Article 19. General requirements for conflict of interest management of the Law of the Republic of Kazakhstan On Credit Rating Activities
1. The credit rating agency ensures the adoption and observance of policies, procedures and internal controls aimed at preventing any existing or potential conflict of interest of the credit rating agency, its shareholders, rating analysts, other employees and persons having significant influence on it from influencing ratings and rating forecasts.
A credit rating agency ensures the identification, management and disclosure of existing or potential conflicts of interest in cases where such conflicts of interest may affect the analysis and judgments of rating analysts.
2. The credit rating agency, through internal control bodies, monitors the application of the rules and procedures approved by it for the prevention, identification, management and disclosure of existing or potential conflicts of interest in order to ensure the independence of credit rating activities, ratings and rating analysts from the shareholders and management bodies of the credit rating agency, as well as departments and persons responsible for commercial activities and business development (marketing activities, public relations, conclusion of service contracts).
3. The amount of remuneration for rating analysts, including the chairmen of rating committees, employees of the internal control service, and the risk management unit, is set regardless of the results of the financial and economic activities of the credit rating agency and (or) the income received by the credit rating agency from the rated entity.
4. The amount and procedures for paying for the services of a credit rating agency are determined in such a way that they do not depend on the level of the assigned rating or rating forecast, as well as on the agreement or disagreement of the rated person with the assigned rating or rating forecast.
5. When carrying out transactions with assets in order to ensure its activities, including transactions on the transfer of assets for use, a credit rating agency must comply with the requirements of paragraph 1 of this article.
6. A credit rating agency is prohibited from engaging in other types of business activities, as well as from providing consulting services, with the exception of the following:
verification of financial instruments for their compliance with the principles of sustainable development and (or) financing;
assignment of assessments of the activities of organizations, including those confirming the financial capabilities and the level of risk management of the organization;
scientific research and development, including applied research;
research and development of tools for economic and mathematical modeling and macroeconomic forecasting;
other professional, scientific, analytical and technical activities;
data dissemination services, including to persons with whom a rating action agreement has been concluded;
creation, development and implementation of software for creditworthiness assessment, risk analysis and digitalization of decision-making processes within the framework of the activities provided for in Articles 15 and 19 of this Law.
A credit rating agency provides the above types of services subject to compliance with the requirements of paragraph 1 of this article.
The Law of the Republic of Kazakhstan on Credit Rating Activities
On credit rating activities, the Law of the Republic of Kazakhstan dated July 23, 2026 No. 351-VIII SAM.
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Republic of Kazakhstan
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