Regulation of Pension Funds

Abstract

The emergence of pension funds required that the Kazakhstani government take a series of new regulatory policy decisions, formulate regulatory policy, and set up a regulatory authority. The GoK took a stepwise approach, addressing the issues as they arose, rather than presenting a well-defined structure from the outset. Given the haste with which the Accumulative system was introduced, this stepwise approach was inevitable. While it resulted in many lurches in terms of administrative structure, there was surprising consistency in terms of regulatory practice. This consistency reflected a determination to maintain a moderately liberal but highly transparent system and to borrow best practices from abroad.