On investment funds

The Law of the Republic of Kazakhstan dated 7 July, 2004 No 576

Unofficial translation

TABLE OF CONTENTS

      Footnote. Throughout the text, the word "revocation" is replaced by the word "withdrawal", by the Law of the Republic of Kazakhstan dated 12 January, 2007 No 222 (shall be enforced upon expiry of 6 months after the day of its first official publication.)

      This Law determines the legal status, particularities of establishment, operation, reorganization and liquidation of a joint stock investment fund, the conditions and procedure for establishment, operation and liquidation of a mutual investment fund in the Republic of Kazakhstan, regulates the relations between professional participants of the securities market for functioning of investment funds and establishes the order for the state regulation of investment funds.

Chapter 1. General provisions

      Article 1. Basic terms and definitions, used in this Law

      The following terms and definitions are used in this Law:
      1) a joint stock investment fund – is a joint stock company whose sole activity, in accordance with the requirements established by this Law and its investment declaration, is the accumulation and investment of money, invested by the shareholders of the company for payment of its shares and the assets obtained as a result of such investment;
      2) a diversification – is the asset allocation of an investment fund in various financial tools and other property in order to reduce the risk of reducing their cost;
      3) a management company – is a professional participant of the securities market, involved in managing the investment portfolio on the basis of a license, issued by the authorized body;
      4) a real estate fund – is a joint stock investment fund, whose sole activity, in accordance with the requirements of this Law and its investment declaration, is the accumulation and investment of money, invested by the shareholders of the company for payment of its shares and assets obtained as a result of such investment into real estate and other property, permitted by this Law;
      5) an investment policy statement – is a document, defining the list of investment objects, goals, strategies, conditions and restrictions of investment activities in respect of the assets of an investment fund, the terms of hedging and diversification of the fund's assets;
      6) investment income – is an increase of assets of the investment fund in cash, resulting from their investment;
      7) an investment fund – is a joint stock or shared investment fund, created in accordance with this Law;
      8) the assets of an investment fund – are a range of assets owned by the joint stock investment fund or a part of a shared investment fund;
      9) the net asset value of the investment fund – is the monetary expression of value of the assets of the investment fund, defined as the difference between the value of all the assets of the investment fund and its liabilities or the accrued expenses, covered by the assets of the investment fund;
      10) a shared investment fund – is the money, received as payment for the units and other assets acquired as a result of their investment, owned under the common share ownership by the holders of the units and managed by a management company;
      11) the rules of shared investment fund – are the document that defines the objectives, conditions, functioning and termination of shared investment fund;
      12) an investment decision – is a decision on transaction with the assets of an investment fund, taken during the management of its assets;
      13) a share – is a registered equity security of a non-documentary form, confirming its share of ownership in a mutual investment fund, the right to receive the money, obtained from the sale of the shared investment fund’s assets and (or) other property in the case provided for in this Law, during its liquidation, as well as other rights, associated with the special activities of shared investment funds, defined by this Law;
      14) a holder of a share – is a person, having an account in the shareholders register system of a shared investment fund or the nominal holding register system and having the rights on the units of shared investment fund;
      15) buying-out of a unit – is the withdrawal of a share from circulation through paying of its cost by the management company to holder, calculated in accordance with this Law and the rules of shared investment fund;
      16) the estimated cost of a unit – is a monetary value of the unit’s cost, determined through dividing the net asset value of shared investment fund by the number of its outstanding shares;
      17) the nominal value of a share – is the monetary value of the share’s cost at the initial allotment of the units of a mutual investment fund;
      18) initial allotment of units – is the period of the units placement at par value in order to create a minimum amount of assets of shared investment fund;
      19) a trust management agreement – is the agreement on management of the investment portfolio, constituting the assets of an investment fund to be concluded by a management company with a joint stock investment fund or with an investor of shared investment fund on transference of the money to discretionary management in accordance with the requirements, established by this Law;
      20) the authorized body – is the National Bank of the Republic of Kazakhstan.
      Footnote. Article 1 is in the wording of the Law of the Republic of Kazakhstan dated 20.11.2008 No 88-IV (the order of enforcement see Article 2); as amended by the Law of the Republic of Kazakhstan dated 28.12.2011 No524-IV (shall be enforced upon expiry of ten calendar days after its first official publication); dated 05.07.2012 No 30-V (shall be enforced upon expiry of ten calendar days after its first official publication.)

      Article 2. The legislation of the Republic of Kazakhstan on investment funds

      1. The legislation of the Republic of Kazakhstan on investment funds is based on the Constitution of the Republic of Kazakhstan and consists of the Civil Code of the Republic of Kazakhstan, this Law and other normative legal acts of the Republic of Kazakhstan.
      2. If an international treaty, ratified by the Republic of Kazakhstan, establishes rules other than those contained in this Law, the rules of the international treaty are applied.
      3. The legislation of the Republic of Kazakhstan on securities market and on joint stock companies is applied to the investment funds, unless otherwise provided by this Law.

      Article 3. Subject of regulation of this Law

      1. This law regulates the legal relationships:
      1) related to the peculiarities of the legal status and activities of joint stock investment funds;
      2) arising during creation, functioning and liquidation of mutual investment funds;
      3) related to the activities of professional participants of the securities market for investment management of assets of investment funds, their accounting and keeping, as well as issuance, placement, circulation, repurchase and redemption of securities of investment funds.
      2. This Law does not apply to the relationship on trust management, implemented by other persons, except for the management companies, whose activities are governed by other legislative acts of the Republic of Kazakhstan.
      3. This Law does not apply to the organizations, more than fifty percent of the voting shares of which are owned by the national management holding company under the right of ownership or trust management, the list of which is approved by the Government of the Republic of Kazakhstan.
      Footnote. Article 3, as amended by the Law of the Republic of Kazakhstan dated 13.02.2009 No 135-IV (the order of enforcement See Art. 3); dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication).

      Article 4. Types of investment funds

      1. In the Republic of Kazakhstan, the following types of investment funds are functioning:
      1) a joint stock investment fund;
      2) a mutual investment fund, which can be created in the following ways – open, interval or closed.
      1-1. Real estate fund provides its shareholders with the opportunity to receive dividends on the shares at least once a year. The minimum amount of the money, intended for payment of dividends, shall not be less than ninety per cent of the net income of the fund.
      2. An open-end shared investment fund provides its unit holder with the right to demand repurchase of his share by a management company in the cases, under the conditions and in the order, prescribed by this Law and the regulations of the investment fund, but not less than once every two weeks.
      3. An interval shared investment fund provides its unit holder with the right to demand repurchase of his share by a management company in the cases, under the conditions and in the order, prescribed by this Law and the regulations of the investment fund, but not less than once a year.
      4. A closed-end mutual investment fund provides its shareholder with the right to participate in a general meeting of the unit holders of the fund, as well as to receive dividends on the unit under the conditions and in the order, prescribed by the rules of the fund.
      A legal entity, financial tools and (or) other issued (provided) assets that are included in the assets of a closed-end shared investment fund and are the five or more percent of the amount of its assets, may not be the holder of the units of the investment fund.
      The holder of units of the closed-end investment fund may not require the management company to repurchase the units, owned by him, unless otherwise provided by this Law and the rules of the fund.
      5. An investment fund, the investment policy statement or the rules of which provide an opportunity to invest the fund's assets without complying with the investment conditions, established by subparagraphs 6), 9) and 12) of paragraph 1 of article 41 of this Law, is the fund of risk investment.
      6. Investment funds of risk investment can only be the joint stock or closed-end shared investment funds. Real estate funds may not be the risk investment funds.
      7. Is excluded by the Law of the Republic of Kazakhstan dated 28.12.2011 № 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)
      Footnote. Article 4, as amended by the laws of the Republic of Kazakhstan dated 07.07.2006 No 182 (the order of enforcement see article 2); dated 20.11.2008 No 88-IV (the order of enforcement see article 2); dated 28.12.2011 No. 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)

      Article 4-1. Islamic investment funds

      1. Islamic investment fund is a joint stock investment fund or a closed-end mutual investment fund that invests in the fund's assets in compliance with the principles of Islamic financing.
      2. A custodian is a representative of holders of Islamic securities of Islamic investment funds.
      3. Investment policy statement of an Islamic investment fund must comply with the principles of Islamic financing and be agreed with the Council for Islamic financing principles.
      Footnote. The Law is supplemented by Article 4-1 in accordance with the Law of the Republic of Kazakhstan dated 12.02.2009 No 133-IV (the order of enforcement See Art. 2).

      Article 5. A name of an investment fund

      1. The name of a joint stock investment fund must include the words "joint stock investment fund".
      1-1. The name of joint-stock investment fund which is a real estate fund shall contain the words “real estate fund”.
      2. The name of an investment fund of risk investment shall specify in the title that this fund is a fund of risk investing.
      3. The name of shared investment fund shall contain the words "shared investment fund", and indication of whether it is open, closed or interval.
      3-1. The name of an Islamic investment fund shall specify in the title that this fund is an Islamic fund.
      4. In the name of an investment fund it is prohibited to use the words "national", "central", "governmental", "guaranteed" or "insured" in this or another modified form in any language. The name of an investment fund must not approve or imply insurance or guarantee return on investment.
      5. A legal entity that is not registered in judiciary bodies as a joint stock investment fund and which has not registered issuance of shares of the investment fund in the authorized body, and not concluded a contract of trust management with a management company, is not entitled to call itself an investment fund, to act as an investment fund and use the words "investment fund" in their names in any combinations.
      If, within two months from the date of termination of a trust agreement, concluded between a joint stock investment fund and its management company, the joint stock investment fund will not conclude a contract of trust management with a new management company, the joint stock investment fund shall be re-registered in justice authorities in connection with the change of its name.
      Footnote. Article 5, as amended by the Laws of the Republic of Kazakhstan dated 07.07.2006 No 182 (the order of enforcement see Art. 2); dated 12.02.2009 No 133-IV (the order of enforcement See Art. 2); dated 28.12.2011 No. 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)

      Article 6. Management of investment fund’s assets

      1. Investment management of assets of an investment fund is performed by a management company in order to generate income by shareholders or holders of units of the investment fund and to provide risk reduction for such investment.
      Joint stock investment fund has no right to manage its investment portfolio by itself.
      2. The assets of a joint stock investment fund are divided into property, intended for investment and the property, intended for functioning of the joint stock investment fund and its bodies, in a ratio, determined by the charter of the joint-stock investment fund.
      The assets of the joint stock investment fund, designed for investment, should be transferred to the investment management to the management company.
      3. During the term of the trust agreement to manage the assets of the joint stock investment fund, intended for investment, the joint stock investment fund is not entitled to make any transactions with the property, which is under the trust management.
      Footnote. Article 6 is in the wording of the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)

      Article 7. Requirements to the audit

      1. Audit of a joint stock investment fund, and (or) a management company of an investment fund is conducted by an audit organization, entitled for the audit in accordance with the legislation of the Republic of Kazakhstan on auditing.
      2. An auditor's report does not constitute a commercial secret.
      3. Annual audit reports of a joint-stock investment fund and (or) a management company of an investment fund shall contain an independent opinion of an executive auditor and an audit organization on the financial statements of the joint stock investment fund, and (or) the management company of the investment fund and on the results of its compliance with the requirements of the legislation of the Republic of Kazakhstan on the order of record keeping and reporting in respect of the investment fund’s assets, transferred (received for) to the investment management.
      Footnote. Article 7 is in the wording of the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)

Chapter 2. Joint stock investment fund

      Article 8. Requirements to founders and shareholders of a joint stock investment fund

      1. Legal entities, registered in offshore zones, the list of which is established by the authorized body, may not be the founders or shareholders of a joint stock investment fund.
      2. A management company, a custodian, a registrar, an audit organization and an appraiser, who signed agreements with the investment fund, may not be the shareholders of a joint stock investment fund.
      The prohibition of the first part of this paragraph shall not apply to the shareholders of a joint stock investment fund of risk investing.
      Footnote. Article 8, as amended by the Law of the Republic of Kazakhstan dated 20.11.2008 No 88-IV (the order of enforcement See Art. 2).

      Article 9. Requirements for joint stock investment funds

      1. A joint stock investment fund is not entitled:
      1) to perform other activities, other than those, specified in this Law;
      2) to introduce the "golden share";
      3) to establish subsidiaries;
      4) to issue and allot other financial tools, other than the ordinary shares.
      The prohibition, established in subparagraph 3) of paragraph 1 of this article shall not apply to the joint-stock investment funds of risk investing.
      The prohibition, established in subparagraphs 3), 4) of paragraph 1 of this article shall not apply to the real estate funds.
      Real estate funds may establish subsidiaries, whose main activity is to serve immovable property, acquired by the assets of the real estate funds.
      Real estate funds may rent out the real property, acquired at the expense of the fund's assets.
      2. Recording and keeping of assets of joint stock investment fund are performed by a custodian in accordance with the custodian agreement.
      3. A management company, a custodian, an audit organization and an appraiser, who have signed agreements with a joint stock investment fund, must not be affiliated with each other.
      4. Is excluded by the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)
      Footnote. Article 9, as amended by the laws of the Republic of Kazakhstan dated 7 July, 2006 No 182 (the order of enforcement see article 2); dated 20.11.2008 No 88-IV (the order of enforcement see article 2); dated 28.12. 2011 No 524-IV (the order of enforcement See Art. 2).

      Article 10. The charter of a joint stock investment fund

      The charter of a joint stock investment fund, in addition to the information, specified by the legislation of the Republic of Kazakhstan, shall contain:
      1) a provision stating that the exceptional type of its activity is to invest in accordance with the terms of its investment policy statement and the requirements, established by the legislation of the Republic of Kazakhstan on investment funds;
      2) the types, the procedure for determining and the maximum amount of expenditures on maintenance of a joint stock investment fund and its bodies.
      Footnote. Article 10, as amended by the Law of the Republic of Kazakhstan dated 20.11.2008 No 88-IV (the order of enforcement see article 2); dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication).

      Article 11. The state registration of issuance of shares of a joint stock investment fund

      1. The state registration of the issuance of the shares of a joint stock investment fund is performed in accordance with the requirements, established by the legislation of the Republic of Kazakhstan on securities market and by this Law.
      2. For the state registration of the issuance of the shares of a joint stock investment fund, in addition to the documents, specified by the legislation of the Republic of Kazakhstan, the draft agreements of a joint stock investment fund and a management company (if any), a custodian and a registrar are submitted, as well as the investment policy statement, approved by the general meeting of the founders or the sole founder of the joint stock investment fund.
      3. Is excluded by the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)
      4. Prospectus of share issue of a joint stock investment fund, in addition to the information, specified by the legislation of the Republic of Kazakhstan, shall contain:
      1) Is excluded by the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)
      2) the terms and the procedure for submission and execution of the applications for repurchase of the shares of a joint stock investment fund;
      3) a list of mediators for allotment and (or) repurchase of shares of a joint stock investment fund (if any) with indications of their addresses and contact numbers.
      5. The authorized body is entitled to deny the state registration of the share issue of a joint stock investment fund in case of non-compliance of the submitted documents with the requirements, established by the legislation of the Republic of Kazakhstan, or the presence of contradictory and misleading information in the submitted documents.
      6. In a written form, the authorized body shall notify the applicant of the state registration refusal of the share issue of the joint stock investment fund, specifying the reasons for refusal.
      7. The authorized body shall keep records of a joint stock investment funds, established in the Republic of Kazakhstan in accordance with the requirements, specified by this Law.
      Footnote. Article 11, as amended by the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)

      Article 12. Shares of joint stock investment fund

      1. Shares of a joint stock investment fund are paid in cash only in the national currency of the Republic of Kazakhstan.
      Incomplete payment for the shares when they are allotted is not allowed.
      2. In order to pay the shares of a joint stock investment fund at their initial offering, the money is transferred by a buyer to the account of the joint stock investment fund in the custodian of the fund.
      3. The shares of joint stock investment funds of risk investing are not permitted for allotment and circulation in the trading systems of the organizers of bids.

      Article 13. Particularities of functioning of the bodies of a joint stock investment fund

      1. A general meeting of shareholders of a joint stock investment fund may be attended by the representatives of its management company, a custodian, a registrar and an audit organization, as well as the authorized body.
      Written notifications on holding a general meeting of shareholders of a joint stock investment fund are sent to a management company, a custodian, a registrar, an audit organization of the fund and the authorized body in the order, established by the legislation of the Republic of Kazakhstan on joint stock companies and the charter of the joint stock investment fund.
      2. Decisions of the general meeting of the shareholders of a joint stock investment fund, allowing its shareholders to bring applications on repurchase of the shares of the fund, shall enter into force upon expiry of thirty calendar days from the date of the general meeting held.
      3. Decision making on amendments and additions to the investment policy statement of the joint stock investment fund is under the competence of the board of directors of the joint stock investment fund.
      4. At the first constituent meeting of the joint stock investment fund, in addition to the decisions on the matters, specified by the legislation of the Republic of Kazakhstan on joint stock companies, the decision on choosing a custodian is taken.
      Footnote. Article 13, as amended by the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)

      Article 14. Repurchase of the shares of a joint stock investment fund

      1. A shareholder of a joint stock investment fund has the right to demand repurchase of his shares only if the general meeting of the shareholders made a decision on reorganization of the fund or amending the charter or the share issue prospectus of the fund, infringing his rights, if the shareholder has participated in the general meeting and voted against adoption of the decision, and in the case of a decision taken by the board of directors on amendments and additions to the investment policy statement on the issues, specified in subparagraphs 2) and 3), 5) and 6) of paragraph 1 of article 39 of this Law.
      2. Prior to the enactment of the amendments to the investment policy statement, a joint stock company is obliged to repurchase the shares, presented for redemption under the terms and in the order, established by the legislation of the Republic of Kazakhstan on joint stock companies, by the charter or the share issue prospectus of the fund. The right of the shareholders to demand redemption of the shares is terminated after these amendments’ and additions’ entry into force.
      Footnote. Article 14, as amended by the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)

      Article 15. Reorganization and liquidation of joint stock investment fund

      1. Reorganization and liquidation of a joint-stock investment fund are performed in the order, specified by the legislation of the Republic of Kazakhstan on joint stock companies, taking into account the specifications, provided in this Law.
      2. In the case of a decision making on reorganization or voluntary liquidation, a joint-stock investment fund must notify the authorized body no later than five working days from the date of the decision taken by the general meeting of the shareholders of the joint stock investment fund.
      The notification, referred to in this paragraph, shall be attached with a copy (the copies) of the decision (s), taken by the general meeting of the shareholders of the joint stock investment fund on reorganization or liquidation, a copy (the copies) of the charter (charters) of a newly established (created) joint stock investment fund (joint stock investment funds).
      3. Compulsory reorganization and liquidation of a joint-stock investment fund are performed under the court decision in the order, established by the legislation of the Republic of Kazakhstan. The authorized body is entitled to apply to the court for compulsory liquidation of the joint stock investment fund on the grounds, stipulated by the legislative acts of the Republic of Kazakhstan.
      4. In the event of a forced reorganization or liquidation under the court decision, within five working days from the date of the court decision’s enactment, a joint stock investment fund sends a corresponding notification to the authorized body with the copy of the court decision attached.
      Footnote. Article 15 is in the wording of the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)

Chapter 3. Shared investment fund

      Article 16. Legal status of a shared investment fund

      1. A shared investment fund is not a legal entity.
      A shared investment fund is established for an indefinite period, unless otherwise provided by the rules of the fund.
      2. A share in the ownership of the assets of shared investment fund is certified by a share, issued by the management company.
      Division of the assets of shared investment fund between the holders of its units and apportionment are not allowed, except for the case, specified in this Law.
      3. The minimum amount of the assets of shared investment fund is one hundred thousand monthly calculation indexes, established by the law on the national budget as of the date of the share issuance registration.
      Footnote. Article 16, as amended by the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)

      Article 17. Establishment of a shared investment fund

      1. A decision to establish shared investment fund is taken by the board of directors of the management company of the fund, if its charter does not refer this issue to the exclusive competence of the general meeting of the shareholders of the management company.
      The board of directors of the management company of shared investment fund, unless otherwise provided by the charter, takes decisions on approval of the rules of the shared investment fund, their amending and changing.
      2. A management company is entitled to establish several open, interval or closed-end shared investment funds.
      Shared investment funds of one type, established by a management company, must have different investment policy statements.
      3. A management company cannot be a holder of units of the investment funds, the functioning of which is provided by the company in accordance with the concluded agreements.
      A custodian, a registrar, an audit organization and an appraiser may not be the holders of units of the shared investment funds, managed by them in accordance with the existing agreements.
      Footnote. Article 17, as amended by the Law of the Republic of Kazakhstan dated 20.11.2008 No 88-IV (the order of enforcement see article 2); dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication).

      Article 18. Uniting or changing the form of shared investment funds

      1. Uniting of shared investment funds of one form is allowed under the conditions and in the order, established by the rules of the fund.
      2. General meeting of holders of the units of a closed-end shared investment fund may take a decision to change the form of the fund into the open or interval mutual investment fund, provided that the structure of the investment portfolio of the closed-end mutual investment fund meets the requirements, established by this Law, the normative legal acts of the authorized body and the rules of the investment fund in respect of the investment structure of the portfolio of the open and interval shared investment fund.
      3. Changing the form of an open and interval shared investment fund into a closed-end mutual investment fund is not allowed.
      Footnote. Article 18 is in the wording of the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)

      Article 19. Trust agreement on management of the assets of shared investment fund

      1. Under the trust agreement on managing the assets of a mutual investment fund, an investor transfers his money to the trust management to the management company in order to merge the money with the money of other investors in a mutual investment fund for their further investing in accordance with the rules of the fund.
      2. A trust agreement to manage a mutual investment fund is a contract of adhesion, the terms of which are determined by the management company in the rules of the shared investment fund. The terms of the trust agreement to manage a mutual investment fund may be adopted by a holder of a share only through adherence to the contract as a whole.
      3. In addition to the conditions, stipulated by the legislative acts of the Republic of Kazakhstan, the contract of trust management of shared investment fund shall contain:
      1) the conditions and the order for termination of the contract and (or) the liquidation of the fund;
      2) the conditions and the order for transfer of the fund’s assets to another management company, fulfillment of the management company’s obligations on liquidation of the fund, including in the cases of suspension or withdrawal of its license to manage the investment portfolio;
      3) liability of the parties.

      Article 20. The state registration of the issuance of the units of shared investment fund

      1. The state registration of the issuance of the units of shared investment fund is performed by the authorized body on the basis of the following documents, submitted by the management company:
      1) an application;
      2) the copies of the decision to establish a shared investment fund, taken by the board of directors or the general meeting of the shareholders (the sole shareholder, owing all the voting shares) of a management company in accordance with its charter;
      3) the rules of the fund, approved by the board of directors or the general meeting of the shareholders (the sole shareholder, who holds all the voting shares) of a management company in accordance with its charter (in duplicate);
      4) the draft agreements with a custodian and a registrar;
      5) the internal documents of a management company, regulating the conditions and the order of its activities, the activities of structural sub-departments and employees of the management company for creation, operation and liquidation of shared investment fund, meeting the requirements, established by the legislation of the Republic of Kazakhstan on the securities market, if these documents were not previously coordinated with the authorized body (in duplicate).
      2. Conditions and procedure for assignment of a national identification numbers to the units of a shared investment fund are established by the normative legal act of the authorized body.
      3. The documents, submitted for the state registration of the issuance of the units of a shared investment fund, are considered by the authorized body within thirty calendar days from the date of their submission.
      4. During the state registration of the issuance of the units, the authorized body coordinates:
      1) the rules of shared investment fund;
      2) the internal documents of a management company, regulating the conditions and the procedure for its activities, the activities of structural sub-departments and employees of the management company for creation, operation and liquidation of a mutual investment fund, meeting the requirements, established by the legislation of the Republic of Kazakhstan on the securities market, if these documents were not previously coordinated with the authorized body.
      5. If the submitted documents comply with the requirements, established by the legislation of the Republic of Kazakhstan, the authorized body conducts the state registration of the issuance of the units through the issuance of a state registration certificate on the issue of the units to the management company and enters the relevant information about them in the State register of securities.
      The authorized body shall replace the certificate on the state registration of the units of shared investment fund if the management company amends and changes the rules of the shared investment fund.
      6. Decisions of the authorized body to refuse the state registration of the issue of the units of a mutual investment funds are taken in the following cases:
      1) non-compliance of the submitted documents with the requirements, established by the legislation of the Republic of Kazakhstan;
      2) existence of conflicting or inaccurate information in the rules of a mutual investment fund, amendments and additions in them and other documents, submitted for concurrence;
      3) non-compliance of the management company’s activities with the requirements, established by the legislation of the Republic of Kazakhstan.
      Footnote. Article 20, as amended by the Law of the Republic of Kazakhstan dated 20.11.2008 No 88-IV (the order of enforcement see article 2); dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication).

      Article 21. A share of a mutual investment fund

      1. A unit price and the number of the units, owned by one holder can be expressed by the broken numbers.
      2. The acquisition of the share (unit) certifies an investor's joining to the contract of trust management of a mutual investment fund.
      Alienation of a share by the holder means termination of the trust management contract.
      3. Register system of the holders of the units of a shared investment fund is kept by a registrar.
      Particularities of keeping the register of the holders of the shares of a shared investment fund, registration of transactions with the shares in the register system are determined by the internal documents of the registrar.
      4. Holders of units of a mutual investment fund are not liable for the obligations, arising in connection with the investment management of the fund's assets, and bear the risk of losses, including those, related to the changes of the market price of the units of the mutual investment fund, within the value of their own shares.
      5. The shares of open-end shared investment funds and shared investment funds of venture investing are not allowed for allotment and circulation in the trading systems of the organizers of bids.
      Footnote. Article 21, as amended by the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)

      Article 22. The rights of holders of units of shared investment fund

      1. A holder of a unit of an open or interval shared investment fund may require the management company of the fund to repurchase his own unit under the terms and in the order, prescribed by this Law and the rules of the fund.
      2. A holder of a unit of a closed-end shared investment fund has the right to attend the general meeting of the unit holders of the fund, the periodic receipt of the dividends on the share under the conditions and in the order, prescribed by the rules of the closed-end shared investment fund.
      3. Holders of units of shared investment fund monitor the activities of the management company in accordance with the rules of the shared investment fund.

      Article 23. Allotment of units of shared investment fund

      1. The units (shares) of mutual investment funds shall be paid in cash only in the national currency of the Republic of Kazakhstan or in the currency in which the nominal value of the unit is expressed.
      2. The money to pay the shares of a shared investment fund when they are placed is transferred to the account of shared investment fund in the custodian of the fund.
      3. During the initial public offering, the units of shared investment fund are placed at a uniform nominal price for all investors, defined in the rules of the fund.
      4. Initial placement of units of shared investment fund lasts no more than three months and begins on the date, specified in the rules of the fund.
      The period of initial placement of the units of shared investment fund ends upon reaching the minimum volume of the assets of shared investment fund, established by this Law, provided that on the closing date of the initial placement of units of a mutual investment fund, the number of unit holders will be at least five.
      5. In the end of the initial placement of shares of shared investment fund, the net asset value of the fund shall not be less than the minimum volume of assets of the shared investment fund.
      Extension of the initial public offering of the units of shared investment fund is allowed once under the permission of the authorized body at the request of the management company, but for no more than three months.
      6. Acquisition of units of shared investment funds is based on the applications of investors to purchase the shares.
      Applications on purchasing the shares of shared investment fund are accepted and implemented by the management company or its representatives under the terms and in the order, prescribed by this Law and the rules of the fund.
      The terms of transference of the shares to the account of the purchaser in the register of the unit holders are the availability of the application and the receipt of money. Transference of the units shall be performed no later than the first working day following the date of executing this condition. When placing the shares, the registration of transaction of the shares to the account of the purchaser in the register of unit holders is performed on the basis of the order of the management company.
      7. The unit price of subsequent placement is determined by the price, developed as of the close of the business day of the money receipt if the application is available. If the application is received after the money receipt, the offering price of a share is determined by the price, developed as of the close of the business day of the application receipt. The offering price of the share can be increased if it is provided by the rules of the fund.
      8. Refusal to accept the applications for the purchase of shares of mutual investment funds is allowed only in the following cases:
      1) non-compliance with the procedure and conditions for applications’ submission, established by the rules of shared investment fund;
      2) suspension of placement of the units of shared investment fund upon the decision of the authorized body or a management company;
      3) failure to comply with other requirements, established by the legislative acts of the Republic of Kazakhstan.
      Footnote. Article 23 as amended by the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)

      Article 24. Redemption of units of an open or interval mutual investment fund

      1. Redemption of units of an open or interval mutual fund is performed at the expense of the money available in the assets of shared investment fund or received from their sale, as well as the loans in accordance with the requirements, established by this Law.
      2. Redemption of units is not permitted during the term of the initial placement of the shares of open or interval shared investment funds.
      3. Claims for redemption of units of open or interval shared investment funds are submitted in the form of requests for redemption of units.
      4. The requests for redemption of units of open or interval shared investment fund are accepted by the management company or by its representatives before the end of the working day preceding the date of redemption of units, under the terms and in the order, prescribed by this Law and the rules of the fund. Transfer of money to the applicant (including the money transaction to the account) is made on the day of redemption of the units.
      5. Requests for redemption of units of open or interval shared investment fund are executed at a price, based on the estimated value of the share at the end of the working day preceding the date of redemption of units, with subtraction of discount, if it is provided by the rules of the fund.
      6. The management company of an open or interval shared investment fund is obliged to repurchase the shares of the fund at the request of the holders at the price and the time periods, established by this Law and the rules of the fund.
      When conducting redemption of units of shared investment at least once a month, the time limit of accepting applications for redemption of units shall be not less than three working days.
      7. In the case of making amendments and additions to the rules of the open and interval shared investment fund, that infringe the interests of unit holders, the holders of the shares of this fund shall have the right to demand redemption of their shares within thirty calendar days before the date of enactment of these amendments and additions.
      8. Acceptance of applications for redemption of units of open or interval shared investment funds may be refused in the following cases:
      1) non-compliance with the procedure and conditions for applications’ submission, established by the rules of the fund;
      2) the decision making to suspend redemption of the fund’s units in the order, provided by this Law.
      Footnote. Article 24, as amended by the Law of the Republic of Kazakhstan dated 20.11.2008 No 88-IV (the order of enforcement see Article 2).

      Article 25. Bonuses and discounts on subsequent placement or redemption of units of a mutual investment fund

      1. The rules of a mutual investment fund may provide application conditions and the amount of bonuses to the calculated value of the units in their subsequent placement or the discounts for the estimated price of the units during their repurchase by the management company.
      2. The maximum discount may not exceed three percent of the estimated value of the unit of the shared investment fund in its repurchase by the management company.
      3. Discounts to the estimated value of the unit are not allowed during redemption of units of shared investment fund in the event of its liquidation, or because of changes and amendments made to the rules of the open and interval shared investment fund.

      Article 26. Suspension of placement and redemption of units of a shared investment fund

      1. Placement and (or) redemption of units of a shared investment fund shall be suspended:
      1) upon the instruction of the authorized body in the cases of violating or inability to fulfill the requirements of the legislation of the Republic of Kazakhstan or contractual obligations by the persons, ensuring functioning of the shared investment fund, or by the persons that issued (provided) the financial tools, which are part of the assets of the shared investment fund;
      2) by the management company in accordance with the rules of the open and interval shared investment fund.
      2. With suspension of redemption of units of the open and interval shared investment fund, the placement of the units of fund shall be also suspended.
      3. Placement and (or) redemption of units may be suspended for an indefinite period of time until the violations that caused the suspension are eliminated.
      4. If case of the need to suspend placement and (or) redemption of units, on the same day, in a written form, the management company is to notify the authorized body about it with indication of the reasons for such suspension and the measures taken to eliminate them.
      The management company shall inform the authorized body about the reopening of placement and (or) redemption on the day of the placement and (or) redemption beginning.
      5. The authorized body may prohibit the management company to suspend placement and (or) redemption of units of a shared investment fund, if it does not meet the interests of the holders of units of the fund, and to prohibit reopening of placement and repurchase of the units until the circumstances that caused such suspension are eliminated.
      6. The management company must suspend placement and (or) redemption of units of a shared investment fund from the moment of receiving a notice of the authorized body on suspension or revocation of the license of the management company or the custodian for implementation of relevant professional activities in the securities market before the date of renewal of the license, appointment of another management company, another custodian of the fund or the fund’s liquidation.
      7. In the rules of interval and closed-end shared investment fund, the management company may provide for suspension of placement of the shares for a specified period under the condition of mandatory reporting in the media about suspension of the placement not less than thirty calendar days before the date of suspension.
      Footnote. Article 26, as amended by the Law of the Republic of Kazakhstan dated 20.11.2008 No 88-IV (the order of enforcement see article 2); dated 28.12.2011 No 524-IV (the order of enforcement See Art. 2).

      Article 27. The rules of a shared investment fund

      1. The rules of a shared investment fund should contain:
      1) the full and the abbreviated name of the shared investment fund;
      2) the full name and address of the management company of the shared investment fund;
      3) the full name and address of the custodian of the shared investment fund, his rights and obligations;
      4) Is excluded by the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (shall be enforced from 01.01.2013);
      5) the full name of the audit organizations, auditing the management company and the custodian of a shared investment fund;
      6) investment policy statement;
      7) the procedure and the terms of bringing the assets of the shared investment fund in compliance with the investment policy statement;
      8) the period within which the shared investment fund operates, or an indication of its termless operation;
      9) a contract of trust management of the assets of a shared investment fund;
      10) description of the risks of investors when investing in the units of a shared investment fund;
      11) the rights and obligations of the management company of a shared investment fund;
      12) a nominal value of a unit of a mutual investment fund during the initial placement, which can be expressed in the national currency of the Republic of Kazakhstan or any other currency in which the nominal value of the unit is expressed;
      13) the conditions and procedure for submission and execution of applications for the purchase of units of a shared investment fund;
      14) the rights and obligations of the holders of units of a shared investment fund;
      15) the accounting and assessment of the price of the assets of a shared investment fund and the estimated value of a unit;
      16) the application conditions and calculation of bonuses to the estimated value of the units during their placement;
      17) the types and the procedure for assessing the maximum amount of expenditures and remuneration of the management company and other persons, ensuring functioning of the mutual investment fund, which are to be paid at the expense of the assets of the fund;
      18) the conditions and procedure for changing the management company or the custodian in cases of inability or refusal to further implement their activities to ensure the existence of a shared investment fund;
      19) the conditions and procedure for suspension of the placement of the units of a shared investment fund;
      20) the conditions and procedure for termination of the shared investment fund, including redemption of units at the fund’s liquidation, with indication of the name of the printed media, where the data on liquidation of the shared investment fund must be published;
      21) the conditions and procedure for reporting at the request of the unit holders;
      22) the conditions and procedure for disclosure of information to the holders of shares about a shared investment fund, its rules and amendments in them, changes of the prices of the net assets of the fund and the estimated value of the unit, placement and redemption prices of the unit, as well as about the individuals, ensuring functioning of the shared investment fund and results of their activities;
      23) the list of representatives of the management company on placement and redemption of units of a shared investment fund (if any) with the contact telephone numbers and the address provided.
      2. The rules of an open or interval mutual investment fund, in addition to the information, required by paragraph 1 of this article, shall contain:
      1) the conditions and the procedure for submission and execution of the application for repurchase of a share;
      2) the conditions and the procedure for suspending redemption of units; 3) the application conditions and the order of discount calculation from the estimated value of a share during its repurchase by the management company;
      4) the conditions and the procedure of amending and changing the rules of a mutual investment fund by the management company;
      5) the terms of exchange of the shares at the request of their holders into the shares of another open or interval shared investment fund, which is under the trust management of the same management company, the terms and the procedure for exchange of the shares of the management company and the custodian of the fund, as well as the registrar;
      6) the information about the media in which the information on a shared investment fund will be published, in accordance with this Law and the rules of the fund.
      3. The rules of closed-end shared investment funds, in addition to the information, specified by paragraph 1 of this article, shall contain:
      1) the conditions and the procedure for calculation, and payment of dividends on the shares;
      2) the conditions and the order of convening and holding of the general meeting of the holders of units of a shared investment fund, the procedure for determining the agenda of the meeting, the quorum of the general meeting, representation at the general meeting, the order of voting, counting of votes and registration of the minutes of the general meeting.
      Footnote. Article 27, as amended by the Law of the Republic of Kazakhstan dated 20.11.2008 No 88-IV (the order of enforcement See Art. 2); dated 28.12.2011 No 524-IV (the order of enforcement See Art. 2).

      Article 28. Amendments and additions to the rules of a shared investment fund

      1. Amendments and additions to the rules of an open or interval mutual investment fund shall be made upon a decision of the management company, if the possibility, the conditions and the procedure for such amending are provided by the rules of this fund.
      2. Amendments and additions to the rules of a closed-end shared investment fund are made upon a decision of the general meeting of the units’ holders.
      Holders of the units, who voted against the amendments and additions to the rules of a closed-end shared investment fund that infringe their rights, have the right to require from the management company to repurchase their shares within thirty calendar days after publication in the print media or receipt in accordance with the rules of the fund of the text of those amendments, indicating their agreement with the authorized body regardless of whether the rules of the fund provide the holder with the right to repurchase the shares.
      3. Amendments and additions to the rules of a shared investment fund shall be coordinated with the authorized body.
      4. During the initial public offering of the units of a shared investment fund, the rules of the fund may be amended, relating only to the change of the name or address of the management company, the custodian, conclusion of agreements with another custodian or audit organization, as well as the changes in the list of mediators for placement and redemption of units of a shared investment fund.
      5. Amendments and additions to the rules of a shared investment fund are considered by the authorized body within thirty calendar days from the date of their submission by the management company.
      6. If the submitted documents comply with the requirements, established by the legislation of the Republic of Kazakhstan, the authorized body approves the amendments and additions to the rules of the fund.
      Decisions of the authorized body to refuse to coordinate amendments and additions to the rules of a shared investment fund are taken in the following cases:
      1) non-compliance of the submitted documents with the requirements, established by the legislation of the Republic of Kazakhstan;
      2) existence of contradictory or misleading information on amendments and additions to the rules, submitted for concurrence.
      7. Amendments and additions to the rules of a mutual investment fund shall enter into force upon expiry of thirty calendar days after publication in the media or receipt of the text of these amendments by all the holders of the units in the order, defined by the rules of the fund, indicating their coordination with the authorized body.
      Amendments and additions to the rules of a shared investment fund, related to the change of the name, the location of the management company, the custodian, the audit organization (a newly elected organization), as well as the changes in the list of mediators for placement and redemption of units of a shared investment fund, shall come into force in the order, established by the rules of the fund, and are not subject to coordination with the authorized body.
      Footnote. Article 28, as amended by the Law of the Republic of Kazakhstan dated 20.11.2008 No 88-IV (the order of enforcement see article 2); dated 28.12.2011 № 524-IV (shall be enforced from 01.01.2013).

      Article 29. Remuneration and costs, associated with functioning of a mutual investment fund

      1. Types and procedure for determining the maximum amount of remuneration and costs, associated with functioning and liquidation of a shared investment fund, the conditions and the procedure for their payment at the expense of the assets of the fund are defined by the rules of a shared investment fund.
      The types of remuneration and costs that are not defined in the rules of a shared investment fund are not recoverable at the expense of the assets of the shared investment fund.
      2. During the initial public offering of units of a shared investment fund, the management company’s remuneration is accrued but not paid.
      Payment of remuneration and costs of the period, related to the functioning of the shared investment fund, including payments for services of a custodian and a registrar, is performed at the expense of own funds of the management company with the following reimbursement of its costs at the expense of the assets of the shared investment fund. In cases of liquidation of a shared investment fund before the end of the initial public offering of its units or because of non-compliance of its net asset value with the minimum amount after the initial public offering of the units, the management company takes the risk of loss to recover the costs, incurred during the initial public offering of the units of the fund.

      Article 30. General meeting of the unit holders of a closed-end shared investment fund

      1. General meeting of unit-holders is held in closed-end shared investment funds only.
      2. The exclusive competence of the general meeting of the holders of the units of a closed-end shared investment fund includes the following matters:
      1) making amendments and additions to the rules of the fund;
      2) liquidation of the fund;
      3) merging the fund with another closed-end shared investment fund or transference of the fund into the open or interval one;
      4) changing of the management company or the custodian of the fund;
      5) other issues in accordance with the rules of the fund.
      3. The number of votes, granted to the holder of the units during the voting, is defined by the number of units, owned by him.
      4. The general meeting of holders of units of a closed-end mutual investment fund has the right to take decisions when participating in the voting procedure of the unit holders or their representatives, owing at least two-thirds of the units of the fund on the date of the general meeting.
      5. Decisions of the general meeting are taken by a simple majority vote of holders of the units of a closed-end shared investment fund or their representatives, participating in the general meeting.
      6. The general meeting of the holders of the units of a closed-end shared investment fund may take a decision by the absentee ballot in the order, established by the rules of the fund.
      7. The representatives of the management company, the custodian, the registrar and the authorized body shall have the right to attend the general meeting of the unit holders of the closed-end shared investment fund.
      8. A copy of the minutes of the general meeting of the unit holders of a closed-end shared investment fund should be sent by the management company to the authorized body not later than three working days from the date of the general meeting, and submitted to the unit holders at their request.
      Footnote. Article 30, as amended by the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (shall be enforced from 01.01.2013).

      Article 31. Convocation of a general meeting of the unit holders of a closed-end shared investment fund

      1. A general meeting of the unit holders of a closed-end shared investment fund is convened by the management company at its own initiative or at the written request of the unit holders, constituting at least one-third of the total number of the units on the date of submitting the request to convene a general meeting of the unit holders of the fund.
      When taking a decision to terminate the contract of trust management of a closed-end shared investment fund, the management company shall convene a general meeting of the unit holders to resolve the issue on transfer of the management of the fund’s assets to another management company or on termination of the fund’s activities.
      2. The costs, associated with the convening and holding of the general meeting at the initiative of the management company, are covered by the management company. At that, the fund’s rules may specify the cases when the costs of the management company, spent on holding the general meeting of the unit holders of the mutual investment fund at its own initiative, may be reimbursed by the fund’s assets.
      3. In the case of convocation of the general meeting at the initiative of the unit holders, constituting at least one-third of the total number of the units on the date of submitting the request to convene a general meeting of the unit holders of the fund, the costs, associated with the convening and holding of the general meeting shall be reimbursed from the assets of the shared investment fund.
      4. A written request of unit holders to convene a general meeting of the holders of units of a closed-end shared investment fund must include the reasons for its convocation and the agenda of the general meeting.
      A written request to convene the general meeting shall be sent to the management company, the custodian and the registrar of the shared investment fund with simultaneous notification of the authorized body.
      5. Notification on convocation of a general meeting of the unit holders of a closed-end shared investment fund shall be published in accordance with the rules of the shared investment fund in the print media or delivered to each holder of units of the fund in accordance with the rules of the fund.
      Footnote. Article 31, as amended by the Law of the Republic of Kazakhstan dated 20.11.2008 No 88-IV (the order of enforcement see Article 2).

      Article 32. Reconvened general meeting of unit holders of a closed-end investment fund

      1. A reconvened general meeting of the unit holders of a closed-end shared investment fund, held instead of the first meeting, failed due to the lack of quorum, shall be considered valid regardless of the number of the units, involved in such voting, except for the re-convened general meetings, the agenda of which include the decision on amending the rules of the closed-end shared investment fund or termination of its functioning.
      2. In order to resolve the matters on making amendments and additions to the rules of a closed-end shared investment fund or termination of its functioning, the reconvened general meeting of the unit holders is entitled to take decisions, if, at the end of the registration (receipt of ballots for absentee voting), the holders or their representatives, in aggregate owing fifteen or more percent of the units on the date of the general meeting (absentee voting), have registered (submitted voting ballots) to participate in it.
      3. A reconvened general meeting of the unit holders of a shared investment fund is held not earlier than fourteen calendar days after the date of the failed meeting with the same agenda.

      Article 33. Grounds for liquidation of a shared investment fund

      1. Liquidation of a shared investment fund is performed in the following cases:
      1) the expiration of the term, established by the rules of the fund, for which the shared investment fund was created;
      2) non-compliance of the net asset value of a shared investment fund at the end of the initial placement of the units with the requirement to the minimum amount of the shared investment fund’s assets;
      2-1) failure to comply with the condition, defined by paragraph 4 of article 23 of this Law in the end date of the initial placement of the units of the shared investment fund;
      3) non-compliance of the net asset value of a shared investment fund as a result of fulfilling the applications for redemption of units with the requirement to the minimum amount of the assets of the mutual investment fund and failure to eliminate this discrepancy within two months from the date of its occurrence;
      4) a decision making by the management company or the custodian to reject further management of the assets or accounting and recording the fund’s assets due to the inability of further fulfillment of the obligations, taken under the contract, and if within three months from the date of the decision making, the amended rules of the shared investment fund have not entered into force, regarding the appointment of a new management company or a new custodian;
      5) suspension of the license of the management company, the custodian for implementation of the relevant professional activities in the securities market, and if within three months the license has not been renewed or the amendments to the rules of the shared investment fund have not come into force, regarding the appointment of a new management company, a new custodian;
      6) withdrawal of the license of the management company or the custodian for implementation of the relevant professional activities in the securities market, and if within two months from the date of withdrawal of the license, the amendments to the rules of the mutual investment fund have not come into force, regarding the appointment of a new management company or a new custodian;
      7) a decision making by the general meeting of the unit holders of a closed-end shared investment fund on termination of its functioning;
      8) on other grounds, stipulated by the legislative acts of the Republic of Kazakhstan.
      2. When the ground for termination of the mutual investment fund’s activity occurs, the disposal of the shared investment fund’s assets is not permitted, except for implementing settlement with the creditors, payment of the costs, associated with the liquidation of the fund, and return of the remaining assets to the unit holders.
      Footnote. Article 33, as amended by the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (the order of enforcement See Art. 2).

      Article 34. Persons involved in liquidation of a shared investment fund

      1. Activity of the shared investment fund is terminated by the management company. In order to liquidate a closed-end shared investment fund, the management company convenes and holds a general meeting of the unit holders.
      2. In case of suspension or withdrawal of the license of the management company of the shared investment fund, the liquidation of the fund is performed by the custodian of the fund in the order, established by the normative legal acts of the authorized body.
      3. In case of suspension or withdrawal of the license of the custodian, the liquidation of the fund is performed by the management company of the fund, regardless of the license’s validity.
      4. During liquidation of the shared investment fund, the management company and (or) the custodian are required to take measures to sell the fund's assets, to perform settlements with the creditors of the shared investment fund, to pay the costs, associated with liquidation of the fund, and distribute the remaining funds among the unit holders in accordance with the requirements of this Law and the fund’s rules.
      In case of the consent of the unit holders of a shared investment fund, the management company and (or) the custodian distribute the money remaining after the payment of the expenses, specified in subparagraphs 1) - 5) of paragraph 1 of article 36 of this Law, and transfer the assets that have not been implemented, to the property of the unit holders in the order, established by the normative legal act of the authorized body and (or) the rules of the investment fund.
      5. The authorized body is entitled to send its representative to control the procedure of liquidation of the shared investment fund.
      Footnote. Article 34, as amended by the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)

      Article 35. Liquidation of a shared investment fund

      1. The management company or the custodian of a shared investment fund within three working days from the occurrence of the grounds for termination of the fund’s activity must:
      1) inform the unit holders, the authorized body, the organizations supporting the shared investment fund, the fund creditors and the parties of the outstanding transactions with the fund's assets about the liquidation of the shared investment fund, about the conditions and the procedure of the liquidation;
      2) send a requirement to the registrar on termination of transactions on personal accounts in the register of the unit holders of the fund with the date of terminating the registration of transactions in the register of the unit holders.
      The information about the liquidation of the shared investment fund and termination of the registration of transactions is notified to the said persons in the order and under the conditions, defined by the rules of the fund.
      The deadline for the creditors' requests, which must be covered by the assets of the mutual investment fund, shall not be less than one month from the date of their notification on liquidation of the fund.
      2. With the liquidation of the shared investment fund, before the end of its initial public offering of the units or non-compliance with the requirements of paragraph 4 of article 23 of this Law as of the end date of the initial placement of the units, the management company or the custodian are obliged to return the money to the holders of the units not later than ten days from the date of occurrence of the ground for the fund’s liquidation.
      3. The management company or the custodian shall take measures to identify the creditors whose claims are to be met at the expense of the fund’s assets, and to receive the assets of the shared investment fund that were paid for but not registered (not registered as the fund’s property) during its functioning.
      4. Upon expiration of the submission period of the creditors' demands, which must be satisfied at the expense of the shared investment fund’s assets, and prior the settlements with the said creditors, the management company and (or) the custodian of the fund submit the information to the authorized body about the composition and value of the assets of the shared investment fund, about the creditors’ demands, about the paid, but not registered assets of the fund, as well as a report about the consideration of the submitted information and further actions.
      Footnote. Article 35, as amended by the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)

      Article 36. Performance of obligations upon liquidation of a shared investment fund

      1. The money, received from the sale of the assets of a shared investment fund, except for the case, provided for in paragraph 2 of article 35 of this Law, shall be distributed as follows:
      1) the costs of the third parties, who ensured the shared investment fund’s activity, and other creditors, the fund’s obligations to whom were formed before occurrence of the grounds for liquidation, as well as those whose applications for purchase or redemption of the units were partially fulfilled (the persons, who have paid for the units, but not registered in the register of the unit holders of the fund and the unit holders whose applications for redemption of the units have been accepted before occurrence of the grounds for the fund’s liquidation) are paid first;
      2) the expenses of persons, ensuring selling of the assets and redemption of the units of a shared investment fund during its liquidation are paid second, with the exception of the management company and the custodian of a shared investment fund;
      3) the expenses of the custodian of a shared investment fund, associated with the liquidation of the fund, are paid third, in the cases when liquidation is performed on the grounds, that did not depend on the custodian’s activity, the validity of his license for custodial activities;
      4) the costs of the management company of a shared investment fund, associated with the liquidation of the fund, are paid fourth, in the cases when the liquidation of the fund is performed on the grounds, that did not depend on the activities of the management company, the validity of its license to manage the investment portfolio;
      5) the expenses of the registrar of a shared investment fund, associated with the dissolution of the fund, are paid fifth, in the cases when the liquidation of the fund is performed on the grounds, that did not depend on the activity of the registrar;
      6) the sixth is the distribution of the assets among the holders of the units.
      2. With the liquidation of the shared investment fund, in the cases, referred to in subparagraphs 2) and 2-1) of paragraph 1 of article 33 of this Act, the costs of the management company, associated with the fund’s liquidation procedure shall not be reimbursed from the assets of the shared investment fund.
      3. The costs of the management company or the custodian, related to the liquidation procedure of the fund are not reimbursed by the shared investment fund’s assets during its liquidation in connection with suspension (withdrawal) of the license of the management company to manage the investment portfolio or its refusal to further implement the trust management of the fund, as well as the suspension (withdrawal) of the license of the custodian of the fund to perform custodial activities or his refusal to further implement accounting and keeping of the fund’s assets.
      4. The costs, associated with the liquidation of a shared investment fund, including the remuneration of the management company and the custodian shall be reimbursed at the expense of the mutual investment fund’s assets in the amount not exceeding five percent of the amount of money, received from the sale of all assets of the shared investment fund.
      5. Within fourteen calendar days after completion of settlements, the management company or the custodian of a shared investment fund, in accordance with this article, shall provide information on liquidation of the fund to the authorized body with the following documents attached:
      1) notification of the custodian of the fund on distribution of all the assets of the fund;
      2) notification of the registrar on closure of the register system of the unit holders of the fund.
      6. After receiving the documents on liquidation of the shared investment fund, the authorized body registers the information on redemption of the units in the State register of securities.
      Footnote. Article 36, as amended by the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)

Chapter 4. Composition and value of the assets of an investment fund

      Article 37. Composition of the assets of an investment fund

      1. Assets of joint stock (other than the real estate funds) and shared investment funds are the financial instruments.
      2. The assets of the real estate funds are the financial instruments, as well as the following investment objects:
      1) buildings and facilities, as well as the land plots;
      2) production stock and the fixed assets, necessary for maintenance of buildings and facilities.
      When investing the assets of the real estate funds to the property (excluding securities and money), it is subject to a mandatory assessment by an independent appraiser.
      3. The list of financial tools that may be included in the structure of joint stock and shared investment funds, as well as the procedure for investing the financial instruments and other property, included in the assets of an investment fund, are defined by the normative legal act of the authorized body and the investment policy statement of a joint stock investment fund or the rules of the shared investment fund.
      4. Not less than eighty percent of the net assets of the real estate fund must be the immovable property.
      The property, which is a part of the real estate fund’s assets, must be insured, and (or) a real estate fund must form a reserve fund to the amount of these assets.
      5. Not less than fifty percent of the investment income of a real estate fund, net of revenues from revaluation of the immovable property, comprising the assets of the real estate fund, must be the income, earned from the rental of the immovable property.
      6. The following must not be a part of the assets of an investment fund:
      1) the shares or units, issued by the investment funds, managed by the management company of this investment fund;
      2) the assets, issued (provided) by the management company of this investment fund;
      3) the shares or the ownership interests in the equity capitals of non-profit organizations;
      4) financial instruments of one type of one legal entity in the amount, exceeding fifteen per cent of their total number, with the exception of the state securities and agency bonds of financial agencies of the Republic of Kazakhstan.
      The requirement of subparagraph 4) of the first part of this paragraph shall not apply to the investment funds of venture investing.
      7. The assets of the real estate fund must be harmonized with the requirements of this article within twelve months from the date of the registration of the share issue of the real estate fund.
      If as a result of any transactions with the assets of the real estate fund, the requirements and (or) the restrictions to the composition of the real estate fund's assets are violated, within one day after such an event, the real estate fund shall inform the authorized body and bring the assets in compliance with the requirements of this article within six months from the date of such changes in the composition of the real estate fund’s assets.
      8. The total amount of investment of assets of investment funds, managed by one of the management companies, and the management company's own assets in the voting shares of licensees of the financial market, shall be less than the amount that requires the consent of the authorized body for their purchase.
      9. The total amount of investment by the investment fund’s assets in the financial instruments (other than money), issued (provided) by one person and his affiliates shall not exceed:
      1) fifteen percent of the net asset value for an open or interval mutual investment fund or a real estate fund;
      2) twenty percent of the net asset value for a joint-stock investment fund and a closed-end shared investment fund;
      3) thirty percent of the net asset value for an investment fund of venture investing.
      10. Prior to expiration of the initial placement of the units of a shared investment fund, its assets may be invested only in the deposits of the second-tier banks in the national currency of the Republic of Kazakhstan or in the currency in which the nominal value of the units is expressed.
      The second-tier banks, where the units of a mutual investment fund are deposited before the expiry of their initial placement, shall meet the following requirements:
      1) must not be affiliated in relation to the management company of the shared investment fund;
      2) securities of the second-tier banks should be included in the category list of a stock exchange, established by the normative legal act of the authorized body.
      Footnote. Article 37 is in the wording of the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)

      Article 38. Accounting and valuation of assets of an investment fund

      1. Determining the value of the assets of the investment fund, the net assets of the investment fund, the estimated value of the unit of a shared investment fund and the redemption price of the units of a joint-stock investment fund are performed under the conditions and in the order, established by the normative legal act of the authorized body.
      2. Determining the value of the assets of the investment fund is performed in the national currency of the Republic of Kazakhstan.
      3. The authorized body is entitled to give binding instructions to the management companies in case of incorrect application of assessment methods or incorrectly calculated value of the assets of the investment fund, its net assets, the estimated value of the unit, prices of subsequent placement or repurchase of a unit, repurchase price of the unit of the joint stock investment fund.
      4. The procedure for accounting of assets of the investment fund and financial reporting on them are established by the normative legal acts of the authorized body.
      Footnote. Article 38 is in the wording of the Law of the Republic of Kazakhstan dated 05.07.2012 No 30-V (shall be enforced upon expiry of ten calendar days after its first official publication.)

Chapter 5. Asset management of an investment fund

      Article 39. Investment policy statement of an investment fund

      1. Investment policy statement of an investment fund must include:
      1) the full name of the management company, the custodian and the auditing organization of the investment fund, details of their licenses and location;
      2) the order of recording and valuation of the assets of the investment fund;
      3) the types, the procedure for determining and maximum amount of expenditures and remuneration, paid to the management company, the custodian and other persons, which are to be covered by the assets of the investment fund;
      4) the dividend policy;
      5) a description of the goals, objectives of the investment policy of the investment fund;
      6) the list of investing objects of the investment fund, the types of transactions, the conditions and limits of investment;
      7) the terms of hedging and diversification of the assets of the investment fund;
      8) a description of the risks, associated with investing in the objects, defined by the investment policy statement, as well as the measures, aimed at their reduction; 9) restrictions on investment policy, provided by this Law and the normative legal act of the authorized body.
      2. Amendments and additions to the investment policy statement of a joint stock investment fund are approved by the board of directors of the investment fund and shall be submitted for approval to the authorized body within three working days from the date of their approval. The amendments and additions to the investment policy statement of a joint stock investment fund shall enter into force upon expiry of thirty days after publication of the text of these amendments, indicating their coordination with the authorized body in the print media, or its delivery to all the unit holders in the order, established by the fund’s charter.
      Footnote. Article 39 is in the wording of the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)

      Article 40. Activities of a management company of an investment fund

      1. The management company acts as a trustee for the investment fund for the benefit of the holders of the shares or units of the fund through taking actions in accordance with the requirements, established by this Law, normative legal acts of the authorized body, the trust agreement, the investment policy statement or the agreed rules of a shared investment fund.
      2. The management company of a shared investment fund is a representative of the holders of units of the fund at the general meeting of the shareholders of a joint stock company, the voting shares of which are included in the assets of the fund.
      3. Under the conditions and in the order, prescribed in this Law, the trust agreement or the rules of the fund, the management company of an investment fund has the right to initiate amendments and additions to the investment policy statement or the fund’s rules.
      4. The management company has the right to act as a representative of the holders of units of a shared investment fund in connection with the investment management of the fund's assets, and to bring suits to the court for the benefit of the unit holders.
      5. An insurance (reinsurance) organization may not be the management company of an investment fund.
      6. If case of the property insufficiency of an investment fund, the debts, incurred in view of improper management of the property of the investment fund, may be paid only by the own property of the management company.
      Footnote. Article 40, as amended by the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)

      Article 41. Prohibitions related to the asset management activities of an investment fund

      1. The management company in respect of an investment fund, managed by it, shall not be entitled:
      1) to make transactions, in the result of which the requirements, established by the legislation of the Republic of Kazakhstan, the investment policy statement or the rules of the investment fund will be violated;
      2) to make investment decisions on free disposal of the assets of the investment fund;
      3) to use the assets of the investment fund to perform its own obligations or the liabilities of the third parties, not involved in the asset management of the investment fund;
      4) to sell (transfer) its assets to the assets of the investment fund;
      5) to sell assets on credit;
      6) under the loan contracts to receive money or other property to be returned at the expense of the assets of the investment fund, except for the cases of transactions with financial tools, performed by the bid organizers in the trading systems, in accordance with the investment policy statement or the rules of the investment fund or the use of the loan for redemption of the shares or units of the investment fund at the inefficiency of this fund's assets in the form of cash, while observing the conditions, specified in paragraph 2 of this article;
      7) to acquire the assets of the investment fund, managed by it, except for the cases of reimbursing the costs and receipt of remuneration in accordance with the trust agreement, the investment policy statement or the rules of the investment fund, as well as the compensation of the amount of money, used by the management company for redemption of units of an open or interval shared investment fund while observing the conditions, specified in paragraph 2 of this article;
      8) to acquire the assets of another investment fund to the assets of the investment fund, managed by it;
      9) at the expense of the assets of the investment fund to purchase the investment facilities from the affiliates of the management company or to sell them the assets of the investment fund, managed by the company, with the exception of transactions in the trading systems of the bids’ organizer through the open auction;
      10) in the unorganized securities market to purchase securities to the assets of the investment fund, issued by the custodian, the registrar, keeping the register of the unit holders of the fund and its affiliates;
      11) to make unsecured transactions ("short sales") or take obligations on transfer of assets, which at the time of such obligations taking are not included in the assets of the investment fund or not credited to the account of the investment fund in the organization, engaged in accounting and keeping of its securities, if the asset is the securities;
      11-1) to sell shares or units of an investment fund to the legal entities, the financial tools and (or) other assets, issued (provided) by whom are a part of the assets of this closed-end shared investment fund;
      12) to make transactions with derivative securities and derivative financial instruments, except for the transactions, made in order to hedge the assets of the investment fund in the order, prescribed by the authorized body, as well as the transactions with depository receipts and options of the issuer of the underlying asset;
      13) to publish in the advertising and in the media the information about the profitability of the investment activity of the investment fund for about one year activity.
      The requirement of subparagraph 6) of this paragraph shall not apply to the real estate funds, while observing the conditions, stipulated by part four of paragraph 2 of this article.
      2. The total amount of debt to be repaid from the assets of the investment fund on any type of loans, provided for redemption of the shares or units, shall not exceed ten percent of the net assets of the investment fund.
      The term of raising debt funds for repurchase of the shares or units (including the period of extension) may not exceed three months.
      Interest payments for the use of the borrowed money, intended for redemption of units of an open or interval shared investment fund, are covered at the expense of own funds of the management company.
      The total amount of debt to be repaid from the assets of the real estate fund, on any type of loan, should not exceed sixty percent of the assets of the real estate fund.
      Footnote. Article 41, as amended by the laws of the Republic of Kazakhstan dated 7 July, 2006 No 182 (the order of enforcement see Article 2); dated 20.11.2008 No 88-IV (the order of enforcement see article 2); dated 10.12. 2008 No 101-IV (shall be enforced from 01.01.2009); dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)

      Article 42. Responsibilities of a management company of an investment fund

      1. The management company of the investment fund must:
      1) estimate the cost, record the movement, composition and value of the assets of the investment fund, as well as calculate the value of units for their subsequent placement or redemption;
      2) perform separate accounting records maintenance of the assets of the shared investment fund and provide financial and other reporting on them in accordance with the requirements, established by the legislation of the Republic of Kazakhstan;
      3) perform periodic, but not less than once a month, reconciliation of cost, movement and composition of the assets of the investment fund with the custodian;
      4) periodically, but not less than once a month, to inform a joint stock investment fund or the holders of units of a shared investment fund about the composition and value of the net assets of the fund, as well as the estimated value of the unit of the shared investment fund in accordance with the trust agreement or the rules of the fund;
      5) disclose information about the investment fund in accordance with the requirements, established by this Law.
      2. When making transactions with the assets of the investment fund, the management company is obliged to indicate the name of the investment fund, in whose interests it works. In case of violation of this requirement the management company performs its obligations at their own expense.
      3. Within three working days after the completion of the initial public offering of the units of a shared investment fund, the management company together with the custodian shall calculate the net asset value of a shared investment fund and submit a report on the initial placement of the units to the authorized body.
      Footnote. Article 42, as amended by the Law of the Republic of Kazakhstan dated 05.07.2012 No 30-V (shall be enforced upon expiry of ten calendar days after its first official publication.)

Chapter 6. Accounting and keeping of the assets of an investment fund

      Article 43. Protection of the assets of an investment fund

      1. The assets of the investment fund are recorded and kept by the custodian separately from the own assets of the custodian and the assets of other clients.
      2. In order to register and keep the assets of an investment fund, as well as to perform settlement of transactions, related to the investment management of the fund's assets, the custodian opens (administers) the accounts of the investment fund, indicating that the investment management of the accounts is performed by the management company of the fund.
      3. Forfeiture of the assets of the investment fund for the obligations of the shareholder or the holder of units, the management company or the custodian of the fund is not allowed, including in the case of liquidation, and (or) bankruptcy of the mentioned subjects.
      The shares or units, possessed by the shareholders or unit holders may be forfeited upon the obligations of the shareholders or unit holders of the investment fund.
      4. In the event when the management company or the custodian announces the investment fund insolvent or bankrupt, the assets of the investment fund are not included in the bankruptcy (liquidation) assets.
      Footnote. Article 43, as amended by the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)

      Article 44. Duties of a custodian of an investment fund

      The custodian shall:
      1) maintain the records of all the transactions on placement and redemption of the shares or units of an investment fund;
      2) monitor transactions involving the assets of the investment fund and block (not execute) the instructions of the management company, if they do not meet the requirements, established by the legislation of the Republic of Kazakhstan, the investment policy statement of a joint stock investment fund or the rules of a shared investment fund, with immediate notification of the authorized body, the management company and the executive body if it is a joint stock investment fund;
      3) record the cost, movement and composition of the assets of the investment fund, as well as calculate the cost of the units in their subsequent placement or redemption;
      4) perform periodical, but not less than once a month, reconciliation of the cost, movement and composition of the assets of the investment fund with the management company;
      5) when a custody agreement on accounting and keeping the assets of the investment fund is terminated, to transfer the fund's assets and the documents, related to the fund to a new custodian;
      6) in a written form to inform the authorized body about the revealed violations in the activities of the management company of the investment fund no later than the next day after their revelation;
      7) in the case of withdrawal of the license of the management company of the shared investment fund to manage the investment portfolio, to choose a new management company of an open or interval shared investment fund or to convene a general meeting of holders of the units of a closed-end mutual investment fund under the conditions and in the order, established by the rules of the fund, or to liquidate the shared investment fund.
      Footnote. Article 44, as amended by the Law of the Republic of Kazakhstan dated 20.11.2008 No 88-IV (the order of enforcement see Article 2).

Chapter 7. Disclosure of information about an investment fund

      Article 45. Requirements to information about an investment fund

      1. Information about the investment fund must comply with the requirements, established by the legislation of the Republic of Kazakhstan, the charter, the investment policy statement, the share issue prospectus of a joint stock investment fund and the rules of a shared investment fund.
      2. Information about an investment fund must include:
      1) the name of the investment fund, the name, the date of issue and the license number of its management company, the number and the date of registering the rules of a shared investment fund;
      2) the data on the places (with addresses and phone numbers provided) where the detailed information about the investment fund can be received;
      3) the information that the value of the shares or units may increase or decrease, the results of past investments are not indicative of the future incomes, the state does not guarantee the profitability of investments in investment funds, as well as a warning about the need to study the charter of the joint stock investment fund, its share issue prospectus and the investment policy statement, the rules of the shared investment fund before purchase of the shares or units of the shared investment fund.
      3. Information about the investment fund and the management company shall not contain false or misleading information, as well as:
      1) the guarantee of future profitability of the investment activities of the management company, including those based on the date on its actual activities in the past;
      2) announcement of the factors that are able to influence significantly the results of the investment activities of the management company, related to a particular event or the period of time that has passed more than three years ago;
      3) comparing the results of the investment performance of the management company, which are not based on actual calculations of profitability and the net asset value of the investment fund;
      4) statements about the future investments, containing the guarantees on the investments safety and stability of the amount of probable revenues or costs, associated with these investments;
      5) exaggerated or unsubstantiated statements about the management skills and characteristics of the management company as well as their relationships with the government agencies and other entities.
      4. A joint stock investment fund, a management company in accordance with the laws of the Republic of Kazakhstan are responsible for the information about their activities, the indicators, characterizing the composition and value of the net assets of the investment fund, including for distribution or publication of inaccurate, incomplete or misleading information, as well as for its late distribution or publication.
      5. Information about the investment fund of risk investing may not be published in the media, with the exception of the Internet resource of the management company, and distributed through external (visual) advertising, except for the cases of notification of the shareholders and the holders of units on amendments and (or) additions made to the rules of the fund, convocation of a general meeting of the shareholders of a joint stock investment fund and a general meeting of the holders of units of a closed-end shared investment fund, suspension of the units’ placement, liquidation of a joint stock investment fund and liquidation of a shared investment fund.
      Footnote. Article 45, as amended by the Law of the Republic of Kazakhstan dated 20.11.2008 No 88-IV (the order of enforcement see Article 2); dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication).

Article 46. Provision of information by a joint-stock investment fund or by a management company

      Footnote. The title of Article 46, as amended by the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)

      1. A joint stock investment fund, a management company and their representatives, in the places of accepting the applications for acquisition and (or) redemption of shares or units, are required to submit the following information to potential investors, shareholders or holders of units:
      1) the charter, the investment policy statement, the prospectus of share issue of a joint stock investment fund or the rules of a shared investment fund, containing all the coordinated amendments and additions thereto;
      2) the information on composition and value of the assets of the investment fund, the net assets of the investment fund, the estimated value of one unit as of the last date for which this information is determined;
      3) excerpts from the audit reports of a joint stock investment fund, the management company of the investment fund with the results of inspection of their performance in the investment fund for the previous financial year;
      4) information on possible and real amounts of remuneration and expenses of the joint-stock investment fund, the management company, the custodian and other entities, ensuring the investment fund’s activity, to be recovered from the assets of the investment fund for each past period;
      5) information on sanctions, applied to the management company and the custodian of the investment fund in connection with their management, accounting and keeping the assets of the investment fund;
      6) other information, distributed by the joint stock investment fund, the management company in accordance with the requirements, established by the legislation of the Republic of Kazakhstan, the share issue prospectus or the rules of the fund.
      2. The information about the prices of placement and redemption of the shares or units of an investment fund, the method of estimating the value of one unit, the net assets value of the fund (including per share under its repurchase or per one unit) as of the last date for which this information is determined, about the timeframe, the start time and the deadline for accepting the application for purchase or redemption of shares or units, suspension or renewal of placement, redemption of shares or units of the fund, about the representatives during the placement and redemption of shares or units, should be provided to the potential investors, shareholders or holders of units under the conditions and in the order, specified in the charter, the share issue prospectus and the investment policy statement of the joint stock investment fund or the rules of a shared investment fund.
      3. In the event of a decision making to suspend or reopen the placement and (or) redemption of the shares or units, the joint stock investment fund or the management company must publish (spread) this message with the reasons specified, within five calendar days from the date of the decision making.
      Footnote. Article 46, as amended by the Law of the Republic of Kazakhstan dated 28.12.2011 No 524-IV (shall be enforced upon expiry of ten calendar days after its first official publication.)

Chapter 8. Final provisions

      Article 47. Liability for breaking this Law

      Violation of this law entails responsibility in accordance with the laws of the Republic of Kazakhstan.

      Article 48. Concerning the annulment of the Law of the Republic of Kazakhstan "On investment funds in the Republic of Kazakhstan"

      The Law of the Republic of Kazakhstan 6 dated March, 1997 "On investment funds in the Republic of Kazakhstan" (the Bulletin of the Parliament of the Republic of Kazakhstan, 1997, No 5, Art. 57; No 13-14, Art. 205, 1998, No 17-18, Art. 224, 2003, No 11, Art. 56) shall be deemed to have lost force.

      The President
      of the Republic of Kazakhstan