Law of banks and banking activities in the Republic of Kazakhstan

Law of the Republic of Kazakhstan from August 31, 1995 N 2444

Chapter 1. General Provisions

Article 1. The Bank, its status and location

1. Bank - legal entity, a commercial organization, which is in accordance with this Act is authorized to conduct banking activities.

2. The official status of the bank is determined by the state registration of legal entity as a bank in the organs of Justice (registration authority) (hereinafter - the judiciary) and the availability of a license authorized body on regulation and supervision of financial markets and financial institutions (hereinafter - the authorized body) to conduct banking transactions.

3. No legal person who has no official status of the bank, cannot be called a "bank" or characterize themselves as engaged in banking activities.

4. The location of the bank recognizes the location (address) of its Board.

Article 2. Basic concepts used in this Act

In this Act, the following basic concepts:

1) control - the possibility of one entity to determine the decisions of another entity, which arises if one of the following conditions:

v direct or indirect ownership by one person alone or jointly with one or more persons over fifty percent of the shares in the authorized capital of legal entities or outstanding (net of preferred shares and repurchased by the Company) of shares of another person or the presence of autonomy vote more than fifty percent of the shares of another legal entity;

v availability features of one legal entity to elect at least half of the board of directors or board of another entity;

v the inclusion of financial statements of one entity, with the exception of the financial statements of the special purpose company, established in accordance with the laws of the Republic of Kazakhstan on securitization, the financial statements of another entity in accordance with the auditor's report;

v availability features of one legal entity to determine the decisions of another entity by virtue of the contract (supporting documents) or otherwise in the cases stipulated by normative legal act of the authority;

2) indirect ownership (voting) shares of the bank - to define the decisions of the bank, a major participant of the bank, bank holding company or persons together being a major member of the bank, bank holding company, through ownership of shares (stakes in the authorized capital) of legal persons;

3) banking conglomerate - a group of entities comprising the parent organization and its affiliated organizations, as well as organizations in which a parent organization and (or) its subsidiaries have significant involvement in the capital, and which corresponds to one of the following conditions:

Bank is the parent company or one of the subsidiaries of a bank;

Bank is not a parent organization, but the group's activities are mainly concentrated in the banking sector, ie the ratio of total assets from banks and institutions performing certain types of banking groups to total assets of the group is forty percent or more;

Bank is not a parent organization, but the group has one bank and another financial institution.

If a group of legal entities, which includes a bank, the parent organization is the national managing holding, the bank conglomerate is recognized:

v Bank;

v bank holding company, which is the parent company of the bank;

v subsidiaries of the bank, bank holding company, which is the parent company of the bank;

v organization in the capital which a bank, a subsidiary of the bank, bank holding company, which is the parent organization of the bank, have substantial involvement.

If a group of legal persons present parent organization - the non-resident bank of the Republic of Kazakhstan, the banking conglomerate admits child resident bank of the Republic of Kazakhstan and its subsidiaries, as well as organizations in which the subsidiary bank and its subsidiaries have significant involvement in capital;

4) The bank holding company - a legal entity (except in cases where such owner is a state or national management holding), which is in accordance with the written consent of the authorized body may own, directly or indirectly, twenty-five percent or more of outstanding (excluding preference shares and repurchased by the bank) shares or be able to:

v vote directly or indirectly, twenty-five percent or more of the voting shares;

v determine the decisions taken by the bank, by contract or otherwise, or to have control;

5) the regulatory capital (hereinafter - the equity capital) of the bank - the amount of capital, net of investment bank;

6) a major participant of the bank - a natural or legal person (except where such owner is a state or national management holding company, as well as the cases stipulated by this Act), which is in accordance with the written consent of the authorized body may own, directly or indirectly, ten or more percentages (excluding preference shares and repurchased by the bank) the bank's shares, or be able to:

v vote directly or indirectly ten percent or more of the voting shares;

v influence the decisions taken by the Bank by virtue of contract or otherwise in the order determined by the regulations of the authority;

7) the parent organization - the legal entity which has control over another entity;

8) deposit - money sent from one person (the depositor) to another person - the bank, including the National Bank of Kazakhstan (hereinafter - the National Bank) and the National mail operator, under the conditions of their return in nominal terms (with the exception of investment deposit in an Islamic bank ) regardless of whether they should be returned upon request or through any time, in whole or in part with a predetermined mark-up or without it directly to the depositor or transferred on his behalf to third parties;

9) subsidiary organization - a legal entity with respect to which another entity has control;

10) indirect ownership stakes in the authorized capital or ownership (voting) shares of a legal entity - can determine the decisions of a legal entity, the major participant of the legal person or persons who together are a major member of the legal entity through ownership (voting) shares (shares in the authorized capital ) other legal entities;

11) major party entity - person or entity (except in cases where such owner is a state or national management holding company) which owns, directly or indirectly ten percent or more shares in the share capital or voting shares of a legal entity;

12) a significant part in the capital - is the possession, directly or indirectly, alone or together with one or more persons and more than twenty percent of the voting shares (participation in the share capital) or the presence of the opportunity to vote twenty percent or more of shares;

13) impeccable business reputation - the existence of facts supporting the professionalism, honesty, no unwithdrawn or outstanding criminal record;

14) Bank Stabilization - second-tier bank, created by the decision of the authorized body for the purposes of the transaction for the transfer of assets and liabilities of the bank, located in a conservation regime. Features of creation of a stabilization of the bank established by this Act.

Article 2-1. Affiliated persons of the bank

1. Affiliates of the bank are the entities specified in Article 64 of the Law of the Republic of Kazakhstan "On Joint Stock Companies, as well as members of the banking conglomerate.

Unless otherwise established by this article, is not the basis for determining the bank's affiliates in accordance with Article 64 of the Law of the Republic of Kazakhstan "On Joint Stock Companies" the presence of signs of the major shareholder of the bank at the National Holding.

2. Unless otherwise established by this article, affiliates of the bank, whose largest shareholder is the national manager of the holding is not the national managing holding legal persons, one hundred percent of voting shares (participation), which belong to National Holding on a list approved by the Government of the Republic of Kazakhstan, and as officials of National Holding and the aforementioned entities.

Is not the basis for the recognition of the banks affiliated with respect to each other in the presence of the shareholders of the banks managing the national holding company.

3. The provisions of the second part of paragraph 1 and paragraph 2 of this article do not count for purposes of the tax legislation of the Republic of Kazakhstan and the Republic of Kazakhstan legislation on transfer pricing.

Date: 2015-01-12; view: 920