RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of May 13, 2002 No. 171

About approval of Rules of carrying out placement, payment of remuneration and repayment of the government securities emitted by the Ministry of Finance of the Republic of Kazakhstan

For the purpose of enhancement of the regulatory legal base on placement and repayment of the government securities emitted by the Ministry of Finance of the Republic of Kazakhstan, the Board of National Bank of the Republic of Kazakhstan decides:

1. Approve the enclosed Rules of carrying out placement, payment of remuneration and repayment of the government securities emitted by the Ministry of Finance of the Republic of Kazakhstan.

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. From the date of enforcement of this resolution to declare invalid the resolution of Board of National Bank of the Republic of Kazakhstan of November 14, 1997 N 396 "About approval of Rules of primary placement of the government securities emitted by the Ministry of Finance of the Republic of Kazakhstan".

4. To department of monetary transactions (Alzhanov B. A.):

1) together with Legal department (Sharipov S. 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 branches of National Bank of the Republic of Kazakhstan and banks of the second level of the Republic of Kazakhstan;

3) together with Management of the international relations and public relations (Martyushev Yu. A.) bring this resolution to the attention of professional participants of the security market by means of the publication of this resolution in official publications "Kazakstan Ulttyk Habarshysynd's Bankinin" and "Bulletin of National Bank of the Republic of Kazakhstan" in the state and Russian languages.

5. To impose control of execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Aymanbetova G. Z.

Approved by the resolution of Board of National Bank of the Republic of Kazakhstan "About approval of Rules of carrying out placement, payment of remuneration and repayment of the government securities emitted by the Ministry of Finance of the Republic of Kazakhstan" of May 13, 2002 No. 171

Rules of carrying out placement, payment of remuneration and repayment of the government securities emitted by the Ministry of Finance of the Republic of Kazakhstan

These rules determine procedure for carrying out placement, payment of remuneration and repayment of the government securities emitted by the Ministry of Finance of the Republic of Kazakhstan in the domestic market (further - government securities) for the purpose of noninflationary financing of deficit of the republican budget.

Chapter 1. General provisions

1. The concepts used in these rules:

1) the Primary dealer - the legal entity having the current license on implementation of broker and dealer activities in the security market with the right of account management of clients as the nominee holder, and who concluded with the Ministry of Finance of the Republic of Kazakhstan (further - the issuer) the contract for accomplishment of functions of the Primary dealer (further - the agreement) in the market of government securities;

2) the General financial agent - the legal entity for and on behalf of the issuer performing placement and servicing of government securities;

3) Financial agent - The primary dealer performing placement and servicing of government securities among investors by carrying out subscription based on the agency agreement signed with the General financial agent about placement and servicing of government securities (further - the agency agreement);

4) Stop-out price - the minimum price determined by the issuer on which the satisfaction of requests comes to an end;

5) Weighted average price - the average price weighed to the total amount of government securities which developed on stop-out price;

6) cutting off Rate - the annual rate of remuneration determined by the issuer on which requests are satisfied;

7) the Auction - placement:

discount government securities of the corresponding release at the discounted prices specified in requests since the highest price and finishing on the stop-out price (satisfaction of plurality of the prices);

coupon government securities of the corresponding release at the cutting off rate. At the same time requests with rates of remuneration are lower, than cutting off rate, are satisfied also at the cutting off rate (satisfaction on uniform price condition);

8) Additional placement - placement of additional amount:

discount government securities of the corresponding release on the weighted average price which developed at auction of this release;

coupon government securities of the corresponding release at the rate of cutting off which developed at auction of this release;

Repeated opening - placement of additional amount of coupon government securities of the release which is in circulation through time determined by the issuer with annual rate of remuneration and with the repayment date established at auction of this release at the prices specified in requests since the highest price and finishing 9) on stop-out price;

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