Article 1. The basic concepts used in this Law are the Law on State Regulation, Control and Supervision of the Financial Market and Financial Organizations

Home / RLA / Article 1. The basic concepts used in this Law are the Law on State Regulation, Control and Supervision of the Financial Market and Financial Organizations

The following basic concepts are used in this Law:

1) consumer of financial services – an individual or legal entity using the services of a financial institution, a branch of a non–resident bank of the Republic of Kazakhstan, a branch of a non–resident insurance (reinsurance) organization of the Republic of Kazakhstan, a branch of a non–resident insurance broker of the Republic of Kazakhstan, as well as investing their funds in financial instruments;

2) professional activity in the financial market - entrepreneurial activity in the provision of financial services;

3) the authorized body for regulation, control and supervision of the financial market and financial organizations (hereinafter referred to as the authorized body) is a state body responsible for state regulation, control and supervision of the financial market and financial organizations;

4) financial organization – a legal entity engaged in business activities for the provision of financial services;

5) financial market - a set of relations related to the provision and consumption of financial services, as well as the issuance and circulation of financial instruments;

6) financial services – activities of professional participants in the insurance market (except actuaries), professional participants in the securities market, voluntary accumulative pension fund, banking, activities of organizations conducting certain types of banking operations, organizations engaged in microfinance activities carried out on the basis of licenses obtained in accordance with the legislation of the Republic of Kazakhstan, as well as non-licensed activities:

unified accumulative pension fund;

the Central Depository;

a single operator in the field of accounting for state property in terms of exercising the functions of nominal holding of securities owned by the state, quasi-public sector entities, the list of which is approved by the authorized body for state property management, or in respect of which the state, the specified quasi-public sector entities have property rights.;

mutual insurance companies;

an organization that guarantees insurance payments to policyholders (insured, beneficiaries) in the event of liquidation of insurance organizations;

7) financial product is a service offered by a financial organization, a branch of a non–resident bank of the Republic of Kazakhstan and a branch of a non–resident insurance (reinsurance) organization of the Republic of Kazakhstan to consumers of financial services within the framework of their professional activities in the financial market.

The Law of the Republic of Kazakhstan dated July 4, 2003 No. 474-II.

This Law regulates public relations related to the implementation of state regulation, control and supervision of the financial market and financial organizations, and is aimed at increasing the stability of the financial system of the Republic of Kazakhstan and creating conditions to prevent violations of the rights and legitimate interests of consumers of financial services.

President

Republic of Kazakhstan

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