RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of August 27, 2013 No. 241

About approval of Rules of the choice of the managing directors of investment portfolio performing activities based on the license of authorized body on regulation, control and supervision of the financial market and the financial organizations including requirements to them, in case of the order it to make the actions necessary for management of pension assets of the single accumulation pension fund

According to the laws of the Republic of Kazakhstan of March 30, 1995 "About National Bank 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 the choice of the managing directors of investment portfolio performing activities based on the license of authorized body on regulation, control and supervision of the financial market and the financial organizations including requirements to them, in case of the order it to make the actions necessary for management of pension assets of the single 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 August 27, 2013 No. 241

Rules of the choice of the managing directors of investment portfolio performing activities based on the license of authorized body on regulation, control and supervision of the financial market and the financial organizations including requirements to them, in case of the order it to make the actions necessary for management of pension assets of the single accumulation pension fund

1. Rules of the choice of the managing directors of investment portfolio performing activities based on the license of authorized body on regulation, control and supervision of the financial market and the financial organizations including requirements to them, in case of the order it to make the actions necessary for management of pension assets of the single accumulation pension fund (further - Rules), are developed according to the laws of the Republic of Kazakhstan of March 30, 1995 "About National Bank of the Republic of Kazakhstan", of June 21, 2013 "About provision of pensions in the Republic of Kazakhstan" and establish procedure and conditions of the choice of the managing directors of investment portfolio performing activities based on the license of authorized body on regulation, control and supervision of the financial market and the financial organizations (further - authorized body), including requirements to them, in case of the order it to make actions, necessary for management of pension assets of the single accumulation pension fund (further - managing company).

2. The National Bank of the Republic of Kazakhstan (further - National Bank) publishes on the official Internet resource information on the forthcoming carrying out the tender for the choice of managing company (managing companies) with indication of the term of adoption of the statement for participation in it.

3. Actions for carrying out the tender for the choice of managing company (managing companies) include:

1) check of applicants for compliance to requirements, stipulated in Item 4 Rules, and information analysis, determined in Item 5 of Rules;

2) decision making by Board of National Bank about the choice of managing company (managing companies).

4. The applicants conforming to the following requirements are allowed to participation in the tender for the choice of managing company (managing companies):

1) availability of license for activities on management of investment portfolio;

2) lack of the facts of violation during the last month under report preceding date of filing of application, the prudential standard rates established by authorized body;

3) lack of the operating measure of supervising reaction and (or) the sanction applied by authorized body concerning managing company for date of submission of the statement;

4) lack of losses by results of one year from two complete financial years.

If the applicant is member of banking conglomerate, for assessment of conformity to the requirement established by this subitem are used this to consolidated financial statements of the parent organization of this banking conglomerate;

5) experience of asset management within one year from two last complete financial years (except for assets of investment funds) in the amount equivalent to at least 50 000 000-fold size of monthly settlement indicator established by the law on the republican budget for the corresponding financial year existing at the time of asset management.

If the applicant is member of banking conglomerate, calculation of compliance to the requirement established by this subitem join assets in management which are (were) at the members of this banking conglomerate having (having) license for activities on management of investment portfolio (activities for investment management of pension assets);

6) availability at the parent organization of managing company and (or) managing company of the minimum credit rating not below "B+" on the international scale of the Standard & Poor agency "s or the rating of similar level of one of other rating agencies.

Requirements of subitems 4), 5) and 6) of this Item do not extend to managing company which single shareholder is the National Bank, and the affiliated organization of the single accumulation pension fund.

5. For participation in the tender the applicant submits the application constituted in any form, with application of documents, confirming compliance of managing company to the requirements established in item 4 of Rules and also the following information:

1) about experience of asset management of clients (except for assets of investment funds), including:

amount of assets for the last two complete financial years (including the assets which are (being) in management at the members of banking conglomerate having (having) license for activities on management of investment portfolio (activities for investment management of pension assets);

asset types;

historical results of asset management of clients for the last two complete financial years;

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