Article 19. Application for a permit to open a bank of the Law on Banks and Banking Activities in the Republic of Kazakhstan

Home / RLA / Article 19. Application for a permit to open a bank of the Law on Banks and Banking Activities in the Republic of Kazakhstan

 1. A legal entity or individual 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 shall be submitted in the form prescribed by the regulatory legal act of 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 – individuals and legal entities with less than ten percent participation in the authorized capital of the bank (according to the list determined by the authorized body), including copies of the annual financial statements of the founder – legal entity (consolidated financial statements if the founder – legal entity has subsidiaries) for the last two financial years confirmed by audit reports, as well as a copy of the financial statements of the founder of the legal entity for the last completed quarter preceding the application date.

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 preceding the date. submitting an 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 or if it is possible for an authorized body to receive them through the e-government web portal;

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 provided for in Article 11-1 of this Law;

4) documents and information in accordance with the procedure provided for in Article 17-1 of this Law, if it is necessary for the applicant to obtain the status of a major participant in a bank or a bank holding company, with the exception of an application for acquiring the status of a bank holding company or a major participant in a bank specified in paragraph 3 of Article 17-1 of this Law, and the documents specified in subparagraph 1) of paragraph 4, subparagraph 1) of paragraph 5 and paragraph 7-1 of Article 17-1 of this Law;

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 the bank being created are specified in paragraph 3-1 of Article 17-1 of this Law.;

6) a notarized copy of the founding agreement, executed in accordance with the procedure established by the legislation of the Republic of Kazakhstan;

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

4. The audit organization's report is considered valid if documents are submitted confirming that it:

independent of the shareholders of the audited banks and their officials;

authorized to carry out auditing activities in accordance with the license and qualification requirements for conducting mandatory audits of financial organizations of the authorized state body responsible for state regulation in the field of auditing and control over the activities of auditing and professional audit organizations, or in accordance with the license for auditing activities of the competent authority of the state of which it is a resident.

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

6. An application for a permit to open a bank may be withdrawn by the applicant at any time of its consideration by the authorized body.

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

President

Republic of Kazakhstan

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