On 7 June 2018, the Central Bank of the Russian Federation (Bank of Russia) and the National Bank of the Republic of Kazakhstan signed the Agreement on Cooperation and Information Exchange in the field of financial market supervision (hereinafter, the Agreement). The signing took place during the 27th International Financial Congress in Saint Petersburg.
This overwhelming Agreement covers key sectors of the financial market and seeks to foster the further development of the institutional base for Russian and Kazakhstan’s bilateral relations in the financial sphere and collaboration between the Bank of Russia and the National Bank of Kazakhstan.
The Agreement provides for the information exchange on the licensing of supervised entities, supervision over their day-to-day activities, countering malpractice in the financial market and execution of insolvency (bankruptcy) and financial rehabilitation procedures. The Agreement serves as a framework for the regulators to exchange information on organisational structure, ownership and management of supervised entities, and also on countering the legalisation of criminally obtained incomes and the financing of terrorism.
The Agreement complies with the standards and principles of the Basel Committee on Banking Supervision (BCBS), the International Association of Insurance Supervisors (IAIS), the International Organisation of Securities Commissions (IOSCO) and FATF recommendations.