KHAS BANK AND TRADE AND DEVELOPMENT BANKS HAVE REGISTERED THE TOTAL SHARE OFFERING TO BE ISSUED

A regularly scheduled session of the Financial Regulatory Commission (FRC) was held on 12 May. During the session, a resolution was passed to register the ordinary shares of "Khas Bank" LLC and "Trade Development Bank" LLC in the register of securities approved for public offering. As a result of the registration of the shares offered by the aforementioned banks, all systemically important banks have now completed the registration process for their shares as required by the FRC. The successful fulfillment of the conditions outlined in the Banking Law, pertaining to the conversion of five systemically important banks into open joint-stock companies within the prescribed timeline, is indicative of the effective implementation of banking reform. Consequently, the stock market is expected to experience growth, with an increase in the availability of highly liquid financial instruments and the enhanced engagement of foreign and domestic investors. Moreover, banking operations are expected to become more transparent and open, enabling the creation of long-term financing opportunities and fostering a multi-pillar financial system.

In addition, during the meeting, approval was granted for the registration of the debt instruments and asset-backed securities issued by the aforementioned companies for public offering. Further, modifications were made to the structure and composition of the share capital and shareholders of an investment management firm. Additionally, it was determined that one company is authorized to audit insurance institutions, while four companies provide non-bank financial trust services, and two companies offer non-bank financial settlement instruments, electronic payment, and remittance services. Furthermore, one company provides non-bank financial services. During the meeting, a resolution was passed to grant a specific license for factoring services and an ordinary license for payment guaranteeing.

A resolution was made during the meeting to grant a specialized license for real estate brokerage to a single company, in addition to restoring the special license for non-banking financial activities held by five designated companies.