PRESIDENTIAL DECREE OF THE REPUBLIC OF KAZAKHSTAN

of December 31, 2003 No. 1270

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

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

1. Reorganize public institution "National Bank of the Republic of Kazakhstan" by allocation from it public institution "Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations".

2. Approve enclosed:

1) Regulations on the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations (daleeagentstvo);

2) structure of the Agency.

3. Excluded

4. To National Bank of the Republic of Kazakhstan:

1) to provide redistribution of the number of staff of the reorganized public institution;

2) to perform cession of property to the Agency, necessary for ensuring its activities;

3) to take other necessary measures for implementation of this Decree.

5. Determine that the Chairman of the Agency has three deputies.

6. This Decree becomes effective since January 1, 2004.

Approved by the Presidential decree of the Republic of Kazakhstan of December 31, 2003 No. 1270

Regulations on the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations

Chapter 1. General provisions

1. The agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations (further - the Agency) is state body, directly subordinate and accountable to the President of the Republic of Kazakhstan, exercising state regulation and supervision of the financial market and the financial organizations.

2. The agency performs the activities according to the Constitution of the Republic of Kazakhstan, the laws of the Republic of Kazakhstan, acts of the President of the Republic of Kazakhstan, 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 public institution, has seals and stamps with the name in state language, forms of the established sample, and also the account in banks.

Full name of the Agency - public institution "Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations.

4. Financing and content of the Agency is performed by budget funds (expense budget) of National Bank of the Republic of Kazakhstan (further - National Bank).

Approval of total amount of financing of the Agency is performed by Board of National Bank on representation of the Chairman of the Agency.

4-1. The agency accumulates other financial receipts connected with expense recovery within financial year:

1) based on the judgment which took legal effect;

2) connected with assignment of rights and obligations to the Agency in connection with reorganization;

3) the covering expenses on the training organized by the Agency for employees of the financial organizations;

4) the Agencies received from workers as compensation for transport servicing, long-distance and international negotiations of not office nature;

5) other financial receipts connected with expense recovery.

4-2. By results of financial year in the terms coordinated with National Bank, based on the decision of the Chairman of the Agency or person replacing it, financial receipts, stipulated in Item 4-1 this provision, are transferred into the budget of National Bank.

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

6. 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.

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

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

9. Legal address of the Agency: 050000, city of Almaty, Ayteke би, 67.

9-1. The agency on the basis and in pursuance of the laws of the Republic of Kazakhstan on the questions carried to its competence publishes the regulatory legal acts obligatory for execution by all financial organizations, consumers of financial services, other physical persons and legal entities in the territory of the Republic of Kazakhstan.

Regulatory legal acts of the Agency are published in its official publication "Karzhy Habarshysa", "Financial Bulletin" in the state and Russian languages.

Chapter 2. Purposes, tasks and functions of the Agency

10. The purposes of the Agency are:

1) ensuring financial stability of the financial market and the financial organizations and maintenance of trust to financial system in general;

2) ensuring proper level of protection of consumer interests of financial services;

3) creation of equal conditions for activities of the financial organizations directed to maintenance of fair competition in the financial market.

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