The Agency for Regulation and Development of the Financial Market has developed a draft of a new law titled "On Credit Rating Agencies."
The primary objective of this document is to provide legal protection for companies that rely on credit ratings and to create conditions for the dynamic development of the industry.
The introduction of this law is expected to strengthen Kazakhstan's position in the financial market and lay the groundwork for capital growth.
The draft outlines the fundamental rules governing the operations of rating agencies, the requirements they must meet, and the mechanism for recognizing foreign organizations engaged in credit risk assessment.
Additionally, the document includes provisions that regulate the handling of confidential information, conflict of interest prevention, and the powers of supervisory authorities.
According to the explanatory note, the initiative aims to enhance competition in the rating services sector.
The implementation of new regulations will lead to reduced service prices, improved quality, and increased business opportunities. Developers anticipate that the positive effects of the reform will be noticeable within seven years of its enactment.
The draft law stipulates that only officially registered agencies will have the right to conduct rating research in Kazakhstan. Companies lacking the required status will not be able to use the title "credit rating agency" or market themselves as engaged in this activity.
Local agencies are defined as organizations registered as joint-stock companies and operating under Kazakhstani legislation.
Their shareholders may include the National Bank of the country, the Astana International Financial Centre, its subsidiaries, and financial institutions operating in Kazakhstan, as well as international rating agencies and their partners.
The key principles guiding such agencies include transparency, independence, prevention of potential conflicts of interest, and high-quality ratings. Government bodies are prohibited from interfering in the rating process and influencing assessment methods.
The document has been published for public discussion on the "Open NPA" portal. It will be available for review until February 25 of this year.