Abstract
This article examines current challenges in the legal regulation of the investment activities of the Unified Accumulative Pension Fund (UAPF) in the Republic of Kazakhstan. The relevance of this topic stems from the need to ensure the sustainability of the pension system in the context of global economic instability, the digitalization of financial markets, and increasing investment risks. The aim of the study is to identify key issues in the legal regulation of the UAPF's investment activities and formulate proposals for overcoming them. The scientific novelty of this article lies in its comprehensive assessment of current legal mechanisms for managing pension assets, taking into account new economic realities, including financial market volatility, inflation risks, and the need for investment portfolio diversification. The study utilizes methods of systemic, comparative legal, and institutional analysis. The article's main content includes an analysis of the current legislation of the Republic of Kazakhstan regulating the investment activities of the UAPF, identifying its shortcomings and contradictions, and assessing the effectiveness of state control and oversight mechanisms. Particular attention is paid to issues of transparency of investment decisions, protecting depositors' rights, and increasing the return on pension assets. The limited range of investment instruments and dependence on government securities are also addressed. The study proposes areas for improving legal regulation, including expanding the list of acceptable investment instruments, implementing modern digital asset management technologies, and strengthening risk management mechanisms. It is concluded that a comprehensive modernization of the legal regulation of the UAPF's investment activities is necessary to improve its efficiency, sustainability, and compliance with international standards.