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THE RESOLUTION OF BOARD OF THE AGENCY OF THE REPUBLIC OF KAZAKHSTAN ON REGULATION AND DEVELOPMENT OF THE FINANCIAL MARKET

of February 11, 2021 No. 21

About approval of Rules and terms of transfer of pension assets to trust management to the managing director of investment portfolio and transfers of pension assets from one managing director of investment portfolio to other managing director of investment portfolio or National Bank of the Republic of Kazakhstan

(as amended on 27-04-2021)

According to the subitem 6) article 8 of the Law of the Republic of Kazakhstan of June 21, 2013 "About provision of pensions in the Republic of Kazakhstan" Board of the Agency of the Republic of Kazakhstan on regulation and development of the DECIDES: financial market

1. Approve Rules and terms of transfer of pension assets to trust management to the managing director of investment portfolio and transfers of pension assets from one managing director of investment portfolio to other managing director of investment portfolio or National Bank of the Republic of Kazakhstan according to appendix to this resolution.

2. To provide to department of the security market in the procedure established by the legislation of the Republic of Kazakhstan:

1) together with Legal department state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) placement of this resolution on official Internet resource of the Agency of the Republic of Kazakhstan on regulation and development of the financial market after its official publication;

3) within ten working days after state registration of this resolution submission to Legal department of data on execution of the action provided by the subitem 2) of this Item.

3. To impose control of execution of this resolution on the supervising vice-chairman of the Agency of the Republic of Kazakhstan on regulation and development of the financial market.

4. This resolution becomes effective after day of its first official publication.

The chairman of the Agency of the Republic of Kazakhstan on regulation and development of the financial market

M. Abylkasymova

It is approved

National Bank of the Republic of Kazakhstan

 

Appendix

to the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of February 11, 2021 No. 21

Rules and terms of transfer of pension assets to trust management to the managing director of investment portfolio and transfers of pension assets from one managing director of investment portfolio to other managing director of investment portfolio or National Bank of the Republic of Kazakhstan

Chapter 1. General provisions

1. These rules and terms of transfer of pension assets to trust management to the managing director of investment portfolio and transfers of pension assets from one managing director of investment portfolio to other managing director of investment portfolio or National Bank of the Republic of Kazakhstan (further – Rules) are developed according to the subitem 6) of article 8 of the Law of the Republic of Kazakhstan of June 21, 2013 "About provision of pensions in the Republic of Kazakhstan" (further – the Law) and determine procedure and terms of transfer of pension assets to trust management to the managing director of investment portfolio (further – UIP) and transfers of pension assets from one UIP to other UIP or National Bank of the Republic of Kazakhstan.

2. In Rules the concepts applied in the values specified in the Law are used.

Chapter 2. Procedure and terms of transfer of pension assets from trust management of National Bank of the Republic of Kazakhstan in trust management of UIP

3. The investor for the purpose of transfer of pension assets to trust management of UIP represents to the single accumulation pension fund (further – ENPF) the statement for the choice of UIP provided by subitem 4-1) of Item 1 of article 39 of the Law, in form and with application of documents, established by internal documents ENPF, way of the personal address or by means of the ENPF Internet resource, signed by the digital signature.

4. ENPF refuses transfer of pension assets to trust management of UIP within 5 (five) working days after the date of receipt of the statement for the choice of UIP in the following cases:

1) representation of incomplete document package, established by internal documents ENPF;

2) invalidity of the identity document of the investor, for date of filing of application about the choice of UIP;

3) if the pension accruals of the investor specified in the statement for the choice of UIP and which are subject to transfer to trust management of UIP for date of filing of application about the choice of UIP exceed difference between actual amount of pension accruals of the investor and the threshold of the minimum sufficiency of pension accruals of the investor determined according to technique of determination of threshold of the minimum sufficiency of pension accruals approved by the order of the Government of the Republic of Kazakhstan of October 2, 2013 No. 1042.

5. Transfer of pension assets to trust management of several UIP based on the statement (statements) of the investor for the choice of UIP taking into account the restriction set by the subitem 3) of Item 5 of article 35-1 of the Law for date of filing of application on the choice of UIP is allowed.

6. ENPF performs transfer of pension assets from trust management of National Bank of the Republic of Kazakhstan in trust management of UIP within 30 (thirty) calendar days after receipt date of the statement for the choice of UIP in the amount, the corresponding amount of pension accruals specified in the statement for the choice of UIP.

7. ENPF bank custodian when obtaining from ENPF of the payment order on transfer of pension savings within 1 (one) operational day transfers pension accruals of the investor to the account of ENPF in UIP bank custodian with which the tripartite contract between ENPF, UIP and bank custodian for accounting and storage of the pension assets delivered in trust management of UIP is signed (further – UIP bank custodian).

Chapter 3. Procedure and terms of transfer of pension assets from one UIP to other UIP

8. The investor for the purpose of transfer of pension assets from one UIP to other UIP submits in ENPF the application for change of UIP provided by subitem 4-2) of Item 1 of article 39 of the Law, in form and with application of documents, established by internal documents ENPF, way of the personal address or by means of the ENPF Internet resource, signed by the digital signature.

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