ASTANA, Kazakhstan, April 15. Kazakhstan will establish new requirements for the quality and reliability of information provided by rating agencies, Trend reports via the Mazhilis of the country's Parliament.
The Mazhilis approved in the first reading a draft law “On Rating Activities,” developed as part of the Concept for the Development of the Financial Sector of Kazakhstan until 2030, approved by presidential decree in September 2022.
The legislation aims to create a transparent and independent market for rating services in Kazakhstan, while strengthening the legal and institutional framework for rating agencies. It also seeks to protect the rights of rated organizations and users of credit ratings.
The draft law provides for the establishment of domestic rating agencies, while keeping the market open to international and foreign participants. It sets key requirements for rating agencies, including the quality and reliability of information used, as well as transparency and justification of methodologies. The document also introduces rules on financial stability, capital structure, and conflict-of-interest prevention.
In addition, the law establishes procedures for recognizing international and foreign rating agencies, along with mechanisms for state supervision and regulatory enforcement in case of violations.
A separate set of amendments also approved by the Mazhilis allows banks and insurance companies to invest in the charter capital of rating agencies.