On the ratification of the Agreement on the Harmonization of Legislation of the Member States of the Eurasian Economic Union in the field of financial market

Home / RLA / On the ratification of the Agreement on the Harmonization of Legislation of the Member States of the Eurasian Economic Union in the field of financial market

The Law of the Republic of Kazakhstan dated December 26, 2019 No. 285-VI SAM.

To ratify the Agreement on the Harmonization of Legislation of the Member States of the Eurasian Economic Union in the field of the financial market, signed in Moscow on November 6, 2018.

President of the Republic of Kazakhstan

K. TOKAEV

agreement on the harmonization of legislation of the member States of the Eurasian Economic Union in the field of financial market

The member States of the Eurasian Economic Union represented by the Government of the Republic of Armenia and the Central Bank of the Republic of Armenia, the Government of the Republic of Belarus and the National Bank of the Republic of Belarus, the Government of the Republic of Kazakhstan and the National Bank of the Republic of Kazakhstan, the Government of the Kyrgyz Republic and the National Bank of the Kyrgyz Republic, the Government of the Russian Federation and the Central Bank of the Russian Federation,

in order to create a common financial market within the framework of the Eurasian Economic Union, to ensure mutual recognition of licenses for activities in the service sectors (banking sector, insurance sector, securities market services) and non-discriminatory access to the financial markets of the member States of the Eurasian Economic Union (hereinafter referred to as the member States),

Based on the need to improve government regulation and control and supervision in the financial markets of the Member States,

subject to the provisions of paragraph 3 of Article 70 of the Treaty on the Eurasian Economic Union of May 29, 2014 and in order to harmonize the legislation of the member States in the field of financial market

have agreed on the following:

Article 1. Subject of the Agreement

This Agreement defines the directions and procedure for the harmonization of the legislation of the Member States in the field of the financial market (in the banking sector, the insurance sector, and the securities market services sector), including:

on the adoption of agreed requirements for financial market participants in relation to their creation, establishment and activities in the banking sector, the insurance sector, and the securities market services sector;

to harmonize approaches to risk management in the financial market in accordance with international standards;

on harmonization of supervisory requirements and the procedure for supervision of financial market participants;

to ensure conditions for mutual recognition of licenses;

on harmonization of information disclosure requirements in the financial market;

on the issue of acquisition of shares (shares) in the authorized capital of financial market participants by investors of the Member States;

to harmonize requirements for the protection of the rights and interests of consumers of financial services.

Article 2. Definitions

The concepts used in this Agreement are applied in the meanings defined by the Treaty on the Eurasian Economic Union of May 29, 2014.

Article 3. Measures to harmonize the legislation of the Member States

1. In order to harmonize the legislation of the Member States in the field of the financial market, the parties to this Agreement will take measures, including:

cooperation in the preparation of draft regulatory legal acts aimed at harmonizing the legislation of the Member States in the field of the financial market;

other measures that the parties to this Agreement consider appropriate and possible for the implementation of measures to harmonize the legislation of the Member States in the field of the financial market.

2. Each of the Member States shall decide which regulatory legal acts of that Member State are subject to convergence, taking into account the provisions of this Agreement, as well as a decision on establishing the sequence of measures to harmonize the legislation of the Member States in the field of the financial market in accordance with the procedure established by Article 6 of this Agreement.

Such decisions may include measures to harmonize legislation both in individual areas and in relation to common approaches to legal regulation in the banking sector, the insurance sector and the securities market services sector.

Article 4. Directions of harmonization of legislation of the Member States

1. The implementation of measures to harmonize the legislation of the member States in the field of the financial market is carried out in the areas defined by paragraphs 22-26 and 30 of the Protocol on Financial Services (Annex No. 17 to the Treaty on the Eurasian Economic Union of May 29, 2014).

2. The parties to this Agreement shall harmonize the requirements for the protection of the rights and interests of consumers of financial services.

3. The harmonization of specific requirements for carrying out activities in the financial markets of the member States should be carried out on the condition that the remaining differences do not hinder the effective functioning of the common financial market within the framework of the Eurasian Economic Union.

4. By January 1, 2025, the Member States will complete the process of harmonizing their legislation in the financial sector in accordance with the directions provided for in paragraphs 1 and 2 of this Article.

Article 5. Principles of harmonization of legislation of the Member States

The parties to this Agreement, in the process of harmonizing the legislation of their States in the field of the financial market, are guided by the fundamental principles of effective banking supervision of the Basel Committee on Banking Supervision, the fundamental principles of insurance supervision of the International Association of Insurance Supervisors, the principles of the International Organization of Securities Commissions, the Organization for Economic Cooperation and Development and the best international practices, The international standards of the Financial Action Task Force on Combating Money Laundering (FATF) on countering money laundering, terrorist financing and financing the proliferation of weapons of mass destruction, as well as other international principles and standards in the field of financial market regulation.

Article 6. The mechanism of implementation of the Agreement

1. The Parties to this Agreement, together with the Eurasian Economic Commission, shall, within 9 months from the date of entry into force of this Agreement, develop a plan for the harmonization of legislation of the member States, indicating the stages and deadlines for the harmonization of legislation of the Member States (hereinafter referred to as the harmonization plan), which is approved by the Council of the Eurasian Economic Commission.

2. Proposals agreed by the parties to this Agreement on the harmonization of legislation (including through the adoption of international agreements) of the Member States in the field of the financial market, developed in accordance with the harmonization plan, and the deadlines for the implementation of proposals in the legislation of the Member States are approved by the Council of the Eurasian Economic Commission.

3. The Eurasian Economic Commission coordinates the development of a harmonization plan and proposals for the harmonization of legislation of the Member States in accordance with the paragraphs of this plan, prepares an annual report on its implementation and submits such report for approval by the Council of the Eurasian Economic Commission.

Article 7. Making changes

By mutual agreement of the Member States, amendments may be made to this Agreement, which are formalized in separate protocols.

Article 8. Dispute resolution

Disputes related to the interpretation and/or application of this Agreement are resolved in accordance with the procedure established by the Treaty on the Eurasian Economic Union of May 29, 2014.

Article 9. Final provisions

This Agreement is an international agreement concluded within the framework of the Eurasian Economic Union and is included in the law of the Eurasian Economic Union.

This Agreement shall enter into force upon the expiration of 30 calendar days from the date of receipt by the depositary through diplomatic channels of the last written notification on the completion by the Member States of the internal procedures necessary for the entry into force of this Agreement.

Done in Moscow on November 6, 2018, in one original copy in Russian.

The original copy of this Agreement shall be kept at the Eurasian Economic Commission, which, as the depositary of this Agreement, will send each member State a certified copy thereof.

For the Government

Republic of Armenia

For the Central Bank

Republic of Armenia

For the Government

Republic of Belarus

For the National Bank

Republic of Belarus

For the Government

Republic of Kazakhstan

For the National Bank

Republic of Kazakhstan

For the Government

Of the Kyrgyz Republic

For the National Bank

Of the Kyrgyz Republic

For the Government

Of the Russian Federation

For the Central Bank

Of the Russian Federation

I hereby certify that this text is a complete and authentic copy of the Agreement on the Harmonization of Legislation of the Member States of the Eurasian Economic Union in the field of financial market, signed on November 6, 2018 in Moscow.:

for the Government of the Republic of Armenia - Deputy Prime Minister of the Republic of Armenia Mikhail Grigoryan;

for the Government of the Republic of Belarus - First Deputy Prime Minister of the Republic of Belarus A.G. Turchin;

for the Government of the Republic of Kazakhstan - First Deputy Prime Minister of the Republic of Kazakhstan A.U. Mamin;

for the Government of the Kyrgyz Republic - Deputy Prime Minister of the Kyrgyz Republic J.P. Razakov;

for the Government of the Russian Federation - First Deputy Chairman of the Government - Minister of Finance of the Russian Federation A.G. Siluanov;

for the Central Bank of the Republic of Armenia - Chairman of the Central Bank of Armenia A.Y. Javadian;

for the National Bank of the Republic of Belarus – Chairman of the Board of the National Bank of the Republic of Belarus P.V. Kallaur;

for the National Bank of the Republic of Kazakhstan – Chairman of the National Bank of the Republic of Kazakhstan D.T. Akishev;

for the National Bank of the Kyrgyz Republic - Chairman of the National Bank of the Kyrgyz Republic T.S. Abdygulov;

for the Central Bank of the Russian Federation - Chairman of the Central Bank of the Russian Federation E.S. Nabiulina.

The original copy is kept at the Eurasian Economic Commission.

Director of the Legal Department

Of the Eurasian Economic Commission

V. I. Taraskin

President

Republic of Kazakhstan

Constitution Law Code Standard Decree Order Decision Resolution Lawyer Almaty Lawyer Legal service Legal advice Civil Criminal Administrative cases Disputes Defense Arbitration Law Company Kazakhstan Law Firm Court Cases