Regulatory Alerts2025-08-13 | 09/21/2727/К03Added · Updated
On Approval of the Procedure for Temporary Appointment of an Administrator of a Non-State Pension Fund
The National Commission for Securities and Stock Market approves a procedure for the temporary appointment of an administrator for a non-state pension fund (NSPF) when the NSPF's board fails to contract a new administrator after the license of the previous administrator is terminated. The procedure mandates that the NSPF board submit a request within 10 working days, triggering a selection process that must conclude within 30 calendar days. Selection occurs via competitive bidding based on criteria such as three years of experience and absence of conflicts of interest, or through non-competitive appointment if no valid bids are received. The appointed temporary administrator must execute a contract for at least twelve months, and failure to secure such an agreement results in a recommendation to the NSPF board and founders to terminate the fund.
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