Article 1. The basic concepts used in this Law of the Law of the Republic of Kazakhstan On Credit Rating Activities
The following basic concepts are used in this Law:
1) methodology is an internal document of a credit rating agency that defines the principles and forms of analysis of quantitative and qualitative factors, the application of models, and key rating assumptions on the basis of which a decision on rating action is made.;
2) control – the ability to determine the decisions of a credit rating agency, arising in the presence of one of the following conditions:
direct or indirect ownership by one person alone or jointly with one or more persons of more than fifty percent of the shares in the authorized capital or outstanding (minus preferred and repurchased by the company) shares of a credit rating agency, or the ability to vote independently with more than fifty percent of the shares of a credit rating agency;
the ability of one person to independently elect at least half of the composition of the management body or executive body of a credit rating agency;
inclusion of the financial statements of a credit rating agency in the financial statements of a legal entity in accordance with the audit report;
the possibility of one person independently or jointly with one or more persons to determine the decisions of a credit rating agency by virtue of an agreement (supporting documents) or otherwise in cases provided for by a regulatory legal act of the authorized body;
3) sovereign credit rating – a credit rating that targets states, a union of states, an international financial organization and (or) their individual financial obligations or financial instruments;
4) significant influence is the authority of a shareholder of a credit rating agency to participate in making decisions on the financial and operational policies of the credit rating agency, but not to control or jointly control this policy.;
5) non–public rating - a rating assigned by a credit rating agency and not publicly disclosed to an unlimited number of people;
6) lead rating analyst – a rating analyst whose main responsibilities include interacting with the rated person in relation to a specific rating, preparing documents and proposals for the rating committee in relation to such a rating;
7) Islamic Finance Compliance rating – a rating assigned in accordance with applicable internationally recognized standards in the field of Islamic finance;
8) corporate governance rating is the result of the credit rating agency's analysis of the quality of corporate governance of the rated entity, expressed by assigning it to a certain rating category.;
9) credit rating is the result of an analysis by a credit rating agency of the ability of a rated entity to fulfill its financial obligations (creditworthiness, financial stability) and (or) the credit risk of its individual financial obligations or financial instruments, expressed by attribution to a certain rating category;
10) credit rating agency – a legal entity engaged in credit rating activities;
11) credit rating activity – the professional activity of a credit rating agency in carrying out rating actions in relation to credit and other ratings based on the analysis of information in accordance with the applied methodology, as well as in conducting other assessments;
12) Kazakhstan rating agency is a credit rating agency established in the organizational and legal form of a joint–stock company, one of the founders of which is the National Bank of the Republic of Kazakhstan, which carries out credit rating activities in accordance with this Law and the constituent documents;
13) impeccable business reputation – professionalism and integrity of a person, confirmed, among other things, by the absence of facts:
the commission by the specified person of illegal actions (inaction) that led to insolvency, which led to the compulsory liquidation of a financial institution, or to the application of a settlement regime to the bank;
the person's outstanding or outstanding criminal record, including the absence of a judicial act that has entered into legal force on the application of criminal punishment to a person in the form of deprivation of the right to hold the position of a senior employee of a financial institution, a banking and (or) insurance holding company and to be a major participant (major shareholder) of a financial institution for life;
the existence of relations with third parties (control and influence of third parties), whose actions contributed to the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction, based on information from the authorized financial monitoring body;
14) the sustainable development rating is the result of an analysis by a credit rating agency of the exposure of the rated object to risks in the field of environmental and social impact, as well as the quality of management expressed by assigning it to a certain rating category.;
15) rated person – a legal entity, a state, which is assigned a rating by a credit rating agency;
16) the rating forecast is the result of the credit rating agency's analysis of the expected rating change.;
17) the rating object is the rated person and (or) his financial obligations, as well as financial instruments;
18) rating action – an action carried out in the process of assigning, confirming, revising, revoking a rating and (or) forecasting a rating;
19) the rating committee is a collegial body that is not a structural subdivision of a credit rating agency, formed exclusively from rating analysts of a credit rating agency.;
20) rating user – a person who uses a rating and related information;
21) rating category – an element of the rating scale indicated in the form of an alphabetic, numeric and (or) other special symbol(s);
22) rating analyst – an individual who performs analytical functions necessary for the implementation of rating actions and is an employee of a credit rating agency;
23) rating scale – a system of rating categories used by a rating agency to classify rating levels;
24) unsolicited rating – a rating assigned by a credit rating agency on its own initiative or on the initiative of a third party without concluding an agreement with the rated person;
25) authorized body – a state body that carries out state regulation, control and supervision of the financial market and financial organizations;
26) international rating agency – a credit rating agency and (or) its subsidiaries and (or) branches engaged in credit rating activities and recognized by financial regulators of the Organization for Economic Cooperation and Development and an authorized body;
27) a foreign rating agency is a credit rating agency established in accordance with the legislation of a foreign state, engaged in credit rating activities, recognized by the financial regulator of that foreign state and an authorized body, which is not an international rating agency.
The Law of the Republic of Kazakhstan on Credit Rating Activities
On credit rating activities, the Law of the Republic of Kazakhstan dated July 23, 2026 No. 351-VIII SAM.
President
Republic of Kazakhstan
Constitution Law Code Standard Decree Order Decision Resolution Lawyer Almaty Lawyer Legal service Legal advice Civil Criminal Administrative cases Disputes Defense Arbitration Law Company Kazakhstan Law Firm Court Cases Declaration Decree Order Resolution Decision Report Conclusion Statement Conclusion Convention Contract Memorandum Methodology Norms Note Rules Program Charter Charter Article Commentary Resolution Regulations Protocol Draft Program Rules Messages
