The NSSMC has determined the procedure for conducting operations with NPF assets during wartime

The NSSMC (National Securities and Stock Market Commission) has determined the procedure for conducting operations with assets of private pension funds (NPFs) during the war to stimulate the capital markets and access of enterprises and citizens to cash.

Thus, subject to technical feasibility, the NSSMC allows a number of transactions with NPF assets at least once a month, in particular, to calculate the net unit value of pension assets of the respective NPF.

Including –

 ⁃ custodians of NPF assets have the right to comply with the instructions of NPF administrators on payments to persons-participants of NPF, with whom an agreement on payment of pensions for a specified period. They can also make one-time pension payments to participants or their heirs if there are grounds provided by law, and provided that such regulations comply with the law and NPF documents.

 ⁃ custodians have the right to comply with AMC orders to enter into new agreements on the placement of funds on deposit accounts of banks.

It is important that when calculating the value of assets and net asset value should take into account the funds received from passive income on the assets of NPFs. Asset custodians have the right to comply with AMC orders to purchase government securities at the expense of NPFs, transactions with which the regulator allowed on February 28 (news link).

AMC together with the custodian of the assets of the respective NPF must ensure the appropriate recalculation of the net value of a unit of pension assets in the manner prescribed by law.

NPF administrators, in turn, are obliged to ensure that all the consequences of these operations are reflected in the personal accounting systems of NPF participants.

This resolution comes into force from the moment of its publication on the official website of the NSSMC. You can read the link.