The material was prepared on the basis of the laws of the Republic of Kazakhstan On Public Service, On Corruption Prevention and explanations of the Agency of the Republic of Kazakhstan for public service affairs.
Who is considered a public official?
According to Article 1 of the Law of the Republic of Kazakhstan On Public Service, a public official is a citizen of the Republic of Kazakhstan who holds an administrative or political public position and performs work on a permanent basis paid from the government budget.
The public officials subject to restrictions include:
- Employees of ministries, agencies, akimats and other government bodies;
- Akims and their deputies;
- Secretaries of maslikhats, members of Parliament;
- Members of the Government, the Constitutional Council, judges;
- Employees of anti-corruption and law enforcement agencies;
Military and law enforcement personnel are not considered public officials under this law, but may be subject to other departmental restrictions.
Rights and restrictions when investing in securities:
Public officials are allowed to invest in securities provided that they comply with the restrictions established by law. The restrictions depend on the category of the position.
Category | Restrictions and Permissions | Obligations |
Category 1: Senior officials of the financial system
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Category 2: Political public officials and members of key bodies
Note: special statutory regulations apply to judges, members of the Constitutional Council and political public officials, which may completely prohibit the holding of securities. It is recommended to clarify the legal regime taking into account current regulations. | 1. It is permitted to purchase:
2. Holding of assets outside the recognized market and participation in the management of business structures are prohibited. |
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Category 3: Other public officials and candidates
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General requirements for all public officials:
- It is prohibited to purchase more than 5% of the voting shares of one company;
- It is prohibited to use insider information;
- It is prohibited to participate in the management of business structures;
- It is permitted to invest through a recognized market and licensed brokers;
- It is required to notify the HR department about the existence of securities.
Normative references:
- Law of the Republic of Kazakhstan On Public Service dated November 23, 2015 No. 416-V ЗРК
- Law of the Republic of Kazakhstan On Corruption Prevention dated November 18, 2015 No. 410-V ЗРК
- Law of the Republic of Kazakhstan On the Securities Market
- Clarifications of the Agency of the Republic of Kazakhstan for Public Service Affairs
This material is prepared for reference. In each particular case, we recommend that employees seek clarification from the legal department or HR department at their place of work.