of May 2, 2019 No. 70
About approval of Rules of forced share repurchase of bank and their obligatory subsequent sale to investors
In compliance with the Law of the Republic of Kazakhstan of August 31, 1995 "About banks and banking activity in the Republic of Kazakhstan" the Board of National Bank of the Republic of Kazakhstan DECIDES:
1. Approve the enclosed Rules of forced share repurchase of bank and their obligatory subsequent sale to investors.
2. Recognize invalid regulatory legal acts of the Republic of Kazakhstan, and also structural elements of some regulatory legal acts of the Republic of Kazakhstan according to the list according to appendix to this resolution.
3. To department of supervision of banks (Kizatov O. T.) in the procedure established by the legislation of the Republic of Kazakhstan to provide:
1) together with Legal department (Sarsenov N. V.) state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;
2) within ten calendar days from the date of state registration of this resolution its direction in the Kazakh and Russian languages in the Republican state company on the right of economic maintaining "Institute of the legislation and legal information of the Republic of Kazakhstan" for official publication and inclusion in Reference control bank of regulatory legal acts of the Republic of Kazakhstan;
3) placement of this resolution on official Internet resource of National Bank of the Republic of Kazakhstan after its official publication;
4) within ten working days after state registration of this resolution submission to Legal department of data on execution of the actions provided by subitems 2), 3) of this Item and item 4 of this resolution.
4. To management on consumer protection of financial services and external communications (Terentyev A. L.) provide within ten calendar days after state registration of this resolution the direction it to the copy on official publication in periodic printing editions.
5. To impose control of execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Smolyakov O. A.
Chairman of National Bank
Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of May 2, 2019 No. 70
1. These rules of forced share repurchase of bank and their obligatory subsequent sale to investors (further - Rules) are developed according to the Law of the Republic of Kazakhstan of August 31, 1995 "About banks and banking activity in the Republic of Kazakhstan" and determine procedure for forced share repurchase of bank and their subsequent sale to investors (further - the investor) authorized body by regulation, control and supervision of the financial market and the financial organizations (further - authorized body).
2. The authorized body applies the procedure of forced share repurchase of bank for the purpose of ensuring transition of the property right to bank shares to the investor and is not final acquirer (owner) of the redeemed shares.
3. The basis for forced share repurchase of bank is establishment at bank of the negative size of equity.
The equity of bank is negative if the amount of obligations of bank exceeds the cost of its assets.
4. Implementation of the redeemed bank shares is made by authorized body at the price of their acquisition on the conditions guaranteeing increase in equity of bank (further - recapitalization) and its normal functioning taking into account the obligations undertaken by the investor.
5. The authorized body publishes information on search of the investor, intended to acquire bank shares, in the periodic printing editions distributed in all territory of the Republic of Kazakhstan, in the Kazakh and Russian languages, and on official Internet resource of authorized body.
1) compliance to requirements imposed by the bank law of the Republic of Kazakhstan for the shareholder of bank;
2) adoption of the commitment letter on maintaining confidentiality and preserving trade secret.
8. Person conforming to requirements of Item 6 of Rules files in authorized body petition for intention to acquire bank shares (further - the applicant).
In cases when 2 (two) or more persons jointly file one petition for intention to acquire bank shares, specified persons in addition to the statement represent the agreement signed among themselves determining the number of the bank shares acquired by each of them and amount of money which are subject to entering into payment for the redeemed shares.
The first head of executive body or governing body of the investor addresses to authorized body on the matter on behalf of the investor - the legal entity.
1) the detailed description of actions for financial improvement of the financial organization (measures for expense reduction, the additional financial investments (with indication of the amount and sources of investment of money) directed to recovery of equity of bank up to the size in case of which prudential standard rates and other regulations, obligatory to observance, and limits, actions for receipt of additional incomes and other actions will be carried out);
2) calendar terms of accomplishment of actions for financial improvement of bank;
3) expected economic effect of improving actions (dynamics of changes of prudential standard rates, change of the size of equity of bank, change of financial and other performance of bank).
10. In case of the positive solution of question of forced share repurchase for the purpose of their subsequent sale the authorized body sends to the investor the written notice of the beginning of joint consideration of conditions of the forthcoming transaction with expected terms of its conclusion.
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
Database include more 40000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system
If you cannot find the required document, or you do not know where to begin, go to Help section.
In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.
You also may open the section Frequently asked questions. This section provides answers to questions set by users.