Kazakhstan Establishes New Financial Regulatory Body

Strengthening Financial Regulation in Kazakhstan

In a major move to bolster its financial regulatory framework, Kazakhstan has established a new state body, the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan. This agency began operations on January 1, 2020, with the primary goal of ensuring the stability of the country’s financial system and promoting the growth of the financial market.

Key Responsibilities of the Agency

• Consumer Protection: Providing adequate protection to consumers of financial services.
• State Regulation and Supervision: Carrying out state regulation, control, and supervision of the financial market and financial organizations.
• Oversight: Overseeing other entities within its competence.

Successor to the National Bank of Kazakhstan

The new regulatory body has been designated as the successor to the National Bank of Kazakhstan (NBK) in terms of the transferred functions and powers. This move is seen as a significant step towards improving overall governance and oversight of Kazakhstan’s financial sector, ensuring greater transparency and stability for investors and consumers alike.

A New Era for Financial Regulation in Kazakhstan

The establishment of this new agency marks a significant milestone in Kazakhstan’s efforts to strengthen its financial regulatory framework. By providing a more robust and effective system of regulation, the country aims to promote confidence in the financial sector and support sustainable economic growth.