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. 181

About approval of the Instruction about normative values of prudential standard rates, technique of their calculations for the organizations exercising investment control of pension assets

1. Approve the enclosed Instruction about normative values of prudential standard rates, technique of their calculations for the organizations exercising investment control of pension assets (daleeinstruktion).

2. 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 of subitems 11) and 12) of Item 15 of the Instruction which become effective since January 1, 2010.

If after fourteen calendar days from the date of state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan the structure of the investment portfolios built at the expense of pension assets and own assets of the organization exercising investment control of pension assets does not conform to the requirements established by Items 42 and 44 of the Instruction till January 1, 2011 the Organization exercising investment control of pension assets brings structure of the above-stated investment portfolios into accord with requirements of Items 42 and 44 of the Instruction.

3. Action of the paragraph of the fourth Item 15 of the Instruction extends till January 1, 2014.

Chapter 6-1 of the Instruction becomes effective since January 1, 2015.

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

5. To department of strategy and analysis (Abdrakhmanov N. A.):

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

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, Consolidation of legal entities "The association of financiers of Kazakhstan".

6. To department of information technologies (Tusupov K. A.) till December 1, 2010 to provide completion of the Automated information subsystem "Automation of forming of the reporting of the accumulation pension funds and professional participants of the security market".

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. 181

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 August 22, 2008 No. 118 "About approval of the Instruction about normative values of prudential standard rates, technique of their calculations for the organizations exercising the investment control of pension assets" (registered in the Register of state registration of regulatory legal acts at No. 5322).

2. Item 2 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 29, 2008 No. 164 "About modification and amendments in some regulatory legal acts of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and financial institutions concerning prudential regulation of activities of the accumulation pension funds, the organizations exercising investment control of pension assets, and the organizations combining types of professional activity in the security market" (registered in the Register of state registration of regulatory legal acts at No. 5405).

3. Item 2 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 December 29, 2008 No. 247 "About entering of amendments and changes into some regulatory legal acts of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and financial institutions concerning prudential regulation of activities of the accumulation pension funds, the organizations exercising investment control of pension assets, and the organizations combining types of professional activity in the security market" (registered in the Register of state registration of regulatory legal acts at No. 5514).

4. Item 2 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 April 10, 2009 No. 74 "About modification and amendments in some regulatory legal acts of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and financial institutions concerning prudential regulation of activities of the accumulation pension funds, the organizations exercising investment control of pension assets, and the organizations combining types of professional activity in the security market" (registered in the Register of state registration of regulatory legal acts at No. 5678).

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. 181

The instruction about normative values of prudential standard rates, technique of their calculations for the organizations exercising investment control of pension assets

The regulations provided by this Instruction regarding affiliirovanny persons of the Organization are not applied to the legal entities and their affiliirovanny persons which are affiliirovanny with the Organization as a result of direct (on banks - indirect) ownerships of twenty five and more percent of voting shares of the specified organizations by joint-stock company "National welfare fund "Samruk-Kazyna".

Chapter 1. General provisions

1. In this Instruction the following concepts are used:

1) own assets of the Organization - the assets representing the resources controlled by the Organization as a result of last events from which the Organization expects receipt of economic benefit in the future and the Organizations reflected in balance;

Total 2) coefficient of sufficiency of equity - the amount of coefficient of sufficiency of the equity of the Organization calculated according to this Instruction and coefficient of sufficiency of equity of the accumulation pension fund (further - Fund) calculated in compliance by the legislation of the Republic of Kazakhstan;

3) authorized body - Committee on control and supervision of the financial market and financial institutions of National Bank of the Republic of Kazakhstan;

4) conventional unit of pension assets - the specific size of pension assets of Fund used for the characteristic of their change in result of investment management by them of the Organization and calculated according to this Instruction;

5) stock exchange - the legal entity created in form of business of joint-stock company, performing organizational and technical supply of the biddings by their direct carrying out with use of trade systems of this organizer of the biddings;

6) «net» pension assets - pension assets of Fund less its obligations relating to pension assets (obligations on retirement benefits, transfers in other Funds and other possible similar obligations).

2. For the purposes of this Instruction in addition to rating estimates of the Standard&Poor s agency authorized body on regulation, control and supervision of the financial market and financial institutions rating estimates of the Moody's Investors Service and Fitch agencies, and their affiliated rating organizations are also recognized (further - other rating agencies).

3. When weighing pension assets on risk degree, and also in case of determination of quick assets in the presence of rating assessment 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 on regulation, control and supervision of the financial market and financial institutions according to Item 2 of this Instruction is taken into consideration.

4. For the purposes of this Instruction international financial institutions are understood as the following international financial institutions:

International Bank for Reconstruction and Development;

European Bank for Reconstruction and Development;

Inter-American Development Bank;

International settlements bank;

Asian Development Bank;

African development bank;

International Finance Corporation;

Islamic development bank;

European Investment Bank;

Eurasian Development Bank.

5. Transactions at the expense of own assets of the Organization are made according to the procedure, established by Chapter 3 of the Rules of implementation of organization activity performing activities for investment management of pension assets, and the accumulation pension funds 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 "About approval of the Rules of implementation of organization activity performing activities for investment management of pension assets, and the accumulation pension funds" (registered in the Register of state registration of regulatory legal acts at No. 5794).

6. For calculation of prudential standard rates book value of financial instruments is used taking into account impairment.

Chapter 2. Prudential standard rate 1 "Sufficiency of equity"

7. Total value of coefficient of sufficiency of equity of Fund which pension assets are in investment management at the Organization, and this Organization makes at least 0,04.

Total value of coefficient of sufficiency of equity makes at least 0,01 for the Organization and Fund which pension assets are in investment management at this Organization, the Fund which assumed pension assets and obligations deprived of license for activities on attraction of pension contributions and implementation of retirement benefits within six months from the date of their transfer. Upon termination of six months after date of transfer of pension assets and obligations total value of coefficient of sufficiency of equity of the Organization and Fund makes the value specified in the first part of this Item.

The coefficient of sufficiency of equity is expressed by number with three signs after comma.

8. In case of the conclusion of the agreement between the Organization and Fund which pension assets are in investment management at this Organization for the purpose of fulfillment of requirements of Item 7 of this Instruction, the agreement is signed in writing and contains the following data:

1) ratio of values of coefficient of sufficiency of equity of the Organization to total coefficient of sufficiency of equity. Value of coefficient of sufficiency of equity of the Organization makes at least twenty, but no more than forty percent from total coefficient of sufficiency of equity;

2) ratio of values of coefficient of sufficiency of equity of Fund which pension assets are in investment management at this Organization, to total coefficient of sufficiency of equity;

3) frequency of introduction of amendments to the agreement regarding determination of ratio of values of coefficients of sufficiency of equity of the Organization and Fund which pension assets are in investment management at this Organization, to total coefficient of sufficiency of equity, with indication of Date of Introduction in action of such changes.

9. The organization sends to authorized body the copy of the agreement on total observance of coefficient of sufficiency of equity within one working day from the date of its conclusion.

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