Kazakhstan’s Agency for Regulation and Development of the Financial Market has detailed the 2026-2030 capital market development program jointly approved with the National Bank of Kazakhstan. Previously presented to lawmakers, the program contains 35 initiatives across seven strategic areas to expand access for businesses and investors and develop capital markets as a source of long term financing alongside bank lending.

The measures would broaden the institutional investor base through pension asset management reforms, collective investment and the entry of new professional managers. Corporate bond incentives, securitization and derivatives would expand financing and risk management options. Simplified and digitalized listing procedures, tax incentives and listing sponsors would support initial public offerings and smaller businesses’ access to equity financing. Securities borrowing and lending, short selling and improved market making would support secondary market liquidity. The program also provides for developing digital financial assets, environmental, social and governance financing, and Islamic finance. Pre-agreed restructuring arrangements, stronger bondholder representation and improved cross-border insolvency mechanisms would strengthen debt resolution and creditor protection. Regulatory reforms would expand stock exchange functions, improve licensing, introduce supervision based on risk and increase transparency in transactions outside exchanges.

A substantial share of the measures is to be incorporated into the draft Capital Market Law, which is planned for submission to the Kurultai by the end of 2026. This would provide legislative backing for the program’s planned reforms.

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