The changes are aimed at improving the regulation of banking activities and developing the financial market
Deputies of the Mazhilis agreed with the amendments introduced by the Senate to the banking law and the accompanying bill, Kazinform reports.
According to the conclusion of the Mazhilis Committee, the Senate introduced clarifying amendments, including those related to:
extending the requirements for compliance with the banking secrecy regime to treasury authorities;
regulating the purposes of introducing a data repository and the list of information it must contain, as well as postponing the effective date of the data repository provisions from June 1, 2026, to January 1, 2027;
clarifying the requirements for compliance with prudential standards when a bank transitions from a basic banking license to a universal banking license;
establishing the right of a branch of an Islamic bank that is a non-resident of the Republic of Kazakhstan to carry out certain investment activities.
At the same time, the accompanying bill includes clarifying amendments concerning:
regulation of the purposes of introducing a data repository and the list of information it must contain, as well as postponing the effective date of the relevant provisions from June 1, 2026, to January 1, 2027;
clarification of the timeframe and procedure for reviewing appeals from consumers of financial services by self-regulatory organizations in the microfinance and debt collection sectors.
Overall, the amendments and additions introduced by the Senate to certain articles of the bills are aimed at improving the regulation of banking activities and developing the financial market.
Photo: freepik.com.
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