Deputies of the Mazhilis of the Parliament of the Republic of Kazakhstan are working on a draft law, the purpose of which is to prevent illegal attraction of funds from shareholders
In order to improve conditions for participants in shared-equity construction and protect the rights of shareholders in Kazakhstan, work continues on the draft law "On Amendments and Additions to some legislative acts of the Republic of Kazakhstan on improving the sphere of construction and equity participation in housing construction." The initiative was put forward by deputies of the Mazhilis of the Parliament of the Republic of Kazakhstan on September 26, 2022 and is aimed at increasing transparency and legality of shared-equity construction processes.
The bill includes measures aimed at preventing illegal fundraising of shareholders. As part of these changes, it is assumed:
Prohibition on concluding pre-booking and advertising contracts without obtaining permission to raise funds from shareholders;
The inclusion of the concepts of "low-rise construction" in the scope of regulation of the law "On Equity participation in housing construction";
Reduction of the maximum extension of the construction period to 5 months from the deadline set by the project documentation;
The functioning of the Center for the support of shareholders, where participants will be able to get advice on equity legislation;
A ban on issuing mortgages without permission to raise funds from shareholders or guarantees from a Single operator.
The implementation of these amendments is aimed at protecting the rights and interests of shareholders, ensuring equality of all participants in the construction market and strengthening state control in the field of equity participation. This is an important step for the formation of a safe and transparent shared-equity construction system that will bring confidence from the public and improve the investment climate in the construction industry.
At the moment, 7 meetings of the working group have been held, at which these measures were discussed with the participation of representatives of government agencies and the public.

Source : https://www.gov.kz/memleket/entities/mps/press/news/details/873668