Approved by the Resolution of Management of the National commission of the Republic of Kazakhstan on securities of June 26, 1998 No. 101

Rules of issue of the conclusions recommendations to the companies on management of pension assets for the conclusion of contracts for accomplishment of functions of the Primary dealer in the market of government securities of the Republic of Kazakhstan

These rules are developed according to the legislation of the Republic of Kazakhstan regulating activities of the companies for management of pension assets (further referred to as "Company"), the order of the Minister of Finance of the Republic of Kazakhstan of May 11, 1998 N 211 "About the organization of works on selection of Primary dealers in the market of government securities" and establish procedure for issue by the National commission of the Republic of Kazakhstan on securities (further referred to as "The national commission") the conclusions recommendations for the conclusion of contracts with the Ministry of Finance of the Republic of Kazakhstan for accomplishment of functions of the Primary dealer in the market of government securities (further referred to as "Conclusion").

Chapter 1. Conditions of receipt of the Conclusion

1. The Companies corresponding to the following conditions can apply for receipt of the Conclusion:

1) availability of the current license on implementation of activities for investment management of pension assets;

2) availability of the current license on implementation of broker and dealer activities in the security market without the right of account management of clients;

3) availability on the date of filing of application about issue of the Conclusion of the pension assets which are in investment management of the Company, in the amount of, constituting at least hundred million tenges;

4) observance of the prudential standard rates established for the Companies within six consecutive months preceding filing of application about issue of the Conclusion (for the Companies which obtained license for activities on investment management of pension assets within six months before filing of application about issue of the Conclusion - during effective period of this license);

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