/KASE, November 29, 2022/ – Kazakhstan Stock Exchange (KASE, or the
Exchange) published on its website:
- The Rules and conditions for recognizing actions of a securities market
entity and other persons as carried out for the purpose of manipulating the
securities market –
https://kase.kz/files/normative_base/post_319.pdf
- The Rules for setting up and operation of the expert committee, as well as
its composition –
https://kase.kz/files/normative_base/rules_expert_com.pdf
According to the resolution No. 83 of the Board of the Agency of the Republic of
Kazakhstan for Regulation and Development of the Financial Market "On making
changes and additions to the resolution No. 319 of the Board of the National
Bank of the Republic of Kazakhstan dated December 28, 2018 "On approval of
the Rules for the recognition of transactions with securities and other
financial instruments concluded on the regulated and over-the-counter
securities markets, as carried out for the purpose of manipulating, the
creation and operation of an expert committee, as well as its quantitative
composition" dated October 28, 2022, which was registered by the Ministry of
Justice of the Republic of Kazakhstan on November 9, 2022 and entered into
force on November 25, 2022, the heading of the Rules for the recognition of
transactions with securities and other financial instruments concluded on the
regulated and over-the-counter securities markets, as carried out for the
purpose of manipulating, the creation and operation of an expert committee, as
well as its quantitative composition was changed, and the following most
significant changes were made to these Rules.
- Actions of securities market entities and other persons, including the
conclusion of transactions, the announcement of orders in the trading
system of the stock exchange and the dissemination of information in
relation to securities and (or) derivative financial instruments circulating
on the Exchange's markets are subject to monitoring and analysis in order to
identify manipulation in the securities market. The list of such actions is
given in item 3 of the Rules.
- Parameters, the procedure and conditions for monitoring and analyzing the
actions of securities market entities and other persons as carried out for the
purpose of manipulating the securities market, including criteria for a
significant deviation of the price, demand, supply, number or volume of
trading in securities and (or) derivatives financial instruments are
determined by internal documents of the stock exchange, including
confidential ones, depending on the type, liquidity and (or) market value of
securities and (or) derivative financial instruments.
- The provisions, in accordance with which the maximum deviations of the
share price from the weighted average market price of the same shares and
the deviation of the yield of bonds to maturity (including government bonds)
from the weighted average market yield of these bonds to maturity were
determined, were excluded from the Rules. Accordingly, the need to use the
weighted average price file, which is published by the Exchange on a daily
basis, is eliminated.
- Conditions are stipulated under which the actions of a securities market
entity or other persons are not subject to monitoring and analysis – a split,
changes in issue conditions, as a result of which the price and (or) yield of
securities changes, when the dependence of the price parameters of
securities on the date of coupon payment or repayment is specified.
The Rules for the creation and operation of the expert committee, as well as its
composition, are set out in a separate appendix. The composition of the expert
committee has increased from eight to 10 people: one representative from the
Central Securities Depository has been added, the Exchange will now be
represented by two people. The quorum for holding a meeting of the expert
committee shall be at least two thirds of its members. Each member of the expert
committee has one vote. In case of equality of votes, the vote of the chairman
of the expert committee is decisive. At the meeting of the expert committee,
when invited by the authorized body on the basis of the decision of the expert
committee, representatives of financial market entities take part as experts
without the right to vote to express their opinion on the issue under
consideration.
The list of all regulatory legal acts on the securities market is available on
KASE website in the [Rules] –> [Legislation] section at
https://kase.kz/en/legislation/
[2022-11-29]