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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of February 24, 2012 No. 59

About approval of Requirements to risk management system of the clearing organization, to conditions and procedure for monitoring, control and risk management in the clearing organization

(as amended on 24-02-2021)

According to the Law of the Republic of Kazakhstan of December 28, 2011 "About modification and amendments in some legal acts of the Republic of Kazakhstan concerning banking regulation and the financial organizations regarding risk minimization" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Requirements to risk management system of the clearing organization, conditions and procedure for monitoring, control and risk management in the clearing organization.

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 February 24, 2012 No. 59

Requirements to risk management system of the clearing organization, conditions and procedure for monitoring, control and risk management in the clearing organization

Chapter 1. General provisions 

These Requirements to risk management system of the clearing organization, conditions and procedure for monitoring, control and risk management in the clearing organization (dalee-Trebovaniya) are developed according to the Law of the Republic of Kazakhstan of July 2, 2003 "About the security market" and establish requirements to forming of risk management system, determination of conditions and procedure for monitoring, control and risk management in the clearing organization.

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

1) the settlement organization - the organization performing the organization of calculations (payments) for transactions with financial instruments;

2) clearing - process of determination, check and information transfer about requirements and (or) obligations of clearing participants as a result of making by them of transactions with financial instruments;

3) clearing system - the software and hardware complex of the clearing organization intended for implementation of clearing activities;

4) operational risk - probability of emergence of losses as a result of inadequate or insufficient internal processes, human resources and systems or external events, including:

the risk caused by inadequate strategy, politicians and (or) standards in information technologies, shortcomings of use of the software;

the risk connected with inadequate information or its inappropriate use;

the risk connected with inadequate creation of business processes or weak control of observance of internal documents and rules;

the risk connected with inappropriate personnel management and (or) unskilled personnel of the clearing organization;

the risk connected with discrepancy of internal documents of the clearing organization to requirements of the legislation of the Republic of Kazakhstan;

the risk caused by unforeseen or uncontrollable factors of external impact on activities of the clearing organization;

5) stress - testing - methods of measurement of potential influence on financial position of the clearing organization of exclusive, but possible events which exert impact on activities of the clearing organization;

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

20. The procedure and conditions of forming, and also use of reserve, guarantee funds of the clearing organization and (or) mid-flight fees and other providing clearing participants include:

1) technique of determination and assessment of the sizes of reserve or guarantee funds of the clearing organization and (or) mid-flight fees, other providing clearing participants;

2) procedure and conditions of payment of mid-flight fees and other providing clearing participants, fees of clearing participants in guarantee fund of the clearing organization, forming of reserve fund of the clearing organization;

3) procedure and conditions of implementation of payments from reserve or guarantee funds of the clearing organization;

4) procedure and conditions of investment of assets of reserve or guarantee funds of the clearing organization:

in money on the correspondent account opened in National Bank of the Republic of Kazakhstan or on the bank account opened in "Central Securities Depository" Joint-stock company;

in money on accounts in the foreign corresponding banks having long-term international rating "VVV-" on the international scale of the Standard & Poor agency "s or the rating of similar level on the international scale of the Fitch or Moody agencies" is not lower than s Investors Service;

in money on current accounts in the banks of the second level of the Republic of Kazakhstan having long-term rating s or the rating of similar level on the international scale of the Fitch or Moody agencies" is not lower "In +" on the international scale of the Standard &Poor agency "than s Investors Service;

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