State agency of regulating the activity of RFCA is starting the registration of participants of the center since November 1

/INTERFAX-KAZAKHSTAN, Almaty, October 12, 06 / - State agency of regulating the activity of regional financial center Almaty (RFCA) since November 1 will start the registration of its participants. "We are extremely interested in attracting the new technologies, new participants, new instruments. We are planning that since November 1 we'll start the registration of participants of financial center. It will be brokers, dealers", - informed the chairman of this state agency Arken Arystanov on the press-conference on Thursday in Almaty. "We had already conducted 40 meetings with potential participants. This are Kazakhstan participants and foreign", - he added. By his words the number of foreign companies is planning till the end of year to open offices in Almaty. "This in particular is Credit Swiss, they officially had announced about it in summer during the negotiations in Singapore", - told A.Arystanov. On Thursday the press-service of the head of the state informed that by the order of president of Kazakhstan as the deputize chairman of state agency of regulating the activity of RFCA, activity of which is wholly submitted to the head of republic, was admitted Alina Aldambergen. He also informed that representatives of state agency are planning to take part in the inter-banks' conference of European countries and CIS, which will take place on November 16-18 in Germany. "On the conference we are planning to make the presentation. We will conduct negotiations with German exchange, which is also interested in active cooperation with us", - he told. Meanwhile, on November 30 in Almaty will take place the conference, organized by London stock exchange and agency of regulating RFCA, on which the questions of development of stock market in Central Asia will be discussed. In June of this year the president of Kazakhstan Nursultan Nazarbayev signed the law about regional financial center Almaty and attendant to it project of the law "About changes and additions to some legislative acts on the questions of creation of RFCA". The main objective of the pointed laws is determining the legal regime of activity of participants of RFCA. RFCA will be created in the form of special zone with particular legal regime. At that on the contrary from the existing at the current time in republic special economical zones RFCA will not have its neatly lined territory. The principle of territory will be observed by the claim for participants of RFCA about office on the territory of Almaty. Foreign citizens and people without citizenship, arriving to the territory of Kazakhstan for conducting activity in RFCA, will receive the entry visa on arrival to international airport of Almaty. At that the prolongation of the period of visa's validity and also change of the category of visa by the application of the person can b conducted by the executive body of RFCA without departure of this person outside the republic. Participants of RFCA will receive the opportunity to make the record keeping and deals only in English language, normative decisions of the executive body will also be translated to English. It is planning that main groups of players in RFCA besides broker-dealers' organizations will consist from issuers, investors and market-makers. It is supposed that into the list of potential issuers will enter Kazakhstan companies of large and middle size, companies of middle size from Russia, Ukraine, central-Asian region, Kazakhstan banks, brokers of RFCA on index funds and other securities, secured by assets, and also other foreign issuers. Investors in RFCA as it is expected, will be Kazakhstan pension funds, share funds, insurance organizations, Kazakhstan banks and companies, Russian and other regional banks, other large and middle private investors, foreign investors, Islam investors. Along with it as economical incentives for creating the attractive conditions for issuers it is offering the partial compensation of charges for audit depending from volume of emission, discounts for listing to extent of zero level of listing's price at the first year of work of RFCA, release from the fee fro registration in RFCA. The tax control over participants of RFCA will be conducted only based on the tax report, confirmed by audited report. With the goal of successful creation of RFCA it was formed the special state agency of the republic, which directly is subjected to head of the state. Work of examination of opportunities of creation in Almaty the regional financial center was started in year 2003. Consultant of Kazakhstan government on the project of creation in Almaty the regional financial center acted the company Boston Consulting Group. Almaty with the population about 1.5 m. is the largest city in Kazakhstan, till December of 1997 - the capital of the state. At the present time in this city are situated central offices of almost all big commercial banks of the republic, National bank, Kazakhstan stock exchange, other financial institutes of the country. [2006-10-13]