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 September 26, 2009 No. 215

About approval of Rules of calculation of prudential standard rates for the organizations combining types of professional activity in the security market

List of amending documents

According to subitems 11), 15) of Item 2 of Article 3, item 4 of Article 45, article 49 of the Law of the Republic of Kazakhstan "About the security market" and Article 5, subitems 5), 6) of Item 1 of article 9 of the Law of the Republic of Kazakhstan "About state regulation and supervision of the financial market and the financial organizations", the Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations (further - the Agency) DECIDES:

1. Approve the enclosed Rules of calculation of prudential standard rates for the organizations combining types of professional activity in the security market (further - Rules).

2. This resolution becomes effective from the date of its state registration in the Ministry of Justice of the Republic of Kazakhstan, except for subitems 11), 12) of Item 11 of Rules which become effective since January 1, 2010.

Action of the paragraph of the fourth subitem 3) of Item 11 of Rules, the paragraph of the fourth subitem 3) of Item 35 of Rules extends till January 1, 2014.

3. Recognize invalid regulatory legal acts according to appendix to this resolution.

4. To department of strategy and analysis (Abdrakhmanov N. A.):

1) together with Legal department (Sarsenov N. V.) to take measures to state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) in ten-day time from the date of state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan to bring it to the attention of the interested divisions of the Agency, Consolidation of legal entities "The association of financiers of Kazakhstan".

5. To department of information technologies (Tusupov K. A.) till January 1, 2010 to provide completion of the Automated information subsystem "Automation of forming of the reporting of the accumulation pension funds and professional participants of the security market".

6. To service of the Chairman of the Agency (Kenzhe A. A.) take measures for publication of this resolution in mass media of the Republic of Kazakhstan.

7. To impose control of execution of this resolution on the vice-chairman of the Agency Aldambergen A. U.

Appendix

to 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 September 26, 2009 No. 215

The list of the regulatory legal acts recognized 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 August 22, 2008 No. 119 "About approval of Rules of calculation of prudential standard rates for the organizations combining types of professional activity in the security market" (registered in the Register of state registration of regulatory legal acts at No. 5323).

2. Item 3 of 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 October 29, 2008 No. 164 "About modification and amendments in some regulatory legal acts of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations for prudential regulation of activities of the accumulation pension funds, the organizations exercising investment control of pension assets, and the organizations combining types of professional activity in the security market" (registered in the Register of state registration of regulatory legal acts at No. 5405).

3. Item 3 of 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. 247 "About entering of amendments and changes into some regulatory legal acts of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations for prudential regulation of activities of the accumulation pension funds, the organizations exercising investment control of pension assets, and the organizations combining types of professional activity in the security market" (registered in the Register of state registration of regulatory legal acts at No. 5514).

4. Item 3 of 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 April 10, 2009 No. 74 "About modification and amendments in some regulatory legal acts of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations for prudential regulation of activities of the accumulation pension funds, the organizations exercising investment control of pension assets, and the organizations combining types of professional activity in the security market" (registered in the Register of state registration of regulatory legal acts at No. 5678).

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 September 26, 2009 No. 215

Rules of calculation of prudential standard rates for the organizations combining types of professional activity in the security market

Chapter 1. General provisions

1. Rules of calculation of prudential standard rates for the organizations combining types of professional activity in the security market (further - Rules) establish procedure of payments of the prudential standard rates obligatory to observance by the organizations combining types of professional activity in the security market.

2. Calculation and procedure for submission of the reporting under other prudential standard rates to Committee on control and supervision of the financial market and the financial organizations of National Bank of the Republic of Kazakhstan (further - authorized body) which are not specified in these rules for the organizations combining types of professional activity in the security market are established by resolutions of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations of September 30, 2005 No. 358 "About approval of the Instruction about normative values and technique of calculations of prudential standard rates for banks of the second level" (registered in the Register of state registration of regulatory legal acts at No. 3924), of June 17, 2006 No. 142 "About approval of Rules of submission of the reporting on accomplishment of prudential standard rates by the organizations, performing broker and dealer activities with the right of account management of the client as the nominee holder and separate types of banking activities" (registered in the Register of state registration of regulatory legal acts at No. 4300) of April 28, 2008 No. 56 "About approval of Rules of calculation of prudential standard rates for the organizations performing broker and dealer activities with the right of account management of the client as the nominee holder and separate types of banking activities and modification and amendments in some regulatory legal acts of the Agency of the Republic of Kazakhstan on the regulation and supervision of the financial market and the financial organizations" (registered in the Register of state registration of regulatory legal acts at No. 5233) determining procedure for their calculation and submission of the reporting.

3. For the purposes of these rules in addition to rating estimates of the agency of "Standard & Poor" of s", authorized body on regulation, control and supervision of the financial market and the financial organizations rating estimates of the agencies of "Moody" of s Investors Service" both "Fitch", and their affiliated rating organizations are also recognized (further - other rating agencies).

4. When weighing pension assets on risk degree, and also in case of determination of quick assets in the presence of rating assessment on the international and (or) national scale the highest rating assessment on the international and (or) national scale of one of the rating agencies recognized by authorized body on regulation, control and supervision of the financial market and the financial organizations according to Item 3 of these rules is taken into consideration.

5. For the purposes of these rules international financial institutions are understood as the following international financial institutions:

International Bank for Reconstruction and Development;

European Bank for Reconstruction and Development;

Inter-American Development Bank;

International settlements bank;

Asian Development Bank;

African development bank;

International Finance Corporation;

Islamic development bank;

European Investment Bank;

Eurasian Development Bank.

6. Transactions at the expense of own assets of the accumulation pension fund which is independently exercising investment control of pension assets and also the accumulation pension fund combining activities for investment management of pension assets with broker and dealer activities without the right of account management of the client as the nominee holder (further - Fund), and the organization exercising investment control of pension assets and combining it with broker and dealer activities without the right of account management of the client as the nominee holder, and also the organization exercising investment control of pension assets and combining it with management of investment portfolio and broker and dealer activities without the right of account management of the client as the nominee holder (further - the Organization), are made according to the procedure, established by Chapter 3 of Rules of implementation of organization activity, performing activities for investment management of pension assets, and the accumulation pension funds 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 August 5, 2009 No. 189 (registered in the Register of state registration of regulatory legal acts at No. 5794).

7. For calculation of prudential standard rates of Fund and the Organization book value of financial instruments is used taking into account impairment.

8. The fund and the Organization observe investment limits according to Chapter 5 of the Instruction about normative values of prudential standard rates, technique of their calculations for the organizations exercising investment control of pension assets, the Republic of Kazakhstan approved by the resolution of Board of the Agency on regulation and supervision of the financial market and the financial organizations of August 5, 2009 No. 181 (registered in the Register of state registration of regulatory legal acts at No. 5793) (further - the Instruction No. 181).

Chapter 2. Procedure of payments of prudential standard rates for Fund

9. Sufficiency of equity of Fund is characterized by K1 coefficient.

The coefficient of K1 is calculated by formula:

K1 = (LA - (About + RR1 or FR2)) / VPA, where:

LA - the quick and other assets specified in Items 11 and 13 of these rules;

About - obligations on balance;

RR1 - reserve for ensuring financial stability in case of negative variance of coefficient of nominal yield conservative (K2.1) and (or) moderated (K2.2) of investment portfolios of Fund more than for thirty percent from value of the corrected weighted average coefficient of nominal yield for the previous accounting period calculated according to Chapter 4 of the Instruction No. 181;

FR2 - reserve for ensuring financial stability in case of negative variance of coefficient of nominal yield conservative (K2.1) and (or) moderated (K2.2) of investment portfolios of Fund more than on fifteen, but less than for thirty percent from value of the corrected weighted average coefficient of nominal yield for the previous accounting period calculated according to Chapter 4 of the Instruction No. 181;

VPA - the cost of the financial instruments which are in investment portfolio of Fund, weighed on risk degree is calculated in total on conservative and moderate investment portfolios of Fund.

Since January 1, 2015 VPA is calculated in total on conservative, moderate and aggressive investment portfolios of Fund.

VPA is calculated by formula:

VPA = Kkr + Rr + Shouting, where:

The KR - the credit risk calculated according to the debt securities (except for convertible debt securities) carried in category "withheld before repayment", to the debt securities (except for convertible debt securities) carried in category "estimated at fair value which changes are reflected in profit or loss" and "available for sale", which are in investment portfolio more than 1 (one) year, to deposits, the affined precious metals, metal deposits, transactions "the return by repo", to the derivative financial instruments, inconvertible preferred shares weighed on risk degree according to appendices 1 and 2 to these rules;

Рр - the market risk calculated according to the debt securities which are in investment portfolio 1 (one) year and less, carried in category "estimated at fair value which changes are reflected in profit or loss" and "available for sale", to shares (except for the shares included in calculation of credit risk), to depositary receipts, shares and convertible debt securities.

The market risk is calculated as the work of coefficient of reduction on the amount:

risk on financial instruments with the market risk connected with change of rate of remuneration (interest risk);

risk on financial instruments with the market risk connected with change of market value of the financial instrument (equity risk); risk on financial instruments with the market risk connected with change of the exchange rates of currencies and rates of precious metals (currency risk).

Calculation of risk for financial instruments with the market risk connected with change of rate of remuneration (interest risk) represents the amount of specific interest risk and general interest risk.

The specific interest risk is calculated on homogeneous financial instruments with the market risk connected with the change of rate of remuneration (interest risk) weighed on coefficient of specific interest risk (except for convertible debt securities) according to appendix 6 to these rules.

The homogeneous financial instruments with market risk connected with change of rate of remuneration (interest risk) the financial instruments which are at the same time corresponding to the following conditions are recognized:

are issued by one issuer;

have the equal extent of profitability;

market value is expressed in the same currency;

have equal term before repayment.

If financial instruments do not correspond to one or several specified signs, then the specific interest risk is calculated on each financial instrument separately.

The general interest risk represents the amount:

ten percent from the amount of the weighed financial instruments of all zones of risk on time frames according to appendix 7 to these rules;

forty percent from the amount of the weighed financial instruments on time frames of zone 1 according to appendix 7 to these rules;

thirty percent of the size from the amount of the weighed financial instruments on time frames of zone 2 according to appendix 7 to these rules;

thirty percent of the size from the amount of the weighed financial instruments on time frames of zone 3 according to appendix 7 to these rules.

The market risk connected with change of market value of the financial instrument (equity risk) represents the work of cost of the financial instrument on coefficient of market risk, and is calculated according to shares (except for inconvertible preferred shares), to convertible debt securities, depositary receipts and shares, according to appendix 8 to these rules.

The market risk connected with change of the exchange rates of currencies and rates of precious metals (currency risk) represents the work of the amount of the financial instruments nominated in foreign currency and also nominal and (or) coupon remuneration according to which it is indexed to change of the foreign exchange rates, precious metals, cash foreign currency, except for financial instruments which conditions of release provide fixing of cash flows on this tool on the established rate in national currency for the entire period of the circulation of these securities, and coefficient of the currency risk equal to 0,04;

Shouting - the operational risk representing the work of coefficient of reduction at average size of the annual gross income gained for the expired last three years and coefficient of the operational risk equal to 0,04.

The average size of annual gross income for the expired last three years is calculated as the relation of the amount of annual gross incomes for the expired last three years, in each of which the Fund gained net income, on the number of years in which the Fund gained net income.

The annual gross income is determined as the amount of net annual income to the taxation and the annual amount of assignments for forming of reserves by possible compensation of coefficients of nominal yield of K2.1 by Fund on conservative and (or) K2.2 on moderated to portfolios, less the income from recovery of the specified reserves.

If for the last expired 3 (three) years the Fund did not gain net income, the operational risk is not calculated.

For newly created Funds the operational risk is calculated after financial year, and the average size of annual gross income is calculated, proceeding from the number of the expired years;

VPA - the cost of the financial instruments of the Fund performing activities for investment management of pension assets, and also the Fund combining activities for investment management of pension assets with broker and dealer activities without the right of account management of the client as the nominee holder, weighed on risk degree is calculated in total on conservative and moderate investment portfolios.

Since January 1, 2015 VPA is calculated in total on conservative, moderate and aggressive investment portfolios of Fund.

10. The reduction coefficient specified in Item 9 of these rules makes 10.

11. As quick assets the following assets of Fund are recognized the amounts provided by appendix 9 to these rules:

1) money, including:

money in cash desk, no more than one percent from the amount of assets on balance of Fund;

money on current accounts in the banks of the second level of the Republic of Kazakhstan specified in the subitem 3) of this Item in tenge and foreign currency of the countries having sovereign rating is not lower than "AA-" on the international scale of the Standard & Poor agency "s or rating assessment of similar level of one of other rating agencies;

money on current accounts in Central Securities Depository;

money on current accounts in nonresident banks of the Republic of Kazakhstan which have long-term and (or) short-term rating not below "VVV-" on the international scale of the Standard & Poor agency "s or rating assessment of similar level of one of other rating agencies in foreign currency of the countries having sovereign rating is not lower than "AA-" on the international scale of the Standard & Poor agency" s or rating assessment of similar level of one of other rating agencies;

money on current accounts in the foreign organizations which have long-term and (or) short-term rating not below "VVV-" on the international scale of the Standard & Poor agency "s or rating assessment of similar level of one of other rating agencies providing banking services to Fund for implementation of transactions in the organized market of securities in foreign currency of the countries having sovereign rating is not lower than "AA-" on the international scale of the Standard & Poor agency" s or rating assessment of similar level of one of other rating agencies;

2) the debt securities issued by the organization specializing in improvement of quality of credit portfolios of banks of the second level which hundred percent of voting shares the National Bank of the Republic of Kazakhstan holds;

3) deposits in the banks of the second level of the Republic of Kazakhstan corresponding to one of the following conditions:

have long-term credit rating not below "BB-" on the international scale of the Standard & Poor agency "s or rating assessment of similar level of one of other rating agencies, or rating assessment not below "kzBB" on national scale of the Standard & Poor agency" s, or the rating of similar level on national scale of one of other rating agencies;

are affiliated resident banks which parent nonresident bank of the Republic of Kazakhstan has long-term credit rating not below "And -" on the international scale of the Standard & Poor agency "s or rating assessment of similar level of one of other rating agencies;

have long-term credit rating from "B+" to "In" on the international scale of the Standard & Poor agency "s or rating assessment of similar level of one of other rating agencies, or rating assessment from "kzvv-" to "kzB +" on national scale of the Standard & Poor agency "s, or the rating of similar level on national scale of one of other rating agencies;

4) the bank deposit certificates of banks of the second level of the Republic of Kazakhstan corresponding to one of the following conditions:

have long-term credit rating not below "BB-" on the international scale of the Standard & Poor agency "s or rating assessment of similar level of one of other rating agencies, or rating assessment not below "kzBB" on national scale of the Standard & Poor agency" s, or the rating of similar level on national scale of one of other rating agencies;

are affiliated resident banks which parent nonresident bank of the Republic of Kazakhstan has long-term credit rating not below "And -" on the international scale of the Standard & Poor agency "s or rating assessment of similar level of one of other rating agencies;

have long-term credit rating from "B+" to "In" on the international scale of the Standard & Poor agency "s or rating assessment of similar level of one of other rating agencies, or rating assessment from "kzvv-" to "kzB +" on national scale of the Standard & Poor agency "s, or the rating of similar level on national scale of one of other rating agencies;

5) the government securities of the Republic of Kazakhstan (including emitted according to the legislation of other states) issued by the Ministry of Finance of the Republic of Kazakhstan and National Bank of the Republic of Kazakhstan;

6) the bonds issued by local executive bodies of the Republic of Kazakhstan, included in the official listing of stock exchange;

7) the debt securities issued by joint-stock company "National welfare fund "Samruk-Kazyna";

8) shares of the organizations of the Republic of Kazakhstan having rating assessment not below "VV-" on the international scale of the Standard & Poor agency "s or rating assessment of similar level of one of other rating agencies, or rating assessment not below "kzBB" on national scale of the Standard & Poor agency" s, or the rating of similar level on national scale of one of other rating agencies and depositary receipts which underlying asset are these shares;

9) the shares of the organizations of the Republic of Kazakhstan included in the official listing of stock exchange, conforming to the requirements of the first (highest) or second (highest) category of the sector of "share" provided 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 May 26, 2008 No. 77 "About requirements to the issuers and their securities allowed (allowed) to the address on the stock exchange, and also to separate categories of the list of stock exchange" (registered in the Register of state registration of regulatory legal acts at No. 5251) (further - the resolution No. 77), and depositary receipts which underlying asset are these shares;

10) the non-state debt securities of the organizations of the Republic of Kazakhstan issued according to the legislation of the Republic of Kazakhstan and other states, having rating assessment not below "In -" on the international scale of the Standard & Poor agency "s or rating assessment of similar level of one of other rating agencies, or rating assessment not below "kzB" on national scale of the Standard & Poor agency" s, or the rating of similar level on national scale of one of other rating agencies;

11) the non-state debt securities of the organizations of the Republic of Kazakhstan issued according to the legislation of the Republic of Kazakhstan and other states, included in the official listing of stock exchange which issuer conforms to the requirements of category "debt securities without rating assessment" provided by the resolution No. 77;

12) the non-state debt securities included in the official listing of stock exchange, except for the securities specified in subitems 10), 11) of this Item, issued by the organizations of the Republic of Kazakhstan according to the legislation of the Republic of Kazakhstan and other states, conforming to the following requirements:

availability of assessment of the rating agencies recognized by stock exchange;

state registration of the issuer of debt securities is performed at least in two years prior to day of filing of application about inclusion of its securities in the official listing of stock exchange;

the issuer of debt securities constitutes the financial reporting according to international accounting standards (International Financial Reporting StandardsIFRS) (further - IFRS) or the accounting standards operating in the United States of America (General Accepted Accounting Principles - GAAP) (further - the SFD of the USA);

financial records audit of the issuer of debt securities is made by one of the auditing organizations entering the list of the auditing organizations recognized by stock exchange;

the financial reporting of the issuer of debt securities confirmed with the audit report was represented at least, than in two complete financial years;

the equity of the issuer of debt securities constitutes the amount, the equivalent at least two million fifty thousandfold sizes of the monthly settlement indicator established by the law on the republican budget for the corresponding financial year according to the financial reporting on the last reporting date confirmed with the audit report;

the net profit of the issuer of debt securities for one of two last years constitutes the amount, equivalent at least eighty five thousand of the six hundredfold size of the monthly settlement indicator established by the law on the republican budget for the corresponding financial year according to the financial reporting on the last reporting date confirmed with the audit report;

the sales volume of the issuer of debt securities - the non-financial organization, except for the leasing organization and credit partnership, on the main activities for each of two last years according to the financial reporting confirmed with the audit report constitutes the amount, the equivalent at least two million fifty thousandfold sizes of the monthly settlement indicator established by the law on the republican budget for the corresponding financial year;

availability of the code of corporate governance approved by general meeting of shareholders of the issuer of debt securities;

the market maker's availability on debt valuable papers in the time spent of these securities in the official listing of stock exchange;

constituent documents of the issuer of debt securities and (or) the prospectus of issue of securities do not contain regulations which infringe or limit the rights of owners of securities to their alienation (transfer);

13) the non-state debt securities included in the official listing of stock exchange, except for the securities specified in subitems 10), the 11), 12) this Item issued by the organizations of the Republic of Kazakhstan according to the legislation of the Republic of Kazakhstan and other states, conforming to the following requirements:

availability of assessment of the rating agencies recognized by stock exchange;

state registration of the issuer of debt securities is performed at least in one year prior to day of filing of application about inclusion of its securities in the official listing of stock exchange;

the issuer of debt securities constitutes the financial reporting according to IFRS or the SFD of the USA;

financial records audit of the issuer of debt securities is made by one of the auditing organizations entering the list of the auditing organizations recognized by stock exchange;

the issuer of debt securities represented the financial reporting confirmed with the audit report for the last complete financial year;

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