Article 2-1. The main purpose, objectives and principles of state regulation in the field of activities of an organization providing mandatory deposit guarantee Act On mandatory deposit guarantee placed in second-tier banks of the Republic of Kazakhstan

Home / RLA / Article 2-1. The main purpose, objectives and principles of state regulation in the field of activities of an organization providing mandatory deposit guarantee Act On mandatory deposit guarantee placed in second-tier banks of the Republic of Kazakhstan

Article 2-1. The main purpose, objectives and principles of state regulation in the field of activities of an organization providing mandatory deposit guarantee Act On mandatory deposit guarantee placed in second-tier banks of the Republic of Kazakhstan

1. The main purpose of state regulation in the field of activities of an organization providing mandatory deposit guarantee is to establish the legal basis for the establishment and operation of an organization providing mandatory deposit guarantee, as well as the conditions for the participation of banks (branches of non–resident banks of the Republic of Kazakhstan) accepting deposits, opening and maintaining bank accounts of individuals in the mandatory deposit guarantee system.

2. The main objectives of state regulation in the field of activities of an organization that provides mandatory deposit guarantees are:

1) formation of the infrastructure of the mandatory deposit guarantee system;

2) assistance in ensuring the stability of the financial system;

3) protection of the rights and legitimate interests of depositors of guaranteed deposits in the event that the participating bank is deprived of its license to conduct all banking operations.

3. The main principles of state regulation in the field of activities of an organization that provides mandatory deposit guarantees are:

1) efficient use of regulatory resources and tools;

2) the responsibility of the organization responsible for the 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.

President

Republic of Kazakhstan

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