In Kazakhstan will be created the national rating agency - head of state agency of regulating the activities of RFCA

/INTERFAX-KAZAKHSTAN, Almaty, November 6, 06/ - In Kazakhstan will be created the national rating agency, had informed the chairman of state agency of regulating the activities of regional financial center Almaty (RFCA) Arken Arystanov. "We accepted the decision that we will create our national rating company", - he told, performing on Monday in Almaty at he press-conference "Entry on the stock market. Practical recommendations". The organizer of this action is Deloitte Kazakhstan, agency Interfax-Kazakhstan is one of the information sponsors o the conference. At that A.Arystanov did not exclude, that on the initial stage the government would provide the financial help to the creating rating agency. "If, for example, it (rating company - IF-K) will be unprofitable, let's say, at the initial stage, I think that the government can invest for the first three years to the capital, in order it stands up for the price of rating evaluations for middle and small companies would be lower, in order to accustom the companies to receive the ratings constantly, to support these ratings, to set relations with investors", - he noted. A.Arystanov reminded, that the state agency headed by him had already confirmed the list of international rating agencies, which evaluations will be recognized by this department: Moody's Investors Service, Standard & Poor's and Fitch. "In the beginning we had set three rating agencies, which are internationally well-known, because there are no others", - he noted. So the minimal rating agency of the issuer would-be for the permit on the trade platform of RFCA or his debt securities has to be not less then "ВВ-" at the classification of rating agencies Standard & Poor's and Fitch, "Ва3" - by the classification of rating agency Moody's Investors Service by the international scale, "kzBBB" - by the Kazakhstan national scale Standard & Poor's. As it is known, RFCA is creating in accordance with the special law, accepted in June of this year. RFCA will be functioning in the form of special zone with special legal regime. At that in contrast to existing at the present time in republic the special economic zones RFCA will not have its strictly outlined territory. The principle of territory will be observed by the requirement for the participants of RFCA about presence of office on the territory of Almaty. The foreign citizens and persons without citizenship, arriving to the territory of Kazakhstan for conducting the activities in RFCA will receive the entry visa at the time of arriving to international airport of Almaty. At that the prolongation of period of validity of the visa and also change of the category of visa by the application of the person can be conducted by executive body of RFCA without departure of this person outside the republic. The participants of RFCA will receive the ability to conduct the office work and deals' making only in English, the normative decisions of the executive body will also be translated into English. It is planning that the main groups of players in RFCA except broker-dealer organizations will consist from the issuers, investors and market-makers. It is supposed that to the list of potential issuers will enter Kazakhstan companies of big and middle size, middle size companies form Russia, Ukraine and central-Asian region, Kazakhstan banks, brokers of RFCA by the indexed funds and other securities, secured with assets and other foreign issuers. State agency had started since November 1 the registration of the participants of RFCA. 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. [2006-11-06]