions of the National Commission for Securities and Stock Market dated December 30, 2021 No. 1288 "On Approval of Standard No. 1 'Corporate Governance in Professional Participants of Capital Markets and Organized Commodity Markets. Basic Concepts and Terms', registered in the Ministry of Justice of Ukraine on February 28, 2022 under No. 261/37597, dated December 30, 2021 No. 1289 "On Approval of Standard No. 2 'Corporate Governance in Professional Participants of Capital Markets and Organized Commodity Markets. Organization and Functioning of the Internal Control System in Professional Participants that are Enterprises of Public Interest and are not Banks', registered in the Ministry of Justice of Ukraine on February 28, 2022 under No. 258/37594, dated December 30, 2021 No. 1290 "On Approval of Standard No. 3 'Corporate Governance in Professional Participants of Capital Markets and Organized Commodity Markets. Organization and Functioning of the Internal Control System in Professional Participants that are Systemically Important Professional Participants and are not Banks', registered in the Ministry of Justice of Ukraine on February 28, 2022 under No. 267/37603, dated December 30, 2021 No. 1291 "On Approval of Standard No. 4 'Corporate Governance in

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professional participants of capital markets and organized commodity markets. Organization and Functioning of the Internal Control System in Professional Participants that do not belong to enterprises of public interest and to systemically important professional participants', registered in the Ministry of Justice of Ukraine on February 28, 2022 under No. 263/37599;

6. The premises of the administrator, separate and/or functional structural units, on which functions for administration are imposed, must meet the requirements for premises established by the Licensing Conditions.
   The administrator, separate and/or functional structural units must conduct their activities ensuring technologies for remote access and remote servicing and/or at the location determined by the charter and/or registration documents.
   The location of the administrator and each of its separate and/or functional structural units, on which functions for administration are imposed, must provide for limited (controlled) access when performing the following functions:
   operational activities in the personalized accounting system; storage of archival documents (in case of independent maintenance of the archive); placement of the software and technical complex that ensures the functioning of the automated personalized accounting system, taking into account existing modern technologies.

In the event of a change in its location or the location of a separate and/or functional structural unit, the administrator, asset management company, or sole founder of a corporate pension fund who has decided to independently administer such pension fund, must act in accordance with the requirements established by subparagraph 5 of paragraph 5 of Section IV of the Licensing Conditions. The administrator, asset management company, or sole founder of a corporate pension fund who has decided to independently administer such pension fund is obliged to notify in writing the pension fund board with which it has concluded a pension fund administration agreement, the person(s) managing the assets, and the custodian of the pension fund about the change in its location. The administrator, asset management company, or sole founder of a corporate pension fund who has decided to independently administer such pension fund must notify all contributors and participants of the pension fund(s) about the change in its location or the location of its separate and/or functional structural unit by posting the corresponding information on the websites of the administrator and the pension fund(s);

7. The administrator may create separate structural unit(s) in accordance with current legislation and the charter of the administrator.
   Conducting activities for administering through a separate structural unit of the administrator is carried out on the basis of the license obtained by such administrator, and information about such units is provided to the NSCSPFM in the manner defined by the Licensing Conditions. The administrator may create both separate units on which the conduct of activities for administering is imposed, and separate units intended exclusively for performing representative functions. Separate units of the administrator on which only representative functions are imposed are not allowed to provide activities for administering on the basis of the administrator's license. Such units may provide pension funds only with services for:
   informational and explanatory work with participants and contributors; providing the pension fund with agency and advertising services related to its activities; exchanging information with other subjects of non-state pension provision.
   Preparatory work on concluding pension contracts may also be carried out in such a separate unit.

8. The pension fund administration agreement is concluded on the basis of the decision of the pension fund board and is signed by the head of the pension fund board (or a member of the pension fund board to whom the head has issued a corresponding mandate) and an authorized person of the administrator. The agreement must meet the requirements established by parts four and five of Article 21 of the Law and this Regulation.
   In the pension fund administration agreement, also p

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