Five years NSC of Kazakhstan

/IRBIS, Jan.12, 00/ - January 11 the National Securities Commission of Kazakhstan (NSC), the main regulating body of the capital market of republic, has celebrated its fifth anniversary. NSC was formed on March 20, 1994 by the decree of the President of Kazakhstan "About measures on capital market formation" #1613. However originally chairman and four members worked in commission in parallel with their main activity. It is possible that it was one from the main reasons of NSC inactivity on the financial market of republic. January 11, 1995 the President of Kazakhstan issued the decree "Questions of the National Commission of Kazakhstan" #2019, which canceled the orizer of holding of some appointments by the NSC members. In opinion of the commission employees, this day was the day of beginnings of productive work and it is the actual NSC Birthday. The first chairman of a NSC was Serik Temirbulatov. April 21, 1995 the President of Kazakhstan issued the decree "About securities and stock exchange". NSC was defined as a central body of state management in structure of the Ministry executing regulation of Kazakhstani capital market, control over protection of rights and interests of the market participants. November 13, 1995 Gulgan Karagusova was appointed as the NSC chairman. March 28, 1996 the government of Kazakhstan established the Rule about the National Securities Commission of Kazakhstan. The rule defined the NSC as the central executive body not included in the government structure. May 17, 1996 the government has authorized the Program of development of the capital market of Kazakhstan providing a broad complex of measures on creation of the domestic stock market infrastructure. This program has become a turning point in the domestic capital market development. November 11, 1996 Grigory Marchenko was appointed as the NSC chairman. In opinion of the professional market participants, just this man made the most important contribution to the Kazakhstani the stock market development. the formation of the modern market infrastructure legal basis worked out under his chairmanship answered the international standards and were recognized by world community. In March, 1997 the package of the laws ("About the capital market", "About registration of the securities transactions in the Republics of Kazakhstan", "About investment funds in the Republics of Kazakhstan", the basis of a legal infrastructure of the Kazakhstan capital market, was accepted. June 20, 1997 the President of Kazakhstan has signed the law "About the retirement insurance in Kazakhstan", according to which NSC has become the licensor and regulator of an activity of the pension assets management companies and also the state body determining the order of investment of assets of the state and non-state pension funds. October 15, 1997 Aben Bektasov has become the chairman of NSC. November 13, 1997 the new Rule established by the President of Kazakhstan, has defined NSC as the state body subordinated and accountable directly to the President of Kazakhstan. It is necessary to note, such practice is considered by the world investment community as the standard and certificate of the market maturity. Azamat Dzholdasbekov, the last and current chairman of NSC was appointed by the decree of the President of Kazakhstan of November 13, 1997. Before it, since November 13, 1997 he was an executive director of NSC - member of the commission. According to the existing legislation NSC is obliged to decide the following problems: - regulation of the issue and the circulation of securities; - protection of the market investors' rights and interests, protected by the law; - establishment of obligatory requests to activity of the capital market subjects; - control over activity of the professional market participants; - organization of a system of increase of professional and educational levels of the market participants. The functions, right, structure, and organization of NSC are determined by "Rule about he National Securities Commission of Republic of Kazakhstan". The Rule has been authorized by the decree #3755 of the President of Kazakhstan of November 13, 1997.