Article 5-3. Competence of the authorized body and the National Bank of the Republic of Kazakhstan law on real estate mortgages

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1. The authorized body in relation to mortgage organizations exercises the following powers::

1) issues licenses to mortgage organizations to carry out banking operations provided for by this Law;

2) maintains a register of mortgage organizations;

3) establishes prudential standards and other mandatory norms and limits for mortgage organizations.;

4) adopt regulatory legal acts binding on mortgage organizations in the field of regulating the activities of mortgage organizations in accordance with the purpose and objectives provided for in paragraphs 1 and 2 of Article 2-1 of this Law and the legislation of the Republic of Kazakhstan. The list of subordinate regulatory legal acts is defined in the regulation on the authorized body.;

5) excluded by the Law of the Republic of Kazakhstan dated 03.07.2019 No. 262-VI (effective from 01.01.2020);

6) independently or with the involvement of other organizations performs an audit of the activities of mortgage organizations;

6-1) monitors compliance by mortgage organizations with the legislation of the Republic of Kazakhstan on countering the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction;

7) other functions provided for by this Law, other laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.

1-1. The National Bank of the Republic of Kazakhstan, in coordination with the authorized body, determines the list, forms of reporting, terms and procedure for its submission by mortgage organizations to the National Bank of the Republic of Kazakhstan.

1-2. The authorized body in relation to a Single Housing Construction Operator shall exercise the powers provided for in paragraph 1 of this Article regarding the activities and operations provided for in paragraphs 1, 2, 4 and subparagraph 1) paragraph 4-1 of Article 5-2 of this Law.

2. The procedure for the application of measures of influence and sanctions is established by the regulatory legal acts of the authorized body.

3. If the mortgage organization fails to comply with the requirements of the authorized body specified in the written order to adjust data in financial and (or) other statements, the calculation of prudential standards and other mandatory standards and limits is carried out by the authorized body on the basis of the adjusted statements.

Law of the Republic of Kazakhstan dated December 23, 1995 No. 2723.

President

Republic of Kazakhstan

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