Article 10. Joining the mandatory deposit guarantee system The Law on Mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan

Home / Laws / Article 10. Joining the mandatory deposit guarantee system The Law on Mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan

1. To join the mandatory deposit guarantee system, a bank (a branch of a non-resident bank of the Republic of Kazakhstan), no later than the day following the day of receipt of the license of the authorized body for accepting deposits, opening and maintaining bank accounts of individuals, submits a notarized copy of the specified license to the organization providing mandatory deposit guarantee. - Excluded by the Law of the Republic of Kazakhstan.

2. In order to join the mandatory deposit guarantee system, a bank (a branch of a non–resident bank of the Republic of Kazakhstan), on the day of obtaining a license from the authorized body for accepting deposits, opening and maintaining bank accounts of individuals, is obliged to join the accession agreement by submitting an application to the organization providing mandatory deposit guarantee in accordance with the form established by regulatory legal acts of the authorized body, as well as information about the license of the authorized body for accepting deposits, opening and maintaining bank accounts of individuals.

2. In order to join the mandatory deposit guarantee system, a bank (a branch of a non–resident bank of the Republic of Kazakhstan), on the day of obtaining a banking license to accept deposits, open and maintain bank accounts of individuals, is obliged to join the accession agreement by submitting an application to the organization providing mandatory deposit guarantee in accordance with the form established by regulatory legal acts of the authorized body, as well as information about the banking license for accepting deposits, opening and maintaining bank accounts of individuals .

3. The authorized body is considering the issue of depriving a bank (a branch of a non–resident bank of the Republic of Kazakhstan) that has not submitted an application for joining the merger agreement of a banking license to accept deposits, open and maintain bank accounts of individuals in accordance with the requirements of the banking legislation of the Republic of Kazakhstan.

5. A bank (a branch of a non-resident bank of the Republic of Kazakhstan) becomes a participant in the mandatory deposit guarantee system from the date of entering information into the register of banks participating in the mandatory deposit guarantee system.

6. An organization that carries out mandatory deposit guarantee shall keep records of issued and cancelled certificates of participating banks by entering relevant information into the register of banks participating in the mandatory deposit guarantee system. - Excluded by the Law of the Republic of Kazakhstan.

7. The register of banks participating in the mandatory deposit guarantee system is posted on the Internet resource of the organization providing mandatory deposit guarantee.

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, private notaries, private bailiffs, lawyers and professional mediators, and defines the legal basis for the functioning of the mandatory deposit guarantee system placed in second-tier banks of the Republic of Kazakhstan (bank branches – non–residents of the Republic of Kazakhstan), with the exception of Islamic bank deposits and money in bank accounts raised as part of Islamic banking operations, as well as the procedure for establishing and operating an organization that provides mandatory deposit guarantee, 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 and other issues of mutual relations between participants systems.

President

Republic of Kazakhstan

Constitution Law Code Standard Decree Order Decision Resolution Lawyer Almaty Lawyer Legal service Legal advice Civil Criminal Administrative cases Disputes Defense Arbitration Law Company Kazakhstan Law Firm Court Cases