SOME ISSUES OF STATE REGULATION, CONTROL AND SUPERVISION OF THE FINANCIAL MARKET AND FINANCIAL ORGANIZATIONS

Yerlan Kadirzhanovich Akhmetov, Куликпаева Мира Жумагазыевна

2022

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DOI 10.52026/2788-5291_2022_71_4_212
Data confidence 70 medium
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Abstract

In many parts of the world, governments play a critical role in the economy, ensuring the reliable operation of financial service providers and the efficient service of state or local credit markets. In addition, in this sense, Kazakhstan is no exception. In the republic, approaches and methods of regulating the financial market are based within the framework of the main directions of state policy in the field of development of the financial system of Kazakhstan, taking into account international standards (the Basel Committee on Banking Supervision, the International Association of Insurance Supervisors, the International Organization of Pension Supervisors, the International Organization of Securities Commissions, the European Union, Council for Islamic Financial Services). Public relations related to the implementation of state regulation, control and supervision of the financial market and financial organizations are subject to one of the key legislative acts - the Law of the Republic of Kazakhstan dated July 4, 2003 N 474 “On State Regulation, Control and Supervision of the Financial Market and Financial Organizations” (hereinafter referred to as the Law), which is aimed at increasing the stability of the financial system of the Republic of Kazakhstan and creating conditions for preventing violations of the rights and legitimate interests of consumers of financial services. This article substantively conducts a detailed analysis (monitoring) of the mentioned above Law, some provisions of which currently do not have a uniform legal nature. The structure of the article is represented by an introduction, an analysis of the compliance with the Constitution of Kazakhstan and the strategic goals of the state in the field under research; review of international experience; identification of certain shortcomings of the current Law, as well as the conclusion and specific proposals for improving national legislation in the field of regulation, control and supervision of the financial market and financial organizations.