THE ANNOUNCEMENT OF THE NATIONAL BANK
OF THE REPUBLIC OF KAZAKHSTAN
ABOUT THE DOCUMENT OF COMMITTEE ON PAYMENTS AND MARKET INFRASTRUCTURES «PRINCIPLES
FOR FINANCIAL MARKET INFRASTRUCTURES»
The National Bank of the Republic of Kazakhstaninforms thatin 2012 Committee on Payments and Settlement Systems of Bank for International Settlement and the Technical Committee of International Organization of Securities Commissions published newprinciplesforfinancial market infrastructures(FMI). Herebythe National Bank of the Republic ofKazakhstan notifies its intentionto adhere tointernational standards inaccordance to PrinciplesforFMI.
Principlesfor FMI replaced existed previously three international standards, including the Core principles for systemically important payments systems (2001), the Recommendations for securities settlements systems (2001) and the Recommendations for central counterparties(2004Hetewith toFMI, which should be assessed, are included payment systems (PS),securities settlement systems (SSS), central securities depositories (CSD), central counterparties (CCPs) andtraderepository (TR).
The documentis provided in English(Committee on Payment and Settlement Systems «Principles for Financial Market Infrastructures», April2012) and it is availableon the websiteof Bankfor International Settlements ( Moreover, inorder to conduct the assessment it is utilised the document«Disclosure framework andassessment methodology», which also is availableon the websiteof Bankfor International Settlements( of the documentsareattached.
According to above-mentioned standardsthere were stressed the following stagesofthe assessment of countries on observance of Principles for FMI:the conduction of self-assessmenton observance of Principles at the national level, as well as the external assessment of countries by international financial organisations (IMFand World Bank experts)with furtherpublication of assessment results.
The National Bank of Kazakhstan hasstarted theimplementationof the Principlesfor FMI ininfrastructures ofKazakhstani financial market. Within the frame of thiswork, theNational Bank of Kazakhstan in conjunction with Republican state enterprise «Kazakhstan Interbank Settlement Centre of the National Bank of Kazakhstan» (KISC), JSC «Kazakhstan Stock Exchange»andJSC «CentralSecurities Depository»completeda self-assessment of the followingFMIin 2014:
-Payment systems(Interbankmoney transfer system- RTGSsystemandInterbank Clearing System), which are operated by KISC;
- Settlement systemon currencymarketandderivatives market, SSSandCCPs- JSC «Kazakhstan Stock Exchange», JSC «Central Securities Depository»;
-Central Securities Depository (CSD) andTradeRepository (TR) - JSC «Central Securities Depository».
The results of «PaymentSystems»component’sself-assessmentis planning to be published on the official websiteof the National Bank of Kazakhstan in the nearest future.
After making all necessary changes in thelegal and regulatoryframework, the National Bank of Kazakhstanassumes step by step to start imposing of requirements for payment systemson the subject oftheir compliance with«Principlesforfinancial marketinfrastructures»and assessing the degreeof mentioned compliance within the frame of payment systems oversight.