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. 80

About approval of Rules of voluntary 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 voluntary liquidation of the accumulation pension funds.

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

3. 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.

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

5. 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. 80

Rules of voluntary liquidation of the accumulation pension funds

These rules are developed according to articles 45, of 45-1 Law of the Republic of Kazakhstan "About provision of pensions in the Republic of Kazakhstan" (further - the Law) and determine procedure for issue by authorized body by regulation and supervision of the financial market and the financial organizations (further - authorized body) permissions to voluntary liquidation of the accumulation pension fund, feature of activities of liquidation commission of voluntarily liquidated accumulation pension fund, feature of forming and activities of creditor committee of voluntarily liquidated accumulation pension fund.

Chapter 1. Procedure for issue by authorized body of permission to voluntary liquidation of the accumulation pension fund

1. The accumulation pension fund (further - fund) based on the decision of general shareholder meeting addresses to authorized body with the petition for giving permission to its voluntary liquidation with application of documents, specified in Item 1 of article 45-1 of the Law.

2. The petition for receipt of permission to voluntary liquidation of fund is considered by authorized body within a month from the date of receipt properly of the processed documents.

3. The decision of authorized body on issue of permission to voluntary liquidation becomes effective from the date of its obtaining by the applicant and is the basis of cancellation of the licenses which are earlier granted by authorized body.

4. In case of refusal in issue of permission to voluntary liquidation the authorized body passes about it the motivated decision which informs leading employees and shareholders of fund.

5. The refusal in issue of permission to voluntary liquidation of fund is made by authorized body on any of the following bases:

1) non-presentation of the documents specified in Item 1 of article 45-1 of the Law;

2) insufficiency of fund for payment under its obligations.

Chapter 2. Beginning of process of voluntary liquidation of fund

6. In case of receipt of permission of authorized body to voluntary liquidation fund:

1) returns the originals of licenses which are earlier issued by authorized body in authorized body within three working days from coming into force of this decision;

In ten-day time in writing reports 2) about liquidation of fund to the judicial authority performing registration of legal entities.

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