Certainly, here is the translation of the description of this legislative act:
1. **Essence of the Law:** This act approves the procedure for the temporary appointment of a non-state pension fund (NPF) administrator by the National Securities and Stock Market Commission (NSSMC) in cases where the NPF council cannot timely conclude an agreement with a new administrator after the termination of the previous administrator’s license. It defines the selection procedures, evaluation criteria, and requirements for temporary administrators, as well as the conditions of their activity.
2. **Structure of the Law:** The act consists of five sections and an annex. It defines general provisions, the procedure for initiating the selection of a temporary administrator, the procedure for competitive and non-competitive selection, and the procedure for appointing a temporary administrator. Compared to previous versions, this procedure updates the procedures in accordance with current legislation, in particular, takes into account the use of electronic document management and the NSSMC’s CIS.
3. **Key Provisions for Use:**
* The NPF council has the right to initiate the process of appointing a temporary administrator if it cannot independently conclude an agreement with a new administrator.
* The NSSMC determines the selection criteria and conducts a competitive or non-competitive selection of a temporary administrator.
* The temporary administrator is obliged to perform all the functions of the NPF administrator and is responsible for their performance.
* A clear procedure is defined in cases where none of the candidates meets the criteria or the NPF council does not conclude an agreement with the appointed administrator, which may lead to a recommendation to terminate the NPF.
* This act concerns the regulation of capital markets and pension provision, which is important for financial stability and the protection of depositors’ rights.
