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of January 21, 2011 No. 10-02-05/396/1304

Concerning licensing of loan transactions

Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations, having considered the letter of OYuL "Association of Assistance of Business Activity in the Kostanay Region" of 10.01.2011 No. 2, reports the following.

According to the subitem 8) Item 2 of article 30 of the Law of the Republic of Kazakhstan "About banks and banking activity in the Republic of Kazakhstan" (further - the Law on banks), banking loan activities belong to banking activities: provision by bank, mortgage organization, the broker and (or) dealer with the right of account management of clients as the nominee holder or the affiliated organizations of national managing holding in the sphere of agro-industrial complex of the credits in cash on the terms of the paid nature, urgency and recoverability.

That is, the banking loan activities performed only by above-mentioned legal entities are subject to obligatory licensing according to the current banking legislation.

Provision of loans by other physical persons and legal entities which are not listed in the subitem

8) Item 2 of article 30 of the Law on banks, does not treat banking loan activities and it is performed in accordance with general practice, provided by the Civil code of the Republic of Kazakhstan (further - group of companies) within legal capacity of the legal entity.

Besides we note that according to Item 3 of Article 715 of group of companies fund raising in the form of loan from citizens as business activity is forbidden to legal entities and citizens, and such agreements are recognized invalid from the moment of their conclusion.

This prohibition does not extend to cases when borrowers are the banks having the license of authorized state body for acceptance of deposits, and also for cases of acceptance of money in exchange for securities which release is registered in the procedure established by the legislation.

At the same time, we note that according to article 45 of the Law of the Republic of Kazakhstan "About regulatory legal acts" this explanation is not official interpretation of legal acts.

To the second addressee it is told for data.

Vice-chairman M. Baysynov


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