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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of October 29, 2018 No. 252

About approval of Rules of application of limited corrective actions to the subject of the security market

(as amended on 12-12-2022)

According to the Law of the Republic of Kazakhstan "About the security market" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of application of limited corrective actions to the subject of the security market.

2. Recognize invalid:

1) the resolution of Board of National Bank of the Republic of Kazakhstan of July 26, 2013 No. 183 "About approval of Rules of application of limited corrective actions to the subject of the security market and (or) person having signs of the large participant, to the large member of the managing director of investment portfolio" (it is registered in the Register of state registration of regulatory legal acts at No. 8699, it is published on October 2, 2013 in the Yuridicheskaya Gazeta newspaper No. 148 (2523);

2) Item 20 of the List of regulatory legal acts of the Republic of Kazakhstan concerning the security market to which changes are made, the Board of National Bank of the Republic of Kazakhstan approved by the resolution of December 19, 2015 No. 250 "About modification of some regulatory legal acts of the Republic of Kazakhstan concerning the security market" (it is registered in the Register of state registration of regulatory legal acts at No. 13001, it is published on February 12, 2016 in information system of law of Ad_let).

3. To department of regulation of the non-bank financial organizations (Kosherbayeva A. M.) 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 its direction 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 Kurmanov Zh. B.

6. This resolution becomes effective since January 1, 2019 and is subject to official publication.

Chairman of National Bank

D. Akishev

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of October 29, 2018 No. 252

Rules of application of limited corrective actions to the subject of the security market

1. These rules of application of limited corrective actions to the subject of the security market (further – Rules) are developed according to the Law of the Republic of Kazakhstan "About the security market" (further – the Law) and determine procedure for application by authorized body by regulation, control and supervision of the financial market and the financial organizations (further – authorized body) limited corrective actions to the subject of the security market.

Chapter 1. General provisions

2. The bases of application of limited corrective actions to the subject of the security market are stipulated in Item 1 article 3-1 of the Law.

3. The authorized body applies limited corrective actions to the subject of the security market taking into account one or several of the following factors:

1) risk level which is understood as probability of emergence of negative consequences in the form of violation of the rights and freedoms of citizens, investors, security holders, causing damage to interests of society and to the state as a result of non-execution and (or) improper execution by the subject of the security market of the requirements established by the legislation of the Republic of Kazakhstan on the security market and on joint-stock companies when implementing the activities;

2) capability to correct situation as a result of application of the chosen limited corrective action;

3) nature of violation and possible consequences for the subject of the security market;

4) frequency and duration of violation.

Chapter 2. Procedure for application of the written instruction

4. The authorized body gives to the subject of the security market the written instruction which contains specifying on acceptance of the remedial measures, obligatory to execution, directed to elimination established violations and (or) the reasons, and also conditions promoting their making, at the scheduled time, and (or) need of provision at the scheduled time of the actions plan on elimination established violations and (or) the reasons, and also conditions promoting their making (further – the Actions plan).

5. Remedial measures are specified in the written instruction and represent measures for accomplishment of obligations to security holders and (or) elimination, obligatory to execution, of the revealed violations.

6. The subject of the security market in writing notifies the authorized body about execution of the written instruction in time established by the written instruction.

7. If by the written instruction it is provided the Actions plan, the subject of the security market in time specified in the written instruction and constituting at least 15 (fifteen) working days represents the Actions plan to authorized body.

8. In the Actions plan are specified the official of the subject of the security market responsible for acceptance of remedial measures, and completion dates of actions for elimination of the revealed violations.

9. The authorized body considers the provided Actions plan and in case of disagreement with the provided Actions plan sends the subject of the security market the letter containing notes to the Actions plan which are subject to elimination by the subject of the security market.

10. The modifed Actions plan is submitted in authorized body within 15 (fifteen) working days after the date of receipt of the letter of authorized body.

11. The subject of the security market in writing notifies authorized body on execution of the actions specified in the Actions plan no later than 15 (fifteen) working days after date of their execution.

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