/KASE, March 30, 09, partial repetition of the news of March 24, 09/ - By the
decision of Kazakhstan Stock Exchange (KASE) of February 26, 2009, KASE
Board was charged with development of proposals on an issuer status possible
criteria, in existence of which issued by him securities must be prohibited for
use as repo transactions subjects. KASE proposals, developed in this task
implementation, were approved by the KASE Council on March 5, 2009.
At this the KASE Council established that prohibitions that follow from mentioned
proposals, will be given effect from April 1, 2009.
In compliance with the KASE Council on approval of mentioned proposals:
1) the prohibition to use securities as repo transactions subjects, executed by
the "nego" and "automatic" methods, shall be introduced if:
these securities issuer untimely paid interest on its bonds, admitted to
circulation on KASE; and/or
these securities issuer untimely paid dividends on its preferred shares,
admitted to circulation on KASE; and/or
these securities admittance initiator did not submit to KASE financial
statements of their issuer (including the interim) during three months after
established by the listing agreement period; and/or
these securities admittance initiator did not submit to KASE significant
information on these securities and/or their issuer (the information, which
may influence on these securities cost) during ten days after established by
the listing agreement period;
2) introduced prohibition to use securities as repo transactions subjects does
not cover those repo transactions, deals of opening of which were made
before such prohibition was given effect;
3) the prohibition to use securities as repo transactions subjects is annulled if
these securities issuer and/or their admittance initiator eliminates a violation
(considering below mentioned specifics);
4) if prohibition to use securities as repo transactions subjects was introduced
due to untimely payment of an interest on bonds, such prohibition can b e
annulled only after timely payment of an interest on bonds for the next
coupon period;
5) prohibitions to use securities as repo transactions subjects and annulment of
such prohibitions are the authority of KASE Board.
In pursuance of the mentioned KASE Council decision by the decision of KASE
Board of March 19, 2009 were approved additions # 10 to KASE internal
document "Specification of Automatic Repo Market", and by the decision of KASE
Council оf March 26, 2009 were approved additions # 11 to KASE internal
document "Rules of Repo Transactions Execution".
References on this topic:
- KASE news of March 19, 2009 "KASE amended Specification of Automatic
Repo Market" -
http://www.kase.kz/en/news/show/1069495
- KASE news of March 27, 2009 "KASE amended Rules of Repo Transactions
Execution" -
http://www.kase.kz/en/news/show/1069980
[2009-03-30]