THE RESOLUTION OF BOARD OF THE AGENCY OF THE REPUBLIC OF KAZAKHSTAN ON REGULATION AND SUPERVISION OF THE FINANCIAL MARKET AND THE FINANCIAL ORGANIZATIONS

of June 12, 2004 No. 157

About approval of Rules of issue of consent to appointment (election) of leading employees of the financial organizations

For the purpose of enhancement of the regulatory legal acts regulating procedure for approval of leading employees of the financial organizations, the Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations decides:

1. Approve the enclosed Rules of issue of consent to appointment (election) of leading employees of the financial organizations.

2. To management of licensing (Zhumabayeva Z. S.):

1) together with Legal department (Baysynov M. B.) to take measures to state registration in the Ministry of Justice of the Republic of Kazakhstan of this resolution;

2) in ten-day time from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan to bring this resolution to the attention of the interested divisions of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations.

3. To department on ensuring activities of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations (Nesipbayev P.P.) in ten-day time from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan to provide the publication of this resolution in mass media.

4. This resolution becomes effective after fourteen days from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan.

5. To impose control of execution of this resolution on the vice-chairman of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations Dosmukametov K. M.

Approved by the resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations of June 12, 2004 No. 157

Rules of issue of consent to appointment (election) of leading employees of the financial organizations

These rules are developed according to the Laws of the Republic of Kazakhstan of August 31, 1995 "About banks and banking activity in the Republic of Kazakhstan", of June 20, 1997 "About provision of pensions in the Republic of Kazakhstan", of December 18, 2000 "About insurance activity", of July 2, 2003 "About the security market", of July 4, 2003 "About state regulation and supervision of the financial market and the financial organizations", of June 5, 2006 "About regional financial center of the city of Almaty" and establish procedure for issue of consent by the authorized body exercising regulation and supervision of the financial market and the financial organizations (daleeupolnomochenny body) on appointment (election) of leading employees of banks, insurance (reinsurance) organizations, insurance brokers, the accumulation pension funds, legal entities, applying for receipt of the license or having licenses for implementation of activities in the security market (including members of regional financial center of the city of Almaty), (further - the financial organization), and also the list of the documents necessary for receipt of consent.

Chapter 1. General provisions

1. The authorized body issues consent to appointment (election) (further - approval) the candidate for leading employee position of the financial organization (further - the candidate) who conforms to the requirements established by legal acts of the Republic of Kazakhstan. The list of leading employees of the financial organizations which are subject to approval of authorized body is determined by legal acts of the Republic of Kazakhstan.

1-1. The leading employee of the financial organization renominated (re-elected) to new term as the decision of authorized body of the financial organization is not subject to approval provided that this candidate was earlier approved with authorized body to the corresponding or higher position and on condition of compliance of this candidate to the requirements established by legal acts of the Republic of Kazakhstan.

In this case the financial organization represents the copy of the statement from the decision of authorized body of the financial organization on appointment (election) of the leading employee to the corresponding position for new term with the cover letter in which it is specified about compliance of this candidate to the requirements established by legal acts of the Republic of Kazakhstan. Submission of other documents is not required.

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