Kazakhstan eyes increasing requirements for commodity exchanges

Kazakhstan Materials 8 December 2021 10:26 (UTC +04:00)
Kazakhstan eyes increasing requirements for commodity exchanges

BAKU, Azerbaijan, Dec. 8


Deputies of the Mazhilis (Low Chamber) of the Parliament of Kazakhstan approved in the second reading the draft law "on Amendments and Additions to Certain Legislative Acts of Kazakhstan on the Development and Improvement of Exchange Trade," Trend reports citing Kazakh media.

According to the conclusion of the Committee on Economic Reform and Regional Development, the draft law is aimed at increasing the requirements and transparency of the activities of commodity exchanges, creating a competitive environment and conditions for the development of exchange trading, as well as increasing the volume of exchange trading.

In the course of the work of the working group on the bill, the deputies introduced amendments aimed at clarifying the concept of exchange commodities and the unhindered participation of dealers who are domestic producers in exchange auctions. There is also a separate dedicated exchange that trades carbon units.

Also, some amendments have been made to increase the requirements for the activities of commodity exchanges, the introduction of uniform exchange trading rules and the competence of the Ministry of Trade and Integration to administer exchange trading rules. Also, the rules that violate the principles of market relations and competition in the field of exchange trading have been excluded, and the concept of wholesale distribution centers and their functions has been clarified.

In addition, the deputies introduced norms into the laws of Kazakhstan "on public services", "on personal data and their protection", "on access to information", "on informatization" on the protection of personal data.

In this regard, the title of the draft law is set out in a new edition: "on amendments and additions to some legislative acts of Kazakhstan on trading activities, the development of exchange trading and personal data protection".