ARA RFCA conducted enlarged meeting of the board on realization of the Address of the President to Kazakhstan’s people

On March 2, 2010 the Agency of the Republic of Kazakhstan on regulation of activities of the regional financial center of Almaty city (the Agency) conducted enlarged meeting of the board with participation of the personnel of the Agency, RFCA JSC, RFCA Rating agency, RFCA Academy, Eurasian Trading System Commodity exchange JSC, and representatives of National bank of the RK, FSA, KASE and Association of Kazakhstan Financiers.

On the agenda – explanation of the fundamentals of the Address “New decade – New economical upturn – New opportunities of Kazakhstan” made by N. Nazarbayev, President of Kazakhstan. There have also been considered some issues of realization of orders and acts of the President of the Republic of Kazakhstan and main directions of Agency’s activities for 2010 in the light of realization of the Address. ETS Commodity exchange JSC and RFCA Academy represented reports on current conditions and prospects of developments.

In his Address to the people of Kazakhstan the Head of state underlined necessity of strengthening activities of the Agency in 2010 concerning development of competitive financial center and promotion of Almaty city as the center of Islamic finance in the Central-Asian region. “It is necessary to make domestic shares market work, and it has to become regional financial center on Islamic banking in CIS and Central Asia”, remarked N. Nazarbayev in his Address.  

On the assumption of objectives and tasks outlined in the Address, Arken Arystanov specified the main priorities of activities of the Agency and RFCA. It was noticed that the process of formation of competitive financial center includes specification of the tasks, realization of which will allow RFCA to become one of the top ten financial centers of Asia.

Chairman of the Agency remarked that the tasks set at the moment of creation of the Agency were achieved. The key achievements of the Agency are: enhancement of the infrastructure of the financial center, improvement of legislation on derivative and Islamic finance instruments, merger of trading floors of KASE and STF of RFCA and etc.

Besides that, Arken Arystanov remarked the main directions of the Agency’s activities in 2010, notably necessity to continue work on further improvement of legislation base, development of stock exchange activity, creation of favourable conditions for introduction of new financial instruments, and continue realization of the Program on enhancement of financial literacy and investment culture in order to involve issuers and investors to the stock market.