Article 24. Refusal to issue a permit to open a bank of the Law on Banks and Banking Activities in the Republic of Kazakhstan

Home / RLA / Article 24. Refusal to issue a permit to open a bank of the Law on Banks and Banking Activities in the Republic of Kazakhstan

 1. A refusal to grant permission to open a bank is made on any of the following grounds:

1) the bank's name does not comply with the requirements of paragraphs 2, 3 and 4 of Article 15 of this Law;

2) instability of the financial position of the founders of the bank.

The instability of the financial situation is understood as the presence of signs established by paragraph 10 of Article 17-1 of this Law.;

3) in cases where the founder is an individual or the first head of the executive body or the governing body of the founder is a legal entity.:

has an outstanding or outstanding criminal record;

He held the position of first head of the management body, first head of the executive body or his deputy, chief accountant, deputy chief accountant of a financial institution, including a non–resident financial institution of the Republic of Kazakhstan, for a period of no more than one year prior to the adoption by the authorized body or financial supervisory authority of the state of which the financial institution is a resident – a non–resident of the Republic of Kazakhstan, a decision to classify the bank as an insolvent bank or to forcibly buy back its shares, revoke the license of a financial institution, including a non-resident financial institution of the Republic of Kazakhstan, which led to their liquidation and (or) termination of activities in the financial market, or the entry into force of a judicial act on the compulsory liquidation of a financial institution, including financial institutions – 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 the non-resident financial institution of the Republic of Kazakhstan is a resident. This requirement is applied within five years after the decision of the authorized body or the financial supervisory authority of the state in which the non–resident financial institution of the Republic of Kazakhstan is resident to classify the bank as an insolvent bank or to forcibly buy out its shares, revoke the license of a financial institution, including a financial institution. – 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 judicial act 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 procedure established by the legislation of the Republic of Kazakhstan or the legislation of the state of which the financial institution is a resident The organization is a non–resident of the Republic of Kazakhstan. For the purposes of this subparagraph, a financial institution also means 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, and a branch of a non–resident insurance broker of the Republic of Kazakhstan.;

4) non-compliance with the requirements of Article 17-1 of this Law;

5) non-compliance with the restrictions established by Article 17 of this Law;

6) refusal to grant consent by an authorized body to acquire the status of a major participant in a bank or a bank holding company;

7) refusal to grant permission to establish (acquire) a subsidiary of the bank;

8) unreliability of information and information in the documents submitted for obtaining a permit.

2. The authorized body is obliged to notify the applicant in writing about the grounds for refusal.

3. The issuance of a permit to open a bank in case of non-compliance with the terms of Articles 18-21 of this Law is not allowed.

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

President

Republic of Kazakhstan

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