The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan convened a roundtable in Almaty to discuss the next phase of capital market reforms, centered on a new draft Capital Market Law and a draft capital market development program through 2030. The discussion focused on increasing the market’s investment appeal, broadening economy financing through market mechanisms, improving regulation, strengthening market infrastructure and introducing new financial instruments. The project is being developed with the National Bank of Kazakhstan, market participants and consulting firm Oliver Wyman under instructions from the head of state. Following a first meeting in May, more than 80 proposals were grouped into 17 thematic areas. A joint market diagnostic, a review of practices in more than 15 countries and input from foreign specialists on stock markets, the pension system, regulation, digital assets and derivatives produced a package of 36 initiatives across eight flagship directions. Work will continue on a capital market development concept and roadmap. After the necessary agreements are reached, the main decisions are planned to be embedded in Kazakhstan’s Capital Market Law and related subordinate regulatory acts.

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