Article 20. Reorganization (joining, merging, separation, separation, transformation) of a payment organization The Law on Payments and Payment Systems

     1. Voluntary reorganization (merger, affiliation, division, separation, transformation) of payment organizations may be carried out by decision of the shareholders (participants) of payment organizations with the consent of the National Bank of the Republic of Kazakhstan.

     2. When making a decision on the voluntary reorganization of a payment organization, the following documents are submitted to the National Bank of the Republic of Kazakhstan for approval::

     1) the decision on the voluntary reorganization of the payment organization;

     2) documents describing the proposed conditions, forms, procedure and terms of the voluntary reorganization of the payment organization;

     3) excluded by the Law of the Republic of Kazakhstan dated 25.11.2019 No. 272-VI (effective ten calendar days after the date of its first official publication);  

     4) an agreement on joining (merger) signed by the heads of the executive bodies of the reorganized payment organizations;

     5) audit report in accordance with the legislation of the Republic of Kazakhstan on auditing;

     6) excluded by the Law of the Republic of Kazakhstan dated 25.11.2019 No. 272-VI (effective ten calendar days after the date of its first official publication);  

     7) rules for carrying out the activities of a payment organization formed as a result of voluntary reorganization.

      3. The National Bank of the Republic of Kazakhstan shall review the submitted documents specified in paragraph 2 of this Article and send a written notification of the decision within ten working days from the date of their submission.

     4. Reorganized payment organizations, within fifteen calendar days from the date of receipt of the consent of the National Bank of the Republic of Kazakhstan to conduct a voluntary reorganization, are required to inform all their clients and payment service providers about the reorganization by publishing an appropriate announcement in the media, including on their Internet resource.

     5. The registration of a payment organization formed as a result of voluntary reorganization is carried out in accordance with the requirements of this Law and the regulatory legal act of the National Bank of the Republic of Kazakhstan.

     6. Exclusion from the register of reorganized payment organizations is carried out simultaneously on the day of inclusion of the payment organization formed as a result of voluntary reorganization in the register of payment organizations.

     7. The National Bank of the Republic of Kazakhstan refuses to grant consent to the voluntary reorganization of payment organizations in the following cases::

      1) if the head of the executive body of a payment organization formed as a result of voluntary reorganization does not comply with the requirements of Article 19 of this Law;

     2) if the voluntary reorganization of payment organizations impedes the control and supervision of the payment services market, as well as harms the interests of payment service recipients.

     The footnote. Article 20 as amended by the Laws of the Republic of Kazakhstan dated 07/03/2019 No. 262-VI (effective from 01/01/2020); dated 11/25/2019 No. 272-VI (effective after ten calendar days after the date of its first official publication).  

The Law of the Republic of Kazakhstan dated July 26, 2016 No. 11-VI SAM.

     This Law regulates public relations arising in the field of organization and functioning of payment systems, regulation of payment systems and supervision (oversight) of them, regulation of the payment services market and control over it, as well as the implementation of payments and (or) money transfers in the Republic of Kazakhstan.

President    

Republic of Kazakhstan     

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