Kazakh financial institutions are ready to meet the requirements of Basel III, international regulatory framework for banks developed by the
"We have proposed approach when starting from
He added that similar requirements were introduced for insurance companies. This program is called Solvency II.
Basel III contains guidelines on banking regulation. The Third Basel Accord was developed in response to the deficiencies in financial regulation revealed during the financial crisis of the late 2000s.
The main objective of Basel III is to improve the quality of risk management in the banking sector, which in turn will enhance the stability of the financial system as a whole.
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