On the meeting held between Bakytzhan Sagintayev, Member of the EEC Board and representatives of the financial market

On 21 July 2022 a meeting was held between the Chairperson of the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market (Agency) Madina Abylkassymova and the Member of the Board - Minister in charge of Economy and Financial Policy of the Eurasian Economic Commission (EEC) Bakytzhan Sagintayev, and representatives of the financial market of the Republic of Kazakhstan.

The meeting was attended by the Vice-Chairman of the Agency, Olzhas Kizatov, Director of the Department of Methodology and Prudential Regulation of Financial Institutions of the Agency Dauren Salimbayev, representatives of the National Bank of Kazakhstan, Financial Institutions' Association of Kazakhstan, Kazakhstan Stock Exchange (KASE), National Chamber of Entrepreneurs of Kazakhstan «Atameken», heads of second-tier banks and insurance companies, professional securities market participants.

During the meeting, Olzhas Kizatov noted that strengthening of international cooperation within the EAEU is a priority for the financial market the.

“According to the Treaty on the EAEU, one of the directions of integration is the creation of a common financial market of the EAEU until 2025. In order to accomplish this objective, the Concept of Forming a Common EAEU Financial Market was approved on October 1, 2019”, - he stated.

According to his statement the key directions of the integration of financial markets are: the establishment of harmonized requirements for regulation and supervision, simplified access to national financial markets by opening subsidiary organizations.

Dauren Salimbayev reported on the ongoing work of the Agency on integration of the financial market within the EAEU. Particularly, he discussed the subject of international agreements on the establishment of a mechanism for standardized licenses and procedures for exchange of information included in the credit histories, as well as cross-border activities of securities market participants.

Bakytzhan Sagintayev informed the colleagues about the ongoing work of the EEC concerning the financial markets.

“Conducting an integration of financial markets is one of the main objectives. I am sure that its accomplishment will allow to create conditions for unrestricted flow of capital and financial services within the Union, and increase the availability and diversity of investment and financial services” the Minister noted. “Thus, currently in the banking and insurance sectors we are working on introduction of the institute of standardized license, and in the sphere of securities market we are working on creation of common stock exchange environment”.

During the meeting Vitaliy Tutushkin, Deputy Governor of the National Bank, raised the topic of cross-border settlements in national currencies in mutual trade under current conditions and highlighted the main measures to ensure the continuity of mutual settlements.

In accordance with statements of Deputy Chairman of the Board of JSC "Kazakhstan Stock Exchange" Natalya Khoroshevskaya, currently regulation and conditions for the admission of brokers and dealers of EAEU member states on the stock exchange of Kazakhstan, as well as the issue of securities by non-residents in Kazakhstan has been formed.

At the end of the meeting, the participants shared their views on further cooperation and strengthening cooperation within the framework of Eurasian integration processes.