THE RESOLUTION OF BOARD OF THE AGENCY OF THE REPUBLIC OF KAZAKHSTAN ON REGULATION AND SUPERVISION OF THE FINANCIAL MARKET AND THE FINANCIAL ORGANIZATIONS

of January 9, 2006 No. 6

About approval of Rules of appointment and activities of temporary administration (the temporary administrator) of bank, insurance (reinsurance) organization and accumulation pension fund

For the purpose of enhancement of the regulatory legal base regulating activities of banks, insurance (reinsurance) organizations, accumulation pension funds, Board of the Agency of the Republic of Kazakhstan for regulation and supervision of the financial market and the financial organizations (further - the Agency) DECIDES:

1. Approve the enclosed Rules of appointment and activities of temporary administration (the temporary administrator) of bank, the insurance (reinsurance) organization and the accumulation pension fund.

2. From the date of enforcement of this resolution to declare invalid the resolution of Board of the Agency of March 15, 2004 No. 68 "About approval of Rules of appointment and activities of temporary administration (the temporary administrator) of bank, insurance (reinsurance) organization and accumulation pension fund" (registered in the Register of state registration of regulatory legal acts at No. 2818, published in the Yuridicheskaya Gazeta newspaper on September 23, 2005 No. 175-176).

3. This resolution becomes effective after fourteen days from the date of its state registration in the Ministry of Justice of the Republic of Kazakhstan.

4. To department of liquidation of the financial organizations:

1) together with Legal department (Baysynov M. B.) to take measures to state registration in the Ministry of Justice of the Republic of Kazakhstan of this resolution;

2) in ten-day time from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan to bring this resolution to the attention of the interested divisions of the Agency, National Bank of the Republic of Kazakhstan, the accumulation pension funds.

5. To department of the international relations and public relations (Pernebayev T. Sh.) take measures to the publication of this resolution in mass media of the Republic of Kazakhstan.

6. To impose control of execution of this resolution on the vice-chairman of the Agency Bakhmutova E. L.

Approved by the resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations of January 9, 2006 No. 6

Rules of appointment and activities of temporary administration (temporary administrator) of bank, insurance (reinsurance) organization and accumulation pension fund

These rules of appointment and activities of temporary administration (temporary administrator) of bank, insurance (reinsurance) organization and accumulation pension fund (further - Rules) determine procedure for appointment as Committee on control and supervision of the financial market and the financial organizations of National Bank of the Republic of Kazakhstan (further - authorized body) temporary administration (the temporary administrator) of bank, the insurance (reinsurance) organization, the accumulation pension fund appointed in connection with deprivation of the license for the right of implementation of banking, insurance (reinsurance) activity, and also activities for attraction of pension contributions and to implementation of retirement benefits (further - the license), operating procedure of the organization and power of temporary administration.

Chapter 1. General provisions

1. The basic concepts used in these rules:

1) the Center - the legal entity authorized by the Government of the Republic of Kazakhstan to perform functions according to the Law of the Republic of Kazakhstan of June 20, 1997 "About provision of pensions in the Republic of Kazakhstan" (further - the Law on provision of pensions);

2) temporary administration (the temporary administrator) - the body appointed by authorized body for ensuring safety of property and implementation of actions for ensuring management of the organization (further - temporary administration);

3) the head of temporary administration - the person designated by authorized body from among his workers, or persons who are not his workers, and conforming to requirements of the legislation of the Republic of Kazakhstan;

4) the member of temporary administration - person designated by authorized body from among his workers, or persons who are not his workers for participation in work of temporary administration.

Chapter 2. Procedure for appointment of temporary administration

2. The temporary administration is appointed by the decision of authorized body.

The temporary administration of bank, the insurance (reinsurance) organization, the accumulation pension fund (further - the organization) is appointed to the period from acceptance date by authorized body on regulation, control and supervision of the financial market and the financial organizations of the decision on deprivation of the license and before appointment of liquidation commission as authorized body.

3. In the decision of authorized body on appointment of temporary administration it is specified:

1) full and abbreviated name of the organization;

2) date and number of the decision of authorized body on deprivation of the license of the organization;

3) effective period of temporary administration;

4) surname, name, in the presence - middle name of the head and members of temporary administration, with indication of their positions.

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