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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of February 24, 2012 No. 60

About approval of Rules of investment of financial instruments and other property which is part of assets of investment fund, and the list of financial instruments which can be part of assets joint-stock and mutual investment funds

(as amended on 12-02-2021)

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:

1) the Rules of investment of financial instruments and other property which is part of assets of investment fund according to appendix 1 to this resolution;

2) the List of financial instruments which can be part of assets joint-stock and mutual investment funds, according to appendix 2 to this resolution.

3. To managing companies within three months from the date of enforcement of this resolution to bring the activities into accord with requirements of this resolution.

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

Chairman of National Bank

G. Marchenko

Appendix 1

to the Resolution of Board of National Bank of the Republic of Kazakhstan of February 24, 2012 No. 60

The rules of investment of financial instruments and other property which is part of assets of investment fund

These rules of investment of financial instruments and other property which is part of assets of investment fund (further - Rules), are developed according to the Law of the Republic of Kazakhstan of July 7, 2004 "About investment and venture funds" (further - the Law) and establish procedure for investment of financial instruments and other property which is part of assets joint-stock and mutual investment funds.

1. For the purposes of these rules the following concepts are used:

2) managing company - the professional participant of the security market performing activities for management of investment portfolio based on the license granted by authorized body on regulation, control and supervision of the financial market and the financial organizations (further - authorized body);

2) managing company - the professional participant of the security market performing activities for management of investment portfolio based on the license granted by authorized body on regulation, control and supervision of the financial market and the financial organizations;

3) investment fund - joint-stock or the mutual investment fund created according to the Law;

4) 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;

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) share of Exchange Traded Funds - the hybrid trade instrument on which pricing is tied to this or that asset class (to the share, the bond, commodity products) or to indexes;

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

2. The managing company exercises investment asset management of investment fund according to requirements of the Law, these rules, resolutions of Board of National Bank of the Republic of Kazakhstan of February 3, 2014 No. 10 "About approval of Rules of implementation of activities for management of investment portfolio", the resolution of Board of National Bank of the Republic of Kazakhstan registered in the Register of state registration of regulatory legal acts at No. 9248, of August 27, 2013 No. 214 "About approval of Rules of forming of risk management system and the internal control for the organizations performing broker and dealer activities in the security market, activities for management of investment portfolio" registered in the Register of state registration of regulatory legal acts at No. 8796, and the investment declaration of investment fund.

3. The managing company concludes bargains for the asset account of the investment funds accepted in investment management, independently in the presence of the license for implementation of broker and (or) dealer activities or with use of services of the legal entities having rights to conclude bargains with financial instruments according to the legislation of the Republic of Kazakhstan or foreign state (in case of the conclusion of transactions for the asset account of investment fund outside the Republic of Kazakhstan).

Transactions for the asset account of investment fund, accepted by managing company in investment management, with non-state securities in primary unorganized market (in case of their placement), and also with the securities which are not allowed to the address in the organized market of securities, and shares in the authorized capital of legal entities are made by managing company independently.

4. In case of the conclusion of transactions with financial instruments the managing company is guided by the requirements established by the Law of the Republic of Kazakhstan of July 2, 2003 "About the security market", the resolution of Board of National Bank of the Republic of Kazakhstan of February 3, 2014 No. 9 "About approval of Rules of implementation of broker and (or) dealer activities in the security market, procedure for carrying out by the broker and (or) dealer of banking activities" registered in the Register of state registration of regulatory legal acts at No. 9249.

5. If the agreement on management of investment portfolio of investment fund provides possibility of transfer by managing company of execution of conditions of the specified agreement to the third party, then the agreement also provides:

1) responsibility of managing company according to obligations to joint-stock investment fund or holders of shares of mutual investment fund;

2) condition of asset management of investment fund with observance of these rules and the investment declaration of this investment fund.

6. The managing company invests the assets of open and interval mutual investment funds and real estate funds which are in investment management in the list of financial instruments which can be part of assets joint-stock and mutual investment funds, determined according to Item 3 of article 37 of the Law.

Assets of joint-stock investment funds (except for real estate funds) and the closed investment funds, being in investment management at managing company, are invested in the list of investment objects determined by the investment declaration of investment fund.

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