Creation of EAEU’s Common Financial Market

Common market of Eurasian Economic Space countries will be created. The draft law on ratification of agreement on coordination of the legislation of Eurasian Economic Union’s member states in the financial market was approved by the Senate. The agreement has seven points. It includes the removal of administrative barriers between the member countries for the mutual recognition of banking insurance, securities and service licenses as well as ensuring unlimited access to the market.

State regulation is planned to be improved while its implementation procedure will be approved. The agreement also contains a set of requirements for the protection of the rights and property of the financial services consumers. The coordination plan on a single financial assistance for member countries is planned to be completed by 2025. Experts opined that these measures will increase the competitiveness of the member countries ‘financial sector.

“The legislation system of one of the countries of the Eurasian Economic Union cannot be considered as common legislation. The legislation will be based on international principles and best international practice. The functions on conducting independent monetary policy, ensuring financial stability and supervisory duties will remain under the purview of central banks and financial regulators of the member countries,” said Deputy Chairperson of National Bank of Kazakhstan, Yeszhan Birtanov.