RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of July 26, 2013 No. 182

About approval of Rules of application of limited corrective actions to the single accumulation pension fund, the Voluntary accumulation pension fund

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 Rules of application of limited corrective actions to the single accumulation pension fund, the Voluntary accumulation pension fund.

2. 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 July 26, 2013 No. 182

Rules of application of limited corrective actions to the single accumulation pension fund, the Voluntary accumulation pension fund

These rules of application of limited corrective actions to the single accumulation pension fund, the Voluntary accumulation pension fund (further - Rules) are developed according to the Law of the Republic of Kazakhstan of June 21, 2013 "About provision of pensions in the Republic of Kazakhstan" (further - the Law) and establish procedure for application by authorized body on regulation, control and supervision of the financial market and the financial organizations (further - authorized body) limited corrective actions to the single accumulation pension fund, the Voluntary accumulation pension fund.

1. General provisions

1. The authorized body according to article 58 of the Law applies limited corrective action to the single accumulation pension fund, the Voluntary accumulation pension fund.

2. The authorized body applies limited corrective action 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 single accumulation pension fund, Voluntary 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 single accumulation pension fund, the Voluntary 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 single accumulation pension fund, the Voluntary accumulation pension fund;

4) frequencies and durations of violation;

5) awarenesses of leading employees of the single accumulation pension fund, the Voluntary accumulation pension fund on the allowed violation;

6) general financial condition of the single accumulation pension fund, Voluntary accumulation pension fund.

The general financial condition of the single accumulation pension fund, Voluntary 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 single accumulation pension fund, Voluntary accumulation pension fund with shareholders for the purpose of receipt of financial support in case of deterioration in financial condition of the single accumulation pension fund, the Voluntary accumulation pension fund.

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

2. Procedure for application of limited corrective action in the form of the written instruction

5. The authorized body takes out to the single accumulation pension fund, the Voluntary accumulation pension fund the written instruction about acceptance of the remedial measures, obligatory to execution, directed to elimination of the revealed violations at the scheduled time and (or) the reasons, and also the conditions promoting their making, and (or) on need of provision at the scheduled time of the actions plan on elimination established violations and (or) the reasons, and also conditions promoting their making with indication of the description of violations, the reasons which led to their origin, the list of the planned actions, terms of their implementation and also the officials responsible for acceptance of remedial measures.

6. 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.

7. The written instruction is brought to the attention of the first head of the single accumulation pension fund, the Voluntary accumulation pension fund or person replacing it.

3. Procedure for application of limited corrective action in the form of discharge of leading employees of the single accumulation pension fund, the Voluntary accumulation pension fund

8. The authorized body puts question before shareholders (shareholder) of the single accumulation pension fund, Voluntary accumulation pension fund of discharge of the leading employee (leading employees) of the single accumulation pension fund, Voluntary accumulation pension fund.

9. Realization of the limited corrective action specified in Item 8 of Rules is performed by means of the direction by authorized body of the letter to governing body of the single accumulation pension fund, the Voluntary accumulation pension fund with the notification on acceptance of limited corrective action and with the requirement:

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