Article 28. Requirements for a Single Operator of the Law On Equity Participation in Housing Construction

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1. In order to ensure financial stability, the Single Operator complies with the capital adequacy ratio established by the regulatory legal act of the authorized body.

2. In case of an expected deterioration in the value of the standard specified in paragraph 1 of this Article and reaching the threshold value, the authorized capital of the Single Operator must be increased in accordance with the procedures established by the legislation of the Republic of Kazakhstan.

3. A single operator forms a risk management and internal control system.

4. A single operator has the software and hardware and other equipment necessary to carry out its main activities.

5. A single operator uses to calculate the capital adequacy ratio:

1) equity of a Single operator;

2) contingent liabilities (obligations under guarantees issued), weighted by the degree of risk.

6. The capital adequacy ratio is calculated as the ratio of equity to contingent liabilities, weighted by the degree of risk.

7. The threshold value of the capital adequacy ratio should be at least 0.05.

8. Consolidated financial statements prepared in accordance with international financial reporting standards are used to calculate the capital adequacy ratio.

9. A single operator is required to audit the annual financial statements.

The Law of the Republic of Kazakhstan dated April 7, 2016 No. 486-V SAM.

This Law regulates public relations related to the activities of equity participation in the housing construction of apartment buildings by attracting money from individuals and (or) legal entities, and also establishes guarantees for the protection of the rights and legitimate interests of the parties to the agreement on equity participation in housing construction.

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