For the first time non-resident of Kazakhstan becomes KASE member - Promsvyazbank (Russia) admitted to currency market membership

/KASE, December 1, 10/ - Based on a decision made by Kazakhstan Stock Exchange (KASE) Board of Directors on November 30, 2010, Promsvyazbank (Moscow) has been admitted to currency market membership. Membership of this category means the right to participate in foreign currencies trading on KASE. According to item 3 of KASE internal regulatory document "Regulations on Membership" KASE membership may be granted to foreign legal entities who meet requirements set by the legislation of the Republic of Kazakhstan. In accordance with resolution # 360 of September 30, 2005 by the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations (FSA) "On requirements for foreign legal entities with regard to stock exchange membership" it is said: "stock exchange membership may be granted to foreign legal entities meeting one of the following conditions: 1) those who are members of stock exchanges participating in The World Federation of Exchanges; 2) those who have relevant licenses for brokerage and (or) dealer activities issued by authorized body of their resident country. Admittance of the mentioned legal entities to stock exchange trading is possible only in the presence of international agreements on co-operation and information exchange between authorized bodies supervising brokerage and (or) dealer activities stipulating mutual acceptance of licenses for brokerage and (or) dealer activities". Promsvyazbank is a member of the currency market section of Moscow Inter-bank Currency Exchange, which is a participant of The World Federation of Exchanges. National Bank of the Republic of Kazakhstan and FSA have notified KASE by official letters of their having no objections against admittance of Promsvyazbank to KASE membership. [2010-12-01]