Kazakhstan amends laws on financial market digitalization, bankruptcy and state agency assessment
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Kazakhstan amended its Civil Code, Entrepreneurial Code and Civil Procedure Code to expand the National Bank's role in payment systems and to extend oversight of credit rating agencies. The amendments replace card-based interbank payment wording with the National Bank's payment systems and add credit rating agencies to state control provisions.
Key Facts
- Kazakhstan's Civil Code of 1 July 1999 replaces wording on interbank payments and money transfers using payment cards with payment systems operated by the National Bank of Kazakhstan or its legal entity for the national digital financial infrastructure.
- The Entrepreneurial Code of 29 October 2015 adds credit rating agencies after credit bureaus in Article 112-1, Part 2, Item 4.
- Article 129, Item 11 of the Entrepreneurial Code now includes credit rating agencies after payment organisations.
- Article 139 of the Entrepreneurial Code receives sub-item 25, placing credit rating activity under state oversight.
- The Civil Procedure Code of 31 October 2015 replaces the card-based interbank payment wording in Article 156, Item 1, Part 2 with payment systems operated by the National Bank of Kazakhstan or its legal entity.
Digital Financial Infrastructure
Article 740, Item 11, Part 3 and Article 741, Sub-item 5-4, Part 2 of Kazakhstan's Civil Code of 1 July 1999 are amended to replace the phrase on interbank payments and money transfers using payment cards with a reference to payment systems operated by the National Bank of Kazakhstan or its legal entity. The replacement wording assigns the National Bank or its legal entity operational, technological and other functions to ensure the functioning of the national digital financial infrastructure. The Civil Procedure Code of 31 October 2015 repeats the same replacement in Article 156, Item 1, Part 2.
Credit Rating Agency Oversight
Kazakhstan's Entrepreneurial Code of 29 October 2015 adds credit rating agencies after credit bureaus in Article 112-1, Part 2, Item 4. Article 129, Item 11 of the same code now includes credit rating agencies after payment organisations. Article 139 receives sub-item 25, which places credit rating activity under state oversight.
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Kazakhstan amends laws on financial market digitalization, bankruptcy and state agency assessment
