Country Manual Independent Portfolio Manager/Advisor (EAM) – Kazakhstan – BRP Update 2024
BRP has updated its Country Manual Independent Portfolio Manager/Advisor (EAM) for Kazakhstan out of company’s country of establishment (Def, RS & BT)
| SOURCE OF CHANGES | ANSWERS |
| Law/Regulation | Yes |
| New Position of the Authorities | No |
| Evolution of Expert’s interpretation | No |
Regulatory Summary and Behaviour Template
Material changes
After recent amendments in the law on Securities Market (Law No. 461-II of July 2, 2003), there are material changes with regards to provision of investment advice within and into Kazakhstan: While provision of general information as well as generic recommendation lists is still possible (both on-site and via remote means of communication), it is no longer permitted to provide investment advisory services during onsite visits relating to conclusion of transactions with securities and other financial instruments (including personalised recommendation lists), since as per the law on securities market (as amended) such services may only be provided by organisations dully licensed by FRMDA.
As for provision of such services via remote means of communication, these activities, as per current interpretation of the law, are understood to be permitted for a foreign company that lacks physical presence in Kazakhstan.
Important to highlight, therefore, that when the Company provides to the client/prospect in Kazakhstan general information, e.g. generic recommendation lists, investment research and financial analysis, such information must not constitute investment advice, i.e. such information is not specifically tailored to attend a specific client’s need and does not explicitly advise to conclude or not conclude the transaction with the relevant security.
Non-material changes
Several comments have been slightly reworded (without introducing material changes) to reflect the regulatory situation/current interpretation of the regulatory framework more accurately.
BT Short Comparison
BRP has created a comparison document allowing users to quickly identify the modifications made compared to the previous version of the EAM Manual (BT Short Comparison). The BT Short Comparison can be found on BRP’s platform (mybrponline) in the Search tab by entering in the Document Field “CM EAM BT SHORT COMP” and “KAZAKHSTAN” in the Target Country Field.
The BT Short Comparison should be read as follows:
The first column contains a short description of the activity in question. The second column contains the answers of the previous version of the Country Manual (online until the day of the alert). The third column contains the new answers of the most recent version of the Country Manual. Only the modified answers are displayed (in color). If the answers in the new version are unchanged compared to the previous version, they are shaded in grey.
For more information, please contact us: info@brpsa.com
Best regards,
For more information, please contact us: info@brpsa.com
Geneva, April 18th, 2024