SSK OF KAZAKHSTAN HAS SUSPENDED DEMANDS ON TOTAL VOLUME OF EXCHANGE' TRANSACTIONS IN THE LISTED SHARES

/IRBIS, March 15, 00/ - Decree #65 of the National Securities Commission of Kazakhstan (SSK) of February 26, 2000 has suspended till January 01, 2001 the fourth part of the 32nd item of "Rules of activity of the security trades organizers". According to this item, shares of the official list of the Kazakhstan Stock Exchange (KASE) of the "A" category should be excluded from the list or transferred into the lower category, if the total volume of transactions for one year does not exceed 0.5% from the total announced volume of issue. The decree inures from the date of the registration by the Ministry of Justice of Kazakhstan that is since March 09, 2000. The basis for the Decree is the letter of KASE, directed to SSK, where is spoken that the given demands are hard-hitting for the emitters, and the listing category downturn can cause the negative influence on the listing companies images. Besides the majority of the companies were listed before the above mentioned demands concerning minimum annual volume were established. It is necessary to note that since December 01, 1999 the new edition "Rules of the Securities Listing" of KASE has join into force. According to "Rules of the Securities trades organizers activity", approved by the SSK decree #19 of December 23, 1998, in this Rules there are demands concerning the companies, which securities are included in the official list of KASE under "A" category: they are obliged to have a market maker of their securities. This demand remains valid and according to the SSK letter from March 10, 2000 comes into effect since March 17, 2000. Thus, according to the sub item 1.3 of the item 1 of the article 14 of "Rules about Securities Listing" in case of absence within three months (till June 17, 2000) of a market maker of the "A" category company shares, KASE will be compelled to lower a company's category.