NPF administrators will report to the NSSMC in a new way

The National Securities and Stock Market Commission (hereinafter – NSSMC) has developed a new reporting format for new professional participants in the securities market – administrators of nonprivate pension funds (hereinafter – NPF).

Reporting requirements and the procedure for compiling, submitting and publishing data are defined in the draft “Regulations on the procedure for compiling, submitting and disclosing administrative data by the NPF administrator, including reporting on NPF provision”, which was approved at the NSSMC meeting.

The regulation provides for the submission of data by administrators daily, monthly, quarterly and annually. The data are divided into information on the administrator as a legal entity and information on the activities of NPFs and their administration by the administrator. In particular, new professional participants in the securities market will submit the following information to the regulator:

• daily data, which consist of a certificate of composition, structure and net asset value of NPFs, which is compiled and submitted by the administrator for each NPF separately. The first reporting period is October 1, 2020;
• quarterly data on the NPF administrator, which includes monthly data on the administrator for the last month of the reporting quarter and for the I, II and III quarters of the reporting year – interim financial statements of the administrator, which must meet international financial reporting standards. The first reporting period is June and the second quarter of 2020, and the first reporting is submitted by 31.08.2020;
• quarterly data on the activities of pension funds and their administration, consisting of a certificate of personal registration of pension fund participants, a certificate of performance of corporate and professional pension funds, a certificate of pension fund participants by age and for I, II and III quarter of the reporting year – interim financial statements of the pension fund. The first reporting period is the second quarter of 2020, and the first reporting is submitted by September 30, 2020;
• the annual financial statements of the administrator and the annual financial statements of the pension funds are included in the relevant annual data. The first reporting period is 2020.

“We are moving to the daily submission by administrators of information on the composition, structure and net asset value of NPFs, just as it now works for open-end investment funds. The deadlines for the first reporting are short, which will allow you to set up systems on time, both on the part of administrators and on the part of the Commission. Currently, everything is going according to schedule, we will be ready from July 1 to take over the function of state regulation of property managers and administrators of NPF”, – said Alexander Panchenko, the Commissioner  of the NSSMC.

It will be recalled that the Law of Ukraine of September 12, 2019 №79-IX “On Amendments to Certain Legislative Acts of Ukraine Concerning Improvement of Functions on State Regulation of Financial Services Markets” (split) provides for liquidation of the National Commission for State Regulation of Financial Services Markets  and the transfer of its functions to the National Bank of Ukraine and the NSSMC. According to the changes in the legislation from July 1, 2020, professional activity in the stock market includes property management activities to finance construction projects and / or real estate transactions.