Article 3. The main purpose, objectives and principles 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

Home / Laws / Article 3. The main purpose, objectives and principles 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

Article 3. The main purpose, objectives and principles 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

1. The main purpose of government regulation, control and supervision of the financial market and financial organizations is to help ensure the stability of the financial system.

2. In order to achieve the main objective provided for in paragraph 1 of this article, the authorized body is entrusted with the following tasks of state regulation, control and supervision of the financial market and financial organizations:

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) 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;

3) 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;

4) 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;

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

6) other tasks provided for by this Law and other legislative acts of the Republic of Kazakhstan aimed at achieving the main objective of state regulation, control and supervision of the financial market and financial organizations provided for in paragraph 1 of this Article.

3. 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 of non–residents of the Republic of Kazakhstan, branches of insurance brokers of non–residents of the Republic of Kazakhstan.

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.

President

Republic of Kazakhstan

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