04 July 2003 06:35
KAZAKH PRESIDENT SIGNS SECURITIES MARKET LAW
Kazakh President Nursultan Nazarbayev has signed into law a bill concerning the securities market, the presidential
press service reported on Friday.
The country's parliament had passed the bill last month. It takes force after being published in the official
press.
As reported earlier, citing National Bank of Kazakhstan chief
Grigory Marchenko, existing law acting law passed in 1997 does not
The press service reported that the main aim of the law is
protecting the rights and property interests of investors. In
The law was designed factoring in law enforcement practice of the existing laws on the securities market and on the
registration of deals with securities. It is aimed at improving state regulation of the securities market and legal
relationships in the process of issuing, placing and redeeming investment and derivative securities and other financial
instruments.
correspond to modern development trends and lacks a number of norms required now.
particular, it envisions instances when authorized agencies are in the right to suspend or lift licenses and
establishes a list of commercial secrecy characteristics.
An important aspect of the new securities market law is it expands the list of financial instruments. The document
contains a large number of innovations for market optimization, regulates state registration of stock issues that will
be applied to all stock companies. The law also establishes rules for the state registration of bond issues of various
kinds and lays out the comprehension of derivative securities (futures, options or swaps).
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