Article 10. Application for a permit to open a bank of the Law on Banks and Banking Activities in the Republic Kazakhstan

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1. An individual or a legal entity has the right to apply to the authorized body for a permit to open a bank.

2. An application for a permit to open a bank is submitted by the applicant in the form prescribed by the authorized body.

3. The following documents and information must be attached to the application for permission to open a bank:

1) a copy of the minutes of the constituent assembly (the decision of the sole founder), executed in accordance with the procedure established by the legislation of the Republic of Kazakhstan;

2) information about the founders with less than ten percent participation in the authorized capital of the bank (according to the list determined by the regulatory legal act of the authorized body), including copies of the annual financial statements of the founder of the legal entity (consolidated financial statements if the founder of the legal entity has subsidiaries) for the last two financial years, confirmed audit reports, as well as a copy of the financial statements of the founder of the legal entity for the last completed quarter before submitting the application.

If there is no audit report confirming the financial statements for the last completed financial year from January 1 to June 1 of the current year, the founder – legal entity submits copies of the financial statements (consolidated financial statements if the founder – legal entity has subsidiaries) for the last completed financial year and the last completed quarter before submitting the application., as well as copies of the annual financial statements (consolidated financial statements if available to the founder – a legal entity of subsidiaries), confirmed by audit reports for the two years preceding the last completed financial year.

The financial statements specified in this subparagraph are not submitted in the following cases::

if these financial statements are available on the Internet resource of the financial reporting depository;

when the founder of a legal entity is a non–resident financial institution of the Republic of Kazakhstan and these financial statements are posted and available in Kazakh, Russian or English on the Internet resource of this non–resident financial institution of the Republic of Kazakhstan or a foreign stock exchange;

3) documents and information in accordance with the procedure established by Article 9-5 of the Law of the Republic of Kazakhstan "On State Regulation, Control and Supervision of the Financial Market and Financial Organizations", if the applicant receives the status of a major participant in a bank or a bank holding company, with the exception of documents and information provided for in subparagraph 1) paragraph 8, subparagraph 1) paragraphs 10 and 14 of Article 9-5 of the Law of the Republic of Kazakhstan "On State Regulation, Control and Supervision of the Financial Market and Financial Organizations";

4) an application for permission to establish, acquire a subsidiary or a significant participation in the capital of the organization and a document confirming payment of the fee for issuing the permit, if the bank receives permission to establish a subsidiary bank or a significant participation in the capital of another bank in accordance with Article 9-6 of the Law of the Republic of Kazakhstan "On State Regulation, Control and Supervision financial market and financial organizations";

5) copies of documents confirming the sources (origin) of funds used by an individual to purchase shares (pay for the authorized capital) of the bank being created.

The sources of funds that can be used by an individual to purchase shares (pay for the authorized capital) of a bank being established are defined in paragraph 7 of Article 9-5 of the Law of the Republic of Kazakhstan on State Regulation, Control and Supervision of the Financial Market and Financial Organizations;

6) a copy of the founding agreement, executed in accordance with the procedure established by the legislation of the Republic of Kazakhstan (notarized in case of failure to submit the original for verification);

7) copies of documents confirming the authority of the person to submit the application and the documents and information attached to it.

4. A non–resident legal entity of the Republic of Kazakhstan, which is the founder of the bank, in addition to the documents provided for in paragraph 3 of this Article, must attach to the application for permission to open a bank a copy of the consent (permission) to own shares of the bank operating in the territory of the Republic of Kazakhstan, issued by the financial supervisory authority of the state of which the applicant is a resident., or a copy of the confirmation from the financial supervisory authority of the State of which the applicant is a resident that such consent (permission) is not required.

5. Legal entity – a non-resident of the Republic of Kazakhstan, who is the founder of a bank established as part of the voluntary reorganization of a microfinance organization in the form of conversion into a bank, must attach to the application for permission for the voluntary reorganization of a microfinance organization in the form of conversion into a bank a copy of the consent (permission) to own shares of a bank operating in the territory of the Republic of Kazakhstan issued by the financial supervisory authority the State of which the applicant is a resident, or a copy of the confirmation from the financial supervisory authorion-resident of the Republic of Kazakhstan, who is the founder of a bank established as part of the voluntary reorganization of a microfinance organization in the form of conversion into a bank, must attach to the application for permission for the voluntary reorganization of a microfinance organization in the form of conversion into a bank a copy of the consent (permission) to own shares of a bank operating in the territory of the Republic of Kazakhstan issued by the financial supervisory authority the State of which the applicant is a resident, or a copy of the confirmation from the financial supervisory authority of the State, of which the applicant is a resident, stating that such consent (permission) is not required.

6. The authorized body has the right to request additional information or documents necessary for making a decision on granting permission to open a bank.

7. The procedure for issuing a permit to open a bank is determined by a regulatory legal act of the authorized body.

The procedure for granting permission for the voluntary reorganization of a microfinance organization in the form of conversion into a bank is determined by the Law of the Republic of Kazakhstan "On Microfinance Activities".

8. An an application for a permit to open a bank is considered by the authorized body within sixty-five working days from the date of submission of the application.

The authorized body has the right to suspend the period of consideration of an application for a permit to open a bank in any of the following cases::

identification of false data (information) about the applicant and (or) its founders contained in the submitted documents and (or) information;

inconsistencies in the content of submitted documents and (or) information with the requirements of the legislation of the Republic of Kazakhstan;

the need to verify the accuracy of the data (information) in the submitted documents and information.

The deadline for the applicant to eliminate the comments of the authorized body to the submitted documents and (or) information is no more than ten working days.

The deadline for reviewing an application for a permit to open a bank is resumed after the applicant has eliminated the comments of the authorized body on the submitted documents and (or) information and the authorized body has completed verification of the accuracy of the data (information) in the specified documents and

The Law of the Republic of Kazakhstan dated January 16, 2026 No. 258-VIII SAM.

President

Republic of Kazakhstan

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The Law of the Republic of Kazakhstan dated August 31, 1995 No. 2444. On banks and banking activities, with the introduction of the Law of the Republic of Kazakhstan dated January 16, 2026 No. 258-VIII, the SAM has lost its legal force.

Article 10. Associations (unions) of banks of the Law on Banks and Banking Activities in the Republic of Kazakhstan

1. In order to coordinate their activities, protect and represent common interests, implement joint projects and solve other common tasks, banks have the right to form associations and unions of banks in accordance with current legislation.

2. Associations (unions) of banks are non-profit organizations.

3. Associations (unions) of banks may not be used for the purpose of restricting competition in the banking system, manipulating remuneration rates, terms of offering loans and other banking services.

The Law of the Republic of Kazakhstan dated August 31, 1995 No. 2444.

President

Republic of Kazakhstan