RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of July 26, 2013 No. 200

About approval of the Instruction about measures for maintenance by the large member of the managing director of investment portfolio of coefficient of sufficiency of equity of the managing director of investment portfolio

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 Instruction about measures for maintenance by the large member of the managing director of investment portfolio of coefficient of sufficiency of equity of the managing director of investment portfolio (further - the Instruction).

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

3. Managing investment portfolio within two months from the date of enforcement of this resolution to bring the activities into accord with requirements of the Instruction.

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of July 26, 2013 No. 200

The instruction about measures for maintenance by the large member of the managing director of investment portfolio of coefficient of sufficiency of equity of the managing director of investment portfolio

1. This Instruction about measures for maintenance by the large member of the managing director of investment portfolio, coefficients of sufficiency of equity of the managing director of investment portfolio, (further - the Instruction) is developed according to the laws of the Republic of Kazakhstan of July 2, 2003 "About the security market", of June 21, 2013 "About provision of pensions in the Republic of Kazakhstan" and establishes measures for maintenance by the large participant of coefficients of sufficiency of equity of the managing director of investment portfolio (further - the Managing director).

2. The large participant Upravlyayushchego (further - the large participant) takes the measures for maintenance at the sufficient level of coefficient of sufficiency of equity of Upravlyayushchego provided by this Instruction.

3. Measures for maintenance by the large participant of coefficients of sufficiency of equity of the Managing director, include:

1) development and approval of the internal documents by the large participant who is the legal entity, establishing obligatory for observance by the large participant of condition and procedure for application of measures for maintenance of coefficients of sufficiency of equity of the Managing director;

2) permanent ensuring the necessary level (value) of coefficient of sufficiency of equity of the Managing director;

3) operational ensuring the necessary level (value) of coefficient of sufficiency of equity of the Managing director.

4. The measures taken by the large participant on permanent ensuring necessary value of coefficient of sufficiency of equity of the Managing director include the following:

1) quarterly assessment of financial condition of the Managing director Managing on the basis of the analysis of the quarterly financial reporting, for the purpose of check of observance of the prudential standard rates established concerning the Managing director, and also risks assessment, influencing decrease in coefficient of sufficiency of equity of the Managing director;

2) quarterly assessment of forecast values of sufficiency of equity of the Managing director;

3) annual control of ensuring efficiency of functioning of risk management system of the Managing director, including, assessments of conformity of the specified systems to requirements, the stipulated in Clause 52 Laws of the Republic of Kazakhstan of June 21, 2013 "About provision of pensions in the Republic of Kazakhstan";

4) annual control of availability in the Managing director having the large participant, the procedures determining need of application of the measures of operational providing provided in Item 6 of the Instruction;

5) quarterly control of observance by the Managing director having large participants, the investment declaration of the single accumulation pension fund and (or) the Voluntary accumulation pension fund in case of investment of pension assets and policy of investment of own assets of the Managing director in case of investment of own assets;

6) taking measures provided by the plan of recapitalization of the Managing director, in case of possible deterioration in financial position of the Managing director, No. 67 constituted according to the resolution of Board of National Bank of the Republic of Kazakhstan of February 24, 2012 "About approval of Rules of issue, withdrawal of consent to acquisition of the status of the large member of bank, bank holding, the large member of the insurance (reinsurance) organization, insurance holding, the large member of the managing director of investment portfolio and requirements to the documents submitted for receipt of the specified consent", registered in the Register of state registration of regulatory legal acts at No. 7552.

5. In case of decrease in coefficient of sufficiency of equity of the Managing director, the large participant in addition, in addition to measures of permanent providing coefficient of sufficiency of equity of the Managing director, applies measures of operational providing.

6. Measures of operational providing provide:

1) actions for ensuring necessary value of coefficient of sufficiency of equity of the Managing director;

2) actions for change of structure of own assets of the Managing director;

3) actions for change of organizational structure of the Managing director;

4) actions for suspension of charge and (or) dividend payout on common shares (net income allocation) of the Managing director between its shareholders.

7. Actions for ensuring necessary value of coefficient of sufficiency of equity of the Managing director include, but are not limited, acquisition by the large participant of the placed shares of the Managing director and payment of cost of these shares for the purpose of reduction of the necessary size of coefficient of sufficiency of equity of the Managing director to normative value.

8. Actions for change of structure of own assets of the Managing director are performed in type:

1) restrictions or suspensions of the transactions subjecting the Managing director to credit and (or) market risks;

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