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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of February 3, 2014 No. 10

About approval of Rules of implementation of activities for management of investment portfolio

(as amended on 25-05-2020)

According to the Law of the Republic of Kazakhstan of July 2, 2003 "About the security market" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve Rules of implementation of activities for management of investment portfolio.

2. Recognize invalid regulatory legal acts of the Republic of Kazakhstan according to appendix to this resolution.

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

Chairman of National Bank

K. Kelimbetov

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of February 3, 2014 No. 10

Rules of implementation of activities for management of investment portfolio

Chapter 1. General provisions

These rules of implementation of activities for management of investment portfolio (further - Rules) are developed according to the Civil code of the Republic of Kazakhstan (Special part) of July 1, 1999, the laws of the Republic of Kazakhstan of December 18, 2000 "About insurance activity", of July 2, 2003 "About the security market" (further - the Law on the security market), of July 4, 2003 "About state regulation, control and supervision of the financial market and the financial organizations", of July 7, 2004 "About investment and venture funds" (further - the Law on investment funds), of February 20, 2006 "About project financing and securitization" (further - the Law on securitization), establish conditions and procedure of activities for management of investment portfolio in the Republic of Kazakhstan.

Action of Rules extends on:

the organizations performing based on the license of authorized body activities for management of investment portfolio without the right of attraction of voluntary pension contributions;

the organizations performing based on the license of authorized body activities for management of investment portfolio with the right of attraction of voluntary pension contributions when implementing by them of activities for management of the investment portfolio built not at the expense of pension assets;

the insurance companies performing activities in industry "life insurance" and independent asset management, created at the expense of part of the insurance premiums (insurance premiums) got from insurers for the purposes of investment and income (losses) gained from their investment according to the insurance contracts providing condition of participation of the insurer in investments based on the license of authorized body for implementation of activities for management of investment portfolio in the security market (further - insurance companies).

Activities of the managing director of investment portfolio for asset management, created at the expense of part of the insurance premiums (insurance premiums) got from insurers for the purposes of investment, and income (losses) gained from their investment according to the insurance contracts providing condition of participation of the insurer in investments are performed taking into account the features established by regulatory legal act of authorized body according to Item 5 of article 12 of the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" (further - Rules of participation of the insurer in investments).

1. In Rules the following concepts are used:

1) special finance company - the legal entity created according to the Law on securitization for implementation of transactions of project financing and securitization for benefit of which rights to claim are yielded;

2) the investment declaration - the document determining the list of investment objects, the purposes, strategy, conditions and restrictions of investing activities on assets of the client, condition of hedging and asset diversification;

3) investment portfolio - the set of different types of financial instruments or other property which is in property or management of the managing director of investment portfolio;

4) the managing director of investment portfolio - the professional participant of the security market performing on its own behalf in interests and for customer account activities for management of objects of the civil laws;

5) the agreement on management of investment portfolio - the agreement according to which the client gives to the managing director of investment portfolio property to investment management and the managing director of investment portfolio shall exercise control of this property for the benefit of the client;

6) system of accounting of the managing director of investment portfolio - set of the data containing on investment customer accounts of the managing director of investment portfolio which provide identification of the client and his assets, structure of investment portfolio and transactions with the client's assets on certain timepoint;

7) the investment decision - the decision of the managing director of investment portfolio on transactions with the client's assets accepted in process of management of its assets;

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