Kazakhstan: between 2001 and 2004, we advised the regulator (now the Agency on Regulation and Supervision of the Financial Market and Financial Organizations) firstly on policy in relation to the creation of a collective investment schemes sector in Kazakhstan, drafting a strategy document which, inter alia, made recommendations on the governance structure of funds, fiscal and accounting policy for funds, their role in mobilising savings and in enabling venture capital investment.   Subsequently many of our recommendations were implemented, the funds law on which we worked was passed in 2004 and there are now twenty investment funds in Kazakhstan.  The two projects on which we worked in the period were funded by TACIS for around nine man-months.