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The document ceased to be valid since December 22, 2018 according to Item 2 of the Resolution of Board of National Bank of the Republic of Kazakhstan of October 29, 2018 No. 254

RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of February 24, 2012 No. 58

About approval of Rules of implementation of clearing activities for transactions with financial instruments

(as amended on 30-05-2016)

According to the Law of the Republic of Kazakhstan of December 28, 2011 "About modification and amendments in 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 Rules of implementation of clearing activities for transactions with financial instruments.

2. This resolution becomes effective since July 1, 2012 and is subject to 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. 58

Rules of implementation of clearing activities for transactions with financial instruments

1. General provisions

These rules of implementation of clearing activities for transactions with financial instruments (further - Rules) are developed according to the Law of the Republic of Kazakhstan of July 2, 2003 "About the security market" and determine conditions and procedure of clearing activities for transactions with financial instruments.

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

1) the settlement organization - the central depositary and (or) other 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 bidders as a result of making by them of transactions with financial instruments;

3) the clearing organization - the organization having the license for clearing activities for transactions with financial instruments, and the central depositary;

4) rules of the clearing organization - the internal documents of the clearing organization determining procedure for relation of the clearing organization with the subjects using services of the clearing organization;

5) the clearing bidder - the legal entity who signed the contract on implementation of clearing servicing with the clearing organization, being one of the following persons:

member of stock and (or) commodity exchange;

client of the quoted organization of the over-the-counter market;

person connected to system of confirmation of stock exchange;

6) net line item (net position) - the line item of the clearing bidder on each series of transactions with financial instruments determined as a result of offset of requirements and obligations of the clearing bidder and (or) his clients who resulted from transactions with these financial instruments;

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

2. The organizational structure of the clearing organization includes divisions which main functions are:

1) implementation of clearing activities for transactions with financial instruments;

2) processing and distribution of information;

3) software and hardware of activities of the clearing organization;

4) risk management of the clearing organization;

5) monitoring of financial condition of clearing bidders, and also their compliance to rules of the clearing organization;

6) internal audit and control.

3. The organizer of the biddings combining activities for the organization of trade with securities and other financial instruments with clearing activities or the central depositary combining depository activity with clearing activities provides availability:

1) in organizational structure separate (separate) division (divisions) for implementation of functions within clearing activities for transactions with financial instruments;

2) at the division (divisions) performing (performing) clearing activities for transactions with financial instruments, certain rooms, and also systems of collection, registration and accounting of information for implementation of clearing activities for transactions with financial instruments separate of the systems used by divisions for implementation of other functions and types of professional activity in the security market.

On the division (divisions) performing (performing) clearing activities for transactions with financial instruments, and employees of this division functions of divisions of the organizer of the biddings or the central depositary performing other types of professional activity in the security market are not assigned.

4. In case of combination by the organizer of the biddings of activities for the organization of the securities trading and other financial instruments with clearing activities, combination of functions by the divisions specified in subitems 2), 3), 4), 5) and 6) of Item 2 of Rules with the divisions of the organizer of the biddings performing similar functions is allowed.

2. Clearing bidders

5. For receipt of the status of the clearing bidder the applicant submits the application constituted in the form provided by rules of the clearing organization and the financial reporting constituted according to international accounting standards, according to the procedure and the terms provided by rules of the clearing organization for implementation of monitoring of financial stability of the clearing bidder by the clearing organization and also conforms to the following requirements:

1) observes prudential standard rates on sufficiency of equity on the date of receipt of the status of the clearing bidder and within three months preceding such date (for the financial organization - resident of the Republic of Kazakhstan);

2) observes the requirements for sufficiency of equity established by rules of the clearing organization (for the legal entity, not being the financial resident organization of the Republic of Kazakhstan);

3) participates in forming of special clearing (warranty) funds for categories of the markets of financial instruments to which the admission of this clearing bidder is performed and on which the clearing organization performs functions of the central partner;

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