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The document ceased to be valid since  January 29, 2019 according to Item 2 of the Resolution of Board of National Bank of the Republic of Kazakhstan of December 28, 2018 No. 318

RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of December 19, 2015 No. 253

About approval of Requirements for availability of risk management system in the central depositary

According to subitem 14-2) of article 12 of the Law of the Republic of Kazakhstan 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. Approve the enclosed Requirements for availability of risk management system in the central depositary.

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 February 1, 2010 No. 5 "About approval of the Instruction about requirements for availability of risk management system in the central depositary, both 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 December 29, 2008 No. 238 "About approval of Rules of implementation of activities of the central depositary" (registered in the Register of state registration of regulatory legal acts at No. 6100);

2) Item 12 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 of the Republic of Kazakhstan 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 of the Republic of Kazakhstan 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. 253

Requirements for availability of risk management system in the central depositary

1. General provisions

1. These Requirements for availability of risk management system in the central depositary (further – Requirements) are developed in compliance by the Law of the Republic of Kazakhstan of July 4, 2003 "About state regulation, control and supervision of the financial market and the financial organizations" and establish requirements for availability of risk management system in the central depositary.

2. The board of directors of the central depositary provides compliance of risk management system to Requirements and creates conditions for execution by bodies, divisions and employees of the central depositary of the obligations assigned to them in the field of risk management.

3. In Requirements the following concepts are used:

1) information system - the software and hardware of the central depositary by means of which generation, storage, accounting, timely provision and disclosure of the financial and operational information necessary for the board of directors, executive body and employees of the central depositary is provided in case of accomplishment of the obligations, and also to registrars, issuers, depositors of the central depositary and their clients in the course of their activities;

2) 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 the central depositary;

3) reputation risk - risk of emergence of expenses (losses) owing to negative public opinion or decrease in trust to the central depositary;

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

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

6) clearing transactions - transactions on collection, reconciliation, sorting and confirmation of calculations, and also carrying out their offset and determination of net line items of participants of clearing;

7) communication system - the software and hardware of the central depositary intended for process management of information transfer between bodies and divisions of the central depositary, registrar, issuers, depositors and the central depositary, and also other systems of the central depositary;

8) corporate management - the system of strategic and tactical management of the central depositary representing complex of relations between general shareholder meeting, the board of directors, board, aimed at providing effective functioning of the central depositary, protection of the rights and interests of its shareholders and giving to shareholders opportunity of effective control and monitoring of activities of the central depositary;

9) 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;

10) legal risk - risk of emergence of expenses (losses) consequence of violation by the central depositary of requirements of the legislation of the Republic of Kazakhstan, including discrepancy of internal documents of the central depositary to requirements of regulatory legal acts of authorized body, discrepancy of practice of activities of the central depositary to its internal documents, and in the relations with nonresidents of the Republic of Kazakhstan - violations of requirements of the legislation of other states;

11) policy of investment of own assets - the document determining the list of investment objects, the purposes, strategy, conditions and restrictions of investing activities on own assets of the central depositary, condition of hedging and diversification of own assets;

12) operational risk - risk of emergence of expenses (losses) as a result of discrepancy to nature and scales of activities of the central depositary and (or) to requirements of the legislation of the Republic of Kazakhstan, internal procedures and procedures of carrying out transactions and other transactions, violations by their employees of the central depositary and (or) other persons (owing to inadvertent or intentional actions or failure to act), disproportion (insufficiency) of functionality (characteristics) applied by the central depositary, information, communication and other systems and (or) their refusals (functioning violations) and also as a result of impact of external events;

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