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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of August 27, 2013 No. 213

About approval of Rules of attraction of voluntary pension contributions by the Voluntary accumulation pension funds

(as amended of the Resolution of Board of National Bank of the Republic of Kazakhstan of 28.10.2016 No. 265)

According to the Law of the Republic of Kazakhstan of June 21, 2013 "About provision of pensions in the Republic of Kazakhstan" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of attraction of voluntary pension contributions by the Voluntary accumulation pension funds.

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

Chairman of National Bank

G. Marchenko

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of August 27, 2013 No. 213

Rules of attraction of voluntary pension contributions by the Voluntary accumulation pension funds

Rules of attraction of voluntary pension contributions by the Voluntary accumulation pension funds (further - Rules) are developed according to the Law of the Republic of Kazakhstan of June 21, 2013 "About provision of pensions in the Republic of Kazakhstan" (further - the Law) and establish procedure for attraction of voluntary pension contributions by the Voluntary accumulation pension funds.

1. For the purposes of Rules the following concepts are used:

1) the Voluntary accumulation pension fund - the professional participant of the security market performing based on the license of authorized body on regulation, control and supervision of the financial market and the financial organizations activities for management of investment portfolio with the right of attraction of voluntary pension contributions;

2) voluntary pension contributions - the money placed by investors on the initiative in the Voluntary accumulation pension fund for benefit of the receiver of retirement benefits according to the procedure, determined by the legislation of the Republic of Kazakhstan and the pension provision agreement at the expense of voluntary pension contributions;

3) the pension provision agreement at the expense of voluntary pension contributions - the agreement signed by the Voluntary accumulation pension fund, on the one hand, and the investor (the receiver of retirement benefits), on the other hand, about establishment, change or the termination of the legal relationship connected with voluntary pension contributions, accumulatings and receipt of retirement benefits at the expense of voluntary pension contributions;

4) the investor of voluntary pension contributions - the physical person or legal entity performing at the expense of own means voluntary pension contributions for benefit of the receiver of retirement benefits according to the pension provision agreement at the expense of voluntary pension contributions;

5) pension rules - the internal document of the Voluntary accumulation pension fund approved by governing body of the Voluntary accumulation pension fund;

6) authorized body – authorized body on regulation, control and supervision of the financial market and the financial organizations.

2. The Voluntary accumulation pension fund (further - Fund) performs activities based on the license for management of investment portfolio with the right of attraction of voluntary pension contributions granted by authorized body and attracts voluntary pension contributions according to the procedure and on the conditions established by Rules, pension rules of Fund and the pension provision agreement at the expense of voluntary pension contributions.

3. In the course of attraction of voluntary pension contributions Fund:

1) renders consulting services to persons, intended to sign the pension provision agreement at the expense of voluntary pension contributions, concerning functioning of funded pension system and activities for management of investment portfolio;

2) distributes information on the activities with use of means according to the list approved by pension rules of Fund;

3) interacts with potential investors only for the purpose of attraction for implementation at his expense of voluntary pension contributions for benefit of the receiver of retirement benefits or for benefit of the investor if he is physical person;

4) is performed by acquaintance of persons, intended to sign the pension provision agreement at the expense of voluntary pension contributions, with pension rules of Fund and terms of the contract about pension providing at the expense of voluntary pension contributions;

5) performs other actions provided by pension rules of Fund.

4. For implementation of actions, stipulated in Item 3 Rules, the Fund allows only the employees of Fund who were trained according to the training program approved by executive body of Fund.

5. The training program of employees of Fund for their admission to implementation of actions, stipulated in Item 3 Rules, affirms executive body of Fund and includes:

1) studying of the legislation of the Republic of Kazakhstan regulating activities of funded pension system and activities for management of investment portfolio of Fund;

2) explanation of responsibility of Fund and his workers for provision to the investors wishing to sign the pension provision agreement at the expense of voluntary pension contributions, unreliable information about activities of Fund;

3) studying of the business processes made by Fund within activities for management of investment portfolio with the right of attraction of voluntary pension contributions;

4) other provisions according to the decision of executive body of Fund.

6. When implementing actions, stipulated in Item 3 Rules, to persons involved for the conclusion of the pension provision agreement at the expense of voluntary pension contributions it is explained that:

1) receipt of investment revenue on voluntary pension contributions is not guaranteed to the investor (receiver) of voluntary pension contributions;

2) as a result of investment of pension accruals of investors (receivers) created at the expense of voluntary pension contributions both the investment revenue, and investment loss can be received;

3) the guarantee of the state on safety of pension contributions in the amount of actually brought pension contributions taking into account the rate of inflation at the time of acquisition of right by the receiver of the right to retirement benefits does not extend to investors (receivers) of voluntary pension contributions;

4) the right to retirement benefits from Fund arises according to article 33 of the Law.

7. The individual clause of expenses on attraction of voluntary pension contributions is provided in the estimate of the budget of Fund for own assets.

8. Control of attraction of voluntary pension contributions is exercised by executive body of Fund in the way:

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