The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan held a roundtable to discuss a draft new Law on Credit Rating Agencies, aimed at setting the core rules for rating activity while protecting the rights and interests of rated entities and credit rating users and supporting the development of Kazakhstan’s local rating-services market and financial infrastructure. Prepared under the President’s mandate reflected in Kazakhstan’s financial sector development concept to 2030 and drawing on international practice including IOSCO best practices, the draft covers areas including principles for rating activity, requirements for credit rating agencies, procedures to recognise international and foreign agencies, requirements for local agencies, and conflict-of-interest management. Deputy Chair Maria Khadzhieva linked the proposed law to improving credit risk assessment and transparency of financial transactions, reducing reliance on international rating agencies, expanding opportunities for businesses, and strengthening ESG assessment mechanisms. The draft has been published for public discussion on the “Open NLA” online portal.
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan 2025-04-28
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reviews draft law setting a regulatory framework for credit rating agencies
The Agency for Regulation and Development of the Financial Market of Kazakhstan discussed a draft Law on Credit Rating Agencies to establish rules for rating activities and protect stakeholders. Aligned with international practices, it addresses principles for rating activity, agency requirements, and conflict-of-interest management. Deputy Chair Maria Khadzhieva emphasized its role in enhancing credit risk assessment, transparency, and ESG mechanisms while reducing reliance on international agencies.