Article 6-5. The Board of the authorized body and its powers of the Law on State Regulation, Control and Supervision of the Financial Market and Financial Organizations

Home / RLA / Article 6-5. The Board of the authorized body and its powers of the Law on State Regulation, Control and Supervision of the Financial Market and Financial Organizations

The highest body of the authorized body is the Management Board.

Board of the authorized body:

1) defines priorities in the field of formation and development of the financial market;

IZPI's note! Subparagraph 2) is provided for in the wording of the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

2) adopt regulatory legal acts in the field of regulating the activities of the financial market and financial organizations, as well as other persons in accordance with the goals and objectives provided for in paragraphs 1 and 3 of Article 3 of this Law and the legislation of the Republic of Kazakhstan. The list of subordinate regulatory legal acts is defined in the regulation on the authorized body.;

3) determines the procedure for applying limited measures of influence and supervisory response measures provided for by the laws of the Republic of Kazakhstan to financial organizations and other persons on issues within its competence.;

4) decides on the introduction of a special regulatory regime;

5) Excluded by the Law of the Republic of Kazakhstan dated 07/12/2022 No. 138-VII (effective sixty calendar days after the date of its first official publication).

6) jointly with the National Bank of the Republic of Kazakhstan approves programs aimed at protecting the interests of consumers of financial services;

7) decides on the participation of the authorized body in international and other organizations; IZPI's note! Subparagraph 8) is provided to be deleted by the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

8) decides on the establishment of consultative and advisory bodies of the authorized body; IZPI's note! Subparagraph 7) is provided to be deleted by the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

9) considers, approves and submits for approval to the President of the Republic of Kazakhstan the structure, total staffing of the authorized body and the Regulations on the authorized body, as well as amendments and additions to them;

9-1) approves the remuneration system for employees of the authorized body in coordination with the President of the Republic of Kazakhstan;

10) approves the terms of remuneration and social welfare of employees of the authorized body;

11) considers, accepts and submits for approval by the President of the Republic of Kazakhstan the annual report on the work of the authorized body;

12) approves the rules for appointment and termination of an employment contract with employees of the authorized body;

13) approves the regulations of the authorized body; IZPI's note! Subparagraph 7) is provided to be deleted by the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

14) approves the rules for the publication of financial statements by joint-stock companies and financial organizations, which determine the procedure for its publication, including the list of financial statements to be published and the timing of its publication;

15) approves the rules for the creation of provisions (reserves) in accordance with international financial reporting standards and the requirements of the legislation of the Republic of Kazakhstan on accounting and financial reporting;

16) approves the rules for the issuance and circulation of bank certificates of deposit;

IZPI's note! Subparagraph 17) is provided to be deleted by the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

17) approves regulatory legal acts regulating the activities of financial organizations to ensure information security, in accordance with this Law and other laws of the Republic of Kazakhstan;

18) develops and approves the rules for the acquisition by the authorized body of services related to ensuring the stability of the financial system;

IZPI's note! Subparagraph 18-1) is provided for in the wording of the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

18-1) jointly with the National Bank of the Republic of Kazakhstan and the authorized body responsible for ensuring tax receipts and other mandatory payments to the budget, approves the rules for withdrawing cash from bank accounts by business entities;

18-2) approves the size of the targeted loss, reliability factor and correction factors used to calculate the insurance premium for compulsory insurance of civil liability of vehicle owners in accordance with the Law of the Republic of Kazakhstan "On Compulsory Insurance of Civil Liability of vehicle Owners";

19) performs other functions and powers provided for by this Law, other laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.

Sub-item requirements 2), 3), 14), 15) and 17) of the second part of this Article apply to branches of non-resident banks of the Republic of Kazakhstan, branches of non-resident insurance (reinsurance) organizations of the Republic of Kazakhstan, branches of non-resident insurance brokers of the Republic of Kazakhstan.

For the purposes of applying subparagraph 14) of part two of this article in relation to branches of non-resident banks of the Republic of Kazakhstan, branches of insurance (reinsurance) organizations that are non-residents of the Republic of Kazakhstan, branches of insurance brokers that are non-residents of the Republic of Kazakhstan, financial statements are understood to be statements based on accounting data.

The Law of the Republic of Kazakhstan dated July 4, 2003 No. 474-II.

This Law regulates public relations related to the implementation of state regulation, control and supervision of the financial market and financial organizations, and is aimed at increasing the stability of the financial system of the Republic of Kazakhstan and creating conditions to prevent violations of the rights and legitimate interests of consumers of financial services.

President

Republic of Kazakhstan

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