Decree was issued by the President of the Republic of Kazakhstan dated 11 November 2019 №203 “On further improvement of state administration system of the Republic of Kazakhstan”, a new state body of the Republic of Kazakhstan, the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan (hereinafter referred to as the Agency), has been operating since January 1, 2020.
The Agency is a state body, which provides a sufficient level of protection of the rights and legitimate interests of consumers of financial services. It also contributes to the stability of the financial system and the development of the financial market, carries out state regulation, control and supervision of the financial market and financial organizations, as well as other people within their competence.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan is defined as the assignee of the rights and obligations of the NBK in accordance with the transferred functions and powers.
Agency's tasks:
1) regulation and development of the financial market, including the establishment of standards of activity of financial organizations, creation of incentives for improvement of corporate governance of financial organizations;
2) monitoring of the financial market and financial organizations to preserve the stability of the financial system;
3) concentrating oversight resources most at risk on the financial market to ensure financial stability;
4) availability of information for consumers about the activities of financial organizations and provision by them of financial services and also increase in the general population`s level of financial literacy and financial accessibility;
5) other tasks by the Law "On State Regulation, Control and Supervision of the Financial Market and Financial organizations" (hereinafter referred to as the Law), other laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.
The Agency also undertakes activities aimed at preventing illegal activities in the financial market. The financial regulator is entitled to apply limited measures of influence, supervisory response to financial and other organizations, including the use of reasoned judgment, sanctions and other measures provided by the laws of Kazakhstan, on issues coming under its purview.
One of the functions of the supervisory body, according to the Decree of the President of the Republic of Kazakhstan №203 of November 11, 2019, is the implementation of programs for refinancing mortgage housing loans and mortgage loans of individuals, carried out through subsidiaries of the National Bank of Kazakhstan, as well as monitoring the execution of fulfillment of the obligations assumed by banks taken under these programs.
Also, the Agency implements measures aimed at protecting the rights and interests of debtors from illegal actions by collection agencies, improving transparency of collection activities, efficiency, and security for debt collection.
In addition, the Agency's competence includes activities aimed at developing a system for the protection of the rights of consumers of financial services, services of organizations engaged in microfinance activities and also activities aimed at financial literacy and financial access for the population.
Agency`s payee:
A15S9T5, Almaty city, microdistrict Koktem-3, house 21.
Phone: +7 727 2619 200
Fax: +7 727 2440 282
Mail: info@finreg.kz