/KASE, June 19, 08/ - To avoid any possible pretensions to Kazakhstan Stock
Exchange (KASE) in regard of credibility of the information on securities and
issuers published thereby, and the KASE members related information, KASE
states as follows.
According to listing agreements and KASE internal documents, responsibility for
disclosure of information on the securities, included to the KASE official list,
and the issuers, is incurred by the securities admission initiators. Upon
securities passing listing procedures the corresponding admittance initiator
undertakes to provide KASE with information on these securities, and their issuer
(listing company) and his activities.
The indicated information is to be provided by admission initiators in the form of
investment offers, financial statements, audit reports, quarterly and annual
reports, official letters, press releases and other possibly acceptable formats.
The indicated information or its essence is brought to public notice through the
exchange information dissemination infrastructure.
Apart from that, KASE publishes at its website the financial market related
information, received thereby from the third parties (e.g., financial market
professional participants and state bodies), that are interested in dissemination
of this information through KASE being one of the most effective Kazakhstan
channels of public familiarization with the financial market events.
At preparation of the messages, rooted from the aforementioned information,
available on KASE from natural and legal persons in the official order, and
publishing such data at the KASE website (www.kase.kz), KASE:
- always indicates exterior sources of information;
- reproduces notifications (documents) of these information sources word-for-
word (with quotation to the news, placing the document on the web-site
publishing URL-link) or transfers their content close to the original text;
- never claims some event to have taken place, but indicates an existing
notification on the event from the side of the information source;
- never checks and will not check credibility of the information, provided in the
notification of its source, resting the entire responsibility for the
information published by KASE with the source.
For the purposes of legal enforcement of the aforementioned principles of
dissemination of information on securities and the issuers on December 28, 2006
the Exchange Council of KASE made amendments to its internal document
"Rules on Exchange Information Dissemination" (released at the KASE website
at:
http://www.kase.kz/geninfo/normbase/info_rules.pdf), which were made
effective February 16, 2007 after agreement thereon with the Agency of the
Republic of Kazakhstan on Regulation and Supervision of Financial Market and
Financial Organizations February 15, 2007.
According to these amendments:
1)(on the basis of the KASE information activities practice) the order of
dissemination of the information, received from KASE from the admittance
initiators and securities issuers for fulfillment of their duties on
dissemination of the information was qualified, and specifically, it was
established that such information is disseminated in the form of:
news, containing quotations of full texts or most important parts of the
documents or conveying the meaning of the documents as close to the texts
as possible;
scanned images of the documents;
other forms selected by KASE, not distorting the content of the documents
and allowing for its reading by commonly accessible program products;
2)KASE additional liability restriction was introduced; specifically, it was
established that KASE does not incur liability for credibility of the general
information on KASE members and the securities issuers admitted to
circulation on KASE and disseminated thereby, if such information is based
on the messages and documents, received by KASE:
from KASE members, admittance initiators and securities issuers for the
purposes of fulfillment of their duties before KASE;
in response to KASE requests;
on initiatives of KASE members, admittance initiators and securities issuers;
3)it was directly fixed that KASE does not check credibility of the messages
and documents, receivable thereby from KASE members, admittance
initiators and securities issuers for the sake of fulfillment of their duties
before KASE, in response on KASE requests or initiatives of KASE
members, admittance initiators and securities issuers.
The aforementioned allowed and allows for KASE to consider not incurring
responsibility for credibility of the information, which is published by KASE on
the terms as above.
The persons, capable and willing to providing grounds disprove the information
published by KASE, must contact KASE by a corresponding official letter, which
will be considered within shortest terms.
[2008-06-19]