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

of April 30, 2007 No. 128

About establishment of rating agencies and the minimum required rating for bonds with which banks can perform transactions, and also the minimum required rating of the countries with which government securities banks can make transactions when implementing broker and (or) dealer activities

According to Item 5 of Article 8 and Item 12 of article 30 of the Law of the Republic of Kazakhstan of August 31, 1995 "About banks and banking activity in the Republic of Kazakhstan", the Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations (further - the Agency) DECIDES:

1. Determine that banks can perform transactions with the bonds of foreign issuers having rating "VVV-" (on classification of Standard & Poor's and Fitch rating agencies) or not below "Vaa3" is not lower (on classification of Moody's Investors Service rating agency).

In case of downgrade of bonds of foreign issuers with which banks can perform transactions it is lower than the level, determined in this Item, banks during six calendar months following after month in which there was specified lowering bring the activities into accord with requirements of this Item.

2. Determine that banks can perform transactions with the bonds of issuers of the Republic of Kazakhstan having rating "VV-" (on classification of Standard & Poor's and Fitch rating agencies) or not below "Va3" (on classification of Moody's Investors Service rating agency), or rating assessment not below "kzBBB" on national scale of the above-stated rating agencies is not lower.

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