THE RESOLUTION OF BOARD OF THE AGENCY OF THE REPUBLIC OF KAZAKHSTAN ON REGULATION AND SUPERVISION OF THE FINANCIAL MARKET AND THE FINANCIAL ORGANIZATIONS

of August 5, 2009 No. 177

About approval of Rules about preservation of banks of the second level and implementation by temporary administration on bank management (the interim manager of bank) of transaction on simultaneous transfer of assets and obligations of bank in part or in complete size before physical and (or) legal entities to another (another) to bank (banks)

According to the subitem in) Item 2 of Article 47, article 61-2, 61-3 of the Law of the Republic of Kazakhstan of August 31, 1995 "About banks and banking activity in the Republic of Kazakhstan", with the subitem 9) of Item 1 of article 9 of the Law of the Republic of Kazakhstan of July 4, 2003 "About state regulation and supervision of the financial market and the financial organizations" the Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations (further - the Agency) DECIDES:

1. Approve the enclosed Rules about preservation of banks of the second level and implementation by temporary administration on bank management (the interim manager of bank) of transaction on simultaneous transfer of assets and obligations of bank in part or in complete size before physical and (or) legal entities to another (another) to bank (banks).

2. Recognize invalid regulatory legal acts according to appendix to this resolution.

3. This resolution becomes effective after ten calendar days after day of its first official publication.

4. To department of supervision of banks (Bubeev M. S.):

1) together with Legal department (Sarsenov N. V.) to take measures to state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) in ten-day time from the date of state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan to bring it to the attention of the interested divisions of the Agency, Consolidation of legal entities "The association of financiers of Kazakhstan" and "Kazakhstan Fund of Guaranteeing Deposits" Joint-stock company.

5. To service of the Chairman of the Agency (Kenzhe A. A.) take measures for publication of this resolution in mass media of the Republic of Kazakhstan.

6. To impose control of execution of this resolution on the vice-chairman of the Agency Kozhakhmetov K. B.

Approved by the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations of August 5, 2009 No. 177

Rules about preservation of banks of the second level and implementation by temporary administration on bank management (the interim manager of bank) of transaction on simultaneous transfer of assets and obligations of bank in part or in complete size before physical and (or) legal entities to another (another) to bank (banks)

Chapter 1. General provisions

1. These 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" (further - the Law on banks) and determine procedure for application (establishment) for conservation regime of banks of the second level (further - bank), and also procedure for carrying out transaction by simultaneous transfer of assets and obligations of the bank which is in conservation regime, in part or in complete size before physical and (or) legal entities to another (another) to bank (banks) (further - transaction on transfer of assets and obligations of bank).

3. Tasks of temporary administration (interim manager) of bank are preserving or recovery of capability of bank to timely and full implementation of the obligations, elimination of the available shortcomings of work and violations of the law of the Republic of Kazakhstan and internal documents of bank, and also implementation of other actions for the purpose of improvement of financial position of bank, protection of the rights and legitimate interests of consumers of the financial services provided by bank and improvements of risk management system and internal control in bank.

Chapter 2. Establishment of conservation regime of bank

4. The bank can be subjected to preservation according to the decision of authorized body on any of the bases, stipulated in Item 2 articles 62 of the Law on banks.

5. Bank management during preservation is exercised taking into account requirements of Item 1 of article 65 of the Law on banks.

6. The decision of authorized body on establishment of conservation regime of bank (in the form of properly the certified its copies) is handed to management of bank on receipt in day of its removal except as specified when such delivery is impossible. For its delivery the corresponding officials of bank are invited in authorized body.

In case of impossibility of delivery of the above-stated decision to management of bank on receipt in day of its removal this decision is handed to heads of bank directly in the bank by authorized officers of authorized body.

At the same time the management of bank shall transfer to the head to temporary administration (interim manager) of bank under the delivery-acceptance certificate property of bank, including all seals, stamps, cliche and ice creams, documents connected with registration of the organization, the originals of licenses issued to bank, letterheads, electronic media of information, the software securities of other legal entities issued in documentary form which owner is the bank, and also documents of bank provided in article 56 of the Law on banks.

7. The decision of authorized body on carrying out preservation of bank is published by authorized body in two periodic printing editions distributed in all territory of the Republic of Kazakhstan in the state and Russian languages at the expense of means of bank.

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