[Last updated: 1 January 2025, unless otherwise noted]

Kazakhstan has a less developed securities market compared to that of the US, UK or other Western states. The securities and public M&A legislation in Kazakhstan is still developing and in some cases uncertain.

There have only been a few M&A transactions in the market in recent years. The M&A market was affected by the economic slowdown sparked by falling oil prices, the COVID-19 pandemic and geopolitical uncertainty surrounding the Russian economy.

Kazakhstan's stock exchange ("KASE") was established in December 1993. There are 271 companies listed on the KASE. These are mostly financial organizations such as banks and insurance companies or state companies that are owned by a controlling-interest investor or the government.

In addition, in 2018, the newly created Astana International Financial Center ("AIFC") started operating in Kazakhstan. The AIFC is essentially a free financial zone situated in Nur-Sultan, Kazakhstan's capital, having its own English-law based regulatory framework. The AIFC has its own stock exchange, the Astana International Exchange ("AIX"). There are 148 companies listed on the AIX.

The summary set forth below is based on the laws of Kazakhstan, excluding the laws and regulations of the AIFC and AIX.