At the press conference held at the Central Communications Service under the President of the Republic of Kazakhstan, Director of the Securities Market Department of the Financial Market Regulation and Development Agency of the Republic of Kazakhstan (hereinafter - the Agency) Aydyn Dauletbak and Deputy Director Adil Mamazhanov reported on the draft law "On Credit Rating Agencies". lack of legislative requirements for the creation of local rating agencies and their operation; high cost and limited availability of rating services for Kazakhstani companies, especially medium-sized businesses.

Therefore, the Agency, based on international experience, developed a draft law regulating the activities of credit rating agencies. The draft law took into account the recommendations of international organizations such as IOSCO (Organization of International Securities Commissions), the Basel Committee on Banking Supervision, as well as directives of the European Union.

"The draft law is aimed at ensuring the following basic principles of activity of credit rating agencies: objectivity, independence, transparency, sufficiency of resources, regular supervision and reporting," A. noted. Dauletbak.

The document provides for the functions and powers of the Agency in relation to the activities of rating agencies, monitoring compliance with established standards, regulation of conflict of interest management mechanisms, as well as information disclosure and corporate management requirements of rating agencies.

The draft law was developed within the framework of the implementation of the Concept of the development of the financial sector until 2030. Its adoption will create conditions for the development of an independent credit risk rating institute, which in turn will expand business financing mechanisms through stock market instruments. It allows to create an open and efficient market of credit rating services that meets international standards and the needs of the national economy," A. Mamazhanov noted.

Source : https://www.gov.kz/memleket/entities/ardfm/press/news/details/963971?lang=kk