ORGANIZATIONAL AND LEGAL FORM OF NON-STATE PENSION FUNDS

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ORGANIZATIONAL AND LEGAL FORM OF NON-STATE PENSION FUNDS

Journal Title: Право та інновації - Year 2017, Vol 4, Issue 20

Abstract

Problem setting. The article proves that a special set of structural elements of the organizational and legal form of non-state pension funds is modified by including in the structure (apart from the basic elements of the organizational and legal forms of legal entities) additional, functional legal means that reflect special requirements for the creation and operation of these funds, depending on economic and legal interests of their founders/participants. Target of research. The purpose of the article is to analyze the main elements of the organizational and legal form of non-state pension funds through the triad of organizational and economic needs of their founders/participants, namely “property-management-control”. The subject matter of the research is the social relations between the participants of the financial services market in connection with the creation and operation of these funds, and especially their organizational and legal form. Analysis of recent researches and publications. The study of the latest works confirms that although the attention of the national scientists was paid to solving the problems of legal regulation of the activities of non-state pension funds, the analysis of the elements of the organizational and legal form of these funds through the triad of organizational and economic needs of their founders/participants (“ownership-control-control”) has not been carried out yet. Article’s main body. Having analyzed the basic elements of the organizational and legal form of non-state pension funds (such as the procedure of creation, reorganization and liquidation; legal status of participants, depositors and founders; system of governing bodies; the legal regime of property, as well as the analysis of the mandatory conditions for the start of these funds) the author concludes that the changes that have taken place in the mechanism of the distribution of functions between entities in the system of non-state pension provision constitute the main factor that has determined the peculiarities of organizational the legal form of non-state pension funds as non-entrepreneurial societies. Therefore the above mentioned form should be considered as “modified” (complicated). Conclusions and prospects for the development. The functional orientation of the creation and operation of nonstate pension funds is reflected in additional functional legal means of particular elements of their organizational and legal form, namely: (a) the three-tier structure of subjects: founders, participants and depositors, - where depositors, being primary investors, perform the functions of accumulation of pension assets for the purpose of their subsequent payment to participants (recipients); (b) the absence of corporate or other rights related to gaining profits among depositors; (c) the ownership of pension assets belongs to the fund participants in order to meet their property interest in relation to financial provision in the future; (d) entrusting the bodies of non-state pension funds (fund council and founders’ meeting) only with control powers; (e) transfer of managerial authority to other professional participants in the financial services market.

Authors and Affiliations

I. V. Borysov

Keywords

EP ID EP457166
DOI -
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