Article 11. Requirements for shareholders (founders) of the Kazakhstan rating agency, the size and structure of capital (ownership) The Law of the Republic of Kazakhstan on Credit Rating Activities

     1. Besides the National Bank of the Republic of Kazakhstan, the shareholders (founders) of the Kazakhstan rating agency may include international financial organizations and other persons.

     At the same time, international financial organizations and other persons, with the exception of the National Bank of the Republic of Kazakhstan and its affiliates, as well as international rating agencies, cannot independently or jointly with their affiliates directly or indirectly own, use and (or) dispose of ten or more percent of outstanding (minus preferred and repurchased) shares. the Kazakhstan rating agency.

     2. The authorized capital of the Kazakhstan rating agency is formed by paying for shares by the founders exclusively in cash, with the exception of international rating agencies.

     3. International rating agencies have the right to pay for shares of the Kazakhstan rating agency with other property. The valuation of other property is established in accordance with the laws of the Republic of Kazakhstan.

     4. The creation, reorganization and (or) liquidation of the Kazakhstan rating agency are carried out in accordance with the laws of the Republic of Kazakhstan.

     5. The minimum amount of the authorized and equity capital of the Kazakhstan rating agency is established by a regulatory legal act of the authorized body.

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     

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