RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of December 26, 2011 No. 202

About modification and amendments in the resolution of Board of National Bank of the Republic of Kazakhstan of July 25, 2006 No. 66 "About approval of Rules of the choice of external asset managers of National fund of the Republic of Kazakhstan"

According to the Law of the Republic of Kazakhstan of March 30, 1995 "About National Bank of the Republic of Kazakhstan" and for the purpose of enhancement of procedure for the choice of external asset managers of National fund of the Republic of Kazakhstan the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Bring in the resolution of Board of National Bank of the Republic of Kazakhstan of July 25, 2006 No. 66 "About approval of Rules of the choice of external asset managers of National fund of the Republic of Kazakhstan" (the following changes and the amendment registered in the Register of state registration of regulatory legal acts at No. 4360):

in Rules of the choice of the external asset managers of National fund of the Republic of Kazakhstan approved by the specified resolution:

add with Item 2-1 of the following content:

"2-1. In these rules the following concepts are used:

1) the regional mandate - portfolio which investments are concentrated within one country (the market, the region);

2) active asset management is type of management in case of which value of variability of variation of profitability (tracking error) can exceed 0.5 percent;

3) passive asset management is type of management in case of which value of variability of variation of profitability (tracking error) does not exceed 0.5 percent. Under passive management portfolio return is approximately equal in external management to profitability of benchmark portfolio.

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