Article 2-1. Affiliated companies of the Bank of the Law on Banks and Banking Activities in the Republic of Kazakhstan

Home / RLA / Article 2-1. Affiliated companies of the Bank of the Law on Banks and Banking Activities in the Republic of Kazakhstan

1. Affiliated persons of the bank are the persons defined by Article 64 of the Law of the Republic of Kazakhstan "On Joint Stock Companies", as well as members of the banking conglomerate.

Unless otherwise established by this article, the national managing holding company does not constitute a basis for determining the bank's affiliated companies in accordance with Article 64 of the Law of the Republic of Kazakhstan "On Joint Stock Companies".

2. Unless otherwise established by this article, affiliated persons of a bank of which the national managing holding is a major shareholder are not the national managing holding or legal entities, one hundred percent of the voting shares (participation interests) of which belong to the national managing holding according to the list approved by the authorized body for state planning, as well as officials of the national managing holding and the above-mentioned legal entities.

The presence of a national management holding among the shareholders of these banks is not a reason for recognizing banks as affiliated with each other.

3. The provisions of the second part of paragraph 1, as well as paragraph 2 of this Article, are not taken into account for the purposes of the tax legislation of the Republic of Kazakhstan and the legislation of the Republic of Kazakhstan on transfer pricing.

4. Affiliated persons of a branch of a non-resident bank of the Republic of Kazakhstan are recognized as affiliated persons of a non-resident bank of the Republic of Kazakhstan, recognized as such in accordance with the legislation of the state of which the non-resident bank of the Republic of Kazakhstan is a resident.

A branch of a non-resident bank of the Republic of Kazakhstan keeps records of its affiliated companies based on information provided by a non-resident bank of the Republic of Kazakhstan.

The footnote. Article 2-1 as amended by the Law of the Republic of Kazakhstan dated 13.02.2009 N 135-IV (see Article 3 for the procedure of entry into force); as amended by the Laws of the Republic of Kazakhstan dated 30.12.2009 No. 234-IV (effective from 21.02.2009); dated 29.09.2014 No. 239-V (effective after ten calendar days after the date of its adoption the first official publication); dated 02.01.2021 No. 399-VI (effective from 16.12.2020).

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

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