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 March 25, 2006 No. 79

About approval of Rules of involuntary liquidation of the accumulation pension funds

For the purpose of enhancement of the regulatory legal acts regulating activities of the accumulation pension funds, Board of the Agency of the Republic of Kazakhstan for regulation and supervision of the financial market and the financial organizations (further - the Agency) DECIDES:

1. Approve the enclosed Rules of involuntary liquidation of the accumulation pension funds.

2. From the date of enforcement of this resolution to 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 March 15, 2004 No. 69 "About approval of Rules of involuntary liquidation of the accumulation pension funds, and also implementation of transfer of pension assets of voluntarily liquidated accumulation pension fund to other accumulation pension fund and about features of forming and activities of creditor committee compulsorily or voluntarily liquidated accumulation pension fund" (registered in the Register of state registration of regulatory legal acts at No. 2815);

2) 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 January 9, 2006 No. 7 "About 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 March 15, 2004 No. 69 "About approval of Rules of involuntary liquidation of the accumulation pension funds, and also implementation of transfer of pension assets of the liquidated accumulation pension fund to other accumulation pension fund and about features of forming and activities of creditor committee compulsorily or voluntarily liquidated accumulation pension fund" (registered in the Register of state registration of regulatory legal acts at No. 4040).

3. This resolution becomes effective after fourteen days from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan.

4. To department of liquidation of the financial organizations (Mukasheva A.M.):

1) together with Legal department (Baysynov M. B.) to take measures to state registration in the Ministry of Justice of the Republic of Kazakhstan of this resolution;

2) in ten-day time from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan to bring this resolution to the attention of the interested divisions of the Agency.

5. To department of the international relations and public relations (Pernebayev T. Sh.) to take measures to the publication of this resolution in mass media of the Republic of Kazakhstan.

6. To impose control over execution of this resolution on the vice-chairman of the Agency Bakhmutova E. L.

Approved by 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 March 25, 2006 No. 79

Rules of involuntary liquidation of the accumulation pension funds

These rules of involuntary liquidation of the accumulation pension funds (further - Rules) determine procedure for carrying out involuntary liquidation of the accumulation pension fund.

Chapter 1. General provisions

1. Rules are developed according to the Civil code of the Republic of Kazakhstan (General part) of December 27, 1994, the laws of the Republic of Kazakhstan of March 30, 1995 "About National Bank of the Republic of Kazakhstan", of June 20, 1997 "About provision of pensions in the Republic of Kazakhstan" (further - the Law on provision of pensions), of May 13, 2003 "About joint-stock companies", of July 4, 2003 "About state regulation and supervision of the financial market and the financial organizations".

2. For the purpose of application of Rules the following concepts are used:

1) minimum price - the price below which lot is not on sale;

2) the starting price - the price with which the biddings on each lot begin and which is not lower than the estimative price of lot;

3) the creditor of the accumulation pension fund - person having the property requirements arising from civil and other obligations to the liquidated accumulation pension fund;

4) contingencies - costs for urgent needs unplanned by liquidation commission which size does not exceed fifty monthly settlement indicators;

5) creditor committee - the body created from among creditors of the liquidated accumulation pension fund for the purpose of ensuring interests of creditors and decision making with their participation;

6) the register of requirements of creditors - the document approved by authorized body, reflecting the requirements of creditors declared at the scheduled time and recognized by liquidation commission;

7) values - currency values, banknotes and coins of the Republic of Kazakhstan, securities, forms of the strict reporting and valuable objects;

8) lot - the property offered for auction divided into units, indivisible for realization;

9) the periodic printing edition - the newspaper, the magazine, the almanac, the bulletin, the appendices to them having the permanent name, the current issue and issued at least once in three months;

10) sales price - the final price of lot established as a result of the biddings;

11) object of realization - the property of the liquidated accumulation pension fund put up for sale as separate (independent) unit or consolidated from several units in one lot, other property;

12) the seller - liquidation commission of the liquidated accumulation pension fund;

13) the buyer - the winning bidder who signed the purchase and sale agreement with the seller;

14) the winning bidder - the participant who offered top price for lot at the biddings;

15) the organizer of tendering (auctioneer) - liquidation commission of the liquidated accumulation pension fund either the physical or legal entity who signed with liquidation commission the service provision agreement on tendering and is not interested in their results;

16) the bidder - the physical person or legal entity which submitted the application for participation in the biddings in the procedure established by the organizer of the biddings and registered by the organizer of the biddings as their participant;

17) the English method of the biddings - method of the biddings in case of which the starting price of lot raises with in advance announced step to the moment when there is one of participants who offered maximum price for lot;

18) the Dutch method of the biddings - method of the biddings in case of which the starting price of lot goes down with in advance announced step to the moment when one of participants agrees to purchase lot at the announced price;

19) liquidation commission - the body appointed (exempted) by authorized body in case of decision making about involuntary liquidation of the accumulation pension fund, performing powers on property management and cases of the accumulation pension fund during liquidation procedure for the purpose of completion of cases of the accumulation pension fund and ensuring settlings with his creditors;

20) expenses of liquidation commission - the costs connected with consumption of goods, works and services in the course of involuntary liquidation of the accumulation pension fund (further - liquidating expenses);

21) liquidating, competitive weight - the assets of the liquidated accumulation pension fund intended for completion of cases of the accumulation pension fund and ensuring settlings with his creditors;

22) inappropriate expenditure of liquidating weight - implementation of the costs which are not provided by the estimate of liquidating expenses approved with authorized body or approved by creditor committee;

23) the approved estimate of liquidating expenses - the estimate for the corresponding period of time approved by the chairman of liquidation commission in coordination with authorized body or creditor committee;

24) the estimate of liquidating expenses - the document reflecting the predicted costs of liquidation commission for a certain period of time;

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