USAID Capital Markets Project Supports Forum on Non-State Pension Provision Issues

FSR Chairman Valeriy Alyoshyn (right) is congratulated by Capital Markets Project COP Barry Pitts (left) after Friday’s forum. June 06, 2008. On June 6, the State Commission for Regulation of Financial Services Markets of Ukraine, with support from the USAID Capital Markets Project, held a Forum on Non-State Pension Provision Issues.   The Forum was the first opportunity for a national discussion on the non-state pension fund (NPF) market and allowed non-state pension fund stakeholders to voice their opinions on major issues facing the market and the best ways to resolve them.   According to participants, the most urgent issues needing to be addressed are: proper valuation of individual pension accounts; collaboration between state authorities and market participants; development of self-regulatory organizations for administrators, and publicizing and stimulating NPF among workers and employers, with the last item mentioned most frequently.   Speakers addressed the successes that have been attained and the remaining challenges.  They gave constructive criticisms of draft changes to the NPF law, existing and proposed regulations and the work of the regulators.  In his closing remarks, FSR Chairman Valeriy Alyoshyn assured participants that their concerns and proposed solutions were noted and would be acted on to help improve a system that continues to grow and is becoming financially stronger each year.

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