Article 9. Prohibition of advertising that does not correspond to the validity of the Law on Banks and Banking Activities in the Republic of Kazakhstan

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1. Banks are prohibited from advertising their activities that do not correspond to reality on the day of its publication.

1-1. A bank or an organization engaged in certain types of banking operations, when distributing and (or) placing advertisements containing information on the amount of remuneration for a bank loan or deposit, must indicate the remuneration rate in a reliable, annual, effective, comparable calculation.

When distributing advertisements containing information about the amount of remuneration for a bank loan or deposit, including its publication, the annual effective remuneration rate is indicated in digital terms, in the same size and font design style as other remuneration rates. It is not allowed to indicate the annual effective remuneration rate in a font smaller than that used when specifying other information in this advertisement.

2. The authorized body has the right to require the bank to make changes to an advertisement that does not correspond to reality, to terminate it, or to publish its refutation.

In case of failure to comply with this requirement within the time period established by the authorized body, the authorized body has the right to publish information about the inconsistency of the information contained in the advertisement, or to clarify them at the expense of the bank that published such advertising.

3. Legal entities that do not have a license from the authorized body or the National Bank of the Republic of Kazakhstan to conduct banking operations are prohibited from advertising services that fall under the category of banking operations.

The Law of the Republic of Kazakhstan dated August 31, 1995 No. 2444.

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