/KASE, November 11, 08/ - Kazakhstan Stock Exchange (KASE) has released
at its website at:
http://www.kase.kz/files/normative_base/zakon_rzb.pdf the
effective text of Law No. 461- II of the Republic of Kazakhstan "On Securities
Market" of July 2, 2003.
The text of the law was made effective in accordance with Law 72-IV of the
Republic of Kazakhstan "On Making Amendments to some Legal Acts of the
Republic of Kazakhstan on Issues of Sustainability of Financial System" of
October 23, 2008.
The following are the main amendments to the Law of the Republic of
Kazakhstan "On Securities Market":
- glossary structure has been changed partially (which is likely due to
necessity to bring in compliance versions in Russian and Kazakh
languages); these changes will be effective January 1, 2009;
- concept "price gouging" has been substituted with concept "manipulation on
securities market" with a broader definition; effective January 1, 2009;
- concept "stockholder" has been given a more precise definition; effective
January 1, 2009;
- new concept "personal account unified system" as "database formed by
central securities depository showing a total of data contained in share
registers maintained by registrars" has been introduced; effective January 1,
2010;
- new concept "central depository accounting system" as "aggregate of data
formed by central depository conducting depository activities" has been
introduced; effective January 1, 2009;
- prior set special order of issue, placement and circulation of corporate bonds
with circulation term not exceeding three months now covers corporate
bonds circulating up to 12 months;
- possibility of submission by issuers to the Agency of the Republic of
Kazakhstan on Regulation and Supervision of Financial Market and
Financial Organizations (AFS) of reports on results of securities placement
before expiry of standard terms (within a month by results of every six
months of placement and within a month after the end of placement) has
been annulled;
- securities deals registration order has been changed due to formation of the
personal account unified system in the central depository (through indication
in this system the data from share registers) and implementation of the
principle "a deal, not shown in the personal account unified system, is not
registered"; effective January 1, 2010;
- at confirmation of rights on securities central securities personal account
unified system data have become prior to registrar share register data
(nominal holder data from nominal holding accounting system); effective
January 1, 2010;
- qualification requirements imposed on applicants for receipt of license on
conduct of activities on securities market have been given a more precise
definition; effective November 16, 2008;
- requirements imposed on licensee administrative employees (applicant for
receipt of license for carrying out activities on securities market) have been
given a more precise definition; effective January 1, 2009;
- order of acknowledgement of securities deals as concluded for price
manipulative purposes has been changed by establishing a special
committee, with functions to prepare expert opinions of the board of
directors for AFS at the stock exchange board of directors; the committee
has been authorized to acknowledge securities deals as concluded for price
manipulative purposes; effective January 1, 2009;
- authority to confirm set of rules of central securities depository has been
transferred from the general meeting of its shareholders to the board of
directors of the central depository;
- text of article 84 of the law has been changed so that, it does not any more
specify that making decisions on listing, delisting or change of category of
securities list is a sole competency of the stock exchange board of directors;
- functions and authorities of AFS were specified more precisely.
The text of the law has been reformatted in accordance with the rules on
formalization of normative documents approved by KASE with maximum
preservation (inclusive of misprints) of the original edition.
[2008-11-11]