ASTANA, Kazakhstan, April 15. Kazakhstan will
establish new requirements for the quality and reliability of
information provided by rating agencies, Trend reports via the Mazhilis of the country's
Parliament.
The Mazhilis approved in the first reading a draft law “On
Rating Activities,” developed as part of the Concept for the
Development of the Financial Sector of Kazakhstan until 2030,
approved by presidential decree in September 2022.
The legislation aims to create a transparent and independent
market for rating services in Kazakhstan, while strengthening the
legal and institutional framework for rating agencies. It also
seeks to protect the rights of rated organizations and users of
credit ratings.
The draft law provides for the establishment of domestic rating
agencies, while keeping the market open to international and
foreign participants. It sets key requirements for rating agencies,
including the quality and reliability of information used, as well
as transparency and justification of methodologies. The document
also introduces rules on financial stability, capital structure,
and conflict-of-interest prevention.
In addition, the law establishes procedures for recognizing
international and foreign rating agencies, along with mechanisms
for state supervision and regulatory enforcement in case of
violations.
A separate set of amendments also approved by the Mazhilis
allows banks and insurance companies to invest in the charter
capital of rating agencies.
