In view of FSFR Russia 30 June 2009 decisions of 1 July 2009 have a current license without restrictions on duration of the 166 non-state pension funds.

From 1 July 2009 in accordance with federal law on private pension funds' termination of licenses 41 non-governmental pension fund. Of these funds involve 9 to terminate its activities in line with the reorganization in the form of accession.

Funds that do not have the capacity to carry out the reorganization, must apply to the court for liquidation of the grounds set out in article 119 of the Civil Code of the Russian Federation.

However, in accordance with Article 33 of the Federal Law On Private Pension Funds, with the elimination of its pension fund reserves are used for the performance of pension contracts, the payment of ransom, ransom in the transfer of other funds to be chosen by the depositor or the party (the successors), in the absence of such a choice of fund (s) listed (specified) in the pension rules, either for ransom in the transfer of payment of insurance premiums for pension insurance contracts of the participants entered into with insurance companies, at the option of the depositor or the party (the successors).

In the event of liquidation of pension fund savings in the three-month period are transferred to the Pension Fund of Russia.

In the case of detecting violations of the legitimate rights and interests of citizens in connection with the failure of government and heads of the funds requirements of federal laws FSFR Russia appealed to the prosecutor's office to implement the measures of general oversight.

In this case Russia will inform the Federal Financial Markets Service Federal Tax Service of Russia, Ministry of Justice of Russia, Ministry of Internal Affairs of Russia and the prosecuting authorities to terminate the licenses of non-state pension funds.

FSFR Russia 30 June 2009 decided to revoke licenses 24 private pension funds, among them: 23 non-state pension funds license revoked for violating the requirements of the legislation of the Russian Federation, and 1 non-state pension fund license revoked upon application by the licensee in connection with the termination of licensed activity.

In accordance with paragraph 12 of Article 7.2 of the Federal Law On Private Pension Funds from the date when the fund knew or should have known of the revocation of his license, he had no right to enter into a pension contract, on the mandatory pension insurance and contracts establishment of occupational pension schemes, as well as dispose of pension reserves and pension funds other than in the manner prescribed by the Federal Law On Private Pension Funds.

In the event of a decision to revoke a license is required to fund over a period of three months from the date of this decision: in writing, notify its depositors and the insured parties and their successors, have filed the appropriate application to the fund no later than the date of revocation of license , to revoke his license to define the obligations of pension contracts, including the obligation to pay the designated non-government pensions, contracts of compulsory pension insurance contracts and the establishment of occupational pension schemes, to determine the composition of creditors whose claims are subject to the satisfaction at the expense of the pension reserves and pension funds savings, as well as the amount payable, determine the market value of the pension reserve fund, to take steps to settle the receivable transactions by means of pension reserves and pension funds, to carry out transactions with lenders fund to invest pension funds, terminate contracts of compulsory pension insurance and transfers said funds to the Pension Fund of Russian Federation.

With the cancellation of the license fund FSFR Russia appoints the temporary administration of the fund for the execution of the above responsibilities, if: in the fund at the time of revocation of license to cease the activity of the Foundation Board, and (or) a single (collective), the executive body of the fund, the Fund did not perform these obligations in the legal timeframe.
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