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Timur Zhaksylykov: "Forming the EAEU common financial market is a priority of integration interaction"

Timur Zhaksylykov: "Forming the EAEU common financial market is a priority of integration interaction"

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2/1/2021

Timur Zhaksylykov, Minister in charge of Economy and Financial Policy of the Eurasian Economic Commission, has informed about ensuring financial and economic sovereignty and protecting the currency system in the Eurasian Economic Union at a round table held in the Federation Council.

According to the EEC Minister in charge of Economy and Financial Policy, regional integration is becoming a real factor contributing to the sustainable development of States amid the global crisis due to the coronavirus pandemic. He has stated that one of the priorities of the integration cooperation of the Union States is the formation of a common financial market. Its construction will create conditions for extensible access to financial products and resources for businesses and the public and will enable removing restrictive barriers to mutual admission, increasing competition in the financial services market, improving the interaction of financial regulators and ensuring efficient protection of investors and consumers of financial services.

"Creating the EAEU common exchange space is one of the key directions of forming a common financial market," the EEC Minister in charge of Economy and Financial Policy stressed. "It will enable to significantly expand the mutual trade and investment cooperation between the EAEU States, intensify the transboundary activities of issuers, increase investment and savings possibilities for the public as well as serve as a catalyst for developing the Union States’ financial markets".

Timur Zhaksylykov has reminded that to intensify forming the common exchange space, a draft Agreement on the admission of brokers and dealers of one EAEU State to participate in organized tenders on the exchanges of trade organizers of the other countries of the Union was elaborated. "The Agreement grants the right to national exchanges to recognize licenses of brokers and dealers issued by the Union States’ authorized bodies and to provide them with the possibility to directly participate in tenders for concluding agreements for the purchase and sale of securities and derivative financial instruments," the EEC Minister noted.

Besides, the EAEU has elaborated a draft Agreement on mutual admission to placing and circulating securities in the EAEU States’ on-exchange trading to harmonize the procedures for mutual recognition of securities issues and their admission to stock exchanges. "The document is aimed at ensuring the mutual admission of securities from the first-class quotation list to be placed and circulated in on-exchange trading in other States as well as ensuring free issuing and trading operations with securities in the common exchange space," Timur Zhaksylykov stressed.

A draft Agreement on the procedure for exchanging information included in credit histories has been developed to ensure equal rights and possibilities of financial services consumers and to assess the credit risk of a potential borrower. "Its implementation will ensure creating equal conditions for the Union States’ residents when applying for credit resources to banks located in the territories of other States and will contribute to developing transboundary lending within the EAEU", the EEC Minister in charge of Economy and Financial Policy concluded. ​