The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan presented a draft law on rating activities to the Mazhilis of Parliament, setting out a comprehensive legal framework to regulate credit rating agencies and support the development of a domestic rating industry as part of the financial sector development concept through 2030. The bill would grant the Agency powers to regulate and supervise recognised credit rating agencies (CRAs), define recognition and supervisory procedures, and create a legal basis to strengthen CRA accountability while aligning national requirements with IOSCO international standards. It also proposes to classify rating agencies as Kazakh, international, or foreign, establish qualification requirements and recognition conditions, and create conditions for a Kazakh rating agency with a diversified ownership structure intended to support ratings independence and objectivity. Additional provisions include stricter requirements on corporate governance and internal controls, enhanced fit-and-proper expectations for senior management, measures to prevent conflicts of interest, and steps to increase the transparency of rating activity.

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