Latest updates

Dual listing requirements answer some questions, but raise others
  • Kazakhstan
  • 11 September 2012

The Law on Securities Markets 2007 sets forth the dual listing requirements for legal entities that wish to place their securities on a foreign stock exchange. The law specifies the conditions under which resident entities may issue shares outside Kazakhstan, but also raises questions as to which entities are subject to it and whether it applies to previously issued shares in addition to new issuances, among other things.

New RFCA Listing Rules
  • Kazakhstan
  • 29 July 2008

The Agency for the Regulation of the Activity of the Regional Financial Centre Almaty (RFCA) has developed new listing rules for the special trading platform of the RFCA. The new rules do not apply to the entire Kazakhstan Stock Exchange, but similar regulations are due to be introduced by September 2008.

Revised Securities Market Law Simplifies IPOs
  • Kazakhstan
  • 17 October 2006

Parliament recently amended the Law on Securities Markets to simplify international public offerings of Kazakh companies. The revised provisions have been successfully tested in the initial public offering of the production arm of Kazakhstan's state oil and gas company on the London Stock Exchange.

New Currency Control Rules Boost Securities Transactions
  • Kazakhstan
  • 31 January 2006

In a major step towards the liberalization of currency operations and the export of capital, Kazakhstan adopted a new currency control law in June 2005. In December 2005 the National Bank introduced a number of regulations which clarified the new provisions and expanded the range of foreign investments and derivative transactions open to Kazakh investors, removing the need for a licence from the national bank.

Non-resident Entities to Join Kazakhstan Stock Exchange
  • Kazakhstan
  • 24 January 2006

A new regulation permits certain qualified non-residents to become members of the Kazakhstan Stock Exchange, the country's only securities trading establishment. However, the membership requirements include the existence of certain information exchange agreements between Kazakhstan and the non-resident member's country of incorporation; as yet, there are no such treaties with other jurisdictions.

Subordinated Debt Obligations Included in Tier 1 Capital
  • Kazakhstan
  • 24 January 2006

The National Bank of Kazakhstan has approved regulatory amendments which introduce the concept of termless (hybrid) subordinated debt obligations which may be included in Tier 1 capital. This new provision is intended to address the shortage of capital for banks, a consequence of the explosive growth in bank assets brought about by high oil prices and the overall expansion of Kazakhstan's economy.

New Legislation Limits Securities Placement Abroad
  • Kazakhstan
  • 20 September 2005

In a move to restrict the influx of funds into Kazakhstan, and into the domestic property market in particular, the Kazakh Parliament has recently approved a number of changes to the legislation governing the securities market.

New Rules for Investment Funds
  • Kazakhstan
  • 29 March 2005

In late 2004 the Kazakhstan government adopted a number of regulations setting forth basic investment rules and limits for investment funds to supplement the new Law on Investment Funds. Among other things, it identifies the investment instruments in which funds that are not created as 'risk funds' may invest.

Regulatory Update
  • Kazakhstan
  • 19 October 2004

The Central Depository, which registers transactions and holds securities traded on the Kazakhstan Stock Exchange as a nominal holder, has opened an account with Clearstream Banking Luxembourg to facilitate the accounting of securities and funds of the depository's clients. This long-awaited link with global markets should simplify cross-border securities trading.

Regulatory Update
  • Kazakhstan
  • 20 April 2004

In an unexpected move, the National Bank of Kazakhstan has effectively prohibited the investment of pension assets in debt securities issued by special purpose vehicles (SPVs) owned by Kazakhstan companies, unless such SPVs meet minimum rating requirements identical to those applicable to the securities of other foreign issuers. New rules on depositary receipts have also been approved.

Regulatory Update
  • Kazakhstan
  • 02 September 2003

The new Securities Market Law regulates the issue, placement, circulation and redemption of securities and other financial instruments. The law aims to ensure the efficient operation of the securities markets, protect the interests of investors and safeguard competition. Meanwhile, new rules have been introduced on the management of securities portfolios.

National Bank Issues New Regulations
  • Kazakhstan
  • 09 July 2002

New resolutions issued by the National Bank of Kazakhstan have established rules for evaluating the financial viability and stability of brokers, dealers and securities registrars. The bank has also established new reporting requirements to increase transparency and efficiency in securities market operations.

Regulatory Update
  • Kazakhstan
  • 05 March 2002

A new regulation sets out the rules for the issue, placement, circulation, repayment and servicing of mid-term foreign currency-denominated state securities issued by municipal executive authorities. The list of securities in which pension funds may invest has also been expanded.

Legislative Update April 01 - July 01
  • Kazakhstan
  • 28 August 2001

Recent National Securities Commission regulations of interest to securities market players include new reporting requirements for pension funds and rules on the assignment of national identification numbers to state securities.

Legislative Update January 01 - March 01
  • Kazakhstan
  • 24 April 2001

The National Securities Commission has issued regulations on the placement of international bonds on the Kazakh securities market, and has introduced a standard method for writing off securities in investment accounts. The National Bank of Kazakhstan's authority to deal with securities and derivatives has also been increased.

Legislative Update September 00 - December 00
  • Kazakhstan
  • 16 January 2001

The National Securities Commission recently adopted several new acts aimed at protecting the rights and legally protected interests of investors in the securities market and of fund depositors. They include regulations on second-tier banking activities and pension funds.

Legislative Update
  • Kazakhstan
  • 24 October 2000

The government and the National Securities Commission have adopted a number of new resolutions relating to additional share issuances made by joint stock companies, hard currency-denominated Treasury bills, pension funds and government borrowing. This update has the details.

Overview (August 2000)
  • Kazakhstan
  • 15 August 2000

Including: Legislative Framework; National Securities Commission; Organized Market; Professional Participants and Nominal Holders; Share Transfer; Offering Restrictions; T-Bills; Private Securities; Bonds; NBK Notes; Repos and Reverses; Futures, Forwards, Options & Swaps; Pension Funds; Blue-Chip Programme; Documentation

Legislative Update
  • Kazakhstan
  • 30 May 2000

Over the past 12 months the National Securities Commission of the Republic of Kazakhstan has continued to enact regulations for the further development and implementation of the legal framework that governs securities and the securities market. This update outlines the most important of these.

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