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 / RLA / 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.

3. The authorized body is considering the issue of applying sanctions to a bank (a branch of a non-resident bank of the Republic of Kazakhstan) that has not submitted an application for joining the agreement of accession, in accordance with the requirements of the legislation of the Republic of Kazakhstan.

4. Within two working days from the date of receipt from the bank (a branch of a non–resident bank of the Republic of Kazakhstan) of an application for its accession to the agreement of accession, the organization carrying out mandatory deposit guarantee enters information about it into the register of banks participating in the mandatory deposit guarantee system and notifies the bank (a branch of a non–resident bank of the Republic of Kazakhstan) in writing.) on its entry into the mandatory deposit guarantee system.

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, 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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