{"id":15812,"date":"2026-05-30T14:26:56","date_gmt":"2026-05-30T09:26:56","guid":{"rendered":"https:\/\/fpl.kz\/?p=15812"},"modified":"2026-05-31T13:14:57","modified_gmt":"2026-05-31T08:14:57","slug":"funds-legal-department-legal-support-and-monitoring-of-legislative-changes","status":"publish","type":"post","link":"https:\/\/fpl.kz\/?p=15812&lang=en","title":{"rendered":"Fund's Legal Department: legal support and monitoring of legislative changes"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"15812\" class=\"elementor elementor-15812\">\n\t\t\t\t<div class=\"elementor-element elementor-element-64de5a3f e-flex e-con-boxed wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no e-con e-parent\" data-id=\"64de5a3f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-66f99686 elementor-widget elementor-widget-text-editor\" data-id=\"66f99686\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5ae46e8 e-flex e-con-boxed wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no e-con e-parent\" data-id=\"5ae46e8\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-82ecab7 elementor-widget elementor-widget-heading\" data-id=\"82ecab7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Fund's Legal Department: legal support and monitoring of legislative changes<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-05502be elementor-widget elementor-widget-image\" data-id=\"05502be\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/fpl.kz\/wp-content\/uploads\/2026\/05\/1111.png\" data-elementor-open-lightbox=\"yes\" data-elementor-lightbox-title=\"1111\" data-e-action-hash=\"#elementor-action%3Aaction%3Dlightbox%26settings%3DeyJpZCI6MTU4MDIsInVybCI6Imh0dHBzOlwvXC9mcGwua3pcL3dwLWNvbnRlbnRcL3VwbG9hZHNcLzIwMjZcLzA1XC8xMTExLnBuZyJ9\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"680\" height=\"460\" src=\"https:\/\/fpl.kz\/wp-content\/uploads\/2026\/05\/1111-680x460.png\" class=\"attachment-post_card_thumb size-post_card_thumb wp-image-15802\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-054f78e elementor-widget elementor-widget-text-editor\" data-id=\"054f78e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p id=\"docs-internal-guid-905ce10a-7fff-f602-7c2f-1828558bdad5\" dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">Effective operation of &#171;Fund of Problem Loans&#187; JSC (hereinafter referred to as Fund) is impossible without comprehensive legal support, timely analysis of legislation and protection of Fund&#8217;s interests within current legal framework of the Republic of Kazakhstan. These are the tasks performed by Fund&#8217;s Legal Department.<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">Legal Department provides legal support for all areas of Fund&#8217;s activities. Department&#8217;s key functions are:<\/span><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-style: italic; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\"> legal review of contracts and internal documents; legal analysis of projects; representation of Fund&#8217;s interests in courts; monitoring of changes in legislation of the Republic of Kazakhstan; assessment of legal risks in Fund&#8217;s activities.\u00a0<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">Monitoring of regulatory legal acts affecting banking sector, financial system and debt collection mechanisms is of particular importance in department&#8217;s work. Timely analysis of legislative changes allows Fund to quickly adapt internal processes and ensure that its activities comply with current legal requirements.<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-weight: bold; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">Analysis of new Law of the Republic of Kazakhstan &#171;On Banks and Banking activities in the Republic of Kazakhstan&#187;<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">As part of monitoring regulatory legal acts, Fund&#8217;s Legal Department analyzed norms of new Law of the Republic of Kazakhstan <\/span><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-weight: bold; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">&#171;On Banks and Banking Activities in the Republic of Kazakhstan&#187; dated January 16, 2026<\/span><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">, which entered into force on March 19, 2026 (hereinafter referred to as Law).<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">New law provides for large-scale update of banking sector regulation and forms modern model of risk-based supervision aimed at increasing banking system stability and strengthening protection of financial services consumers.<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">One of key changes was introduction of multi-level model of banking regulation.<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">Law provides for two types of banking licenses:<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">\u2013 universal license \u2014 for banks performing a full range of banking operations;\u00a0<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">\u2013 basic license \u2014 for banks with limited list of operations and reduced capital requirements.\u00a0<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">This approach is aimed at creating more flexible banking ecosystem, developing competition and expanding access to financial services.<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">Significant changes have been made to <\/span><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-weight: bold; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">protection mechanisms for borrowers and consumers of financial services<\/span><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">.<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">In particular, Law<\/span><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-style: italic; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\"> prohibits currency indexation of loans issued in national currency; limits number of penalties on liabilities and strengthens pre-trial dispute resolution mechanisms.\u00a0<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">Special attention is paid to financial ombudsman institution. According to the Law, Financial Ombudsman&#8217;s decisions become mandatory for banks upon client&#8217;s consent, that strengthens the role of out-of-court dispute resolution.<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">For the first time, <\/span><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-weight: bold; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">Islamic banking operations<\/span><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\"> have been regulated in detail at the legislative level.<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">Law provides<\/span><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-style: italic; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\"> for mandatory separate accounting of assets; creation of Islamic finance council; separate requirements for Islamic financial transactions.\u00a0<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">Development of Islamic banking is aimed at expanding financial instruments and attracting new investments into Kazakhstan&#8217;s economy.<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">Law introduces three-tier<\/span><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-weight: bold; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\"> system of banks&#8217; supervision<\/span><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">, including:<\/span><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-style: italic; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\"> enhanced surveillance mode; financial stability restoration mode; troubled bank settlement mode.\u00a0<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">Settlement mechanism provides for modern financial stabilization tools, including:<\/span><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-style: italic; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\"> bail-in (write-off or conversion of liabilities into equity); forced sale of bank to investor; creation of stabilization bank.\u00a0<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">With that, government participation is allowed only after possible losses are covered by bank&#8217;s capital and internal instruments.<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">New law establishes<\/span><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-weight: bold; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\"> distinction between micro and macroprudential regulation<\/span><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">.<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">National Bank of the Republic of Kazakhstan has received authority to set macroprudential limits, including: <\/span><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-style: italic; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">borrower&#8217;s debt burden ratio; countercyclical buffer and other instruments for limiting system risks.<\/span><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">\u00a0<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">Authorized body, in turn, monitors compliance with established requirements.<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">Law also establishes<\/span><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-weight: bold; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\"> mechanisms of digital transformation of banking system<\/span><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">.<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">Key innovations include<\/span><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-style: italic; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\"> mandatory biometric authentication at applying for the first online loans; use of electronic trading platforms for sale of collateral and further development of digital financial services.\u00a0<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">These changes are aimed at increasing transparency of banking operations, reducing fraud risks and developing modern digital tools.<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">In essence, new Law forms transition from regulatory model focused primarily on licensing banking activities to sustainable banking model based on risk management, financial stability and consumer protection.<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">Systemic analysis of such legislative changes is of great practical importance, since Fund&#8217;s activities are directly related to banking sector, support of distressed assets, debt collection and financial recovery mechanisms.<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-indent: 35.4pt; text-align: justify; margin-top: 0.0pt; margin-bottom: 0.0pt;\"><span style=\"font-size: 14pt; font-family: 'Times New Roman', serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; vertical-align: baseline; white-space-collapse: preserve;\">Fund&#8217;s Legal Department continuously monitors legislation and law enforcement practices, ensuring legal stability of Fund&#8217;s activities and timely adaptation of internal processes to changes in regulatory environment.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Fund's Legal Department: legal support and monitoring of legislative changes Effective operation of \"Fund of Problem Loans\" JSC (hereinafter referred to as Fund) is impossible without comprehensive legal support, timely analysis of legislation and protection of Fund's interests within current legal framework of the Republic of Kazakhstan. These are the tasks performed by Fund's Legal Department. Legal Department provides legal support for all areas of Fund's activities. Department's key functions are: legal review of contracts and internal documents; legal analysis of projects; representation of Fund's interests in courts; monitoring of changes in legislation of the Republic of Kazakhstan; assessment of legal risks in Fund's activities.\u00a0 Monitoring of regulatory legal acts affecting banking sector, financial system and debt collection mechanisms is of particular importance in department's work. Timely analysis of legislative changes allows Fund to quickly adapt internal processes and ensure that its activities comply with current legal requirements. Analysis of new Law of the Republic of Kazakhstan \"On Banks and Banking activities in the Republic of Kazakhstan\" As part of monitoring regulatory legal acts, Fund's Legal Department analyzed norms of new Law of the Republic of Kazakhstan \"On Banks and Banking Activities in the Republic of Kazakhstan\" dated January 16, 2026, which entered into force on March 19, 2026 (hereinafter referred to as Law). New law provides for large-scale update of banking sector regulation and forms modern model of risk-based supervision aimed at increasing banking system stability and strengthening protection of financial services consumers. One of key changes was introduction of multi-level model of banking regulation. Law provides for two types of banking licenses: \u2013 universal license \u2014 for banks performing a full range of banking operations;\u00a0 \u2013 basic license \u2014 for banks with limited list of operations and reduced capital requirements.\u00a0 This approach is aimed at creating more flexible banking ecosystem, developing competition and expanding access to financial services. Significant changes have been made to protection mechanisms for borrowers and consumers of financial services. In particular, Law prohibits currency indexation of loans issued in national currency; limits number of penalties on liabilities and strengthens pre-trial dispute resolution mechanisms.\u00a0 Special attention is paid to financial ombudsman institution. According to the Law, Financial Ombudsman's decisions become mandatory for banks upon client's consent, that strengthens the role of out-of-court dispute resolution. For the first time, Islamic banking operations have been regulated in detail at the legislative level. Law provides for mandatory separate accounting of assets; creation of Islamic finance council; separate requirements for Islamic financial transactions.\u00a0 Development of Islamic banking is aimed at expanding financial instruments and attracting new investments into Kazakhstan's economy. Law introduces three-tier system of banks' supervision, including: enhanced surveillance mode; financial stability restoration mode; troubled bank settlement mode.\u00a0 Settlement mechanism provides for modern financial stabilization tools, including: bail-in (write-off or conversion of liabilities into equity); forced sale of bank to investor; creation of stabilization bank.\u00a0 With that, government participation is allowed only after possible losses are covered by bank's capital and internal instruments. New law establishes distinction between micro and macroprudential regulation. National Bank of the Republic of Kazakhstan has received authority to set macroprudential limits, including: borrower's debt burden ratio; countercyclical buffer and other instruments for limiting system risks.\u00a0 Authorized body, in turn, monitors compliance with established requirements. Law also establishes mechanisms of digital transformation of banking system. Key innovations include mandatory biometric authentication at applying for the first online loans; use of electronic trading platforms for sale of collateral and further development of digital financial services.\u00a0 These changes are aimed at increasing transparency of banking operations, reducing fraud risks and developing modern digital tools. In essence, new Law forms transition from regulatory model focused primarily on licensing banking activities to sustainable banking model based on risk management, financial stability and consumer protection. Systemic analysis of such legislative changes is of great practical importance, since Fund's activities are directly related to banking sector, support of distressed assets, debt collection and financial recovery mechanisms. Fund's Legal Department continuously monitors legislation and law enforcement practices, ensuring legal stability of Fund's activities and timely adaptation of internal processes to changes in regulatory environment.<\/p>\n","protected":false},"author":1,"featured_media":11175,"comment_status":"closed","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[854],"tags":[],"class_list":["post-15812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-releases-en"],"blocksy_meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fund&#039;s Legal Department: legal support and monitoring of legislative changes - \u0410\u041e &quot;\u0424\u043e\u043d\u0434 \u043f\u0440\u043e\u0431\u043b\u0435\u043c\u043d\u044b\u0445 \u043a\u0440\u0435\u0434\u0438\u0442\u043e\u0432&quot;<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fpl.kz\/?p=15812&lang=en\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fund&#039;s Legal Department: legal support and monitoring of legislative changes - \u0410\u041e &quot;\u0424\u043e\u043d\u0434 \u043f\u0440\u043e\u0431\u043b\u0435\u043c\u043d\u044b\u0445 \u043a\u0440\u0435\u0434\u0438\u0442\u043e\u0432&quot;\" \/>\n<meta property=\"og:description\" content=\"Fund&#039;s Legal Department: legal support and monitoring of legislative changes Effective operation of &quot;Fund of Problem Loans&quot; JSC (hereinafter referred to as Fund) is impossible without comprehensive legal support, timely analysis of legislation and protection of Fund&#039;s interests within current legal framework of the Republic of Kazakhstan. These are the tasks performed by Fund&#039;s Legal Department. Legal Department provides legal support for all areas of Fund&#039;s activities. Department&#039;s key functions are: legal review of contracts and internal documents; legal analysis of projects; representation of Fund&#039;s interests in courts; monitoring of changes in legislation of the Republic of Kazakhstan; assessment of legal risks in Fund&#039;s activities.\u00a0 Monitoring of regulatory legal acts affecting banking sector, financial system and debt collection mechanisms is of particular importance in department&#039;s work. Timely analysis of legislative changes allows Fund to quickly adapt internal processes and ensure that its activities comply with current legal requirements. Analysis of new Law of the Republic of Kazakhstan &quot;On Banks and Banking activities in the Republic of Kazakhstan&quot; As part of monitoring regulatory legal acts, Fund&#039;s Legal Department analyzed norms of new Law of the Republic of Kazakhstan &quot;On Banks and Banking Activities in the Republic of Kazakhstan&quot; dated January 16, 2026, which entered into force on March 19, 2026 (hereinafter referred to as Law). New law provides for large-scale update of banking sector regulation and forms modern model of risk-based supervision aimed at increasing banking system stability and strengthening protection of financial services consumers. One of key changes was introduction of multi-level model of banking regulation. Law provides for two types of banking licenses: \u2013 universal license \u2014 for banks performing a full range of banking operations;\u00a0 \u2013 basic license \u2014 for banks with limited list of operations and reduced capital requirements.\u00a0 This approach is aimed at creating more flexible banking ecosystem, developing competition and expanding access to financial services. Significant changes have been made to protection mechanisms for borrowers and consumers of financial services. In particular, Law prohibits currency indexation of loans issued in national currency; limits number of penalties on liabilities and strengthens pre-trial dispute resolution mechanisms.\u00a0 Special attention is paid to financial ombudsman institution. According to the Law, Financial Ombudsman&#039;s decisions become mandatory for banks upon client&#039;s consent, that strengthens the role of out-of-court dispute resolution. For the first time, Islamic banking operations have been regulated in detail at the legislative level. Law provides for mandatory separate accounting of assets; creation of Islamic finance council; separate requirements for Islamic financial transactions.\u00a0 Development of Islamic banking is aimed at expanding financial instruments and attracting new investments into Kazakhstan&#039;s economy. Law introduces three-tier system of banks&#039; supervision, including: enhanced surveillance mode; financial stability restoration mode; troubled bank settlement mode.\u00a0 Settlement mechanism provides for modern financial stabilization tools, including: bail-in (write-off or conversion of liabilities into equity); forced sale of bank to investor; creation of stabilization bank.\u00a0 With that, government participation is allowed only after possible losses are covered by bank&#039;s capital and internal instruments. New law establishes distinction between micro and macroprudential regulation. National Bank of the Republic of Kazakhstan has received authority to set macroprudential limits, including: borrower&#039;s debt burden ratio; countercyclical buffer and other instruments for limiting system risks.\u00a0 Authorized body, in turn, monitors compliance with established requirements. Law also establishes mechanisms of digital transformation of banking system. Key innovations include mandatory biometric authentication at applying for the first online loans; use of electronic trading platforms for sale of collateral and further development of digital financial services.\u00a0 These changes are aimed at increasing transparency of banking operations, reducing fraud risks and developing modern digital tools. In essence, new Law forms transition from regulatory model focused primarily on licensing banking activities to sustainable banking model based on risk management, financial stability and consumer protection. Systemic analysis of such legislative changes is of great practical importance, since Fund&#039;s activities are directly related to banking sector, support of distressed assets, debt collection and financial recovery mechanisms. Fund&#039;s Legal Department continuously monitors legislation and law enforcement practices, ensuring legal stability of Fund&#039;s activities and timely adaptation of internal processes to changes in regulatory environment.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fpl.kz\/?p=15812&amp;lang=en\" \/>\n<meta property=\"og:site_name\" content=\"\u0410\u041e &quot;\u0424\u043e\u043d\u0434 \u043f\u0440\u043e\u0431\u043b\u0435\u043c\u043d\u044b\u0445 \u043a\u0440\u0435\u0434\u0438\u0442\u043e\u0432&quot;\" \/>\n<meta property=\"article:published_time\" content=\"2026-05-30T09:26:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-05-31T08:14:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/fpl.kz\/wp-content\/uploads\/2025\/10\/izobrazhenie_2025-10-14_150711154.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"eugene\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u041d\u0430\u043f\u0438\u0441\u0430\u043d\u043e \u0430\u0432\u0442\u043e\u0440\u043e\u043c\" \/>\n\t<meta name=\"twitter:data1\" content=\"eugene\" \/>\n\t<meta name=\"twitter:label2\" content=\"\u041f\u0440\u0438\u043c\u0435\u0440\u043d\u043e\u0435 \u0432\u0440\u0435\u043c\u044f \u0434\u043b\u044f \u0447\u0442\u0435\u043d\u0438\u044f\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 \u043c\u0438\u043d\u0443\u0442\u044b\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/fpl.kz\/?p=15812&lang=en#article\",\"isPartOf\":{\"@id\":\"https:\/\/fpl.kz\/?p=15812&lang=en\"},\"author\":{\"name\":\"eugene\",\"@id\":\"https:\/\/fpl.kz\/#\/schema\/person\/435550bbba1ed2c8d5c19331af627fad\"},\"headline\":\"Fund's Legal Department: legal support and monitoring of legislative changes\",\"datePublished\":\"2026-05-30T09:26:56+00:00\",\"dateModified\":\"2026-05-31T08:14:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/fpl.kz\/?p=15812&lang=en\"},\"wordCount\":703,\"publisher\":{\"@id\":\"https:\/\/fpl.kz\/#organization\"},\"image\":{\"@id\":\"https:\/\/fpl.kz\/?p=15812&lang=en#primaryimage\"},\"thumbnailUrl\":\"https:\/\/fpl.kz\/wp-content\/uploads\/2025\/10\/izobrazhenie_2025-10-14_150711154.png\",\"articleSection\":[\"Press releases\"],\"inLanguage\":\"ru-RU\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fpl.kz\/?p=15812&lang=en\",\"url\":\"https:\/\/fpl.kz\/?p=15812&lang=en\",\"name\":\"Fund's Legal Department: legal support and monitoring of legislative changes - 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\u0410\u041e &quot;\u0424\u043e\u043d\u0434 \u043f\u0440\u043e\u0431\u043b\u0435\u043c\u043d\u044b\u0445 \u043a\u0440\u0435\u0434\u0438\u0442\u043e\u0432&quot;","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/fpl.kz\/?p=15812&lang=en","og_locale":"ru_RU","og_type":"article","og_title":"Fund's Legal Department: legal support and monitoring of legislative changes - \u0410\u041e &quot;\u0424\u043e\u043d\u0434 \u043f\u0440\u043e\u0431\u043b\u0435\u043c\u043d\u044b\u0445 \u043a\u0440\u0435\u0434\u0438\u0442\u043e\u0432&quot;","og_description":"Fund's Legal Department: legal support and monitoring of legislative changes Effective operation of \"Fund of Problem Loans\" JSC (hereinafter referred to as Fund) is impossible without comprehensive legal support, timely analysis of legislation and protection of Fund's interests within current legal framework of the Republic of Kazakhstan. These are the tasks performed by Fund's Legal Department. Legal Department provides legal support for all areas of Fund's activities. Department's key functions are: legal review of contracts and internal documents; legal analysis of projects; representation of Fund's interests in courts; monitoring of changes in legislation of the Republic of Kazakhstan; assessment of legal risks in Fund's activities.\u00a0 Monitoring of regulatory legal acts affecting banking sector, financial system and debt collection mechanisms is of particular importance in department's work. Timely analysis of legislative changes allows Fund to quickly adapt internal processes and ensure that its activities comply with current legal requirements. Analysis of new Law of the Republic of Kazakhstan \"On Banks and Banking activities in the Republic of Kazakhstan\" As part of monitoring regulatory legal acts, Fund's Legal Department analyzed norms of new Law of the Republic of Kazakhstan \"On Banks and Banking Activities in the Republic of Kazakhstan\" dated January 16, 2026, which entered into force on March 19, 2026 (hereinafter referred to as Law). New law provides for large-scale update of banking sector regulation and forms modern model of risk-based supervision aimed at increasing banking system stability and strengthening protection of financial services consumers. One of key changes was introduction of multi-level model of banking regulation. Law provides for two types of banking licenses: \u2013 universal license \u2014 for banks performing a full range of banking operations;\u00a0 \u2013 basic license \u2014 for banks with limited list of operations and reduced capital requirements.\u00a0 This approach is aimed at creating more flexible banking ecosystem, developing competition and expanding access to financial services. Significant changes have been made to protection mechanisms for borrowers and consumers of financial services. In particular, Law prohibits currency indexation of loans issued in national currency; limits number of penalties on liabilities and strengthens pre-trial dispute resolution mechanisms.\u00a0 Special attention is paid to financial ombudsman institution. According to the Law, Financial Ombudsman's decisions become mandatory for banks upon client's consent, that strengthens the role of out-of-court dispute resolution. For the first time, Islamic banking operations have been regulated in detail at the legislative level. Law provides for mandatory separate accounting of assets; creation of Islamic finance council; separate requirements for Islamic financial transactions.\u00a0 Development of Islamic banking is aimed at expanding financial instruments and attracting new investments into Kazakhstan's economy. Law introduces three-tier system of banks' supervision, including: enhanced surveillance mode; financial stability restoration mode; troubled bank settlement mode.\u00a0 Settlement mechanism provides for modern financial stabilization tools, including: bail-in (write-off or conversion of liabilities into equity); forced sale of bank to investor; creation of stabilization bank.\u00a0 With that, government participation is allowed only after possible losses are covered by bank's capital and internal instruments. New law establishes distinction between micro and macroprudential regulation. National Bank of the Republic of Kazakhstan has received authority to set macroprudential limits, including: borrower's debt burden ratio; countercyclical buffer and other instruments for limiting system risks.\u00a0 Authorized body, in turn, monitors compliance with established requirements. Law also establishes mechanisms of digital transformation of banking system. Key innovations include mandatory biometric authentication at applying for the first online loans; use of electronic trading platforms for sale of collateral and further development of digital financial services.\u00a0 These changes are aimed at increasing transparency of banking operations, reducing fraud risks and developing modern digital tools. In essence, new Law forms transition from regulatory model focused primarily on licensing banking activities to sustainable banking model based on risk management, financial stability and consumer protection. Systemic analysis of such legislative changes is of great practical importance, since Fund's activities are directly related to banking sector, support of distressed assets, debt collection and financial recovery mechanisms. 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href=\"https:\/\/fpl.kz\/?cat=854&#038;lang=en\" rel=\"category\">Press releases<\/a>","rttpg_excerpt":"Fund's Legal Department: legal support and monitoring of legislative changes Effective operation of \"Fund of Problem Loans\" JSC (hereinafter referred to as Fund) is impossible without comprehensive legal support, timely analysis of legislation and protection of Fund's interests within current legal framework of the Republic of Kazakhstan. These are the tasks performed by Fund's Legal&hellip;","_links":{"self":[{"href":"https:\/\/fpl.kz\/index.php?rest_route=\/wp\/v2\/posts\/15812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fpl.kz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fpl.kz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fpl.kz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fpl.kz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15812"}],"version-history":[{"count":4,"href":"https:\/\/fpl.kz\/index.php?rest_route=\/wp\/v2\/posts\/15812\/revisions"}],"predecessor-version":[{"id":15816,"href":"https:\/\/fpl.kz\/index.php?rest_route=\/wp\/v2\/posts\/15812\/revisions\/15816"}],"wp:attachment":[{"href":"https:\/\/fpl.kz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fpl.kz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fpl.kz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}