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ORDER OF THE MINISTER OF NATIONAL ECONOMY OF THE REPUBLIC OF KAZAKHSTAN

of December 29, 2017 No. 442

About approval of the Technique of assessment of economic concentration in the financial markets

(as amended on 19-03-2021)

According to the subitem 17) article 90-6 of the Entrepreneurial code of the Republic of Kazakhstan of October 29, 2015 PRIKAZYVAYU:

1. Approve the enclosed Technique of assessment of economic concentration in the financial markets.

2. To committee on regulation of natural monopolies, protection of the competition and the rights of consumers of the Ministry of national economy of the Republic of Kazakhstan to provide in the procedure established by the legislation of the Republic of Kazakhstan:

1) state registration of this order in the Ministry of Justice of the Republic of Kazakhstan;

2) within ten calendar days from the date of state registration of this order in the Ministry of Justice of the Republic of Kazakhstan the direction it the copy in paper and electronic type in the Kazakh and Russian languages on official publication in periodic printing editions, and also in the Republican state company on the right of economic maintaining "The republican center of legal information" for official publication and inclusion in Reference control bank of regulatory legal acts of the Republic of Kazakhstan;

3) placement of this order on Internet resource of the Ministry of national economy of the Republic of Kazakhstan;

4) within ten working days after state registration of this order in the Ministry of Justice of the Republic of Kazakhstan submission to Legal department of the Ministry of national economy of the Republic of Kazakhstan of data on execution of the actions provided by subitems 1), 2) and 3) of this Item.

3. To impose control of execution of this order on the supervising vice-minister of national economy of the Republic of Kazakhstan.

4. This order becomes effective since January 1, 2018 and is subject to official publication.

Minister of national economy of the Republic of Kazakhstan

T. Suleymenov

It is approved

Chairman of National Bank of the Republic of Kazakhstan

____ __________ 2017

 

__________________ D. Akishev

Approved by the Order of the Minister of national economy of the Republic of Kazakhstan of December 29, 2017 No. 442

Technique of assessment of economic concentration in the financial markets

Chapter 1. General provisions

1. This Technique of assessment of economic concentration in the financial markets (further - the Technique) is developed according to the subitem 17) of article 90-6 of the Entrepreneurial code of the Republic of Kazakhstan of October 29, 2015 (further - the Code) and is applied by consideration of petitions for consent on economic concentration or notifications on committed economic concentration.

2. The technique determines the mechanism of assessment of economic concentration in the financial markets antimonopoly authority.

Chapter 2. Basic concepts

3. In the Technique the following concepts are applied:

1) consent to economic concentration - the consent of antimonopoly authority to implementation of the transactions provided by subitems 1) - 3) Item 1 of article 201 of the Code;

2) prohibition on economic concentration in the financial markets - prohibition of antimonopoly authority on implementation of the transactions provided by subitems 1) - 3) Item 1 of article 201 of the Code;

3) service providers are subjects of the market, performing business activity on provision of financial services;

4) financial services - activities of participants of the insurance market, the security market, Voluntary accumulation pension fund, the banking activity, organization activity for carrying out separate types of banking activities performed based on the licenses obtained according to the Law of the Republic of Kazakhstan of July 4, 2003 "About state regulation, control and supervision of the financial market and the financial organizations" (further - the Law);

5) the instruction - pronouncement by antimonopoly authority of the decision on need of cancellation of the transactions provided by subitems 4) and 5) of Item 1 of article 201 of the Code;

6) the applicant - person who submitted the petition for consent on economic concentration in the financial markets or the notification on committed economic concentration in the financial markets;

7) the participant of economic concentration - the physical person or legal entity which made or intending to make economic concentration in the financial markets.

Other concepts and terms used in the Technique are determined by the Code and the Law, and also other legal acts of the Republic of Kazakhstan in the field of regulation of the financial market.

Chapter 3. The bases and stages of evaluating economic concentration in the financial markets

4. The bases of evaluating economic concentration in the financial markets are receipt in antimonopoly authority:

1) the petition for consent on economic concentration at the financial markets presented by the applicant in form according to appendix 1 to the Technique (further - the petition);

2) notifications on committed economic concentration in the financial markets in case of transactions provided by subitems 4) and 5) of Item 1 of article 201 of the Code provided by the applicant in form according to appendix 2 to the Technique (further - the notification).

5. Within forty calendar days (with the right of suspension of terms according to Items 3 and 5 of article 205 of the Code) carrying out assessment of economic concentration by antimonopoly authority in the financial markets, by consideration of the petition includes the following stages:

1) check of completeness and reliability of the documents and data attached to the petition stipulated in Article 204 Codes;

2) carrying out the analysis of competitive situation concerning the financial organizations when making economic concentration in the financial markets if persons participating in the transaction (group of persons) perform sales activity of similar or interchangeable financial services and (or) availability of signs of restriction of the competition;

3) measure calculation of restriction of the competition in the financial market in case of identification of signs of restriction of the competition, including in case of origin or strengthening of dominant position in the financial markets;

4) adoption of the decision by antimonopoly authority by results of assessment of economic concentration in the financial markets.

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