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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of August 27, 2013 No. 237

About approval of Rules of implementation of activities of the single accumulation pension fund and (or) the Voluntary accumulation pension funds

(as amended on 15-02-2021)

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 implementation of activities of the single accumulation pension fund and (or) the Voluntary accumulation pension funds (further - Rules).

2. This resolution becomes effective after ten calendar days after day of its first official publication and extends to the relations which arose since August 22, 2013, except for appendices 1 to Rules which regulations extend to the relations which arose since August 29, 2013.

Chairman of National Bank

G. Marchenko

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of August 27, 2013 No. 237

Rules of implementation of activities of the single accumulation pension fund and (or) Voluntary accumulation pension funds

1. General provisions

1. Rules of implementation of activities of the single accumulation pension fund and (or) the Voluntary accumulation pension funds (further - Rules) are developed according to the laws of the Republic of Kazakhstan of July 2, 2003 "About the security market" (further - the Law on the security market), of June 21, 2013 "About provision of pensions in the Republic of Kazakhstan" (further - the Law on provision of pensions) and establish procedure of activities of the single accumulation pension fund and (or) the Voluntary accumulation pension funds.

Provisions of Rules do not extend to control of pension assets of the single accumulation pension fund exercised within the trust management agreement signed between National Bank of the Republic of Kazakhstan and the single accumulation pension fund.

2. In Rules the following concepts are used:

1) the quotation - the price proposals of counterpartners in financial instruments received by means of mail, electronic or fax connection;

2) the counterpartner - the legal entity having rights to conclude bargains with financial instruments according to the legislation of the Republic of Kazakhstan or foreign state;

3) "net" pension assets - pension assets of the single accumulation pension fund or Voluntary accumulation pension fund less the obligations relating to pension assets (obligations on retirement benefits, the translations and similar obligations);

4) authorized body - authorized body on regulation, control and supervision of the financial market and the financial organizations;

5) international financial institution - the organization having the international status, created and which is acting on the basis of the international treaty (agreement) or the charter;

6) principal protected notes - debt securities according to which the issuer's guarantee on complete return of the amount of principal debt is established.

3. For the purposes of Rules in addition to rating estimates of the Standard & Poor agency "s authorized body are also recognized rating estimates of the Moody agencies" to s Investors Service and Fitch, and their affiliated rating organizations (further - other rating agencies).

In the presence at the issuer and (or) the financial instrument of several rating estimates on the international and (or) national scale the highest rating assessment on the international and (or) national scale of one of the rating agencies recognized by authorized body is taken into consideration.

4. The single accumulation pension fund and (or) the Voluntary accumulation pension fund are effective only for the benefit of investors (receivers).

5. Control of pension assets of the single accumulation pension fund is exercised according to articles 35 and 35-1 of the Law on provision of pensions.

The single accumulation pension fund or the Voluntary accumulation pension fund make calculation of cost of one conventional unit of pension assets according to appendix 1 "Calculation of cost of one conventional unit of pension assets" to Rules.

5-1. The single accumulation pension fund makes calculation of cost of conventional unit of pension liabilities according to appendix 1-1 to Rules.

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