Article 13. Requirements for senior staff of the Kazakhstan rating Agency of the Law of the Republic of Kazakhstan On Credit Rating Activities
1. The senior staff of the Kazakhstan rating agency are:
1) the head and members of the management body;
2) the head and members of the executive body;
3) Chief Accountant;
4) Head of the Internal Control Service.
2. A person may not hold (may not be appointed or elected to) the position of a senior employee of a Kazakhstan rating agency.:
1) has no higher economic, legal, mathematical or technical education;
2) who does not have the length of service established by this article:
in international financial organizations, the list of which is established by the authorized body;
and (or) in the field of regulation, control and supervision of the financial market and financial organizations;
and (or) in the field of financial services;
and (or) in the field of auditing and the activities of professional auditing organizations;
and (or) in the provision of credit rating services;
and (or) in the field of software development used to automate the activities of financial organizations;
and (or) in foreign legal entities operating in the areas listed in this subparagraph;
3) does not have an impeccable business reputation;
4) who has had his consent to be appointed or elected to the position of a senior employee revoked and (or) who has been suspended from performing official duties in this and (or) in another financial organization, banking, insurance holding, this and (or) another branch of a non–resident bank of the Republic of Kazakhstan, a branch of an insurance (reinsurance) a non–resident organization of the Republic of Kazakhstan, a branch of a non–resident insurance broker of the Republic of Kazakhstan.
This requirement is applied during the last twelve consecutive months after the decision of the authorized body to revoke consent to the appointment or election to the position of a senior employee.;
5) who has committed a corruption offense or has been subjected to administrative punishment for committing a corruption offense within three years prior to the date of filing an application for approval for a senior position.
When appointing or electing senior management personnel, the Kazakhstan rating agency independently verifies their compliance with the requirements of this article, including taking into account information posted on the authorized body's Internet resource.
3. For the purposes of subparagraph 3) of paragraph 2 of this article, the criteria for the absence of an impeccable business reputation are:
1) the presence of an outstanding or outstanding criminal record, the presence of a court decision that has entered into force on the application of a criminal penalty in the form of deprivation of the right to hold the position of a senior employee of a financial organization, banking or insurance holding company and to be a major participant (major shareholder) of a financial organization for life;
2) the existence of information that the candidate was (is) a major participant in a financial institution (directly or indirectly) that failed to fulfill its obligations or requirements of the authorized body to ensure the financial stability of a financial institution, banking conglomerate, insurance group;
3) there is information that the candidate, being a senior employee of a financial institution or actuary, repeatedly (two or more times) failed to comply with the requirements of the supervisory response measures applied by the authorized body in relation to the financial institution or actuary;
4) the availability of information that the candidate was a shareholder (participant), an official, a person performing managerial functions in a non–resident financial organization of the Republic of Kazakhstan, recognized as insolvent;
5) the presence of a person on the list of persons involved in terrorist activities, the list of organizations and persons associated with the financing of terrorism and extremism, and (or) on the list of organizations and persons associated with the financing of the proliferation of weapons of mass destruction, compiled in accordance with Articles 12 and 12-1 of the Law of the Republic of Kazakhstan "On Countering the Legalization (Laundering) proceeds from crime, financing of terrorism and financing the proliferation of weapons of mass destruction";
6) the existence of information that the candidate was a senior employee of a financial institution, banking or insurance holding company, actions (inaction) which led to a violation (violations) of the requirements of the legislation of the Republic of Kazakhstan, which was the basis for the adoption by the authorized body or the financial supervisory authority of the state in which the non–resident financial institution of the Republic of Kazakhstan is a resident, the decision to classify the bank (a branch of a non–resident bank of the Republic of Kazakhstan) to the category of insolvent banks (branches of banks – non–residents of the Republic of Kazakhstan) or the revocation of the license of a financial institution, which led to their liquidation and (or) termination of activities in the financial market, or the entry into force of a court decision on the compulsory liquidation of a financial institution or declaring it bankrupt, or the entry into force of a court decision on the compulsory termination of a branch of a non-resident bank of the Republic of Kazakhstan, insurance (reinsurance) organization that is a non–resident of the Republic of Kazakhstan;
7) there is information that the candidate has been suspended from performing his official duties as a senior employee of a financial institution on the basis of a supervisory response measure applied by the authorized body;
8) the fact that the candidate signed an audit report that was knowingly false by a court decision;
9) there is information that the candidate, being an actuary, systematically (two or more times) failed to notify the board of directors of the insurance (reinsurance) organization of the facts established by him of non-compliance by the insurance (reinsurance) organization with the requirements for the formation of insurance reserves and risks that may lead to a deterioration in the financial stability and solvency of the insurance (reinsurance) organization. organizations;
10) the existence of information that the candidate illegally disclosed or transferred to third parties information constituting an insurance secret or other secret protected by the laws of the Republic of Kazakhstan, information obtained during actuarial calculations and (or) activities as an independent actuary;
11) information from the supervisory authority of a foreign state or a legal entity that regulates financial services and related activities at the "Astana" International Financial Center about the candidate's lack of an impeccable business reputation;
12) the fact that the candidate has knowingly provided false information about his compliance with qualification requirements and (or) business reputation requirements that will affect the decision of the authorized body;
13) the fact of termination of the employment contract with the candidate on the initiative of the employer on the grounds provided for in paragraphs 9), 12), 13), 14), 15), 16), 17), 18), 19), 20), 21) and 25) paragraph 1 of Article 52 of the Labor Code of the Republic of Kazakhstan;
14) finding a candidate in the unified register of debtors, which is maintained in accordance with the Law of the Republic of Kazakhstan "On Enforcement Proceedings and the Status of Bailiffs" (if the debt exceeds one thousand monthly calculation indices established by the law on the republican budget for the relevant financial year).
4. To comply with the requirement provided for in subparagraph 2) According to paragraph 2 of this article, it is necessary to have a work record for candidates for positions:
1) head of the management body – at least five years;
2) the head of the executive body – for at least five years, including at least two years in a senior position;
3) a member of the governing body – for at least two years;
4) a member of the executive body – for at least three years, including at least two years in a senior position;
5) chief accountant – at least three years;
6) head of the Internal Control Service – at least three years.
For candidates for the positions of members of the executive body of a credit rating agency responsible solely for security issues, administrative and economic issues, digital technology issues, and the length of service provided for in subparagraph 2) paragraph 2 of this article is not required.
The length of service defined in this paragraph does not include work in the departments of a financial institution related to ensuring its security, carrying out administrative and economic activities, developing digital technologies (with the exception of the head of the digital technology development department), as well as in a mutual insurance company.
5. The Kazakhstan rating agency notifies the authorized body:
1) on the appointment or election to office of the persons specified in subitems 1) and 3) of paragraph 1 of this Article, within three working days following the day of their appointment or election, with the attachment of supporting documents;
2) on the dismissal or termination of the powers of the persons specified in subitems 1) and 3) of paragraph 1 of this Article, no later than one business day following the day of making such a decision, accompanied by supporting documents.
The notification must contain information confirming the candidate's compliance with the qualification requirements and requirements for an impeccable business reputation imposed on a candidate for the relevant position by this Law.
6. The Kazakhstan rating agency, at the request of the authorized body, shall suspend from the performance of official duties the persons specified in paragraph 1 of this Article in case of their non-compliance with the requirements of this article.
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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