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

of August 5, 2009 No. 189

About approval of the Rules of implementation of organization activity performing activities for investment management of pension assets and the accumulation pension funds

For the purpose of enhancement of the regulatory legal acts of the Republic of Kazakhstan regulating organization activity, performing activities for investment management of pension assets and regulations of activities of the accumulation pension funds, Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and financial institutions (further - the Agency) DECIDES:

1. Approve the enclosed Rules of implementation of organization activity, performing activities for investment management of pension assets, and the accumulation pension funds (further - Rules).

2. Recognize invalid regulatory legal acts according to appendix to this resolution.

3. This resolution becomes effective after fourteen calendar days from the date of its state registration in the Ministry of Justice of the Republic of Kazakhstan, except for paragraphs two and third Item 5 of Rules which become effective since January 1, 2012, the paragraph of the fourth Item 5 of Rules which becomes effective since January 1, 2015.

4. The item 4 of Rules is effective till January 1, 2012, the paragraph the fourth lines, sequence number 5, of appendix 2, the paragraph the fourth lines, sequence number 5, of Item 1 of the table of appendix 3, the paragraph the fourth lines, sequence number 5, appendices 4 to Rules are effective till January 1, 2014.

5. Action of these rules does not extend to debt securities according to which the issuer's guarantee on complete return of the amount of principal debt (principal protected notes), acquired before enforcement of this Resolution is established.

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 in the Ministry of Justice of the Republic of Kazakhstan of this resolution to bring it to the attention of the interested divisions of the Agency, 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.

8. To impose control of execution of this resolution on the vice-chairman of the Agency Aldambergen A. U.

Appendix

to the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and financial institutions of August 5, 2009 No. 189

The list of the regulatory legal acts recognized invalid

1. The resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and financial institutions of October 27, 2006 No. 225 "About approval of Rules of implementation of activities for investment management of pension assets" (registered in the Register of state registration of regulatory legal acts at No. 4486).

2. The resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and financial institutions of May 28, 2007 No. 153 "About entering of amendments into the resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and financial institutions of October 27, 2006 No. 225 "About approval of Rules of implementation of activities for investment management of pension assets" (registered in the Register of state registration of regulatory legal acts at No. 4773, published on September 15, 2008 in the Collection of acts of the central executive and other central state bodies of the Republic of Kazakhstan No. 9).

3. The resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and financial institutions of May 26, 2008 No. 80 "About modification of the resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and financial institutions of October 27, 2006 No. 225 "About approval of Rules of implementation of activities for investment management of pension assets" (registered in the Register of state registration of regulatory legal acts at No. 5252).

4. The resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and financial institutions of August 22, 2008 No. 116 "About entering of amendments and changes into the resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and financial institutions of October 27, 2006 No. 225 "About approval of Rules of implementation of activities for investment management of pension assets" (registered in the Register of state registration of regulatory legal acts at No. 5328).

5. The resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and financial institutions of January 26, 2009 No. 17 "About modification and amendments in the resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and financial institutions of October 27, 2006 No. 225 "About approval of Rules of implementation of activities for investment management of pension assets" (registered in the Register of state registration of regulatory legal acts on March 3, 2009 at No. 5571).

6. The resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and financial institutions of February 27, 2009 No. 27 "About entering of amendments into the resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and financial institutions of October 27, 2006 No. 225 "About approval of Rules of implementation of activities for investment management of pension assets" (registered in the Register of state registration of regulatory legal acts at No. 5619).

7. Ceased to be valid according to the Resolution of Board of National Bank of the Republic of Kazakhstan of 24.02.2012 No. 76

Approved by the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and financial institutions of August 5, 2009 No. 189

Rules of implementation of organization activity, performing activities for investment management of pension assets, and the accumulation pension funds

Chapter 1. General provisions

2. In these rules the following concepts are used:

1) the quotation - the price proposals of counterpartners in financial instruments received by means of mail, electronic or fax connection;

2) the counterpartner - the legal entity having rights to conclude bargains with financial instruments according to the legislation of the Republic of Kazakhstan or foreign state;

3) policy of investment of own assets - the document determining the list of investment objects, the purposes, strategy, conditions and restrictions of investing activities on own assets (Organization) of Fund, condition of hedging and diversification of own assets approved by Board of Directors of the Organization (Fund);

4) authorized body - National Bank of the Republic of Kazakhstan;

5) international financial institution - the organization having the international status, created and which is acting on the basis of the international treaty (agreement) or the charter;

6) hedging instruments - the derivative financial instruments used for implementation of transactions of hedging, specified in appendices 2, 3 and 4 to these rules;

7) principal protected notes - debt securities according to which the issuer's guarantee on complete return of the amount of principal debt is established.

3. For the purposes of these rules in addition to rating estimates of the agency of "Standard & Poor" of s" authorized body rating estimates of the agencies of "Moody" of s Investors Service" both "Fitch", and their affiliated rating organizations are also recognized (further - other rating agencies).

In the presence at the issuer and (or) the financial instrument of several rating estimates on the international and (or) national scale the highest rating assessment on the international and (or) national scale of one of the rating agencies recognized by authorized body is taken into consideration.

3-1. Shares of Fund join in the first (highest), the second (highest) or third (following the highest) category of the sector of "share" of the official listing of stock exchange.

Chapter 2. Investees

4. The organization places the pension assets of each separate Fund which are in investment management in the financial instruments specified in appendix 1 to these rules.

The amount of investments at the expense of pension assets into the financial instruments specified in appendix 1, is established by the investment declaration.

5. The organization places the pension assets of each separate Fund which are in investment management in the financial instruments specified:

in appendix 2 to these rules - concerning conservative investment portfolio;

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