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The Chairman of the Board,The Eurasian Economic Commission
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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.
10 Dec 2024
Bakhyt Sultanov, "Business actively participates in the development of fundamental approaches to integration interaction"
The issues of industrial cooperation, elimination of obstacles in the internal market of the Eurasian Economic Union, business interaction with partners from third countries were discussed by the members of the Advisory Council on interaction between the Eurasian Economic Commission and the EAEU Business Council, which was held at the headquarters of the Commission under the chairmanship of Bakhyt Sultanov, EEC Minister in charge of Economy and Financial Policy. The meeting was attended by the heads of the Chambers of Industrialists and Entrepreneurs of the EAEU countries, business representatives, as well as Commission's ministers of units in charge of technical regulation, industry and agriculture. "In order to improve the efficiency of the Advisory Council this year, we reformatted its work, designating the EEC Business Development Department as a single window for interaction between the Commission and the EAEU Business Council," mentioned Bakhyt Sultanov in his welcoming remarks. The EEC Minister outlined an important aspect of the Commission's work as a regulatory body. Since 2015, the procedure of regulatory impact assessment (RIA) of draft EEC decisions has been actively used, which makes it possible to involve entrepreneurs in the process of making and improving regulation within the Union. Last year, about half of the business proposals submitted to the Commission were taken into account in the development of new EEC acts. "This year two new tools were introduced, extending the RIA procedure to international treaties, which gives business an opportunity to participate more actively in the development of fundamental approaches to integration interaction," emphasized Bakhyt Sultanov. In addition, there was a marked increase in the number of business issues considered by the Commission. In 2024, the number of applications more than doubled compared to last year. The share of successfully resolved problematic issues increased from 24% to 29%. To assess the real effects of integration, there is a system of KPIs characterizing the impact of integration on business. The indicators included in the system show an increase in mutual trade in goods by 21% and services by 22% over the past year. Accumulated direct investments between the EAEU states increased by 11% and mutual labor migration increased by 35%.
09 Dec 2024
EAEU developed Draft Agreement on approaches to combating intellectual property infringements on Internet
The Draft Agreement developed by the Eurasian Economic Commission jointly with the Eurasian Economic Union States was presented by Ernar Bakenov, Director of the EEC Business Development Department, at the International Forum “Anti-Counterfeiting 2024”. According to Ernar Bakenov, this document provides for blocking of illegal content, liability measures against information resource owners and information intermediaries, as well as non-provision of information about blocked resources by search engines. “I am confident that the Agreement will ensure applying some comparable measures to combat the spread of pirated content on the Internet, provide national right holders with the opportunity to safely place their works on legal platforms and receive appropriate revenues,” Ernar Bakenov emphasized. Noting the significance of developing the creative industries and protecting copyright and related rights in the EAEU, the Commission representative stressed that the EAEU Treaty envisages a separate international agreement to regulate the activities of collective rights management organizations (CRMOs). In 2019, the Agreement on Collective Management of Copyright and Related Rights entered into effect. The document established the principles for CRMO activities, determined the procedure for distributing and paying remuneration to right holders. The Commission has recently monitored the Agreement implementation in the Union. The monitoring has resulted, in particular, in increased openness and transparency in the activities of collective rights management organizations, simplified interaction with rights holders and the possibility of controlling their activities.
05 Dec 2024
Bakhyt Sultanov: “The Commission and the EAEU countries take active measures to protect the Union's internal markets from counterfeit goods”
At the plenary session of the 12th International Forum “Anti-Counterfeiting –2024”, taking place in Astana, Bakhyt Sultanov, Minister in charge of Economy and Financial Policy of the Eurasian Economic Commission, informed on special aspects of intellectual property protection in the Eurasian Economic Union. He emphasized that protecting intellectual property rights is one of the priorities of the EEC. This year the Commission, jointly with the Union countries, elaborated two draft international treaties: the Agreement on coordinated approaches to combat violations of intellectual property rights on the Internet and the Agreement on the service allowing to search for information on industrial property protected in the EAEU Member States. Besides, an analytical review in the field of intellectual property in the EAEU countries for 2019 – 2023 has been prepared. The review contains information on advanced international law enforcement practices and the results of improving the EAEU countries' legislation in the field of intellectual property, as well as information on their indicators in the Global Innovation Index (GII) ranking and the development of the network of technology and innovation support centers of the Eurasian “five” States. According to the document, the Republic of Armenia rose by 9 places in the GII ranking in 2023 and ranked 63rd, the Kyrgyz Republic rose by 7 places and ranked 99th, and the Republic of Kazakhstan rose by three positions and ranked 78th. According to Bakhyt Sultanov, over the past five years, the EAEU has detected more than 46,000 violations in the field of intellectual property and seized more than 60 mln counterfeit goods. The EEC Minister emphasized that the greatest number of counterfeit goods include clothing, footwear, games and toys, spare parts for vehicles, food, alcohol, household appliances and electronics. Speaking about the measures taken by the Commission and the EAEU States to prevent the spread of counterfeit goods in the Union's internal market, Bakhyt Sultanov noted that the Commission is strongly focused on protecting the interests of consumers and the safety of goods. “Along with that, our activities to prevent the spread of counterfeit goods are not limited only to the protection of intellectual property rights,” the EEC Minister said. “We also give priority to ensuring the safety of goods and the consumer rights protection”. The Commission, jointly with the Member States, works on implementing specialized regulation to create the EAEU e-commerce goods market. This work is aimed at protecting the rights and interests of e-commerce participants and establishing rules for interaction between them. Another important area is marking and traceability of goods, which make it possible to control the quality of products and prevent counterfeit and low-quality goods from entering the market. Tools have been created at the EAEU level to support entrepreneurs, including in the form of subsidizing interest rates on loans and credits granted by financial institutions. “All these measures are aimed at reducing unfair business activities, increasing the openness of information about goods and ways of their movement, and creating new models of production,” Bakhyt Sultanov summarized.
04 Dec 2024
Bakhyt Sultanov, "The priority for the EEC and the Union countries is to establish electronic interaction in the field of pension benefits for workers"
Pension benefits, access of workers of the Eurasian Economic Union to medical care and mutual recognition of medical examination results were the main topics of the meeting of the Advisory Committee of the Eurasian Economic Commission on social protection of workers chaired by Bakhyt Sultanov, EEC Minister in charge of Economy and Financial Policy. The event was attended by members of the Committee from the Union countries, invited experts, as well as representatives of international organizations. It discussed the implementation of the Agreement on Pension Provision for Workers, which gives citizens the opportunity to establish and maintain pension rights within the Union. The issues of using forms to confirm work experience were considered, as well as the transition to an electronic format of interaction through the EAEU integrated information system. "Establishing cross-border electronic interaction between the parties in the field of pension benefits of workers is a priority for the Commission and the Union States. Completion of this work will significantly facilitate the interaction of competent authorities and reduce the time of handling citizens' applications, as well as decision-making on the assignment and payment of pensions," said Bakhyt Sultanov. The session discussed access to health care for workers and their families in the country of employment. In particular, emphasis was placed on the provision of compulsory health insurance to family members of workers in the Russian Federation under the Treaty on the EAEU. Dr. Batyr Berdyklychev, the representative of the World Health Organization (WHO) in the Russian Federation, spoke about the joint work of the Commission and the WHO Regional Office for Europe on an analytical report on the health of migrant workers within the EAEU. The objectives of the document are to analyze health aspects related to labor migration in the EAEU, to search for opportunities to improve access to health services for labor migrants and their families and to identify key areas for mutual cooperation. The Advisory Committee on Social Security, Compliance with Pension Rights, Medical Care Provision and Professional Activity of Workers of the Member States of the Eurasian Economic Union was established in accordance with Decision No. 36 of the EEC Board dated April 27, 2015.
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