State agency for regulation of activity of regional financial center of Almaty, not included in Government, founded in Kazakhstan

/INTERFAX-KAZAKHSTAN, Almaty, February 4, 06/ - State agency for regulation of activity of regional financial center of Almaty has been founded in Kazakhstan. Corresponding decree, signed by Nursultan Nazarbayev country's president on February 1, was published on Saturday in the official press. Before ministry of economy and budget planning of Kazakhstan said the regulating body of the regional financial center of Almaty (RFCA) will be given functions of several ministries, including on state registration of juridical persons, tax and labor control, visa support and other. It's planned to found RFCA in the form of a special zone with a special legal regime. Unlike the existing at present special economic zones RFCA will not have an exact territory. Territoriality principle will be followed by the requirement for RFCA participants about presence of the office in Almaty city. It's planned that foreign citizens and persons without citizenship, coming to Kazakhstan for making business in RFCA, will receive entrance visa at coming to the international airport of Almaty city. Prolonging of visa validity period, as well as changing of visa categories can be made by RFCA's executive body without this person's leaving the country. It's planned that RFCA participants will have the possibility to execute paper work and make deals only in English, normative decisions of the executive body will also be translated into English. Besides, for convenience of RFCA participants, the financial center court to be founded in Almaty. It's planned that main groups of players in RFCA, besides broker-dealer companies, will consist of issuers, investors and market-makers. It's planned that the list of potential issuers will comprise Kazakhstan big and medium companies, medium companies from Russia, Ukraine and Central- Asian region, Kazakhstan banks, RFCA brokers on index funds and other securities, as well as other foreign issuers. It's expected that investors in RFCA, will be Kazakhstan pension funds, unit funds, insurance organizations, Kazakhstan banks and companies, Russian and other regional banks, other big and medium investors, foreign investors, Islamic investors. Besides, partial compensation of expenses for audit depending on volumes of issue, discounts for listing up to zero cost of listing in the first year of RFCA's functioning, as well as release from registration fee in RFCA are planned. It's planned to make tax control of RFCA participants only based on tax statement, confirmed by auditor's report. Over 1.5 bn. tenge in the budget-2006 are meant for foundation of a regional financial center in Almaty (current 131.67/$1). [2006-02-06]