Article 15-1. Control and supervision of the financial market and financial organizations and in the field of financial legislation of the Republic of Kazakhstan, the Law on State Regulation, Control and Supervision of the Financial Market and Financial Organizations

Home / RLA / Article 15-1. Control and supervision of the financial market and financial organizations and in the field of financial legislation of the Republic of Kazakhstan, the Law on State Regulation, Control and Supervision of the Financial Market and Financial Organizations

Article 15-1. Control and supervision of the financial market and financial organizations and in the field of financial legislation of the Republic of Kazakhstan, the Law on State Regulation, Control and Supervision of the Financial Market and Financial Organizations

1. Control and supervision of the financial market and financial organizations and in the field of financial legislation of the Republic of Kazakhstan shall be carried out by the authorized body and the National Bank of the Republic of Kazakhstan (hereinafter referred to as the control and supervisory authorities for the purposes of this chapter) within their competence.

Control and supervision in the field of financial legislation of the Republic of Kazakhstan provides for the implementation by control and supervision bodies within the competence of control and supervision over compliance by financial organizations, their branches and affiliated persons, the Development Bank of Kazakhstan, the Export Credit Agency of Kazakhstan, legal entities operating in the securities market, other securities market entities, issuers of securities securities, credit bureaus, and operators of electronic trading platforms for the sale of banking and microfinance assets, bank holdings, banking conglomerates, large participants in banks, insurance holdings, insurance groups, large participants in insurance (reinsurance) organizations, an organization that guarantees insurance payments, actuaries licensed to carry out actuarial activities in the insurance market, special financial companies, Islamic special financial companies, investment funds, large participants in investment portfolio managers, persons who have the characteristics of a major bank participant, an insurance (reinsurance) organization, an investment portfolio manager, a bank holding company, an insurance holding company, professional organizations, collection agencies, participants in the payment system, operators and operational centers of payment systems, including any other person authorized under an agreement with them to provide services for the operation of the payment system, payment service providers, including any by another person authorized under an agreement with them to perform functions for the provision of payment services, by payment organizations, as well as by individuals, foreign exchange operations, temporary administrations (temporary administrators), liquidation commissions of banks, insurance (reinsurance) organizations, branches of non–resident banks of the Republic of Kazakhstan, branches of insurance (reinsurance) organizations of non–residents of the Republic of Kazakhstan, liquidation commissions of branches of non-resident banks of the Republic of Kazakhstan, branches of insurance (reinsurance) organizations of non-residents of the Republic of Kazakhstan, branches insurance brokers who are non–residents of the Republic of Kazakhstan (hereinafter referred to as – the audited entity) requirements established by the banking and currency legislation of the Republic of Kazakhstan, the legislation of the Republic of Kazakhstan on insurance and insurance activities, payments and payment systems, social protection, securities market, accounting and financial reporting, credit bureaus and credit history formation, post office, Development Bank of Kazakhstan, microfinance activities, collection activities, Fund guaranteeing insurance payments, countering the legalization (laundering) of criminally obtained income, financing of terrorism and financing the proliferation of weapons of mass destruction, on joint-stock companies, investment and venture funds, this Law and other laws of the Republic of Kazakhstan, as well as accounting automation rules approved by the National Bank of the Republic of Kazakhstan, regulatory legal acts of the authorized body regulating relations, related to the activities of the operator of an electronic trading platform for the sale of banking and microfinance assets and the functioning of an electronic trading platform for the sale of banking and microfinance assets, the identification of violations of the rights and legitimate interests of consumers of financial services, violations that pose a threat to the national and economic security of the Republic of Kazakhstan, the stability of its financial system, the identification of deficiencies and (or) risks in activities of financial organizations, banking conglomerates and (or) insurance groups.

2. Based on the results of the control, the control and supervision body in accordance with this Law and other laws of the Republic of Kazakhstan and in case of detection during the exercise of its control functions of violations by the audited entities of the requirements of the legislation of the Republic of Kazakhstan, deficiencies and (or) risks in the activities of financial organizations, branches of non–resident banks of the Republic of Kazakhstan, branches of insurance (reinsurance) organizations – non-residents of the Republic of Kazakhstan, branches of insurance brokers – non-residents of the Republic of Kazakhstan, banking conglomerates and (or) insurance groups initiate administrative proceedings or apply other measures, including law-restrictive measures provided for by the laws of the Republic of Kazakhstan.

Based on the results of supervision, the control and supervision body in accordance with this Law and other laws of the Republic of Kazakhstan and if violations of the requirements of the legislation of the Republic of Kazakhstan by the audited entities, deficiencies and (or) risks in the activities of financial organizations, branches of non–resident banks of the Republic of Kazakhstan, branches of insurance (reinsurance) organizations are detected during the exercise of its supervisory functions – non-residents of the Republic of Kazakhstan, branches of insurance brokers – non-residents of the Republic of Kazakhstan, banking conglomerates and (or) insurance groups apply the measures provided for by the laws of the Republic of Kazakhstan, including law-restrictive measures, without initiating administrative proceedings.

3. The control and supervision body carries out control and supervision in the forms of inspection and other forms in accordance with this Law and other laws of the Republic of Kazakhstan.

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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