State agency for regulation of activity of regional financial center of Almaty to be headed by Arystanov - source

/INTERFAX-KAZAKHSTAN, Astana, February 13, 06/ - Arken Arystanov will be appointed for the post of the chairman of the state agency for regulation of activity of regional financial center of Almaty (RFCA),a source in the government said on Friday. Arystanov, which on March 7 will be 40 years old, since June of 2000 fills the post of chairman of the board of state-owned Kazpost JSC. Before he worked in the country's banking sphere. The source says, 44-year old Batyrkhan Isayev, who before filled the post of vice-minister of economy and budget planning, will be appointed for the post of deputy chairman of the mentioned agency. 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. Boston Consulting Group is the Consultant of Kazakhstan's government in the project of foundation of the regional financial center in Almaty. [2006-02-13]