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.