On November 10, the relevant Jogorku Kenesh committee approved in its first reading a draft agreement on the implementation of a standardized license in the banking and insurance sectors within the Eurasian Economic Union (EAEU).
Simplifying Access to Financial Markets
The implementation of a unified standard will allow financial organizations to enter the markets of other member states more easily. As Deputy Minister of Economy and Commerce Benazir Nurlanova explained, the agreement will ensure mutual recognition of such licenses and will be a step toward forming a single EAEU financial market.
Changes to SEZ Legislation
In parallel, the committee approved in its first reading, without discussion, a bill regarding Special Economic Zones (SEZ). According to Damirbek Bikulov, Deputy Director of the National Investment Agency, these amendments are technical in nature. They are necessary to bring the legislation into compliance with last year's law, according to which the Cabinet of Ministers now determines the boundaries of SEZs.
