The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan adopted amendments to the rules on custodial activity in the securities market and on investment portfolio management, adding detailed requirements for how custodians record and oversee assets and clarifying obligations for investment portfolio managers. The changes are framed as supporting the operation of endowment funds and improving the transparency and reliability of how their assets are accounted for, safeguarded and used. Under the amendments, custodians must maintain detailed records of cash, securities, fund assets and related obligations, and follow prescribed interaction arrangements with investment portfolio managers covering reporting, information exchange and monthly reconciliations of asset positions. Custodians must also check whether transactions comply with legislation and the fund’s investment declaration and immediately notify the authorised body and interested parties when violations are identified. Investment portfolio managers’ duties are further specified, including the process for concluding trust management agreements, requirements for investment declarations, and actions to take if a licence is suspended or revoked; the rules also set a dedicated handover process when a custodian is replaced, requiring transfer of all documents and information (including reconciliation statements and liabilities data) with a formal acceptance-transfer act for all participants. The resolution takes effect from 31 August 2025.

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