Article 9-4. Requirements for senior employees of a bank, insurance (reinsurance) organization, insurance broker, branch of a non–resident bank of the Republic of Kazakhstan, branch of a non–resident insurance (reinsurance) organization of the Republic of Kazakhstan, branch of an insurance broker – a non-resident of the Russian Federation, a single accumulative pension fund, a voluntary accumulative pension fund, a joint-stock company Insurance Benefit Guarantee Fund, a professional participant in the securities market, banking, insurance holdings of the Law on State Regulation, Control and Supervision of the Financial Market and Financial Organizations
1. For the purposes of this article:
1) a market entity means a bank, an insurance (reinsurance) organization, an insurance broker, a branch of a non–resident bank of the Republic of Kazakhstan, a branch of a non–resident insurance (reinsurance) organization of the Republic of Kazakhstan, a branch of a non–resident insurance broker of the Republic of Kazakhstan, a single accumulative pension fund, a voluntary accumulative pension fund, an Insurance Benefit Guarantee Fund (hereinafter referred to as Fund), professional participant in the securities market, banking, insurance holdings;
2) a branch means a branch of a non–resident bank of the Republic of Kazakhstan, a branch of a non–resident insurance (reinsurance) organization of the Republic of Kazakhstan, a branch of a non–resident insurance broker of the Republic of Kazakhstan;
3) a candidate for the position of a senior employee is an individual who intends to hold the position of a senior employee of a market entity, or a person elected to the position of a member of the management body of a market entity.;
4) a managerial position means the following positions:
a senior employee of a financial institution or branch;
the head of a structural subdivision of a financial organization, the coordination and (or) control over the activities of which are carried out directly by the governing body, the head, a member of the executive body or other senior employee of the financial organization;
the head of the structural division of the branch, the coordination and (or) control over the activities of which are carried out directly by the head, deputy head, or other senior employee of the branch;
the first head, his deputy, the head, the deputy head of an independent structural unit of the state body in the field of regulation of financial services and (or) in the field of state regulation and control in the field of auditing of financial organizations;
a political civil servant who ensures the formation of state policy in the fields of economics, finance, or state audit and financial control;
the head of the management body, the head of the executive body, as well as his deputy in charge of financial matters and (or) the activities of subsidiaries of financial organizations, the national management holding company, the Development Bank of Kazakhstan, the special fund for the development of private entrepreneurship, the Export Credit Agency of Kazakhstan;
the first head, his deputy, the head, the deputy head of an independent structural unit:
international financial organizations, the list of which is established by the authorized body;
organizations conducting audits of financial organizations, including those in foreign organizations and legal entities;
organizations engaged in the development of software used to automate the activities of financial organizations;
another head of a financial institution or a branch that oversees one or more structural divisions whose activities are related to the provision of financial services.
2. To hold a position (appointment (election) to a position) of a senior employee of a market entity, an individual must:
1) having an impeccable business reputation;
2) higher education;
3) the availability of work experience for:
head of the management body – at least five years;
member of the governing body – at least two years;
the head or a member of the management body that is a member of the executive body of the parent financial institution, the head of the executive body (the person solely performing the functions of the executive body), the head of a branch of a non–resident bank of the Republic of Kazakhstan, a branch of an insurance (reinsurance) organization that is a non–resident of the Republic of Kazakhstan – for at least five years, including at least three years in the management position positions;
deputy head, members of the executive body, deputy head of a branch of a non–resident bank of the Republic of Kazakhstan, deputy head of a branch of a non–resident insurance (reinsurance) organization of the Republic of Kazakhstan, head of an insurance broker, his deputy, head of a branch of a non–resident insurance broker of the Republic of Kazakhstan, his deputy – for at least three years, including at least two years in a leadership position;
Chief accountant – at least three years;
Deputy Chief Accountant – at least two years;
other senior employees – at least one year.
Work experience is not required for:
candidates for positions of members of the executive body of a financial organization, banking, insurance holding companies responsible exclusively for security, administrative and business issues, and information technology issues;
a member of the Government of the Republic of Kazakhstan, deputy head of the central executive body of the Republic of Kazakhstan, who is a candidate for the position of head of the management body of an insurance (reinsurance) organization, a professional participant in the securities market, a voluntary accumulative pension fund, more than fifty percent of the outstanding shares of which are directly or indirectly owned by the state and (or) the national managing holding, a single accumulative pension fund;
the head, deputy head of an independent structural unit of the central executive body responsible for management and intersectoral coordination in the field of social protection of the population in accordance with the legislation of the Republic of Kazakhstan, who is a candidate for the position of a member of the management body of the unified accumulative pension fund.;
the head of the management body, the executive body of the national managing holding, as well as his deputy in charge of financial matters and (or) the activities of subsidiary financial organizations of the national managing holding, who is a candidate for the position of head, member of the management body of a financial organization, more than fifty percent of the outstanding shares of which are directly or indirectly owned by the national managing holding;
4) there is information that during the ten years preceding the date of filing the application for approval for the position of a senior employee, the person was not the head, member of the management body, head of the executive body, his deputy or a member of the executive body, chief accountant, deputy chief accountant of a financial organization, head, deputy head, chief accountant, Deputy Chief accountant of a branch of a non–resident bank of the Republic of Kazakhstan, a branch of an insurance (reinsurance) organization – a non–resident of the Republic of Kazakhstan, a branch of a non–resident insurance broker of the Republic of Kazakhstan, a major participant – an individual, the head of a major participant (bank holding company) – a legal entity of a financial organization, including a non-resident financial organization of the Republic of Kazakhstan, in the period not more than one year before:
applying the settlement regime to the bank;
revocation of the license of a financial organization, including a non–resident financial organization of the Republic of Kazakhstan, a branch, which led to their liquidation and (or) termination of activities in the financial market;
the entry into force of a judicial act on the compulsory liquidation of a financial organization, including a non–resident financial organization of the Republic of Kazakhstan, or declaring it bankrupt in accordance with the procedure established by the legislation of the Republic of Kazakhstan, the legislation of the state of which the non–resident financial organization of the Republic of Kazakhstan is a resident;
the entry into force of a judicial act on the compulsory termination of the activities of a branch of a non–resident bank of the Republic of Kazakhstan, a branch of an insurance (reinsurance) organization that is a non–resident of the Republic of Kazakhstan in cases established by the laws of the Republic of Kazakhstan.
The requirement of this subparagraph does not apply to senior employees of a systemically significant bank in settlement mode or a stabilization bank to which assets and liabilities of a systemically significant bank in settlement mode are transferred, appointed (elected) after the decision of the Government of the Republic of Kazakhstan or the national management holding company to purchase shares of a systemically significant bank in settlement mode., or a stabilization bank to which the assets and liabilities of a systemically important bank are transferred, currently in settlement mode;
5) in the last twelve months preceding the date of filing the application for approval for the position of a senior employee, there have been no cases of a person withdrawing consent to be appointed (elected) to the position of a senior employee and (or) removing him from his official duties in this and (or) another market entity through the application of a supervisory response measure;
6) availability of information that:
There is no final court verdict against the person for committing a corruption crime.;
during the three years preceding the date of filing the application for approval for the position of a senior employee, a person was not released from criminal liability for committing a corruption offense on the basis of paragraphs 3), 4), 9), 10) and 12) the first part of Article 35 or Article 36 of the Criminal Procedure Code of the Republic of Kazakhstan, as well as not was brought to administrative responsibility for committing administrative corruption offenses;
7) there is information that during the five years preceding the date of filing the application for approval for the position of a senior employee, the person was not a senior employee of the issuing financial institution, a major participant (major shareholder) – an individual, head, member of the management body, head, member of the executive body, chief accountant (his deputy) of a major participant (major shareholder) – a legal entity – an issuer that has defaulted on the payment of coupon interest on issued equity securities in the presence of one of the following circumstances:
The non-payment of coupon remuneration on issued equity securities lasted for four or more consecutive periods;
the amount of arrears in the payment of coupon interest on issued equity securities that were defaulted on was four times and (or) more than the amount of coupon interest;
The amount of default on the payment of the principal debt on the issued equity securities was ten thousand times higher than the monthly calculation index established by the law on the republican budget on the date of payment.
3. When calculating the length of service, the length of service is taken into account:
for the provision of financial services, including in foreign organizations and legal entities;
on regulation, control and supervision of the financial market and financial organizations, including in foreign organizations;
conducting audits of financial organizations, regulating services for conducting audits of financial organizations, including in foreign organizations and legal entities;
in positions of political civil servants who ensure the formation of state policy in the fields of economics, finance or state audit and financial control;
in the national management holding Company, the Development Bank of Kazakhstan, the special fund for the development of private entrepreneurship, the Export Credit Agency of Kazakhstan in the positions provided for in the seventh paragraph of subparagraph 4) of paragraph 1 of this Article;
in international financial organizations, the list of which is established by the authorized body;
on the development of software used to automate the activities of financial organizations;
as an actuary licensed to carry out actuarial activities in the insurance market;
in organizations licensed to provide financial services on the territory of the Astana International Financial Center.
When calculating work experience, work in a financial organization or branch related to security, administrative and business activities, information technology development (with the exception of the head of the structural unit responsible for the development of information technology and (or) information security), and work in a mutual insurance company are not taken into account.
The specifics of the length of service for candidates for the position of a senior employee with professional qualifications confirmed by international certificates and the list of such certificates are established by a regulatory legal act of the authorized body.
The length of service provided for in paragraphs eight, nine and ten of part one of this paragraph is not taken into account for a candidate for the position of a senior employee of a bank, a branch of a non–resident bank of the Republic of Kazakhstan.
The requirement of the eighth paragraph of the first part of this paragraph does not apply to a candidate for the position of a senior employee of a professional participant in the securities market.
The provisions of this paragraph do not apply to candidates for the position of head or member of the management body of a banking or insurance holding company.
4. A person who does not meet the requirements established by Article 46 of the Law of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan" may not be a member of the Board of Directors – an independent director of the bank.
A member of the board of directors – an independent director of an insurance (reinsurance) organization may not be a person who has a special relationship with an insurance (reinsurance) organization and/or has been a member for three years prior to the date of submitting an application for approval for the position.
A member of the Board of Directors who is an independent director may not hold the specified position in one bank, insurance (reinsurance) organization, unified accumulative pension fund, voluntary accumulative pension fund, professional participant in the securities market, or Fund for more than nine consecutive years from the date of his first appointment, except as provided for by a regulatory legal act of the authorized body.
5. A major participant in a bank, insurance (reinsurance) organization, or investment portfolio manager may not be elected to the position of head of the executive body of this bank, insurance (reinsurance) organization, or investment portfolio manager.
The number of members of the executive body of a market entity established in the form of a joint-stock company must be at least three persons.
6. It is not allowed to perform the functions of a senior employee of a market entity by a person who does not have the appropriate consent of the authorized body, except for:
a member of the governing body, but not more than sixty calendar days from the date of his appointment (election);
management personnel of a person acquiring the status of a banking or insurance holding company, but not more than sixty calendar days from the date the person acquires the characteristics of a banking or insurance holding company, subject to the consent of the authorized body to acquire the status of a banking or insurance holding company.
7. A person may be reappointed (elected) to the position of a member of the management body of a market entity, with the exception of a branch, no earlier than ninety calendar days, but no more than twice within twelve consecutive months, after:
receiving the refusal of the authorized body to grant consent to the appointment (election) to the position of a senior employee;
termination of the powers of a member of the management body before the consent of the authorized body is issued;
the expiration of the period provided for in paragraph 6 of this Article and the failure to submit documents for its approval.
The prohibition provided for in this paragraph does not apply to banking and insurance holdings.
8. It is prohibited to perform duties (to replace a temporarily absent) senior employee of a market entity by persons who do not comply with the requirements of this article and are not coordinated with the authorized body, except in cases where duties are imposed for a period of no more than sixty calendar days.:
the head of the executive body is a person who has the consent of the authorized body to be appointed (elected) as a member of the executive body;
the chief accountant is a person who has the consent of the authorized body for the appointment (election) of the deputy Chief Accountant.
It is not allowed to assign the duties (replacement of a temporarily absent) head of the executive body or chief accountant to the persons specified in part one of this paragraph due to the absence of a candidate agreed with the authorized body for a total of more than one hundred and eighty calendar days within twelve consecutive months.
After the expiration of the period specified in the first part of this paragraph and paragraph 6 of this article, and in case of failure to submit a complete package of documents for approval to the authorized body or refusal by the authorized body to approve, the candidate for the position of a senior employee is not entitled to exercise the powers of a senior employee.
9. The head of the executive body, chief accountant of a bank, insurance (reinsurance) organization may not hold the position of a member of the executive body (head, deputy head of a branch of a non–resident bank of the Republic of Kazakhstan, branch of an insurance (reinsurance) organization – non-resident of the Republic of Kazakhstan), chief accountant in other banks, insurance (reinsurance) organizations, including those that are non–residents of the Republic of Kazakhstan, branches of non-resident banks of the Republic of Kazakhstan, branches of insurance (reinsurance) organizations – non-residents of the Republic of Kazakhstan.
The specified restriction does not apply if:
banks are parent and subsidiary organizations in relation to each other;
insurance (reinsurance) organizations are parent and subsidiary organizations in relation to each other.
The head, deputy head, chief accountant of the branch is not entitled to hold the position:
a senior employee in a financial institution or other branches;
the head of the executive body or a person solely performing the functions of the executive body of a legal entity.
10. When appointing (electing) senior executives, a market entity independently verifies their compliance with the requirements of this article, including taking into account information posted on the authorized body's Internet resource.
11. The authorized body reviews the documents submitted for the approval of appointment (election) to the position of a senior employee within thirty working days from the date of submission of the full package of documents in accordance with the requirements of regulatory legal acts of the authorized body.
The procedure for issuing the consent of the authorized body for the appointment (election) to the position of a senior employee, including criteria for the absence of an impeccable business reputation, the documents required to obtain consent, the specifics of the length of service for candidates with professional qualifications confirmed by international certificates, and the list of such certificates are established by a regulatory legal act of the authorized body.
For granting consent to the appointment (election) to the position of a senior employee, with the exception of the position of a senior employee of a professional participant in the securities market, a single accumulative pension fund, or a voluntary accumulative pension fund, a fee is charged, the amount and payment procedure of which are determined by the tax legislation of the Republic of Kazakhstan.
The assessment of the business reputation of a senior employee (candidate for the position of a senior employee) is carried out by an authorized body, including using reasoned judgment, in accordance with Article 13-5 of this Law.
The authorized body suspends the period of consideration of the documents specified in the first part of this paragraph when forming a reasoned judgment regarding a candidate for the position of a senior employee. The specified period is suspended from the moment of sending the draft reasoned judgment to the person who provided the documents for approving the candidate for the position of a senior employee, until the date of adoption by the authorized body of the reasoned judgment.
When forming and using a reasoned judgment, the authorized body sends a corresponding notification to the market entity.
12. A person who has the consent of the authorized body to be appointed (elected) to the position of a senior employee may be appointed (elected) to the agreed position within twelve months from the date of receipt of the said consent.
A senior employee who has the consent of the authorized body to be appointed (elected) to the position of a senior employee may be appointed to the agreed position within twelve months from the date of termination of the authority of the senior employee without re-obtaining the consent of the authorized body, except in the case when the consent has expired.
A person approved by the authorized body for the position of a member of the board of directors – an independent director of a financial organization, may be re-elected to the specified position in this financial organization within twelve months from the date of termination of powers without obtaining the consent of the authorized body, provided that it meets the requirements established by this article and subparagraph 20) of Article 1 of the Law of the Republic of Kazakhstan "About joint-stock companies".
13. The consent of the authorized body to the appointment (election) to the position of a senior employee is terminated in the following cases::
1) non-appointment (non-election) of an agreed candidate for the position of a senior employee within the time limits established by paragraph 12 of this Article;
2) withdrawal by the authorized body of consent to the appointment (election) to the position of a senior employee.
14. The authorized body refuses to grant consent to the appointment (election) to the position of a senior employee on the following grounds:
1) non-compliance of the candidate for the position of a senior employee with the requirements established by this Article, subparagraph 20) of Article 1, paragraph 4 of Article 54, paragraph 2 of Article 59 of the Law of the Republic of Kazakhstan "On Joint Stock Companies" and Article 9 of the Law of the Republic of Kazakhstan "On Accounting and Financial Reporting";
2) negative test result.
The negative test results are:
The test result of a candidate for the position of a senior employee is less than seventy percent of the correct answers.;
violation by a candidate for the position of a senior employee of the testing procedure determined by the authorized body;
failure to appear for testing at the appointed time before the deadline for approval of the candidate for the position of a senior employee by the authorized body;
3) failure to eliminate the comments of the authorized body or submission of documents modified taking into account the comments of the authorized body after the expiration of the period established by paragraph 6 of this Article and the regulatory legal act of the authorized body.;
4) violation of the procedure established by the legislation of the Republic of Kazakhstan for the election (appointment) of a candidate for the position of a senior employee;
5) submission of documents after the expiration of the period specified in paragraph 6 of this Article, during which the senior employee holds his position without approval from the authorized body.;
6) the authorized body has information about the actions committed by the candidate for the position of a senior employee, recognized as committed for the purpose of manipulating the securities market and (or) causing damage to a third party(s).
This requirement applies for one year from the date of the earliest of the listed events.:
recognition by the authorized body of the actions of a candidate for the position of a senior employee as committed for the purpose of manipulation in the securities market;
receipt by the authorized body of information confirming the fact that damage was caused to a third party (third parties) as a result of such actions;
7) the authorized body has information that the candidate for the position of a senior employee was a senior employee (a person who performed his duties) of a financial institution in respect of which, for committing actions recognized as committed for the purpose of manipulating the securities market, the authorized body applied supervisory response measures and (or) to which An administrative penalty was imposed under article 259 of the Code of Administrative Offences of the Republic of Kazakhstan;
8) the authorized body has information that the candidate for the position of a senior employee was a senior employee (a person who performed his duties) of a financial institution, a stock exchange trader, whose actions caused damage to the financial institution and (or) a third party(s) involved in the transaction;
9) the authorized body has information that the candidate for the position of a senior employee was a stock exchange trader, whose competence included making decisions on issues that led to violations specified in subparagraph 7) of this paragraph.
The requirements set out in subparagraphs 7), 8) and 9) of this paragraph shall apply for one year from the date of the earliest of the listed events.:
recognition by the authorized body of the actions of a financial organization as committed for the purpose of manipulation in the securities market;
receipt by the authorized body of information confirming that damage has been caused to a financial institution and (or) a third party(s) as a result of the actions of a candidate for the position of a senior employee.
The information specified in subitems 6), 7), 8) and 9) of Part one of this paragraph also includes information received by the authorized body from the financial supervisory authority of the State in which the non–resident financial institution of the Republic of Kazakhstan is a resident.
15. In case of two consecutive refusals by the authorized body to grant consent to the appointment (election) to the position of a senior employee:
1) documents on approval of a candidate for the position of a senior employee may be re-submitted to the authorized body after twelve consecutive months from the date of the decision by the authorized body on the second refusal to grant consent for his appointment (election).;
2) a member of the management body of a financial organization may be elected as a senior employee of a financial organization upon the expiration of twelve consecutive months from the date of the decision by the authorized body on the second refusal to grant consent for his election.
16. The authorized body revokes the consent granted for the appointment (election) to the position of a senior employee on the following grounds:
1) non-compliance of the senior employee with the requirements established by this Article, Article 16-2 of the Law of the Republic of Kazakhstan "On Insurance Activities", subparagraph 20) of Article 1, paragraph 4 of Article 54 and paragraph 2 of Article 59 of the Law of the Republic of Kazakhstan "On Joint Stock Companies", Article 9 of the Law of the Republic of Kazakhstan "On Accounting and Financial Reporting" or by a regulatory legal act of the authorized body;
2) identification of false information on the basis of which the consent was given;
3) application by the authorized body of the supervisory response measure provided for in subparagraph 11) of paragraph 1 of Article 80 of the Law of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan", subparagraph 11) of paragraph 1 of Article 53-3 of the Law of the Republic of Kazakhstan "On Insurance Activities", subparagraph 10) of paragraph 1 of Article 3-5 of the Law of the Republic of Kazakhstan "On the Market securities" and paragraph 2 of Article 3-1 of the Law of the Republic of Kazakhstan "On the Insurance Benefit Guarantee Fund";
4) non–fulfillment or improper fulfillment by an insurance (reinsurance) organization, a branch of an insurance (reinsurance) organization that is a non-resident of the Republic of Kazakhstan of obligations to pay mandatory or emergency contributions, as well as initial one-time and additional contributions to an organization that guarantees insurance payments to policyholders (insured, beneficiaries) in the event of liquidation of insurance organizations, two or more times during the last twelve months;
5) non–fulfillment or improper fulfillment by a bank, a branch of a non–resident bank of the Republic of Kazakhstan, an insurance (reinsurance) organization, a branch of an insurance (reinsurance) organization of a non-resident of the Republic of Kazakhstan, an organization engaged in brokerage activities on the securities market, of obligations to pay mandatory contributions and (or) other payments to the financial ombudsman service for two or more twice in the last twelve months;
6) non–fulfillment by a bank, a branch of a non–resident bank of the Republic of Kazakhstan, an insurance (reinsurance) organization, a branch of an insurance (reinsurance) organization of a non-resident of the Republic of Kazakhstan, an organization engaged in brokerage activities on the securities market, two or more times during the last twelve months of the decision of the financial ombudsman within the time limit set by him by this decision;
7) non-fulfillment or improper fulfillment by an insurance (reinsurance) organization, a branch of a non–resident insurance (reinsurance) organization of the Republic of Kazakhstan two or more times within twelve consecutive months of the requirements for providing information to the unified insurance database, including its distortion and (or) incomplete and (or) late provision;
8) non-compliance with the requirements established by this article.
The withdrawal by the authorized body of consent to the appointment (election) to the position of a senior employee is the basis for the withdrawal of previously issued consent (consents) to this senior employee in other market entities.
The powers of a senior employee whose consent to appointment (election) to the position of a senior employee has been revoked by the authorized body shall terminate upon receipt of such revocation.
17. A market entity is obliged to terminate an employment contract with a senior employee and/or take other measures to terminate his/her powers in the event of:
1) withdrawal by the authorized body of consent to the appointment (election) to the position of a senior employee;
2) violations of the procedure established by the legislation of the Republic of Kazakhstan for the election (appointment) of a candidate for the position of a senior employee;
3) disagreement by the authorized body of a person recognized as a senior employee on the basis of a reasoned judgment of the authorized body for the position of a senior employee.
18. A market entity (with the exception of banking and insurance holdings) notifies the authorized body in accordance with the procedure established by the regulatory legal act of the authorized body of all changes related to senior employees, including:
appointment (election) of a senior employee, his transfer to another position;
termination of the employment contract and (or) termination of the powers of a senior employee;
bringing a senior employee to criminal and administrative responsibility for committing a corruption offense;
changing the surname, first name, patronymic (if it is indicated in the identity document) of the supervisor.
19. The requirements of this article do not apply to senior employees of non–resident bank holdings of the Republic of Kazakhstan, insurance holdings of non–residents of the Republic of Kazakhstan if one of the following conditions is met:
banking and insurance holdings have an individual credit rating of at least "A-" from one of the rating agencies, the list of which is established by the authorized body, as well as written confirmation from the financial supervisory authority of the state in which the banking and insurance holdings are resident that such holdings are subject to consolidated supervision.;
the existence of an agreement on the exchange of information between the authorized body and the financial supervisory authority of the state in which the banking and insurance holdings are located, as well as the presence of the minimum required rating of one of the rating agencies in the banking and insurance holdings. The minimum rating and the list of rating agencies are established by a regulatory legal act of the authorized body.
20. The requirements of this article, with the exception of subitems 1), 4), 5) and 7) of paragraph 2 of this article, do not apply to:
a bank holding company that indirectly owns shares of the bank and (or) derivative securities issued in accordance with the laws of the Republic of Kazakhstan or a foreign country, the underlying asset of which is the bank's voting shares, through the ownership and (or) use and (or) disposal of shares or equity interests in the bank holding company – a resident of the Republic of Kazakhstan who directly owns shares of the said bank and (or) derivative securities issued in accordance with the legislation of the Republic of Kazakhstan or a foreign country, the underlying asset of which is the voting shares of the said bank;
an insurance holding company that indirectly owns shares of an insurance (reinsurance) organization and (or) derivative securities issued in accordance with the legislation of the Republic of Kazakhstan or a foreign state, the underlying asset of which is voting shares of an insurance (reinsurance) organization, through ownership and (or) use and (or) disposal of shares or stakes in the authorized capital of the insurance holding – a resident of the Republic of Kazakhstan who directly owns shares of the specified insurance (reinsurance) organization and (or) derivative securities issued in accordance with the legislation of the Republic of Kazakhstan or a foreign country, the underlying asset of which are voting shares of the specified insurance (reinsurance) organization.
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
© 2012. RSE na PHB "Institute of Legislation and Legal Information of the Republic of Kazakhstan" of the Ministry of Justice of the Republic of Kazakhstan
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