Banking Regulation Review
Events in 2021 resulted in the Kazakh economy, in particular the financial sector, having to face the combined challenge of a continued reduction in oil prices and new strains of covid-19. However, according to the Agency for Regulation and Development of the Financial Market (AFR), the negative impact of these challenges on the Kazakh banking sector was not as severe as expected, and in 2021 banking sector started gradually to recover.
A new Regulation on “Opening, maintaining and closing bank accounts” was adopted
According to the Resolution of the Central Bank of the Republic of Azerbaijan #04/2 dated 4 February 2022, the Rules on “Opening, maintaining and closing bank accounts” from 10 June 2019 have ceased to be legally valid, and a new Regulation on “Opening, maintaining and closing bank accounts” was adopted.
11.05.2022
If you are interested in establishing a presence in a new market, restructuring your current operations, or expanding the geographical coverage of your business, the jurisdictions of Caucasus and Central Asia could offer a great potential from economic and legal standpoints. The region is strategically located between Europe and Asia, offering a unique position for companies who do business in both markets.
The Decree of the President of the Russian Federation No. 81 of March 1, 2022 came into force "On additional temporary economic measures to ensure the financial stability of the Russian Federation"
Since March 2, 2022, additional temporary economic measures have been in effect to ensure the financial stability of the Russian Federation.
21.02.2022
Tremendous mineral reserves, agricultural endowments, and proximity to Asia’s vast markets make Mongolia an attractive destination for medium to long-term foreign direct investment (FDI). The Gross Domestic Product (GDP) in Mongolia is worth 10.4 billion US dollars as of September 2021 according to the national statistics of Mongolia. The GDP value of Mongolia represents 0.01 percent of the world economy.
Liquidation process of Legal entity
According to the October statistics of the State Registration Office of Mongolia, total of 67 legal entities were liquidated in October 2021.
Kazakhstan. Forthcoming Amendments to VAT/GST
for Electronically Supplied Goods and Services
Almost a year ago, Kazakhstan introduced VAT which the foreign companies should pay for goods and services supplied electronically to individuals in Kazakhstan.
Kazakhstan Data Breach
Data protection in Kazakhstan is mainly regulated by the Law of 21 May 2013 No. 94-V ZRK on Personal Data and its Protection ('the Personal Data Law'), Law of 24 November 2015 No. 418-V on Informatisation ('the Informatisation Law') and relevant subsidiary laws.
Restructuring & Insolvency: Kazakhstan 2021
The main legal act governing the insolvency of legal entities in Kazakhstan is the Law of the Republic of Kazakhstan 'On Rehabilitation and Bankruptcy' No. 176-V dated 7 March 2014 as amended (the Bankruptcy Law). The Bankruptcy Law contains the types of insolvency proceedings, insolvency criteria, rights and obligations of the insolvent, creditors, temporary and bankruptcy managers.
Regulation of «anti-money laundering» legislation in Belarus: compliance with FATF requirements
Belarus aims to comply with the FATF recommendations in the regulation of anti-money laundering issues, despite the fact that Belarus is not a member of the FATF.
The Banking Regulation Review: Kazakhstan
Kazakhstan chapter of the twelfth edition of The Banking Regulation Review which considers high-level insight across the legal and regulatory requirements applicable to banks.
Regulation for regulatory sandbox
The whole process of introduction of financial services based on technological innovation to the financial market is called Fintech. Upon the introduction of new products and services to the market with the help of Fintech, financial institutes become able to conduct a wider range of activities at a lower expense.