Article 9-5. The procedure for granting consent to acquire the status of a major participant in a bank, insurance (reinsurance) organization, investment portfolio manager, bank holding company, insurance Holding Company of the Law on State Regulation, Control and Supervision of the Financial Market and Financial Organizations
1. A person wishing to obtain consent to acquire the status of a major participant in a bank, insurance (reinsurance) organization managing an investment portfolio, a bank holding company, or an insurance holding company must submit to the authorized body an application for acquiring the status of a major participant in a bank, insurance (reinsurance) organization managing an investment portfolio, a bank holding company, or an insurance holding company in the form prescribed by by a regulatory legal act of the authorized body, with the attachment of documents and information specified in paragraphs 8, 9, 10, 11, 13 and 14 of this article.
2. In order to obtain consent to acquire the status of a major participant in a bank, insurance (reinsurance) organization, bank holding company, insurance holding company, a fee is paid, the amount and payment procedure of which are determined by the tax legislation of the Republic of Kazakhstan.
3. The rules for issuing and revoking consent to acquire the status of a major participant in a bank, a bank holding company, a major participant in an insurance (reinsurance) organization, an insurance holding company, a major participant in an investment portfolio manager, and the requirements for documents submitted to obtain such consent are determined by a regulatory legal act of the authorized body.
4. Non–resident legal entities of the Republic of Kazakhstan may obtain the consent of the authorized body to acquire the status of a major participant in a bank, insurance (reinsurance) organization, investment portfolio manager, bank holding company, insurance holding company if they or their parent organization have the minimum required rating of one of the rating agencies. The minimum rating and the list of rating agencies are established by a regulatory legal act of the authorized body.
The rating specified in the first part of this paragraph is not required for a legal entity. – a non-resident of the Republic of Kazakhstan who intends to indirectly own, use and dispose of a total of ten or more percent of the voting shares of a bank, insurance (reinsurance) organization managing an investment portfolio, including through derivative securities issued in accordance with the legislation of the Republic of Kazakhstan or a foreign state, the underlying asset of which are voting shares of the bank, insurance (reinsurance) organization managing the investment portfolio (hereinafter for the purposes of this article – shares), or indirectly influence the decisions taken by the bank, insurance (reinsurance) organization, investment portfolio manager (to vote) with ten or more percent of the voting shares of the bank, insurance (reinsurance) organization, investment portfolio manager through ownership of voting shares (shares in the authorized capital) of another legal entity – a non-resident of the Republic of Kazakhstan who is a major participant in a bank or a bank holding company, a major participant in an insurance (reinsurance) organization or an insurance holding company, a major participant in an investment portfolio manager who directly owns and (or) uses and (or) manages a total of ten or more percent of the shares of a bank, insurance (reinsurance) organization, investment portfolio manager and having the minimum required rating.
5. A non–resident legal entity of the Republic of Kazakhstan may be a shareholder of an investment portfolio manager responsible for the trust management of pension assets, provided that there is a minimum required rating from one of the rating agencies. The minimum required rating and the list of rating agencies are established by a regulatory legal act of the authorized body.
The ownership share of a non–resident individual of the Republic of Kazakhstan in shares of an investment portfolio manager responsible for the trust management of pension assets may not exceed ten percent of the total number of voting shares of an investment portfolio manager responsible for the trust management of pension assets.
6. A non–resident bank holding company of the Republic of Kazakhstan, a non–resident insurance holding company of the Republic of Kazakhstan, directly owning and (or) using and (or) disposing of twenty–five or more percent of the shares of a bank, an insurance (reinsurance) organization, may only be a non-resident financial organization of the Republic of Kazakhstan provided the following conditions are met:
1) a non–resident financial institution of the Republic of Kazakhstan has a valid license (permit) to carry out financial activities under the laws of the state of which it is a resident, in cases where such a license (permit) is required under the laws of that state;
2) the presence of consent (permission) to own shares of a bank, insurance (reinsurance) organization operating in the territory of the Republic of Kazakhstan, issued by the financial supervisory authority of the state of which the non–resident financial organization of the Republic of Kazakhstan is a resident, in cases where such consent (permission) is required by the legislation of such state;
3) a non–resident financial institution of the Republic of Kazakhstan or its parent organization has the minimum required rating from one of the rating agencies, the list of which is established by a regulatory legal act of the authorized body.;
4) a non–resident financial institution of the Republic of Kazakhstan is subject to consolidated supervision in the State of which it is a resident.
7. Major participants in a bank, insurance (reinsurance) organization, or investment portfolio manager – individuals pay for shares of a bank, insurance (reinsurance) organization, or investment portfolio manager in an amount not exceeding the value of the property owned by them. In this case, the value of the property (minus the value of previously acquired shares of the bank, insurance (reinsurance) organization managing the investment portfolio) must not be less than the total value of previously acquired and acquired shares of the bank, insurance (reinsurance) organization managing the investment portfolio.
The sources of funds used to purchase shares in a bank, insurance (reinsurance) organization, or investment portfolio manager may be money held in the applicant's bank account, received by the applicant:
1) for an individual:
as income from entrepreneurial, labor and (or) other activities not prohibited by the legislation of the Republic of Kazakhstan or the legislation of a foreign state;
in the form of a gift, inheritance, winnings and (or) from the sale of gratuitously received property, property received as an inheritance, in the amount not exceeding twenty–five percent of the value of the acquired shares of the bank, insurance (reinsurance) organization managing the investment portfolio.;
2) for a legal entity:
as income, proceeds from entrepreneurial and (or) other activities not prohibited by the legislation of the Republic of Kazakhstan or the legislation of a foreign state;
as a contribution to the authorized capital of the applicant.
For a legal entity that is a financial institution, the sources of funds used to purchase shares of a bank, insurance (reinsurance) organization that manages an investment portfolio may be the assets of a financial institution, provided that the acquisition of shares of a bank, insurance (reinsurance) organization that manages an investment portfolio does not lead to a violation by the financial institution of equity adequacy ratios, liquidity ratios or other standards (limits) established by the legislation of the state, which the financial institution is a resident of.
8. In order to obtain consent to acquire the status of a major participant in a bank, insurance (reinsurance) organization, or investment portfolio manager, an individual submits the following documents and information:
1) copies of documents confirming the terms and procedure for the acquisition of shares of the bank, insurance (reinsurance) organization, investment portfolio manager;
2) information on the sources (origin) of funds used to purchase shares of a bank, insurance (reinsurance) organization, investment portfolio manager, as well as copies of documents confirming this information.
In the case of the acquisition of shares of a bank, insurance (reinsurance) organization, managing an investment portfolio by an individual at the expense of funds received as a gift, income from the sale of gratuitously received property, the applicant also provides information about the donor and the sources of origin of these funds, property from the donor.;
3) information on legal entities in which the applicant is a major participant, in the form established by the regulatory legal act of the authorized body. If the applicant is a major participant in a non–resident legal entity of the Republic of Kazakhstan, copies of documents confirming the applicant's major participation in a non–resident legal entity of the Republic of Kazakhstan are additionally provided.;
4) the recapitalization plan of the bank, insurance (reinsurance) organization managing the investment portfolio in cases of possible deterioration of the financial situation of the bank, insurance (reinsurance) organization managing the investment portfolio;
5) information on income and property, information on existing debts for all obligations of the applicant in the form established by the regulatory legal act of the authorized body.
An individual resident of the Republic of Kazakhstan also submits a copy of the declaration of assets and liabilities, drawn up in accordance with the procedure established by the tax legislation of the Republic of Kazakhstan, on a date not earlier than thirty calendar days preceding the date of submission to the authorized body of an application for acquiring the status of a major participant in a bank, insurance (reinsurance) organization managing an investment portfolio, with a tax stamp the decision-making body.
The above information is accompanied by the documents necessary to analyze the applicant's financial situation, as well as documents confirming the value of the property determined by the appraiser during the last six months preceding the application date.;
6) information about the applicant in the form established by the regulatory legal acts of the authorized body, including information about employment, impeccable business reputation.
Individuals who are non–residents of the Republic of Kazakhstan, in order to confirm their impeccable business reputation, submit documents confirming that they do not have an outstanding or outstanding criminal record issued by the competent state authority of their country of citizenship and their country of permanent residence, and stateless persons – their country of permanent residence (the date of issue of these documents may not be more than six months preceding the date submitting an application);
7) a copy of the document confirming payment of the consent fee.
The document provided for in the first paragraph of this subparagraph is not submitted in the case of:
payments via the e-government payment gateway;
obtaining consent to acquire the status of a major participant in an investment portfolio manager.
9. If an individual or legal entity has become identified as a major participant in a bank, insurance (reinsurance) organization, investment portfolio manager, bank holding company, insurance holding company without obtaining the prior written consent of the authorized body on the basis of a donation agreement, a trust management agreement, or as a result of accepting an inheritance, when submitting an application for the acquisition of the appropriate status, additionally They are introduced:
1) copies of documents confirming the terms and procedure of donation, trust management, inheritance in respect of shares of the bank, insurance (reinsurance) organization managing the investment portfolio;
2) documents provided for in the sub-paragraphs 3), 4), 5), 6) and 7) paragraph 8 of this article;
3) the documents provided for in subparagraph 7) of paragraph 10 of this Article – if the applicant is a legal entity;
4) the document provided for in subparagraph 3) paragraph 11 of this Article, – if the applicant is a non–resident legal entity of the Republic of Kazakhstan;
5) information on the value of shares that are the subject of a donation agreement, trust management agreement, inheritance, determined by the appraiser in accordance with the legislation of the Republic of Kazakhstan, accompanied by copies of supporting documents.
An applicant who has acquired ownership of shares of a bank, insurance (reinsurance) organization managing an investment portfolio as a result of donation or inheritance, in order to obtain consent to acquire the status of a major participant in a bank, insurance (reinsurance) organization managing an investment portfolio, bank holding company, insurance holding company, must be the owner of property whose market value, minus the cost of previously received (acquired) shares of a bank, an insurance (reinsurance) organization that manages an investment portfolio, It must be at least the amount of financial investments that may be required from the applicant to restore the financial position of the bank, insurance (reinsurance) organization managing the investment portfolio in accordance with the recapitalization plan of the bank, insurance (reinsurance) organization managing the investment portfolio.
If a person meets the criteria of a major participant in a bank, insurance (reinsurance) organization, investment portfolio manager, bank holding company, insurance holding company without obtaining the prior written consent of the authorized body, he is not entitled to take any actions aimed at influencing the management and (or) strategy (policy) of the bank, insurance (reinsurance) organization that manages the investment portfolio, and (or) vote on such shares until, until it receives the written consent of the authorized body in accordance with the provisions of this article.
In this case, a person who meets the criteria of a major participant in a bank, an insurance (reinsurance) organization managing an investment portfolio, a bank holding company, or an insurance holding company must notify the authorized body within ten calendar days from the moment he or she becomes aware that he or she meets the criteria of a major participant in an insurance (reinsurance) organization managing an investment portfolio., a bank holding company, an insurance holding company.
An application for the acquisition of the relevant status is submitted to the authorized body within thirty calendar days from the moment when it became known to it that it corresponds to the characteristics of a major participant in a bank, insurance (reinsurance) organization, investment portfolio manager, bank holding company, insurance holding company, unless this person is going to alienate shares within the specified period. Information on the decision to alienate shares is provided to the authorized body immediately from the date of such decision.
If the authorized body refuses to grant consent to a person who meets the criteria of a major participant in a bank, insurance (reinsurance) organization managing an investment portfolio, a bank holding company, or an insurance holding company, such person must, within six months of receiving a written notification, reduce the number of shares of the bank of the insurance (reinsurance) organization managing the investment portfolio owned by him to the level at which the face will cease to meet such criteria.
10. To obtain consent to acquire the status of a major participant in a bank, insurance (reinsurance) organization, investment portfolio manager, bank holding company, insurance holding company, a legal entity resident in the Republic of Kazakhstan submits the following documents and information:
1) a copy of the decision of the relevant applicant's body on the acquisition of shares of a bank, insurance (reinsurance) organization, investment portfolio manager (in the absence of a decision on the Internet resource of the financial reporting depository);
2) information about persons who directly or indirectly own ten or more percent of the applicant's shares (stakes in the authorized capital) and persons exercising control over the applicant, provided for by a regulatory legal act of the authorized body, as well as copies of documents confirming this information;
3) the list of affiliated companies of the applicant (if there is no list on the Internet resource of the financial reporting depository);
4) the documents and information specified in subitems 1), 3), 4) and 7) of paragraph 8 of this Article;
5) brief information about the applicant's senior staff in the form prescribed by the regulatory legal act of the authorized body, including information about their work and impeccable business reputation.
For senior employees of the applicant who are non–residents of the Republic of Kazakhstan, the applicant, in order to confirm their impeccable business reputation, submits documents confirming that they do not have an outstanding or outstanding criminal record issued by the competent state authority of their country of citizenship and their country of permanent residence, and for stateless persons - their country of permanent residence (the date of issue of these documents cannot be more than six months prior to the application date);
6) copies of the applicant's annual financial statements (consolidated financial statements if the applicant has subsidiaries) for the last two financial years, confirmed by audit reports, as well as a copy of the applicant's financial statements for the last completed quarter before submitting the application.
If there is no audit report confirming the financial statements for the last completed financial year from January 1 to June 1 of the current year, the applicant submits copies of the financial statements (consolidated financial statements if the applicant has subsidiaries) for the last completed financial year and the last completed quarter before submitting the application, as well as copies of the annual financial statements. financial statements (consolidated financial statements if the applicant has subsidiaries), confirmed by audit reports, for two years, prior to the last completed fiscal year.
The financial statements specified in this subparagraph are not submitted in the following cases::
posting of these financial statements on the Internet resource of the financial reporting depository;
if the applicant has been registered as a legal entity for less than one year and its major participant is a person who has the status of a major participant in the financial organization, the application for acquiring the status of a major participant of which is submitted by the applicant;
7) copies of documents confirming the authority of the person to submit the application and the documents attached to it.
11. In order to obtain consent to acquire the status of a major participant in a bank, insurance (reinsurance) organization, investment portfolio manager of a bank holding company, insurance holding company, a non–resident legal entity of the Republic of Kazakhstan submits the following documents and information:
1) the documents and information specified in paragraph 10 of this Article;
2) notarized copies of the constituent documents;
3) a copy of the consent (permission) to own shares of a bank, insurance (reinsurance) organization, investment portfolio manager operating in the territory of the Republic of Kazakhstan, issued by the competent state authority (financial supervisory authority) of the state of which the applicant is a resident, or a copy of the confirmation from the competent state authority (financial supervisory authority) of the state, of which the applicant is a resident, stating that such consent (permission) is not required;
4) a copy of the license (permit) for the applicant to carry out financial activities under the legislation of the state of which the applicant is a resident, or a copy of the confirmation issued by the financial supervisory authority of the state of which the applicant is a resident stating that a license (permit) is not required, if the applicant is a non–resident financial institution of the Republic of Kazakhstan.
12. The requirements of subparagraph 3) of paragraph 8 of this Article regarding the submission of copies of documents confirming the applicant's large participation in a non–resident legal entity of the Republic of Kazakhstan, and subparagraph 2) of paragraph 10 of this article regarding the submission of copies of documents confirming information about persons who directly or indirectly own ten percent or more of shares (shares in the authorized capital) of the applicant, and persons exercising control over the applicant, do not apply to the applicant, who is a legal entity – a non-resident of the Republic of Kazakhstan, if one of the following conditions is met:
1) the applicant has a credit rating of at least "A-" from one of the rating agencies, the list of which is established by a regulatory legal act of the authorized body;
2) the availability of information about non–resident legal entities of the Republic of Kazakhstan in which the applicant is a major participant, about the applicant's major participants, as well as about persons exercising control over the applicant, on the Internet resource of the financial supervisory authority of the state of which the applicant is a resident.
For the purposes of subparagraph 5) of paragraph 10 of this article, the head of the management body, his deputy and members of the management body, the head of the executive body, his deputy and members of the executive body, and the chief accountant are recognized as senior employees of a non–resident legal entity of the Republic of Kazakhstan (a non–resident financial organization of the Republic of Kazakhstan).
With respect to the senior employees of the applicant of a non–resident financial institution of the Republic of Kazakhstan who are non-residents of the Republic of Kazakhstan, the applicant, for the purposes of subparagraph 5) of paragraph 10 of this article, submits information confirming their impeccable business reputation in the form provided for by the regulatory legal act of the authorized body.
The financial statements specified in subparagraph 6) of paragraph 10 of this article shall not be submitted in cases where the applicant is a non–resident financial institution of the Republic of Kazakhstan and these financial statements are posted and available in Kazakh, Russian or English on the Internet resource of a non–resident financial institution of the Republic of Kazakhstan or a foreign stock exchange.
13. To obtain consent to acquire the status of a bank holding company by a non–resident bank of the Republic of Kazakhstan, an insurance holding company by a non–resident insurance organization of the Republic of Kazakhstan, if a non–resident bank of the Republic of Kazakhstan, an insurance organization – for a non-resident of the Republic of Kazakhstan with a credit rating of at least "A-" from one of the rating agencies, the list of which is established by a regulatory legal act of the authorized body, the applicant submits the documents and information specified in subitems 4) and 7) of paragraph 8, subitems 1), 2), 6) and 7) of paragraph 10 and subitems 3) and 4) paragraph 11 of this article.
14. Individuals wishing to acquire the status of a major participant in a bank, insurance (reinsurance) organization, or investment portfolio manager when acquiring shares with a holding of twenty-five percent or more of the voting shares, as well as legal entities wishing to acquire the status of a bank holding company, insurance holding company, in addition to the documents and information specified in this article, submit a business plan, the requirements for which are established by the authorized body, for the next five years.
15. A decision on an application submitted to obtain the status of a major participant in a bank, insurance (reinsurance) organization, investment portfolio manager, bank holding company, insurance holding company in accordance with the requirements of this article must be made by the authorized body within fifty working days after submitting the application.
The authorized body suspends the period for reviewing documents submitted for obtaining the status of a major participant in a bank, insurance (reinsurance) organization, investment portfolio manager, bank holding company, insurance holding company, when the authorized body forms a reasoned judgment regarding the applicant in accordance with Article 13-5 of this Law. This period is suspended from the moment the draft reasoned judgment is sent to the person who submitted the documents for obtaining the status of a major participant in a bank, insurance (reinsurance) organization, investment portfolio manager, bank holding company, insurance holding company until the date of adoption by the authorized body of the reasoned judgment.
An application for the acquisition of the status of a major participant in a bank, insurance (reinsurance) organization, bank holding company, insurance holding company, submitted as part of obtaining permission to open a bank, insurance (reinsurance) organization, is considered by the authorized body within the time limits established for consideration of an application for permission to open a bank, insurance (reinsurance) organization.
An application for acquiring the status of a major participant in a bank or a bank holding company, submitted as part of obtaining permission for the voluntary reorganization of a microfinance organization in the form of conversion to a bank, is considered by the authorized body within the time limits set for reviewing an application for a permit for the voluntary reorganization of a microfinance organization in the form of conversion to a bank.
The authorized body is obliged to notify the applicant in writing of the results of its decision, and in case of refusal to grant consent to acquire the relevant status, the grounds for refusal are indicated in the written notification.
The authorized body, when granting consent to a bank to acquire the status of a major participant, a bank holding company of another bank, an insurance (reinsurance) organization to acquire the status of a major participant, an insurance holding company of another insurance (reinsurance) organization, simultaneously issues a permit for significant participation in the capital of the bank, an insurance (reinsurance) organization, or the creation (acquisition) of a subsidiary bank, a subsidiary an insurance (reinsurance) organization upon receipt by the applicant of the appropriate permit.
16. The refusal by the authorized body to grant consent to persons wishing to become a major participant in a bank, insurance (reinsurance) organization, investment portfolio manager, bank holding company, insurance holding company, is made on any of the following grounds:
1) non-compliance with the requirements established by subitems 4), 5), 6) and 7) of paragraph 2 of Article 9-4 of this Law (in respect of an individual or senior employees of the applicant – a legal entity);
2) the applicant's precarious financial situation.
The precarious financial situation of the applicant is understood to mean the presence of one of the following signs:
The applicant is a legal entity established less than two years before the date of filing the application, except in cases where a major participant in the applicant is a person with the status of a major participant in the financial institution, the application for acquiring the status of a major participant of which was submitted by the applicant.;
The applicant's obligations exceed his assets minus the amount of assets placed in shares and shares in the authorized capital of other legal entities, and the shares of the bank, insurance (reinsurance) organization managing the investment portfolio that are expected to be acquired.;
losses based on the results of each of the two completed financial years;
the amount of the applicant's obligations poses a significant risk to the financial condition of the bank, the insurance (reinsurance) organization managing the investment portfolio;
the presence of overdue and (or) attributed to the balance of the bank, insurance (reinsurance) organization managing the investment portfolio of the applicant's debt to the bank, insurance (reinsurance) organization managing the investment portfolio;
an analysis of the financial consequences of the applicant's acquisition of the status of a major participant in a bank, insurance (reinsurance) organization, investment portfolio manager, bank holding company, insurance holding company suggests a deterioration in the applicant's financial condition;
the value of the applicant's property (minus the applicant's obligations) is insufficient to purchase shares in a bank, insurance (reinsurance) organization, investment portfolio manager;
other grounds identified using reasoned judgment, indicating the existence of an unstable financial situation of the applicant and (or) the possibility of causing damage to the bank and (or) its depositors, insurance (reinsurance) organization and (or) its clients, investment portfolio manager and (or) depositors of the voluntary accumulative pension fund;
3) non-compliance of the submitted documents with the requirements of this article or failure to eliminate the comments of the authorized body on the submitted documents;
4) violation of the requirements of the legislation of the Republic of Kazakhstan in the field of competition protection as a result of the applicant's acquisition of the status of a major participant in a bank, insurance (reinsurance) organization, investment portfolio manager, bank holding company, insurance holding company;
5) cases when the person acquiring the status of a major participant in a bank, insurance (reinsurance) organization, investment portfolio manager, bank holding company, insurance holding company is a legal entity registered in offshore zones, the list of which is established by the authorized body, except for the cases provided for in paragraph 4 of Article 9 of the Law of the Republic of Kazakhstan "On Banks and banking activities in the Republic of Kazakhstan";
6) failure by the applicant to comply with the requirement provided for in part three of paragraph 3 of Article 6 of the Law of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan", as well as other requirements established by legislative acts of the Republic of Kazakhstan, to major participants of the bank, insurance (reinsurance) organization managing the investment portfolio, bank holdings, insurance holdings;
7) an analysis of the financial consequences of the applicant acquiring the status of a major participant in a bank, insurance (reinsurance) organization managing an investment portfolio, a bank holding company, or an insurance holding company suggests a deterioration in the financial condition of the bank, insurance (reinsurance) organization managing an investment portfolio, respectively;
8) the applicant, a non-resident financial institution of the Republic of Kazakhstan, does not have a license (permit) to carry out financial activities under the legislation of the state of which he is a resident, in cases where such a license (permit) is required under the legislation of such state;
9) the applicant, a non–resident legal entity of the Republic of Kazakhstan, or its parent organization does not have the minimum required rating from one of the rating agencies, the list of which is determined by the authorized body, except for the cases provided for in paragraph 4 of this article.;
10) inefficiency of the presented recapitalization plan of the bank, insurance (reinsurance) organization managing the investment portfolio in case of possible deterioration of the financial condition of the bank, insurance (reinsurance) organization managing the investment portfolio;
11) the applicant, an individual, or a senior employee of the applicant, a legal entity, does not have an impeccable business reputation;
12) cases when a person was previously or is a major participant – an individual or the first head of a major participant – a legal entity and (or) a senior employee of a financial institution, including a non–resident financial institution of the Republic of Kazakhstan, in the period not more than one year before the adoption by the authorized body or the financial supervisory authority of the state, which the financial institution is a resident of – a non–resident of the Republic of Kazakhstan, a decision to apply a settlement regime to the bank, a decision to revoke the license of a financial organization, including a non-resident financial organization of the Republic of Kazakhstan, which led to their liquidation and (or) termination of their activities in the financial market, or the entry into force of a judicial act on the compulsory liquidation of a financial organization, including a financial organizations – a non–resident of the Republic of Kazakhstan, or declaring it bankrupt in accordance with the procedure established by the legislation of the Republic of Kazakhstan or the legislation of the state in which the non-resident financial institution of the Republic of Kazakhstan is a resident.
This requirement applies for ten years after the adoption by the authorized body or the financial supervisory authority of the state in which the non–resident financial institution of the Republic of Kazakhstan is a resident of the decision to apply a settlement regime to the bank, a decision to revoke the license of a financial institution, including a financial institution. – a non–resident of the Republic of Kazakhstan, which led to their liquidation and (or) termination of their activities in the financial market, or the entry into force of a judicial act on the compulsory liquidation of a financial institution, including a non-resident financial institution of the Republic of Kazakhstan, or declaring it bankrupt in accordance with the procedure established by the legislation of the Republic of Kazakhstan or the legislation of the state of which the financial institution is a resident The organization is a non–resident of the Republic of Kazakhstan.
For the purposes of this subparagraph, a financial institution also 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, and a branch of a non–resident insurance broker of the Republic of Kazakhstan.;
13) non–compliance of a non-resident financial organization of the Republic of Kazakhstan wishing to acquire the status of a bank holding company, insurance holding company, with the requirements provided for in paragraph 6 of this Article;
14) cases when the applicant is a non–resident financial institution of the Republic of Kazakhstan is not subject to supervision on a consolidated basis in the country of its location;
15) the impossibility of conducting consolidated supervision of the banking conglomerate due to the fact that the legislation of the countries where the participants of the banking conglomerate are located – non-residents of the Republic of Kazakhstan - makes it impossible for them and the banking conglomerate to comply with the requirements stipulated by the laws of the Republic of Kazakhstan;
16) the existence of grounds for refusal to grant permission to open a bank, insurance (reinsurance) organization.
If a bank, insurance (reinsurance) organization wishes to acquire the status of a major participant in another bank, insurance (reinsurance) organization, bank holding company, insurance holding company for the establishment, acquisition of a subsidiary bank, subsidiary insurance (reinsurance) organization or acquisition of significant participation in the authorized capital of the bank, insurance (reinsurance) organization, the authorized body When reviewing the submitted documents, it takes into account the grounds for refusal provided for in paragraph 3 of Article 9-6 of this Law. If there are grounds for refusing to grant permission to establish, acquire a subsidiary, or significantly participate in the organization's capital, the authorized body refuses to grant consent to acquire the status of a major participant in a bank, insurance (reinsurance) organization, bank holding company, or insurance holding company.;
17) the beneficial owner of the applicant, a legal entity determined in accordance with the Law 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," has an outstanding or outstanding criminal record for crimes related to the legalization (laundering) of proceeds from crime, the financing of terrorism and financing the proliferation of weapons of mass destruction.
17. The authorized body has the right to revoke consent to acquire the status of a major participant in a bank, insurance (reinsurance) organization, investment portfolio manager, bank holding company, insurance holding company in the following cases::
1) identification of false information on the basis of which the consent was given;
2) identification of violations as a result of the applicant's acquisition of the status of a major participant, a bank holding company, an insurance holding company of the requirements of the legislation of the Republic of Kazakhstan in the field of competition protection;
3) non-compliance by major participants of a bank, insurance (reinsurance) organization, investment portfolio manager, bank holding company, insurance holding company with the requirements of this Law;
4) the absence of a major non–resident participant in the Republic of Kazakhstan, a bank, an insurance (reinsurance) organization managing an investment portfolio, a non–resident bank holding company in the Republic of Kazakhstan, or a non–resident insurance holding company in the Republic of Kazakhstan of the minimum required rating from one of the rating agencies, the list of which is determined by the authorized body.
Upon revocation of consent to acquire the status of a major participant in a bank, insurance (reinsurance) organization, investment portfolio manager, bank holding company, insurance holding company, the authorized body decides to revoke the previously issued consent within two months from the date of discovery of the fact that is the basis for revocation of consent.
In case of withdrawal of consent, the person to whom such a measure is applied is obliged, within six months from the date of withdrawal of such consent, to reduce the number of shares of the bank, insurance (reinsurance) organization managing the investment portfolio owned by him to a level that does not require obtaining the consent of the authorized body to acquire the status of a major participant, and submit supporting documents to the authorized body.
A person who has had his consent revoked in accordance with this article may not transfer shares of a bank, insurance (reinsurance) organization, or investment portfolio manager to another person for trust management.
If the persons in respect of whom the authorized body has decided to revoke the relevant consent fail to comply with the requirements of this paragraph, the authorized body has the right to apply to the court for these persons to comply with the requirements of the authorized body.
18. A major participant in a bank, an insurance (reinsurance) organization managing an investment portfolio, a bank holding company, or an insurance holding company must notify the authorized body within thirty calendar days from the date of the change in the percentage ratio of the number of shares owned by the bank, an insurance (reinsurance) organization managing an investment portfolio to the number of voting shares of the bank, an insurance (reinsurance) organization, the manager of the investment portfolio, which he owns directly and (or) indirectly, with the submission of supporting documents, except in cases when such a change occurs as a result of the repurchase of own shares by a bank, insurance (reinsurance) organization, investment portfolio manager or bank holding company, insurance holding company from other shareholders.
In the event of a change in the number of shares of a bank, insurance (reinsurance) organization, investment portfolio manager (in percentage or absolute value) owned by a major participant in the bank, insurance (reinsurance) organization, investment portfolio manager, bank holding company, insurance holding company, to the number of voting shares of the bank, insurance (reinsurance) organization, investment portfolio manager in the upward direction, a major participant in a bank, an insurance (reinsurance) organization that manages an investment portfolio, and a bank holding company, The insurance holding company must submit to the authorized body information on the sources (origin) of funds that were used to purchase shares of the bank, insurance (reinsurance) organization managing the investment portfolio, accompanied by copies of documents confirming this information. The sources of funds that can be used by major participants of the bank, insurance (reinsurance) organization managing the investment portfolio – individuals for additional acquisition of shares of the bank, insurance (reinsurance) organization managing the investment portfolio are specified in paragraph 7 of this Article.
If the percentage ratio of the number of shares of a bank, insurance (reinsurance) organization managing an investment portfolio changes to less than ten or twenty-five percent owned by a major participant in the bank, insurance (reinsurance) organization managing an investment portfolio, bank holding company, insurance holding company, to the number of voting shares of the bank, insurance (reinsurance) organization, investment portfolio manager at the request of a major bank participant, insurance (reinsurance) organization, an investment portfolio manager, a bank holding company, an insurance holding company, or if the authorized body independently discovers facts that are the basis for revoking the consent granted, the previously issued written consent of the authorized body is considered canceled from the day following the day the authorized body receives the said application or the authorized body discovers facts that are the basis for revoking the consent granted.
A major participant in a bank, insurance (reinsurance) organization managing an investment portfolio, who is an individual, in the event of an increase in the number of shares owned by him to twenty-five percent or more of the voting shares of the bank, insurance (reinsurance) organization managing an investment portfolio, in addition to the documents and deadlines specified in this paragraph, submits a business plan, the requirements for which are established by the authorized body, for the next five years.
19. The requirements for obtaining the status of a major participant in a bank, insurance (reinsurance) organization, investment portfolio manager, bank holding company, insurance holding company do not apply to:
Government of the Republic of Kazakhstan;
National managing Holding Company;
a single accumulative pension fund that manages an investment portfolio, owns voting shares and (or) derivative securities of a bank, an insurance (reinsurance) organization that manages an investment portfolio, at the expense of pension assets;
a person performing the functions of a nominee holder of voting shares and (or) derivative securities of a bank, an insurance (reinsurance) organization, an investment portfolio manager, as well as an issuer of said derivative securities;
a person recognized as indirectly owning (having the ability to vote, determine decisions and (or) influence decisions made by virtue of a contract or otherwise) shares and (or) derivative securities of a bank, insurance (reinsurance) organization managing an investment portfolio through ownership (having the ability to vote, determine decisions and (or) to influence decisions made by virtue of a contract or otherwise) by shares of another financial institution with the status of a major participant (bank holding company, insurance holding company) of the specified bank, an insurance (reinsurance) organization that manages an investment portfolio;
a non–resident of the Republic of Kazakhstan who indirectly owns (has the ability to vote, determine decisions and (or) influence decisions made by virtue of a contract or otherwise) shares and (or) derivative securities of a bank, insurance (reinsurance) organization managing an investment portfolio through ownership (having the ability to vote, determine decisions and (or) to influence decisions made by virtue of a contract or otherwise) by shares of another financial institution – a non-resident of the Republic of Kazakhstan, which is subject to consolidated supervision in the country of its location and has the status of a major participant (bank holding company, insurance holding company) of the specified bank, insurance (reinsurance) organization managing the investment portfolio.
20. The requirements of this article for the minimum required rating of one of the rating agencies and an agreement on the exchange of information between the authorized body and the financial supervisory authority of the state of which the non–resident financial institution of the Republic of Kazakhstan is a resident do not apply to cases where the applicant, a non–resident financial institution of the Republic of Kazakhstan, acquires one hundred percent of the shares of a resident bank of the Republic of Kazakhstan from the national governor the holding company.
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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