Article 1. The basic concepts used in this Law Chapter 1. GENERAL PROVISIONS of the Law ON mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan

Home / RLA / Article 1. The basic concepts used in this Law Chapter 1. GENERAL PROVISIONS of the Law ON mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan

The following basic concepts are used in this Law:

1) agent bank - a bank that is a participant in the mandatory deposit guarantee system and performs procedures for the payment of guarantee compensation to depositors on the basis of an agreement concluded with the organization providing mandatory deposit guarantee;

2) bank - a second-tier bank;

2-1) depositor – an individual, including an individual entrepreneur, a private notary, a private bailiff, a lawyer and a professional mediator, who has concluded a bank account and (or) bank deposit agreement with the participating bank, or in whose favor the contribution has been made;

3) the mandatory deposit guarantee system is a set of organizational and legal measures provided for by this Law aimed at protecting the rights and legitimate interests of depositors of participating banks;

4) contributions are payments made by banks participating in an organization that provides mandatory deposit guarantees, paid in accordance with the requirements of this Law.;

5) guaranteed deposit - a deposit that is subject to mandatory deposit guarantee in accordance with this Law;

6) guarantee refund - the amount of money to be paid to the depositor by the organization providing mandatory deposit guarantee for the guaranteed deposit in accordance with this Law;

6-1) the electronic portal for payments of guaranteed compensation (hereinafter referred to as the electronic payment portal) is an information system of an organization that provides mandatory deposit guarantees, containing a register of depositors with the calculation of guaranteed compensation for guaranteed deposits, compiled on the date of withdrawal of the participating bank's license to conduct all banking operations (hereinafter referred to as the register of depositors), and intended for accepting applications for the payment of the guarantee refund, as well as maintaining automated records of the payment of the guarantee refund;

6-2) unclaimed amount of the guarantee refund – the amount of the guarantee refund unclaimed by the depositor within one year from the date of commencement of payment of the guarantee refund;

7) participating bank – a bank (a branch of a non-resident bank of the Republic of Kazakhstan) that is a participant in the mandatory deposit guarantee system, whose obligations to repay attracted deposits are guaranteed in accordance with this Law;

8) certificate of the participating bank is a document issued by the organization providing mandatory deposit guarantee to the participating bank and certifying its participation in the mandatory deposit guarantee system.; - Excluded by the Law of the Republic of Kazakhstan.

9) affiliation agreement – an agreement for the bank (branch of a non-resident bank of the Republic of Kazakhstan) to join the mandatory deposit guarantee system, the terms of which are determined by the organization providing mandatory deposit guarantee and are standard for all banks (branches of non-resident banks of the Republic of Kazakhstan) joining the system.;

10) authorized body - a state body that carries out state regulation, control and supervision of the financial market and financial organizations.

The Law of the Republic of Kazakhstan dated July 7, 2006 No. 169-III.

This Law is aimed at protecting the rights of depositors – individuals, including individual business entities, and defines the legal basis for the functioning of the mandatory deposit guarantee system placed in second-tier banks of the Republic of Kazakhstan (branches of non-resident banks of the Republic of Kazakhstan), with the exception of interest-free demand deposits and investment deposits placed in Islamic banks (branches of non-resident Islamic banks of the Republic of Kazakhstan), the procedure for establishing and operating an organization that provides mandatory deposit insurance, the participation of second-tier banks of the Republic of Kazakhstan (branches of non-resident banks of the Republic of Kazakhstan) in the mandatory deposit guarantee system, as well as other issues of mutual relations between the participants of the system.

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