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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of October 29, 2018 No. 248

About approval of Rules of state registration of release of non-state bonds (the bonded program), registration of changes and (or) amendments to the avenue of release of non-state bonds (the prospectus of the bonded program), the private memorandum, representations and considerations of the notification on results of repayment of non-state bonds, cancellations of release of non-state bonds, Requirements to documents for state registration of release of non-state bonds (the bonded program), registration of changes and (or) amendments to the avenue of release of non-state bonds (the prospectus of the bonded program), the private memorandum, considerations of the notification on results of repayment of non-state bonds, the List of documents for cancellation of release of non-state bonds and requirements to them, Rules of creation and execution of the prospectus of release of non-state bonds (prospectus of the bonded program), changes and (or) amendments to the avenue of release of non-state bonds (the prospectus of the bonded program), the notification on results of repayment of non-state bonds

(as amended on 09-02-2021)

According to the Law of the Republic of Kazakhstan of July 2, 2003 "About the security market" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve:

1) Rules of state registration of release of non-state bonds (the bonded program), registration of changes and (or) amendments to the avenue of release of non-state bonds (the prospectus of the bonded program), the private memorandum, representations and considerations of the notification on results of repayment of non-state bonds, cancellations of release of non-state bonds according to appendix 1 to this resolution;

2) Requirements to documents for state registration of release of non-state bonds (the bonded program), registration of changes and (or) amendments to the avenue of release of non-state bonds (the prospectus of the bonded program), the private memorandum, consideration of the notification on results of repayment of non-state bonds according to appendix 2 to this resolution;

3) the List of documents for cancellation of release of non-state bonds and the requirement to them according to appendix 3 to this resolution;

4) Rules of creation and execution of the prospectus of release of non-state bonds (the prospectus of the bonded program), changes and (or) amendments to the avenue of release of non-state bonds (the prospectus of the bonded program), the notification on results of repayment of non-state bonds according to appendix 4 to this resolution.

2. Recognize invalid regulatory legal acts of the Republic of Kazakhstan, and also structural elements of some regulatory legal acts of the Republic of Kazakhstan according to the list according to appendix 5 to this resolution.

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

Appendix 1

to the Resolution of Board of National Bank of the Republic of Kazakhstan of October 29, 2018 No. 248

Rules of state registration of release of non-state bonds (the bonded program), registration of changes and (or) amendments to the avenue of release of non-state bonds (the prospectus of the bonded program), the private memorandum, representations and considerations of the notification on results of repayment of non-state bonds, cancellations of release of non-state bonds

Chapter 1. General provisions

1. These rules of state registration of release of non-state bonds (the bonded program), registration of changes and (or) amendments to the avenue of release of non-state bonds (the prospectus of the bonded program), the private memorandum, representations and considerations of the notification on results of repayment of non-state bonds, cancellations of release of non-state bonds (further - Rules) are developed according to the laws of the Republic of Kazakhstan of July 2, 2003 "About the security market" (further - the Law on the security market), of July 4, 2003 "About state regulation, control and supervision of the financial market and the financial organizations", of April 15, 2013 "About the state services" (further - the Law on the state services) and determine conditions and procedure for state registration of release of non-state bonds (further - bonds) (the bonded program), registration of changes and (or) amendments to the avenue of bond issue (the prospectus of the bonded program), the private memorandum, representations and considerations of the notification on results of bond redemption, bond issue cancellation.

2. Rules establish features of state registration of bond issue (the bonded program), including infrastructure bonds, bonds which are subject to private placement, the bond with circulation period no more than 12 (twelve) months, bonds (the bonded program) of issuers - nonresidents of the Republic of Kazakhstan, the bond (the bonded program) of international financial institutions and the bond within the bonded program.

2-1. The concepts used in Rules are applied in the values specified in the Law on the security market, the Law of the Republic of Kazakhstan of January 7, 2003 "About the electronic document and the digital signature" and the Law on the state services.

Chapter 2. Procedure for state registration of bond issue (bonded program)

3. Legal person issuer (further - the issuer) for state registration of release of non-state bonds sends to authorized body on regulation, control and supervision of the financial market and the financial organizations (further - authorized body) through the web portal of "the electronic government" www.egov.kz (further - the portal) the statement in electronic form constituted in any form.

The list of the documents necessary for rendering the state service, the bases for refusal in rendering the state service, the main requirements to rendering the state service including characteristics of process, form, content and result of rendering, and also other data taking into account features of provision of the state service and the term of rendering the state service are provided in the standard of the state service "State Registration of Release of Non-state Bonds" (further - the state service) according to appendix 1 to these rules.

In case of the direction the issuer of the statement through the portal in "private office" automatically displays the status about acceptance of request for rendering the state service with indication of date and time of receipt of result.

3-1. The authorized body receives data on state registration (re-registration) of the issuer as the legal entity from the corresponding state information systems through lock of "the electronic government".

3-2. The employee of authorized body authorized on acceptance and registration of correspondence performs reception of an application of the issuer, its registration and the direction on execution in the division of authorized body responsible for rendering the state service (further - responsible division) in day of its receipt. In case of the address of the issuer after the termination of working hours, in days off and holidays according to the Labor code of the Republic of Kazakhstan of November 23, 2015, reception of applications is performed the next working afternoon.

The employee of responsible division performs check of completeness of the provided document package and effective period of documents during:

2 (two) working days from the date of registration of a statement in case of state registration of release of non-state bonds;

2 (two) working days from the date of registration of a statement in case of state registration of the bonded program;

2 (two) working days from the date of registration of a statement in case of the state registration of the bonded program and the first bond issue within the bonded program provided by the issuer at the same time;

1 (one) working day from the date of registration of a statement in case of state registration of bond issue within the bonded program registered by authorized body;

1 (one) working day from the date of registration of a statement in case of state registration of bond issue with circulation period no more than 12 (twelve) months;

1 (one) working day from the date of registration of a statement in case of state registration of bond issue which is subject to private placement.

In case of factual determination of incompleteness and (or) expiration of the submitted documents the employee of responsible division within the terms established by this Item prepares and directs to the issuer motivated refusal in further review applications.

The motivated refusal in further review of the statement signed by the digital signature (further - the EDS) the authorized person of authorized body, goes to the issuer through the portal in electronic form.

3-3. In case of factual determination of completeness and (or) lack of expiration of the submitted documents the employee of responsible division considers documents on compliance to requirements of the legislation of the Republic of Kazakhstan, prepares the draft of the letter (certificate) or refusal in rendering the state service, signs result of rendering the state service at the authorized person of authorized body during:

12 (twelve) working days in case of state registration of release of non-state bonds;

7 (seven) working days in case of state registration of the bonded program;

7 (seven) working days in case of the state registration of the bonded program and the first bond issue within the bonded program provided by the issuer at the same time;

3 (three) working days in case of state registration of bond issue within the bonded program registered by authorized body;

1 (one) working day in case of state registration of bond issue with circulation period no more than 12 (twelve) months;

1 (one) working day in case of state registration of bond issue which is subject to private placement.

The employee of responsible division within one working day after signing of result of rendering the state service directs him to the issuer in "private office" in electronic form certified by the EDS of the authorized person of authorized body.

3-4. Information on stage of rendering the state service is updated in the automatic mode in information system of monitoring of rendering the state services.

3-5. The claim to decisions, actions (failure to act) of authorized body and (or) its officials concerning rendering the state service goes to the head of authorized body, to authorized body by assessment and control of quality of rendering the state services or court.

3-6. In the claim sent to the head of authorized body the name of the issuer, the postal address, reference number and date are specified.

Confirmation of adoption of the claim by the head of authorized body is its registration (stamp, the entering number and date) in office of authorized body with indication of surname and initials of person which accepted the claim, term and the place of receipt of the answer to the made complaint.

In case of the address through the portal information on procedure for appeal can be obtained by phones of Single contact center specified in appendix 1 to Rules.

When sending the claim through the portal information on the address which is updated during processing of the address by authorized body is available to the issuer from "private office" (mark about delivery, registration, execution, the answer about consideration or refusal in consideration).

4. State bond issue registration (the bonded program) of the international financial institutions specified in the list of international financial institutions according to appendix 1-1 to Rules it is performed taking into account the requirements of the charter and (or) documents regulating their activities.

5. In case of carrying out restructuring by the issuer according to the judgment about carrying out restructuring, for state registration of bond issue (the bonded program) the issuer in addition to the documents specified in Item 3 of Rules represents the copy of the restructuring plan approved by court to authorized body.

6. No. 41 is excluded according to the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of 30.03.2020

7.  No. 213 is excluded according to the Resolution of Board of National Bank of the Republic of Kazakhstan of 26.11.2019.

8. The issuer submits documents for state registration of bond issue (the bonded program) on condition of observance of requirements, stipulated in Item 3 Articles 12 and Item 1 of article 15 of the Law on the security market.

9. When implementing by the issuer - the resident of the Republic of Kazakhstan, not being bank or the organization performing separate types of banking activities, bond issue (the bonded program) with observance of the requirement to availability of the minimum required rating for date of submission to authorized body of documents for state registration of bond issue (the bonded program) this issuer has the minimum credit rating not below "In" on the international scale of the Standard & Poor agency "s or the rating of similar level of Moody rating agencies" s Investors Service and Fitch (further - other rating agencies), or the rating is not lower than "kzB-" on national scale of the Standard & Poor agency "s.

10. When implementing by the issuer of bond issue (the bonded program) with observance of the requirement to leverage size, this size is calculated based on data of the financial reporting of the issuer as of the end of the last quarter before submission of documents on state registration of bond issue (the bonded program), is positive size and does not exceed:

1) 7 (seven) - for the issuer, not being bank or the organization performing separate types of banking activities, except for the case provided by the subitem 2) of this Item;

2) 10 (ten) - for the issuer in case of bond issue which prospectus of release provides possibility of converting of these bonds in the share in case of default on them.

When implementing by the organization specializing in improvement of quality of credit portfolios of banks of the second level, bond issue (the bonded program) with observance of the requirement to leverage size, this size is calculated based on data of the financial reporting of the organization specializing in improvement of quality of credit portfolios of banks of the second level as of the end of the last quarter before submission of documents on state registration of bond issue (the bonded program), and does not exceed 10 (ten).

11. If again issued bonds are mortgage bonds, such bonds are provided with the following highly liquid assets:

1) money;

2) government securities of the Republic of Kazakhstan;

3) securities of the foreign states having sovereign rating is not lower than "VVV-" on the international scale of the Standard & Poor agency "s or the rating of similar level of one of other rating agencies;

4) the share of the legal entities of the Republic of Kazakhstan having rating is not lower than "VV-" on the international scale of the Standard & Poor agency "s or the rating of similar level of one of other rating agencies or the rating is not lower than "kzBB-" on national scale of the Standard & Poor agency" s;

5) depositary receipts which underlying asset are shares of the legal entities of the Republic of Kazakhstan having rating is not lower than "VV-" on the international scale of the Standard & Poor agency "s or rating, similar level of one of other rating agencies, or the rating is not lower than "kzBB-" on national scale of the Standard & Poor agency" s;

6) shares of legal entities - residents of the Republic of Kazakhstan, the sectors of "share" of the Main platform of the official listing of stock exchange included in category "premium";

7) depositary receipts which underlying asset are shares of legal entities - residents of the Republic of Kazakhstan, the sectors of "share" of the Main platform of the official listing of stock exchange included in category "premium";

8) the non-state debt securities of legal entities of the Republic of Kazakhstan issued according to the legislation of the Republic of Kazakhstan on the security market and other states, having rating are not lower "In -" on the international scale of the Standard & Poor agency "than s or the rating of similar level of one of other rating agencies, or the rating is not lower than "kzB-" on national scale of the Standard & Poor agency" s.

In the course of the address the cost of the securities and money included in structure of the assets which are providing mortgage bonds constitutes no more than 20 (twenty) percent from total cost of providing.

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