RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of August 27, 2013 No. 223

About approval of Rules of opening, maintaining and closing with banks, branches of nonresident banks of the Republic of Kazakhstan of metal accounts

According to the Law of the Republic of Kazakhstan of March 30, 1995 "About National Bank of the Republic of Kazakhstan" for the purpose of determination of procedure for opening, maintaining and closing of metal accounts with banks the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of opening, maintaining and closing with banks, branches of nonresident banks of the Republic of Kazakhstan of metal accounts.

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. 223

Rules of opening, maintaining and closing with banks, branches of nonresident banks of the Republic of Kazakhstan of metal accounts

These rules of opening, maintaining and closing with banks, branches of nonresident banks of the Republic of Kazakhstan of metal accounts parts two of article 15 of the Law of the Republic of Kazakhstan "About National Bank of the Republic of Kazakhstan" are developed according to the subitem 62) (further - Rules) and determine procedure for opening, maintaining and closing of metal customer accounts in banks of the second level (further - banks), branches of nonresident banks of the Republic of Kazakhstan.

1. General provisions

1. In Rules the following concepts are used:

1) not allocated metal account - the metal account opened by bank, branch of nonresident bank of the Republic of Kazakhstan for accounting of the affined precious metals without instruction of their individual signs, and also implementation of transactions for acceptance, placement and purchase sale of the affined precious metals in the depersonalized (not physical) form;

2) the allocated metal account - the metal account opened by bank, branch of nonresident bank of the Republic of Kazakhstan for accounting of the affined precious metals in physical shape transferred by the client to safe custody to bank, branch of nonresident bank of the Republic of Kazakhstan with preserving their individual signs;

3) precious metals - gold, silver, platinum and metals of platinum group (palladium, iridium, rhodium, ruthenium and osmium) in any condition and type;

4) the ligaturny mass of precious metal - the actual lump of the ingot containing precious metal together with impurity;

5) clients - the physical persons and legal entities which signed the agreement of the metal account;

6) the metal account - method of reflection of contractual relations between bank, branch of nonresident bank of the Republic of Kazakhstan and the client on implementation of transactions with the affined precious metals;

7) measuring ingot - the ingot having weight no more than 1000 grams and mass fraction of precious metal is at least percent 99,99 for gold and silver and 99,95 of percent for platinum and palladium made in state members of the Eurasian Economic Union and conforming to the established requirements in state members of the Eurasian Economic Union, or the foreign production made, kleymenny and certified according to the legislation of country of source;

8) standard ingot - the ingot of precious metal which passed stage of cleaning and presented in the form:

ingots of production of the state members of the Eurasian Economic Union conforming to the established requirements in state members of the Eurasian Economic Union or to the international standards of quality accepted by the London association of the market of precious metals (London bullion market association) or the London association of metals of platinum group (London Platinum and Palladium Market) and designated in documents of data of associations as the London High-quality Delivery standard ("London good delivery");

the ingots of foreign production made, kleymenny and certified according to the legislation of country of source or international standards of quality accepted by the London association of the market of precious metals (London bullion market association) or the London association of metals of platinum group (London Platinum and Palladium Market) and designated in documents of data of associations as the London High-quality Delivery standard ("London good delivery");

9) the affined precious metals - the precious metals which underwent the processing and cleaning of impurity and the accompanying components brought to the quality conforming to the international standards of quality accepted by the London association of the market of precious metals (London bullion market association) or the London association of metals of platinum group (London Platinum and Palladium Market) and/or to the quality standards and requirements established in state members of the Eurasian Economic Union and/or to the quality standards and specifications of country of source, and also coin from precious metals, having mass fraction of precious metal is at least percent 99,99 for gold and silver;

10) brand - tag of the manufacturer/producer of ingot of precious metal;

11) chemically net weight - the mass of the precious metal containing in ingot without impurity.

2. Metal accounts are opened in case of the conclusion between bank, branch of nonresident bank of the Republic of Kazakhstan and the client of the agreement of the metal account.

Metal accounts are subdivided on allocated and not allocated.

3. Metal accounts are not bank accounts.

4. The contract of the metal account with the client is signed after acceptance by bank, branch of nonresident bank of the Republic of Kazakhstan of the measures for proper check provided by the Law of the Republic of Kazakhstan "About counteraction of legalization (washing) of income gained in the criminal way and to terrorism financing".

2. Procedure for opening of the metal account

5. Opening of the metal account is performed based on the statement of the client for opening of the metal account on the form installed by bank, branch of nonresident bank of the Republic of Kazakhstan separately by each type of the metal account.

6. The bank, branch of nonresident bank of the Republic of Kazakhstan considers the application for opening of the metal account within 3 (three) working days.

3. Procedure for maintaining the metal account

7. Transactions with gold are made in quantitative units of chemically net mass of precious metal, transaction with silver, platinum and palladium - in quantitative units of ligaturny mass of precious metal.

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