Republic of Kazakhstan National Bank Supervisory Board Resolution No



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Republic of Kazakhstan National Bank Supervisory Board Resolution No. 50, February May 9, 1996 "On Regulations on Issuing and Revoking a Permit to Create and Reorganize a Bank and a License to Conduct Banking Operations and Other Banking Activities, and Canceling and Suspending Them, and on Giving and Revoking Consent to Open and Consolidate Branches and Open Representative Offices of a Bank (As Amended by Republic of Kazakhstan National Bank Supervisory Board Resolutions No. 215, September 19, 1999; No. 172, April 30, 1997; No. 413, December 5, 1997; No. 193, June 17, 2003)
In execution of Resolution No. 2445, August 31, 1995 of the Republic of Kazakhstan President "On Measures To Implement the Decree of the Republic of Kazakhstan President Having the Force of Law 'On Banks and Banking in the Republic of Kazakhstan'," the Republic of Kazakhstan National Bank Supervisory Board hereby resolves:
1. To approve the Regulations on Issuing and Revoking a Permit to Create and Reorganize a Bank and a License to Conduct Banking Operations and Other Banking Activities, and Canceling and Suspending Them, and on Giving and Revoking Consent to Open and Consolidate Branches and Open Representative Offices of a Bank, and make them effective March 1, 1996.
2. As of March 1, 1996, these regulations shall supersede:
a) Regulations on Opening Banks, Licensing Their Operations, and Amending Their Founding Documents, and the Procedure for Terminating Activities of Banks in the Republic of Kazakhstan, approved by the Republic of Kazakhstan National Bank Supervisory Board (Minutes No. 23, October 22, 1993), as amended;

b) Statute on the Procedure for Issuing Licenses to Banks to Organize a Service for the Collection and Transport of Valuables, approved by the Republic of Kazakhstan National Bank Supervisory Board (Minutes No. 7, March 28, 1995);

c) Recommendations of the Republic of Kazakhstan National Bank on Properly Organizing Control and Supervisory Work and Preparing Documents for Involuntary Liquidation of Banks, No. 199, December 16, 1994;

d) Interim Regulations on the Procedure for Issuing Licenses to Commercial Banks for the Right to Conduct Operations in Foreign Exchange, December 20, 1991.


3. That the Department of Banking Supervision (B. K. Dzhaugashtina) shall bring this decision to the attention of oblast administrations (the Main Almaty Territorial Administration) of the Republic of Kazakhstan National Bank, and charge them to bring these Regulations to the attention of second-tier banks.
4. That control over execution of this Resolution shall be assigned to Republic of Kazakhstan National Bank Deputy Chairman G. A. Marchenko.
Chairman, National Bank





Approved

by Republic of Kazakhstan National Bank Supervisory Board Resolution No. 50, February 29, 1996



Regulations

on Issuing and Revoking a Permit to Create and Reorganize a Bank and a License to Conduct Banking Operations and Other Banking Activities, and Canceling and Suspending Them, and on Giving and Revoking Consent to Open and Consolidate Branches and Open Representative Offices of a Bank

These Regulations were written in accordance with current banking legislation and legislative acts regulating state registration, licensing, and the activities of legal entities, and they specify the procedure for creation (opening), licensing, and reorganization of second-tier banks and for accounting [uchetnaya] registration of bank branches and representative offices.


I. GENERAL PROVISIONS
1. Relations associated with creation, activities, and reorganization of banks and with licensing of banking and other operations foreseen by banking legislation (henceforth -- banking operations) shall be regulated by the Republic of Kazakhstan Civil Code (General Part), and by other legislative acts insofar as they do not conflict with banking legislation.
2. State registration of second-tier banks (henceforth -- banks) as legal entities falling under the jurisdiction of the Republic of Kazakhstan, and accounting registration of branches and representative offices of banks opened in the Republic of Kazakhstan, shall be performed by the Republic of Kazakhstan Ministry of Justice on the basis of a permit to open them from the Republic of Kazakhstan National Bank and submission of the appropriate documents.
3. The Republic of Kazakhstan National Bank (henceforth -- National Bank) shall maintain registers of Republic of Kazakhstan banks, including a register of authorized banks, of permits issued to open banks, and of licenses issued to conduct (perform) banking operations and other banking activities, it shall keep records on consent given to open and consolidate branches and to open representative offices of a bank, and it shall keep special records on (it shall register) bank cash settlement departments.
4. The formats of licenses to carry out activities that are subject under Republic of Kazakhstan law to obligatory licensing by the National Bank shall be established by the National Bank.
5. Requirements on the authorized capital of banks, including the minimum amount thereof, shall be established by the National Bank.
6. Deleted.
7. The grounds and conditions for issuance of licenses to legal entities and individuals to conduct bank audits and the procedure for licensing organizations engaging in certain banking operations, including organizations conducting the operations of buying, selling, and exchanging foreign exchange, shall be established by separate regulations of the National Bank.
8. The National Bank shall issue licenses to conduct banking operations both in Kazakhstani tenge and in foreign exchange.
II. OPENING (CREATION) OF A BANK
9. A bank shall be created on the basis of a founding agreement, and it shall operate in accordance with its charter and Republic of Kazakhstan legislation.
10. The name of a bank, including the reference to its legal organizational form, shall comply with requirements of Article 38 of the Republic of Kazakhstan Civil Code (General Part).
11. Deleted.
12. Deleted.
13. The list of documents filed by the founders of a bank with the National Bank for a permit to open it shall include:
a) an application written in Kazakh or Russian for a permit to open a bank in format per Attachment 1;
b) three notarized copies of the founding agreement creating the bank;
c) four notarized copies of the bank's charter, approved by the founding agreement and containing data specified by Republic of Kazakhstan legislation;
d) minutes of the founders' meeting of the bank in which the bank's founding documents were adopted and the bank's Supervisory Council [Nablyudatelnyy sovet], Audit Commission, and Supervisory Board [Pravleniye] were elected (appointed);
e) information on the founders:
for founding legal entities:
- questionnaire information per Attachment 2;
- a notarized copy of the certificate of state registration as a legal entity;
- notarized founding documents (charter, founding agreement);
- balance sheets, and reports on financial performance and on use of net income by the founders in the two preceding years of operation;
- the opinion of the auditing organization (auditor) confirming the accuracy of balance sheets and financial reports;
for founding individuals:
- questionnaire data per Attachment 3;
- an income statement from the tax inspectorate;
f) information on the auditing organization (auditor) per item 4, Article 19 of the Law the Republic of Kazakhstan "On Banks and Banking in the Republic of Kazakhstan";
g) the details of the new bank's organizational structure, in which:
- the internal audit service shall be subordinated directly to the bank's Board of Directors [Sovet direktorov];
- the Audit Commission shall be subordinated to the general meeting of shareholders of the bank;
- the bank's credit committee shall be subordinated to the bank's Board of Directors;
h) information on members of the bank's Board of Directors (questionnaire format per Attachment 4);
i) submission of questionnaire data per Attachment 5 shall be required for the National Bank's approval of candidates for executive positions with the bank;
j) the statute on the internal audit service of the new bank;
h) the statute on the credit committee of the new bank;
l) the business plan of the new bank, in keeping with recommendations of the National Bank, per Attachment 6;
m) the schedule of preparatory measures of the founders to create the bank, per the submitted business plan;
n) a notarized document confirming the authority of the applicant to file the application in the name of the founders;
o) a report on preparatory measures performed by the founders in accordance with the filed business plan;
p) the regulations on the general conditions of conducting operations.
14. Deleted.
15. An application for a permit to open (create) a bank shall be reviewed by the National Bank within three months from the date of the applicant's submission of the last supplemental information or document requested by the National Bank, but not more then six months from the application receipt date.
The decision to issue a permit to open a bank shall be made by the Republic of Kazakhstan National Bank Supervisory Board.
A permit to open a bank shall have legal force until the National Bank adopts a decision to issue the bank a banking license.
In the period before receiving a banking license, a legal entity registered as a bank shall have the right to open a temporary current correspondent account with an authorized bank for the payment of announced authorized capital. A legal entity registered as a bank shall also have the right to make expenditures connected with its implementation of organizational and technical measures, including preparation of premises and equipment and hiring of personnel with the appropriate clarifications.
15-1. An issued permit shall be registered by the National Bank in the National Bank's register of issued and revoked permits to open a bank.
16. Candidates for appointment to executive positions with banks and their branches shall be approved by procedure established by Republic of Kazakhstan legislation.
III. PARTICULARS OF CREATION OF A SUBSIDIARY BANK

BY A RESIDENT BANK
17. A subsidiary bank shall mean a second-tier bank with more than 50 percent of its authorized capital belonging to the parent bank. Subsidiary banks shall be independent legal entities.
18. A resident bank of the Republic of Kazakhstan shall have the right to create a subsidiary bank on the condition that it has operated without loss during the most recent two years and it has observed prudential standards and other norms and limits established by the National Bank during the most recent six months.
19. Founders of a subsidiary bank created by a resident bank of the Republic of Kazakhstan shall be required to submit to the National Bank the documents and information stated in item 13 herein.
IV. PARTICULARS OF CREATION OF A BANK WITH FOREIGN PARTICIPATION AND A SUBSIDIARY BANK BY A NONRESIDENT BANK
20. A bank with foreign participation shall mean a second-tier bank with more than one-third of its shares under the control, ownership, and/or management of persons on a list specified by banking legislation.
21. The requirements of banking legislation shall be observed in the creation of banks with foreign participation in the Republic of Kazakhstan and in their activities.
22. Besides submission of information stated in item 13 herein, creation of a bank with foreign participation shall require observance of the conditions hereunder:
- the chairman of the bank's Supervisory Board and the bank's chief accountant shall be fluent in the state language of the Republic of Kazakhstan, or in Russian, the language used on an equal basis with the state language by state organizations and bodies of local self- government, and possess work experience in a bank in the Republic of Kazakhstan of not less than one year;
- not less than one member of the bank's Supervisory Council shall be a citizen of the Republic of Kazakhstan, and submit documents demonstrating executive experience of not less than three years in a bank operating in the Republic of Kazakhstan, and knowledge of banking economic legislation of the Republic of Kazakhstan;
- the total registered authorized capital of banks with foreign participation shall not exceed 25 percent of the aggregate registered authorized capital of all banks of the Republic of Kazakhstan, except in cases allowed by the National Bank.
A bank with foreign participation shall be required to place resources in internal assets of an amount and by procedure established by the National Bank.
23. Besides the documents and information stated in item 13 herein, the founders of a subsidiary bank created by a nonresident bank of the Republic of Kazakhstan shall be required to additionally submit:
- written confirmation from the banking supervisor of the relevant state that the founding bank possesses a current banking license and is subject to supervision on a consolidated basis;
- written notice from the state body or supervisor of the relevant state that it has permitted the founding bank to participate in the authorized capital of a resident bank of the Republic of Kazakhstan, or a statement from the banking supervisor of the relevant state that such permission is not required by legislation of the bank's home state.
V. CHANGES AND ADDITIONS TO FOUNDING DOCUMENTS.

PARTICULARS OF BANK REORGANIZATION
24. Changes and additions to a bank's founding documents, including ones requiring reregistration with the Republic of Kazakhstan Ministry of Justice, shall be subject to obligatory prior coordination with the National Bank.
25. The matter of granting consent to changes and additions to a bank's founding documents shall be considered by the National Bank within one month from the date the applicant submits all required documents.
26. Banks shall be reorganized with consideration for particulars established by banking legislation.
Banks shall be subjected to involuntary reorganization by decree of the court in accordance with current legislation, with consideration for the particulars set forth in the Republic of Kazakhstan Law "On Banks and Banking in the Republic of Kazakhstan."
27. Voluntary reorganization (consolidation, merger, split-off, spin-off, conversion) of banks may be carried out by decision of the general meeting of shareholders, with the National Bank's permission.
28. A decision of the general meeting of shareholders of the bank in question shall be the grounds for filing a petition to obtain a permit for the bank's voluntary reorganization.
29. The documents hereunder shall be appended to the petition to obtain a permit from the National Bank for voluntary reorganization of a bank:
a) the decision of the bank's supreme body on its voluntary reorganization;
b) documents describing the proposed conditions, forms, procedure, and time of the bank's voluntary reorganization;
c) a financial forecast of the consequences of voluntary reorganization, including the post-voluntary reorganization balance of claims and liabilities of the bank and/or of legal entities formed as a result of the bank's voluntary reorganization.
30. The petition for a permit for a bank's voluntary reorganization and other necessary documents shall be reviewed by the National Bank within two months from the date of their receipt.
31. The decision to issue a permit for voluntary reorganization of a bank shall be made by the Board of Directors (Directorate) of the National Bank.
32. Within two weeks from the date a permit for reorganization is received from the National Bank, the bank in reorganization shall be required to inform all of its depositors, customers, correspondents, and borrowers of the upcoming changes by means of direct notification and through the release of the appropriate announcement in not less than two Republican newspapers.
33. State registration or reregistration of legal entities formed as result of reorganization shall be in accordance with current legislation.
34. The National Bank shall deny a permit for a bank's voluntary reorganization on any of the grounds hereunder:
a) absence of the relevant decisions of the supreme bodies of the banks to be reorganized;
b) violation of the interests of depositors as a result of the proposed reorganization;
c) violation of prudential standards and other binding norms and limits as result of the proposed reorganization;
d) violation of the requirements of antimonopoly legislation as a result of the proposed reorganization.
VI. PROCEDURE FOR THE OPENING AND CONSOLIDATION

OF BANK BRANCHES
35. A bank branch shall mean a bank subdivision that is not a legal entity, is located away from the bank, engages in banking operations in the bank's name, and operates within the limits of powers granted thereto by the bank.
The branch of a bank and the bank shall have the same balance sheet, and the name of the bank branch shall be exactly the same as the name of the bank.
36. A bank shall be required to obtain the National Bank's consent to open a branch or consolidate its branches, and accounting registration of a branch with justice authorities shall be required.
37. A bank shall have the right to apply to the National Bank to open a branch on the condition that it has been operating without loss, its financial position has been sound, and it has complied with prudential standards and other binding norms and limits for six months prior to filing the application, and its authorized capital has actually been paid in.
38. The matter of giving consent to open (consolidate) a bank branch shall be considered by the National Bank within three months from the date of submission of the complete package of documents.
39. The documents hereunder shall be appended to an application for consent to open a bank branch:
a) the decision of the applicant bank's authorized body (pursuant to the Charter) to open a bank branch;
b) three copies of a notarized Statute on the bank branch showing the list of banking operations the branch will be authorized to conduct under power of attorney;
c) the decision of the relevant bank body appointing the branch's first director and chief accountant;
d) information on candidates for the positions of the branch's first director and chief accountant per Attachment 5 herein;
e) information on deputies of the branch's director and chief accountant per Attachment 5 herein.
40. The documents hereunder shall be appended to an application for consent to consolidate a bank's operating branches:
a) the decision of the bank's authorized body (pursuant to the Charter) to consolidate its operating branches;
b) documents describing the proposed conditions, forms, procedure, and time of consolidation of the bank branches.
41. Consent to open (consolidate) a bank's branches shall be denied on any of the grounds hereunder:
a) noncompliance of candidates for the positions of first director and chief accountant of the bank branch with the minimum requirements of item 3, Article 19 and by items 3-5, Article 20 of the Republic of Kazakhstan Law "On Banks and Banking in the Republic of Kazakhstan";
b) noncompliance of the premises and equipment of the bank branch with technical requirements established by the National Bank;
c) the bank's failure to observe prudential standards and other norms and limits specified by the National Bank;
d) violation of current legislation and regulations of the National Bank.
42. The decision to give consent to the opening (consolidation) of a bank branch shall be made by the National Bank Board of Directors (Directorate).
VII. CREATION OF A BANK REPRESENTATIVE OFFICE
43. A bank representative office shall mean a bank subdivision that is not a legal entity, is located away from the bank, operates in the name of the bank and by its order, and does not carry out banking operations.
44. A bank shall be required to obtain the National Bank's consent to open its representative office, and its accounting registration with justice authorities shall be required.
45. The matter of granting consent to open a bank representative office shall be considered by the National Bank within three months from the date of submission of the complete package of documents.
46. The documents hereunder shall be appended to an application for consent to open the representative office of a resident bank of the Republic of Kazakhstan both in the Republic of Kazakhstan and beyond its borders:
a) three copies of a notarized Statute on the representative office;
b) information on the senior management of the representative office per Attachment 5;
c) information on the proposed number of employees of the representative office.
47. Besides the documents specified in item 46, the notarized documents hereunder shall be appended to the application for consent to open a representative office of a nonresident bank of the Republic of Kazakhstan:
a) the founding documents of the applicant bank (founding agreement and/or Charter);
b) the decision of the applicant bank's appropriate body to open the representative office in the Republic of Kazakhstan;
c) written confirmation from the banking supervisor of the relevant state that the applicant bank possesses a current banking license;
d) written notice from the banking supervisor of the relevant state that it has no objections to the opening of a representative office of the applicant bank in the Republic of Kazakhstan, or a statement from the banking supervisor or authoritative judicial service of the relevant state that such a decision is not required by legislation of the applicant bank's home state;
e) a power of attorney in the name of the director of the representative office;
f) the duly prepared annual report of the applicant bank and its profit/loss statement for the most recent financial (operating) year, validated by an auditing organization (auditor) meeting requirements of item 4, Article 19 of the Republic of Kazakhstan Law "On Banks and Banking in the Republic of Kazakhstan."
48. The decision to give consent for the opening of a bank's representative office shall be made by the Board of Directors (Directorate) of the National Bank.
VIII. PROCEDURE FOR CLOSING BANK BRANCHES AND REPRESENTATIVE OFFICES. SPECIAL REGISTRATION OF BANK CASH SETTLEMENT DEPARTMENTS WITH THE NATIONAL BANK
49. Bank branches and representative offices shall be closed by procedure established by current legislation.
Changes made to accounting registration data at the time a bank branch is closed shall be submitted to justice authorities after prior coordination with the National Bank.
50. Bank's shall have the right to create their own cash settlement departments with the consent of the National Bank by procedure established by National Bank regulations.
A bank cash settlement department shall mean a bank structural subdivision that is away from the location of the bank, is not a legal entity, does not possess the status of a bank branch, and is authorized to carry out certain kinds of banking operations in the bank's name in accordance with National Bank regulations on the basis of power of attorney issued by the bank.
51. The National Bank shall subject bank cash settlement departments to special registration. Bank cash settlement departments shall not be subject to accounting registration with justice authorities.
Documents for special registration of a bank cash settlement department with the National Bank shall be submitted to the Department of Banking Supervision.
52. The bank shall be liable for the obligations of its branches, representative offices, and cash settlement departments.
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