Document from CIS Legislation database © 2003-2019 SojuzPravoInform LLC

LAW OF THE REPUBLIC OF KAZAKHSTAN

of July 4, 2003 No. 474-II

About state regulation, control and supervision of the financial market and the financial organizations

(The last edition from 03-07-2019)

This Law governs the public relations connected with implementation of state regulation, control and supervision of the financial market and the financial organizations and is directed to increase in stability of financial system of the Republic of Kazakhstan and creation of conditions on non-admission of violations of the rights and legitimate interests of consumers of financial services.

Chapter 1. General provisions

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) the consumer of financial services - the physical person or legal entity using services of the financial organization, and also investing the means in financial instruments;

2) professional activity in the financial market - business activity on provision of financial services;

3) authorized body - National Bank of the Republic of Kazakhstan;

4) the financial organization - the legal entity performing business activity on provision of financial services;

5) the financial market - set of the relations connected with rendering and consumption of financial services, and also release and the address of financial instruments;

6) 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 legislation of the Republic of Kazakhstan and also the activities which are not subject to licensing:

single accumulation pension fund;

central depositary;

the single operator in the sphere of accounting of state-owned property regarding implementation of functions of nominal continence of the securities belonging to the state, subjects of the quasi-public sector which list affirms authorized body on management of state-owned property, or concerning which the state, the specified subjects of the quasi-public sector have property rights;

societies of mutual insurance;;

7) financial product is the service developed by the financial organization for the offer to consumers of financial services within implementation of professional activity in the financial market.

Article 2. Legislation of the Republic of Kazakhstan on state regulation, control and supervision of the financial market and financial organizations

1. The legislation of the Republic of Kazakhstan on state regulation, control and supervision of the financial market and the financial organizations is based on the Constitution of the Republic of Kazakhstan, 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.

Article 3. Purposes, principles and tasks of state regulation, control and supervision of the financial market and financial organizations

1. The purposes of state regulation, control and supervision of the financial market and the financial organizations are:

1) ensuring financial stability of the financial market and the financial organizations and maintenance of trust to financial system in general;

2) No. 30-V ZRK is excluded according to the Law of the Republic of Kazakhstan of 05.07.2012

3) creation of equal conditions for activities of the financial organizations directed to maintenance of fair competition in the financial market.

2. The principles of state regulation, control and supervision of the financial market and the financial organizations are:

1) effective use of resources and instruments of regulation;

2) transparency of activities of the financial organizations and financial supervision;

3) responsibility of the financial organizations.

3. Tasks of state regulation, control and supervision of the financial market and the financial organizations are:

1) establishment of standards of activities of the financial organizations, creation of incentives for improvement of corporate management of the financial organizations;

Full text available with active License only!

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 38000 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.

Get help

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.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.