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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 March 27, 2009 No. 56

About requirements to contents of the agreement on representation of interests of holders of Islamic securities signed between the issuer and the representative of holders of Islamic securities and about approval of Rules about establishment of procedure for execution of functions and obligations by the representative of holders of Islamic securities, and also procedure and cases of early termination of its powers

(as amended of the Resolution of Board of National Bank of the Republic of Kazakhstan of 19.12.2015 No. 250)

According to article 32-7 of the Law of the Republic of Kazakhstan of July 2, 2003 "About the security market" 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. The agreement on representation of interests of holders of Islamic securities is signed between the issuer of Islamic securities (daleeemitent) and the representative of holders of Islamic securities (daleepredstavitel) before state registration of release of Islamic securities and contains:

1) subject of the agreement;

2) rights and obligations of the Parties;

3) procedure for representation of information to the representative necessary for it for execution of the functions and obligations provided by the Law of the Republic of Kazakhstan of July 2, 2003 "About the security market" and the agreement on representation of interests of holders of Islamic securities;

4) procedure for submission of the reporting of the representative to holders of Islamic securities;

5) responsibility of the issuer and representative for breach of agreement;

6) size and payment procedure of services of the representative;

7) procedure and cases of early termination of powers of the representative;

8) effective period and procedure for agreement cancelation;

9) other conditions which are not contradicting the legislation of the Republic of Kazakhstan.

2. The procedure for representation of information to the representative necessary for it for execution of the functions and obligations provided by the Law of the Republic of Kazakhstan of July 2, 2003 "About the security market" and the agreement, contains data, including without limitation data on form and terms of representation by the issuer to the representative of the following documents and information:

1) about the agenda of the forthcoming meeting of bodies of the issuer and originator containing the questions affecting the rights and interests of holders of Islamic securities and the decision accepted by bodies of the issuer and originator on the specified questions;

2) the reports of the issuer on obligation fulfillment established by the prospectus of release of Islamic securities before holders of Islamic securities, including reports on:

to income distribution, arrived according to the lease agreement (financial leasing) or received according to the investment project and creation of the corresponding reserve funds on Islamic securities;

to use of the raised funds which arrived from placement of Islamic participation certificates for the organization of the new investment project, development of the existing investment project or financing of business activity based on the contract of particular partnership or with creation of the legal entity in form of business of joint-stock company or limited liability partnership;

to property acquisition on the money received as a result of placement of Islamic rent certificates;

to the conclusion and (or) agreement cancelation of lease (financial leasing) of the property acquired due to placement of Islamic rent certificates and also about entering of any changes and amendments into these agreements;

to representation to holders of Islamic securities of information on activities of the issuer, the financial reporting of the issuer, including the annual financial reporting confirmed with the audit report, according to the procedure, certain prospectus of release of Islamic securities;

to submission of information on investment projects in the amount necessary for realization of the right of holders of Islamic participation certificates to participate in decision making in case of selection of the investment project for financing;

to placement in the mass media determined by the prospectus of release of Islamic securities, information on possibility of the circulation of Islamic securities;

to other obligations of the issuer to holders of Islamic securities established by the prospectus of release of Islamic securities;

3) about activities of originator, its financial reporting according to the procedure, determined by the prospectus of release of Islamic securities;

4) the financial reporting of legal entities in whose assets the means received from placement of Islamic securities were invested;

5) about condition of the property acquired at the expense of the means received from placement of Islamic securities (further - property), including information on production of repair work, spoil, decrease in estimated value or loss of property, and also information on implementation of the investment project which was subject to financing at the expense of the means which arrived from placement of Islamic participation certificates;

6) about availability of any restrictions, encumbrances or rights of requirements of property.

If it is provided by the agreement on representation of interests of holders of Islamic securities, according to request of the representative the issuer represents originals of the documents confirming its rights to property.

3. The procedure for submission of the reporting of the representative to holders of Islamic securities contains data on form and frequency of the direction the representative of notifications to holders of Islamic securities about results of its actions for execution of the functions and obligations provided by the Law of the Republic of Kazakhstan of July 2, 2003 "About the security market" and the agreement on representation of interests of holders of Islamic securities.

4. Approve the enclosed Rules about establishment of procedure for execution of functions and obligations as the representative of holders of Islamic securities, and also procedure and cases of early termination of its powers.

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

6. To department of supervision of subjects of the security market and accumulation pension funds (Hadzhiyeva M. Zh.):

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

2) in ten-day time from the date of state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan to bring it to the attention of the interested divisions of the Agency and Consolidation of legal entities "The association of financiers of Kazakhstan".

7. To service of the Chairman of the Agency (Kenzhe A. A.) take measures for publication of this resolution in mass media of the Republic of Kazakhstan.

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