Development of exchange trading

Development of exchange trading

The head of state in his Address dated September 1, 2020 year indicated the need to restore order in the field of exchange trading.

  In accordance with paragraph 46 of the National Action Plan for the implementation of the Address of the Head of State to the people of Kazakhstan dated September 1, 2020 year «Kazakhstan in a new reality: time for action», the Ministry is assigned an event to legislatively improve the regulation of the activities of commodity exchanges.

To implement the set tasks for the development of exchange trade, the Ministry has developed a Draft Law of the Republic of Kazakhstan «On amendments and additions to some legislative acts on the development and improvement of exchange trading» (hereinafter - the Draft Law), aimed at improving and developing exchange trading.

 This bill provides for the development of exchanges in three main areas:

  • Increased requirements and increased transparency of the activities of commodity exchanges.
  • Creation of a competitive environment and conditions for the development of exchange trading
  • .Increase in the volume of exchange trade.

  By the Decree of the Government of the Republic of Kazakhstan dated
6 May, 2021, the Draft Law was submitted to the Mazhilis of the Parliament of the Republic of Kazakhstan.

On 17 May, the Draft Law was adopted by the Committee for Economic Reform and Regional Development of the Mazhilis of the Parliament of the Republic of Kazakhstan for consideration.

By the resolution of the Committee for Economic Reform and Regional Development of the Mazhilis of the Parliament of the Republic of Kazakhstan dated 8 June, 2021 year, a working group was created to prepare an opinion on the draft Law.

 Since September 1, 2021 year, in the Mazhilis of the Parliament of the Republic of Kazakhstan, 3 meetings of the Working Group on the consideration of the draft Law were held in the conference call mode.

 In the Working Group, consisting of representatives of Ministries and business, together with the deputies of the Mazhilis of the Parliament of the Republic of Kazakhstan, separate norms were discussed to amend and supplement the Law of the Republic of Kazakhstan «On Commodity Exchanges».

Upon completion of the meetings of the Working Group, the draft Law will be considered at a meeting of the committee and then sent to a plenary meeting of the Mazhilis of the Parliament.

 Changes and additions to the legislation will improve accessibility and increase the volume of exchange trading, attract new, including foreign partners, create a competitive environment, establish natural prices, ensure the transparency of exchange transactions. And all this together will form a stable and competitive domestic exchange industry.