Incomes from rendering a number of financial services by RFCA participants since January 1 excluded from their total annual income

/INTERFAX-KAZAKHSTAN, Astana, January 1, 07/ - Incomes from rendering a number of financial services by participants of the regional financial center of Almaty city (RFCA), since January 1 excluded from their total annual income. The corresponding resolution of the government took effect on January 1 of 2007. Such services are: making deals with financial instruments at the expense and in the interests of a client (as a broker); nominal holders services; underwriter services; information, analytical and consultation services; services on constant announcing and supporting of quotation on securities. RFCA is founded in compliance with accepted in June of 2006 in Kazakhstan special law. RFCA will function as a special zone with a special legal regime. Unlike the existing at present in the republic special economic zones RFCA will have no exact territory. Territorial principle will be determined by the requirement for RFCA participants about presence of an office in Almaty city. 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 have 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 planned that main groups of players in RFCA, besides broker-dealer organizations, will consist of issuers, investors and market-makers. It is supposed that the list of potential issuers will comprise 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, mutual funds, insurance organizations, Kazakhstan banks and companies, Russian and other regional banks, other large and middle private investors, foreign investors, Islamic 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. [2007-01-03]