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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of July 16, 2014 No. 146

About establishment of the prudential standard rate for the organizations performing broker and (or) dealer activities in the security market, approval of Rules of calculation of values of the prudential standard rate for the organizations performing broker and (or) dealer activities in the security market

(as amended on 29-01-2018)

According to the laws of the Republic of Kazakhstan of July 2, 2003 "About the security market", of July 4, 2003 "About state regulation, control and supervision of the financial market and the financial organizations" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Establish for the organizations performing broker and (or) dealer activities in the security market, the prudential standard rate "Coefficient of sufficiency of equity".

Value of coefficient of sufficiency of equity of the organizations performing broker and (or) dealer activities in the security market daily makes at least 1.

2. Approve the enclosed Rules of calculation of values of the prudential standard rate for the organizations performing broker and (or) dealer activities in the security market.

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

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

Chairman of National Bank of the Republic of Kazakhstan

K. Kelimbetov

It is approved

with the Agency of the Republic of Kazakhstan according to the statistics

05.08.2014

 

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of July 16, 2014 No. 146

Rules of calculation of values of the prudential standard rate for the organizations performing broker and (or) dealer activities in the security market

These rules of calculation of the prudential standard rate for the organizations performing broker and (or) dealer activities in the security market (further - Rules) establish procedure of payments of the prudential standard rate "Coefficient of sufficiency of equity" (further - the prudential standard rate), obligatory to observance by the organizations performing broker and (or) dealer activities in the security market (further - the broker and (or) the dealer), including the Voluntary accumulation pension funds combining activities for management of investment portfolio with the right of attraction of voluntary pension contributions with broker and (or) dealer activities in the security market without the right of account management of clients as the nominee holder (further - DNPF), managing directors of investment portfolio, the voluntary pension contributions combining activities for management of investment portfolio without the right of attraction with broker and (or) dealer activities with the right of account management of clients as the nominee holder (further - UIP1), since July 1, 2014 the managing directors of investment portfolio combining activities for management of investment portfolio without the right of attraction of voluntary pension contributions with broker and (or) dealer activities without the right of account management of clients (further - UIP2).

Rules do not extend to National Bank of the Republic of Kazakhstan, banks of the second level, the National operator of mail, the Voluntary accumulation pension funds managing pension assets of the single accumulation pension fund according to the contract for investment asset management signed with National Bank of the Republic of Kazakhstan.

The regulations provided by Rules regarding affiliirovanny faces of the broker and (or) dealer, DNPF, UIP 1, UIP2 are not applied to the legal entities and their affiliirovanny persons which are affiliirovanny with the broker and (or) the dealer, DNPF, UIP 1, UIP2 as a result of direct (on banks - indirect) ownerships of twenty five and more percent of voting shares of the specified organizations by joint-stock company "National welfare fund "Samruk-Kazyna".

1. Procedure of payments of the prudential standard rate for the broker and (or) the dealer

1. The coefficient of sufficiency of equity of the broker and (or) dealer is calculated by formula:

Формула 1 к ПП НБ К  от 16.07.2014 №146

LA - the quick assets of the broker and (or) dealer specified in item 4 of Rules;

About - obligations on balance;

IDGC - the minimum size of equity of the broker and (or) dealer taken into consideration of sufficiency of equity:

IDGC of the broker and (or) the dealer with the right of account management of clients as the nominee holder, constituting 181 440 000 (hundred eighty one million four hundred forty thousand) tenges;

IDGC of the broker and (or) the dealer without the right of account management of clients, constituting 129 600 000 (hundred twenty nine million six hundred thousand) tenges.

2. For the purposes of Rules in addition to rating estimates of the Standard & Poor agency "s National Bank of the Republic of Kazakhstan (further - 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).

3. For the purposes of Rules international financial institutions are understood as the following organizations:

Asian Development Bank (Asian Development Bank);

African development bank (African Development Bank);

Development bank of the European Council (Council of Europe Development Bank);

International settlements bank;

Eurasian Development Bank;

European Bank for Reconstruction and Development (European Bank for Reconstruction and Development);

European Investment Bank (European Investment Bank);

Islamic development bank (Islamic Development Bank);

Islamic corporation on private sector development (ICD);

Inter-American Development Bank (Inter-American Development Bank);

International Development Association;

International Finance Corporation (International Finance Corporation);

International Bank for Reconstruction and Development (International Bank for Reconstruction and Development);

International Monetary Fund;

International Centre for Settlement of Investment Disputes;

Multilateral agency of guarantee of investments;

Scandinavian investment bank (Nordic Investment Bank).

4. As quick assets of the broker and (or) dealer, the following assets are recognized the amounts provided by appendix 1 to Rules:

1) money, including:

money in cash desk, no more than ten percent from the amount of assets on balance of the broker and (or) dealer;

money on current accounts in the banks of the second level of the Republic of Kazakhstan specified in the subitem 2) of this Item;

own money on accounts in the central depositary;

own money on accounts in the clearing organization which is guarantee, mid-flight fees of the broker and (or) dealer;

money on current accounts in nonresident banks which have long-term and (or) short-term, individual rating not below category "VVV-" on the international scale of the Standard & Poor agency "s or the rating of similar level of one of other rating agencies;

money on accounts in the nonresident organizations providing banking services to the organizations for implementation of transactions in the organized market of securities;

2) deposits in banks of the second level of the Republic of Kazakhstan taking into account the amounts of principal debt and the added remuneration, less reserves on possible losses in the amounts specified in appendix 1 to Rules in case of compliance to one of the following conditions:

banks have long-term credit rating not below "In -" on the international scale of the Standard & Poor agency "s or the rating of similar level of one of other rating agencies, or rating assessment not below "kzB" on national scale of Standard & Poor" s, or the rating of similar level on national scale of one of other rating agencies;

banks are affiliated resident banks which parent nonresident bank has long-term credit rating not below "And -" on the international scale of the Standard & Poor agency "s or the rating of similar level of one of other rating agencies;

banks are the emitting banks included in the sector of "share" of the Main platform of the official listing of stock exchange or emitting banks which shares are in the representative list of the stock exchange index;

3) deposits in nonresident banks taking into account the amounts of principal debt and the added remuneration, less reserves on possible losses which have long-term and (or) short-term individual rating not below "VVV-" on the international scale of the Standard & Poor agency "s or the rating of similar level of one of other rating agencies;

4) government securities of the Republic of Kazakhstan, including emitted according to the legislation of other states (taking into account the amounts of principal debt and the added remuneration), less reserves on possible losses;

5) the debt securities issued by joint-stock company "National welfare fund "Samruk-Kazyna" (taking into account the amounts of principal debt and the added remuneration), less reserves on possible losses;

6) shares of the legal entities of the Republic of Kazakhstan having rating assessment not below "VV-" on the international scale of the Standard & Poor agency "s or the rating of similar level of one of other rating agencies, or rating assessment not below "kzBB-" on national scale of Standard & Poor" s, or the rating of similar level on national scale of one of other rating agencies less reserves on possible losses;

7) the shares of legal entities included in the official listing of stock exchange, conforming to requirements of the sector of "share" of the Main platform of the official listing of stock exchange or the shares of legal entities which are in the representative list of the stock exchange index less reserves on possible losses;

8) the non-state debt securities of legal entities of the Republic of Kazakhstan issued according to the legislation of the Republic of Kazakhstan and other states, having rating assessment not below "In -" on the international scale of the Standard & Poor agency "s or the rating of similar level of one of other rating agencies, or rating assessment not below "kzB-" on national scale of Standard & Poor" s, or the rating of similar level on national scale of one of other rating agencies (taking into account the amounts of principal debt and the added remuneration), less reserves on possible losses;

9) the non-state debt securities of legal entities of the Republic of Kazakhstan issued according to the legislation of the Republic of Kazakhstan and other states which are not in relation to the broker and (or) the dealer affiliirovanny persons, the "debt securities" of the official listing of stock exchange included in sectors having rating assessment from "In +" to "In -" on the international scale of the Standard & Poor agency "s or the rating of similar level of one of other rating agencies, or rating assessment from "kzB+" to "kzB-" on national scale of Standard & Poor" s, or the rating of similar level on national scale of one of other rating agencies (taking into account the amounts of principal debt and the added remuneration), less reserves on possible losses;

10) the non-state debt securities having rating assessment is lower than the level, this Item specified in the subitem 9), and also the "debt securities" of the Main platform of the official listing of stock exchange which do not have rating assessment, included in the sector (taking into account the amounts of principal debt and the added remuneration), less reserves on possible losses;

11) the non-state debt securities of legal entities of the Republic of Kazakhstan issued according to the legislation of the Republic of Kazakhstan and other states, included in the official listing of stock exchange, except for the securities specified in subitems 8), 9) and 10) this Item (taking into account the amounts of principal debt and the added remuneration), less reserves on the possible losses conforming to the following requirements:

state registration of the issuer of debt securities is performed at least in two years prior to day of filing of application about inclusion of its securities in the official listing of stock exchange;

the issuer of debt securities constitutes the financial reporting according to international accounting standards (International Financial Reporting Standards - IFRS) or the accounting standards operating in the United States of America (General Accepted Accounting Principles - GAAP);

financial records audit of the issuer of debt securities is made by one of the auditing organizations entering the list of the auditing organizations recognized by stock exchange;

the financial reporting of the issuer of debt securities confirmed with the audit report was represented at least, than in two complete financial years;

the equity of the issuer of debt securities constitutes the amount, to the equivalent at least two million fifty thousandfold size of monthly settlement indicator established by the law on the republican budget for the corresponding financial year according to the financial reporting on the last reporting date confirmed with the audit report;

the net profit of the issuer of debt securities in one year from two last years constitutes the amount, equivalent at least eighty five thousand to the six hundredfold size of monthly settlement indicator established by the law on the republican budget for the corresponding financial year according to the financial reporting on the last reporting date confirmed with the audit report;

the sales volume of the issuer of debt securities - the non-financial organization, except for the leasing organization and credit partnership, on the main activities for each of two last years according to the financial reporting confirmed with the audit report constitutes the amount, to the equivalent at least two million fifty thousandfold size of monthly settlement indicator established by the law on the republican budget for the corresponding financial year;

availability of the code of corporate governance approved by general meeting of shareholders of the issuer of debt securities;

the market maker's availability according to debt securities in the time spent of these securities in the official listing of stock exchange;

constituent documents of the issuer of debt securities and (or) the prospectus of release of issued securities do not contain regulations which violate or limit the rights of owners of securities to their alienation (transfer);

12) securities of the foreign states having sovereign rating is not lower than "VVV-" on the international scale of the Standard & Poor agency "s or the rating of similar level of one of other rating agencies (taking into account the amounts of principal debt and the added remuneration), less reserves on possible losses;

13) the non-state debt securities of foreign issuers having rating assessment not below "VVV-" on the international scale of the Standard & Poor agency "s or the rating of similar level of one of other rating agencies (taking into account the amounts of principal debt and the added remuneration), less reserves on possible losses;

14) shares of the foreign issuers having rating assessment not below "VVV-" on the international scale of the Standard & Poor agency "s or the rating of similar level of one of other rating agencies (taking into account the amounts of principal debt and the added remuneration), less reserves on possible losses;

15) depositary receipts which underlying asset are shares of the foreign issuers having rating assessment not below "VVV-" on the international scale of the Standard & Poor agency "s or the rating of similar level of one of other rating agencies less reserves on possible losses;

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