The National Securities Commission of Kazakhstan approved instructions for transfer of pension assets upon cancellation of a management agreement

/IRBIS, Nov.01, 99/ - On October 28, 1999 the Ministry of Justice of Kazakhstan approved the resolution of the National Securities Commission of Kazakhstan (NSC) #460, dated October 22, 1999, regarding the Instructions for rules of transferring pension assets upon cancellation of agreements on investment management of pension assets coming into effect. The Instruction sets the orders of stock-taking and passing pension assets (PA) between pension assets management companies (PAMC) in case of cancellation of agreements on investment management of PA. The Instruction is to go into effect when registered with the Ministry of Justice and was developed in accordance with Kazakhstan law "On pensions provision in Kazakhstan". Main regulations of the Instruction stipulate creation of a conciliatory commission within 10 days till the cancellation date of an agreement on investment management of PA with "properly authorized" representatives of accumulation pension funds (APF), transferring and receiving PAMC. It is this commission that will do all transfer work. The functions of the commission include: - stock-taking of PA of APF as of the cancellation date; - determination of methods and terms of transfer from transferring to receiving PAMC a wide range of documents, indicated in the Instructions; - determination of methods and terms of transfer for PA of APF from transferring to receiving PAMC. By the results of conciliatory commission PA acceptance and conveyance report is made containing the information which is described in the Instructions. Work of the conciliatory commission should end by the date of agreement cancellation. Copies of PA acceptance and conveyance report, made according to the requirements of the Instructions, should be handed over to the NSC and the Committee on regulation of accumulation pension funds' activities of the Ministry of labor and social protection of the public of Kazakhstan within three working days from the date of approval. Date of PA acceptance and conveyance report approval is considered the day of transfer of PA of APF under investment management of receiving PAMC.