Improving Supervision of Pension Asset Managemenт: Transition to Prudential (Risk-Based) Supervision
How to Cite
Yesaulkova T.S. Improving Supervision of Pension Asset Managemenт: Transition to Prudential (Risk-Based) Supervision. Living Standards of the Population in the Regions of Russia. 2020. Vol. 16. No. 1. P. 85-96. DOI: https://doi.org/10.19181/lsprr.2020.16.1.9 (in Russ.).
Abstract
The Object of the Study is the management of pension assets - investment / placement of pension funds (pension savings and pension reserves). The Subject of the Study is the introduction of prudential (risk - oriented) supervision in order to improve the financial stability of non-state pension funds (NPF), ensuring the safety of pension assets. The purpose of the article is to analyze the main positions and principles of this supervision, its advantages and disadvantages.The Main Theoretical Aspects of the article: one of the basic goals of macroprudential supervision is creating conditions under which non-state pension funds would implement effective risk management which would improve the safety of pension assets. Among the tools of such supervision: stress testing, creating a risk management system in NPF and management companies participating in the pension system, proportional regulation. At the same time, macroprudential supervision does not exclude the establishment of capital requirements, corporate governance, restrictions on investment objects and the structure of the investment portfolio. In view of the introduction of such supervision, it is proposed to revise a number of requirements for non-state pension funds, as well as for the established restrictions on investing pension funds, e.g. to provide for the possibility of reducing the established requirement for the minimum amount of NPF's own funds, without reducing the requirements for the adequacy of assets for performance and obligations to depositors, participants, and insured persons). In view of the convergence of mandatory pension insurance (МPI) and non-state pension provision (NPP) systems and in connection with the new concept of the pension system under discussion it is proposed to abandon proportional regulation of the NPF's activities depending on the type of activity and to abandon differences in investment requirements in the MPI and NPP systems.
Keywords:
pension asset management, prudential supervision, risk-based supervision, safety of pension assets, non-state pension funds, stress testing
References
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IOPS Toolkit for Risk-based Pensions Supervision http: //www.iopsweb.org/IOPS_Toolkit_brochure_2016.pdf (Data obrashcheniya 05.01.2020).
Khmelevskaya S.A., Orlova I.U., Ermakov D.N. Analysis of investment activities of nonstate pension funds //International Journal of Civil Engineering and Technology. 2018. V.10. №11. P.2452-2459.
Bank Rossii. Koncepciya proporcional'nogo regulirovaniya i risk-orientirovannogo nadzora za NFO. M.: Bank Rossii, 2018. https: //cbr.ru/Content/Document/File/46871/PropNadz.pdf. (Data obrashcheniya 05.01.2020). (In Rus.).
Voronov A.M., Gogolev A.M. Preventivnyj nalogovyj kontrol' //Aktual'nye problemy garmonizacii sudebnoj reformy s reformoj gosudarstvennogo kontrolya i nadzora: Sb. nauch. st. /Otv. za vypusk A.I.Stahov. M.: RGUP, 2018 (Cit. po: Konsul'tant Plyus. 05.01.2020). (In Rus.).
Kolganova E.A. Stress-testirovanie investicionnyh portfelej NPF: nesovershenstva metodiki //Ekonomika. Biznes. Banki. 2019. №1(28) yanvar'. S.117-124. (In Rus.).
Koncepciya vnedreniya risk-orientirovannogo podhoda k regulirovaniyu strahovogo sektora v Rossijskoj Federacii. https: //cbr.ru/Content/Document/File/41412/concept_solvency_II.pdf. (Data obrashcheniya 05.01.2020). (In Rus.).
Nabiullina E. Vystuplenie na konferencii NAUFOR «Rossijskij fon-dovyj rynok 2019». https: //www.facebook.com/naufor/photos/a.178465098876406/2417894428266784/?type=1&theater. (Data obrashcheniya 05.01.2020). (In Rus.).
Postanovlenie Pravitel'stva Rossijskoj Federacii ot 01.02.2007 №63 (red. ot 26.08.2013) «Ob utverzhdenii Pravil razmeshcheniya sredstv pensionnyh rezervov negosudarstvennyh pensionnyh fondov i kontrolya za ih razmeshcheniem» //Rossijskaya gazeta (federal'nyj vypusk). 07.02.2007. Konsul'tant Plyus. 05.01.2020. (In Rus.).
Prikaz Banka Rossii ot 20.09.2019 №OD-2201 «Ob utverzhdenii scenariev stress-testirovaniya finansovoj ustojchivosti negosudarstvennyh pensionnyh fondov i otmene prikaza Banka Rossii ot 25.03.2019 №OD-655» //Konsul'tant Plyus. 01.03.2020. (In Rus.).
Proekt «O vnesenii izmenenij v otdel'nye zakonodatel'nye akty Rossijskoj Federacii po voprosam negosudarstvennogo pensionnogo obespecheniya». https://regulation.gov.ru/Projects/List#npa=95019. (Data obrashcheniya 05.01.2020). (In Rus.).
Proekt Ukazaniya Banka Rossii «O trebovaniyah po formirovaniyu sostava i struktury pensionnyh rezervov, ob"ektah investirovaniya, v kotorye negosudarstvennye pensionnye fondy vprave samostoyatel'no razmeshchat' sredstva pensionnyh rezervov, i sluchayah zaklyucheniya dogovorov repo za schet sredstv pensionnyh rezervov» Tekst dokumenta priveden v sootvetstvii s publikaciej na sajte https: //regulation.gov.ru/ po sostoyaniyu na 08.11.2019. (Data obrashcheniya 05.01.2020). (In Rus.).
Ukaz Prezidenta Rossijskoj Federacii ot 13.05.2017 №208 «O Strategii ekonomicheskoj bezopasnosti Rossijskoj Federacii na period do 2030 goda» //Sobranie zakonodatel'stva Rossijskoj Federacii. 15.05.2017. №20. St.2902. (In Rus.).
Ukazanie Banka Rossii ot 27.11.2017 №4623-U «O formah, srokah i poryadke sostavleniya i predstavleniya v Bank Rossii otchetnosti o deyatel'nosti, v tom chisle trebovaniyah k otchetnosti po obyazatel'nomu pensionnomu strahovaniyu, negosudarstvennyh pensionnyh fondov» (red. ot 04.04.2019) (Zaregistrirovano v Minyuste Rossii 22.12.2017 №49384) //Vestnik Banka Rossii. №15-16. 20.02.2018. (In Rus.).
Finansovyj rynok vybral normy dlya «regulyatornoj gil'otiny. https://naufor.ru/tree.asp?n=17848. (Data obrashcheniya 05.01.2020). (In Rus.).
IOPS Supervisory Guidelines on the Integration of ESG Factors in the Investment and Risk Management of Pension Funds. IOPS, 2019. http: //www.iopsweb.org/IOPS-Supervisory-guidelines-integration-ESG-factors.pdf (Data obrashcheniya 05.01.2020).
IOPS Toolkit for Risk-based Pensions Supervision http: //www.iopsweb.org/IOPS_Toolkit_brochure_2016.pdf (Data obrashcheniya 05.01.2020).
Khmelevskaya S.A., Orlova I.U., Ermakov D.N. Analysis of investment activities of nonstate pension funds //International Journal of Civil Engineering and Technology. 2018. V.10. №11. P.2452-2459.
Article
Received: 27.01.2020
Accepted: 27.03.2020
Citation Formats
Other cite formats:
APA
Yesaulkova, T. S. (2020). Improving Supervision of Pension Asset Managemenт: Transition to Prudential (Risk-Based) Supervision. Living Standards of the Population in the Regions of Russia, 16(1), 85-96. https://doi.org/10.19181/lsprr.2020.16.1.9
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ECONOMIC RESEARCH
