Majilis OKs bill on ratification of Agr't on Harmonization of EAEU member states’ legislation on financial markets

NUR-SULTAN. KAZINFORM Majilis has approved the bill «On ratification of the Agreement on Harmonization of the Legislation of the EAEU member states in the field of financial markets,» Kazinform correspondent reports.

«The establishment of the common financial market provides for ensuring mutual recognition of licenses in banking, insurance and services sector, at the bonds market, improvement of governmental regulation and ensuring control and supervision at the financial markets,» Chairman of the National Bank Yerbolat Dossayev said presenting the bill at the plenary session of the Majilis,

It was noted that the Agreement determines 7 areas for harmonization:

1. Requirements to the participants of financial markets in regards to their creation, establishment and activity;

2. Regulation of the risks in the field of financial markets in compliance with international standards;

3. Supervisory requirements and the supervision of financial market participants;

4. Conditions for mutual recognition of licenses;

5. Requirements to the disclosure of information in the field of financial markets;

6. The acquisition of shares (stocks) in the charter capital of financial market participants by investors of member states;

7. Requirements to the protection of rights and interests of financial services consumers;

Within 9 months since the enactment of the Agreement, a plan will be developed which will set the stages and terms of harmonization.

The harmonization will be carried out based on international principles and standards.