NSC of Kazakhstan made changes and amendments to procedures of submitting reports on the results of investment activities of PAMC and CJSC "GPNF"

/IRBIS, Dec.03, 99/ - To standardize the reports of pension assets management companies (PAMC) and CJSC "Gosudarstvennyi nakopitelnyi pensionnyi fond", which are to be published in printed media, Directorate of the National securities commission of Kazakhstan (NSC) made a resolution #461 on October 26, 1999. This resolution establishes the terms for submitting quarterly and annual reports. From now, reports should be presented within one month after the end of reporting period. Procedures for calculation of the yield of pension assets were established, which should be implemented by the following formula (explanations are given in NSC's interpretation): ((Сn/С1) - 1):S)*T*100, where С1 average cost of the reference unit of pension assets for the last month of the year preceding the year of reporting quarter; Сn average cost of the reference unit of pension assets for the last month of reporting quarter; S number of calendar days from the beginning of the year of reporting quarter through the last day of that quarter; Т number of calendar days in the year of reporting quarter. It is also said in the resolution, that amount of invested pension assets in corresponding column is calculated as a percentage of total amount of invested pension assets of the accumulative pension fund (excluding balances not invested that remain on investment accounts and money transfers in transit). Column 16 of the report now should be named "Yield of pension assets continually accrued from the beginning of the year (in % APR)". The resolution goes into effect from the day of its registration with Justice department of Kazakhstan.