RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of July 16, 2014 No. 144

About approval of Rules of the organization of exchange transactions with cash foreign currency in the Republic of Kazakhstan

According to the laws of the Republic of Kazakhstan of March 30, 1995 "About National Bank of the Republic of Kazakhstan", of June 13, 2005 "About currency control and currency exchange control", of March 19, 2010 "About the state statistics" and of May 16, 2014 "About permissions and notifications" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of the organization of exchange transactions with cash foreign currency in the Republic of Kazakhstan.

2. Recognize invalid resolutions of Board of National Bank of the Republic of Kazakhstan according to appendix to this resolution.

3. This resolution becomes effective after twenty one calendar days after day of its official publication, but not earlier than November 21, 2014.

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of July 16, 2014 No. 144

Rules of the organization of exchange transactions with cash foreign currency in the Republic of Kazakhstan

Chapter 1. General provisions

1. These rules of the organization of exchange transactions with cash foreign currency in the Republic of Kazakhstan (further - Rules) are developed according to the laws of the Republic of Kazakhstan of March 30, 1995 "About National Bank of the Republic of Kazakhstan", of August 31, 1995 "About banks and banking activity in the Republic of Kazakhstan", of June 13, 2005 "About currency control and currency exchange control" (further - the Law on currency control), of May 16, 2014 "About permissions and notifications" (further - the Law on permissions) and determine procedure and conditions of licensing of authorized organizations, including qualification requirements to them, requirements to activities for the organization of exchange transactions with cash foreign currency, procedure for carrying out the transactions by authorized organizations for purchase and (or) sale of the affined ingot gold issued by National Bank of the Republic of Kazakhstan (further - National Bank), and also the notification procedure authorized bank about opening, suspension, activities renewal, closing of exchange points, forms and procedure for provision of information on activities for the organization of exchange transactions with cash foreign currency, and also on transactions of the authorized organizations for purchase and (or) sale of the affined ingot gold issued by National Bank.

2. The concepts applied in Rules are used in the values specified in the Law on currency control, in the Law of the Republic of Kazakhstan of April 15, 2013 "About the state services".

For the purposes of Rules also following terms and concepts are used:

1) the automated exchange point - the electronic and mechanical device belonging to the legal entity having the right to the organization of exchange transactions with cash foreign currency and allowing to perform exchange transactions by cash deposit of money in this device and obtaining from it cash of the equivalent amount in other currency;

2) exchange transactions - the transactions on purchase, sale and exchange of cash foreign currency performed through exchange points and the automated exchange points;

3) operational cash desk of exchange point - specially equipped part of the room of exchange point intended for the cashier servicing clients when carrying out transactions with cash foreign currency;

4) computer system - the automated information system realizing functions of cash register providing accounting of exchange transactions and registered in tax authority;

5) the valid license - the granted or renewed license for the organization of exchange transactions with cash foreign currency which is not suspended or is not stopped;

6) cash foreign currency - the banknotes and treasury notes accepted by foreign states as legal means of payment which are in circulation;

7) the legal entity having the right to the organization of exchange transactions with cash foreign currency - authorized organization or the authorized bank having the right to the organization of exchange transactions with foreign currency according to the license granted to it or the right granted by the laws of the Republic of Kazakhstan;

7-1) affined ingot gold - the affined investment gold in the certified measuring ingots conforming to the national standard of the Republic of Kazakhstan of ST of RK 2049-2010 "Gold bars measuring. Specifications", issued by National Bank not earlier than 2017;

8) the valid appendix to the license - the issued or renewed appendix to the license for the organization of exchange transactions with cash foreign currency which is not suspended or is not stopped;

9) appendix to the license - the integral part of the license containing data on the actual location of exchange point of authorized organization;

10) the electronic license and the electronic appendix to the license - the license and appendix to the license in electronic form which are drawn up and issued with use of information technologies, equivalent licenses and to appendix to the license on paper.

Chapter 2. Qualification requirements to authorized organizations

3. The authorized organization is created in form of business of limited liability partnership.

4. Founders of authorized organization are physical persons and legal entities - residents and nonresidents of the Republic of Kazakhstan.

Person which was the founder (one of founders) of authorized organization on which the decision on deprivation of the license for the organization of exchange transactions with cash foreign currency was made before the expiration of three years from the date of the relevant decision of territorial branch of National Bank of the Republic of Kazakhstan (further - branch of National Bank) cannot be the founder (one of founders) of authorized organization.

5. Creation of representations by authorized organization, and also participation of authorized organization in the authorized capital of other legal entities, including as the founder is not allowed.

6. The authorized capital of authorized organization is created in cash in full to the request of the legal entity for receipt of the license for the organization of exchange transactions with cash foreign currency and appendices to the license.

The minimum size of the authorized capital of authorized organization constitutes:

1) 30 000 000 (thirty million) Kazakhstani tenge for each exchange point with the location in the city of Astana, and also the cities of republican value;

2) 20 000 000 (twenty million) Kazakhstani tenge for each exchange point with the location in the administrative centers of areas;

3) 10 000 000 (ten million) Kazakhstani tenge for each exchange point with other location.

6-1. When opening of additional exchange point by authorized organization its authorized capital created in cash shall be increased according to requirements of Item 6 of Rules.

6-2. In case of reference of the city to category of the city of republican value the authorized organization having exchange point in this city brings the size of the authorized capital into accord with the requirement established by the subitem 1) of part two of Item 6 of Rules within six months from the date of reference of the city to category of the city of republican value.

7. The authorized organization shall have the room for placement of exchange point, the equipment for functioning of exchange point, the personnel of exchange point meeting the requirements, stipulated in Item 31 Rules.

Placement of exchange point of authorized organization, in the room which is the location of other exchange point is not allowed.

8. As confirmation of conformity the authorized organization sends to qualification requirements through the web portal of "the electronic government" the following documents:

1) the statement on receipt of the license for the organization of exchange transactions with cash foreign currency and appendices to it in form according to appendix 2 to Rules (in the case provided in Item 9 of Rules), the statement on receipt of appendix to the valid license on the organization of exchange transactions with cash foreign currency for in addition opened exchange point in form according to appendix 5 to Rules (in the case provided in Item 13 of Rules);

2) the document of bank of the second level (including, the statement about movement of money according to bank accounts of the client) confirming transfer on the bank account of authorized organization of money as fee in the authorized capital according to requirements of Item 6 of Rules issued not earlier than 30 (thirty) calendar days before date of the request for receipt of the license and (or) appendix to the license or the financial reporting as of the first of filing of application on receipt of appendix to the valid license on the organization of exchange transactions with cash foreign currency for in addition opened exchange point in form according to appendix 5 to Rules which confirms compliance of the size of the authorized capital of authorized organization to the established requirements taking into account additional exchange point (in the case provided in Item 13 of Rules);

3) the copy of the document confirming passing by the cashier of preparation on work with cash foreign currency or the copy (notarially attested) the document provided by the labor law of the Republic of Kazakhstan and confirming labor activity of the worker at least six months as the cashier on work with cash foreign currency.

Chapter 3. Procedure and conditions of licensing of authorized organizations

9. For receipt of the license and appendix to it the authorized organization directs the following documents through the web portal of "the electronic government":

1) the documents confirming the applicant's compliance to qualification requirements, stipulated in Item 8 Rules;

2) notarially attested copy of the charter;

3) the copy of the document confirming payment of the license fee for the occupation right with separate types of activity, except as specified payments through payment gateway of "the electronic government";

4) the certificate of bank of availability of the bank account in foreign currency.

10. The license for the organization of exchange transactions with cash foreign currency and appendix to it are issued by branch of National Bank through the web portal of "the electronic government" in the Kazakh and Russian languages in forms according to appendices 3 and 4 to Rules, respectively, within thirty working days from the date of representation of complete document package. The refusal in licensing and (or) appendices to it is made by branch of National Bank through the web portal of "the electronic government" in cases, stipulated in Item the 7th article 6 of the Law on currency control.

11. Availability of the valid appendix to the valid license is the basis for functioning of exchange point of authorized organization. For opening of additional exchange point the authorized organization receives appendix to the valid license which is granted in the Kazakh and Russian languages in the form established by appendix 4 to Rules within ten working days from the date of representation of complete document package.

12. The authorized organization opens exchange points out of the region (area, the capital, the city of republican value) state registration of authorized organization only in the presence of the valid license and branch of authorized organization in the respective region (the area, the capital, the city of republican value).

In case of opening of exchange point out of the region (area, the capital, the city of republican value) places of state registration of authorized organization behind receipt of appendix to the valid license the relevant branch of authorized organization addresses to branch of National Bank in the location of the opened exchange point.

13. For receipt of appendix to the valid license with cash foreign currency for in addition opened exchange point the authorized organization or its branch directs to the organization of exchange transactions through the web portal of "the electronic government" the documents confirming the applicant's compliance to qualification requirements, stipulated in Item 8 Rules.

14. Survey of exchange point of authorized organization on compliance to requirements imposed to its room and technical equipment is carried out by branch of National Bank during the term provided for licensing for the organization of exchange transactions with cash foreign currency and (or) appendices to the license.

15. The authorized organization addresses to branch of National Bank behind renewal of the license for the organization of exchange transactions with cash foreign currency in the following cases:

1) by reorganization of authorized organization in the form of merge, accession;

2) changes of the name and (or) place of state registration of authorized organization.

The authorized organization (its branch) addresses to branch of National Bank behind renewal of appendix to the license for the organization of exchange transactions with cash foreign currency in the following cases:

1) in case of renewal of the license for the organization of exchange transactions with cash foreign currency;

2) address modifications of the location of exchange point without its physical movement.

Renewal of the license and (or) appendix to the license is performed by branch of National Bank within ten working days from the date of representation through the web portal of "the electronic government" of complete document package and according to the procedure, established by articles 33 and 34 of the Law on permissions. At the same time the statement with cash foreign currency and (or) appendices to the license for the organization of exchange transactions with cash foreign currency in form according to appendix 6 to Rules goes for renewal of the license for the organization of exchange transactions through the web portal of "the electronic government" within thirty calendar days from the date of emergence of the changes which formed the basis for renewal of the license and (or) appendix to the license.

16. Issue of the duplicate of the license (the duplicate of appendix to the license) and transfer of the license (appendix to the license) granted (issued) on paper in electronic format is performed according to the procedure, the stipulated in Clause 43 Laws on permissions.

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