OREANDA-NEWS. On July 02, 2008 The Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations (AFS) released an informational message on its official website, reported the press-centre of KASE:

The Board of the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations approved the following resolutions of the Board, which in accordance with requirements of the legislation of the Republic of Kazakhstan within two weeks from the effective day must be send for state registration in the Ministry of Justice of the Republic of Kazakhstan:

1) resolution No. 97 of the Board of the Agency of June 30, 2008 "On Amendments to Resolution No. 329 of the Board of the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations of November 27, 2004 "On Approval of Rules on Submission of Reports by Insurance (Re-insurance) Organizations and   Insurance Brokers".

This resolution of the Board of the Agency has been elaborated for purposes of implementation of the Agency tasks intended to upgrade standards and methods of regulation and supervision for activities of financial organizations.

The resolution indicates a change of the date of submission of reports by insurance (re-insurance) organizations and insurance brokers from the tenth working day to the fifth working day for purposes of operational monitoring of the insurance market condition. Additionally, changes are made to some forms of reports for purposes of bringing them into line with international financial reporting standards;

2) resolution No. 98 of the Board of the Agency of June 30, 2008 "On Amendments to Resolution No 109 of the Board of the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations of March 26, 2005 "On Approval of Rules on Valuation of Financial Instruments, Placed in Investment Portfolios of   Accumulative Pension Funds".

This resolution of the Board of the Agency has been elaborated for purposes of perfection of normative acts regulating the order of valuation of financial instruments placed in investment portfolios of accumulative pension funds.

The resolution offers to change the active share market determination methodology by analogy with the KASE index calculation methodology, the representative list of which includes the most liquid shares. Criteria of KASE index calculation enable to determine the most liquid shares, tradable on KASE. These amendments will allow for increasing a number of shares, in regard of which there is an active market;

3) resolution No. 99 of the Board of the Agency of June 30, 2008 "On Amendments to Resolution No. 121 of Board of the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations of April 30, 2007 "On Approval of Rulers on Issue of License for Opening of Bank, and Licensing of Banking and other   Operations, Operation on Securities Market, Carried out by Banks".

This resolution of the Board of the Agency has been elaborated for purposes of perfection of normative acts regulating commercial banks operation, realization of tasks on protection of rights and interests of bank depositors, and provision of financial stability of new banks.