PRESIDENTIAL DECREE OF THE REPUBLIC OF KAZAKHSTAN

of November 11, 2019 No. 203

About further enhancement of system of public administration of the Republic of Kazakhstan

According to articles 17-1 and 19 of the Constitutional law of the Republic of Kazakhstan of December 26, 1995 "About the President of the Republic of Kazakhstan" I DECIDE:

1. Reorganize National Bank of the Republic of Kazakhstan by allocation of the Agency of the Republic of Kazakhstan from it on regulation and development of the financial market - state body of the Republic of Kazakhstan, directly subordinate and accountable to the President of the Republic of Kazakhstan.

2. Approve enclosed:

1) Regulations on the Agency of the Republic of Kazakhstan on regulation and development of the financial market (further - the Agency);

2) structure of the Agency.

3. Approve the general number of staff of the Agency in number of 595 units.

4. Determine the Agency the legal successor of the rights and obligations of National Bank of the Republic of Kazakhstan according to the transferred functions and powers.

5. To National Bank of the Republic of Kazakhstan together with the Government of the Republic of Kazakhstan to take measures for implementation of this Decree.

6. Make changes and additions which are made to some presidential decrees of the Republic of Kazakhstan, according to appendix to this Decree.

7. To impose control of execution of this Decree on Administration of the President of the Republic of Kazakhstan.

8. This Decree becomes effective from the date of signing, except for Items 2, 3 presents of the Decree and Item of 2 changes and additions which are made to some presidential decrees of the Republic of Kazakhstan which become effective since January 1, 2020.

Approved by the Presidential decree of the Republic of Kazakhstan of November 11, 2019 No. 203

Regulations on the Agency of the Republic of Kazakhstan on regulation and development of the financial market

Chapter 1. General provisions

1. The agency of the Republic of Kazakhstan on regulation and development of the financial market (further – the Agency) is state body of the Republic of Kazakhstan, directly subordinate and accountable to the President of the Republic of Kazakhstan, performing management in the field of state regulation, control and supervision of the financial market and the financial organizations, and also other persons within competence, providing the proper level of protection of the rights and legitimate interests of consumers of financial services, promoting stability of financial system and to development of the financial market.

2. The agency performs the activities according to the Constitution and the laws of the Republic of Kazakhstan, acts of the President and the Government of the Republic of Kazakhstan, other regulatory legal acts, and also this Provision.

3. The agency is legal entity in form of business of republican public institution, has symbols and distinctions, seals with the image of the State Emblem of the Republic of Kazakhstan and stamps with the name in the Kazakh and (or) Russian languages, forms of the established sample, accounts in National Bank of the Republic of Kazakhstan.

4. The agency enters the civil relations from own name.

5. The agency has the right to act as the party of the civil relations on behalf of the state if it is authorized on it according to the legislation of the Republic of Kazakhstan.

6. The agency concerning the competence of the procedure established by the legislation of the Republic of Kazakhstan makes the decisions which are drawn up by resolutions of Board of the Agency, orders of the Chairman of the Agency and other acts, stipulated by the legislation the Republic of Kazakhstan.

7. The structure and the general number of staff of the Agency affirm the President of the Republic of Kazakhstan.

8. Agency location: A15C9T5, city of Almaty, residential district "Koktem-3", house 21.

9. This Provision is the constituent document of the Agency.

10. Financing of activities of the Agency is performed from the budget (expense budget) of National Bank of the Republic of Kazakhstan.

11. The agency is forbidden to enter contractual relations with subjects of entrepreneurship regarding accomplishment of the obligations which are powers of the Agency.

If the Agency by legal acts is granted the right to perform the activities which are bringing in incomes, then the gained income goes to the government budget if other is not established by the legislation of the Republic of Kazakhstan.

Chapter 2. Tasks and powers of the Agency

12. Tasks:

1) regulation and development of the financial market, including establishment of standards of activities of the financial organizations, branches of nonresident banks of the Republic of Kazakhstan, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan, branches of insurance nonresident brokers of the Republic of Kazakhstan, creation of incentives for improvement of corporate management of the financial organizations;

2) monitoring of the financial market and the financial organizations, branches of nonresident banks of the Republic of Kazakhstan, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan, branches of insurance nonresident brokers of the Republic of Kazakhstan for the purpose of preserving stability of financial system;

3) concentration of resources of supervision on areas of the financial market, the most subject to risks, for the purpose of maintenance of financial stability;

4) ensuring proper level of protection of consumer interests of financial services, completeness and availability of information to consumers on activities of the financial organizations, branches of nonresident banks of the Republic of Kazakhstan, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan, branches of insurance nonresident brokers of the Republic of Kazakhstan and the financial services rendered by them, and also increases in level of financial literacy and financial availability to the population;

5) other tasks according to the Law of the Republic of Kazakhstan "About state regulation, control and supervision of the financial market and the financial organizations" (further – the Law), other laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.

13. Powers:

1) rights:

develop and adopt within the competence the regulatory legal acts obligatory for execution by the financial organizations, branches of nonresident banks of the Republic of Kazakhstan, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan, branches of insurance nonresident brokers of the Republic of Kazakhstan, consumers of financial services, other physical persons and legal entities in the territory of the Republic of Kazakhstan;

request and receive gratuitously from any physical persons and legal entities, their associations (unions), branches of nonresident banks of the Republic of Kazakhstan, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan, branches of insurance nonresident brokers of the Republic of Kazakhstan, and also state bodies necessary information, including data, components the office, commercial, bank and protected by the law other secret;

perform also other forms of control and supervision within the powers established by the legislation of the Republic of Kazakhstan including with involvement of National Bank of the Republic of Kazakhstan, auditing organizations, appraisers and specialists in the field of financial technologies;

for the purpose of implementation of control and supervising functions to send the representative who is appointed by the Agency from among his workers, to banks, bank holdings, the organizations performing activities for management of investment portfolio, the insurance (reinsurance) organizations, insurance holdings, the organization guaranteeing implementation of insurance payments to insurers (insured, to beneficiaries) in case of liquidation of insurance companies;

in case of identification of violation of the law of the Republic of Kazakhstan in the financial sphere and activities connected with concentration of financial resources to take measures according to the procedure, established by the legislation of the Republic of Kazakhstan;

use motivated judgment concerning banks, branches of nonresident banks of the Republic of Kazakhstan, the organizations performing separate types of the banking activities, bank holdings, large members of bank, the insurance (reinsurance) organizations, insurance groups and (or) organizations which are part of insurance groups, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan, insurance holdings, large members of the insurance (reinsurance) organization, insurance brokers, branches of insurance nonresident brokers of the Republic of Kazakhstan, the organization guaranteeing implementation of insurance payments, the actuaries having the license for implementation of actuarial activities in the insurance market, professional participants of the security market (except for the organizations performing transfer - agency activities), large members of managing directors of investment portfolio, leading employees, candidates for positions of leading employees of bank, branch of nonresident bank of the Republic of Kazakhstan, bank holding, the insurance (reinsurance) organization, branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan, insurance holding, insurance broker, the insurance nonresident broker of the Republic of Kazakhstan, the organizations guaranteeing implementation of insurance payments, the professional participant of the security market (except for the organizations performing transfer - agency activities);

adopt the substandard legal acts regulating internal activities of the Agency;

perform other rights provided by the Law, other laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan;

2) obligations:

promote stability of financial system;

exercise state regulation, control and supervision of the financial market and the financial organizations, and also other persons within competence;

provide the proper level of protection of the rights and legitimate interests of consumers of financial services;

publish in mass media of the data on the financial organizations, branches of nonresident banks of the Republic of Kazakhstan, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan, branches of insurance nonresident brokers of the Republic of Kazakhstan, the collection agencies and credit bureaus (except for the data, components the office, commercial, bank or protected by the law other secret), including information on the measures taken to them;

consider appeals of physical persons and legal entities within the competence according to the procedure and the terms established by the legislation of the Republic of Kazakhstan;

perform other obligations provided by the Law, other laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.

14. Functions:

1) implementation according to the Law and other laws of the Republic of Kazakhstan within the competence of state regulation, control and supervision of the financial market and the financial organizations (except for the legal entities performing activities only through exchange points based on the license of National Bank of the Republic of Kazakhstan for exchange transactions with cash foreign currency and legal entities whose exclusive activities is collection of banknotes, coins and values), their branches and affiliates, branches of nonresident banks of the Republic of Kazakhstan, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan, branches of insurance nonresident brokers of the Republic of Kazakhstan, Development bank of Kazakhstan, Export credit agency of Kazakhstan, the legal entities performing activities in the security market, other subjects of the security market, issuers of securities, credit bureaus bank holdings, banking conglomerates, large members of banks, insurance holdings, insurance groups, large members of the insurance (reinsurance) organizations, the actuaries having the license for implementation of actuarial activities in the insurance market, special finance companies, Islamic special finance companies, investment funds, large members of managing directors of investment portfolio, persons, having signs of the large member of bank, insurance (reinsurance) organization, the managing director of investment portfolio, bank holding, insurance holding, the professional organizations, the collection agencies, temporary administrations (temporary administrators), liquidation commissions of banks, the insurance (reinsurance) organizations and liquidation commissions of branches of nonresident banks of the Republic of Kazakhstan;

2) in the cases provided by the laws of the Republic of Kazakhstan, issue and refusal in issue of permission to opening (creation) of the financial organizations, branches of banks - nonresidents of the Republic of Kazakhstan, branches of the insurance (reinsurance) organizations - nonresidents of the Republic of Kazakhstan, branches of insurance brokers - nonresidents of the Republic of Kazakhstan, their voluntary reorganization and liquidation, including voluntary reorganization of bank and insurance holdings, the voluntary termination of activities of branches of banks - nonresidents of the Republic of Kazakhstan, branches of the insurance (reinsurance) organizations - nonresidents of the Republic of Kazakhstan, withdrawal of permission to opening of bank branch - the nonresident of the Republic of Kazakhstan, and also determination:

approval procedure on opening of bank, bank branch - the nonresident of the Republic of Kazakhstan;

approval procedure on voluntary reorganization of bank (bank holding) or refusal in issue of permission, issue of permission to converting of bank in Islamic bank and refusal in issue of permission, issue of permission to voluntary liquidation of banks, issues of permission to the voluntary termination of activities of bank branch - the nonresident of the Republic of Kazakhstan, and also return of deposits of physical persons, their transfer in other bank or bank branch - the nonresident of the Republic of Kazakhstan, being participants of system of obligatory guaranteeing deposits;

procedure and conditions of issue of permission to creation of the insurance (reinsurance) organization, and also requirements to contents of documents;

approval procedure on opening of branch of the insurance (reinsurance) organization - the nonresident of the Republic of Kazakhstan, branch of insurance broker - the nonresident of the Republic of Kazakhstan, and also requirements to content business - the plan;

procedure for issue of permissions to voluntary liquidation of the insurance (reinsurance) organizations, the voluntary termination of activities of branches of the insurance (reinsurance) organizations - nonresidents of the Republic of Kazakhstan or refusal in issue of the specified permissions;

2-1) establishment of conditions and approval procedure on carrying out reorganization of the Voluntary accumulation pension fund, determination of features of carrying out reorganization of the Voluntary accumulation pension fund with participation of the state, national welfare fund and (or) authorized body;

3) in the cases provided by legal acts of the Republic of Kazakhstan, issue of consent or refusal in issue, withdrawal of consent to appointment (election) of leading employees of the financial organizations, branches of banks - nonresidents of the Republic of Kazakhstan, branches of the insurance (reinsurance) organizations - nonresidents of the Republic of Kazakhstan, branches of insurance brokers - nonresidents of the Republic of Kazakhstan, bank holdings, insurance holdings, and also determination:

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