Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan publishes draft rules for voluntary bank reorganisation and liquidation including Islamic conversion and deposit returns

The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan published a draft resolution that would set procedures for granting or refusing permission for voluntary reorganisation of a bank or bank holding, including permission to transform a bank into an Islamic bank, and would establish rules for voluntary liquidation and the voluntary termination of activities of branches of non-resident banks in Kazakhstan. The draft also covers conditions for voluntary restructuring of a bank as an organisation carrying out certain types of banking operations and approves the procedure for returning individual deposits, including their transfer to another bank or to a branch of a non-resident bank in Kazakhstan. The full text of the draft resolution is available on the Open NCA portal and on the Agency’s website.