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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of April 27, 2018 No. 76

About approval of Rules of forming of risk management system and internal control for the single accumulation pension fund and the Voluntary accumulation pension funds

According to the laws of the Republic of Kazakhstan of July 2, 2003 "About the security market" and of June 21, 2013 "About provision of pensions in the Republic of Kazakhstan" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of forming of risk management system and internal control for the single accumulation pension fund and the Voluntary accumulation pension funds.

2. Recognize invalid:

2) Item 19 of the List of regulatory legal acts of the Republic of Kazakhstan to which changes and additions are made the Board of National Bank of the Republic of Kazakhstan approved by the resolution of August 27, 2014 No. 168 "About modification and amendments in some regulatory legal acts of the Republic of Kazakhstan" (it is registered in the Register of state registration of regulatory legal acts at No. 9796, it is published on November 12, 2014 in information system of law of Ad_let).

3. To department of methodology of the financial market (Abdrakhmanov N. A.) in the procedure established by the legislation of the Republic of Kazakhstan to provide:

1) together with Legal department (Sarsenov N. V.) state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) within ten calendar days from the date of state registration of this resolution the direction it the copy in paper and electronic type in the Kazakh and Russian languages in the Republican state company on the right of economic maintaining "The republican center of legal information" for official publication and inclusion in Reference control bank of regulatory legal acts of the Republic of Kazakhstan;

3) placement of this resolution on official Internet resource of National Bank of the Republic of Kazakhstan after its official publication;

4) within ten working days after state registration of this resolution submission to Legal department of data on execution of the actions provided by subitems 2), 3) of this Item and item 4 of this resolution.

4. To management on consumer protection of financial services and external communications (Terentyev A. L.) provide within ten calendar days after state registration of this resolution the direction it to the copy on official publication in periodic printing editions.

5. To impose control of execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Smolyakov O. A.

6. This resolution becomes effective after ten calendar days after day of its first official publication.

Chairman of National Bank

D. Akishev

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of April 27, 2018 No. 76

Rules of forming of risk management system and internal control for the single accumulation pension fund and Voluntary accumulation pension funds

Chapter 1. General provisions

1. These rules of forming of risk management system and internal control (further - Rules) are developed for the single accumulation pension fund and the Voluntary accumulation pension funds according to the laws of the Republic of Kazakhstan of July 2, 2003 "About the security market" (further - the Law on the security market) and of June 21, 2013 "About provision of pensions in the Republic of Kazakhstan" (further - the Law on provision of pensions) and determine procedure for forming of risk management system and internal control by the single accumulation pension fund (further - Fund) and the Voluntary accumulation pension funds (further - DNPF).

2. The board of directors and board of Fund or DNPF provide compliance of risk management system and internal control to Rules and create conditions for execution by structural divisions and employees of Fund or DNPF of the obligations assigned to them in the field of risk management and implementation of internal control.

3. In Rules the following concepts are used:

1) corporate management - the system of strategic and tactical management of Fund or DNPF representing the complex of relations between general shareholder meeting, the board of directors, board and other bodies aimed at providing effective functioning of Fund or DNPF, protection of the rights and interests of its shareholder and giving to the shareholder opportunity of effective control and monitoring of activities of Fund or DNPF;

2) management of conflict of interest - creation of mechanisms of non-admission of situations in case of which interests of the official or employee of Fund or DNPF can affect objectivity and independence of adoption by them of decisions and fulfillment of duties, and also to conflict to their obligation to act for the benefit of investors (receivers of retirement benefits) of Fund or DNPF and (or) shareholders of Fund or DNPF;

3) operational risk - risk of emergence of expenses (losses) as a result of shortcomings or mistakes during implementation of internal processes made from workers, functioning of information systems and technologies, and also owing to external events, including the risks connected with:

uncertain and inefficient organizational structure of Fund or DNPF, including distribution of responsibility, structure of accountability and management;

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