Deputies of the Senate Committee on Finance and Budget at an extended meeting considered laws aimed at improving the regulation and sustainable development of the financial sector of the country.
Thus, senators considered the Law «On Banks and Banking Activity in the Republic of Kazakhstan». The document is aimed at ensuring the stability and sustainability of the banking system, strengthening the trust of citizens in the banking sector, as well as the development of fair competition and innovations. The Law provides for increasing corporate governance standards, introducing basic and universal banking licenses, development of Islamic finance, introduction of a system of behavioral supervision and reforming the mechanism for resolving insolvent banks taking into account the recommendations of the International Monetary Fund.
In addition, the Law «On introducing amendments and additions to certain legislative acts of the Republic of Kazakhstan on issues of regulation and development of the financial market, communication and bankruptcy», aimed at the comprehensive implementation of the provisions of the new banking legislation and the formation of a unified regulatory approach to regulating the financial sector, was considered. The document provides for the establishment of unified requirements for corporate governance and business reputation of executives and major shareholders of financial organizations, creation of the institution of a single financial ombudsman, as well as measures for restoring the financial stability of systemically important banks.
Within the framework of the law, the legal bases of the digital tenge and digital account are also consolidated, the powers of the National Bank to introduce a regulatory sandbox are expanded, regulation of the turnover of digital financial assets is introduced and requirements for the microfinance and collection sectors are established, including the introduction of self-regulation mechanisms and risk management systems.
The implementation of these laws is aimed at increasing the transparency of the financial market, protecting consumer rights, developing innovations and ensuring the stability of the financial system.
Based on the results of the meeting, members of the Committee made a decision to send the Laws for the consideration of the Chamber.
(Press Office of the Senate, 74-72-27. Photo by: N.Baibullin)
