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What authority will regulate the new financial supervision?

The National Bank informed about the transfer of functions to provide public services in the field of regulation, control and supervision of the financial market, the correspondent of MIA Kazinform reports.
What authority will regulate the new financial supervision?

"As of January 1, 2020 the functions on financial market and organizations state regulation are transferred to the newly created Agency of the Republic of Kazakhstan for regulation and development of the financial market," the statement said.

The list of public services transferred to the Agency:

1. Consent for acquisition the status of a major participant of a bank or bank holding company

2. Consent for acquisition the status of an insurance holding company or major participant in an insurance (reinsurance) company

3. Consent for acquisition the status of a major participant and investment portfolio manager

4. Permission for a bank opening

5. Permission for establishment and acquisition by a bank and (or) bank holding of a subsidiary and (or) significant participation of the bank and (or) bank holding in the charter capital of organizations

6. License for banking and other operations provided for by the banking legislation of the Republic of Kazakhstan

7. License to carry out banking operations by the organizations engaged in certain types of banking operations

8. License for banking and other operations carried out by Islamic banks

9. Permission for voluntary bank (bank holding company) reorganization

10. Permission for voluntary bank liquidation

11. Permission for credit bureau activities and act on compliance with the requirements to a credit bureau for the protection and safety of credit history database, information systems and premises

12. Permission for reorganization of a voluntary accumulative pension fund

13. Permission for voluntary liquidation of a voluntary accumulative pension fund

14. License for insurance activities or the right to carry out Islamic insurance activities in the life insurance sector

15. License to carry out insurance (reinsurance) activities or Islamic insurance (reinsurance) activities in general insurance sector

16. License for compulsory insurance types set by the laws of the Republic of Kazakhstan and which are separate classes of insurance or the right to carry out Islamic insurance activities on compulsory insurance types set by the laws of the Republic of Kazakhstan and which are separate classes of insurance

17. License to carry out reinsurance activities or Islamic reinsurance activities

18. License to carry out insurance broker activities

19. Permission for establishment and acquisition of a subsidiary by an insurance (reinsurance) company and (or) an insurance holding, significant participation of an insurance (reinsurance) company and (or) insurance holding in the capital of organizations.

20. Permission for voluntary liquidation of an insurance (reinsurance) company

21. Consent for the appointment (election) of executive employees of financial organizations, banking and insurance holding companies, and JSC Insurance Payments Guarantee Fund

22. License for actuarial activities

23. Record registration of microfinance organizations

24. Record registration of debt collection agencies

25. Permission for voluntary reorganization of an insurance (reinsurance) company and (or) insurance holding company

26. Permission for insurance (reinsurance) company establishment  

27. Certificate of commissioning of credit history database control system into commercial operation of the credit bureau

28. State registration of authorized shares issuance

29. State registration of private bonds issuance

30. State registration of mutual investment fund shares issuance

31. Approval of the report on the results of share allotment

32. Permission to issue equity securities of an organization, resident of the Republic of Kazakhstan in the territory of a foreign state

33. Permission to place equity securities of an organization, resident of the Republic of Kazakhstan in the territory of a foreign state

34. License to carry out activities in the securities market as provided for by the legislation of the Republic of Kazakhstan.

Source: https://www.inform.kz/ru/agentstvo-rk-po-regulirovaniyu-i-razvitiyu-finansovogo-rynka-budet-okazyvat-34-uslugi_a3590989

Photos are from open sources.

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