OREANDA-NEWS. The Senate of Kazakhstan on Friday ratified an agreement on harmonization of the legislation of the member states of the Eurasian Economic Union (EAEU) in the financial market. Broadcasting of the meeting was conducted in the press center of the parliament.

The agreement was signed in November 2018 in Moscow. Its implementation will make it possible to determine the directions and order of harmonization of legislation, approximation of the norms stipulated by the national legislation of the EAEU member states in the financial sphere. They will concern the adoption of agreed requirements for financial market participants with regard to their creation, establishment and activities in the banking sector, insurance sector, and the securities market services sector.

The agreement aims to harmonize approaches to risk management in the financial market in accordance with international standards, as well as providing conditions for mutual recognition of licenses. The document is aimed at harmonizing the requirements for information disclosure in the financial market, the issue of acquiring shares in the authorized capital of financial market participants by investors of member states, harmonizing the requirements for protecting the rights and interests of consumers of financial services.