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 February 25, 2006 No. 40

About approval of Rules of implementation of liquidation and job requirements of liquidation commissions of compulsorily liquidated banks

List of amending documents

For the purpose of enhancement of the regulatory legal base regulating activities of banks of the second level, 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 implementation of liquidation and job requirement of liquidation commissions of compulsorily liquidated banks according to appendix 1 to this resolution.

2. From the date of enforcement of this resolution to recognize invalid regulatory legal acts according to appendix 2 to this resolution.

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, liquidation commissions of banks.

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 over execution of this resolution on the vice-chairman of the Agency Bakhmutova E. L.

It is approved National Bank of the Republic of Kazakhstan Chairman ____________________________ (signature date, official stamp)

It is approved Committee of information and archives of the Ministry of Culture, information and sport of the Republic of Kazakhstan Chairman _____________________________ (signature, date, official stamp)

Appendix 1

to 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 February 25, 2006 No. 40

Rules of implementation of liquidation and job requirement of liquidation commissions of compulsorily liquidated banks

Chapter 1. The general provisions and the basic concepts used in these rules

1. These rules of implementation of liquidation and job requirement of liquidation commissions of compulsorily liquidated banks (further - Rules) are developed according to the Law of the Republic of Kazakhstan of August 31, 1995 "About banks and banking activity in the Republic of Kazakhstan" (further - the Law on banks) and determine procedure of involuntary liquidation of banks and job requirement of liquidation commissions of compulsorily liquidated banks.

2. Action of these rules extends to the banks of the second level which are compulsorily liquidated by a court decision.

Features of liquidation of interstate banks are determined by international treaties (agreements) on creation of data of banks and their constituent documents.

3. Involuntary liquidation of bank is made by court in connection with:

1) bankruptcy of bank;

2) deprivation by authorized body on regulation, control and supervision of the financial market and the financial organizations (further - authorized body) licenses of bank for carrying out all banking activities on the bases, stipulated in Item 1 article 48 of the Law on banks;

3) head office - office at which the chairman of liquidation commission performs the organizational and administrative and other functions provided by Rules.

4. For the purpose of application of these rules the following concepts are used:

1) the creditor of bank - person having the property requirements arising from civil and other its obligations to the liquidated bank;

2) the starting price - the price with which the biddings on each lot begin, the established not lower than the cost of lot (property), determined by the appraiser according to the Law of the Republic of Kazakhstan of January 10, 2018 "About estimative activities in the Republic of Kazakhstan";

3) head office - office at which the chairman of liquidation commission performs the operational and administrative and other functions provided by these rules;

4) minimum price - the price below which lot cannot be sold;

5) the organization for guaranteeing - specially created non-profit organization performing obligatory guaranteeing deposits in banks of the second level;

6) creditor committee - the body created from among creditors of the liquidated bank for the purpose of ensuring interests of creditors and decision making with their participation;

7) category of creditors - group of creditors whose requirements have homogeneous character and the stipulated in Article 74-2 Laws on banks are satisfied within certain queue;

8) the register of requirements of creditors - the document approved by authorized body, reflecting the requirements of creditors declared at the scheduled time and recognized by liquidation commission and also requirements of the organization for guaranteeing for accomplishment of obligations for payment of compensation in volume of the amount according to the calculation provided by temporary administration (the temporary administrator) of bank;

9) contingencies - costs for urgent needs unplanned by liquidation commission which size shall not exceed five hundred monthly settlement indicators;

10) participating bank - the liquidated bank, being the participant of system of obligatory guaranteeing the deposits placed in banks of the second level of the Republic of Kazakhstan;

11) values - currency values, banknotes and coins of the Republic of Kazakhstan, securities, forms of the strict reporting and valuable objects;

12) lot - the property offered for auction divided into units, indivisible for realization;

13) the periodic printing edition - the newspaper, the magazine, the almanac, the bulletin, the appendices to them having the permanent name, the current issue and issued at least once in three months;

14) sales price - the final price of lot established as a result of the biddings, and in case of realization of property without tendering - the final price of property established by creditor committee (in the absence of creditor committee the chairman of liquidation commission);

15) object of realization - the property of the liquidated bank put up for sale as separate (independent) unit or consolidated from several units in one lot, other property;

16) the seller - liquidation commission of the liquidated bank;

17) the buyer - the winning bidder who signed the purchase and sale agreement with the seller;

18) the winning bidder - the participant who offered top price for lot at the biddings;

19) the organizer of the biddings - liquidation commission of the liquidated bank either the legal or physical person which signed with liquidation commission the service provision agreement on tendering and who is not interested in their results;

20) the bidder - the physical person or legal entity which submitted the application for participation in the biddings in the procedure established by the organizer of the biddings and registered by the organizer of the biddings as their participant;

21) the English method of the biddings - method of the biddings in case of which the starting price of lot raises with in advance announced step to the moment when there is one of participants who offered maximum price for lot;

22) the Dutch method of the biddings - method of the biddings in case of which the starting price of lot goes down with in advance announced step to the moment when one of participants agrees to purchase lot at the announced price;

23) liquidation commission - the body appointed (exempted) by authorized body in case of decision making about involuntary liquidation of bank, performing under direct management of the chairman of liquidation commission of power on property management and cases of bank during liquidation procedure for the purpose of completion of cases of bank and ensuring settlings with his creditors;

24) expenses of liquidation commission - the costs connected with consumption of goods, works and services in the course of involuntary liquidation of bank (further - liquidating expenses);

25) liquidating, competitive weight - the assets of the liquidated bank intended for completion of cases of bank and ensuring settlings with his creditors;

26) inappropriate expenditure of liquidating weight - implementation of the costs which are not provided by the estimate of liquidating expenses approved with authorized body or approved by creditor committee;

27) the estimate of liquidating expenses - the document reflecting the predicted costs of liquidation commission for a certain period of time, approved by creditor committee or the chairman of liquidation commission in coordination with authorized body;

28) liquidating production - the procedure of the termination of activities of bank, as legal entity, performed for the purpose of completion of cases of bank and ensuring settlings with his creditors;

29) the liquidated bank - the bank which is in process of involuntary liquidation in connection with the judgment which took legal effect;

30) property of the liquidated bank - set of the property benefits and rights having cost assessment and included in liquidating, competitive weight;

31) temporary administration (the temporary administrator) - the body (person) appointed (appointed) by authorized body to the period from the date of deprivation of the license for carrying out banking activities before appointment of liquidation commission as authorized body for ensuring safety of property of bank and implementation of actions for ensuring bank management.

5. In case of recognition of bank by the bankrupt its liquidation is performed according to these rules and the legislation of the Republic of Kazakhstan.

Chapter 2. Procedure for carrying out involuntary liquidation of bank

6. The beginning of liquidating process in bank is date of the introduction in legal force of the judgment about involuntary liquidation of bank.

7. From the date of the introduction in legal force of the judgment about involuntary liquidation of bank and before completion of process of liquidation of bank:

1) there come the effects provided by subitems 1), 2), 4), 5), 6), 7), 8) and 9) of part two of Item 1 of article 48-1 of the Law on banks;

2) powers of earlier operating bodies of bank stop, including according to the order property and to repayment of obligations of bank, and also their right on bank management. Leading, and if necessary and other workers leave according to the procedure, established by the labor law of the Republic of Kazakhstan;

3) the actions performed from name and at the expense of the liquidated bank, have legal force only if they are made by the chairman of liquidation commission or person to whom the chairman of liquidation commission issues the power of attorney on making of these actions;

4) terms of all debt obligations of the liquidated bank are considered as expired;

5) charge of penalty and remuneration by all types of accounts payable of the liquidated bank stops;

6) the disputes with requirements of property nature to the liquidated bank considered in court stop if the decisions made on them did not take legal effect;

7) the executive documents of courts concerning property requirements to the liquidated bank are transferred to liquidation commission for execution according to the procedure of the priority established by the Law on banks. Execution of earlier made decisions of the courts concerning the liquidated bank stops.

7-1. The beginning of liquidating process in bank is not the basis for the termination of charge of penalty and remuneration by all types of receivables of bank.

Charge of penalty and remuneration on receivables of bank is performed according to the civil legislation of the Republic of Kazakhstan and on the conditions provided by the agreement signed between debtor and bank.

8.  No. 325 is excluded according to the Resolution of Board of National Bank of the Republic of Kazakhstan of 28.12.2018

Chapter 3. Liquidation commission

9. From the date of appointment of liquidation commission pass powers on property management to it and cases of the liquidated bank.

The liquidation commission in time no more than one month accepts under the delivery-acceptance certificate from management of bank or from temporary administration (the temporary administrator) property and documents of the liquidated bank.

The original of the license of bank for carrying out banking activities on the bases provided by the bank law is subject to return to authorized body according to the procedure and the terms established in Item 2 of article 35 of the Law of the Republic of Kazakhstan of May 16, 2014 "About permissions and notifications".

The liquidation commission takes measures for completion of cases of bank, including on ensuring settlings with his creditors and shareholders.

9-1. In the presence at bank of branches or representations liquidation of bank is made together with the division of liquidation commission created in the location of branch or representative office of bank (further - division).

10. The liquidation commission acts on behalf of the liquidated bank and is independent in case of decision making on the questions entering its competence.

The liquidation commission of bank performs liquidation procedure of bank according to the work plan approved by the chairman of liquidation commission.

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