• Legislative Basis
• CCG's Code of Ethics

Legislative Basis for CCG

STATUTORY LEGAL ACTS:

Civil Code of the Republic of Kazakhstan, Article 9. Civil rights

Civil Code of the Republic of Kazakhstan, Chapter 5. Representation

The Civil Code of the Republic of Kazakhstan 16. Concept and basis of commitment

The Civil Code of the Republic of Kazakhstan 17. Discharge of obligations

The Civil Code of the Republic of Kazakhstan 18. Enforcement of obligations

The Civil Code of the Republic of Kazakhstan 41. Order

The Civil Code of the Republic of Kazakhstan 37. Accounts receivable financing (factoring)

Law of the Republic of Kazakhstan "On State Regulation and Supervision of Financial Market and Financial Institutions"

UNIDROIT CONVENTION on International Factoring

Excerpt from the Civil Code of the Republic of Kazakhstan

Article 9. Civil rights

1. Protection of civil rights is done by the court, arbitration tribunal or the court of arbitration by means of: recognition of rights; restore the situation that existed before the violation of law; suppression of acts infringing the right or threatening to infringe it; awarding to discharge of duties specifically; the recovery of damages, penalties; declaring the transaction invalid ; moral damage compensation; termination or change of legal relations; invalidation or non-use not corresponding to the law the act of government or local representative or executive agency; recovery of penalty from the public agency or official for obstructing a citizen or legal entity in the acquisition or exercise of the right as well as other remedies provided by acts of legislation.

2. Appeal for protection of the infringed right to authority does not hinder from claimant of protection of the rights, if the acts of legislation provide otherwise.

3. In the cases expressly provided for in acts of legislation, the protection of civil rights may be realized by direct factual or legal actions of the person whose right is violated (Self-defense).

4. A person whose right has been violated may demand full compensation of losses, if the acts of legislation or the contract stipulate otherwise. Losses mean the expenses that are incurred or must be incurred by the person whose right is infringed, the loss or damage to property (real damage), as well as the revenues that this person would have received under normal conditions of turnover, if his right was not infringed ( loss of profits).

5. Losses of a citizen or legal person as a result of publication not corresponding to the act of law of public authority, another public agency, as well as of actions (or inaction) of officials of these bodies, are to be reimbursed by the Republic of Kazakhstan or political unit respectively.

6. If the coming of the legal consequences of infringement depends on the wrongdoer, it assumes his guilty, unless the acts of legislation provide otherwise.

ABOUT FACTORING

The Civil Code of the Republic of Kazakhstan

Article 339. Grounds and Procedure for Transfer of Authority to Another Person

1. Right (claim) held by the Creditor as per his obligation may be transferred to another person in the transaction (cession) or transferred to another person on the basis of the act of legislation.

Article 341. Scope of the Creditor Rights in Transition transferred to Another Person

Unless otherwise provided by the acts of legislation or by contract, the right of the original creditor moves to a new creditor to the extent and under the terms that existed at the moment of transfer of authority. In particular, the new Creditor will be given the rights providing fulfillment of obligations, as well as other rights related to claims including the right for non-received remuneration (interest).

Article 729. Agreement of Accounts Receivable Financing (Factoring)

1. According to the Agreement Of Accounts Receivable Financing one party (the Financial Agent) transfers or agrees to transfer the money available to the other party (the Client), and the Client gives or agrees to give the Financial Agent his money claim to the third party arising out of relations between the Client (the Creditor) with the third party (the Debtor).

Money claim against the Debtor may be assigned by the Client to the Financial Agent with the purpose to enforce the Client's obligation to the Financial Agent.

2. Obligations of a Financial Agent under the Contract of Accounts Receivable Financing Claims may include keeping the accounting for the Client and providing of documents concerning money claims (invoices for money claims), which are the object of concessions, as well as providing  the client with other financial services related to these claims.

3. General rules of the claim cession established by this Code (Articles 339 - 347 of this Code) are applicable to accounts receivable financing claim, unless otherwise provided in this chapter.

GLOSSARY OF TERMS

COLLECTOR – an Officer of the East India Company who collected taxes from local population and also performed administrative duties, the link (from the commentary to “Vanity Fair” by Thackeray).

Factoring Agreement – Article 729 of the Civil Code of the Republic of Kazakhstan. Agreement of Accounts Receivable Financing (Factoring)

1. According to the Agreement Of Accounts Receivable Financing one party (the Financial Agent) transfers or agrees to transfer the money available to the other party (the Client), and the Client gives or agrees to give the Financial Agent his money claim to the third party arising out of relations between the Client (the Creditor) with the third party (the Debtor).

FINANCIAL INSTITUTION - a legal entity carrying on business on providing of financial services;