ASTANA, Kazakhstan, April 2. Kazakhstan's Agency for Regulation and Development of Financial Market has developed a draft law of the Republic of Kazakhstan “On Investment Funds,” along with accompanying amendments and amendments to the Administrative Offenses Code (AOC), Trend reports.
“The main objectives of state regulation in the field of investment fund activities are to establish the legal framework for the creation, operation, reorganization, and liquidation of investment funds and the activities of professional securities market participants to ensure the functioning of investment funds,” the document states.
The main tasks of state regulation in the field of investment funds are:
Establishing standards for the activities of professional securities market participants in investment management, accounting, and custody of investment fund assets;
Ensuring the effective functioning of investment funds;
Supervising and controlling investment funds and the activities of professional securities market participants related to the functioning of investment funds;
Ensuring an appropriate level of protection for the rights and legitimate interests of participants and shareholders of investment funds, holders of shares in mutual investment funds, and ensuring the completeness and availability of information for consumers about the activities of investment funds and professional securities market participants managing investment fund assets.
The main principles of state regulation in the field of investment funds are:
Efficient use of resources and regulatory tools;
Creating equal conditions for the operation of investment funds;
Ensuring transparency in the activities of investment funds and professional securities market participants, and ensuring the functioning of investment funds.
The following types of investment funds are envisaged: Collective investment fund, alternative investment fund.
Depending on the composition of the assets, collective investment funds and alternative investment funds can be created in the form of: Islamic investment funds; sustainable development investment funds; exchange-traded investment funds; other types specified by law.
The draft law also sets out requirements for the creation of an investment fund, its founders, participants, and shareholders.
Documents are open for discussion on Kazakhstan's "Open NLA" (Normative Legal Acts) portal until April 23, 2025.