About the Financial Stability Council of the Republic of Kazakhstan

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Decree of the President of the Republic of Kazakhstan dated December 18, 2019 No. 220.

In accordance with subparagraph 21) of Article 46 of the Constitution of the Republic of Kazakhstan and in order to ensure interdepartmental coordination on ensuring financial stability of the Republic of Kazakhstan, I HEREBY DECREE:

The footnote. The preamble as amended by the Decree of the President of the Republic of Kazakhstan dated 07/01/2026 No. 1337.

1. To establish the Financial Stability Council of the Republic of Kazakhstan (hereinafter referred to as the Council).

2. Approve the attached documents:

1) Regulations on the Council;

2) the composition of the Council.

3. To invalidate certain decrees of the President of the Republic of Kazakhstan in accordance with the annex to this Decree.

4. This Decree will enter into force on January 1, 2020.

President of the Republic of Kazakhstan

K. Tokaev

Approved by Decree of the President of the Republic of Kazakhstan on December 18, 2019 No. 220

Regulations on the Financial Stability Board of the Republic of Kazakhstan

1. General provisions

1. The Financial Stability Council of the Republic of Kazakhstan (hereinafter referred to as the Council) carries out interdepartmental coordination on issues of ensuring financial stability of the Republic of Kazakhstan.

2. The Council is an advisory body under the President of the Republic of Kazakhstan.

3. In its activities, the Council is guided by the Constitution of the Republic of Kazakhstan, the laws of the Republic of Kazakhstan, acts of the President of the Republic of Kazakhstan and the Government of the Republic of Kazakhstan and other regulatory legal acts of the Republic of Kazakhstan, as well as this Regulation on the Council.

2. The main tasks and functions of the Council

4. The main task of the Council is to help ensure the financial stability of the Republic of Kazakhstan and to prevent and/or reduce systemic risks.

5. The Council's functions include preliminary review and provision of recommendations on financial stability issues, including:

1) measures to implement macroprudential policy aimed at reducing systemic risks of the financial system;

2) measures to prevent the occurrence of a financial crisis and minimize its consequences;

3) excluded by Decree of the President of the Republic of Kazakhstan dated 30.04.2026 No. 1251 (effective from 07/01/2026). 4) excluded by Decree of the President of the Republic of Kazakhstan dated 30.04.2026 No. 1251 (effective from 07/01/2026);

4-1) the application of the settlement regime to a systemically important bank, including the issue of state participation in its settlement;

5) other issues necessary to ensure the financial stability of the financial system.

The footnote. Paragraph 5 as amended by Decree of the President of the Republic of Kazakhstan dated 30.04.2026 No. 1251 (effective from 07/01/2026).

6. As part of its activities, the Council:

1) on macroprudential policy issues:

Reviews the results of the assessment and monitoring of systemic risks, as well as proposed measures to reduce them.;

provides recommendations on the implementation of macroprudential policy, including recommendations on prudential regulation instruments.;

2) on issues related to measures to prevent the occurrence of a financial crisis and minimize its consequences, considers proposals from government agencies on anti-crisis measures and provides recommendations for their implementation;

3) on the application of the settlement regime to a systemically important bank:

considers the draft decision on the application of the settlement regime to a systemically important bank and makes a decision on its approval or refusal to approve it no later than three working days from the date of its receipt;

considers the issue of state participation in the settlement of a systemically important bank;

4) coordinate government agencies and facilitate the effective exchange of information between Council members.

The footnote. Paragraph 6 as amended by Decree of the President of the Republic of Kazakhstan dated 30.04.2026 No. 1251 (effective from 07/01/2026).

3. Council rights

7. The Council has the right:

1) cooperate with interstate and intergovernmental coordination and advisory bodies on issues within the competence of the Council;

2) involve experts from interested government agencies, public associations, private business entities, organizations, scientists and independent experts for consultations on the issues under consideration.;

IZPI's note! Subparagraph 3) is provided for in the wording of the Decree of the President of the Republic of Kazakhstan dated 30.04.2026 No. 1251 (effective from 07/01/2026).

3) in accordance with the procedure established by the legislation of the Republic of Kazakhstan, request and receive from the state bodies of the Republic of Kazakhstan and other organizations the materials necessary for the implementation of the tasks and functions of the Council, including:

information from the National Bank on identified systemic risks, the results of assessment and monitoring of systemic risks and on proposed measures to reduce them when considering macroprudential policy issues;

information from the authorized body for regulation, control and supervision of the financial market and financial organizations on the financial condition and risks of financial organizations, supervisory and regulatory measures when considering macroprudential policy issues;

3-1) in accordance with the procedure established by the legislation of the Republic of Kazakhstan, if the Council considers the issue of state participation in the settlement of a systemically important bank, request and receive materials from government agencies of the Republic of Kazakhstan and other organizations, including:

from the National Bank:

information on the classification of a bank in settlement mode as a systemically important bank in accordance with the Law of the Republic of Kazakhstan "On the National Bank of the Republic of Kazakhstan";

information on the possibility of providing a loan of last resort to a systemically important bank or a stabilization bank to which the assets and liabilities of a systemically important bank will be transferred if the Government of the Republic of Kazakhstan provides a state guarantee.;

from the authorized body for regulation, control and supervision of the financial market and financial organizations:

draft decision on the application of the settlement regime to a systemically important bank;

the results of the assessment of the viability of a systemically important bank, its settlement plan, as well as the list, conditions and estimated deadlines for the implementation of settlement instruments specified in the draft decision on the application of the settlement regime to a systemically important bank;

from the central authorized body for budget execution:

information about the possibility of using funds from the republican budget and (or) other funds for:

acquisition by the Government of the Republic of Kazakhstan or the national management holding of shares of a systemically important bank, or a stabilization bank to which the assets and liabilities of a systemically important bank will be transferred;

provision of a state guarantee of the Republic of Kazakhstan on loans to settle a systemically significant bank as security for the fulfillment of obligations under a loan of last resort from a systemically significant bank or a stabilization bank to which the assets and liabilities of a systemically significant bank will be transferred;

3-2) regarding the application of the settlement regime to a systemically important bank, provide recommendations on the list, conditions and estimated deadlines for the implementation of settlement instruments.;

4) exercise other rights in accordance with the legislation of the Republic of Kazakhstan for the implementation of their tasks and functions.

The footnote. Paragraph 7 as amended by Decree of the President of the Republic of Kazakhstan dated 30.04.2026 No. 1251 (effective from 07/01/2026).

4. Formation and organization of the Council's activities

8. The Council is headed by the Chairman of the Council.

Chairman of the Council:

1) carries out the general management of the Council's activities;

2) preside over the meetings of the Council;

3) determines the form, date, place and time of the meetings of the Council;

4) exercises general control over the implementation of the Council's decisions;

5) once every six months, no later than the 25th day of the month following the reporting period, reports on the work of the Council to the President of the Republic of Kazakhstan.

The footnote. Paragraph 8 as amended by Decrees of the President of the Republic of Kazakhstan dated 06/03/2021 No. 591; dated 01/03/2024 No. 429 (effective after the date of its first official publication).

9. Members of the Council:

1) make proposals on the agenda of the Council meeting and the procedure for discussing issues;

2) participate in the preparation of materials for the meetings of the Council, draft its decisions, contribute to solving the tasks facing the Council;

3) participate in the discussion of issues considered at the Council meeting.

10. Meetings of the Council are held as necessary within the time limits determined by the Chairman of the Council, but at least once a quarter. Meetings of the Council are held in person or in absentia and are considered valid if at least four members of the Council, including the Chairman of the Council, participate in the voting.

The date of holding meetings of the Council in absentia is the deadline for accepting ballots for absentee voting.

In the absence of an official who is a member of the Council, the person acting as the absent official takes part in the Council meeting, with the right to vote, sign the absentee ballot or the minutes of the Council meeting.

The footnote. Paragraph 10 as amended by Decree of the President of the Republic of Kazakhstan dated 06/03/2021 No. 591.

12. The Council's working body:

1) ensures the organization of Council meetings and prepares relevant materials for Council meetings based on proposals from Council members and previously adopted decisions;

2) formulates the draft agenda of the meeting based on the proposals of the Council members and the decisions previously taken by them;

3) notify the members of the Council of the form, date, place, time and agenda of the next meeting of the Council, of the deadline for accepting ballots for absentee voting when holding a meeting of the Council in absentia and provide them with the necessary materials in a timely manner;

4) carries out registration and coordination of decisions of the Council;

5) monitors the implementation of the Council's decisions;

6) within 15 (fifteen) business days from the date of adoption of the Council's decisions, send a copy of the protocol and other necessary materials to the members of the Council and other interested state bodies and other organizations.

The footnote. Paragraph 12 as amended by Decree of the President of the Republic of Kazakhstan dated 06/03/2021 No. 591.

13. Following the results of the meetings of the Council, decisions are made, formalized by the minutes.

When a meeting is held in person, the minutes are drawn up and sent to the Council members by the Council's working body for approval within 5 (five) business days after the meeting and signed by all Council members present at the meeting, within no more than 10 (ten) business days from the date the minutes were sent to them by the Council's working body.

When a meeting is held in absentia, the minutes are drawn up by the working body of the Council based on the results of vote counting based on the received absentee voting ballots within 5 (five) business days after the meeting and signed by the Chairman of the Council within no more than 10 (ten) business days from the date of its registration by the working body of the Council.

The footnote. Paragraph 13 as amended by Decree of the President of the Republic of Kazakhstan dated 06/03/2021 No. 591.

14. The decisions of the Council are made by a simple majority of votes and are advisory in nature. If the votes are equal, the chairman's vote is decisive.

The members of the Council have the right to a dissenting opinion, which, if expressed, must be stated in writing and attached to the minutes.

15. The decisions of the Council may be published in the mass media or brought to the attention of financial market entities in any other way in accordance with the current legislation of the Republic of Kazakhstan.

16. State bodies shall provide the Council's working body with information on the implementation or non-implementation of the Council's decisions, with appropriate justification, no later than 3 (three) months from the date of the Council's adoption of the relevant decision or within the time limits specified in the Council's decision.

5. Termination of the Council's activities

17. The basis for the termination of the Council's activities is the decision of the President of the Republic of Kazakhstan.

Approved by Presidential Decree

Republic of Kazakhstan

dated December 18, 2019

№ 220

Composition of the Financial Stability Council of the Republic of Kazakhstan

The footnote. The composition is as amended by Decree of the President of the Republic of Kazakhstan dated 06/29/2024 No. 591; as amended by Decree of the President of the Republic of Kazakhstan dated 09/27/2025 No. 1018; dated 07/01/2026 No. 1337.

Chairman of the National Bank of the Republic of Kazakhstan, Chairman

Chairman of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market

Minister of Finance of the Republic of Kazakhstan

Minister of National Economy of the Republic of Kazakhstan

a representative from the President of the Republic of Kazakhstan, who is a member of the Board of the National Bank of the Republic of Kazakhstan

Managing Director of the Astana International Financial Center

Appendix to the Decree of the President of the Republic of Kazakhstan dated December 18, 2019 No. 220

List of expired certain decrees of the President of the Republic of Kazakhstan

1. Decree of the President of the Republic of Kazakhstan dated June 12, 2010 No. 994 "On the Council for Financial Stability and Development of the Financial Market of the Republic of Kazakhstan" (SAPP of the Republic of Kazakhstan, 2010, No. 37, art. 310).

2. Subparagraph 7) of paragraph 1 of Decree of the President of the Republic of Kazakhstan dated December 22, 2011 No. 204 "On Amendments to certain Decrees of the President of the Republic of Kazakhstan" (SAPP of the Republic of Kazakhstan, 2012, No. 10, art. 189).

3. Paragraph 22 of the amendments and additions to certain acts of the President of the Republic of Kazakhstan, approved by Decree of the President of the Republic of Kazakhstan dated March 13, 2012 No. 284 "On Amendments and additions to certain Acts of the President of the Republic of Kazakhstan" (SAPP of the Republic of Kazakhstan, 2012, No. 36, art. 476).

4. Paragraph 16 of the amendments to certain acts of the President of the Republic of Kazakhstan, approved by Decree of the President of the Republic of Kazakhstan dated March 27, 2013 No. 533 "On Amendments to Certain Acts of the President of the Republic of Kazakhstan" (SAPP of the Republic of Kazakhstan, 2013, No. 22, art. 351).

5. Item 12 of amendments and additions to certain acts of the President of the Republic of Kazakhstan, approved by Decree of the President of the Republic of Kazakhstan dated February 12, 2014 No. 750 "On Amendments and additions to Certain Acts of the President of the Republic of Kazakhstan on the organization of the activities of advisory and other bodies under the President of the Republic of Kazakhstan" (SAPP of the Republic of Kazakhstan 2014, No. 4, article 29).

6. Item 17 of amendments and additions to certain acts of the President of the Republic of Kazakhstan, approved by Decree of the President of the Republic of Kazakhstan dated September 17, 2014 No. 911 "On Amendments and additions to Certain Acts of the President of the Republic of Kazakhstan and invalidation of Certain Orders of the President of the Republic of Kazakhstan" (SAPP of the Republic of Kazakhstan 2014, No. 55-56, V. 538).

7. Item 8 of amendments and additions to certain acts of the President of the Republic of Kazakhstan, approved by Decree of the President of the Republic of Kazakhstan dated October 20, 2017 No. 568 "On Amendments and additions to Certain Acts of the President of the Republic of Kazakhstan and Invalidation of Certain Acts of the President of the Republic of Kazakhstan" (SAPP of the Republic of Kazakhstan 2017, No. 50-51-52, V. 325).

President

Republic of Kazakhstan

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