The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan, working with other state bodies, has developed a draft Capital Market Law and companion legislation to create a single modern framework for securities, derivatives, digital financial assets and market infrastructure. The package advances the regulator’s wider capital market reforms through 2030 and would simplify companies’ access to market financing while strengthening transparency and investor protection. The draft proposes a one stop process with fewer procedures and shorter document review periods, simplified and framework prospectuses for existing issuers, and more circumstances in which securities could be issued without a full prospectus, including qualified investor placements. It would also introduce phased licensing and simplified access to investment advisory activity, modernize clearing and settlement, establish legal conditions for short selling and broaden Islamic securities. Conduct and transparency measures include best execution, unified disclosure requirements, stronger controls against insider trading and manipulation, and greater over-the-counter market transparency. Some regulatory and control functions would transfer to a stock exchange regulatory committee, while the agency would retain its supervisory powers.

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