From October 5 amendments to Regulations on Membership come into effect: KASE
Friday, 2 October 2020Kazakhstan Stock Exchange Posted
Following a decision of the Board of Directors of Kazakhstan Stock Exchange (KASE) or the Exchange) dated September 30, 2020, changes and additions No. 1 (amendments) to KASE’s internal document “Regulations on Membership” (Regulations), which come into effect from October 5, 2020, were approved. Said amendments provide for the following: – updating the name of the authorized body due to the reorganization of the National Bank of Kazakhstan by separating from it the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market; – bringing certain provisions of the Regulations in line with the Act of the Republic of Kazakhstan “On the Securities Market” and KASE’s internal documents; – the introduction of a norm specifying the responsibility of the Exchange when a member of KASE provides information on its activities; – imposing a sanction against a member of KASE who is a clearing participant for failure to provide or untimely provision of information about his risk management system; – change of the norm stipulating the admission period for members of KASE of the “stock” category to perform repo transactions due to the Exchange performing the functions of the central counterparty in the stock market. According to the new edition, admission to the repo market is possible after a member of KASE is assigned the status of a clearing participant in the stock market in accordance with the Exchange’s internal document “Rules of execution of clearing activities on deals in financial instruments”; – introduction of a norm according to which the Exchange’s Management Board has the right to strip of KASE members upon voluntary withdrawal, liquidation or termination of the license of a member of KASE (at present, such right is reserved exclusively for the Board of Directors); – amendments to the list of requirements for candidates for KASE membership – foreign legal entities. Also, said amendments to the Regulations on Membership introduce procedural specifications and editorial corrections.
The revised Regulations will be released on KASE website soon at https://kase.kz/files/normative_base/members_eng.pdf