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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of December 19, 2015 No. 252

About approval of Rules of forming of risk management system and internal control for stock exchange

(as amended on 21-09-2020)

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 the enclosed Rules of forming of risk management system and internal control for stock exchange.

2. Recognize invalid:

1) the resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations of November 30, 2009 No. 244 "About approval of the Instruction about requirements for availability of risk management system on the stock exchange and modification and amendments in the resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations of November 28, 2008 No. 195 "About requirements to organizational structure of the organizer of the biddings and to structure of the listing commission of stock exchange, and about approval of Rules of implementation of activities of structural division of the organizer of the biddings performing activities for supervision of the made transactions in trade system of the organizer of the biddings" (registered in the Register of state registration of regulatory legal acts at No. 5991);

2) Item 10 of the List of regulatory legal acts of the Republic of Kazakhstan to which changes and additions are made, the Board of National Bank of the Republic of Kazakhstan approved by the resolution of August 27, 2014 No. 168 "About modification and amendments in some regulatory legal acts of the Republic of Kazakhstan" (registered in the Register of state registration of regulatory legal acts at No. 9796, published on November 12, 2014 in information system of law of Ad_let of the republican state company on the right of economic introduction "The republican center of legal information of the Ministry of Justice of the Republic of Kazakhstan").

3. To department of supervision of subjects of the security market (Hadzhiyeva M. Zh.) in the procedure established by the legislation to provide:

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

2) the direction of this resolution on official publication in information system of law of Ad_let of 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" within ten calendar days after its state registration in the Ministry of Justice of the Republic of Kazakhstan;

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

4. 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.

5. To impose control of execution of this resolution on the vice-chairman of National Bank Smolyakov O. A.

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

Chairman of National Bank

D. Akishev

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of December 19, 2015 No. 252

Rules of forming of risk management system and internal control for stock exchange

1. These rules of forming of risk management system and internal control (further - Rules) are developed for stock exchange according to article 49-1 of the Law of the Republic of Kazakhstan of July 2, 2003 "About the security market" (further – the Law on RTsB) and determine procedure for forming of risk management system and internal control on the stock exchange.

2. The board of directors of stock exchange provides compliance of risk management system and internal control to requirements of Rules and creates conditions for execution by bodies, divisions and employees of stock exchange of the obligations assigned to them in the field of risk management.

3. In Rules the following concepts are used:

1) price risk - the risk of emergence of expenses (losses) owing to change in value of financial instruments arising in case of change of conditions of the financial markets influencing market value of the financial instruments acquired at the expense of own assets of stock exchange;

2) reputation risk - risk of emergence of expenses (losses) owing to negative public opinion or decrease in trust to stock exchange;

3) bek-testing - methods of check of efficiency of procedures of risks measurement with use of historical data on stock exchange and comparison of the calculated results with the current (actual) results from making of the specified transactions;

4) currency risk - the risk of emergence of expenses (losses) connected with change of the foreign exchange rates when implementing of the activities by stock exchange. Danger of expenses (losses) arises because of revaluation of line items on currencies in value term;

5) corporate management - the system of strategic and tactical stock exchange management representing the complex of relations between the supreme body, governing body, executive body and other bodies of stock exchange aimed at providing effective functioning of stock exchange, protection of the rights and interests of its shareholders, and giving to shareholders opportunity of effective control and monitoring of activities of stock exchange;

6) credit risk - risk of emergence of expenses (losses) owing to failure to pay by the issuer the principal debt and remuneration which is due to the security holder in the time established by conditions of security issue including also risk of the losses arising in connection with failure to carry out by the partner of obligations in the swaps, options, forwards and other financial instruments subject to credit risk and during settlement of payment under these securities and other financial instruments;

7) legal risk - risk of emergence of expenses (losses) owing to violation of requirements of the legislation of the Republic of Kazakhstan by stock exchange, including discrepancies of internal documents of stock exchange to requirements of Articles 83, 84, 85, 86, 87, 88 and 89 Laws on RTsB, discrepancies of practice of activities of stock exchange to its internal documents, and in the relations with nonresidents of the Republic of Kazakhstan - violations of requirements of the legislation of other states;

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