The Agency held a round table to discuss draft law "Credit Rating Agencies"

The Agency for Regulation and Development of the Financial Market held a round-table discussion covering a new draft law of the Republic of Kazakhstan "Credit Rating Agencies". The event was attended by representatives of the Agency, the Association of Financiers of Kazakhstan, credit bureaus, second-tier banks and independent experts.

The draft law was developed within the instruction of the Head of State set out in the 2030 Concept for Development of the Financial Sector of the Republic of Kazakhstan approved on September 26, 2022.

The document is designed to solve a number of key tasks, including protection of rights and interests of rated persons and users of credit ratings, as well as creating favorable conditions for development of the local rating services market and enhancement the financial infrastructure.

In her welcoming speech, Deputy Chairperson of the Agency Khadzhiyeva Mariya pointed out that adoption of the new law will help improve the risk assessment system, increase transparency of financial transactions and enhance investor confidence.

"The draft law "Credit Rating Agencies" creates conditions for development of an independent credit risk rating institution, which will reduce dependence on international rating agencies, expand opportunities for business and improve the ESG assessment mechanism," said Khadzhiyeva Mariya.

The draft law was developed based on advanced international experience, including the best practices of the International Organization of Securities Commissions (IOSCO), as well as in cooperation with experts and international organizations.

The draft law covers seven main areas, such as establishing the principles of rating activities, requirements for activities of credit rating agencies, procedures for recognizing international and foreign agencies, as well as requirements for local agencies and management of conflicts of interest.

During the round table, the participants discussed in detail key provisions of the draft and expressed support for its adoption. The draft law was publicly discussed on the Internet portal "Open regulatory legal acts".