Kazakhstan’s Majilis ratifies agreement to facilitate free movement of capital within the Single Economic Space

Today, June 1, Kazakhstan’s Majilis (lower chamber) has ratified the agreement on creating conditions for free movement of capital within the Customs Union of Kazakhstan, Russia and Belarus. The document was signed in Moscow in December 2010. According to Bissengali Tadjiyakov, Vice Chairman of the National Bank, the three nations signed it to facilitate mutually beneficial cooperation in the financial sector. According to the Majilis Committee for International Affairs and Safety, the agreement will be implemented in two stages. Regular information exchange among the regulators (the first stage) is to be followed by harmonization of the three nations’ legislation with due consideration of international regulations, including licensing of the financial market players, supervision requirements, as well as conditions for circulation of securities issued by one of the three nations across the entire Single Economic Space. The agreement is to be implemented by December 31, 2013.