LAW OF UKRAINE

of December 22, 2011 No. 4225-VI

About introduction of amendments to the Law of Ukraine "About non-state pension provision"

The Verkhovna Rada of Ukraine decides:

I. Bring in the Law of Ukraine "About non-state pension provision" (Sheets of the Verkhovna Rada of Ukraine, 2003, No. 47-48, of Art. 372; 2006, No. 13, Art. 110; 2010, No. 38, Art. 505; with the changes made by the Law of Ukraine of July 8, 2011 No. 3668-VI) such changes:

1. In Article 1:

after the paragraph of the ninth to add with the new paragraph of such content:

"the founder (founders) non-state pension fondayuridichesky person or physical persons (for the professional pension fund) who created the pension fund or joined it after creation and acquired the rights and obligations determined by this Law for founders of the pension fund".

With respect thereto the tenth - the forty second to consider paragraphs respectively paragraphs the eleventh - forty third;

the second offer of the paragraph of the fifteenth to exclude;

in the paragraph the twenty fifth shall be replaced with words the words "amount of obligations in terms of money" "the amount of monetary commitments";

paragraphs of the twenty eighth - to replace the thirty fourth with five paragraphs of such content:

"the connected person - the legal entity who exercises control (including joint) for the corresponding legal entity either is controlled by it or is with such legal entity under joint control, or has essential participation in the legal entity; the physical person or members of his family who exercise control of the corresponding legal entity or have essential participation in the legal entity; the official of the corresponding legal entity, authorized to make on behalf of such person of action, directed to establishment, change or the termination of legal relations, and also members of the family of the official. At the same time his husband (wife), children or parents of physical person and his husband (wife), and also the husband (wife) any of children or parents of physical person are considered as members of the family of physical person.

In this Law it is necessary to understand supervision with possibility of decisive influence on management or activities of the legal entity as control of the legal entity by direct and/or mediate (through connected physical persons or legal entities) ownerships or uses of all assets or bigger share (share, the block of shares) of the authorized (share) capital, management of the greatest number of voices in governing body of the legal entity, and also opportunity to perform decisive influence on forming of structure irrespective of formal ownership, results of vote and decision making of the legal entity by governing bodies, and also transactions which give opportunity to determine activities conditions, to give instructions, obligatory to execution, or to perform functions of governing body of the legal entity. For physical person the general share of the authorized (share) capital of the legal entity (number of votes in governing body which it owns) is determined as the total amount of corporate laws which belong to such physical person, members of his family and legal entities who are controlled by physical person or members of his family.

It is necessary to understand as essential participation in this Law direct and mediate, independent or together with other persons ownership of 10 and more percent of the authorized (share) capital or voices according to the acquired shares (shares) of the legal entity or irrespective of formal ownership possibility of considerable influence on management or activities of the legal entity;

the professional pension fund - the pension fund, the founder (founders) of which can be organizations of employers, their consolidation, consolidation of citizens, the labor unions, their associations or physical persons connected by the nature of their professional activity (occupations) determined in the fund charter. Exclusively physical persons connected by the nature of their professional activity (occupations) determined in the fund charter and also physical persons who are employees of the organizations of employers, their associations, members or employees of labor unions, their associations which created such fund can be members of such fund;

reserve fund - the fund created according to the legal acts of Ukraine regulating activities of economic societies taking into account requirements of this Law the administrator, the company on asset management for the purpose of indemnification which can be put with these legal entities during provision of services to the pension fund as a result of inadequate accomplishment of obligations to the pension fund and violation of the legislation by them".

With respect thereto the thirty fifth - forty third to consider paragraphs respectively paragraphs thirty third - the forty first;

paragraphs of the thirty eighth - to state the forty first in such edition:

"the participant of non-state pension provision - physical person for benefit of which are paid pension contributions in the pension fund or into the retirement deposit account in bank and which has the right to non-state pension provision on conditions and according to the procedure, determined by the pension contract, the agreement on opening of the retirement deposit account or the insurance contract of life pension and this Law or which receives retirement benefits from the pension fund (were paid);

the member of the pension fund (further - the member of fund) - physical person for benefit of which are paid pension contributions in the pension fund and which has the right to retirement benefits or receives such payments from the pension fund according to this Law (were paid);

net value of unit of pension assets - estimated cost of unit of pension assets which is determined by division of net value of assets into total quantity of units of pension assets on the date of calculation. Net value of unit of pension assets is calculated by the amounts of means of participants of non-state pension provision and participants of accumulative system of pension insurance according to the procedure, established by the National commission performing state regulation in the field of the markets of financial services. Net value of unit of pension assets on the date of receipt of the first pension contribution in the pension fund is established in the amount of 1 hryvnia;

net value of assets of the pension fund - difference between asset cost of the pension fund on the date of carrying out calculation and the amount of obligations of the pension fund which are subject to accomplishment on the date of carrying out calculation".

2. In Article 2:

Paragraphs of the third and seventh part two to state 1) in such edition:

"insurance companies which signed insurance contracts of life pension with members of fund, risk insurance of approach of disability or the death of the member of fund";

"participants of non-state pension provision";

The paragraph third parts three after words of "insurance contracts of life pension" to add 2) with the words "with members of fund".

3. In Article 3 of the word "About Securities and Stock Exchange" shall be replaced with words "About securities and the stock market".

4. In Article 6:

Part one to state 1) in such edition:

"1. The pension funds are created based on the decision of the founder (founders) and do not aim at profit earning for benefit of the individual founder or for its further distribution between founders";

Part third to state 2) in such edition:

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