LAW No. 2155 of 30th MARCH 1995 OF THE REPUBLIC OF KAZAKHSTAN

«CONCERNING THE NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN» 

AMENDMENTS AND ADDITIONS INTRODUCED BY:
1)  Edict No. 2370 of 20th July 1995 of the President of the Republic of Kazakhstan, Having the Force of a Law, «Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan and Edicts Having the Force of Law of the President of the Republic of Kazakhstan Concerning Customs Issues».  (Article 39); 
2)  Edict No. 2396 of 2nd August 1995 of the President of the Republic of Kazakhstan, Having the Force of Law, «Concerning the Introduction of Addition to the Edict Having the Force of Law of the President of the Republic of Kazakhstan «Concerning the National Bank of the Republic of Kazakhstan».  (Article 56);
3)  Edict No. 2672 of 5th December 1995 of the President of the Republic of Kazakhstan, Having the Force of a Law, «Concerning the Introduction of Amendments and Additions to Edicts Having the Force of Law of the President of the Republic of Kazakhstan «Concerning The National Bank of the Republic of Kazakhstan» and «Concerning Securities and Stock Exchanges». (Articles: 1, 2, 3, 8, 13, 15, 16, 18, 19, 21, 28, 34, 44, 52, 54, 57, 58, 66, 67, 69, 71, and 72).
4)  Edict No. 2830 of 27th January 1996 of the President of the Republic of Kazakhstan, Having the Force of a Law, «Concerning the Introduction of Amendments and Additions to Edicts Having the Force of Law of the President of the Republic of Kazakhstan «Concerning the National bank  of the Republic of Kazakhstan» and  «Concerning Banks and Banking Activities in the Republic of Kazakhstan».  (Articles:  11, 12, 13, 15, 20, 35, 52, and 54); 
5)  Law No. 18 of 3rd July 1996 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan.   (Article: 56); 
6)  Law No. 50 of 7th December 1996 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan.  (Articles: 8, 15, and 62); 
7)  Law No. 154 of 11th July 1997 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Banking Activity.  (Articles: 1, 4, 5, 6, 7, 8, name of Chapter III.), Articles: 9, 10, 11, 12, 13, 15, 16, 17, 19, 20, 21, 23, 24, 25, 26, 27, 28, 30, 31, 32, 34, 35, 37, 39, 40, 41, 42, 47, 48, 49, 51, 52, 53, 54, name of Chapter X., Articles: 56, 57, 58, 59, 60, 61, 62, 63, 64, 67, 70-1, 72, 73, 74); 
8)  Law No. 200 of 8th December 1997 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan.  (Articles 24, 72); 
9)  Law No. 236 of 29th June 1998 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan.  (Articles 3, 9, 10, 15).  Effective from the date of publication; 
10)  Law No. 436 of  16th July 1999 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan.  (Articles:  7, 8, heading of Chapter III, Articles: 9, 10, 11, heading of Chapter IV, Articles: 12, 15, 17, 19, 43, 46, heading of Chapter VIII, Articles:  48 replaced, 50 replaced, 52 replaced, 52-1 introduced, 54, 56, 57, 58, 62-1 introduced, 64, 66, 67, 72).  Effective from the date of publication (5th August 1999); 
11)  Law No. 42 of 29th March 2000 of the Republic of Kazakhstan «Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Banking Secrecy» (Articles: 47-1 introduced, 48).  Effective from the date of publication (1st April 2000); 
12)  Law No. 128 of 18th December 2000 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Insurance and Insurance Activities.  (Article 62-1).  Effective from 23rd December 2000;
13)  Law No. 162 of 2nd March 2001 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions To Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of the Banking Activity.  (Heading, Preamble excluded, Articles:  2, 3, 6, 8, 10, 11, 15, 19, 20, 52-1, 54, 56, 57, 58, 62, 62-1, 63, 64, 72, 74).  Effective from 12th March 2001;
14)  Law No. 182 of 3rd May 2001 of the Republic of Kazakhstan.  Concerning the Introduction of An Amendment and Additions to Certain Legislative Acts Concerning Issues of Functioning of the National Fund of the Republic of Kazakhstan.  (Articles: 8, 15, 70-1 replaced).  Effective from the 1st of January 2001; 
15)  Law No. 482 of 9th July 2003 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Bill of Exchange Circulation, Payments and Transfers of Funds.  (Articles:  8, 48, 62).  Effective from 25th July 2003;
16)  Law No. 483 of 10th July 2003 of the Republic of Kazakhstan «Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Organising an Integrated System of State Regulation and Supervision of Financial Markets and Financial Organisations. (Articles: 1, 4, Heading of Chapter II, Article 7 replaced, Articles: 8, 9, 10, 11 replaced, 15, 19, 24, 27, 28 replaced, 29 replaced, 30 replaced, 31 replaced, 33 replaced, 34 replaced, 35 replaced, 36 replaced, 36-1 introduced, 36-2 introduced, 36-3 introduced, 46 replaced, 47-1, 48-1 introduced, 52-1, 53 repealed, 55 repealed, 56, 58, 60 replaced, 61, 62 replaced, 62-1 repealed, 63 repealed, 64 repealed, 66, 67, 68, 70, 70-1, 73 repealed).  Effective from the 1st January 2004;
17)  Law No. 562 of 11th June 2004 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Accounting and Financial Reporting.  (Article:  8).  Effective 16th June 2004; and
18)  Law No. 577 of 7th July 2004 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Investment Funds.  (Article:  15).  Effective 20th July 2004; 
19)  Law No. 13 of 20th December 2004 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Division of Duties Between the Levels of the Governmental Administration and Budget Relations.  (Roman Chapter numbers are changed for Arabic;  Articles:  8, 15).  Effective January 1, 2005; 
20)  Law No. 69 of 8th July 2005 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Functioning of the State Authorities Exercising the Regulation of Financial Markets.  (Articles:  3, 8, 9, 10, 11, 15, 22, 29, 32 replaced, 37, 40 replaced, 42, 43-1 introduced, 48 replaced, 48-1 repealed, 56, 58, 59 replaced, 60 replaced, 61 replaced, 62, 67, 68).  Effective July 16, 2005;
21)  Law No. 107 of 23rd December 2005 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Licensing and Consolidated Supervision.  (Article 8).  Effective December 30, 2005; and
22)  Law No. 127 of 20th February 2006 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Underwriting.  (Article  8).  Effective date n/a
23) Law No. 165 of 5th July 2006 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Improving the Legislation of the Republic of Kazakhstan Concerning the Budget and the Functioning of the National Bank of the Republic of Kazakhstan.  (Articles: 8, 9, 15, 16, 27, 28, 52-1, 56, 57, 59, 62, 62-2 introduced, 62-3 introduced, 66, 70-1).  Effective July 1, 2006;
24)  Law No. 222 of 12th January 2007 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Licensing.  (Articles:  8, 15, 56).  Effective date n/a;
25)  Law No. 235 of 28th February 2007 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Accounting and Financial Reporting.  (Article 8).  Effective date n/a; 
26)  Law No. 154 of 29th April 2009 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Their Bringing into Conformity with the Constitution of the Republic of Kazakhstan.  (Articles: 3, 13).  Effective date n/a;
27)  Law No. 167 of 4th July 2009 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Currency regulation and Currency Control. (Articles:  8, 15, 56 replaced, 62-2, 62-3). Effective date n/a; 
28)  Law No. 185 of 11th July 2009 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Improvement of the Legislation of the Republic of Kazakhstan Concerning Payments and Remittances of Money, Accounting and Financial Reporting of Financial Organisations, Banking Activity and Activity of the National Bank of the Republic of Kazakhstan. (Articles: 8, 11, 15, 47-1 repealed, 48, 49, 60 repealed 61, 62, 62-3, 66, 68, 70). Effective date n/a; 
29)  Law No.  192 of 28th August 2009 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Counteraction to Legalisation (Laundering) of Income Gained in an Illegal Way, and Financing of Terrorism. (Article 8). Effective date n/a; 
30)  Law No. 258 of 19th March 2010 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of State Statistics and Taxation. (Articles 8, 61). Effective date n/a; 
31)  Law No. 378 of 6th January 2011 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of State Control and Supervision. (Article  62-3). Effective date n/a; 
32)  Law No. 414-IV of 1st March, 2011 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of State Property. (Articles: 8, 9, 20). Effective date n/a; 
33)  Law No. 452 of 5th July 2011 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Revision of the Competence of Authorised State Bodies and of the Government of the Republic of Kazakhstan to Pass Regulatory Legal Acts establishing Requirements to Audited Entities. (Articles: 8, 56, 62). Effective date n/a; 
34)  Law No. 466-IV of 21st July, 2011 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Electronic Money. (Article: 8). Effective date n/a; 
35)  Law No. 524 of 28th December 2011 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Regulation of Banking Activity and Financial Organisations with Respect to Risk Minimization. (Articles: 2 replaced, 8). Effective date n/a; 
36)  Law No. 538-IV of 12th January 2012 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Stock Market Development in the Republic of Kazakhstan. (Article 62-3). The words ‘taxpayer registration number’ effective from January 1, 2012 till January 1, 2013 and the words ‘identification number’ are effective January 1, 2013; 
37)  Law No. 30 of 5th July 2012 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of the Organisation of Activity of the National Bank of the Republic of Kazakhstan, Regulation of the Financial Market and Financial Organisations. (Articles: 4, 6 replaced, 7, 8 replaced, 10  replaced, 11, 12, 15  replaced, 16, 19, 20, Chapter 4-1 introduced, Articles: 20-1 introduced, 20-2 introduced, 20-3 introduced, 20-4 introduced, 20-5 introduced, 21, 22, 32, 35, 36-2, 41, Chapter 8-1 , Articles: 51-1 introduced, 51-2 introduced, 56, 57 replaced, 58 replaced, 59 replaced, Chapter 11 replaced, Articles: 61 replaced, 62 replaced, 62-2 replaced, 62-3 replaced, 62-4 replaced, 62-5 replaced, 66, 70 replaced, 71 replaced, 72 replaced). Effective date n/a. The provisions concerning the exclusion of the National Bank of the Republic of Kazakhstan, its departments and legal entities in respect of which it is a founder (authorised body) or shareholder out of entities of state procurement set out in subparagraph 53) of Article 15 shall enter in force after corresponding amendments to the State (Municipal) Procurement Treaty made in Moscow on 9th December 2010, ratified by the Law of the Republic of Kazakhstan of 8th July 2011, take effect.
Legal entities that are not second-tier banks and not specified in the tenth clause of subparagraph 17) of paragraph 10 of Article 1 of Law No. 30 of 5th July 2012 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of the Organisation of Activity of the National Bank of the Republic of Kazakhstan, Regulation of the Financial Market and Financial Organisations, as well as in the first part of paragraph 6-1 of Article 30 of the Law of the Republic of Kazakhstan “Concerning Banks and Banking Activities in the Republic of Kazakhstan” shall return within one month after Law No. 30 of 5th July 2012 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of the Organisation of Activity of the National Bank of the Republic of Kazakhstan, Regulation of the Financial Market and Financial Organisations is enacted to the National Bank of the Republic of Kazakhstan licenses for conducting of banking operations stipulated in subparagraph 6) of paragraph 2 of Article 30 of the Law of the Republic of Kazakhstan “Concerning Banks and Banking Activities in the Republic of Kazakhstan” that were issued before this Law was enacted; 
38)  Law No. 57 of 26th November 2012 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Activity of Micro-Financial Organisations. (Articles: 15, 61). Effective date n/a; 
39)  Law No. 106 of 21st June 2013 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Pension Support. (Articles: 8, 15, 20-4, 56, 57, 58, 62-4, 62-5, 70-1). Effective date n/a; 
40) Law No. 203 of 16th May 2014 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of the Permissive System. (Articles:15, 56, 62-5) Effective date n/a; and
41) Law No. 206 of 10th June 2014 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the 
Republic of Kazakhstan on Issues of Counteraction to Legislation (Laundering) of Income Gained in a Criminal Way, and Financing of Terrorism. (Article  8).  Effective date n/a.
       42) Law No. 227 of 3rd July 2014 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of the Improvement of Criminal Legislation.  (Article  20-5). Effective January 1, 2015

The Republic of Kazakhstan shall have a double-tier banking system,

The National Bank of the Republic of Kazakhstan the National Bank of Kazakhstan) shall be the central bank of the Republic of Kazakhstan and it shall represent the top (first) tier of the banking system of the Republic of Kazakhstan. 

The National Bank of the Republic of Kazakhstan shall represent, within the bounds of its authority, the interests of the Republic of Kazakhstan in the relations with the central banks and banks of other countries, in international banks and any other financial and credit organisations.

In attaining its objectives the National Bank must not be guided by the intention of obtaining profits.

The types, the legal status, the procedure for the formation, functioning and liquidation of the banks of the second tier shall be determined  by banking and other legislation  of the Republic of Kazakhstan. 

	The National Bank of Kazakhstan shall be a state body which provides for the development and implementation of monetary policy of the state, functioning of payment systems, performs currency regulation and control, state regulation, control and supervision over financial market and financial organizations, state regulation of functioning of the regional financial center of the city of Almaty, and assists to ensuring the stability of financial system and carries out state statistics.  

The National Bank of Kazakhstan in its activities shall be guided by the Constitution of the Republic of Kazakhstan, this Law, other laws of the Republic of Kazakhstan, acts of the President of the Republic of Kazakhstan, and international treaties concluded by the Republic of Kazakhstan.

The National Bank of Kazakhstan shall be subordinated to the President of the Republic of Kazakhstan. 

The subordination to the President of the Republic of Kazakhstan shall mean the following: 

the appointment by the President of the Republic of Kazakhstan, with the consent of the Senate of the Parliament of the Republic of Kazakhstan, of the Chairman of the National Bank of Kazakhstan; his release from office; 

the appointment to office and release therefrom by the President of the Republic of Kazakhstan of Deputies of the Chairman of the National Bank of Kazakhstan in pursuance to the proposal of the Chairman of the National Bank of Kazakhstan; 

the approval by the President of the Republic of Kazakhstan of the annual report of the National Bank of Kazakhstan; 

approval by the President of the Republic of Kazakhstan of the structure and total personnel number, work remuneration system of the National Bank of Kazakhstan; 

approval by the President of the Republic of Kazakhstan of Regulations Concerning the National Bank of Kazakhstan; 

the approval by the President of the Republic of Kazakhstan of the concept of design of bank notes and coins of the National Currency, the Kazakhstan Tenge; 

the submission by the National Bank of Kazakhstan of information on the issues of its scope, which is requested by the President of the Republic of Kazakhstan. 

The National Bank of Kazakhstan on the basis and in pursuance of laws of the Republic of Kazakhstan with respect to issues falling within its competence shall issue regulatory legal acts which are mandatory for fulfillment by all financial organisations, consumers of financial services, other natural persons and legal entities in the territory of the Republic of Kazakhstan. 

The regulatory legal acts of the National Bank of Kazakhstan shall be published in the official publications - «Іазаєстан µлтыє Банкiнi» Хабаршысында», «The Bulletin of the National Bank of the Republic of Kazakhstan» in the Kazakh and Russian languages. 

The National Bank of Kazakhstan shall be a legal entity in the organizational legal form of a republic’s state-owned institution, it shall have its own balance sheet, and it shall constitute a single structure together with its affiliates, representations, departments and organisations. 

The National Bank of Kazakhstan shall act on behalf of the Republic of Kazakhstan as a founder of joint-stock companies and limited liability partnerships, participate in activities of organisations, including those which assist in the implementation by the National Bank of Kazakhstan of functions conferred upon it and (or) those which form part of the infrastructure of the financial market. 

The central office of the National Bank of Kazakhstan shall be located in the city of Almaty. The National Bank of Kazakhstan may open its affiliates and representations in the Republic of Kazakhstan and outside its boundaries.

Ensuring stability of prices in the Republic of Kazakhstan shall be recognised as the main purpose of the National Bank of Kazakhstan.

The following assignments shall be entrusted to the National Bank of Kazakhstan in order to attain the main purpose:

1)  elaboration and implementing monetary and credit policies of the state;

2)  ensuring the functioning of payment systems;

3)  performance of currency regulation and currency supervision;

6) ensuring an adequate level of protection of rights and lawful interests of consumers of financial services;

7) carrying out statistical activities in the sphere of monetary-and-credit statistics and external sector statistics; 

The National Bank of Kazakhstan shall: 

1) elaborate and implement the state monetary-and-credit policy of the Republic of Kazakhstan; 

2) issue state emission securities;

3) be the sole issuer of banknotes and coins of the national currency of the Republic of Kazakhstan and organise the cash money circulation in the territory of the Republic of Kazakhstan; 

4) participate in ensuring the transportation, storage and collection of banknotes, coins and valuables, form reserve state funds of banknotes, coins and valuables;