At the IX Capital Markets Kazakhstan Conference, Ivan Moisov, director of the agency’s Securities Market Department, detailed the capital market program developed with the National Bank through 2030. The program contains 35 strategic measures and 173 actions across seven priorities, with an emphasis on increasing free float and directing domestic savings toward long-term economic financing. Kazakhstan’s capital market has nearly doubled over five years, from USD 111 billion in 2021 to USD 217 billion, comprising USD 91 billion in equity market capitalization and USD 126 billion in outstanding bonds. Measures to expand the issuer base include single-window filing for initial public offerings, support for large private companies preparing to list, accredited listing sponsors for small and medium-sized businesses and a proposed nonpublic joint stock company structure. Bond issuers would gain simplified documentation and partial guarantees from development institutions covering 30% to 70% of an issue, which are expected to cut market entry times from three to six months to one to two months. Liquidity reforms cover market making, securities lending, covered short selling, greater transparency for over-the-counter transactions and easier foreign investor access, including a planned direct Euroclear connection in 2027. The program would also allocate pension investment mandates competitively to licensed domestic managers while contributions continue to flow to the Unified Accumulative Pension Fund and the National Bank retains responsibility for investment policy and oversight. A regulatory framework is planned for 2027, followed by a pilot in 2027-2028, with private managers targeted to oversee 20% to 30% of pension assets by 2030 under enhanced capital, risk management, disclosure, asset segregation and independent custody requirements. A new Capital Market Law based on International Organization of Securities Commissions and European regulatory principles is expected to be submitted to the Kurultai in December, replacing the 2003 securities market law and supporting new instruments, stronger creditor protection and investor dispute resolution through the financial ombudsman.
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan details 2030 capital market reforms and plans Euroclear connection in 2027
Kazakhstan’s financial market regulator detailed a 2030 program of 35 strategic measures and 173 actions to expand issuers, deepen liquidity and channel pension savings into long-term investment. Plans include a direct Euroclear connection in 2027, partial guarantees covering 30% to 70% of bond issues and private management of 20% to 30% of pension assets by 2030. A new Capital Market Law is expected to be submitted to the Kurultai in December.