S/C/N/ 1045  
15 February 2021  
(21-1248) Page: 1/2 
Council for Trade in Services  Original:  English  
 
  
NOTIFICATION PURSUANT TO ARTICLE III:3 OF THE  
GENERAL AGREEMENT ON TRADE IN SERVICES  
The following notification, dated  15 February  2021, from the delegation of Kazakhstan , is being 
circulated to Members of the Council for Trade in Services . 
 
_______________  
 
 
1  MEMB ER NOTIFYING : 
The Republic  of Kazakhstan  
2  NOTIFICATION UNDER : 
Article III:3 of the General Agreement on Trade in Services  
3  DATE OF ENTRY INTO FORCE : 
16 December  2020 
3.1  Duration:  
Indefinite  
4  AGENCY RESPONSIBLE FOR ENFORCEMENT OF THE MEASURE : 
The National Bank of the Republic of Kazakhstan, the Agency of the Republic of Kazakhstan for 
Regulation and Development of Financial Market  
5  DESCRIPTION OF THE MEASURE : 
Due to the expiration of the five -year transition period pursuant to the commitments set forth in the 
GATS  Schedule of Specific Commitments  of the Republic of Kazakhstan in relation to  the financial 
services sector, the relevant laws of Kazakhstan have been amended t o allow foreign banks, 
insurance (and reinsurance ) organizations and insurance brokers to open direct branches in the 
territory of the Republic of Kazakhstan:  
− Law of the Republic of Kazakhstan No.2444 «On Banks and Banking Activities in the 
Republic of Kaz akhstan» of 31 August 1995;  
− Law of the Republic of Kazakhstan No. 126 «On Insurance Activities» of 
18 December  2000;  
− Entrepreneur Code of the Republic of Kazakhstan No.375 -V ZRK of 29 October 2015.  
In order to open branches , foreign  banks and insurance and reinsurance  organizations are required 
to meet the requirements and conditions established by the Laws of the RK «On Banks and Banking 
Activities in the Republic of Kazakhstan» and «On Insurance Activities»:  
1) in the banking secto r: 
- the minimum amount of total assets of a non-resident bank, which has submitted an 
application for the opening of a branch, must be not less than  USD 20 billion;  S/C/N/1045  
 
- 2 - 
 
  - the minimum amount of deposit which can be accepted from  a natural person by non -
resident bank branches must be not less than  USD 120,000.  
2) in the insurance  and reinsurance sectors:  
- the minimum amount of total assets of a non-resident insurance organization/non -
resident reinsurance organization, which has submitted an application for the opening of a 
branch, must be not less than USD 5 billion;  
- branches of non -resident insurance companies/non -resident reinsurance organiza tions 
are allowed to provide insurance services in certain sectors only if the parent non -resident 
companies have at least 10  years of experience in those sectors and classes.  
These amendments were introduced by:  
(i) Law of the RK No. 399 -VI ZRK «On Amending Some Legislative Acts of the Republic 
of Kazakhstan Concerning the Restoration of Economic Growth» of 2 January 2021;  
(ii) Law of the RK No. 168 -VI ZRK  «On Amending Some Legislative Acts of the Republic 
of Kazakhstan C oncerning Currency Regulation and Currency Control, Risk -Oriented 
Supervision of Activity of the Financial Organizations, Protection of the Rights of 
Consumers of Financial Services and Improvement of Activity of the National Bank 
of the Republic of Kazakh stan» of 2 July 2018;  
(iii) Law of the RK No. 422 -V ZRK «On Amending Some Legislative Acts of the Republic 
of Kazakhstan Concerning Non -Performing Loans and Assets of Second -Tier Banks, 
the Provision of Financial Services and the Activities of Financial Organiza tions and 
the National Bank of the Republic of Kazakhstan» of 24 November 2015.  
6  MEMB ERS SPECIFICALLY AFFECTED, IF ANY : 
None 
7  TEXTS AVAILABLE FROM : 
Enquiry Point and Notification Authority  
Ministry of Trade and Integration of the Republic of Kazakhstan  
Depar tment for Foreign Trade Activity  
Address: 8 Mangilik Yel Ave., «House of Ministries» Adm. Bldg., Entrance 7,  
Nur-Sultan, Republic of Kazakhstan, 010000  
Tel:  +7 7172 74 37 61,  
  +7 7172 76 86 02.  
Fax:  +7 7172 76 88 04  
E-mail:  wto.kaz.ntf@gmail.com  
 
Entrepreneur Code of the Republic of Kazakhstan  
 
Tax Code of the Republic of Kazakhstan  
 
Law of the Republic of Kazakhstan «On insurance activities » 
 
Law of the Republic of Kazakhstan «On Banks and Banking Activities in the Republic of Kazakhstan » 
 
Law of the Republic of Kazakhstan «On amending some legislative acts of the Republic of Kazakhstan 
concerning the restoration of economic growth » 
 
Law of the Republic of Kazakhstan «On amending some legislative acts of the Republic of Kazakhstan  
concerning currency regulation and currency control, risk -oriented supervision of activity of the 
financial organizations, protection of the rights of consumers of financial services and improvement 
of activity of the National Bank of the Republic of Kaza khstan»  
 
Law of the Republic of Kazakhstan «On amending some legislative acts of the Republic of Kazakhstan  
concerning non -performing loans and assets of second -tier banks, the provision o f financial services 
and the activities of financial organizations and the National Bank of the Republic of Kazakhstan»  
_________