Approved by the Resolution of Management of the National commission of the Republic of Kazakhstan on securities of June 26, 1998 No. 101

Rules of issue of the conclusions recommendations to the companies on management of pension assets for the conclusion of contracts for accomplishment of functions of the Primary dealer in the market of government securities of the Republic of Kazakhstan

These rules are developed according to the legislation of the Republic of Kazakhstan regulating activities of the companies for management of pension assets (further referred to as "Company"), the order of the Minister of Finance of the Republic of Kazakhstan of May 11, 1998 N 211 "About the organization of works on selection of Primary dealers in the market of government securities" and establish procedure for issue by the National commission of the Republic of Kazakhstan on securities (further referred to as "The national commission") the conclusions recommendations for the conclusion of contracts with the Ministry of Finance of the Republic of Kazakhstan for accomplishment of functions of the Primary dealer in the market of government securities (further referred to as "Conclusion").

Chapter 1. Conditions of receipt of the Conclusion

1. The Companies corresponding to the following conditions can apply for receipt of the Conclusion:

1) availability of the current license on implementation of activities for investment management of pension assets;

2) availability of the current license on implementation of broker and dealer activities in the security market without the right of account management of clients;

3) availability on the date of filing of application about issue of the Conclusion of the pension assets which are in investment management of the Company, in the amount of, constituting at least hundred million tenges;

4) observance of the prudential standard rates established for the Companies within six consecutive months preceding filing of application about issue of the Conclusion (for the Companies which obtained license for activities on investment management of pension assets within six months before filing of application about issue of the Conclusion - during effective period of this license);

5) availability in staff of the Company at least one employee having the existing certificate of competency of the first category who will participate in auctions for primary placement of government securities on behalf of the Company. Work of this employee (these employees) in the Company in combination is allowed;

6) compliance to regulations of the current legislation regulating activities of the Companies;

7) lack of arrears of the Company to other subjects of the security market.

Chapter 2. The documents submitted for receipt of the Conclusion

2. For receipt of the Conclusion the Company shall submit the National commission the following documents:

1) the statement of any form with the inventory of the documents enclosed to the application;

2) copies of certificates of competency of the staff of the Company specified in the subitem 5) of Item 1 of these rules;

3) the copy of the order on provision to the staff of the Company specified in the subitem 5) of Item 1 of these rules, powers on participation in auctions for primary placement of government securities on behalf of the Company.

3. For the purpose of check on compliance of the Company to conditions, certain Item 1 of these rules, the National commission has the right to demand from the Company of submission of additional documents, in addition to the these rules specified in Item 2, and also to address for necessary data on the Company other persons.

4. The officials and employees of the Company who signed documents which were submitted the National commission according to Items 2 and 3 of these rules bear the responsibility for accuracy of the data established by the legislation, containing in these documents.

Chapter 3. Consideration of documents and issue of the Conclusion

5. The statement of the Company for issue of the Conclusion without appendix of all documents specified in Item 2 of these rules, the National commission is not accepted and is not considered.

6. The application of the Company for issue of the Conclusion adopted by the National commission is considered within fifteen working days from the date of acceptance.

In case of submission of additional documents according to Item 3 of these rules the above-stated term of consideration of the application of the Company about issue of the Conclusion is resumed.

7. In case of compliance of the Company to conditions, certain Item 1 of these rules, the question of issue of the Conclusion to it is submitted for consideration of the next meeting of Management of the National commission.

8. In case of adoption of the positive decision of the Company by Management of the National commission the Conclusion on appendix form 1 to these rules is issued.

The conclusion is temporary and is effective within three months from the date of its issue.

9. The conclusion is issued to the first company executive or any other person based on properly drawn up power of attorney of the Company.

Chapter 4. Refusal in issue of the Conclusion and its appeal

10. The refusal in issue of the Conclusion is made on any of the following bases:

1) discrepancy of the Company to conditions, certain Item 1 of these rules;

2) availability of the judgment forbidding the Companies accomplishment of functions of the Primary dealer in the market of government securities;

3) inadequate registration and contents of the documents submitted by the Company for receipt of the Conclusion according to Items 2 and 3 of these rules;

4) non-presentation of additional documents by the Company according to Item 3 of these rules;

5) detection of unauthenticity of data in the documents submitted by the Company for receipt of the Conclusion according to Items 2 and 3 of these rules.

11. The decision on refusal in issue of the Conclusion is made by the chairman of the National commission or its chief executive supervising Management of licensing and supervision, except for case of consideration of question at meeting of Management of the National commission in case of which the decision on refusal in issue of the Conclusion is made by Management of the National commission.

12. The written motivated refusal in issue of the Conclusion shall be this to the Company in time, stipulated in Item 6 these rules.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info