On January 27, the Board of the Eurasian Economic Commission approved the draft recommendation of the EEC Council “On agreed proposals for the harmonization of legislation of the EAEU member States in terms of basic concepts and definitions used in the field of securities market regulation and the establishment of requirements for market intermediaries (brokers) in the securities market.”
The recommendation and agreed proposals were developed in accordance with the EAEU Treaty, Annex No. 17 to the Treaty (Protocol on Financial Services), the Concept of Forming a common Financial Market, the Agreement on the Harmonization of Legislation and the action plan for the harmonization of legislation of the Union States in the field of the financial market.
The document contains recommendations to the States of the Union, when improving national legislation in the field of securities market regulation and drafting international treaties, to take into account agreed proposals for the harmonization of basic concepts and definitions of legislation, establishing requirements for brokers in the securities market.
The Minister of Economy and Financial Policy of the EEC, Bakhyt Sultanov, noted that the agreed proposals for harmonization were prepared based on the results of a comparative legal analysis of legislation in force in the EAEU states.
“This is an important step towards creating a single financial space that will ensure transparency and mutual trust in our market,” said Bakhyt Sultanov.
The agreed proposals on the harmonization of legislation formulate recommended approaches to regulating the requirements for brokers in the securities market in terms of financial indicators, risk management systems, internal control, the organizational structure of the broker, interaction with clients and the regulator, as well as reporting and disclosure of information.
The recommendations approved by the Board and the agreed proposals on the harmonization of legislation will be submitted to the Board of the Commission for approval.
Source В ЕАЭС создаются условия для гармонизированного регулирования деятельности на рынке ценных бумаг