The agency IRBIS made errors in information on possibility of purchasing state securities of Almaty and Astana using assets of accumulative pension funds on KASE

/IRBIS, Dec.28, 99/ - Information agency for financial markets IRBIS made a serious mistake in the news block concerning permission for purchasing municipal state securities of executive bodies of Almaty and Astana using pension assets on KASE auctions. It was said in the information messages, that after giving the permission to purchase the bonds of local executive bodies of Almaty and Astana using pension assets (these investments were allowed by appropriate resolutions of the Directorate of National securities commission Kazakhstan), following members of KASE were allowed to participate in the auctions on placement of securities: - CJSC "Kompanya po upravleniu pensionnymi aktivami "Ak niet"; - CJSC "Kompanya Halyk Banka Kazakhstana po upravleniu pensionnymi aktivami"; - CJSC "Kompanya po upravleniu pensionnymi aktivami JETYSU"; - CJSC "Gosudarstvennyi nakopitelnyi pensionnyi fond". Besides it was said in the messages of agency, that "any accumulative pension funds can submit their applications to buy bonds of Almaty through these KASE members of category "K"". This phrase contradicts with existing legislation of Kazakhstan for two reasons. First, accumulative pension funds (APF) can not submit applications to participate in the auction, since investment management of their assets are carried out, according to investment management agreements, by the pension assets management companies (PAMC). PAMC make their investments decisions on their own and applications submitted by APF are not required for the participation of PAMC at the auction for purchasing SS. Second, PAMC can make deals with pension assets only of those APF, it signed investment management contracts with. Therefore, the phrase "any accumulative pension funds" is incorrect. In purchasing municipal SS of Almaty and Astana assets of only those APF could be used which are serviced by the members of KASE according to the contracts mentioned above, which are PAMC. PAMC, which are not the members of KASE, can participate in trades only through legal entities, which have the status of the members of the Exchange and have appropriate licenses for engaging in brokerage and dealing activities on the stock market of Kazakhstan. The agency IRBIS apologizes the subscribers for misinformation.