Article 20. Requirements for senior employees of the Bank and the bank holding Company of the Law on Banks and Banking Activities in the Republic of Kazakhstan

Home / RLA / Article 20. Requirements for senior employees of the Bank and the bank holding Company of the Law on Banks and Banking Activities in the Republic of Kazakhstan

 1. The bank's senior employees are the head and members of the management body, the head of the executive body, his deputy and members of the executive body, other bank managers who coordinate and (or) control the activities of the bank's structural divisions and have the right to sign documents on the basis of which banking operations are conducted, the chief accountant, and the deputy chief accountant.

The first heads of separate divisions of the bank and their chief accountants, as well as persons who have the right to sign documents on the basis of which banking operations are conducted and who control the activities of only one structural division, are not senior employees of the bank.

1-1. The head and his deputies, other heads of the branch of the non–resident bank of the Republic of Kazakhstan, who coordinate and (or) control the activities of the structural divisions of the branch of the non–resident bank of the Republic of Kazakhstan and have the right to sign documents on the basis of which banking operations are conducted, the chief accountant, the deputy chief the accountant. At least two senior employees of a branch of a non–resident bank of the Republic of Kazakhstan must be residents of the Republic of Kazakhstan.

The head of a branch of a non–resident bank of the Republic of Kazakhstan and his deputies may not hold the position of head of the executive body or a person solely performing the functions of the executive body of a legal entity, a senior employee in other financial organizations and branches of non–resident banks of the Republic of Kazakhstan, branches of insurance (reinsurance) organizations of non–residents of the Republic of Kazakhstan, branches of insurance brokers of non-residents of the Republic of Kazakhstan.

For the purposes of subparagraph 8) of paragraph 2 of Article 13-1 of this Law, the head of the management body, his deputy and members of the management body, the head of the executive body, his deputy and members of the executive body, and the chief accountant are recognized as senior employees of a non–resident bank of the Republic of Kazakhstan.

2. The Bank is obliged, within one hundred and twenty calendar days after the end of the financial year, to submit to the National Bank of the Republic of Kazakhstan reports, including information on income paid by the bank to all senior employees of the bank during the financial year, in the form established by the regulatory legal act of the National Bank of the Republic of Kazakhstan in coordination with the authorized body.

The requirements for the bank's internal policy on remuneration, accrual of monetary remuneration, as well as other types of financial incentives for bank executives are determined by a regulatory legal act of the authorized body.

3. A person may not hold (may not be appointed (elected) to) the position of a senior employee of the bank.:

1) has no higher education;

2) who does not have the length of service established by this article:

in international financial organizations, the list of which is established by the authorized body;

and (or) in the field of regulation, control and supervision of the financial market and financial organizations;

and (or) in the field of financial services;

and (or) conducting an audit of financial institutions;

and (or) in the field of regulation of audit services for financial institutions;

and (or) in positions of political civil servants who ensure the formation of state policy in the fields of economics, finance, or state audit and financial control;

and (or) in the national management holding company, the Development Bank of Kazakhstan, the special fund for the development of private entrepreneurship, a subsidiary of the national management holding company engaged in the development of the direct investment market, in positions provided for in subparagraph 3-2) of paragraph 5-1 of this Article;

2-1) does not meet the requirements established by this Article;

3) does not have an impeccable business reputation;

4) who was previously the head, member of the management body, head of the executive body, his deputy or a member of the executive body, chief accountant, deputy chief accountant of a financial organization, head, deputy head, chief accountant, deputy chief accountant of a branch of a non–resident bank of the Republic of Kazakhstan, branch of an insurance (reinsurance) organization – non-resident of the Republic of Kazakhstan, branch insurance broker – a non-resident of the Republic of Kazakhstan, a major participant–an individual, the head of a major participant (bank holding company) – a legal entity of a financial institution, including a non-resident financial institution of the Republic of Kazakhstan, for a period not exceeding one year before the adoption by the authorized body or the financial supervisory authority of the state of which the non–resident bank of the Republic of Kazakhstan is a resident, decisions on classifying a bank or a branch of a non–resident bank of the Republic of Kazakhstan as an insolvent bank or bank branches – non–residents of the Republic of Kazakhstan or on the forced repurchase of bank shares, revocation of the license of a financial institution, including a non–resident financial institution of the Republic of Kazakhstan, a branch of a non–resident bank of the Republic of Kazakhstan, a branch of a non-resident insurance (reinsurance) organization of the Republic of Kazakhstan, a branch of an insurance broker – a non–resident of the Republic of Kazakhstan, which led to their liquidation and (or) termination of their activities in the financial market, or the entry into force of a court decision on the compulsory liquidation of a financial institution, including a non-resident financial institution of the Republic of Kazakhstan, or declaring it bankrupt in accordance with the legislation of the Republic of Kazakhstan or the legislation of the state of which the financial institution is a resident – a non–resident of the Republic of Kazakhstan, in accordance with the procedure, or the entry into force of a court decision on the compulsory termination of the activities of a branch of a non–resident bank of the Republic of Kazakhstan, a branch of a non-resident insurance (reinsurance) organization of the Republic of Kazakhstan in cases established by the laws of the Republic of Kazakhstan.

This requirement is applied within five years after the adoption by the authorized body or the financial supervisory authority of the state of which the non–resident bank of the Republic of Kazakhstan is a resident, the decision to classify the bank, a branch of a non–resident bank of the Republic of Kazakhstan to the category of insolvent banks, branches of non–resident banks of the Republic of Kazakhstan, or the forced repurchase of shares of the bank, revocation of the license of a financial institution, in including a non–resident financial institution of the Republic of Kazakhstan, a branch of the bank – a non–resident of the Republic of Kazakhstan, a branch of a non–resident insurance (reinsurance) organization of the Republic of Kazakhstan, a branch of a non-resident insurance broker of the Republic of Kazakhstan, which led to their liquidation and (or) termination of their activities in the financial market, or the entry into force of a court decision on the compulsory liquidation of a financial organization, including a financial organization – a non–resident of the Republic of Kazakhstan, or declaring it bankrupt in accordance with the procedure established by the legislation of the Republic of Kazakhstan or the legislation of the state in which a non–resident financial institution of the Republic of Kazakhstan is a resident, or the entry into force of a court decision on the compulsory termination of the activities of a branch of a non–resident bank of the Republic of Kazakhstan, a branch of an insurance (reinsurance) organization of a non-resident of the Republic of Kazakhstan in cases where established by the laws of the Republic of Kazakhstan.

The requirement of this subparagraph does not apply to senior employees of banks, fifty percent or more of whose voting shares are directly or indirectly owned by the national management holding, in respect of whom restructuring has been carried out in accordance with this Law, with the exception of senior employees appointed (elected) prior to the acquisition by the Government of the Republic of Kazakhstan or the national management holding of shares of these banks in accordance with in accordance with Article 17-2 of this Law;

5) who has had his consent to be appointed (elected) to the position of a senior employee revoked and (or) who has been removed from his official duties in this and (or) in another financial organization, banking, insurance holding, this and (or) another branch of a non–resident bank of the Republic of Kazakhstan, a branch of an insurance (reinsurance) a non–resident organization of the Republic of Kazakhstan, a branch of a non–resident insurance broker of the Republic of Kazakhstan through the application of a supervisory response measure. This requirement is applied during the last twelve consecutive months after the decision of the authorized body to revoke consent to the appointment (election) to the position of a senior employee or to dismiss from official duties.

A person who has committed a corruption offense or has been subjected to administrative punishment for committing a corruption offense within three years prior to the date of appointment (election) may not hold (may not be appointed (elected) to) the position of a senior employee of the bank.;

6) who was previously the head, member of the management body, head, member of the executive body, chief accountant of a financial organization, major participant (major shareholder) – an individual, head, member of the management body, head, member of the executive body, chief accountant of a major participant (major shareholder) – an issuing legal entity that has defaulted on the payment of coupon interest on issued equity securities for four or more consecutive periods, or whose outstanding amount for the payment of coupon interest on issued equity securities that have defaulted is four times and (or) more than the amount of coupon interest, or the amount of default on the payment of the principal The debt on issued equity securities is ten thousand times higher than the monthly calculation index., established by the law on the republican budget on the date of payment. This requirement shall apply for a period of five years from the date of occurrence of the circumstances provided for in this subparagraph.

3-1. A person who has a special relationship with the bank and/or has been a member of the Board of Directors for three years prior to the date of filing an application for approval for the position of a member of the Board of Directors – an independent director of the bank may not hold (may not be appointed (elected) to) the position of a member of the Board of Directors – an independent director of the bank.

4. A major participant of the bank may not be appointed (elected) to the position of head of the executive body of the bank.

The number of members of the executive body must be at least three persons.

5 In order to comply with the requirement provided for in subparagraph 2) According to paragraph 3 of this article, it is necessary to have a work record for candidates for positions:

1) the head or a member of the bank's management body who is a member of the executive body of the parent bank, the head of the executive body, the head of a branch of a non–resident bank of the Republic of Kazakhstan – for at least five years, including at least three years in a senior position;

2) the head of the bank's management body – for at least five years, including at least two years in a senior position;

3) members of the executive body of the bank, the deputy head of the executive body of the bank, the deputy head of a branch of a non–resident bank of the Republic of Kazakhstan – for at least three years, including at least two years in a senior position;

4) a member of the bank's management body – for at least two years;

5) chief accountant of a bank, branch of a non–resident bank of the Republic of Kazakhstan – for at least three years;

6) deputy chief accountant of a bank, branch of a non–resident bank of the Republic of Kazakhstan – for at least two years;

7) other heads of the bank, a branch of a non–resident bank of the Republic of Kazakhstan, who coordinate and (or) control the activities of structural divisions of the bank, a branch of a non–resident bank of the Republic of Kazakhstan and have the right to sign documents on the basis of which banking operations are conducted, for at least one year.

The specifics of the length of service for candidates with professional qualifications confirmed by international certificates and the list of such certificates are established by a regulatory legal act of the authorized body.

For candidates for the positions of members of the bank's executive body responsible exclusively for security issues, administrative and business issues, information technology issues, and the length of service provided for in subparagraph 2) paragraph 3 of this article is not required.

The length of service defined in this paragraph does not include work in the departments of a financial institution related to ensuring its security, carrying out administrative and economic activities, developing information technology (with the exception of the head of the information technology and (or) information security development department), working in a mutual insurance company.

A member of the management body who is an independent director may not hold the position of an independent director of this bank for more than ten consecutive years, except in cases provided for by a regulatory legal act of the authorized body.

5-1. For the purposes of subitems 1), 2), 3) and 4) of the first part of paragraph 5 of this Article, a managerial position is a position:

1) a senior employee of a financial institution, a branch of a non–resident bank of the Republic of Kazakhstan, a branch of a non–resident insurance (reinsurance) organization of the Republic of Kazakhstan, a branch of a non–resident insurance broker of the Republic of Kazakhstan;

2) the head of an independent structural unit of a financial organization, a branch of a non–resident bank of the Republic of Kazakhstan, a branch of a non–resident insurance (reinsurance) organization of the Republic of Kazakhstan, a branch of a non–resident insurance broker of the Republic of Kazakhstan, whose activities were related to the provision of financial services;

3) the first head and his deputy, the head or deputy head of an independent structural subdivision of a state body in the field of regulation of financial services and (or) in the field of regulation and state control in the field of auditing of financial organizations;

3-1) a political civil servant who ensures the formation of state policy in the fields of economics, finance or state audit and financial control;

3-2) the head of the management body, the head of the executive body, as well as his deputy in charge of financial matters and (or) the activities of subsidiaries of financial organizations, the national management holding, the Development Bank of Kazakhstan, the special fund for the development of private entrepreneurship and a subsidiary of the national management holding, engaged in the development of the direct investment market;

3-3) the first head and his deputy, the head or deputy head of an independent structural unit:

international financial organizations, the list of which is established by the authorized body;

organizations conducting audits of financial institutions;

4) another head of a financial institution, a branch of a non–resident bank of the Republic of Kazakhstan, a branch of a non–resident insurance (reinsurance) organization of the Republic of Kazakhstan, a branch of a non–resident insurance broker of the Republic of Kazakhstan who oversaw issues related to the provision of financial services.

6. A candidate for the position of a senior employee of the bank is not entitled to perform the relevant functions without the approval of the authorized body.

A member of the bank's management body may perform the relevant functions without the approval of the authorized body for no more than sixty calendar days from the date of his election.

Senior employees of a person acquiring the status of a bank holding company are entitled to perform the relevant functions without approval from the authorized body for no more than sixty calendar days from the date the person acquires the characteristics of a bank holding company upon receipt by the legal entity of the status of a bank holding company.

Upon expiration of the period specified in this paragraph, and in case of failure to submit the full package of documents for approval to the authorized body or refusal by the authorized body to approve, the bank is obliged to take measures to terminate the powers of this senior employee.

The head of the executive body of the bank (head of a branch of a non–resident bank of the Republic of Kazakhstan), the chief accountant of the bank (a branch of a non–resident bank of the Republic of Kazakhstan) is not entitled to hold the position of a member of the executive body (deputy head of a branch of a non–resident bank of the Republic of Kazakhstan), the chief accountant in other banks, including those that are non–residents of the Republic of Kazakhstan, branches of the bank - a non-resident of the Republic of Kazakhstan.

This restriction does not apply if banks are parent and subsidiary organizations in relation to each other.

It is prohibited to perform the duties (replacement of a temporarily absent) senior employee of the bank by persons who do not comply with the requirements of this article and are not coordinated with the authorized body, except in cases where the duties of the head of the executive body of the bank are assigned to a member of the executive body of the bank or the duties of the chief accountant of the bank to the deputy chief accountant of the bank for a period not exceeding thirty calendar days.

It is not allowed to assign the duties (replacement of the temporarily absent) head of the executive body of the bank or the chief accountant of the bank to the persons specified in part seven of this paragraph due to the absence of a candidate agreed with the authorized body for a total of more than one hundred and eighty calendar days within twelve consecutive months.

The authorized body reviews the documents submitted for the approval of the appointment (election) of the bank's senior staff within thirty working days from the date of submission of the full package of documents in accordance with the requirements of the regulatory legal act of the authorized body.

The authorized body suspends the period of consideration of documents submitted for obtaining consent to the appointment (election) of the bank's senior staff, when the authorized body forms a reasoned judgment regarding these senior staff or candidates for the position of a senior officer. This period is suspended from the moment when the draft reasoned judgment is sent to the bank or to a senior employee of the bank, or to a candidate for the position of a senior employee of the bank, until the date when the authorized body makes the reasoned judgment.

A candidate for the position of a senior employee of the bank, approved by the authorized body, has the right to be appointed (elected) to the agreed position within twelve months from the date of receiving consent to the appointment (election) of a senior employee of the bank.

A senior employee of the bank, agreed with the authorized body, may be appointed to a similar position of a senior employee in this or another bank without obtaining the consent of the authorized body within six months from the date of termination of the powers of the senior employee of the bank, except in the case provided for in part fourteen of this paragraph, and the withdrawal by the authorized body of consent to appointment (election) to the position of a senior employee of the bank on the grounds provided for in paragraph 11 of this Article.

A member of the bank's management body, agreed with the authorized body for the position of an independent director, may be re-elected as an independent director within six months from the date of termination of powers without obtaining the consent of the authorized body of the bank only in accordance with the requirements established by this article and subparagraph 20) of Article 1 of the Law of the Republic of Kazakhstan "On Joint Stock Companies".

If, after the expiration of the specified time limits, the notification of the appointment (election) of this senior employee of the bank has not been submitted by the bank to the authorized body, the previously given consent to the appointment (election) of the senior employee of the bank is considered invalid.

7. The procedure for issuing the consent of the authorized body for the appointment (election) of a senior employee of a bank or bank holding company, including criteria for the absence of an impeccable business reputation, and documents necessary to obtain consent, are determined by regulatory legal acts of the authorized body.

A fee is charged for granting consent to the appointment (election) of a senior employee of a bank or bank holding company, the amount and payment procedure of which are determined by the tax legislation of the Republic of Kazakhstan.

8. The authorized body refuses to grant consent to the appointment (election) of the bank's senior staff on the following grounds:

1) non-compliance of the bank's management personnel and candidates for the positions of the bank's management personnel with the requirements established by this Article, subparagraph 20) of Article 1, paragraph 4 of Article 54, paragraph 2 of Article 59 of the Law of the Republic of Kazakhstan "On Joint Stock Companies" and Article 9 of the Law of the Republic of Kazakhstan "On Accounting and Financial Reporting";

2) negative test result.

The negative test results are:

The candidate's test result is less than seventy percent correct.;

violation by the candidate of the testing procedure determined by the authorized body;

failure to appear for testing at the appointed time before the deadline for approval of the candidate by the authorized body expires;

3) failure by the bank or a candidate for the position of a senior employee of the bank to remove the comments of the authorized body within the time period established by the authorized body, or submission by the bank, bank holding company or candidate for the position of a senior employee of the bank of documents modified taking into account the comments of the authorized body after the expiration of the period established by part nine of paragraph 6 of this Article for consideration of documents by the authorized body;

3-1) violation of the procedure established by the legislation of the Republic of Kazakhstan for the election (appointment) of a candidate for the position of a senior employee of the bank;

4) submission of documents after the expiration of the period specified in paragraph 6 of this Article, during which the senior employee holds his position without approval from the authorized body.;

5) excluded by the Law of the Republic of Kazakhstan dated 07/02/2018 No. 168-VI (effective from 01.01.2019); 6) excluded by the Law of the Republic of Kazakhstan dated 07/02/2018 No. 168-VI (effective from 01.01.2019);

7) the authorized body has information (facts) about the candidate's actions recognized as committed for the purpose of manipulating the securities market and (or) causing damage to a third party(s).

This requirement applies for one year from the date of the earliest of the listed events.:

recognition by the authorized body of the candidate's actions as committed for the purpose of manipulation in the securities market;

receipt by the authorized body of facts confirming the damage caused to a third party (third parties) as a result of such actions;

8) the authorized body has information that the candidate was an employee of a financial institution, in respect of which the authorized body applied supervisory response measures and (or) imposed an administrative penalty for an administrative offense provided for in Article 259 of the Code of the Republic of Kazakhstan on Administrative Offenses, for committing actions recognized as committed for the purpose of manipulation in the securities market, and (or) an employee of a financial institution, whose actions caused damage to a financial institution and/or a third party(s) involved in the transaction.

This requirement applies for one year from the date of the earliest of the listed events.:

recognition by the authorized body of the candidate's actions as committed for the purpose of manipulation in the securities market;

receipt by the authorized body of facts confirming damage caused by the candidate's actions to a financial institution and (or) a third party(s).

For the purposes of this subparagraph, an employee of a financial institution is understood to be a senior employee or a person who performed his duties and/or a stock exchange trader whose competence included making decisions on issues that led to the above violations.

The information specified in subitems 7) and 8) of part one of this paragraph includes information received by the authorized body from the financial supervisory authority of the state in which the non–resident financial institution of the Republic of Kazakhstan is a resident.

9. In case of refusal of the authorized body to grant consent to the appointment (election) of a member of the bank's management body or termination of his powers prior to the issuance of such consent or failure to submit documents to the authorized body for approval within the time period provided for in paragraph 6 of this Article, this person may be reappointed (elected) to the position of a member of the management body of this bank no earlier less than ninety calendar days after receiving the refusal of the authorized body to grant consent to his appointment (election), termination of his powers, respectively, but not more than twice in twelve consecutive months.

The Bank is obliged to notify the authorized body within five working days from the date of the decision of the relevant body of the bank about all changes that have occurred in the composition of senior staff, including their appointment (election), transfer to another position, termination of the employment contract and (or) termination of powers, bringing the senior employee to administrative responsibility for committing a corruption offense., as well as about changes in the surname, first name, patronymic (if it is indicated in the document, identity document) of the supervisor with copies of supporting documents attached.

If a senior employee of the bank is held criminally liable, the bank notifies the authorized body within five working days from the day when this information became known to the bank.

If there are cases, facts and (or) circumstances that serve as the basis for the formation and use by the authorized body of a reasoned judgment in accordance with Article 13-5 of the Law of the Republic of Kazakhstan "On State Regulation, Control and Supervision of the financial Market and Financial Organizations", the authorized body sends a notification to the bank about the formation of a reasoned judgment in relation to the bank's senior employee.

A person in respect of whom a reasoned judgment is formed is not entitled to assume his duties until the decision is made by the authorized body in accordance with the procedure and time limits provided for in Article 13-5 of the Law of the Republic of Kazakhstan "On State Regulation, Control and Supervision of the Financial Market and Financial Organizations."

The period provided for in part nine of paragraph 6 of this Article is suspended until a decision is made by the authorized body in the manner and within the time limits provided for in Article 13-5 of the Law of the Republic of Kazakhstan "On State Regulation, Control and Supervision of the Financial Market and Financial Organizations

10. In case of two consecutive refusals by the authorized body to grant consent to the appointment (election) to the position of a senior employee of the bank:

1) the documents may be resubmitted to the authorized body upon the expiration of twelve consecutive months from the date of the decision by the authorized body on the second refusal to grant consent to his appointment (election) in this bank.;

2) a member of the bank's management body may be elected as a senior employee of the bank upon the expiration of twelve consecutive months from the date of the decision by the authorized body on the second refusal to grant consent for his election in this bank.

11. The authorized body revokes the consent granted for the appointment (election) to the position of a senior employee of the bank on the following grounds:

1) identification of false information on the basis of which the consent was given;

2) excluded by the Law of the Republic of Kazakhstan dated 07/02/2018 No. 168-VI (effective from 01.01.2019);

3) the application by the authorized body of the supervisory response measure specified in subparagraph 12) of paragraph 1 of Article 46 of this Law;

4) excluded by the Law of the Republic of Kazakhstan dated 07/02/2018 No. 168-VI (effective from 01.01.2019);

5) the presence of an outstanding or outstanding criminal record.

6) non-compliance with the requirements established by this article.

Revocation by the authorized body of consent to the appointment (election) of a senior employee of a bank or bank holding company is the basis for revocation of previously issued consent (consents) to this senior employee in other financial organizations, banking, insurance holdings, branches of non–resident banks of the Republic of Kazakhstan, branches of insurance (reinsurance) organizations of non–residents of the Republic of Kazakhstan, branches of insurance brokers who are non–residents of the Republic of Kazakhstan.

The Bank is obliged to terminate the employment contract with the bank's senior employee or, in the absence of an employment contract, take measures to terminate the powers of the bank's senior employee in the following cases::

1) withdrawal by the authorized body of consent to the appointment (election) to the position of a senior employee of the bank;

2) violations by the bank of the procedure established by the legislation of the Republic of Kazakhstan for the election (appointment) of a candidate for the position of a senior employee.

The powers of a member of the bank's Board of directors whose consent to appointment (election) to the position of a senior employee of the bank has been revoked by the authorized body shall terminate upon receipt by the bank and (or) the bank holding company of this revocation.

12. Excluded by the Law of the Republic of Kazakhstan dated 07/02/2018 No. 168-VI (effective from 01.01.2019).

13. The head and members of the management body, the head and members of the executive body of an organization engaged in certain types of banking operations must comply with the requirements established by this article. In case of compliance with the specified requirements, the head and members of the management body, the head and members of the executive body are appointed (elected) to positions without the consent of the authorized body. An organization engaged in certain types of banking operations shall, at the request of the authorized body, dismiss the head and a member of the management body, the head and a member of the executive body in case of their non-compliance with the requirements of this article.

If the authorized body applies the supervisory response measure specified in subparagraph 12) of paragraph 1 of Article 46 of this Law to the head (member) of the management body, the head (member) of the executive body of an organization engaged in certain types of banking operations, this organization is obliged to terminate the employment contract with this person or take measures to terminate his powers.

For the heads of the executive body of an organization engaged in certain types of banking operations, which is a subsidiary of the national managing holding in the field of the agro-industrial complex, in the length of service established by subparagraph 2) paragraph 3 of this article also includes work experience in social and entrepreneurial corporations.

With respect to the National Postal Operator, the requirements of this paragraph apply to members of the executive body whose official duties include overseeing issues related to certain types of banking transactions.

14. The head of the management body, his deputy and members of the management body, the head of the executive body, his deputy and members of the executive body, the chief accountant, the deputy chief accountant, and other heads of the bank holding company who coordinate and (or) control the activities of the subsidiary(s) are recognized as senior employees of a resident bank holding company in the Republic of Kazakhstan and (or) the organization(s) in which the bank holding company has a significant equity interest.

The persons specified in the second part of paragraph 6-1 of Article 17-1 of this Law are recognized as senior employees of a non–resident bank holding company of the Republic of Kazakhstan.

15. The requirements of this article apply to senior executives of bank holding companies, with the exception of senior executives of non-resident bank holding companies of the Republic of Kazakhstan, provided one of the following conditions is met:

The bank holding company has an individual credit rating of at least A rating from one of the rating agencies, the list of which is established by the authorized body, as well as written confirmation from the financial supervisory authority of the country of origin of the bank holding company that it is subject to consolidated supervision.;

the existence of an agreement between the authorized body and the relevant supervisory authority of a foreign state on the exchange of information, as well as the minimum required rating of one of the rating agencies. The minimum rating and the list of rating agencies are established by a regulatory legal act of the authorized body.

16. The requirements of this article, with the exception of subitems 3), 4), 5) and 6) of paragraph 3 of this Article, do not apply to bank holding companies that indirectly own (have the ability to vote, determine decisions and (or) influence decisions made by virtue of an agreement or otherwise) shares of the bank through ownership (availability the ability to vote, determine decisions and (or) influence decisions made by virtue of an agreement or otherwise) by shares or shares in the authorized capital of a bank holding company – a resident of the Republic of Kazakhstan who directly owns (has the opportunity to vote, determine decisions and (or) influence decisions made by virtue of an agreement or otherwise) shares of the specified bank.

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

President

Republic of Kazakhstan

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