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LAWS

 

Law of the Republic of Kazakhstan No. 524–IV On Introduction of Amendments and Changes into Legislative Acts of the Republic of Kazakhstan on Regulation of Banking Activities and Financial Institutions in Terms of Risks Minimization dated December 28, 2011 introduced amendments and changes into a series of the following legislative acts of the Republic of Kazakhstan, including:

 

Law of the Republic of Kazakhstan No. 220-I On Partnerships with Limited and Additional Liability dated April 22, 1998.

 

Law on Partnerships with Limited and Additional Liability was amended by provisions containing a definition and a list of affiliated persons of the partnership. Affiliated persons of the partnership are natural or legal persons having an opportunity to directly and (or) indirectly determine decisions and or influence decisions made by such affiliated persons (one of the persons), by virtue of the transaction made.

 

Information about affiliated persons of the partnership is not the information constituting official secret, commercial information and other information protection by the law. A partnership is obliged to keep records of its affiliated persons on the basis of the information provided by these persons.

Natural persons and legal entities, being affiliated persons, are obliged to submit information on their affiliated persons within ten calendar days from the date the affiliation arises.

Article of Law On Partnerships with Limited and Additional Liability on bodies and officers of the partnership has been drafted in a new version.

 

Legislative acts regarding activities of the single registrar.

 

As from January 1, 2013 licenses for carrying out activities on keeping the registry system of holders of securities issued by the competent authority will be terminated. Accordingly, agreements on maintaining registers of holders of securities made between by the emitters and organizations possessing the licenses for carrying out activities on keeping the registry system of holders of securities will be terminated, as well.

 

As from 1 January, 2013, the single registrar shall be the only organization in the territory of the Republic of Kazakhstan for carrying out activities on keeping the registry system of holders of securities.

National Bank of Kazakhstan, the Stock Exchange and the Central Depositor will be the only founders and shareholders of the single registrar.-

 

Law of the Republic of Kazakhstan No. 169-III On Obligatory Guaranteeing of Deposits Placed with Second-Tier Banks of the Republic of Kazakhstan dated July 7, 2006.

 

According to the amendments, the maximum amount of the guaranteed compensation in deposits of natural persons in the amount of 5 million Tenge has been preserved as from January 1, 2012 on a permanent basis.

Law of the Republic of Kazakhstan No. 214-III On Licensing dated January 11, 2007 was amended by the Law of the Republic of Kazakhstan No. 461 – IV On Introduction of Amendments and Changes into Certain Legislative Acts of the Republic of Kazakhstan on Issues of Improving the Regulatory Approval System dated January 18, 2012.

 

New law has amended the list of licensed activities. Law has excluded licensing of types of activities in such spheres as technical safety and land management. Law has excluded licensing in the following spheres: industry; use of atomic energy; turnover of poisonous substances; informatization of communication; public health; rendering of services to natural persons and legal entities; architecture, urban planning and construction; production and turnover of ethyl alcohol and alcoholic beverages, tobacco production.

Law introduces a requirement to provide the licensor with information on branches and representative offices of the licensee. Also, the licenses issuance procedure has been amended by the Law.

 

Law of the Republic of Kazakhstan No. 532-IV On Gas and Gas Supply dated January 9, 2012 was adopted.

 

New law establishes legal, economic and organizational fundamentals for regulation of social relations in the sphere of gas and gas supply in the Republic of Kazakhstan and is aimed at creating conditions for satisfying domestic needs of the Republic of Kazakhstan in gas and at effective, reliable and safe exploitation of objects of gas supply systems.

 

Law of the Republic of Kazakhstan No. 528-IV On Space Activity dated January 6, 2012 was adopted.

 

New law regulates social relations on carrying out space activities in the Republic of Kazakhstan. Now amendments and changes on issues of space activities are made into certain legislative acts of the Republic of Kazakhstan.

 

 

Law of the Republic of Kazakhstan No. 534 – IV On State Support of Industrial and  Innovative Activity dated January 9, 2012 was adopted.

 

Law establishes legal, economic and organizational framework for stimulation of industrial and innovation activities and determines measures of state support in this sphere, such as creation of favorable conditions for development of priority sectors of the economy; ensuring conditions for development of new competitive industries; creation of favorable conditions for modernization (technical rearmament) of existing manufactures in order to increase work efficiency, as well as extension of a production chain and market expansion.

 

Law of the Republic of Kazakhstan No. 535 – IV On Introduction of Amendments and Changes into Certain Legislative Acts of the Republic of Kazakhstan on State Support of Industrial and Innovative Activity dated January 9, 2012 was adopted.

 

New law is aimed at bringing norms of the existing legislation in compliance with provisions of the Law of the Republic of Kazakhstan on State Support of Industrial Innovation, as well as high-quality implementation of this Law.

 

New law has amended the following legislative acts of the Republic of Kazakhstan: the Land Code, the Law on Local Government and Self-Government in the Republic of Kazakhstan, Law on Joint-Stock Companies, Law on Public Procurement, Law on Concessions, Law on National Welfare Fund and the Law on Subsoil and Subsoil Use.

 

Law of the Republic of Kazakhstan No. 539 - IV On Introduction of Amendments and Changes into Certain Legislative Acts of the Republic of Kazakhstan on Issues of Project Financing dated January 12, 2012 introduced amendments and changes into certain legislative acts of the Republic of Kazakhstan on issues of implementation of a project financing mechanism.

 

According to the Law, project financing is performed through a special financial company, status and legal standing of which is determined by the Law of the Republic of Kazakhstan on Securitization.

 

New law has amended the following legislative acts of the Republic of Kazakhstan: the  Civil Code, the Tax Code, the Customs Code, Law on Banks and Banking on Partnerships with Limited and Additional Liability, Law on Monopolies and Regulated Markets, Law on Auditing, Law on Insurance Activities, Law on Equity Market, Law on Securitization, Law on Concessions, and Law on Accounting and Financial Reporting.

 

Law of the Republic of Kazakhstan No. 543 IV On Introduction of Amendments and Changes into Certain Legislative Acts of the Republic of Kazakhstan on State Procurement Issues dated January 13, 2012 was adopted.

 

New law simplifies and automatizes activities of customers and organizers of state procurement, encourages competition and prevention of abuses in this sphere, making the state procurement system more transparent and open.

 

Law introduces a definition of electronic auction, as a new state procurement method.

 

ACCOUNTING AND FINANCIAL REPORTING

Rules on Accounting are approved by Resolution No. 1172 of the Government of the Republic of Kazakhstan dated October 14, 2011.

 

Rules are elaborated in accordance with subparagraph 1) of paragraph 1.1 of Article 20 of the Law of the Republic of Kazakhstan on Accounting and Financial Reporting dated February 28, 2007, which was amended in accordance with the Law of the Republic of Kazakhstan “On Introduction of Amendments and Changes into Certain Legislative Acts of the Republic of Kazakhstan on Issues of Revision of Competence of Authorized State Bodies and the Government of the Republic of Kazakhstan with Respect to Adoption of Regulations Establishing Requirements for Audited Entities" dated July 5, 2011 No. 452-IV.

 

Main objectives of the Rules on accounting are: 1) formation of complete and accurate information about financial situation, results of activities and changes in the financial situation of  subjects required for operational management and control, as well as for investors, founders, suppliers, buyers, lenders, government authorities, banks, and other interested parties in accordance with the laws of the Republic of Kazakhstan on accounting and financial reporting; 2) provision of internal and external users of financial statements with information necessary for decision-making.

 

PENSIONS, ALLOWANCES, SOCIAL INSURANCE, WELFARE

 

Rules for Conducting Temporary Disability Expertise and Issuance of Temporary Disability Certificate have been approved by Resolution of the Government of the Republic of Kazakhstan No. 1241 dated October 31, 2011.

 

Rules have been elaborated in accordance with the Labor Code of the Republic of Kazakhstan and the Code of the Republic of Kazakhstan "On Health of the Nation and Health Care System" and establish a procedure for conducting the temporary disability expertise and issuance of documents certifying temporary disability by the medical organizations.

 

MISCELLANEOUS

Rules on Procurement by Natural Monopolies of Goods, Works and Services, Costs for Procurement of Which are taken into Account During Approval of Tariffs (Prices, Rates, Fees), or their Maximum Limits and Tariff Estimates for Regulated Services have been approved by Resolution of the Government of the Republic of Kazakhstan No. 1467 dated December 5, 2011.

Rules have been elaborated in accordance with the Law of the Republic of Kazakhstan on Natural Monopolies and Regulated Markets and establish procedures for procurement by natural monopolies of goods, works and services, costs for procurement of which are taken into account during approval of tariffs (prices, rates, fees), or their maximum limits and tariff estimates for regulated services.