RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of April 28, 2012 No. 166

About approval of Rules of application of limited corrective actions to the accumulation pension fund and (or) person having signs of the large participant, to the large member of the accumulation pension fund

1. Approve the enclosed Rules of application of limited corrective actions to the accumulation pension fund and (or) person having signs of the large participant, to the large member of the accumulation pension fund.

2. Recognize invalid:

2) item 4 of the List of changes and additions which are made to some regulatory legal acts of the Republic of Kazakhstan to the resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations of July 15, 2010 No. 111 "About modification and amendments in some regulatory legal acts of the Republic of Kazakhstan" (registered in the Register of state registration of regulatory legal acts at No. 6393, No. 306-309 published on November 12, 2010 in the Kazakhstanskaya Pravda newspaper (26367-26370);

3) Item 2 of the resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations of October 29, 2010 No. 162 "About modification of some regulatory legal acts of the Republic of Kazakhstan" (registered in the Register of state registration of regulatory legal acts at No. 6663).

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

Approved by the resolution of Board of National Bank of the Republic of Kazakhstan of April 28, 2012 No. 166

Rules of application of limited corrective actions to the accumulation pension fund and (or) person having signs of the large participant, to the large member of the accumulation pension fund

1. General provisions

1. In cases, the stipulated in Clause 42 Laws, authorized body applies one of the following limited corrective actions to the accumulation pension fund:

The written instruction, obligatory for execution, gives 1);

2) puts question before shareholders of discharge of leading employees of the accumulation pension fund;

3) is directed by the requirement about provision of the letter obligation;

4) is constituted with the accumulation pension fund by the written agreement which is subject to obligatory signing.

4. Application of limited corrective actions by authorized body to the accumulation pension fund and (or) persons having signs of the large participant, large members of the accumulation pension fund is made taking into account one or several of the following factors:

1) risk level.

The risk for the purposes of Rules is understood as probability of emergence of negative consequences in the form of violation of the rights and freedoms of citizens, causing damage to interests of society and to the state as a result of non-execution and (or) incomplete execution by the accumulation pension fund of the requirements established in the sphere of civil, financial legislations and legislations on social security (further - the legislation of the Republic of Kazakhstan), when implementing activities, and also deteriorations in financial condition of the accumulation pension fund;

2) capabilities to correct situation as a result of application of the chosen corrective action;

3) nature of violation and possible consequences for the accumulation pension fund;

4) frequencies and durations of violation;

5) the sizes of losses of the accumulation pension fund as a result of the allowed violation;

6) awarenesses of leading employees of the accumulation pension fund on the allowed violation;

7) general financial condition of the accumulation pension fund.

The general financial condition of the accumulation pension fund is determined based on this to the reporting, materials of checks, audit reports, fulfillment of requirements by availability of risk management systems and internal control, and also results of interaction of management of the accumulation pension fund with shareholders for the purpose of receipt of financial support in case of deterioration in financial condition of the accumulation pension fund.

5. By authorized body it is recorded the applied limited corrective actions.

2. Written instruction

6. In cases, takes out the stipulated in Clause 42 Laws, authorized body to the accumulation pension fund and (or) person having signs of the large participant, large member of the accumulation pension fund the written instruction about acceptance of the remedial measures, obligatory to execution, directed to elimination of the revealed violations and shortcomings at the scheduled time with indication of the official of the accumulation pension fund and (or) the legal entity having signs of the large participant, large member of the accumulation pension fund responsible for acceptance of remedial measures.

7. Remedial measures are specified in the written instruction and represent measures for accomplishment of obligations to investors (receivers) and (or) elimination, obligatory to execution, of the revealed violations of requirements of the legislation of the Republic of Kazakhstan.

8. The written instruction is brought to the attention:

the first head of the accumulation pension fund or person replacing it;

the first head of the legal entity having signs of the large participant;

the large member of the accumulation pension fund who is the legal entity or persons replacing them;

the physical person having signs of the large participant, large member of the accumulation pension fund which is physical person.

3. The address to shareholders about discharge of leading employees of the accumulation pension fund

9. In cases, the stipulated in Clause 42 Laws, authorized body puts question before shareholders (shareholder) of the accumulation pension fund of discharge of the leading employee (leading employees) of the accumulation pension fund.

10. Realization of the limited corrective action specified in Item 9 of Rules is performed by means of the direction by authorized body of the letter to governing body of the accumulation pension fund with the notification on acceptance of limited corrective action and with the requirement:

To provide 1) to authorized body of the data on date of general meeting of shareholders of the accumulation pension fund which agenda includes consideration of question of discharge of the leading employee (leading employees) of the accumulation pension fund from post (posts);

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