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Senate of Parliament to discuss new edition of Law on Commodity Exchanges

Astana. December 1. Kazakhstan Today - The Committee for Economic Reform and Regional Development of the Senate at an expanded session made a decision to present the new edition of the Law on Commodity Exchanges for consideration of the Senate of Parliament of Kazakhstan on Friday, the agency reports. While presenting the bill, Vice Minister of Industry and Commerce of Kazakhstan, Edil Mamytbekov, informed that the bill has been introduced with the the new wording as the current law was passed in 1995 and does not correspond to the today's realities." He added, "The new edition of the bill specifies the concepts of 'exchange brokers', 'dealers', 'futures' and 'options'. The government competences have been considerably expanded. Also commodity exchanges will be commercial organizations created in the form of joint-stock companies." The senators have introduced 30 proposals to the bill during 7 sessions of the working groups. The developer has agreed with the majority of them. The senators will also consider the amendments to a number of acts concerning commodity exchanges, such as 'Administrative Offences Code', 'Licensing', 'Private Business' and 'State Purchases'.

Resourse: Kazakhstan Today

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