Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan Deputy Chair Nurzhan Tursynkhanov presented the regulator’s 2030 capital market program at meetings hosted by JP Morgan and Citibank during the International Monetary Fund and World Bank Group Annual Meetings in Bangkok. Developed with the National Bank, the program seeks to strengthen domestic institutional demand, expand the supply of securities, improve liquidity and investor protection, and increase businesses’ access to market financing. At the end of 2025, outstanding debt securities totaled KZT 58 trillion and equity market capitalization was about KZT 42 trillion. The program would gradually transfer part of the National Bank’s pension portfolio, starting with government securities, to licensed domestic managers through competitive mandates. Private managers are targeted to oversee 20% to 30% of pension assets by 2030, subject to common risk management, internal control and disclosure requirements, with assets held separately by an independent custodian. Issuance reforms include a Central Depository single window intended to cut bond preparation times from three to six months to one to two months, alongside partial guarantees, securitization, a national rating agency and support for private companies preparing for initial public offerings. Securities lending, covered short selling and enhanced transparency for over-the-counter transactions would support targeted turnover ratios of 20% to 25% for debt securities and 5% to 10% for equities by 2030. Investor protections would also be strengthened through broader powers for bondholder representatives, improved collective restructuring procedures and safeguards for dissenting creditors.
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan presents 2030 capital market program to global banks, targets private management of 20% to 30% of pension assets
Kazakhstan’s financial market regulator presented its 2030 capital market program to international financial institutions, targeting private domestic management of 20% to 30% of pension assets. The program would simplify securities issuance, support private company listings and develop securities lending and covered short selling. It also proposes stronger bondholder and restructuring protections while targeting higher debt and equity market turnover by 2030.