Agency for Regulation and Development of the Financial Market (Kazakhstan)
The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (Kazakh: Қазақстан Республикасының Қаржы нарығын реттеу және дамыту агенттігі; Russian: Агентство Республики Казахстан по регулированию и развитию финансового рынка) is a state body reporting directly to the president, established on January 1, 2020, by president Kassym‑Jomart Tokayev’s decree
Overview
The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (Kazakh: Қазақстан Республикасының Қаржы нарығын реттеу және дамыту агенттігі; Russian: Агентство Республики Казахстан по регулированию и развитию финансового рынка) is a state body reporting directly to the president, established on January 1, 2020, by president Kassym‑Jomart Tokayev’s decree, responsible for regulating, controlling and supervising the country’s financial markets, acting as the legal successor to the National Bank for transferred regulatory powers, protecting consumers of financial services, and promoting the stability of Kazakhstan’s financial system.
History
On January 1, 2004, by Decree of President Nazarbayev No. 1270, the Agency for Regulation and Supervision of the Financial Market and Financial Organizations was established under the National Bank. On April 12, 2011, by Presidential Decree No. 25, the functions of the Agency were transferred to the National Bank, and on April 18, by Decree No. 61, the Committee for Control and Supervision of the Financial Market and Financial Organizations was formed within the National Bank on the basis of these functions. On 16 May, 2014 the Committee On November 11, 2019, by Decree of President Tokayev No. 203, the Committee was reorganized into the Agency for Regulation and Development of the Financial Market, which began operations on January 1, 2020.
Organization
The Agency’s headquarters is located in Almaty. It is funded by the National Bank.
Departments
Banking Regulation Department Behavioral Supervision Department Risk Analysis and Stress Testing Department Insurance Market and Actuarial Calculations Department Social Projects and Financial Literacy Department Securities Market Department Methodology and Prudential Regulation of Financial Organizations Department Strategy and Analysis Department Legal Department Human Capital Development Department Digital Development and Information Technology Department Coordination Department (Astana) Agency Operations Support Department Information and Cybersecurity Department International Cooperation Department Supervisory Technologies and Artificial Intelligence Department Non-Bank Financial Institutions Regulation Department.
Divisions
External Communications Directorate Chairperson’s Office Directorate Internal Audit Directorate State Secrets Protection and Mobilization Preparedness Directorate Accounting and Budget Planning Directorate Security Directorate.
Regions
Regional offices of the Agency are called Office of Regional Representatives and are located in Astana, Almaty, Jezkazgan, Qonayev, Semey, Shymkent, Oskemen, Oral, Turkistan, Taraz, Petropavl, Pavlodar, Kyzylorda, Kostanay, Kokshetau, Karaganda, Atyrau, Aktobe, Aktau.
Duties
Promote financial system stability Regulate, control, and supervise the financial market and organizations Protect rights of financial service consumers Publish information on financial organizations and measures against them Consider appeals from citizens and legal entities.
Rights
Develop and adopt normative acts binding on financial organizations, non-resident branches, service consumers Request any information, including secrets, from individuals, legal entities, associations, and state bodies Conduct inspections, control, and supervision, involving the National Bank, auditors, appraisers, and experts Send representatives to banks, holdings, insurance organizations, and guarantee funds Apply measures for violations in the financial sector Use professional judgment on banks, insurers, market participants, and managers.
Leadership
The chairman and deputy chairman of the agency are appointed solely by the president. The chairman is allowed to have 4 deputies.
Wikipedia contributors · Agency for Regulation and Development of the Financial Market (Kazakhstan) · revision 1368837492 · CC BY-SA 4.0 · Plain text extracted and formatting adapted; tags derived from linked topics.