Economy and financial policy

Member of the Board – Minister in charge of Economy and Financial Policy Bakhyt Sultanov

News on «Economy and financial policy»

28 Jan 2025 EAEU creating conditions for harmonized regulation of securities market activities On January 27, the Board of the Eurasian Economic Commission approved the draft recommendation of the EEC Council "On Coordinated Proposals for Harmonizing the Legislation of the EAEU Member States in Terms of Basic Concepts and Definitions Used in the Regulation of the Securities Market and the Establishment of Requirements for Market Intermediaries (Brokers) in the Securities Market". The Recommendation and agreed proposals were developed in accordance with the Treaty on the EAEU, Annex No. 17 to the Treaty (Protocol on Financial Services), the Concept for the Formation of the Common Financial Market, the Agreement on Harmonizing the Legislation and the Action Plan on Harmonizing the Legislation of the Union States in the Financial Market Field. The document contains recommendations to the Union States when improving national legislation in the field of securities market regulation and developing international treaties to take into account the agreed proposals on harmonization of basic concepts and definitions of the legislation, as well as establishing requirements for brokers in the securities market. Bakhyt Sultanov, the EEC Minister in charge of Economy and Financial Policy, noted that the agreed proposals on harmonization were prepared following comparative legal analysis of the current legislation in the EAEU States. "This is an important step towards creating a common financial space, which will ensure transparency and mutual trust in our market," emphasized Bakhyt Sultanov. The agreed proposals on harmonizing the legislation set out recommended approaches to regulating requirements for brokers in the securities market in terms of financial indicators, risk management systems, internal supervision, broker organizational structure, interaction with clients and the regulator, as well as reporting and disclosure of information. The recommendations and agreed proposals on harmonizing the legislation approved by the Board will be submitted for approval to the Commission's Council.
26 Dec 2024 Heads of EAEU Countries Discussed Functioning of Common Market of Services At the meeting of the Supreme Eurasian Economic Council on December 26 in the Leningrad region (Russian Federation), the Heads of State of the Eurasian Economic Union reviewed the reports of the Eurasian Economic Commission on the functioning of the common market of services and on the liberalization of certain sectors of services within the association. The report on the functioning of the common market of services highlights the key stages of its formation and the current situation, and identifies the obstacles removed on the way to barrier-free access for service providers from the EAEU states. In addition, it points out the possibilities for further development of the common market of services and describes advantages for businesses of the Union's countries. Proposals resulting from the report will be used by the Commission and regulators of the participating countries to improve the mechanisms of liberalization of trade in services, contributing to the formation of a full-fledged common market. Commenting on the document, Bakhyt Sultanov, EEC Minister in charge of Economy and Financial Policy, noted that today there are 142 sectors in the EAEU common market of services, which is about 31% of all service sectors. "This shows that there is a potential for its growth and allows us to outline directions for further work to form and ensure the full functioning of the EAEU common market of services," the EEC Minister emphasized. In the report on the implementation of liberalization plans, the key areas of focus are services in tourism, meteorology, surveying, property valuation, construction and motion pictures. As a result of implementing the plans for 18 sectors, 10 of them have been transferred to the common market for services, and the transfer of two more sectors — underground and ground surveying services — is in its final stages. "The Commission is actively engaging with the Union countries to conclude administrative cooperation agreements between competent authorities in eight other sectors. This cooperation will enable additional support for the successful functioning of these sectors in the common market mode," summarized Bakhyt Sultanov.
12 Dec 2024 EAEU Countries Discussed Creation of Common Financial Market and Improvement of Union Law on Finance The Advisory Committee on Financial Markets under the Board of the Eurasian Economic Commission discussed approaches to the creation of a common financial market and harmonization of legislation in the field of financial services. The meeting was held in Moscow at the EEC headquarters under the chairmanship of Bakhyt Sultanov, Minister in charge of Economy and Financial Policy of the Commission. The concept of creating the EAEU common financial market provides for the introduction of a standardized license mechanism, which will ensure mutual access to the markets for financial service providers through subsidiaries and their commercial presence. A standardized license is a special permit issued by the financial regulator of the parent organization's home country. According to Bakhyt Sultanov, this document is aimed at enabling mutual recognition of licenses for activities in the banking and insurance sector. In addition, it is intended to improve the availability, quality and diversity of financial services for legal entities and natural persons, as well as to develop competition in the financial market. "The agreement defines the procedure and conditions for issuing a standardized license, requirements to the applicant and the licensee, the procedure for establishing or acquiring a subsidiary," the EEC Minister stressed.  The draft Agreement establishes mutual admission of financial service providers, including banks and insurance companies, to national financial markets, which will simplify the process of establishing or acquiring a legal entity in the form of a subsidiary. In addition, the members of the Advisory Committee considered the draft recommendation of the EEC Council on agreed proposals to harmonize the legislation of the Union states in terms of basic concepts and definitions in the field of securities market regulation and establishing requirements to market intermediaries (brokers). The meeting participants were informed about the work on draft recommendations of the Commission's Council aimed at harmonizing the legislation regulating admission of banks and insurance companies to the common financial market, establishing requirements to market intermediaries (dealers), developing the infrastructure for exchange trading in securities, improving measures to combat money laundering.
10 Dec 2024 Bakhyt Sultanov: "Business circles are increasingly interested in Eurasian integration" On December 10, the Board of the Eurasian Economic Commission reviewed a report on monitoring the results of resolving problematic issues of the Eurasian Economic Union business community in 2024. "This year, the number of issues addressed by the Commission has more than doubled compared to last year. This shows that the interest of business circles to the issues of Eurasian economic integration is not decreasing, but, on the contrary, is growing," noted Bakhyt Sultanov, EEC Minister in charge of Economy and Financial Policy. It was also emphasized that the Commission units actively interact with businesses using various platforms for direct dialogue, including the remote communication format. In 2024, the percentage of problematic business issues resolved during the calendar year increased from 24% to 29% compared to 2023. The majority of issues raised by the business community (48%) were clarified, 29% of questions were resolved, and the EEC is still working on 23% of questions. Bakhyt Sultanov emphasized that these figures show the growth of the Commission's efficiency in solving urgent problems of the business community and improving the quality of work with them. The report prepared by the EEC based on monitoring the results of resolving business issues will be posted on the Commission's website in the near future. The report was prepared as part of fulfilling the Action Plan to implement the Strategic Directions for Developing the Eurasian Economic Integration until 2025. Problematic issues are raised by representatives of the business community across the EAEU countries (in total, 155 inquiries were received in 2024). The business communities from Russia (52%) and Kazakhstan (26%) were the most active in 2024.
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Decisions on «Economy and financial policy»

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01/27/2025 12:00:00 am Решение Коллегии ЕЭК № 12 О внесении изменений в Решение Коллегии Евразийской экономической комиссии от 25 октября 2016 г. № 122
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01/27/2025 12:00:00 am Решение Коллегии ЕЭК № 11 О внесении изменения в таблицу 11 структуры и формата декларации на товары для экспресс-грузов, пассажирской таможенной декларации для экспресс-грузов, корректировки декларации на товары для экспресс-грузов и корректировки пассажирской таможенной декларации для экспресс-грузов
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01/27/2025 12:00:00 am Решение Коллегии ЕЭК № 11 О внесении изменения в таблицу 11 структуры и формата декларации на товары для экспресс-грузов, пассажирской таможенной декларации для экспресс-грузов, корректировки декларации на товары для экспресс-грузов и корректировки пассажирской таможенной декларации для экспресс-грузов
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01/27/2025 12:00:00 am Решение Коллегии ЕЭК № 10 О внесении изменений в Решение Коллегии Евразийской экономической комиссии от 16 октября 2018 г. № 158
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01/27/2025 12:00:00 am Распоряжение Коллегии ЕЭК № 5 О проекте рекомендации Совета Евразийской экономической комиссии «О согласованных предложениях по гармонизации законодательства государств – членов Евразийского экономического союза в части основных понятий и определений, используемых в сфере регулирования рынка ценных бумаг, и установления требований к рыночным посредникам (брокерам) на рынке ценных бумаг»

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