Madina Abylkassymova, chair of Kazakhstan’s Agency for Regulation and Development of the Financial Market, presented the approved capital market development program through 2030 and detailed the draft Capital Market Law at a meeting of the Kurultai’s Finance and Budget Committee on long term business financing. Developed jointly with the National Bank of Kazakhstan, the program seeks to expand securities financing alongside bank lending. The accompanying bill would simplify issuance and strengthen investor protection. The program combines broader institutional demand through competitive pension asset management and investment funds with easier corporate bond issuance and preparation for initial public offerings. Higher free floats and expanded market making would support secondary market liquidity. Issuers and creditors would also be able to agree restructuring plans before seeking expedited court approval. Regulatory requirements in Kazakhstan’s national jurisdiction and the Astana International Financial Centre would be compared, with convergence priorities determined by their effects on market participants’ decisions, competition, investor protection and financial stability. The bill would establish common rules for securities, derivatives and digital financial assets. Issuers could submit documents through a single window at the Central Depository, while simplified and framework prospectuses would ease issuance. Framework prospectuses would establish a bond program’s general terms once, accelerating subsequent placements. Brokers would face a best execution obligation, and common disclosure requirements would make transaction terms comparable, including in the over the counter market. Retail investors would become a separate category and, in cases specified by law, could withdraw from securities purchases or demand repurchase within one year. Representatives would protect retail bondholders’ interests. Submission of the bill to the Kurultai is planned for December 2026.

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