NSC OF KAZAKHSTAN PUT INTO EXPERIMENTAL OPERATION THE SYSTEM OF DAILY ELECTRONIC MONITORING OF PENSION ASSETS

/IRBIS, Oct.20, 99/ - The National Securities Commission of Kazakhstan (NSC) by the October 14, 1999 decree #455 has ratified the Rules of the daily electronic reporting of the Accumulative Pension Funds (APF) banks- custodians. In the decree is spoken, that the Rules are ratified with a purpose of a operative control of pension assets and on the basis of point 31 of the Rule of custodian activity licensing on the stock market, which was ratified by the Government of Kazakhstan decree #293 of March 04, 1997. According to the new rules the banks-custodians of APF are obliged to grant daily to NSC the electronic reporting about a pension assets condition according to the typical NSC forms. The banks should begin the reporting according to the new rules in a test mode from October 18, 1999 and till December 01, 1999 they should to modernize program-technical complexes for the electronic reporting in a working mode. The date of beginning of the reporting in an electronic form will be ratified by the NSC's separate decree. It is remarkable, that the reporting should be granted and by the National Bank, as it is a bank-custodian of the "State Accumulative Pension Fund". It is underlined in the decree. Due to the system of electronic monitoring of APF assets, an opportunity of daily analysis and comparison of the Pension assets management companies (PAMC) investment efficiency will appear. The received analytical information will allow to inform the investors versatile about the PAMC and APF activity and also it can be used at rating. At this NSC guarantees the confidentiality of the reporting information and results of its processing, if these data belong to the bank, service or trade banks' secrets. This principle is fixed in an appendix to the decree.