The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (; ) 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.
Office holders Chairman of the Agency for Regulation and Supervision of the Financial Market and Financial Organizations No. Portrait Name Start End Source 1 Bolat Jämişev 6 January 2004 19 January 2006 2 Arman Dunaev 19 January 2006 23 January 2008 3 Elena Bakhmutova 23 January 2008 12 April 2011
Chairman of the Committee for Control and Supervision of the Financial Market and Financial Organizations of the National Bank
No. Portrait Name Start End Source 1 Qwat Qojaxmetov 19 April 2011 24 January 2014 — Mukhtar Böbeev 24 January 2014 16 May 2014
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.
Authorities
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.
References