Baku, Azerbaijan, Dec. 15
By Nigar Guliyeva – Trend:
The concept of development of Kazakhstan’s financial sector until 2030 stipulates creating an effective system of shock absorption and taking measures to reduce and prevent risks in the securities market to increase its liquidity and stability.
This is stipulated in the Strategic Plan of the National Bank of Kazakhstan for 2017-2021, approved by the chairman of the National Bank on Dec. 15.
In particular, the concept envisages introducing the T+n deferred settlement system, revising the system of prudential regulation of brokerage organizations, introducing a system of guaranteeing the completeness and irreversibility of settlements on transactions at the securities market, and establishing liability for lack of settlement on transactions.
The document notes that a number of measures are envisaged to protect the rights and interests of investors in the securities market, including countering dishonest behavior in the securities market.
Thus, Kazakhstan will adopt measures to provide investors with full and permanent access to information on the balance and movements of their financial instruments and money kept on personal accounts, in open and broker organizations; expand activities of brokerage organizations in provision of services to customers; create an integrated information system for the over-the-counter securities market; and take other measures.
The activities planned in the concept will be implemented until 2030.
The document reads that with a view to effectively create the necessary conditions for further development of the securities market, the National Bank will also take measures to shift to a risk-based regulation and supervision of entities in the securities market.