Draft law on exchange trading presented in government

Draft law on exchange trading presented in government

Kazakhstan is set to establish a registry of unscrupulous participants in exchange trading. Socially significant goods, including coal, wheat, and petroleum products, will be singled out from the general list of such auctions. Trading in these commodities will only take place on exchanges included in a special list that will be determined by the government on a competitive basis. The corresponding bill, featuring these and other updates, was presented at the Government’s meeting by Kazakh Minister of Trade and Integration Arman Shakkaliyev. He emphasized that all measures are aimed at addressing key issues, such as ensuring transparent pricing for producers and tightening regulatory requirements for the exchanges themselves. Additionally, the draft law proposes a review of requirements for maintaining commercial confidentiality on the exchange. All information about participants and transactions is suggested to be made publicly available, allowing for the tracking of commodity flows. The relevant ministry also proposes excluding exchanges from the category of micro and small business entities.

“All the tasks set by the Head of State were reflected in the draft law. As a result, exchange trading is expected to play a pivotal role in driving the growth of trade, the economy, and domestic production. The key outcome will be the establishment of transparent market pricing and enhanced control over the financial flows of exchange trading participants,” Shakkaliyev said.

“I am instructing public authorities to coordinate the draft resolution of the government on the bill regarding exchange trading within two days. The Kazakh Ministry of Digital Development, Innovation and Aerospace Industry is tasked with enhancing the information security of commodity exchange software, taking into account existing global standards. The Ministry of Trade and Integration, together with the Ministry of Justice and the Agency for the Protection and Development of Competition, should develop a set of amendments to the Administrative Offenses Code to tighten the responsibility of commodity exchanges and their participants,” said Kazakh Prime Minister Alikhan Smailov.