The memorandum of understanding between the Central bank of the Russian Federation (Bank of Russia) and Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations in the field of banking supervision

of June 18, 2008

Central Bank of the Russian Federation (Bank of Russia) (further - the Bank of Russia) and Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations (further - the Agency), the hereinafter referred to as Parties, expressing mutual interest in establishment and development of bilateral ties in the field of banking supervision, for the purpose of achievement of mutual understanding concerning banking regulation and interaction in the field of banking supervision agreed as follows.

Chapter 1. General provisions

Article 1. Basic concepts

1. For the purposes of this Memorandum:

1) concept "bank" is applied according to legislations of the states of the Parties;

2) the concepts "affiliated organization" and "affiliated credit institution" applied in legislations of the states of the Parties are used as identical;

3) the concept "cross-border organizations" is applied as the generalizing concept including the concepts "affiliated organization of bank", "affiliated credit institution", "branch", "representation" created by banks and other organizations of the state of one Party in the territory of the state of other Party:

in the territory of the Russian Federation foreign credit institutions can participate in the authorized capital of credit institutions, including create affiliated credit institutions which activities are subject to licensing according to requirements of the legislation of the Russian Federation, and also to open representations;

in the territory of the Republic of Kazakhstan nonresident banks can participate in the authorized capital of banks, including create subsidiary banks which activities are subject to licensing according to requirements of the legislation of the Republic of Kazakhstan, and also to open representations;

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