Rules for accounting and valuation of pension assets

Official source: Adilet / https://adilet.zan.kz/rus/docs/V2300032997 The relevance of the editorial office has been verified: 2026-06-21.

Note FROM! Coming into force from 01.07.2023

In accordance with subparagraph 19) paragraph 2 of Article 217 of the Social Code of the Republic of Kazakhstan, the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market DECIDES:

Approve the Rules for accounting and valuation of pension assets in accordance with Appendix 1 to this resolution.
Recognize as invalid the regulatory legal acts of the Republic of Kazakhstan, as well as the structural elements of some regulatory legal acts of the Republic of Kazakhstan according to the list in accordance with Appendix 2 to this resolution.
The Securities Market Department, in accordance with the procedure established by the legislation of the Republic of Kazakhstan, shall ensure:

jointly with the Legal Department, state registration of this resolution with the Ministry of Justice of the Republic of Kazakhstan;
placement of this resolution on the official Internet resource of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market after its official publication;
within ten working days after the state registration of this resolution, submission to the Legal Department of information on the implementation of the event provided for in subparagraph 2) of this paragraph.

Control over the implementation of this resolution shall be assigned to the supervising Deputy Chairman of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market.
This resolution comes into force on July 1, 2023 and is subject to official publication.

Chairman of the Agency Republic of Kazakhstan on regulation and development financial market

M. Abylkasymova

Appendix 1 to the resolution Agency Board Republic of Kazakhstan on regulation and development financial market dated June 26, 2023 No. 58

Rules for accounting and valuation of pension assets

Chapter 1. General provisions

The rules for accounting and valuation of pension assets (hereinafter - the Rules) are developed in accordance with subparagraph 19) paragraph 2 of Article 217 of the Social Code of the Republic of Kazakhstan (hereinafter - the Code) and determine the procedure for accounting and valuation of pension assets.
For the purposes of the Rules, the following concepts are used:

book value of shares - the value of shares determined on the basis of the financial statements of the issuer of these shares in accordance with the rules of the stock exchange;
appraiser - an organization that, on the basis of licenses, carries out activity in assessing property (with the exception of intellectual property, the value of intangible assets) and (or) assessing intellectual property, the value of intangible assets;
the nominal value of a debt financial instrument is the monetary expression of the value of a debt financial instrument, determined at the time of its issue, on which interest is calculated as a percentage, as well as the amount payable to the holder of the debt financial instrument upon its repayment. The nominal value of a debt financial instrument is determined on the basis of the prospectus for the issue of this debt financial instrument;
investment portfolio manager (hereinafter - IIP) - a professional participant in the securities market, carrying out on its own behalf, in the interests and at the expense of pension assets, the activity of managing an investment portfolio on the basis of a license in accordance with the Law of the Republic of Kazakhstan "On the securities market", as well as meeting the requirements of the authorized body for the implementation of trust management of pension funds assets;
current value of a financial instrument - the value of a financial instrument reflected in accounting, including principal debt, accrued interest, unamortized premium (discount), positive (negative) value adjustment, reserves (provisions);
fair value of a financial instrument - value determined in accordance with paragraphs 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 27, 30, 31, 32, 33, 34, 35, 37, 38, 39, 40 and 42 of the Rules;
structured notes - financial instruments issued by non-resident issuers of the Republic of Kazakhstan, the terms of issue of which provide for the dependence of payments of the principal amount and (or) interest on these financial instruments on the achievement of indicators specified in the terms of their issue;
illiquid debt securities - debt securities, the value (yield) of which cannot be calculated based on the criteria for determining the value of debt securities established by the methodology for evaluating securities approved by the board of directors of the stock exchange (hereinafter referred to as the Exchange Methodology);
authorized body - a state body that carries out state regulation, control and supervision of the financial market and financial organizations.

Chapter 2. Accounting and valuation of pension assets of voluntary savings pension funds

Voluntary savings pension funds carry out accounting of pension assets in accordance with resolution of the Board of the National Bank of the Republic of Kazakhstan dated July 1, 2011 No. 69 “On approval of the Instructions for maintaining accounting records of transactions with pension assets, target assets and target savings carried out by the unified accumulative pension fund and voluntary accumulative pension funds" (registered in the Register of State Registration of Normative Legal Acts under No. 7118) (hereinafter referred to as the Instructions) and the Financial Reporting Standard "Accounting and Disclosure of Information on Transactions on Pension Assets", approved resolution of the Board of the National Bank of the Republic of Kazakhstan dated July 26, 2013 No. 195 (registered in the Register of State Registration of Normative Legal Acts under No. 8765) (hereinafter referred to as the Standard).

Voluntary savings pension funds classify financial assets into the following categories:

valued at amortized cost;
measured at fair value.

The assignment of financial assets of a voluntary savings pension fund to one of the two above categories is determined by the manager of the pension assets of the voluntary savings pension fund.

Footnote. Clause 3 - as amended by the resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market dated June 25, 2025 No. 26 (shall be enforced upon the expiration of ten calendar days after the day of its first official publication).

The valuation of common and preferred shares of resident organizations of the Republic of Kazakhstan is carried out weekly as of the end of the first working day of the week at a value determined in accordance with the Exchange Methodology.
In the absence of information on the market price posted by the stock exchange, the valuation of common and preferred shares of resident organizations of the Republic of Kazakhstan is carried out at book value.
Valuation of other financial instruments, with the exception of those specified in paragraphs 4 and 5 of the Rules, circulated (traded) exclusively on the territory of the Republic of Kazakhstan, classified as “valued at fair value”, is carried out weekly as of the end of the first working day of the week at a market or indicative price, determined in accordance with the Exchange Methodology.

If illiquid debt securities of resident organizations of the Republic of Kazakhstan, circulated (traded) exclusively in the territory of the Republic of Kazakhstan, classified as “measured at fair value”, were delisted, the last fair value of these securities published by the stock exchange is used for valuation purposes.

The valuation of financial instruments classified as “measured at fair value”, traded (traded) exclusively on international (foreign) markets, is carried out weekly at the end of the first working day of the week at the closing price (close price) of the previous trading day according to the information and analytical systems Bloomberg (Bloomberg) or Reuters (Reuters).
The assessment of financial instruments circulated (traded) both in the territory of the Republic of Kazakhstan and on international (foreign) markets classified as “measured at fair value” is carried out weekly at the end of the first working day of the week at the closing price (close price) of the previous trading day according to the information and analytical systems Bloomberg (Bloomberg) or Reuters (Reuters).
In the absence of information about the evaluated financial instruments specified in paragraphs 7 and 8 of the Rules, in the information and analytical systems Bloomberg (Bloomberg) or Reuters (Reuters) for the purpose of evaluating equity and debt financial instruments, the current value is used.
The valuation of refined precious metals is carried out weekly as of the end of the first working day of the week at the closing price of the morning trading session held by the London Bullion Market Association on the last working day of the previous week.
Derivative financial instruments are assessed weekly as of the end of the first working day of the week at fair value in the manner prescribed by the internal documents of the voluntary savings pension fund, developed taking into account the requirements of International Financial Reporting Standards.
The valuation of shares is carried out weekly as of the end of the first working day of the week at the latest estimated value posted by the management company of the mutual investment fund in the media.
The current value of pension assets placed in bank deposits is determined by daily calculation of the amount of remuneration specified in the bank deposit agreement.
The valuation of financial instruments classified as “measured at amortized cost” is carried out at amortized cost.
Carrying out tests for impairment (decrease in value) of pension assets of voluntary savings pension funds, with the exception of the financial instruments specified in paragraph 7 of the Rules, and the formation of reserves (provisions) against possible losses (negative value adjustment) associated with the impairment (markdown) of pension assets in the event of loss of value due to non-fulfillment or improper fulfillment by the issuer of obligations under financial instruments, is carried out on a monthly basis.
Pension assets of a voluntary savings pension fund classified as “measured at amortized cost” and in accounts receivable, as well as placed in bank deposits, are subject to impairment tests. For pension assets classified as “measured at fair value,” the value is reduced in cases of default or delisting and (or) bankruptcy of the issuer, and (or) the presence of negative equity capital of the issuer based on the last published quarterly (annual) balance sheet, and (or) the fact of failure by the issuer to fulfill obligations on other financial instruments, with the exception of financial instruments circulated and traded on international (foreign) markets.

Depreciation and reduction in the value of financial instruments is carried out according to the methodology developed by the voluntary accumulative pension fund (hereinafter referred to as the DNPF Impairment Methodology), taking into account the requirements of the Rules. The methodology for depreciation of DNPF is approved by the management body of the voluntary savings pension fund.

The test for impairment of financial instruments determines the following criteria:

financial condition of the issuer;
delay in repayment of any of the payments on issued financial instruments;
availability of a guarantee;
reduction of the rating of the financial instrument and (or) the rating of the issuer;
other objective information indicating the impairment of financial instruments.

When testing for impairment of shares, the criteria specified in subparagraphs 1), 4) and 5) of this paragraph are applied.

For each criterion a score is assigned in accordance with Appendix 1 to the Rules. The sum of points is used to determine the classification category of financial instruments. Based on the number of points scored for an asset, its classification category and the amount of necessary reserves (provisions) are established in accordance with Appendix 2 to the Rules.

The financial condition of the issuer is assessed in accordance with the DNPF Impairment Methodology, taking into account the requirements of the Rules, and includes the procedure, method, methods for assessing the financial condition, a list of necessary documents and other acceptable information to determine the financial condition of the issuer.
The methodology for impairment of DNPF contains the following main indicators characterizing the financial condition of the issuer:

solvency, which reveals the issuer’s ability to service its obligations, calculated on the basis of the appropriate set of ratios established by the DNPF Issuer’s Financial Condition Methodology;
financial stability, which reveals the capital structure, level of profitability (over the last calendar year), profitability (over the last calendar year), calculated on the basis of the corresponding set of coefficients established by the DNPF Impairment Methodology;
measures taken by the issuer to improve its financial position.

Financial condition is classified as:

stable - the financial condition of the issuer is stable:

the issuer is solvent;

coefficient values were calculated in accordance with the DNPF Impairment Methodology;

positive market conditions for business development, as well as a good competitive position in the market;

free access to resources and the capital market, no external or internal factors have been identified that could significantly worsen the financial condition of the issuer during the period of issue of financial instruments;

the issuer’s ability to settle its obligations is beyond doubt;

the issuer's assets and liabilities are commensurate in terms of terms;

satisfactory - the financial condition of the issuer of this category is close to the characteristics of “stable”, but the likelihood of maintaining it at this level for a long time is low;
unstable - there is a certain probability that the issuer will not pay its obligations due to the following factors:

there are signs of a constant and significant deterioration in the financial condition of the issuer (there is no confidence that the measures taken by the issuer are effective in stabilizing the financial condition);

there are force majeure circumstances, as well as other circumstances that caused material damage to the issuer, but did not lead to the termination of its activities;

critical - constant deterioration in the financial condition of the issuer has reached a critical level:

insolvency, possibility of bankruptcy or other reorganization of the issuer;

violation of the terms of the contract (non-payment or violation of deadlines for payment of interest or principal);

the provision by the security holder of concessions to the issuer that would not otherwise be provided;

there are force majeure circumstances that caused material damage to the issuer and (or) did not allow it to continue its activities.

A decrease in the issuer's credit rating is not clear evidence of impairment. All events must be considered in conjunction with other available data.
The formation of reserves (provisions) against possible losses from the depreciation of financial instruments or the reduction in the value of financial instruments is carried out in the minimum amount determined in accordance with Appendix 2 to the Rules, no earlier than seven working days before the last working day of the month.
The reserve (value adjustment), calculated in accordance with Appendices 1 and 2 to the Rules, is reflected in the accounting records for pension assets voluntary savings pension funds in the manner established by the Instructions.
The amount of reserves (provisions) against possible losses from depreciation of financial instruments or the amount of decrease in the value of financial instruments is calculated from the current value of financial instruments increased by the amount of reserves (provisions) formed to cover possible losses from depreciation of financial instruments or by the amount of a previously carried out decrease in the value of these financial instruments on the date of calculation.

Chapter 3. Accounting and valuation of pension assets of the unified accumulative pension fund

Accounting for pension assets of the unified accumulative pension fund is carried out in accordance with the Instructions and Standard.
Financial assets of the unified accumulative pension fund are classified into the category “measured at fair value”, with the exception of:

financial assets of the unified accumulative pension fund held in trust by the National Bank of the Republic of Kazakhstan, classified as “valued at amortized cost” until March 1, 2021, which continue to be valued at amortized cost until the actual maturity of the financial asset or, by decision of the National Bank of the Republic of Kazakhstan, are reclassified into the category “valued at fair value” without the possibility of subsequent reclassification;
financial assets held in trust by the National Bank of the Republic of Kazakhstan, acquired within the framework of economic development programs, which, by decision of the National Bank of the Republic of Kazakhstan, can be classified into the category of assets “valued at amortized cost”;
government securities of the Republic of Kazakhstan, circulating (traded) exclusively on the territory of the Republic of Kazakhstan or circulating on the territory of the Republic of Kazakhstan and on international (foreign) markets with a maturity period of more than 5 (five) years, on which the National Bank of the Republic of Kazakhstan or the UIP makes decisions:

on inclusion in the categories provided for by the Standard, when purchasing a unified accumulative pension fund as part of the pension assets;

on reclassification according to the categories provided for by the Standard.

The valuation of liquid common and preferred shares of resident organizations of the Republic of Kazakhstan is carried out weekly as of the end of the first working day of the week at a value determined in accordance with the Exchange Methodology.

The assessment of liquid depository receipts of resident organizations of the Republic of Kazakhstan is carried out weekly as of the end of the first working day of the week at the bid price (bid price) at the end of the previous trading day, presented by the information and analytical systems Bloomberg (Bloomberg) or Reuters (Reuters).

A depositary receipt of an organization of a resident of the Republic of Kazakhstan is recognized as liquid if it meets one of the following conditions:

during the previous calendar month, trading with a depositary receipt was carried out for at least thirteen trading days;
the average daily trading volume with a depositary receipt for the previous calendar month is at least ninety percent of the average daily trading volume with a depositary receipt for the previous two calendar years.

A common or preferred share of an organization of a resident of the Republic of Kazakhstan is recognized as liquid if, on the date of revaluation of pension assets, this security was included in the list of securities of the first class of liquidity, determined in accordance with the Methodology for determining the liquidity indicators of securities of the stock exchange.

For the purpose of determining the liquidity of a depository receipt of an organization resident of the Republic of Kazakhstan, in accordance with paragraph 28 of the Rules, data on trading volumes from the information and analytical systems Bloomberg (Bloomberg) or Reuters (Reuters) are taken into account.
The assessment of common and preferred shares (depository receipts) of resident organizations of the Republic of Kazakhstan, which were previously recognized as liquid, but on the date of revaluation ceased to meet the liquidity conditions established by paragraph 28 of the Rules, is carried out at the bid price (bid price) for the last period when these securities were recognized as liquid before one of the following dates:

determining the fair value of these shares (depository receipts) in accordance with paragraph 42 of the Rules;
recognition of these shares (depository receipts) as liquid in accordance with paragraph 28 of the Rules.

Valuation of common and preferred shares, depositary receipts of organizations - non-residents of the Republic of Kazakhstan, as well as shares of Exchange Traded Funds (Exchange Traded Funds), Exchange Traded Commodities (Exchange Traded Commodities), Exchange Traded Notes (Exchange Traded Notes), issued by organizations - non-residents of the Republic of Kazakhstan, is carried out weekly as of the end of the first working day of the week at the bid price (bid price)) at the end of the previous trading day, presented by the information and analytical systems Bloomberg (Bloomberg) or Reuters (Reuters).

In the absence of information on market prices in the information and analytical systems Bloomberg (Bloomberg) or Reuters (Reuters), their current value in the investment portfolio of the unified accumulative pension fund before the occurrence of one of the following events is used to evaluate the specified securities: