Information of state bodies regulating accumulative pension system of Kazakhstan for fourth quarter of 2001

/IRBIS, Feb 05, 02/ - Association of Assets Managers ULE (Almaty) provided the agency IRBIS with the report of state bodies regulating accumulative pension system of Kazakhstan - Accumulative Pension Funds Regulatory Committee (Committee) and the Exchange regulatory department of the National bank of Kazakhstan (Department) - the report on major figures of the pension system for the fourth quarter of 2001. The agency IRBIS plans to shed a light on some of the figures and comments of the Committee and the Department in a number of its information blocks. From the points of view of the Committee and the Department, the following events became the most important for pension assets management companies (PAMC) in the fourth quarter of 2001, within realisation of measures to improve legal basis, regulating functioning of pension accumulative system: Introduction of resolution #388 of the Board of the National Bank of Kazakhstan dated October 08,2001, registered by the Ministry of Justice of the RK on October 24,2001 under the number 1660 and entered into force after 14 days from the day of state registration in the Ministry of Justice. By the resolution it is allowed to invest pension assets under PAMC management into bonds of Bank of Kazakhstan Development CJSC in the amount not exceeding 5% of total amount of pension assets. Introduction of a requirement to "counter repo" deals making in organized stock market with a participation of PAMC pension assets only through the method of uninterrupted counter auction (counter trade method at KASE). This decision was documented by a resolution #410 of the Board of the National bank of Kazakhstan on October 19,2001, registered by the Ministry of Justice of the RK on December 27,2001 under the number 1707 and entered into force after 14 days from the day of state registration in the Ministry of Justice. Differentiation of an approach to a calculation of own capital sufficiency ratio for PAMC, a size of pension assets under investment management of which exceeds 30 billion tenge. An explanation was introduced concerning own capital of the Special enterprise - Special Purpose Vehicle (SPV), as which at investing of pension assets into securities of the Special enterprise a n own capital of the issue guarantor will be accepted. Due to this innovation a market of euronotes of TuranAlem Finance B.V. became more liquid. An introduction of the change decreasing risks appearing during investment of pension assets into financial tools of affiliated to each other legal entities through the admittance as one of the banks of affiliated banks and the issuer, which is not a bank. Described changes were documented by a resolution #434 of the Board of the National Bank of Kazakhstan on November 16,2001, registered by the Ministry of Justice of the RK on November 30,2001 under the number 1690 and entered into force after 14 days from the day of state registration in the Ministry of Justice of the Republic of Kazakhstan. Most important events for APF according to Committee and Department in the fourth quarter of 2001 became following: By a decree of Committee from November 01, 2001 #118-P Open accumulating pension fund "Otan" CJSC was granted a state general license #0000020 for activity on attraction of pension contributions and realization of pension payments. By a decree of Committee from October 10, 2001 #101-P Non-state accumulating pension fund of close type under Kunaev D. A. CJSC state general license #0000003 for activity on attraction of pension contributions and realization of pension payments dated January 08,1999 was stopped for the period of 1 month and by a decree of Committee from November 29, 2001 #130-P its action was restored.