LAW OF THE REPUBLIC OF KAZAKHSTAN

of July 4, 2018 No. 174-VI ZRK

About modification and amendments in some legal acts of the Republic of Kazakhstan concerning venture funding

Article 1. Make changes and additions to the following legal acts of the Republic of Kazakhstan:

1. In the Civil code of the Republic of Kazakhstan (General part) accepted by the Supreme Council of the Republic of Kazakhstan on December 27, 1994 (Sheets of the Supreme Council of the Republic of Kazakhstan, 1994, No. 23-24 (appendix); 1995, No. 15-16, of Art. 109; No. 20, Art. 121; Sheets of Parliament of the Republic of Kazakhstan, 1996, No. 2, Art. 187; No. 14, Art. 274; No. 19, Art. 370; 1997, No. 1-2, of Art. 8; No. 5, Art. 55; No. 12, Art. 183, 184; Art. No. 13-14, 195, 205; 1998, No. 2-3, of Art. 23; No. 5-6, of Art. 50; No. 11-12, of Art. 178; Art. No. 17-18, 224, 225; No. 23, Art. 429; 1999, No. 20, Art. 727, 731; No. 23, Art. 916; 2000, No. 18, Art. 336; No. 22, Art. 408; 2001, No. 1, Art. 7; No. 8, Art. 52; No. 17-18, of Art. 240; No. 24, Art. 338; 2002, No. 2, Art. 17; No. 10, Art. 102; 2003, No. 1-2, of Art. 3; No. 11, Art. 56, 57, 66; No. 15, Art. 139; No. 19-20, of Art. 146; 2004, No. 6, Art. 42; No. 10, Art. 56; No. 16, Art. 91; No. 23, Art. 142; 2005, No. 10, Art. 31; No. 14, Art. 58; No. 23, Art. 104; 2006, No. 1, Art. 4; No. 3, Art. 22; No. 4, Art. 24; No. 8, Art. 45; No. 10, Art. 52; No. 11, Art. 55; No. 13, Art. 85; 2007, No. 2, Art. 18; No. 3, Art. 20, 21; No. 4, Art. 28; No. 16, Art. 131; No. 18, Art. 143; No. 20, Art. 153; 2008, No. 12, Art. 52; No. 13-14, of Art. 58; No. 21, Art. 97; No. 23, Art. 114, 115; 2009, Art. No. 2-3, 7, 16, 18; No. 8, Art. 44; No. 17, Art. 81; No. 19, Art. 88; No. 24, Art. 125, 134; 2010, No. 1-2, of Art. 2; No. 7, Art. 28; No. 15, Art. 71; No. 17-18, of Art. 112; 2011, No. 2, Art. 21, 28; No. 3, Art. 32; No. 4, Art. 37; No. 5, Art. 43; No. 6, Art. 50; No. 16, Art. 129; No. 24, Art. 196; 2012, No. 1, Art. 5; No. 2, Art. 13, 15; No. 6, Art. 43; No. 8, Art. 64; No. 10, Art. 77; No. 11, Art. 80; No. 20, Art. 121; No. 21-22, of Art. 124; No. 23-24, of Art. 125; 2013, No. 7, Art. 36; No. 10-11, of Art. 56; No. 14, Art. 72; No. 15, Art. 76; 2014, No. 4-5, of Art. 24; No. 10, Art. 52; No. 11, Art. 61, 63; No. 14, Art. 84; No. 21, Art. 122; No. 23, Art. 143; 2015, No. 7, Art. 34; No. 8, Art. 42, 45; No. 13, Art. 68; No. 15, Art. 78; No. 16, Art. 79; No. 20-І, Art. 110; No. 20-IV, Art. 113; No. 20-VII, Art. 115; No. 21-І, Art. 128; No. 22-І, Art. 140, 143; No. 22-V, Art. 156; No. 22-VI, Art. 159; 2016, No. 7-II, Art. 55; No. 8-II, Art. 70; No. 12, Art. 87; 2017, No. 4, Art. 7; No. 15, Art. 55; No. 22-III, Art. 109; 2018, No. 1, Art. 4; No. 10, Art. 32):

in Item 7 of Article 209 of the word "about investment funds" shall be replaced with words "about investment and venture funds".

2. In the Civil code of the Republic of Kazakhstan (Special part) of July 1, 1999 (The sheet of Parliament of the Republic of Kazakhstan, 1999, No. 16-17, of Art. 642; No. 23, Art. 929; 2000, No. 3-4, of Art. 66; No. 10, Art. 244; No. 22, Art. 408; 2001, No. 23, Art. 309; No. 24, Art. 338; 2002, No. 10, Art. 102; 2003, No. 1-2, of Art. 7; No. 4, Art. 25; No. 11, Art. 56; No. 14, Art. 103; No. 15, Art. 138, 139; 2004, No. 3-4, of Art. 16; No. 5, Art. 25; No. 6, Art. 42; No. 16, Art. 91; No. 23, Art. 142; 2005, No. 21-22, of Art. 87; No. 23, Art. 104; 2006, No. 4, Art. 24, 25; No. 8, Art. 45; No. 11, Art. 55; No. 13, Art. 85; 2007, No. 3, Art. 21; No. 4, Art. 28; No. 5-6, of Art. 37; No. 8, Art. 52; No. 9, Art. 67; No. 12, Art. 88; 2009, No. 2-3, of Art. 16; No. 9-10, of Art. 48; No. 17, Art. 81; No. 19, Art. 88; No. 24, Art. 134; 2010, No. 3-4, of Art. 12; No. 5, Art. 23; No. 7, Art. 28; No. 15, Art. 71; No. 17-18, of Art. 112; 2011, No. 3, Art. 32; No. 5, Art. 43; No. 6, Art. 50, 53; No. 16, Art. 129; No. 24, Art. 196; 2012, No. 2, Art. 13, 14, 15; No. 8, Art. 64; No. 10, Art. 77; No. 12, Art. 85; No. 13, Art. 91; No. 14, Art. 92; No. 20, Art. 121; No. 21-22, of Art. 124; 2013, No. 4, Art. 21; No. 10-11, of Art. 56; No. 15, Art. 82; 2014, No. 1, Art. 9; No. 4-5, of Art. 24; No. 11, Art. 61, 69; No. 14, Art. 84; No. 19-І, 19-II, Art. 96; No. 21, Art. 122; No. 23, Art. 143; 2015, No. 7, Art. 34; No. 8, Art. 42, 45; No. 13, Art. 68; No. 15, Art. 78; No. 19-І, Art. 100; No. 19-II, Art. 102; No. 20-VII, Art. 117, 119; No. 22-І, Art. 143; No. 22-II, Art. 145; No. 22-III, Art. 149; No. 22-VI, Art. 159; No. 22-VII, Art. 161; 2016, No. 7-І, Art. 49; No. 7-II, Art. 53; No. 8-І, Art. 62; No. 12, Art. 87; No. 24, Art. 126; 2017, No. 4, Art. 7; No. 13, Art. 45; No. 21, Art. 98; The Law of the Republic of Kazakhstan of June 20, 2018 "About modification and amendments in some legal acts of the Republic of Kazakhstan concerning enhancement of the legislation in the field of intellectual property", published in the Egemen Kazakstan and Kazakhstan Truth newspapers on June 22, 2018):

in Article 893 of the word "about investment funds" shall be replaced with words "about investment and venture funds".

3. In the Budget code of the Republic of Kazakhstan of December 4, 2008 (The sheet of Parliament of the Republic of Kazakhstan, 2008, No. 21, Art. 93; 2009, No. 23, Art. 112; No. 24, Art. 129; 2010, No. 5, Art. 23; No. 7, Art. 29, 32; No. 15, Art. 71; No. 24, Art. 146, 149, 150; 2011, No. 2, Art. 21, 25; No. 4, Art. 37; No. 6, Art. 50; No. 7, Art. 54; No. 11, Art. 102; No. 13, Art. 115; No. 15, Art. 125; No. 16, Art. 129; No. 20, Art. 151; No. 24, Art. 196; 2012, No. 1, Art. 5; No. 2, Art. 16; No. 3, Art. 21; No. 4, Art. 30, 32; No. 5, Art. 36, 41; No. 8, Art. 64; No. 13, Art. 91; No. 14, Art. 94; No. 18-19, of Art. 119; No. 23-24, of Art. 125; 2013, No. 2, Art. 13; No. 5-6, of Art. 30; No. 8, Art. 50; No. 9, Art. 51; No. 10-11, of Art. 56; No. 13, Art. 63; No. 14, Art. 72; No. 15, Art. 81, 82; No. 16, Art. 83; No. 20, Art. 113; No. 21-22, of Art. 114; 2014, No. 1, Art. 6; No. 2, Art. 10, 12; No. 4-5, of Art. 24; No. 7, Art. 37; No. 8, Art. 44; No. 11, Art. 63, 69; No. 12, Art. 82; No. 14, Art. 84, 86; No. 16, Art. 90; No. 19-І, 19-II, Art. 96; No. 21, Art. 122; No. 22, Art. 128, 131; No. 23, Art. 143; 2015, No. 2, Art. 3; No. 11, Art. 57; No. 14, Art. 72; No. 15, Art. 78; No. 19-І, Art. 100; No. 19-II, Art. 106; No. 20-IV, Art. 113; No. 20-VII, Art. 117; No. 21-І, Art. 121, 124; No. 21-II, Art. 130, 132; No. 22-I, Art. 140, 143; No. 22-II, Art. 144; No. 22-V, Art. 156; No. 22-VI, Art. 159; No. 23-II, Art. 172; 2016, No. 7-II, Art. 53; No. 8-І, Art. 62; No. 12, Art. 87; No. 22, Art. 116; No. 23, Art. 119; No. 24, Art. 126; 2017, No. 4, Art. 7; No. 6, Art. 11; No. 9, Art. 18; No. 10, Art. 23; No. 13, Art. 45; No. 14, Art. 51; No. 15, Art. 55; No. 20, Art. 96; No. 22-III, Art. 109; No. 23-III, Art. 111; No. 23-V, Art. 113; No. 24, Art. 115; 2018, No. 1, Art. 2; No. 7-8, of Art. 22; No. 9, Art. 31; No. 10, Art. 32):

Part one of Item 1 of Article 41 to state 1) in the following edition:

"1. The state task is the order to legal entities with participation of the state in the authorized capital, to the organizations entering into group of National welfare fund, to the National chamber of entrepreneurs of the Republic of Kazakhstan and its organizations determined by the Government of the Republic of Kazakhstan, to National Olympic Committee of the Republic of Kazakhstan, autonomous cluster fund, the international technological park "Astana Hub", the autonomous organizations of education and their organizations determined by the Government of the Republic of Kazakhstan for rendering separate state services, implementation of budget investment projects and accomplishment of other tasks aimed at providing social and economic stability and (or) welfare development of the state.";

2) Article 105-1 to add with Item 3 following of content:

"3. The state audit and financial control of provision and implementation of measures of the state support of industrial and innovative activities for joint financing of venture funds are performed on the basis of profitability (unprofitability) of assets (all portfolio) of such venture funds in the long term taking into account the high entrepreneurial risk characterized by uncertainty of market perspectives of innovative activities and losses of the enclosed financial and other resources.".

4. In the Code of the Republic of Kazakhstan about administrative offenses of July 5, 2014 (The sheet of Parliament of the Republic of Kazakhstan, 2014, No. 18-І, 18-II, Art. 92; No. 21, Art. 122; No. 23, Art. 143; No. 24, Art. 145, 146; 2015, No. 1, Art. 2; No. 2, Art. 6; No. 7, Art. 33; No. 8, Art. 44, 45; No. 9, Art. 46; No. 10, Art. 50; No. 11, Art. 52; No. 14, Art. 71; No. 15, Art. 78; No. 16, Art. 79; No. 19-І, Art. 101; No. 19-II, Art. 102, 103, 105; No. 20-IV, Art. 113; No. 20-VII, Art. 115; No. 21-І, Art. 124, 125; No. 21-II, Art. 130; No. 21-III, Art. 137; No. 22-І, Art. 140, 141, 143; No. 22-II, Art. 144, 145, 148; No. 22-III, Art. 149; No. 22-V, Art. 152, 156, 158; No. 22-VI, Art. 159; No. 22-VII, Art. 161; No. 23-І, Art. 166, 169; No. 23-II, Art. 172; 2016, No. 1, Art. 4; No. 2, Art. 9; No. 6, Art. 45; No. 7-І, Art. 49, 50; No. 7-II, Art. 53, 57; No. 8-І, Art. 62, 65; No. 8-II, Art. 66, 67, 68, 70, 72; No. 12, Art. 87; No. 22, Art. 116; No. 23, Art. 118; No. 24, Art. 124, 126, 131; 2017, No. 1-2, of Art. 3; No. 9, Art. 17, 18, 21, 22; No. 12, Art. 34; No. 14, Art. 49, 50, 54; No. 15, Art. 55; No. 16, Art. 56; No. 22-III, Art. 109; No. 23-III, Art. 111; No. 23-V, Art. 113; No. 24, Art. 114, 115; 2018, No. 1, Art. 4; No. 7-8, of Art. 22; No. 9, Art. 27; No. 10, Art. 32; The law of the Republic of Kazakhstan of June 13, 2018 "About modification and amendments in some legal acts of the Republic of Kazakhstan concerning activities of non-profit organizations", published in the Egemen Kazakstan and Kazakhstan Truth newspapers on June 15, 2018; The Law of the Republic of Kazakhstan of June 20, 2018 "About modification and amendments in some legal acts of the Republic of Kazakhstan concerning enhancement of the legislation in the field of intellectual property", published in the Egemen Kazakstan and Kazakhstan Truth newspapers on June 22, 2018):

Heading of Article 265 to state 1) in table of contents in the following edition:

"Article 265. Violation of requirements of the Law of the Republic of Kazakhstan "About investment and venture funds";

Shall be replaced with words 2) in heading and paragraph one of part one of Article 265 of the word "About Investment Funds" "About investment and venture funds".

5. In the Entrepreneurial code of the Republic of Kazakhstan of October 29, 2015 (The sheet of Parliament of the Republic of Kazakhstan, 2015, No. 20-II, 20-III, Art. 112; 2016, No. 1, Art. 4; No. 6, Art. 45; No. 7-II, Art. 55; No. 8-І, Art. 62, 65; No. 8-II, Art. 72; No. 12, Art. 87; No. 23, Art. 118; No. 24, Art. 124, 126; 2017, No. 9, Art. 21; No. 14, Art. 50, 51; No. 22-III, Art. 109; No. 23-III, Art. 111; No. 23-V, Art. 113; No. 24, Art. 115; 2018, No. 10, Art. 32; The Law of the Republic of Kazakhstan of June 20, 2018 "About modification and amendments in some legal acts of the Republic of Kazakhstan concerning enhancement of the legislation in the field of intellectual property", published in the Egemen Kazakstan and Kazakhstan Truth newspapers on June 22, 2018):

Table of contents to add 1) with heading of Article 251-1 of the following content:

"Article 251-1. Venture funds and venture funding";

Part the second Item 1 of Article 93 to exclude 2);

Articles 97, 242 and 243 to state 3) in the following edition:

"Article 97. Infrastructure support of private entrepreneurship

Infrastructure support of private entrepreneurship is provided by creation and development of infrastructure of support of private entrepreneurship which is understood as complex of the created or operational entities providing general terms of functioning and development of private entrepreneurship including assistance in the organization of own business, provision of information in the field of the right, marketing, engineering and management, support in providing with material, financial and other resources on commercial basis.

The centers of support of entrepreneurship, business incubators and elements of industrial and innovative infrastructure treat infrastructure of support of private entrepreneurship.";

"Article 242. Concept and content of industrial and innovative activities

1. Industrial and innovative activities are the activities connected with implementation of industrial and innovative projects taking into account providing ecological safety for the purpose of performance improvement of work and ensuring stimulation of development of priority sectors of economy or promotion of the domestic processed goods, works and services on internal and (or) the foreign markets.

Priority sectors of economy are understood as the sectors of national economy capable to make impact on dynamics and quality of economic development of the state.

2. The industrial and innovative project is the complex of the actions realized during certain term of time directed to transfer of technologies, creation new (enhancement acting) productions and (or) implementation of innovative activities.

Innovative activities are understood as the activities (including scientific, scientific and technical, technological, infocommunication, organizational, financial and (or) business activity) directed to creation of innovations.

Innovation is the resulting effect of innovative activities put into practice which received realization in the form of any new or considerably the improved product (goods, work or service), technology or process, new method of marketing or new organizational method in business practice, the organization of workplaces or external relations.

Article 243. Subjects of industrial and innovative activities

Subjects of industrial and innovative activities are the physical and (or) legal entities (including in the form of particular partnerships) realizing industrial and innovative projects or performing activities for promotion of the domestic processed goods, works and services on internal and (or) the foreign markets.";

Subitems 4) and 6) of Item 2 of Article 244 to state 4) in the following edition:

"4) support of innovative activities, effective implementation of innovations and development of high technology productions;";

"6) rendering assistance to subjects of industrial and innovative activities in commercialization of technologies, results of scientific and (or) scientific and technical activities;";

Subitems 3) and 11) of item 4 of Article 246 to state 5) in the following edition:

"3) performs investments into industrial and innovative projects by participation in the authorized capital of subjects of industrial and innovative activities, creation of legal entities with foreign participation, creations or participations in investment and venture funds and different ways, stipulated by the legislation the Republic of Kazakhstan;";

"11) renders assistance to development of investment funds of risk investment, venture funds and venture funding.";

Article 247 to add 6) with subitem 4-1) of the following content:

"4-1) venture funds;";

Article 250 to state 7) in the following edition:

"Article 250. Technological park

1. The technological park (further - technopark) is the legal entity created by national institute of development in the field of technology development or the autonomous organization of education or determined by the Government of the Republic of Kazakhstan, owning on the property right or other legal causes the territory with single material complex where favorable conditions for realization of industrial and innovative activities are created.

2. Core activity of technoparks is the technological business incubation representing rendering industrial and innovative activities to subjects including in the field of information and communication technologies, at the initial stage of their functioning of services in provision of rooms, the equipment, to conducting financial accounting, legal, information and consulting maintenance, investment attraction, project management, and also other services necessary for implementation of industrial and innovative projects, including in the field of information and communication technologies. Rules of rendering services of technological business incubation, and also cost determination of such services, except for the services rendered by the international technological park "Astana Hub" are developed and affirm authorized body in the field of the state support of industrial and innovative activities.";

8) in Items 1 and 2 of Article 251 of the word "About Investment Funds" shall be replaced with words "About investment and venture funds";

To add 9) with Article 251-1 of the following content:

"Article 251-1. Venture funds and venture funding

1. Venture fund is the particular partnership or the legal entity in the form of joint-stock company or economic partnership performing attraction and accumulation of money and other property is exclusive for the purpose of venture funding according to the requirements established by the Law of the Republic of Kazakhstan "About investment and venture funds".

The venture fund has the right to sign bank deposit agreements with banks of the second level of the Republic of Kazakhstan.

2. Venture funding is understood as the activities connected with financing of persons performing only innovative activities by investments into their authorized capital, acquisition of the financial instruments issued by them or provision of cash loan by it.";

10) article 255 after words "joint-stock investment funds of risk investment," to add with words of "venture funds";

Item 2 of Article 258 to add 11) with part two of the following content:

"Joint financing of venture funds is performed by the subjects of industrial and innovative system participating in the state support of industrial and innovative activities whose list affirms authorized body in the field of the state support of industrial and innovative activities in coordination with the state bodies performing management of the corresponding industry (the sphere of public administration).".

6. In the Code of the Republic of Kazakhstan of December 25, 2017 "About taxes and other obligatory payments in the budget" (Tax code) (Sheets of Parliament of the Republic of Kazakhstan, 2017, No. 22-І, 22-II, Art. 107; 2018, No. 10, Art. 32; The Law of the Republic of Kazakhstan of June 20, 2018 "About modification and amendments in some legal acts of the Republic of Kazakhstan concerning enhancement of the legislation in the field of intellectual property", published in the Egemen Kazakstan and Kazakhstan Truth newspapers on June 22, 2018):

Shall be replaced with words 1) in Item 5 of Article 40 of the word "about investment funds" "about investment and venture funds";

12) of Item 2 of Article 225 of the word "about investment funds" shall be replaced with words 2) in the subitem "about investment and venture funds";

11) parts one of Item 1 of Article 241 of the word "about investment funds" shall be replaced with words 3) in the subitem "about investment and venture funds".

7. In the Code of the Republic of Kazakhstan of December 26, 2017 "About customs regulation in the Republic of Kazakhstan" (Sheets of Parliament of the Republic of Kazakhstan, 2017, No. 23-І, 23-II, the Art. 110):

in part two of Item 1 of Article 129 of the word "investment funds" shall be replaced with words "investment and venture funds".

8. In the Law of the Republic of Kazakhstan of July 2, 2003 "About the security market" (Sheets of Parliament of the Republic of Kazakhstan, 2003, No. 14, Art. 119; 2004, No. 16, Art. 91; No. 23, Art. 142; 2005, No. 7-8, of Art. 24; No. 14, Art. 58; No. 23, Art. 104; 2006, No. 3, Art. 22; No. 4, Art. 24; No. 8, Art. 45; No. 10, Art. 52; No. 11, Art. 55; 2007, No. 2, Art. 18; No. 4, Art. 28; No. 9, Art. 67; No. 17, Art. 141; 2008, No. 15-16, of Art. 64; No. 17-18, of Art. 72; No. 20, Art. 88; No. 21, Art. 97; No. 23, Art. 114; 2009, Art. No. 2-3, 16, 18; No. 17, Art. 81; No. 19, Art. 88; 2010, No. 5, Art. 23; No. 7, Art. 28; No. 17-18, of Art. 111; 2011, No. 3, Art. 32; No. 5, Art. 43; No. 11, Art. 102; No. 15, Art. 125; No. 24, Art. 196; 2012, No. 2, Art. 14, 15; No. 10, Art. 77; No. 13, Art. 91; No. 20, Art. 121; No. 21-22, of Art. 124; 2013, No. 10-11, of Art. 56; 2014, No. 6, Art. 27; No. 10, Art. 52; No. 11, Art. 61; No. 19-І, 19-II, Art. 96; No. 22, Art. 131; No. 23, Art. 143; 2015, No. 8, Art. 45; No. 20-IV, Art. 113; No. 20-VII, Art. 117; No. 21-І, Art. 128; No. 22-III, Art. 149; No. 22-VI, Art. 159; No. 23-І, Art. 169; 2016, No. 6, Art. 45; No. 12, Art. 87; No. 22, Art. 116; No. 24, Art. 126; 2017, No. 4, Art. 7):

in the subitem 33) of Article 1 of the word "about investment funds" shall be replaced with words "about investment and venture funds".

9. In the Law of the Republic of Kazakhstan of July 7, 2004 "About investment funds" (Sheets of Parliament of the Republic of Kazakhstan, 2004, No. 16, Art. 90; 2006, No. 16, Art. 103; 2007, No. 2, Art. 18; No. 4, Art. 33; 2008, No. 17-18, of Art. 72; No. 20, Art. 88; No. 23, Art. 114; 2009, Art. No. 2-3, 16, 18; 2011, No. 24, Art. 196; 2012, No. 13, Art. 91; 2014, No. 4-5, of Art. 24; 2015, No. 8, Art. 45; No. 22-VI, Art. 159):

Heading to state 1) in the following edition:

"About investment and venture funds";

Preamble to state 2) in the following edition:

"This Law determines legal status, features of creation, activities, reorganization and liquidation of joint-stock investment fund, condition and procedure for creation, functioning and termination of existence of mutual investment fund, feature of legal status and activities of venture funds in the Republic of Kazakhstan, governs the relations connected with activities of professional participants of the security market for ensuring functioning of investment funds and also determines procedure for state regulation of investment funds.";

Article 1 to add 3) with subitem 3-1) of the following content:

"3-1) venture fund - the particular partnership or the legal entity in the form of joint-stock company or economic partnership performing attraction and accumulation of money and other property is exclusive for the purpose of venture funding;";

4) in Article 2:

state heading in the following edition:

"Article 2. Legislation of the Republic of Kazakhstan on investment and venture funds";

"investment" to add Item 1 after the word with the words "and venture";

add with item 4 of the following content:

"4. The legislation of the Republic of Kazakhstan on the security market, economic partnerships, partnerships with the limited and accessorial liability and about joint-stock companies extends to venture funds if other is not established by this Law.";

5) in Article 3:

add Item 1 with the subitem 4) of the following content:

"4) connected with features of legal status and activities of venture funds.";

to add Item 2 after words of "managing companies" with the words "and venture managing directors";

add Item 3 with words ", except as specified creations of venture funds by them";

6) in Article 5:

state heading in the following edition:

"Article 5. Names of investment and venture funds";

add with Item 3-2 of the following content:

"3-2. The name of venture fund shall contain words "venture fund".";

state item 4 in the following edition:

"4. In names of investment and venture funds it is forbidden to use the words "national", "central", "governmental", "guaranteed" or "insured" in the specified or changed type in any language. Names of investment and venture funds shall not approve or imply insurance or guaranteeing investment income.";

1) of Article 10 of the word "about investment funds" shall be replaced with words 7) in the subitem "about investment and venture funds";

8) to add with Chapter 7-1 of the following content:

"Chapter 7-1. Venture fund

Article 46-1. Legal status of venture fund

1. The venture fund created in the form of particular partnership begins the activities from the date of the conclusion with its agreement parties about joint activities (further - the agreement of venture fund).

2. The number of members of venture fund cannot be less than two.

Article 46-2. Charter of venture fund

The charter of the venture fund created in the form of the legal entity in addition to the data determined by the legislation of the Republic of Kazakhstan shall contain regulations that exclusive types of its activities are attraction and accumulation of money and other property for the purpose of implementation of venture funding according to the requirements established by the legislation of the Republic of Kazakhstan on investment and venture funds.

The venture fund has the right to sign bank deposit agreements with banks of the second level of the Republic of Kazakhstan.

Article 46-3. Agreement of venture fund

1. Under the agreement of venture fund two or more persons shall combine the deposits and perform joint activities for venture funding without formation of legal entity for generation of profit. The agreement of venture fund is signed on the basis of liberty principle of the agreement stated in the Civil code of the Republic of Kazakhstan and may contain elements of the different agreements as provided, not stipulated by the legislation the Republic of Kazakhstan, but not contradicting it.

2. In the agreement of venture fund of the party participate in limits and amount which are set by the Civil code of the Republic of Kazakhstan, this Law and the agreement of venture fund, at the same time one or several parties (venture managing directors) perform maintaining common causes of venture fund on behalf of all parties of such agreement.

3. Physical persons, the commercial organizations, and also in the cases established by the laws of the Republic of Kazakhstan, non-profit organizations can be agreement parties of venture fund.

4. The foreigners, stateless persons, foreign legal entities, and also the foreign organizations who are not legal entities on foreign law participate in quality of the agreement party of venture fund on an equal basis with citizens and legal entities of the Republic of Kazakhstan if other is not provided by the laws of the Republic of Kazakhstan and international treaties ratified by the Republic of Kazakhstan.

5. The venture managing director has no right to participate at the same time in two and more agreements of venture fund if at least one of them contains prohibition on such participation. The agreement of venture fund signed by the venture managing director in defiance of the specified restriction can be nullified judicially upon the demand of any other party of this contract with assignment for the venture managing director of obligation on compensation by everything to the parties of such agreement caused to them with respect thereto losses.

6. In the agreement of venture fund for the purpose of its individualization the name (individual designation) of this agreement including words "venture fund" is specified.

7. Transfer by the agreement party of venture fund of the rights and obligations on it to other person, including as a result of legal succession, and also acceptance in venture fund of particular partnership of the new participant do not attract the termination of the current agreement of venture fund and the conclusion between all its parties of the new agreement of venture fund.

If other is not provided by the agreement of agreement parties of venture fund, acceptance in venture fund of particular partnership of the new participant is performed on the conditions established by this agreement, way of accession to the agreement in general intended to participate in it persons. In this case between the venture managing director and such person the agreement on accession determining conditions, procedure and terms of introduction by the new member of venture fund of contribution to the common cause is signed. At the same time introduction of amendments to the agreement of venture fund is not required.

Article 46-4. Activities of the venture managing director

1. The venture managing director is the legal entity performing activities for asset management of venture fund for the benefit of members of venture fund by means of making of actions according to the requirements established by this Law and the agreement signed by members of venture fund. The venture managing director can be the member of venture fund.

2. The venture managing director is the representative of venture fund in connection with activities for asset management of fund on the terms of the agreement signed with it. The venture managing director also has the right to be the representative of venture fund in court (arbitration).

3. The venture managing director has the right to manage assets of several venture funds taking into account the requirement of Item 5 of article 46-3 of this Law.

Article 46-5. Advertizing of activities of venture funds

1. Members of venture fund and other persons have no right to place advertizing about activities of venture fund in mass media, on objects of outdoor (visual) advertizing, and also to attract new participants by means of the public offer.

2. For the purposes of application of this Law placement of information on venture fund on Internet resource of the venture managing director is not advertizing of venture fund.

Article 46-6. Agreement on implementation of the rights of participants of economic partnership

1. Participants of the economic partnership which is venture fund or person for whose activities venture funding is provided have the right to sign the agreement on implementation of the rights of participants of economic partnership under which they shall perform definitely the rights and (or) abstain (to refuse) implementation of the specified rights, including to vote definitely on general meeting of participants of economic partnership, to approve vote option with other participants of economic partnership, to sell share or part of share at the price defined by this agreement and (or) in case of approach of certain circumstances or to abstain (to refuse) alienation of share or part of share before certain circumstances, and also to perform in coordination other actions connected with management of partnership, its creation, activities, reorganization and liquidation. Such agreement is signed in writing by creation of one document signed by the parties.

2. The agreement on implementation of the rights of participants of economic partnership (its part or parts) stops the action in cases:

1) the expirations on which the agreement on implementation of the rights of participants of economic partnership was signed (its part or parts);

2) the conclusions of the new agreement on implementation of the rights of participants of economic partnership to which provisions of earlier signed agreement on implementation of the rights of participants of economic partnership (its part or parts) contradict or which absorbs earlier signed agreement on implementation of the rights of participants of economic partnership (its part or parts);

3) other cases provided by the agreement on implementation of the rights of participants of economic partnership.

3. Can be contribution to the authorized capital of the economic partnership which is venture fund, in addition to other property, stipulated by the legislation the Republic of Kazakhstan, right to claim of participants against partnership on financial loans.

Article 46-7. Shareholders' agreement

1. Shareholders of the society which is venture fund or person for whose activities venture funding is provided have the right to sign the shareholders' agreement.

2. For the purposes of this Law the shareholders' agreement the agreement on implementation of the rights certified by shares and (or) features of implementation of share rights is recognized. Under the shareholders' agreement of its party shall perform definitely the rights certified by shares and (or) share rights and (or) to abstain (to refuse) implementation of the specified rights.

Obligations of its parties can be provided by the shareholders' agreement to vote definitely at general shareholder meeting, to approve vote option with other shareholders, to acquire or alienate shares at in advance determined price and (or) in case of approach of certain circumstances, to abstain (to refuse) alienation of shares before certain circumstances, and also to perform in coordination other actions connected with management of society, its activities, reorganization and liquidation of society.

The shareholders' agreement is signed in writing by creation of one document signed by the parties.

3. The obligation of the party of the shareholders' agreement to vote as directed governing bodies of society concerning which shares this agreement is signed cannot be subject of the shareholders' agreement.

4. The shareholders' agreement is obligatory only for its parties. The agreement signed by the party of the shareholders' agreement in defiance of the shareholders' agreement can be nullified by court in the claim of the concerned party of the shareholders' agreement only in cases if it is proved that other agreement party knew or obviously shall know about the restrictions provided by the shareholders' agreement.

5. By the shareholders' agreement methods of ensuring obligation fulfillment, following from the shareholders' agreement, and measure of civil responsibility for non-execution or improper execution of such obligations can be provided.

The rights of the parties of the shareholders' agreement based on this agreement including the rights to require compensation of the losses caused by agreement breach, penalty (penalty, penalty fee), compensation payments (the firm sum of money or the amount which is subject to determination according to the procedure, specified in the shareholders' agreement) or applications of other measures of responsibility in connection with violation of the shareholders' agreement, are subject to judicial, arbitration and other protection, the stipulated by the legislation Republic of Kazakhstan.

6. The shareholders' agreement (its part or parts) stops the action in cases:

1) the expirations on which the shareholders' agreement was signed (its part or parts);

2) the conclusions of the new shareholders' agreement to which provisions of earlier signed shareholders' agreement (its part or parts) contradict or which absorbs earlier signed shareholders' agreement (its part or parts);

3) other cases provided by the shareholders' agreement.

Article 46-8. Option agreement

1. The members of venture fund, persons intending to become members of venture fund, venture fund, startup company for which activities venture funding is provided and (or) participants (shareholders) such startup company have the right to sign among themselves option agreements concerning assets of venture fund and (or) startup company or participations in them.

Startup company for which activities venture funding is provided and (or) participants (shareholders) such startup company also have the right to sign with workers startup company option agreements concerning property startup company or participations in it.

For the purposes of this Law the option agreement the agreement owing to which one party on the conditions provided by such agreement having the right to demand in the time established by the agreement from other party (other parties) of making of the actions provided by the option agreement, including to pay money, to transfer or accept property is recognized. The option agreement can provide that the requirement for the option agreement is considered the circumstances defined by such agreement declared in case of approach.

The option agreement stops if the requirement about making of the actions provided by the option agreement is not declared at the scheduled time.

In case of the conclusion and execution of the option agreement requirements of Item 1 of article 16 of the Law of the Republic of Kazakhstan "About joint-stock companies" shall be observed.

2. The party pays the payment provided by such agreement for the right to declare the requirement for the option agreement, except as specified, if the option agreement, including by the prisoner between the commercial organizations, provides its gratuitousness or if the conclusion of such agreement is caused by other obligation or other interest protected by the law which follow from the relations of the parties.

3. In case of the termination of the option agreement the payment, stipulated in Item 2 these Articles, is not subject to return if other is not provided by the option agreement.

Article 46-9. Option for the conclusion of the agreement

1. The members of venture fund, persons intending to become members of venture fund, venture fund, startup company for which activities venture funding is provided and (or) participants (shareholders) such startup company have the right to sign among themselves the agreement on provision of the option (right) to the conclusion of the agreement (the option for the conclusion of the agreement) concerning property of venture fund and (or) startup company or participations in them.

Startup company for which activities venture funding is provided and (or) participants (shareholders) such startup company also have the right to provide the option for the conclusion of the agreement to workers such startup company concerning assets startup company or participations in it.

For the purposes of this Law the option for the conclusion of the agreement the agreement owing to which one party by means of the irrevocable offer grants to other party the right to sign one or several agreements on the conditions provided by the option for the conclusion of the agreement is recognized.

The option for the conclusion of the agreement can provide that the acceptance is possible only in case of approach of the condition determined by such option including depending on will of one of the parties.

In case of the conclusion and option exercise on the conclusion of the agreement requirements of Item 1 of article 16 of the Law of the Republic of Kazakhstan "About joint-stock companies" shall be observed.

2. In case term for the acceptance of the irrevocable offer is not established by the option for the conclusion of the agreement, this term is considered equal to one year if other does not follow from being of the agreement or customs.

3. If the option for the conclusion of the agreement does not provide other, the payment on it is not set off on account of payments under the agreement signed based on the irrevocable offer and is not subject to return in case there is no acceptance.

4. The option for the conclusion of the agreement shall contain the conditions allowing to determine subject and other essential terms of the contract, subject to the conclusion.

The subject of the agreement, subject to the conclusion, can be described in any manner, allowing to identify it at the time of the acceptance of the irrevocable offer.

5. The option for the conclusion of the agreement consists in the form established for the agreement which is subject to the conclusion.

6. The option for the conclusion of the agreement can be included in other agreement if other does not follow from being of such agreement.

7. The option rights for the conclusion of the agreement can be yielded to other person, except as herein otherwise provided or does not follow from its being.

Article 46-10. Features of the agreements signed for the purpose of venture funding

1. The party which signed the agreement for the purpose of venture funding it is reasonable based on doubtful assurances of other party about the circumstances important for the conclusion of the agreement, its execution or the termination has the right to compensation of the losses caused to it if:

The party which provided doubtful assurances about circumstances knew 1) or shall know about their unauthenticity and that the partner relies upon such doubtful assurances in case of the conclusion of the agreement on agreed terms;

2) assurances about circumstances are made in writing and contain clear intention of person which provided such assurances to create for themselves thereby obligations or other civil effects.

2. Recognition of the agreement invalid does not interfere with approach of effects, stipulated in Item 1 this Article.

3. Obligation parties, being effective when implementing of venture funding by them, can provide obligation of one party in the agreement to compensate the property losses of other party which arose in case of approach of the circumstances determined in the agreement and its party (the loss caused by obligation impossibility of performance, presentation of requirements by the third parties or public authorities to the party or the third party specified in the agreement, and others) which are not connected with violation of the obligation. In the agreement the amount of compensation of such losses or procedure for its determination shall be determined.

4. The court has the right to reduce limit of compensation of the losses provided by agreement parties if it is proved that the party intentionally promoted increase in the amount of losses.

5. The losses provided by agreement parties are compensated irrespective of recognition of the agreement unconcluded or invalid if other is not provided by the agreement.

6. If losses arose in connection with wrongful acts of the third party, passes the requirement of the creditor to this third party about indemnification to the party which compensated such losses.

7. Rules of this Article are applied also in cases if the condition about compensation of losses is provided in the shareholders' agreement (the agreement on implementation of the rights of participants of economic partnership) or the agreement on alienation of shares or shares in the authorized capital of economic partnership including when the party of such shareholders' agreement (the agreement on implementation of the rights of participants of economic partnership) is the physical person which is not the subject of entrepreneurship or the state.".

10. In the Law of the Republic of Kazakhstan of July 26, 2007 "About state registration of the rights to real estate" (Sheets of Parliament of the Republic of Kazakhstan, 2007, No. 18, Art. 142; 2008, No. 23, Art. 114; No. 24, Art. 126; 2009, No. 2-3, of Art. 16; No. 8, Art. 41; No. 19, Art. 88; 2010, No. 7, Art. 28; 2011, No. 3, Art. 32; No. 5, Art. 43; No. 6, Art. 50; No. 15, Art. 118; No. 16, Art. 129; 2012, No. 8, Art. 64; No. 10, Art. 77; No. 14, Art. 95; No. 20, Art. 121; 2013, No. 1, Art. 3; No. 5-6, of Art. 30; 2014, No. 4-5, of Art. 24; No. 11, Art. 61; No. 19-І, 19-II, Art. 96; No. 21, Art. 122; No. 23, Art. 143; 2015, No. 8, Art. 45; No. 16, Art. 79; No. 20-IV, Art. 113; No. 22-II, Art. 145; No. 22-V, Art. 156; No. 22-VI, Art. 159; 2016, No. 6, Art. 45; 2017, No. 4, Art. 7; 2018, No. 10, Art. 32):

in Item 3 of Article 55 of the word "about investment funds" shall be replaced with words "about investment and venture funds".

11. In the Law of the Republic of Kazakhstan of July 22, 2011 "About population shift" (Sheets of Parliament of the Republic of Kazakhstan, 2011, No. 16, Art. 127; 2012, No. 5, Art. 41; No. 8, Art. 64; No. 15, Art. 97; 2013, No. 9, Art. 51; No. 21-22, of Art. 114; No. 23-24, of Art. 116; 2014, No. 11, Art. 64; No. 16, Art. 90; No. 21, Art. 118; No. 23, Art. 143; 2015, No. 19-II, Art. 102; No. 20-IV, Art. 113; No. 22-І, Art. 143; No. 22-V, Art. 154, 158; No. 22-VI, Art. 159; 2016, No. 7-І, Art. 49; No. 23, Art. 118; No. 24, Art. 131; 2017, No. 16, Art. 56; No. 22-III, Art. 109; 2018, No. 7-8, of Art. 22; No. 9, Art. 27):

to state Item 1 of Article 6 in the following edition:

"1. The procedure for entrance, departure and stay of immigrants in the territory of the Republic of Kazakhstan is determined by the legislation of the Republic of Kazakhstan.

Features of entrance, departure and stay of immigrants for implementation of activities in the international technological park "Astana Hub", including implementation of labor activity, are determined by the Law of the Republic of Kazakhstan "About informatization".".

12. In the Law of the Republic of Kazakhstan of February 1, 2012 "About National welfare fund" (Sheets of Parliament of the Republic of Kazakhstan, 2012, No. 4, Art. 29; 2014, No. 4-5, of Art. 24; No. 12, Art. 82; 2015, No. 19-II, Art. 102; No. 22-І, Art. 140; No. 23-II, Art. 172; 2017, No. 14, Art. 54; No. 23-V, Art. 113; 2018, No. 10, Art. 32):

in item 4 of Article 2 of the word "about investment funds" shall be replaced with words "about investment and venture funds".

13. In the Law of the Republic of Kazakhstan of October 31, 2015 "About commercialization of results of scientific and (or) scientific and technical activities" (Sheets of Parliament of the Republic of Kazakhstan, 2015, No. 20-VII, the Art. 118):

8) of Article 1 to state the subitem in the following edition:

"8) startup company - the individual entrepreneur or the legal entity registered in the territory of the Republic of Kazakhstan, belonging to subjects of small or medium business and corresponding to one of the provided requirements:

created with participation of the organizations of the higher and (or) postgraduate education, the scientific organizations which activities are directed to commercialization of results of scientific and (or) scientific and technical activities;

the developing innovations.".

14. In the Law of the Republic of Kazakhstan of November 24, 2015 "About informatization" (Sheets of Parliament of the Republic of Kazakhstan, 2015, No. 22-V, St. 155; 2016, No. 24, St. 126; 2017, No. 20, Art. 96; No. 24, Art. 115; 2018, No. 10, Art. 32):

Article 1 to add 1) with subitems 33-1) and 33-2) of the following content:

"33-1) international technological Astana Hub park - the legal entity determined by the Government of the Republic of Kazakhstan, owning on the property right or other legal causes single material complex where favorable conditions for realization of industrial and innovative activities in the field of information and communication technologies are created;

33-2) acceleration of members of the international technological park "Astana Hub" - process of preparation and training of members of the international technological park "Astana Hub" to implementation of their industrial and innovative projects in the field of information and communication technologies;";

Article 6 to add 2) with subitem 6-2) of the following content:

"6-2) determines the international technological park "Astana Hub";";

Article 7 to add 3) with subitems 24-1) and 59-1) of the following content:

"24-1) develops and approves rules of activities of the international technological park "Astana Hub", including procedure for rendering services and determination of their cost;";

"59-1) performs coordination of activities of the international technological park "Astana Hub";";

4) in Item 2 of Article 11:

the subitem 3) after the words "industrial and innovative projects" to add with words ", venture funds";

8) to state the subitem in the following edition:

"8) renders assistance to development of investment funds of risk investment, venture funds and venture funding, and also development of demand for transfer of technologies in the field of information and communication technologies;";

To add 5) with Article 13-1 of the following content:

"Article 13-1. International technological park "Astana Hub"

1. The international technological park "Astana Hub" performs the activities according to the legislation of the Republic of Kazakhstan.

2. Treat functions of the international technological park "Astana Hub":

1) rendering services of acceleration, technological business incubation to members of the international technological park "Astana Hub";

2) provision of services on holding marketing and other efforts for members of the international technological park "Astana Hub";

3) rendering services in holding consulting, information, analytical, educational actions for stimulation of development of members of the international technological park "Astana Hub";

4) cooperation with the international organizations, foreign partners for the purpose of attraction of information, educational and financial resources for stimulation of development of members of the international technological park "Astana Hub", studying of the international experience and knowledge sharing;

5) search of potential investors for implementation of industrial and innovative projects in the field of information and communication technologies of members of the international technological park "Astana Hub";

6) the direction of invitations, petitions to obtaining by foreigners and stateless persons of visas to training according to programs of the international technological park "Astana Hub";

7) involvement of nonresidents and residents of the Republic of Kazakhstan for participation in the international technological park "Astana Hub" according to rules of activities of the international technological park "Astana Hub";

8) registration of members of the international technological park "Astana Hub" and issue of the relevant supporting documents according to rules of activities of the international technological park "Astana Hub";

9) provision of housing and creation of conditions for accommodation to persons undergoing acceleration in the international technological park "Astana Hub" according to rules of activities of the international technological park "Astana Hub".

3. The international technological park "Astana Hub" has own budget created from:

1) voluntary property contributions and donations;

2) receipts (income) from sales of goods, works and services in the cases established by the legislation of the Republic of Kazakhstan;

3) charges and payments made to the international technological park "Astana Hub" by members of the international technological park "Astana Hub" according to rules of activities of the international technological park "Astana Hub";

4) other sources which are not prohibited by the laws of the Republic of Kazakhstan.

4. The international technological park "Astana Hub" has the right to receive the state task according to the budget legislation of the Republic of Kazakhstan for accomplishment of the functions determined by Item 2 of this Article, except for functions by financing of industrial and innovative projects in the field of information and communication technologies of members of the international technological park "Astana Hub", to creation of investment funds or equity in the investment funds, and also to development of the international technological park "Astana Hub" determined by Item 12 of this Article.

5. The international technological park "Astana Hub" uses the property created according to Item 3 of this Article for ensuring activities, functioning and development of the international technological park "Astana Hub".

6. Members of the international technological park "Astana Hub" are the legal entities included by it in the list of members of the international technological park "Astana Hub" according to rules of activities of the international technological park "Astana Hub".

Requirements to members of the international technological park "Astana Hub" are established by rules of activities of the international technological park "Astana Hub".

7. The foreigners and stateless persons arriving to the territory of the Republic of Kazakhstan for implementation of activities in the international technological park "Astana Hub" receive the entry visa in foreign institutions of the Republic of Kazakhstan or on arrival in the international airports of the Republic of Kazakhstan in coordination with body of homeland security of the Republic of Kazakhstan.

8. The foreigners and persons without citizenship who are workers of members of the international technological park "Astana Hub" or workers of the international technological park "Astana Hub" and members of their families (the spouse (spouse) and their children who did not reach eighteen-year age) receive the entry visa valid up to five years.

9. Prolongation of effective period of visas to persons specified in Items 7 and 8 of this Article according to the petition of the international technological park "Astana Hub" can be performed without departure out of limits of the Republic of Kazakhstan according to the legislation of the Republic of Kazakhstan.

10. The international technological park "Astana Hub" and its participants shall have available and store the documents confirming their qualification on each involved worker, and involved foreigners and stateless persons shall provide them to the international technological park "Astana Hub" or its participants.

11. The international technological park "Astana Hub" records attracted with it and his participants of foreign labor power. Data about involved foreigners and stateless persons are represented by the international technological park "Astana Hub" to authorized body concerning population shift and Committee of homeland security of the Republic of Kazakhstan. The scope of information, represented to authorized body concerning population shift and to Committee of homeland security of the Republic of Kazakhstan, frequency and procedure for their provision are determined by authorized body in the field of informatization in coordination with authorized body concerning population shift and Committee of homeland security of the Republic of Kazakhstan.

12. The international technological park "Astana Hub" performs other functions, stipulated by the legislation the Republic of Kazakhstan, and also performs financing of industrial and innovative projects in the field of information and communication technologies of members of the international technological park "Astana Hub" and creates investment funds or takes equity in investment funds.".

15. In the Law of the Republic of Kazakhstan of April 6, 2016 "About employment of the population" (Sheets of Parliament of the Republic of Kazakhstan, 2016, No. 7-І, Art. 48; 2017, No. 13, Art. 45; No. 22-III, Art. 109; 2018, No. 7-8, of Art. 22; No. 10, Art. 32):

to add Item 2 of Article 32 with the subitem 12) of the following content:

"12) working in the international technological park "Astana Hub" or for members of the international technological park "Astana Hub" at positions of heads and specialists with the higher education.".

Article 2. This Law becomes effective after ten calendar days after day of its first official publication.

 

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