LAW OF THE REPUBLIC OF KAZAKHSTAN

of July 4, 2022 No. 133-VII ZRK

About modification and amendments in some legal acts of the Republic of Kazakhstan concerning market development of stressful assets

Article 1. Make changes and additions to the following legal acts of the Republic of Kazakhstan:

1. In the Law of the Republic of Kazakhstan of August 31, 1995 "About banks and banking activity in the Republic of Kazakhstan":

1) in Article 2:

state subitem 13-1) in the following edition:

"13-1) service company - the affiliated organization of bank acquiring the doubtful and bad assets of parent bank, the collection agency having within the trust management agreement rights (requirements) for agreements of bank loan and (or) to agreements on provision of the microcredit (further - the trust management agreement of the rights (requirements), concluded with person specified in part one of item 4 of article 36-1 of this Law and (or) part one of Item 5 of article 9-1 of the Law of the Republic of Kazakhstan "About microfinancial activities", powers on trust management of the rights (requirements) for agreements of bank loan and (or) agreements on provision of the microcredit, including on change of terms of the contract of bank loan and (or) the agreement on provision of the microcredit, on representation of interests of person with which the trust management agreement of the rights (requirements), in court is signed on acceptance from the debtor of money and (or) other property, and other powers provided by this Law, other laws of the Republic of Kazakhstan and the trust management agreement of the rights (requirements);";

add with subitem 13-2) of the following content:

"13-2) insolvent bank - the bank referred by the decision of authorized body to category of insolvent banks according to this Law;";

Subitem 15-1) of part one of Item 2 of Article 5-1 to state 2) in the following edition:

"15-1) to carry out debt restructuring on assets, including the rights (requirements), to write off and cancel fully or partially the main are long (or) remuneration, the commissions, penalty (penalties, penalty fee), other debt to manage assets and to realize them, to recognize the possible losses resulting from the specified actions;";

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