Academic Scientific JournalsLegal Mechanisms for the Protection of Financial Service Consumer’s Rights in the Republic of Kazakhstan: A Comparative Analysis
Keywords:
Consumers, financial services, protection of rights, consumer rights protection in financial markets, consumer protection legislation, financial services legislation, banking transactions, consumer loan agreement, consumer microloan agreementsAbstract
This article explores the legal mechanisms for protecting the rights of financial service consumers in the Republic of Kazakhstan. The study employs a combination of scientific methods to achieve its objectives. Comparative legal analysis is used to evaluate the Kazakh legislative framework against international best practices, such as World Bank guidelines. The normative-dogmatic method is applied to interpret existing laws, while a systemic approach assesses the coherence of financial and consumer protection regulations. Additionally, a deductive method identifies general principles of consumer protection, and an inductive approach derives conclusions specific to Kazakhstan’s context. These methods reveal gaps in the current legislation and provide recommendations for its improvement.
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Civil Code of the Republic of Kazakhstan (General Part) of December 27, 1994 (Bulletin of the Supreme Council of the Republic of Kazakhstan,1994, No. 23–24 / Appendix /, Art. 282).
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Code of the Republic of Kazakhstan of December 25, 2017 No. 120-VI ZRK “On taxes and other mandatory payments to the budget (Tax Code) (Kazakhstanskaya Pravda, 2017.12.26, No. 247).
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Law of the Republic of Kazakhstan dated April 25, 2001 No. 178 “On the Development Bank of Kazakhstan” (Bulletin ofthe Parliament of the Republic of Kazakhstan, 2001, No. 9, Art. 85).
Law of the Republic of Kazakhstan dated December 6, 2001 No. 264-II “On the membership of the Republic of Kazakhstan in the International Monetary Fund, the International Bank for Reconstruction and Development, the International Finance Corporation, the International Development Association, the Multilateral Investment Guarantee Agency, the International Center for Settlement of Investment Disputes, the European Bank for Reconstruction and Development, the Asian Development Bank, the Islamic Development Bank, the Asian Infrastructure Investment Bank” (Bulletin of the Parliament of the Republic of Kazakhstan, 2001, No. 23, Art. 313).
Law of the Republic of Kazakhstan dated March 28, 2003, No. 400 “On Credit Partnerships” (Bulletin of the Parliament of the Republic of Kazakhstan, 2003, No. 5, Art. 32).
Law of the Republic of Kazakhstan dated July 2, 2003, No. 461 “On the Securities Market” (Bulletin of the Parliament of the Republic of Kazakhstan, 2003, No. 14, Art. 119).
Law of the Republic of Kazakhstan dated July 4, 2003, No. 474 “On State Regulation, Control and Supervision of the Financial Market and Financial Organizations” (Bulletin of the Parliament of the Republic of Kazakhstan, 2003, No. 15, Art. 132).
Law of the RK dated July 6, 2004 No. 573 “On Credit Bureaus and Formation of Credit Histories in the Republic of Kazakhstan” (Bulletin of the Parliament of the RK, 2004, No. 15, Art. 87).
Law of the RK dated July 7, 2006 No. 169 “On Mandatory Guarantee of Deposits Placed in Second-Tier Banks ofthe Republic ofKazakhstan” (Bulletin ofthe Parliament of the RK, 2006, No. 14, Art. 90).
Law of the RK dated February 28, 2007 No. 234 “On Accounting and Financial Reporting (Bulletin of the Parliament of the RK, 2007, No. 4, Art. 32).
Law of the Republic of Kazakhstan dated August 28, 2009 No. 191-IV “On Combating the Legalization (Laundering) of Illegally Obtained Incomes and the Financing of Terrorism” (Bulletin of the Parliament of the Republic of Kazakhstan, 2009, No. 19, Art. 87).
Law of the Republic of Kazakhstan dated May 4, 2010 No. 274-IV “On the Protection of Consumer Rights” Available at: https://adilet.zan.kz/rus/docs/Z100000274_.
Law of the Republic of Kazakhstan dated November 26, 2012 No. 56-V “On Microfinance Activities” (Bulletin ofthe Parliament ofthe Republic ofKazakhstan, 2012, No. 20, Art. 120).
Law of the Republic of Kazakhstan dated January 14, 2013 No. 67-V “On the State Educational Accumulative System” Available at: https://adilet.zan.kz/rus/docs/Z1300000067.
Law of the Republic of Kazakhstan dated November 12, 2015 No. 252-V “On State Audit and Financial Control” Available at: https://adilet.zan.kz/rus/docs/Z1500000392.
Law of the Republic of Kazakhstan dated July 26, 2016 No. 11-VI ЗРК On Payments and Payment Systems (Bulletin of the Parliament of the Republic of Kazakhstan, 2016, No. 12, Art. 86).
Law of the Republic of Kazakhstan dated July 2, 2018 No. 167-VI ЗРК “On Currency Regulation and Currency Control” (Kazakhstanskaya Pravda, 2018.07.05, No. 125).
Decree of the President of the Republic of Kazakhstan dated April 12, 2011 No. 25 “On further improvement of the system of state regulation of the financial market of the Republic of Kazakhstan” (SAPP of the Republic of Kazakhstan, 2011, No. 31, Art. 387).
Decree of the President of the Republic of Kazakhstan dated September 26, 2022 No. 1021 “On approval of the Concept for the development of the financial sector of the Republic of Kazakhstan until 2030” Available at: https://adilet.zan.kz/rus/docs/U2200001021.
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Resolution of the Board of the National Bank of the Republic of Kazakhstan dated August 31, 2016 No. 208 “On approval of the Rules for making non-cash payments and (or) money transfers on the territory of the Republic of Kazakhstan” (Kazakhstanskaya Pravda, 2017.04.04, No. 64).
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Resolution of the Board of the National Bank of the Republic of Kazakhstan dated March 30, 2019 No. 40 “On approval of the Rules for carrying out currency transactions in the Republic of Kazakhstan” (Kazakhstanskaya Pravda, 2019.05.13, No. 88).
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Agreement on the establishment of the Payment Union of the CIS Member States (Moscow, October 21, 1994) / Ratified in accordance with the Decree ofthe President of the Republic of Kazakhstan dated May 25, 1995 No. 2301 Available at: http://online.zakon.kz/, accessed: January 16th, 2025.
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Agreement on Ensuring the Free and Equal Right of Individuals to Cross the Borders ofthe Member States ofthe Customs Union and the Unhindered Movement of Goods and Currency (Moscow, November 24, 1998) / Ratified by the Law of the Republic of Kazakhstan dated December 30, 1999, No. 9-II. Entered into force on January 24, 2000 (Kazakhstanskaya Pravda, 2000.01.05, No. 004).
Agreement on Agreed Principles of Currency Policy (Moscow, December 9, 2010) / Ratified by the Law of the Republic of Kazakhstan dated May 24, 2011 No. 439-IV (Bulletin ofInternational Treaties ofthe Republic of Kazakhstan, 2012, No. 1, Art. 11).
Agreement on the Establishment of the Eurasian Development Bank (Astana, January 12, 2006) / Ratified by the Law of the Republic of Kazakhstan dated April 12, 2006 No. 137-III (Bulletin of the Parliament of the Republic of Kazakhstan, 2006, No. 7, Art. 39).
Agreement on cooperation in the field of organizing an integrated currency market of the member states of the Eurasian Economic Community (St. Petersburg, January 25, 2006) / Ratified by the Law of the Republic of Kazakhstan dated December 13, 2006 No. 206-III “On ratification of the Agreement on cooperation in the field of organizing an integrated currency market of the member states of the Eurasian Economic Community” (Bulletin of the Parliament of the Republic of Kazakhstan, 2006, No. 24, Art. 146).
Agreement on the Fundamental Principles of the Currency Policy of the Member States ofthe Eurasian Economic Community on the Regulation and Control of Transactions Related to the Movement of Capital (St. Petersburg, December 11, 2009) / The draft was approved by the Resolution of the Government of the Republic of Kazakhstan dated December 28, 2007 No. 1337.) / Ratified by the Law of the Republic of Kazakhstan dated September 27, 2012 No. 39-V (Bulletin of the Parliament of the Republic of Kazakhstan, 2012, No. 16, Art. 100).
Agreement on the Creation of Conditions in the Financial Markets to Ensure the Free Movement of Capital (Moscow, December 9, 2010) / Ratified by the Law of the Republic of Kazakhstan dated July 22, 2011 No. 472-IV (https://adilet.zan. kz/rus/docs/Z1100000472).
Agreement on the harmonization of legislation of the member states of the Eurasian Economic Union in the financial market (Moscow, November 6, 2018) / Ratified by the Law of the Republic of Kazakhstan dated December 26, 2019 No. 285-VІ ЗРК Available at: https://adilet.zan.kz/rus/docs/Z1900000285, accessed: January 16th, 2025.
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Agreement between the Government of the Republic of Kazakhstan and the Government of the United Arab Emirates on the opening of an Islamic Bank in the Republic of Kazakhstan (Astana, June 11, 2009) / Ratified by the Law of the Republic of Kazakhstan dated July 7, 2009 No. 168-IV (Kazakhstanskaya Pravda, 2009.09.07, No. 166).
Agreement between the Government of the Republic of Kazakhstan and the United Nations concerning administrative and financial arrangements for the Subregional Office for North and Central Asia (Bangkok, July 11, 2016) / Ratified by the Law of the Republic of Kazakhstan dated February 27, 2018 No. 140-VI ЗРК Available at: https://adilet.zan.kz/rus/docs/Z1800000140, accessed: January 16th, 2025.
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Agreement on coordinated monetary policy of the states parties to the Agreement on coordinated principles of monetary policy of December 9, 2010 (Almaty, December 12, 2011) Available at: http://online.zakon.kz/, accessed: January 16th, 2025.
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Agreement on the Establishment of the Islamic Corporation for the Development of the Private Sector (Jeddah, November 3, 1999) / Ratified by the Law of the Republic of Kazakhstan dated May 6, 2002 No. 317-II Available at: http://online.zakon.kz/, accessed: January 16th, 2025.
Articles of Agreement of the International Monetary Fund (Bretton Woods, New Hampshire (USA), July 22, 1944) / Ratified by the Law ofthe Republic of Kazakhstan dated July 9, 2004 No. 589-II “On Ratification ofthe Statutory Documents of Certain International Organizations” (Bulletin ofthe Parliament ofthe Republic ofKazakhstan, 2004, No. 17, Art. 103).
Articles of Agreement of the International Finance Corporation (Washington, July 20, 1956) / Ratified by the Law of the Republic of Kazakhstan dated July 9, 2004 No. 589-II. Entered into force on July 20, 2004 (Bulletin of International Treaties of the Republic of Kazakhstan, 2005, No. 1).
Other official documents
UN Convention on Independent Guarantees and Standby Letters of Credit 1995 / Adopted by the UN General Assembly resolution of 11 December 1995 (http:// www.un.org/ru/).
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