of July 7, 2006 No. 169-III ZRK
About obligatory guaranteeing the deposits placed in banks of the second level of the Republic of Kazakhstan
This Law is directed to protection of the rights of depositors - physical persons, including subjects of individual entrepreneurship, and determines the legal basis of functioning of system of obligatory guaranteeing the deposits placed in banks of the second level of the Republic of Kazakhstan (branches of nonresident banks of the Republic of Kazakhstan), except for non-interest deposits poste restante and the investment deposits placed in Islamic banks (branches of Islamic nonresident banks of the Republic of Kazakhstan), procedure for creation and the organization activity performing obligatory guaranteeing deposits, participations of banks of the second level of the Republic of Kazakhstan (branches of nonresident banks of the Republic of Kazakhstan) in system of obligatory guaranteeing deposits and also other questions of relations of participants of system.
In this Law the following basic concepts are used:
1) agent bank - bank, being the participant of system of obligatory guaranteeing deposits and performing procedures for payment of warranty compensation to depositors based on the agreement signed with the organization performing obligatory guaranteeing deposits;
2) bank bank of the second level;
3) system of obligatory guaranteeing deposits - complex of the organization-legal measures provided by this Law, directed to protection of the rights and legitimate interests of depositors of participating banks;
4) fees - the payments of participating banks of the organization performing obligatory guaranteeing deposits, paid according to requirements of this Law;
5) the guaranteed deposit - the deposit which is subject to obligatory guaranteeing deposits according to this Law;
6) warranty compensation - the amount of money which is subject to payment to the depositor by the organization performing obligatory guaranteeing deposits for the guaranteed deposit according to this Law;
6-1) electronic portal of payments of warranty compensation (further - the electronic portal of payments) - the information system of the organization performing obligatory guaranteeing deposits, containing the register of depositors with calculation of warranty compensation for the guaranteed deposits constituted for date of deprivation of participating bank of the license for carrying out all banking activities (further - the register of depositors), and intended for reception of applications on payment of warranty compensation, and also conducting the automated accounting of payment of warranty compensation;
6-2) unclaimed amount of warranty compensation - the amount of warranty compensation unclaimed by the depositor within one year from start date of payment of warranty compensation;
7) participating bank - bank (branch of nonresident bank of the Republic of Kazakhstan), being the participant of system of obligatory guaranteeing deposits whose obligations on return of the attracted deposits are guaranteed according to this Law;
8) the certificate of participating bank - the document issued by the organization performing obligatory guaranteeing deposits, to participating bank and certifying its participation in system of obligatory guaranteeing deposits;
9) the agreement of accession - the agreement of accession of bank (branch of nonresident bank of the Republic of Kazakhstan) to system of obligatory guaranteeing deposits which conditions are determined by the organization performing obligatory guaranteeing deposits and are standard for all banks (branches of the nonresident banks of the Republic of Kazakhstan) entering system;
10) authorized body - the state body performing state regulation, control and supervision of the financial market and the financial organizations.
1. The legislation of the Republic of Kazakhstan on obligatory guaranteeing deposits is based on the Constitution of the Republic of Kazakhstan and consists of this Law and other regulatory legal acts of the Republic of Kazakhstan.
2. If the international treaty ratified by the Republic of Kazakhstan establishes other rules, than those which are provided by this Law then are applied rules of the international treaty.
1. The purpose of system of obligatory guaranteeing deposits is ensuring stability of financial system, including maintenance of trust to bank system by payment of warranty compensation to depositors in case of deprivation of participating bank of the license for carrying out all banking activities.
2. The basic principles of system of obligatory guaranteeing deposits are:
1) obligation of participation of banks (branches of the nonresident banks of the Republic of Kazakhstan) performing acceptance of deposits, opening and maintaining bank accounts of physical persons in system of obligatory guaranteeing deposits;
2) ensuring transparency of system of obligatory guaranteeing deposits;
3) decrease in the risks connected with functioning of system of obligatory guaranteeing deposits;
4) accumulative nature of forming of special reserve.
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