Kazakhstan will establish a new independent financial regulator

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The lower house of Kazakhstan’s Parliament has approved the draft Law of the Republic of Kazakhstan "On introducing amendments and supplements to some legislative acts of the Republic of Kazakhstan on regulation and development of financial market and microfinance activity".

Should the draft law be approved by the upper house of the Parliament, some of the functions and powers of the National Bank of Kazakhstan (the "NBK") would be transferred to the new independent authorized body for regulation, control and supervision of the financial markets and financial organizations (the "New Agency"). The tentative title of the New Agency is the Agency for Regulation and Development of Financial Markets. It is expected that the New Agency will be established through reorganization of the NBK and that it will be accountable directly to the Kazakhstan President.

The NBK will retain functions dedicated at monitoring and improving the effectiveness of monetary policy, and will continue implementing inflation targeting. The New Agency, in turn, will be responsible for regulation and development of the financial market and consumer protection.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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