World Monitor Magazine, №1/2020 WM_March 2020_FOR WEB (12.03.) | Page 25

DESTINATION KAZAKHSTAN apply the necessary supervisory and corrective measures in a timely and adequate manner. risks, as well as taking into account the preventiveness of supervisory mea- sures. Risk-oriented supervision will be strengthened by macroprudential regulation measures carried out jointly by the Agency and the National Bank. The goals of macroprudential policy are to curb credit, reduce structural vulnerabilities in the financial system, and increase the resilience of financial organizations of the system to aggregate shocks by applying increased capital and liquidity buffers in case of crisis and stress. The role of the financial sector in financing (lending) the economy will be enhanced. To this end, the Agency proposes to review the current regime for improving enterprises within the framework of the bankruptcy law, liberalizing the listing conditions for access to the exchange and attract equity and debt capital, and expanding the investment opportunities of financial market entities. The supervision will be on a “forward- looking” basis supplemented by a rea- soned judgment, a continuous assess- ment of internal risks, the impact of macroprudential and macroeconomic As an additional measure, it will be proposed to optimize the prudential requirements for standardized special loan products, which will expand the possibilities for lending to small and medium businesses. For the progress of financial technolo- gies, digitization and increasing ac- cess to financial services, there will be initiated regulatory environment for financial technologies and innova- tions. The main directions of innova- tions development will be reflected in the corresponding concept, jointly de- veloped by the National Bank and the Agency. The concept of a two-level system of credit bureaus will be proposed for the elaboration of the infrastructure. This will reduce business and consumer costs by introducing a single window and reporting on credit histories, en- sure the integrity and confidentiality of information, and increase competi- tion between credit bureaus. supported by EUROBAK 23