/KASE, August 8, 08/ - On August 7, 2008, the Exchange Council of Kazakhstan
Stock Exchange (KASE) cancelled its decisions on approval of amendments into
KASE internal documents - changes and additions # 10 into Regulations on
Membership and changes # 7 into Rules of Repo Transactions Execution
(Amendments).
Amendments were approved by the Exchange Council on April 24, 2008 with the
date of their putting into effect from April 28, 2008 and were submitted for
agreement to the Agency of the Republic of Kazakhstan on Regulation and
Supervision of Financial Market and Financial Organizations (AFS).
The force of Amendments was suspended by the decision of Specialized Inter-
district Economic Court of Almaty to ensure the suit of Subsidiary of Bank
CenterCredit JSC - BCC Invest JSC against KASE on recognition of decisions
illegal, made by the Exchange Council on April 24, 2008. With the same definition
AFS suspended agreement of Amendments.
The corresponding news of KASE is published at
http://www.kase.kz/market/kasenews/default.asp?sm=05&sy=2008&sd=20080504 or
http://www.kase.kz/market/kasenews/newsdetails.asp?id={AB917A6F-82A5-
452D-B4D0-2705F69667D8}.
The trial on this suit is not yet completed.
On August 7, 2008, the Exchange Council also decided to:
- recall Amendments from AFS, where they were sent for agreement;
- instruct KASE to repeatedly submit for consideration of the Exchange
Council of changes and additions to KASE internal documents on issue
related to reduction of risk due to non-fulfillment of obligations on
purchasing-selling deals in securities and repo transactions.
Additional information:
- the actual text of Regulations on Membership is available at
http://www.kase.kz/geninfo/normbase/members.pdf
- the actual text of Rules of Repo Transactions Execution is available at
http://www.kase.kz/geninfo/normbase/repo.pdf
[2008-08-08]