Article 3. Goals, principles and objectives of State regulation, control and supervision of the financial market and Financial Organizations of the Law on State Regulation, Control and Supervision of the Financial Market and Financial Organizations

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Article 3. Goals, principles and objectives of State regulation, control and supervision of the financial market and Financial Organizations of the Law on State Regulation, Control and Supervision of the Financial Market and Financial Organizations

The footnote. Title of Article 3 as amended by the Law of the Republic of Kazakhstan dated 05.07.2012 No. 30-V (effective after ten calendar days after its first official publication).

1. The objectives of state regulation, control and supervision of the financial market and financial organizations are:

1) contributing to the financial stability of the financial market and financial institutions and maintaining confidence in the financial system as a whole;

2) excluded by the Law of the Republic of Kazakhstan dated 05.07.2012 No. 30-V (effective after ten calendar days after its first official publication);

3) creation of equal conditions for the activities of financial organizations, 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, aimed at maintaining fair competition in the financial market.

2. The principles of state regulation, control and supervision of the financial market and financial organizations are:

1) efficient use of regulatory resources and tools;

2) transparency of the activities of financial organizations, 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 and financial supervision;

3) liability of financial organizations, branches of non-resident banks of the Republic of Kazakhstan, branches of insurance (reinsurance) organizations that are non-residents of the Republic of Kazakhstan, branches of insurance brokers that are non-residents of the Republic of Kazakhstan.

3. The objectives of state regulation, control and supervision of the financial market and financial organizations are:

1) setting standards for the activities of financial organizations, 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, creating incentives to improve corporate governance of financial organizations;

2) monitoring of the financial market and financial organizations, 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 in order to maintain the stability of the financial system;

3) focusing oversight resources on the areas of the financial market most at risk in order to maintain financial stability;

4) ensuring an appropriate level of protection of the interests of consumers of financial services, completeness and accessibility of information for consumers about the activities of financial organizations, 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 and the financial services they provide, as well as improving financial literacy and financial accessibility for the population.

The Law of the Republic of Kazakhstan dated July 4, 2003 No. 474-II.

This Law regulates public relations related to the implementation of state regulation, control and supervision of the financial market and financial organizations, and is aimed at increasing the stability of the financial system of the Republic of Kazakhstan and creating conditions to prevent violations of the rights and legitimate interests of consumers of financial services.

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Republic of Kazakhstan

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