Article 15-25. Prevention of unfair practices in the financial market of the Law on State Regulation, Control and Supervision of the Financial Market and Financial Organizations

Home / Laws / Article 15-25. Prevention of unfair practices in the financial market of the Law on State Regulation, Control and Supervision of the Financial Market and Financial Organizations

1. Subjects of behavioral supervision in the provision of financial products are required to prevent unfair practices against consumers of financial services.

2. The types and signs of unfair practices, and the procedure for detecting unfair practices by subjects of behavioral supervision are determined by the requirements for banking activities, requirements for insurance activities by an insurance organization or a branch of an insurance organization that is a non–resident of the Republic of Kazakhstan, rules for brokerage and (or) dealer activities on the securities market, and the procedure for conducting banking operations by a broker and (or) dealer, requirements for the implementation of microfinance activities approved by the authorized body.

3. Subjects of behavioral supervision develop remuneration policies for their employees aimed at preventing unfair practices against consumers of financial services.

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.

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Republic of Kazakhstan

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