Rules for activity of UAPF and VAPF

Official source: Adilet / https://adilet.zan.kz/rus/docs/V2300032832 The relevance of the editorial office has been verified: 2026-06-21.

Note FROM! Effective from 07/01/2023

In accordance with subparagraph 2) Article 15 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:

1. Approve the Rules for the activities of the unified accumulative pension fund and (or) voluntary accumulative pension funds in accordance with Appendix 1 to this resolution.

2. To recognize as invalid the normative legal act of the Republic of Kazakhstan, as well as the structural elements of some normative legal acts of the Republic of Kazakhstan according to the list in accordance with Appendix 2 to this resolution.

3. The Department of Methodology and Prudential Regulation of Financial Organizations, in accordance with the procedure established by the legislation of the Republic of Kazakhstan, shall ensure:

1. jointly with the Legal Department, state registration of this resolution with the Ministry of Justice of the Republic of Kazakhstan;

2. 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;

3. 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.

4. 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.

5. 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 7, 2023 No. 42

Rules for the activities of the unified accumulative pension fund and (or) voluntary accumulative pension funds

Chapter 1. General provisions

1. The rules for carrying out the activities of a unified accumulative pension fund and (or) voluntary accumulative pension funds (hereinafter referred to as the Rules) are developed in accordance with subparagraph 2) of Article 15 of the Social Code of the Republic of Kazakhstan (hereinafter referred to as the Social Code) and the Law of the Republic of Kazakhstan “On the Securities Market” (hereinafter referred to as the Law on the Securities Market) and establish the procedure for carrying out the activities of the unified accumulative pension fund and (or) voluntary accumulative pension funds.

The provisions of the Rules do not apply to the management of pension assets of the unified accumulative pension fund, carried out within the framework of a trust management agreement concluded between the National Bank of the Republic of Kazakhstan and the unified accumulative pension fund.

2. The Rules use the following concepts:

1. quotation - price offers of counterparties for financial instruments received via postal, electronic or fax;

2. counter-partner - a legal entity that has the right to enter into transactions with financial instruments in accordance with the legislation of the Republic of Kazakhstan or a foreign state;

3. “net” pension assets - pension assets of a unified accumulative pension fund or voluntary accumulative pension fund minus liabilities related to pension assets (obligations for pension payments, transfers and similar obligations);

4. authorized body - an authorized body for regulation, control and supervision of the financial market and financial organizations;

5. international financial organization - an organization with international status, created and operating on the basis of an international treaty (agreement) or charter.

3. For the purposes of the Rules, in addition to the ratings of the Standard & Poor's agency (Standard & Poor's), the authorized body for regulation, control and supervision of the financial market and financial organizations (hereinafter - the authorized body) also recognizes the ratings of the Moody's Investors Service and Fitch agencies (hereinafter - other rating agencies) established resolution of the Board of the National Bank of the Republic of Kazakhstan dated December 24, 2012 No. 385 “On establishing a minimum rating for legal entities and countries, the need for which is required in accordance with the legislation of the Republic of Kazakhstan regulating the activities of financial organizations, branches of non-resident banks of the Republic of Kazakhstan, branches of insurance (reinsurance) non-resident organizations of the Republic of Kazakhstan, the list of rating agencies assigning this rating" (registered in the Register of State Registration of Normative Legal Acts under No. 8318).

4. The Unified Accumulative Pension Fund and (or) the voluntary accumulative pension fund act exclusively in the interests of contributors of compulsory pension contributions, individuals for whom compulsory professional pension contributions are transferred, voluntary pension contributions, and recipients of pension payments.

5. Management of pension assets of the unified accumulative pension fund is carried out in accordance with Articles 36 and 37 of the Social Code.

6. The Unified Accumulative Pension Fund or the voluntary accumulative pension fund calculates the cost of one conventional unit of pension assets in accordance with Appendix 1 “Calculation of the cost of one conventional unit of pension assets” to the Rules.

7. The Unified Accumulative Pension Fund calculates the cost of a conventional unit of pension obligations in accordance with Appendix 2 to the Rules.

8. The voluntary savings pension fund places pension assets formed from voluntary pension contributions, attracted in the manner and on the terms established by the agreement on pension provision from voluntary pension contributions, into the financial instruments specified in Appendix 3 to the Rules.

The amount of investment from pension assets in the financial instruments specified in Appendix 3 to the Rules is established by the investment declaration of the voluntary savings pension fund.

9. The voluntary accumulative pension fund, which carries out investment management of pension assets of the unified accumulative pension fund, maintains separate accounting of pension assets formed at the expense of voluntary pension contributions, attracted in the manner and on the terms established by the agreement on pension provision at the expense of voluntary pension contributions (hereinafter referred to as the pension assets of the voluntary accumulative pension fund), and pension assets accepted for investment management from the unified accumulative pension fund, formed at the expense of voluntary pension contributions, mandatory pension contributions and mandatory professional pension contributions.

In the internal accounting system of the voluntary savings pension fund, the pension assets of the unified savings pension fund are separated from the own assets of the voluntary savings pension fund and the pension assets of the voluntary savings pension fund by recording them in the off-balance sheet accounts of the voluntary savings pension fund, and they are not subject to foreclosure for the obligations of the voluntary savings pension fund.

10. The Unified Accumulative Pension Fund and voluntary accumulative pension funds operate in accordance with the requirements for the procedure for forming a risk management and internal control system established by Article 59 of the Social Code.

Chapter 2. Procedure for carrying out investment activities

11. Transactions at the expense of pension assets are made by the voluntary savings pension fund on the basis of an investment decision made by the investment committee of the voluntary savings pension fund authorized to make investment decisions in accordance with the investment declaration of the voluntary savings pension fund.

12. Transactions using pension assets of a voluntary savings pension fund are concluded on international (foreign) securities markets subject to the following conditions:

1. a transaction to purchase shares (depository receipts) is concluded at a price that does not exceed the maximum price for this financial instrument established on the day the transaction is concluded on the international (foreign) stock exchanges on which this financial instrument is traded, according to the information provided in the information analytical systems Bloomberg (Bloomberg) or Reuters (Reuters);

2. a transaction for the sale of shares (depository receipts) is concluded at a price not lower than the minimum price for this financial instrument established on the day the transaction is concluded on the international (foreign) stock exchanges on which these financial instruments are traded, according to the information provided in the information analytical systems Bloomberg (Bloomberg) or Reuters (Reuters);

3. for debt securities, with the exception of debt securities for which the issuer’s guarantee of full repayment of the principal amount has been established, as well as for derivative financial instruments, there is a printout of purchase and (or) sale quotes from the Bloomberg (Bloomberg) or Reuters (Reuters) information analytical systems, or in the absence of such quotes, there are at least three quotes from three different counterparties. If the counterparty does not quote a given financial instrument, the counterparty’s message about the lack of quotation or refusal to quote the financial instrument is included in the report (document) on the conclusion of the transaction;

4. the counter-partner in this transaction is an international (foreign) financial organization with a rating of at least “BBB-” on the international scale of Standard & Poor's (Standard & Poor's) or a rating of a similar level by one of the other rating agencies;

5. settlements for transactions with these financial instruments, with the exception of derivative financial instruments, are carried out through international (foreign) settlement and depository systems on the “delivery versus payment” principle, in which the fulfillment of obligations by one party to the transaction for the supply of a financial instrument or money is impossible without the fulfillment by the other party of the transaction of counter obligations for the supply of money or financial instrument.

13. Transactions at the expense of pension assets of a voluntary savings pension fund with government securities and non-government securities on the secondary market, as well as with derivative financial instruments, are concluded exclusively on the organized market, with the exception of the following cases:

1. conversion by the issuer of bonds available in the investment portfolio into shares;

2. exercise of the right of first refusal;

3. requirements for the repurchase of shares available in the investment portfolio from the issuer, in accordance with Article 27 of the Law of the Republic of Kazakhstan “On Joint Stock Companies”;

4. sale of securities delisted by the stock exchange;

5. exchange of securities and other obligations of the issuer for other securities of this issuer, issued for the purpose of restructuring the obligations of the issuer;

6. sale of securities for which the stock exchange did not open trading at the time of the transaction;

7. the issuer repurchases its own securities;

8. concluding transactions on international (foreign) markets for the purchase and sale of financial instruments issued (provided) by issuers - residents of the Republic of Kazakhstan and issuers - non-residents of the Republic of Kazakhstan, traded on international (foreign) securities markets, taking into account the specifics established by paragraph 12 of the Rules;

9. concluding transactions with derivative financial instruments, carried out taking into account the requirements provided for in paragraphs 12, 25 and 26 of the Rules.

14. When a voluntary pension fund purchases debt securities at the expense of pension assets, for which the issuer’s guarantee for full repayment of the principal amount is established, calculations are carried out on the “delivery versus payment” principle, taking into account the requirements provided for in Appendix 3 to the Rules.

15. Transactions at the expense of pension assets of voluntary savings pension funds, with the exception of transactions on the organized market, as well as in the cases provided for in paragraph 12 of the Rules and the agreement on custodial servicing of pension assets of a voluntary savings pension fund, are not concluded with:

1. affiliated persons of a voluntary savings pension fund;

2. trustees of shares of a voluntary savings pension fund owned by major shareholders of a voluntary savings pension fund;

3. trustees of shares issued by large shareholders of a voluntary savings pension fund, and (or) participation shares in the authorized capital of large shareholders of a voluntary savings pension fund;

4. affiliated persons of the trustees specified in subparagraphs 2) and 3) of this paragraph of the Rules.

16. The voluntary accumulative pension fund does not acquire, at the expense of pension assets, shares in the authorized capitals of affiliated entities, shares issued by affiliated entities, or depository receipts, the underlying asset of which are such shares, with the exception of shares included in the stock exchange list, the parameters of which are used for the purpose of calculating the stock market index of the stock exchange (representative list of the stock exchange), or depositary receipts, the underlying asset of which are such shares.

17. The voluntary savings pension fund does not enter into transactions at the expense of pension assets for the acquisition of financial instruments issued (provided) by the persons specified in paragraph 15 of the Rules and included in the list defined by paragraph 2 of Appendix 3 to the Rules.

18. The voluntary savings pension fund does not make investment decisions on the purchase of securities at the expense of pension assets from the date:

1. default of the issuer (except for the exchange of securities and other obligations of the issuer for securities of this issuer issued for the purpose of restructuring the obligations of the issuer);

2. transfer of the issuer’s securities to the “buffer category” category of the official list of the stock exchange;

3. suspension by the stock exchange of trading in these securities.

19. Purchase and sale transactions of government and non-government securities made on the organized market with the participation of pension assets of a voluntary savings pension fund are concluded by open bidding, with the exception of transactions for the purchase of government and non-government securities during their initial placement.

Reverse repo transactions made at the expense of pension assets are concluded for a period of no more than thirty calendar days.

The subject of reverse repo transactions involving pension assets are government securities of the Republic of Kazakhstan.

20. If, as a result of any circumstances, the structure of the portfolio of financial instruments acquired at the expense of pension assets of a voluntary savings pension fund ceases to comply with the conditions established by the Rules, the prudential standards established for voluntary savings pension funds, the voluntary savings pension fund immediately ceases investment activities related to such discrepancy, and within one working day notifies the authorized body about the fact and reasons for this discrepancy with attaching an action plan to eliminate it, indicating the name of the measures, the management employees of the voluntary accumulative pension fund responsible for their implementation, and the deadlines for implementation.

21. The authorized body reviews the action plan within five working days. Upon approval of the action plan by the authorized body, the voluntary savings pension fund begins its implementation and submits to the authorized body reports on the implementation of the activities established by the action plan. Upon receipt of comments from the authorized body on the action plan, the voluntary savings pension fund submits to the authorized body an adjusted action plan no later than five working days from the date of receipt of the letter from the authorized body on the results of consideration of the action plan.

22. The period for placing pension assets by a voluntary accumulative pension fund on deposit in a second-tier bank of the Republic of Kazakhstan does not exceed thirty-six months. The deposit amount and the amount of remuneration on it are credited to the investment accounts of the voluntary savings pension fund no later than the day following the expiration date of the bank deposit agreement.

23. Pension assets transferred to the investment accounts of the voluntary accumulative pension fund in the custodian bank, to the correspondent accounts of the custodian bank of the voluntary accumulative pension fund in international (foreign) custodian banks and to the accounts of the custodian bank in international (foreign) organizations - participants in international (foreign) depository and settlement systems, are subject to investment in full minus current liabilities within ten working days in relation to national currency, thirty calendar days in relation to foreign currency.

24. If the securities cease to comply with the requirements of Appendix 3 to the Rules, the voluntary savings pension fund sells such securities within one year from the date of the above event.

25. Transactions with derivative financial instruments at the expense of pension assets are concluded by a voluntary savings pension fund only for hedging purposes if the underlying asset of these derivative financial instruments is included in the pension assets.

26. When a voluntary accumulative pension fund enters into swap, option and forward transactions on the unorganized securities market of the Republic of Kazakhstan, the counterparty to the said transaction is a financial organization of the Republic of Kazakhstan that has a rating of at least “B” on the international scale of Standard & Poor's (Standard & Poor's) or a rating of a similar level from one of the other rating agencies if there are at least three quotes from three different counterparties for the relevant instruments.

27. If a unified savings pension fund or a voluntary savings pension fund independently manages its own investment portfolio, transactions at the expense of its own assets of a unified savings pension fund or a voluntary savings pension fund are made on the basis of an investment decision made by the investment committee of a unified savings pension fund or a voluntary savings pension fund, authorized to make investment decisions in accordance with the policy of investing the own assets of a unified savings pension fund or a voluntary savings pension fund.

28. The Unified Accumulative Pension Fund, at the expense of its own assets, does not participate in the creation and activities of legal entities both on the territory of the Republic of Kazakhstan and abroad, with the exception of the creation of:

insurance organizations operating in the life insurance industry;

investment portfolio managers;

organizations engaged in brokerage and (or) dealer activities;

legal entities that are not financial organizations carrying out consulting or actuarial activities.

29. Transactions at the expense of the voluntary accumulation pension fund’s own assets are not concluded with the persons specified in paragraph 15 of the Rules.

30. Transactions with derivative financial instruments using the own assets of a voluntary savings pension fund are concluded only for hedging purposes if the underlying asset is included in the own assets of the voluntary savings pension fund.

31. Transactions using the own assets of a voluntary savings pension fund are concluded on international (foreign) securities markets subject to the conditions specified in paragraph 12 of the Rules.

32. Transactions at the expense of the voluntary accumulation pension fund’s own assets with government securities and non-government securities on the secondary market, as well as with derivative financial instruments, are concluded exclusively on the organized market, except for the cases specified in subparagraphs 1), 2), 3), 4), 5), 6), 7) of paragraph 13 of the Rules and the following cases:

1. concluding transactions on international (foreign) markets for the purchase and sale of financial instruments issued (provided) by issuers - residents of the Republic of Kazakhstan and issuers - non-residents of the Republic of Kazakhstan, traded on international (foreign) securities markets, taking into account the specifics established by paragraph 12 of the Rules;

2. concluding transactions with derivative financial instruments, carried out taking into account the requirements provided for in paragraphs 30, 31, 32 and 33 of the Rules.

33. When a voluntary accumulative pension fund enters into swap, option and forward transactions on the unorganized securities market of the Republic of Kazakhstan, the counterparty to the said transaction is a financial organization of the Republic of Kazakhstan that has a rating of at least “B” on the international scale of Standard & Poor's (Standard & Poor's) or a rating of a similar level from one of the other rating agencies, provided there are at least three quotes from three different counterparties for the relevant instruments.

 

Appendix 1 to the Implementation Rules activities of a single funded pension fund and (or) voluntary savings pension funds

Calculation of the cost of one conventional unit of pension assets

1. The Unified Accumulative Pension Fund weekly, as of the end of the first working day of each week of the month and at the end of the last calendar day of the month, calculates the cost of one conventional unit of pension assets.

2. The voluntary savings pension fund weekly, as of the end of the first working day of each week of the month and at the end of the last calendar day of the month, calculates the cost of one conventional unit of pension assets.

3. The cost of one conventional unit of pension assets of a unified accumulative pension fund or voluntary accumulative pension fund is calculated in accordance with paragraph 4 of this appendix.

4. The cost of one conventional unit of pension assets of the unified accumulative pension fund or voluntary accumulative pension fund is calculated by the unified accumulative pension fund or voluntary accumulative pension fund weekly as of the end of the first working day of each week of the month and at the end of the last calendar day of the month according to the formula:

Ci is the cost of one conventional unit of pension assets of a unified accumulative pension fund or a voluntary accumulative pension fund as of the end of the first working day of each week of the month and at the end of the last calendar day of the month;

PAi - the current value of the “net” pension assets of a unified accumulative pension fund or a voluntary accumulative pension fund at the end of a given day, calculated in accordance with paragraph 5 of this appendix (taking into account the specifics established by the Rules);

УEi - the total number of conventional units of pension assets of a unified accumulative pension fund or voluntary accumulative pension fund at the end of a given day, calculated in accordance with paragraph 6 of this appendix.

5. The current value of the “net” pension assets of a unified accumulative pension fund or a voluntary accumulative pension fund is calculated according to the formula (taking into account the features established by the Rules):

PAi = PA (i-1) + Bi + Ti + Pi1 + Pi2- Hi + NPi + S, where:

PA (i-1) - the current value of the “net” pension assets of the unified accumulative pension fund or voluntary accumulative pension fund at the end of the previous calendar day;

Bi - pension contributions received by the unified accumulative pension fund or voluntary accumulative pension fund for a given day;

Ti - transfers of pension assets received from the trust management of the investment portfolio manager and (or) the National Bank of the Republic of Kazakhstan, from voluntary accumulative pension funds, received by the unified accumulative pension fund or voluntary accumulative pension fund for a given day;

Pi1 - penalty received by a unified pension savings fund or a voluntary pension savings fund on a given day for late transfer of pension contributions;

Pi2 - penalty received by the unified accumulative pension fund or voluntary accumulative pension fund on a given day for untimely investment of pension assets;

Hi - pension payments accrued for a given day from the unified accumulative pension fund or voluntary accumulative pension fund, transfers from the unified accumulative pension fund or voluntary accumulative pension fund to voluntary accumulative pension funds, transfers from the unified accumulative pension fund or voluntary accumulative pension fund to an insurance organization, one-time pension payments from the unified accumulative pension fund in order to improve housing conditions and (or) pay for treatment, transfers from the unified accumulative pension fund to the trust management of the manager investment portfolio and (or) the National Bank of the Republic of Kazakhstan and obligations to return erroneously received pension contributions and (or) penalties to the account of the unified accumulative pension fund or voluntary accumulative pension fund (except for erroneously received amounts that are recognized as such by the unified accumulative pension fund or voluntary accumulative pension fund and the custodian bank servicing it on the day of receipt, are not placed in financial instruments and are not credited to the individual accounts of investors compulsory pension contributions, individuals for whom compulsory professional pension contributions are transferred, voluntary pension contributions, recipients of pension payments);

NPi - the accumulated amount of retained profit (uncovered loss) as of the end of the first working day of the week and at the end of the last calendar day of the month, which includes the amount of accrued investment income on pension assets of the unified accumulative pension fund or voluntary accumulative pension fund, the amount of accrued commission fees of the unified accumulative pension fund, the National Bank of the Republic of Kazakhstan, investment portfolio manager or voluntary accumulative pension fund and is accepted for calculating the current value “net” pension assets of the unified pension savings fund or voluntary pension savings fund as of the end of the first working day of the week and at the end of the last calendar day of the month;

S is the amount of compensation for the negative difference between the nominal return on pension assets received by the investment portfolio manager and the minimum return on pension assets.

6. The total number of conventional units of pension assets of a unified accumulative pension fund or voluntary accumulative pension fund at the end of each calendar day of a given month is calculated by the formula:

UE(i-1) - the total number of conventional units of pension assets of a unified accumulative pension fund or voluntary accumulative pension fund at the end of the calendar day preceding the given day;

С(i-1) - the cost of one conventional unit of pension assets of a unified accumulative pension fund or voluntary accumulative pension fund at the end of the calendar day preceding the given day.

7. Upon initial receipt of pension assets into the trust management of the investment portfolio manager from the National Bank of the Republic of Kazakhstan or from other investment portfolio managers, the cost of a conventional unit of pension assets is calculated at the current value of one conventional unit of pension assets of the unified accumulative pension fund, established at the beginning of the day corresponding to the day of receipt of pension assets in trust management.

8. When transferring pension assets of a unified accumulative pension fund into trust management from one investment portfolio manager to another investment portfolio manager or the National Bank of the Republic of Kazakhstan, the calculation of the cost of one conventional unit of pension assets is not interrupted and continues to be carried out at the cost of one conventional unit of pension assets of a unified accumulative pension fund, established at the beginning of the day of transfer of pension assets to trust management.

 

Appendix 2 to the Implementation Rules activities of a single cumulative pension fund and (or) voluntary funded pension funds

Calculation of the cost of a conventional unit of contingent pension liabilities

1. The Unified Accumulative Pension Fund weekly, as of the end of the first working day of each week of the month and at the end of the last calendar day of the month, calculates the current value of a conventional unit of conditional pension obligations formed from mandatory contributions by the employer (hereinafter referred to as the conventional unit) in accordance with paragraph 4 of this appendix.

2. When amounts are received into a conditional pension account, the received amount is recalculated into an equivalent number of conventional units, determined at the current value at the beginning of the date of receipt of the amounts. Operations to write off amounts from a conditional pension account are carried out by the unified pension savings fund at the current value of a conventional unit at the beginning of the write-off date.

3. The list and procedure for carrying out operations for accounting for mandatory pension contributions of the employer and other receipts (write-offs) on conditional pension accounts, including the procedure for accrual and write-off of investment income on transactions of debiting amounts from conditional pension accounts, as well as the procedure for recording transactions in the accounts of reserve funds, is determined by the internal documents of the unified accumulative pension fund.

4. The Unified Accumulative Pension Fund calculates the current value of a conventional unit using the following formula:

Ci - the cost of one conventional unit as of the end of the first working day of each week of the month and at the end of the last calendar day of the month;

PAi - the current value of “net” pension assets formed from mandatory pension contributions by the employer at the end of a given day, calculated in accordance with paragraph 6 of these Rules;

УEi - the total number of conventional units at the end of a given day, calculated in accordance with paragraph 6 of this appendix.

5. The current value of “net” pension assets formed from mandatory pension contributions by the employer at the end of each calendar day of a given month is calculated using the formula (taking into account the features established by the Rules):

PAi = PA(i-1) + Bi + Di + Pi – Hi – Kvi, where:

PA(i-1) - the current value of “net” pension assets formed from mandatory pension contributions by the employer at the end of the previous calendar day;

Bi - obligatory pension contributions of the employer received into the unified accumulative pension fund for a given day;

Di - the accumulated amount of investment income on pension assets formed from mandatory pension contributions by the employer, as of the end of the first working day of the week and at the end of the last calendar day of the month;

Pi - funds received as penalties received by the unified accumulative pension fund on a given day for late transfer of mandatory pension contributions by the employer, and compensation for losses;

Hi - pension payments accrued for a given day from the unified accumulative pension fund and obligations to return erroneously received employer pension contributions and (or) penalties to the account of the unified accumulative pension fund (with the exception of erroneously received amounts that are recognized as such by the unified accumulative pension fund and its custodian bank on the day of receipt, are not placed in financial instruments and are not credited to conditional pension accounts of individuals;

Kvi – the accumulated amount of commission from the investment income of the National Bank of the Republic of Kazakhstan, as of the end of the first working day of the week and at the end of the last calendar day of the month.

Footnote. Clause 5 - 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 December 27, 2024 No. 92 (shall be enforced upon the expiration of ten calendar days after the day of its first official publication).

6. The total number of conventional units at the end of each calendar day of a given month is calculated using the formula:

UE(i-1) - the total number of conventional units at the end of the calendar day preceding the given day;

C(i-1) - the cost of one conventional unit at the end of the calendar day preceding the given day.

Footnote. Clause 6 - 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 December 27, 2024 No. 92 (shall be enforced upon the expiration of ten calendar days after the day of its first official publication).

 

Appendix 3 to the Implementation Rules activities of a single cumulative pension fund and (or) voluntary funded pension funds

List of financial instruments allowed for acquisition at the expense of pension assets

1. List of financial instruments in which the voluntary savings pension fund places pension assets, and the requirements for them:

No.

Name of financial instrument

Government securities of the Republic of Kazakhstan, including those issued in accordance with the legislation of other states, issued by the Ministry of Finance of the Republic of Kazakhstan and the National Bank of the Republic of Kazakhstan

Debt securities issued by local executive bodies of the Republic of Kazakhstan, included in the official list of the stock exchange operating in the territory of the Republic of Kazakhstan

Debt securities issued by the joint-stock company "Development Bank of Kazakhstan" in accordance with the legislation of the Republic of Kazakhstan on the securities market, joint-stock companies "National Welfare Fund "Samruk-Kazyna", "National Management Holding "Baiterek", "Problem Loan Fund"

Deposits in second-tier banks of the Republic of Kazakhstan that have a long-term credit rating of at least "B-" on the international scale of Standard & Poor's (Standard & Poor's) or a rating of a similar level by one of the other rating agencies, or a rating from "kzB+" to "kzBВ-" on the national scale of Standard & Poor's (Standard & Poor's), or a rating of a similar level on the national scale of one of the other rating agencies for a period of no more than thirty-six months

Non-government debt securities issued by international financial organizations that have an international rating of at least "AA-" by Standard & Poor's (Standard & Poor's) or a rating of a similar level by one of the other rating agencies, as well as securities issued by the Eurasian Development Bank and denominated in the national currency of the Republic of Kazakhstan

Debt securities of foreign countries with a sovereign rating of at least "B-" on the international scale of Standard & Poor's (Standard & Poor's) or a rating of a similar level by one of the other rating agencies

Non-government securities issued by foreign organizations: debt securities of foreign issuers with a rating of at least "B-" on the international scale of Standard & Poor's (Standard & Poor's) or a rating of one of the other rating agencies; debt securities, the issue of which is carried out by the issuer under the guarantee of a non-resident parent organization of the Republic of Kazakhstan, having a rating of not lower than "BBB-" on the international scale of Standard & Poor's (Standard & Poor's) or a rating of a similar level of one of the other rating agencies, or a parent organization - resident, having a rating of not lower than "B-" on the international scale of Standard & Poor's (Standard & Poor's) or rating an assessment of a similar level by one of the other rating agencies, the size of which corresponds to the full volume of the issue of non-government debt securities; shares of foreign issuers with a rating of at least "B-" on the international scale of Standard & Poor's (Standard & Poor's) or a rating of one of other rating agencies; shares of foreign issuers included in the main stock indices; shares of foreign organizations recognized as residents of the Republic of Kazakhstan in accordance with clause 3 of Article 22-1 of the Law on the Securities Market, included in the official list of the stock exchange, meeting the requirements of the category "premium" of the "shares" sector of the "Main" platform of the official list of the stock exchange

Non-government securities issued by organizations of the Republic of Kazakhstan in accordance with the legislation of the Republic of Kazakhstan and other states: shares of issuers that have a rating of at least "B-" on the international scale of Standard & Poor's (Standard & Poor's) or a rating of a similar level by one of the other rating agencies, or a rating of at least "kzBB-" on the national scale of Standard & Poor's (Standard & Poor's) or a rating of a similar level on the national scale of one of the other rating agencies; shares included in the official list of the stock exchange that meet the requirements of the “premium” category of the “stocks” sector of the “Main” platform of the official list of the stock exchange; shares of legal entities - residents of the Republic of Kazakhstan, included in the official list of the stock exchange, meeting the requirements of the "standard" category of the "shares" sector of the "Main" platform of the official list of the stock exchange, or shares of legal entities - residents of the Republic of Kazakhstan, denominated in foreign currency, admitted to public trading on the stock exchange operating on the territory of the Astana International Financial Center; debt securities that have a rating of at least "B-" on the international scale of Standard & Poor's (Standard & Poor's) or a rating of a similar level by one of the other rating agencies, or a rating of at least "kzBB-" on the national scale of Standard & Poor's (Standard & Poor's) or a rating of a similar level on the national scale of one of the other rating agencies; debt securities of legal entities of the Republic of Kazakhstan, included in the "debt securities" sector of the "Main" platform of the official list of the stock exchange, or non-government debt securities of legal entities of the Republic of Kazakhstan, denominated in foreign currency and admitted to public trading on the stock exchange operating on the territory of the Astana International Financial Center; shares of interval mutual investment funds, the management company of which is a legal entity created in accordance with the legislation of the Republic of Kazakhstan, included in the official list of the stock exchange, meeting the requirements of the “investment fund securities” sector of the “Mixed” platform of the official list of the stock exchange; securities issued as part of the restructuring of the issuer's obligations for the purpose of exchange for previously issued securities or other obligations of this issuer

Non-government debt securities included in the official list of the stock exchange, with the exception of securities indicated in line, serial number 8, issued by organizations of the Republic of Kazakhstan in accordance with the legislation of the Republic of Kazakhstan and other states, meeting the following requirements:

1. the issuer of debt securities prepares financial statements in accordance with international financial reporting standards (hereinafter referred to as IFRS) or financial reporting standards in force in the United States of America (hereinafter referred to as the US Federal Financial Reporting Standards);
2. the audit of the financial statements of the issuer of debt securities, compiled in accordance with the requirements of subparagraph 1) of this line, is carried out by one of the audit organizations included in the list of audit organizations recognized by the stock exchange;
3. the issuer of debt securities submitted to the stock exchange the financial statements of the issuer, confirmed by an audit report, or an auditor’s report on the review of interim financial information (a complete set of interim financial statements of the issuer) for the periods established by the internal documents of the stock exchange;
4. existence of a corporate governance code approved by the general meeting of shareholders of the issuer of debt securities;
5. the constituent documents of the issuer of debt securities and (or) the prospectus for the issue of securities do not contain norms that infringe or limit the rights of owners of securities to alienate (transfer) them.

Non-government debt securities included in the official list of the stock exchange, with the exception of securities specified in lines, serial numbers 9 and 10, of this paragraph, issued by organizations of the Republic of Kazakhstan in accordance with the legislation of the Republic of Kazakhstan and other states, meeting the following requirements:

1. the issuer of debt securities prepares financial statements in accordance with IFRS or US Federal Financial Reporting Standards;
2. the audit of the financial statements of the issuer of debt securities, compiled in accordance with the requirements of subparagraph 1) of this line, is carried out by one of the audit organizations included in the list of audit organizations recognized by the stock exchange;
3. the issuer of debt securities submitted to the stock exchange the financial statements of the issuer, confirmed by an audit report, or an auditor’s report on the review of interim financial information (a complete set of interim financial statements of the issuer) for the periods established by the internal documents of the stock exchange;
4. existence of a corporate governance code approved by the general meeting of shareholders of the issuer of debt securities;
5. the constituent documents of the issuer of debt securities and (or) the prospectus for the issue of securities do not contain norms that infringe or limit the rights of owners of securities to alienate (transfer) them.

Units of interval and open mutual funds

Refined precious metals that meet international quality standards adopted by the London Bullion Market Association and designated in the documents of this association as the "London Quality Supply" standard and metal deposits, including in non-resident banks of the Republic of Kazakhstan, with a rating of at least "AA" on the international scale of Standard & Poor's (Standard & Poor's) or a rating of a similar level by one of the other rating agencies, for a period of no more than twelve months

Debt securities for which the issuer's guarantee of full repayment of the principal amount is established, issued by organizations with a rating of at least "A-" on the international scale of Standard & Poor's (Standard & Poor's) or a rating of a similar level by one of the other rating agencies that meet the following conditions: the circulation period does not exceed three years; the terms of the issue do not provide for cases of default by the state or the issuer on its obligations

Depositary receipts, the underlying asset of which is the shares specified in this Appendix

2. The total volume of investments in the following financial instruments does not exceed 5 (five) percent of the pension assets under the investment management of the voluntary savings pension fund:

Non-government debt securities of legal entities of the Republic of Kazakhstan, included in the "debt securities" sector of the "Main" platform of the official list of the stock exchange, or non-government debt securities of legal entities of the Republic of Kazakhstan, denominated in foreign currency and admitted to public trading on the stock exchange operating on the territory of the Astana International Financial Center

Units of interval mutual investment funds, the management company of which is a legal entity created in accordance with the legislation of the Republic of Kazakhstan, included in the official list of the stock exchange, meeting the requirements of the “investment fund securities” sector of the “Mixed” platform of the official list of the stock exchange

Shares of Exchange Traded Funds (ETF) (Exchange Traded Funds), the asset structure of which follows the structure of one of the major stock indices, or the pricing of shares of which is tied to the main stock indices

Non-government debt securities specified in line 10 of paragraph 1 of this appendix

 

Appendix 2 to the resolution

List of normative legal acts of the Republic of Kazakhstan, as well as structural elements of some normative legal acts of the Republic of Kazakhstan, recognized as no longer in force

1. Resolution of the Board of the National Bank of the Republic of Kazakhstan dated August 27, 2013 No. 237 “On approval of the Rules for the implementation of the activities of the unified accumulative pension fund and (or) voluntary accumulative pension funds” (registered in the Register of State Registration of Normative Legal Acts under No. 8815).

2. Clause 3 List of regulatory legal acts of the Republic of Kazakhstan to which changes are made, approved by Resolution of the Board of the National Bank of the Republic of Kazakhstan dated February 26, 2014 No. 33 “On amendments to some regulatory legal acts of the Republic of Kazakhstan on pension issues” (registered in Register of state registration of normative legal acts under No. 9317).

3. Clause 13 of the List of regulatory legal acts of the Republic of Kazakhstan on the official list of securities of the stock exchange, which are being amended, approved by Resolution of the Board of the National Bank of the Republic of Kazakhstan on December 24, 2014 No. 244 “On amendments to certain regulatory legal acts of the Republic of Kazakhstan on issues of the official list of securities of the stock exchange" (registered in the Register of State Registration of Normative Legal Acts under No. 10339).

4. Clause 8 of the List of regulatory legal acts of the Republic of Kazakhstan on the regulation of the securities market, which are amended, approved by the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated March 27, 2017 No. 54 “On approval of Requirements for issuers and their securities securities admitted to circulation on the stock exchange, as well as certain categories of the official list of the stock exchange and amendments to some regulatory legal acts of the Republic of Kazakhstan on issues of regulating the securities market" (registered in the Register of State Registration of Regulatory Legal Acts under No. 15175).

5. Clause 5 of the List of regulatory legal acts of the Republic of Kazakhstan on the regulation of the financial market, to which changes and additions are made, approved by the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated September 10, 2019 No. 151 “On introducing changes and additions to some regulatory legal acts of the Republic of Kazakhstan on issues of regulation of the financial market" (registered in the Register of State Registration of Normative Legal Acts under No. 19369).

6. Clause 1 of the List of regulatory legal acts of the Republic of Kazakhstan on the regulation of the financial market, to which amendments and additions are made, approved by the Resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market dated June 29, 2020 No. 68 “On amendments and additions to some regulatory legal acts of the Republic of Kazakhstan on issues of regulation of the financial market" (registered in the Register of State Registration of Normative Legal Acts under No. 20923).

7. Clause 2 List of regulatory legal acts of the Republic of Kazakhstan on financial market regulation, to which amendments and additions are made, approved by the Resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market dated February 15, 2021 No. 31 “On amendments and additions to some regulatory legal acts of the Republic of Kazakhstan on issues of regulation of the financial market" (registered in the Register of State Registration of Normative Legal Acts under No. 22229).

8. Clause 1 Resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market dated January 23, 2023 No. 2 “On amendments to some regulatory legal acts of the Republic of Kazakhstan on the regulation of the funded pension system” (registered in the Register of State Registration of Regulatory Legal Acts under No. 31848).

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