On the ratification of the Agreement on the Procedure for the Exchange of Information included in Credit Histories within the framework of the Eurasian Economic Union

Home / RLA / On the ratification of the Agreement on the Procedure for the Exchange of Information included in Credit Histories within the framework of the Eurasian Economic Union

The Law of the Republic of Kazakhstan dated June 5, 2023 No. 7-VIII SAM

To ratify the Agreement on the Procedure for the Exchange of Information included in Credit Histories within the framework of the Eurasian Economic Union, signed in Moscow on December 21, 2021.

President of the Republic of Kazakhstan

K. TOKAEV

AGREEMENT on the procedure for the exchange of information included in credit histories within the framework of the Eurasian Economic Union

The Government of the Republic of Armenia and the Central Bank of the Republic of Armenia, the Government of the Republic of Belarus and the National Bank of the Republic of Belarus, the Government of the Republic of Kazakhstan and the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market, the Cabinet of Ministers of the Kyrgyz Republic and the National Bank of the Kyrgyz Republic, the Government of the Russian Federation and the Central Bank of the Russian Federation, hereinafter referred to as the Parties,

guided by the Treaty on the Eurasian Economic Union of May 29, 2014,

in order to create conditions in the financial markets to ensure the free movement of goods, services, capital and labor, as well as to minimize credit risks,

Expressing their desire to ensure the protection of the rights and legitimate interests of consumers and financial service providers,

Recognizing the need to determine the procedure for exchanging information included in credit histories and using this information in order to deepen integration processes in the field of financial markets and form a common financial market within the framework of the Eurasian Economic Union (hereinafter referred to as the Union).,

Recognizing that the approaches and the level of information protection applied by the Parties are equivalent and adequate,

have agreed on the following:

Article 1

For the purposes of this Agreement, concepts are used that mean the following::

"identification data" is information provided by the legislation of a member state of the Union that allows identifying the subject of the credit history and (or) the user of the credit history.;

"source of credit history formation" is a person who, in accordance with the legislation of a member State of the Union, provides information included in credit histories.;

"credit history" - information about the subject of the credit history and its obligations, the composition of which is determined in accordance with the legislation of the member state of the Union.;

"credit relations" are relations within which, in accordance with the legislation of a member State of the Union, the obligations of a credit history subject arise to the source of credit history formation.;

"credit report" is a document provided for by the legislation of a member State of the Union, which contains information included in credit histories, the cross-border exchange of which is not prohibited by the legislation of a member State of the Union.;

"credit history user" is an organization (legal entity) registered in the territory of a member state of the Union that has received the consent of the credit history entity in order to formalize credit relations and (or) monitor completed credit relations.;

"consent of the subject of the credit history" - the permission of the subject of the credit history to provide a credit report to the user of the credit history;

"credit history subject" is an individual or legal entity in respect of whom a credit history is being formed or a request for a credit report has been sent.;

"authorized organization" is a legal entity that collects, processes, stores credit histories and provides credit reports in accordance with the legislation of a member State of the Union.;

An "authorized body" is an organ of a member State of the Union that, in accordance with the legislation of that state, has the authority to carry out regulatory and legal regulation of the activities of authorized organizations and (or) supervision and control over their activities.

Article 2

This Agreement defines the procedure for the exchange of information within the Union that is part of credit histories and other information provided for in this Agreement (hereinafter referred to as cross-border exchange).

Article 3

1. Cross-border exchange is carried out through the interaction of authorized organizations in accordance with the procedure and on the terms stipulated by the agreements concluded between them. Drafts of such agreements are subject to approval by the authorized body, if this is provided for by the legislation of the Member State of the Union (hereinafter referred to as the Member State).

The requirements included in such agreements for standards, technical protocols, regulatory and reference information, formats and structures of transmitted data used in cross-border exchange are developed by the Eurasian Economic Commission (hereinafter referred to as the Commission) together with authorized bodies and approved by the Council of the Commission.

2. Authorized organizations are understood as:

for the Republic of Armenia - legal entities licensed to operate a credit bureau in accordance with the legislation of the Republic of Armenia.;

for the Republic of Belarus - legal entities performing the functions of authorized organizations in accordance with the legislation of the Republic of Belarus;

for the Republic of Kazakhstan - organizations that generate credit histories and provide credit reports in accordance with the legislation of the Republic of Kazakhstan;

for the Kyrgyz Republic - legal entities included in the register of credit bureaus posted on the official website of the authorized body of the Kyrgyz Republic on the Internet information and telecommunication network;

for the Russian Federation, these are legal entities included in the state register of credit bureaus posted on the official website of the authorized body of the Russian Federation on the Internet information and telecommunications network.

3. In order to organize a cross-border exchange, the authorized bodies officially inform each other and the Commission about the authorized organizations participating in the cross-border exchange no later than 10 calendar days from the date of entry into force of this Agreement.

In case of changes in the authorized organizations, the authorized bodies officially inform each other and the Commission about such changes no later than 10 calendar days from the date of entry into force of such changes.

4. The Commission, within 5 calendar days from the date of receipt of the information specified in paragraph 3 of this Article, shall ensure its posting on the official website of the Union.

5. The agreements referred to in paragraph 1 of this article must contain the following conditions for the implementation of cross-border exchange:

1) rules and regulations of information interaction of authorized organizations;

2) the language in which information is generated and transmitted;

3) description of formats and structures of electronic documents and information;

4) list (composition) of identification data;

5) the procedure for dispute settlement, including the procedure for challenging the information contained in the credit histories by the subject of the credit history;

6) financial conditions for providing information;

7) requirements for organizational and technical information security;

8) other conditions necessary for cross-border exchange.

Article 4

1. Information and other information for which cross-border exchange is carried out includes:

1) Request for a credit report;

2) the consent of the subject of the credit history or information on the availability of such consent in accordance with the legislation of the member State to whose authorized organization the request for a credit report is sent.;

3) Credit report;

4) documents concerning the contesting of information included in credit histories.

2. The list of credit history users is formed on the basis of proposals from authorized bodies and approved by the Board of the Commission.

3. In order to implement this Agreement, a credit report is provided at the request of the user of the credit history and includes, among other things, the identification data of the subject of the credit history and information about his obligations.

4. If a credit history subject of one Member State applies to a credit history user of another Member State, the said user has the right to receive a credit report on the credit history subject, subject to the consent of the credit history subject.

5. The user of the credit history shall send to the authorized organization of his member State (hereinafter referred to as the requesting authorized organization) a request for a credit report on the subject of the credit history (hereinafter referred to as the request).

6. The requesting authorized organization shall send a request to the authorized organization of another Member State (hereinafter referred to as the requested authorized organization). The request must contain the identification data of the subject of the credit history, information about the availability of the consent of the subject of the credit history, the date of registration of the consent of the subject of the credit history and the purpose of the request. The purpose of the request is to review the application for registration of credit relations or to monitor completed credit relations.

7. The requested authorized organization shall send a credit report or a notice of lack of credit history to the requesting authorized organization no later than 3 business days from the date of receipt of the request.

8. The requested authorized organization refuses to execute the request if it is drawn up in violation of the provisions of this Agreement.

9. If it is impossible to fulfill the request, the requested authorized organization shall notify the requesting authorized organization (indicating the reasons) no later than 3 working days from the date of receipt of the request.

10. When disputing information included in credit histories, the subject of the credit history has the right to apply to the requesting authorized organization or to the requested authorized organization.

If the subject of the credit history applies to the requesting authorized organization, she sends a statement challenging the information included in the credit histories to the requested authorized organization no later than 3 working days from the date of receipt of the request.

The procedure for such a challenge is established by the legislation of the member State of the requested authorized organization.

11. If the user of the credit history refuses to conclude a credit agreement at the request of the subject of the credit history, the user of the credit history provides him with the opportunity to familiarize himself with the contents of the relevant credit report received as part of a cross-border exchange (if there is such a report).

Article 5

1. The consent of the credit history subject may be executed in the official language of the Member State in which it is given. The requested authorized organization has the right to request the presentation of a certified translation of the consent of the credit history subject into Russian.

2. The consent of the subject of the credit history must contain the identification data of the user of the credit history and the subject of the credit history, the purpose of the issue (registration of credit relations and (or) their monitoring), the date of registration and the signature of the subject of the credit history.

3. The consent of the subject of the credit history is issued in writing or in any other way, including in the form of an electronic document signed (certified) with an electronic digital signature (electronic signature), taking into account the need to ensure the identification of this subject of the credit history in accordance with the legislation of the Member state. The consent must be signed by the credit history subject personally or in another way equivalent to a handwritten signature in accordance with the legislation of the Member State.

4. The consent of the credit history subject obtained as part of the cross-border exchange is valid for 6 months from the date of its submission. If a credit agreement has been concluded within the specified period, the consent of the credit history subject is valid for the duration of the specified agreement.

5. The original copy of the consent of the subject of the credit history is kept by the user of the credit history for at least 3 years from the date of expiration of such consent.

6. Within the framework of a cross-border exchange, the requested authorized organization has the right, during the retention period of the consent of the subject of the credit history, to request from the requesting authorized organization the consent of the subject of the credit history or information on the availability of such consent in accordance with the legislation of the member State of the requested authorized organization.

Article 6

1. Authorized bodies, authorized organizations and users of credit history are required to ensure the protection of information in respect of which cross-border exchange is carried out during its processing, storage and transfer in accordance with this Agreement, international treaties and acts constituting the law of the Union, and the legislation of the Member States.

2. In case of amendments to the regulatory legal acts of a Member State regulating the conditions and procedure for the protection of information in respect of which cross-border exchange is carried out, the authorized body of this Member State shall inform the authorized bodies of other Member States and the Commission of these changes no later than 30 calendar days from the date of entry into force of such amendments.

3. In the event of termination of this Agreement with respect to information obtained through cross-border exchange during the period of validity of this Agreement, the Parties, in accordance with the laws of their States, shall take measures to protect it, similar to those applied to information included in credit histories in the State of the Party that received it, as well as measures to prevent the use of the specified information is used for purposes other than those provided for in Article 7 of this Agreement, during the entire period of storage of such information.

Article 7

The information obtained during the cross-border exchange can be used exclusively for the purpose of registration of credit relations and (or) monitoring of completed credit relations.

Article 8

Each Party shall take the necessary measures, in accordance with the legislation of its State, to prevent and suppress violations of the cross-border information exchange procedure provided for in this Agreement, as well as to investigate any cases of such violations. The person who committed the violation is liable in accordance with the legislation of his State.

Article 9

Disputes related to the application of this Agreement are resolved in accordance with the Treaty on the Eurasian Economic Union of May 29, 2014.

Article 10

By mutual agreement of the Parties, amendments and additions may be made to this Agreement, which are an integral part of it and are formalized in separate protocols.

Article 11

1. This Agreement shall enter into force on the date of receipt by the depositary, through diplomatic channels, of the last written notification on the completion by the Member States of the internal procedures necessary for the entry into force of this Agreement.

2. This Agreement is an international agreement concluded within the framework of the Union and is included in the law of the Union.

Done in Moscow on December 21, 2021, in one original copy in the Russian language.

The original copy of this Agreement is kept in the Eurasian Economic Commission, which, being the depositary of this Agreement, will send each Party a certified copy of it.

For the Government of the Republic of Armenia

For the Central Bank of the Republic of Armenia

For the Government of the Republic of Belarus

For the National Bank of the Republic of Belarus

For the Government of the Republic of Kazakhstan

For the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market

For the Cabinet of Ministers of the Kyrgyz Republic

For the National Bank of the Kyrgyz Republic

For the Government of the Russian Federation

For the Central Bank of the Russian Federation

I hereby certify that this text is a complete and authentic copy of the Agreement on the Procedure for the Exchange of Information Included in Credit Histories within the Framework of the Eurasian Economic Union, signed on December 21, 2021 in Moscow.:

for the Government of the Republic of Armenia - Prime Minister of the Republic of Armenia Nikol Pashinyan;

for the Government of the Republic of Belarus - the Prime Minister of the Republic of Belarus R. A. Golovchenko;

for the Government of the Republic of Kazakhstan - Prime Minister of the Republic of Kazakhstan A.U. Mamin;

for the Cabinet of Ministers of the Kyrgyz Republic - Chairman of the Cabinet of Ministers of the Kyrgyz Republic - Head of the Presidential Administration of the Kyrgyz Republic A. U. Japarov;

for the Government of the Russian Federation - Chairman of the Government of the Russian Federation Mikhail Mishustin;

for the Central Bank of the Republic of Armenia – Chairman of the Central Bank of the Republic of Armenia M. A. Galstyan;

for the National Bank of the Republic of Belarus - Chairman of the Board of the National Bank of the Republic of Belarus P. V. Kallaur;

for the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market - Chairman of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market M. E. Abylkasymova;

for the National Bank of the Kyrgyz Republic - Chairman of the National Bank of the Kyrgyz Republic K. K. Bokontaev;

for the Central Bank of the Russian Federation - Chairman of the Central Bank of the Russian Federation E. S. Nabiullina.

The original copy is kept at the Eurasian Economic Commission.

Director

Legal Department

Of the Eurasian Economic Commission

V. I. Taraskin

President

Republic of Kazakhstan

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