Article 48. Refusal to issue a permit for the reorganization of the voluntary accumulative pension fund of the Social Code of the Republic of Kazakhstan
A refusal to grant permission from the authorized body for regulation, control and supervision of the financial market and financial organizations to reorganize a voluntary accumulative pension fund is made on any of the following grounds:
1) violation of the interests of depositors (recipients) as a result of the proposed reorganization;
2) violation of the requirements of the legislation of the Republic of Kazakhstan in the field of competition protection as a result of the proposed reorganization;
3) the documents submitted for obtaining permission from the authorized body for regulation, control and supervision of the financial market and financial organizations for reorganization do not comply with the requirements of the legislation of the Republic of Kazakhstan.
President
Republic of Kazakhstan
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