This study examines the issue of the modernization of the Kazakh financial system considering the new, Enhanced Partnership and Cooperation Agreement with the European Union (EU) (January 19, 2015) and the Kazakh State program “Path to Europe, 2009–2011”. It describes new opportunities for the establishment of a long-term partnership and cooperation between Kazakhstan and the EU for the restructuring of Kazakhstan’s financial system and its convergence with international standards and European regulations. Specifically, this study covers the financial policy and the objectives of the Republic’s financial sector management; legislation regulating the financing activity of business entities, particularly its transparency and accessibility to foreign investors; contradictions between the legal framework of the state on financial relations and international standards, European directives, conventions, and recommendations; and the security of financing activities of European companies. This study employs general scientific methods (theoretical analysis and generalization, comparative legal, logical, etc.) and the functional approach.

This article deals with the convergence of the Kazakh financial system with international standards in light of the new, enhanced agreement with the European Union on partnership and cooperation (January 19, 2015). Based on this research, the approaches used by the Kazakh financial system to converge with the European Union (EU) and the mechanism of implementing international standards in the national regulatory framework are determined. In practice, the study provides justification for the necessity of arranging the systematization of existing rules and regulations covering financial activity in the Republic, eliminating discrepancies between the national regulatory framework and international standards, and determining clear security guarantees for foreign investors’ financial activity in the Republic. The research results are primarily focused on the development of public finance management theory. Theories and conclusions present in the study can be used in the educational processes of economic and legal institutions and in the policymaking activity of public finance management bodies.