LAW OF THE REPUBLIC OF KAZAKHSTAN

of November 20, 2008 No. 88-IV ZRK

About modification and amendments in some legal acts of the Republic of Kazakhstan concerning collective investment and activities of the accumulation pension funds

Article 1. Make changes and additions to the following legal acts of the Republic of Kazakhstan:

1. In the Code of the Republic of Kazakhstan about administrative offenses of January 30, 2001 (The sheet of Parliament of the Republic of Kazakhstan, 2001, No. 5-6, of Art. 24; No. 17-18, of Art. 241; No. 2122, Art. 281; 2002, No. 4, Art. 33; No. 17, Art. 155; 2003, No. 1-2, of Art. 3; No. 4, Art. 25; No. 5, Art. 30; No. 11, Art. 56, 64, 68; No. 14, Art. 109; No. 15, Art. 122, 139; No. 18, Art. 142; No. 21-22, of Art. 160; No. 23, Art. 171; 2004, No. 6, Art. 42; No. 10, Art. 55; No. 15, Art. 86; No. 17, Art. 97; No. 23, Art. 139, 140; No. 24, Art. 153; 2005, No. 5, Art. 5; No. 7-8, of Art. 19; No. 9, Art. 26; No. 13, Art. 53; No. 14, Art. 58; No. 17-18, of Art. 72; No. 21-22, of the Art. 86, 87; No. 23, Art. 104; 2006, No. 1, Art. 5; No. 2, Art. 19, 20; No. 3, Art. 22; No. 5-6, of Art. 31; No. 8, Art. 45; No. 10, Art. 52; No. 11, Art. 55; No. 12, Art. 72, 77; No. 13, Art. 85, 86; No. 15, Art. 92, 95; No. 16, Art. 98, 102; No. 23, Art. 141; 2007, No. 1, Art. 4; No. 2, Art. 16, 18; No. 3, Art. 20, 23; No. 4, Art. 28, 33; No. 5-6, of Art. 40; No. 9, Art. 67; No. 10, Art. 69; No. 12, Art. 88; No. 13, Art. 99; No. 15, Art. 106; No. 16, Art. 131; No. 17, Art. 136, 139, 140; No. 18, Art. 143, 144; No. 19, Art. 146, 147; No. 20, Art. 152; No. 24, Art. 180; 2008, No. 6-7, of Art. 27; No. 12, Art. 48, 51; No. 13-14, of the Art. 54, 57, 58; No. 15-16, of the Art. 62):

1) in Article 88:

to state paragraph two of part one in the following edition:

"attracts penalty on officials in the amount of twenty monthly settlement indicators, on legal entities - in the amount of fifty monthly settlement indicators.";

add with parts 1-1 and 1-2 of the following content:

"1-1. Non-presentation, untimely representation by the accumulation pension funds to the Center for pension payment of data on the pension provision agreements signed and terminated with investors at the expense of compulsory pension contributions, and is equal submission of false information on the pension provision agreements signed and terminated with investors at the expense of compulsory pension contributions

attract penalty on officials in the amount of fifty monthly settlement indicators, on legal entities - in the amount of hundred monthly settlement indicators.

1-2. The acts provided by part of 1-1 this Article committed repeatedly within year after imposing of administrative punishment,

attract penalty on officials in the amount of hundred monthly settlement indicators, on legal entities - in the amount of two hundred monthly settlement indicators.";

2) in Article 172-2:

the heading and paragraph one after the word "funds" to add with words ", large members of the open-end accumulation pension funds";

state paragraph two in the following edition:

"attracts penalty on physical person in the amount of fifty monthly settlement indicators, on officials - in the amount of hundred monthly settlement indicators, on legal entities - in the amount of two hundred fifty monthly settlement indicators.";

To add 3) with Article 179-3 of the following content:

"Article 179-3. Violation by the accumulation pension funds and (or) organizations exercising investment control of pension assets, legislations of the Republic of Kazakhstan on financial accounting and the financial reporting and also failure to carry out of prudential standard rates or other regulations and limits, obligatory to observance

1. Violation of the law of the Republic of Kazakhstan about financial accounting and the financial reporting by the accumulation pension funds, the organizations exercising the investment control of pension assets made in type:

evasion from conducting financial accounting if this action does not contain signs of penal act;

creation of the financial reporting which led to misstatement of the indicators containing in it or data on accomplishment of prudential standard rates and (or) other regulations and limits, obligatory to observance, determined by the legislation of the Republic of Kazakhstan on provision of pensions

attracts penalty on officials in the amount of hundred monthly settlement indicators, on legal entities - in the amount of three hundred monthly settlement indicators.

2. Numerous (two and more times during twelve consecutive calendar months) failure to carry out by the accumulation pension funds, the organizations exercising investment control of pension assets, the established state body exercising regulation and supervision of the financial market and the financial organizations, prudential standard rates and (or) other regulations and limits, obligatory to observance

attracts penalty on legal entities in the amount of four hundred monthly settlement indicators.";

4) in Article 573 part one:

"Articles 88 (part one)" shall be replaced with words words "Articles 88 (parts 1, 1-1 and 1-2)";

after figures "175-2," to add with figures "179-3,".

2. In the Law of the Republic of Kazakhstan of August 31, 1995 "About banks and banking activity in the Republic of Kazakhstan" (Sheets of the Supreme Council of the Republic of Kazakhstan, 1995, No. 15-16, of Art. 106; Sheets of Parliament of the Republic of Kazakhstan, 1996, No. 2, Art. 184; No. 15, Art. 281; No. 19, Art. 370; 1997, No. 5, Art. 58; No. 13-14, of Art. 205; No. 22, Art. 333; 1998, No. 11-12, of Art. 176; No. 17-18, of Art. 224; 1999, No. 20, Art. 727; 2000, No. 3-4, of Art. 66; No. 22, Art. 408; 2001, No. 8, Art. 52; No. 9, Art. 86; 2002, No. 17, Art. 155; 2003, No. 5, Art. 31; No. 10, Art. 51; No. 11, Art. 56, 67; No. 15, Art. 138, 139; 2004, No. 11-12, of Art. 66; No. 15, Art. 86; No. 16, Art. 91; No. 23, Art. 140; 2005, No. 7-8, of Art. 24; No. 14, Art. 55, 58; No. 23, Art. 104; 2006, No. 3, Art. 22; No. 4, Art. 24; No. 8, Art. 45; No. 11, Art. 55; No. 16, Art. 99; 2007, No. 2, Art. 18; No. 4, Art. 28, 33; The Law of the Republic of Kazakhstan of October 23, 2008 "About modification and amendments in some legal acts of the Republic of Kazakhstan concerning stability of financial system", published in the Egemen, Aza, Camp and Kazakhstan Truth newspapers on October 24, 2008):

Article 2 to state 1) in the following edition:

"Article 2. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) control - possibility of one legal entity to determine decisions of other legal entity, arising in the presence of one of the following conditions:

immediate or indirect possession by one person independently or together with one or several persons in more than fifty percent of shares in the authorized capital of legal entities or placed (less exclusive and redeemed by society) shares of other person or opportunity availability to vote independently in more than fifty percent of shares of other legal entity;

availability of possibility of one legal entity to choose at least a half of structure of the board of directors or government of other legal entity;

inclusion of the financial reporting of one legal entity, except for the financial reporting of the special finance company created according to the legislation of the Republic of Kazakhstan on securitization in the financial reporting of other legal entity according to the audit report;

availability of possibility of one legal entity to determine decisions of other legal entity owing to the agreement (supporting documents) or otherwise in the cases provided by regulatory legal act of authorized body;

2) indirect possession (vote) by bank shares - opportunity to determine decisions of bank, the large member of bank, bank holding or persons who jointly are the large member of bank, bank holding through shareholding (shares in the authorized capital) legal entities;

3) banking conglomerate - the group of legal entities consisting of the parent organization and its affiliated organizations, and also the organizations in which the parent organization and (or) its affiliated organizations have considerable equity participation and which corresponds to one of the following conditions:

the bank is the parent organization or one of the affiliated organizations is bank;

the bank is not the parent organization, but activities of group are generally concentrated in banking sector, that is the relation of total assets of the banks and organizations performing separate types of banking activities, groups to total assets of group constitutes forty and more percent;

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