The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has prepared a draft Board resolution to amend certain regulatory legal acts on securities market issues, aimed at implementing legislative changes on financial market development and consumer protection. The draft would introduce rules intended to allow international settlement organisations such as Euroclear and Clearstream to confirm their clients’ ownership rights to Kazakh securities held via a nominee holder account in Kazakhstan’s central depository system, which the Agency links to wider non-resident access to transactions in Kazakh securities. It also proposes to define how a clearing organisation may carry out brokerage and/or dealer activities on the securities market, taking into account clearing-specific features, to improve performance of its functions and support guaranteed settlement of exchange trades. In addition, given the central depository’s proposed authority to provide custodial services, the draft includes amendments to set conditions and specific features for the central depository’s conduct of custody activity. The full text of the draft is available on the Agency’s website.

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