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KEY SECURITIES LEGISLATION CHANGES IN KAZAKHSTAN YOU NEED TO KNOW FOR 2019

04 January 2019
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With effect from January 2019, the functions of the Unitary Registrar were transferred to the Central Securities Depository, including the functions of maintaining the registry system of holders of issuing corporate securities, as amended, in the Securities Market Acts and On Joint-Stock Companies.

It is anticipated that the creation of a unified database of all securities holders on the basis of the Central Depository will significantly simplify procedures and reduce the time of registration of securities transactions, as well as the costs of issuers and investors due to tariff revisions.

Kazakhstan optimized the authorization procedures on issuance of non-state equity securities to promote the issuers to enter the securities market. The following items are worthy of mention:

  • Processing time for consideration by the authorized body of documents submitted for state registration of issuing non-government securities reduced to 5 to 15 working days.
  • The number of procedures related to amendments to draft securities issues has been reduced; in particular, the requirements for changes, which are published in the financial statements depository, are excluded.
  • The requirements for the content of the summary of the prospectus for the issuance of non-state equity securities have been optimized.
  • The package of documents submitted to the authorized body for state registration of the issue of non-state issuable securities is reduced. In addition, the issuer would not submit the documents if they were previously posted on the Internet resource of the financial statements depository. 

In addition, permitting procedures related to the placement and redemption of non-state equity securities have been significantly liberalized, including canceling some types of reporting provided by issuers or investors to the National Bank. In particular:

  • A person who  intends to acquire 30 or more percent of the voting shares of a joint stock company does not  need to notify the National Bank about this.
  • Requirements for submission of reports on the results of the placement of private bonds and shares to the national bank are excluded.
  • The reporting of the results of the redemption of non-state bonds by issuers was changed to a system of notification.
  • The reporting period to provide reports on the results of the placement of shares to the National Bank was extended from 6 months to 12 months, and the package of documents submitted for approval of the report on the results of shares placement was reduced.

Also, in order to bring the national system of identification of securities in accordance with international practice, the transition from national identification numbers assigned to securities by the National Bank to international identification numbers (ISIN codes) is provided, ISIN codes will be assigned by the Central Depository from January 1, 2019

The National Bank reports that the relevant regulatory legal acts have been adopted that establish the procedure and conditions for conducting licensing procedures related to the issuance of non-state equity securities, their placement and (or) redemption, which are available at the website of the National Bank.

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