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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of January 28, 2016 No. 17

About approval of Rules of transfer of part of gold and exchange assets of National Bank of the Republic of Kazakhstan to external management

(In edition of the Resolution of Board of National Bank of the Republic of Kazakhstan of 08.08.2016 No. 174)

For the purpose of implementation of the Law of the Republic of Kazakhstan of November 24, 2015 "About modification and amendments in some legal acts of the Republic of Kazakhstan concerning the idle credits and assets of banks of the second level, rendering financial services and activities of the financial organizations and National Bank of the Republic of Kazakhstan" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of transfer of part of gold and exchange assets of National Bank of the Republic of Kazakhstan to external management.

2. To department of monetary transactions and asset managements (Moldabekova A. M.) in the procedure established by the legislation of the Republic of Kazakhstan to provide:

1) together with Legal support department (Sarsenov N. V.) state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) the direction of this resolution in the republican state company on the right of economic maintaining "The republican center of legal information of the Ministry of Justice of the Republic of Kazakhstan":

on official publication in information system of law of Ad_let within ten calendar days after its state registration in the Ministry of Justice of the Republic of Kazakhstan; for inclusion in the State register of regulatory legal acts of the Republic of Kazakhstan, Reference control bank of regulatory legal acts of the Republic of Kazakhstan within ten calendar days from the date of its obtaining by National Bank of the Republic of Kazakhstan after state registration in the Ministry of Justice of the Republic of Kazakhstan;

3) placement of this resolution on official Internet resource of National Bank of the Republic of Kazakhstan after its official publication.

3. To department of the international relations and public relations (Kazybayev A. K.) provide the direction of this resolution on official publication in periodic printing editions within ten calendar days after its state registration in the Ministry of Justice of the Republic of Kazakhstan.

4. To impose control of execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Pirmatov G. O.

5. This resolution becomes effective after ten calendar days after day of its first official publication and extends to the relations which arose since February 1, 2016.

Chairman of National Bank

D. Akishev

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of January 28, 2016 No. 17

Rules of transfer of part of gold and exchange assets of National Bank of the Republic of Kazakhstan to external management

1. General provisions

1. These rules of transfer of part of gold and exchange assets of National Bank of the Republic of Kazakhstan to external management (further – Rules) are developed according to the Law of the Republic of Kazakhstan of March 30, 1995 "About National Bank of the Republic of Kazakhstan" (further – the Law on National Bank) and determine procedure for transfer of part of gold and exchange assets of National Bank of the Republic of Kazakhstan (further – National Bank) in external management to the nonresident banks of the Republic of Kazakhstan and the organizations performing activities for asset management.

2. In Rules the concepts provided by the Civil code of the Republic of Kazakhstan (Special part) of July 1, 1999 and also the following concepts are used:

1) the regional mandate – portfolio which investments are concentrated within one country (the market, the region);

2) active asset management – type of management in case of which value of variability of variation of profitability (tracking error) exceeds percent 0,5;

3) passive asset management – type of management in case of which value of variability of variation of profitability (tracking error) does not exceed percent 0,5. Under passive management portfolio return is approximately equal in external management to profitability of benchmark portfolio;

4) external transit asset management – type of management in case of which assets are transferred for a period of up to 6 (six) months to the external transit managing director for the purpose of risk minimization in connection with changes in structure of the transferred assets;

5) information coefficient (information ratio) – the superprofitability level attitude towards variability of variation of profitability (tracking error);

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