[Adopted by the Supreme Soviet of the Republic Kazakhstan, 14 April 1993. Sovety Kazakhstana, 25 May 1993, p. 2]
The present Law shall determine the principles of effectuating currency operations on the territory of the Republic Kazakhstan, the rights and duties of subjects of currency relations, and responsibility for a violation of currency legislation. The principal tasks of the system of currency regulation shall be:
- support of the specified procedure for the settlement of accounts
in the national currency of the Republic Kazakhstan;
- the preparation and introduction of a market exchange rate for the national
currency of the Republic Kazakhstan;
- the introduction of convertibility with regard to current currency operations
and ensuring the proper procedure for conducting external payments and
proceeds.
Section 1. General Provisions
Article 1. Basic Concepts
The concepts used in the present Law shall mean the following:
1. "Currency" - the various monetary units adopted by States as legal means of payment or official standards of value in the form of banknotes and coins, including from precious metals (including those withdrawn or removed from circulation, but subject to exchange for monetary notes in circulation), and also assets in accounts, including in international monetary or settlement units.
2. "Currency of the Republic Kazakhstan" - the monetary unit as the legal means of payment obligatory for acceptance on its territory.
3. "Foreign Currency" - monetary units of foreign States (legal means of payments).
4. "Convertible Foreign Currency" - the currency of another State which is on the list of currencies possessing convertibility published by the National Bank of the Republic Kazakhstan (hereinafter: NatBank).
5. "Residents":
(a) natural persons having a permanent place of residence in the Republic Kazakhstan, including those temporarily abroad;
(b) all juridical persons created in accordance with legislation of the Republic Kazakhstan with a location in the Republic Kazakhstan, and also their branches and representations with a location in the Republic Kazakhstan;
(c) diplomatic, trade, and other official representations of the Republic Kazakhstan abroad, and also other representations not having the status of a juridical person and not effectuating economic or other commercial activity.
6. "Nonresidents" - all juridical and natural persons in the Republic Kazakhstan or abroad, and also their branches and representations not specified in the concept of "residents."
7. "Currency valuables":
(a) currency;
(b) securities and payment documents expressed in foreign currency, including, but not exclusively: cheques, bills of exchange, traveller's cheques, letters of credit, deposit certificates, stocks, bonds, share certificates, and others;
(c) precious metals - gold, platinum, and metals of the platinum group in the form of ingots, old coinage, semi-fabricates, except those used in dental technology, and also manufactures of such metals, except for jewellery and other domestic manufactures.
8. "Currency operations":
(a) operations connected with the transfer of the right of ownership and other rights to currency valuables, including operations connected with the use of foreign currency and payment documents in foreign currency as a means of payment;
(b) the import and sending to the Republic Kazakhstan, and also the export and sending by any means from the Republic Kazakhstan of currency valuables;
(c) the effectuation of international banking and postal transfers.
9. "Current currency operations":
(a) transfers to the Republic Kazakhstan and from the Republic Kazakhstan for the settlement of accounts without delay of payments relating to the export and import of goods and services;
(b) the effectuation of the settlement of accounts connected with the crediting of export-import operations for a period of not more than 180 days;
(c) the granting and receipt of official credits for a period of not more than 180 days;
(d) the transfer and receipt of dividends, interest, and other revenues relating to contributions, investments, loans, and other operations;
(e) transfers to the Republic Kazakhstan and from the Republic Kazakhstan of a non-trade character, including transfers of amount of earnings, pensions, inheritances, alimony, and others.
10. "Currency Operations Connected with the Movement of
(a) direct investments (investment of capital having the basic purpose of the acquisition directly or indirectly Or control over a juridical person);
(b) portfolio investments (investments of capital whose basic purpose is the receipt of revenues on the invested capital);
(c) transfers to pay up property and other rights to an immovable;
(d) the granting and receipt of a delay of payment relating to the export and import of goods and services for a period of more than 180 days;
(e) the granting and receipt of financial credits for a period of more than 180 days;
(f) all other currency operations which are not current currency operations.
11. "Empowered Banks" - banks and other credit institutions who have received a license of the Nat Bank to conduct currency operations.
12. "Exchange points" - juridical persons having a license of the NatBank to effectuate exchange operations with cash currency.
13. "Currency Regulation" - includes the working out of normative acts, collection of information, control over compliance with currency legislation, and the application of sanctions to persons who have permitted a violation of currency legislation.
Article 2. Sphere of Application Or Law
The present Law shall apply to the regulation of relations arising in connection with:
(a) the settlement of accounts relating to operations in the currency of the Republic Kazakhstan, and also in foreign currency in the Republic Kazakhstan;
(b) currency operations occurring in the Republic Kazakhstan, and also conducted by residents of the Republic Kazakhstan abroad.
Section II. Currency Regulation
Article 3. Powers of Agencies of State Power in Domain Of Currency Regulation
1. The President and Cabinet of Ministers of the Republic Kazakhstan shall within the limits of their competence adopt normative acts in the domain of currency regulation which are not contrary to the provisions of the present Law.
2. The National Bank of the Republic Kazakhstan shall be the principal agency of currency regulation in the Republic Kazakhstan.
3. The National Bank of the Republic Kazakhstan shall effectuate the functions of currency regulation in accordance with Article 25 of the Law of the Republic Kazakhstan "On the National Bank of the Republic Kazakhstan."
Article 4. Operations with Foreign Currency in Republic Kazakhstan
1. All contracts and operations between residents must be concluded and effectuated only in the currency of the Republic Kazakhstan except for instances provided for by the Rules on Currency Operations.
2. The settlement of accounts between residents shall be effectuated in the currency of the Republic Kazakhstan without limitations.
3. Residents shall have the right to purchase foreign currency on the internal currency market of the Republic Kazakhstan in the procedure and for the purposes specified by the NatBank.
4. The purchase and sale of foreign currency in the Republic Kazakhstan shall be through empowered banks and exchange points in the procedure determined by the NatBank.
The purchase and sale of foreign currency while bypassing empowered banks and exchange points shall not be permitted.
5. Account settlement operations between residents and non-residents on the territory of the Republic Kazakhstan shall be effectuated by agreement of the parties in any currency in accordance with the Rules on Currency Operations.
Article 5. Accounts Or Residents and Nonresidents in Banks
1. Residents may have accounts in foreign currency in empowered banks in the procedure established by the NatBank. Foreign currency received by residents shall be subject to obligatory crediting in their accounts in empowered banks unless provided otherwise in an authorization of the NatBank received by the particular juridical person.
2. Residents may have accounts in foreign currency in foreign banks in the presence of an authorization of NatBank.
3. Nonresidents may have accounts in foreign currency and in the currency of the Republic Kazakhstan in empowered banks in the procedure established by NatBank.
Article 6. Movement of Currency Valuables Abroad
1. The import of currency valuables by residents or nonresidents shall be effectuated without limitations.
2. Imported currency valuables shall be subject to declaration at customs in instances of exceeding the established minimum amount of such valuables determined by NatBank.
3. Residents may export foreign currency in accordance with the rules determined by NatBank.
4. The export by nonresidents of currency shall be in accordance with the declaration drawn up upon the import. In the event of exceeding the amount specified in the declaration when importing, the person must present a document from an empowered bank confirming the legality of receiving the amount being exported.
5. The import and export of currency valuables, besides currency or securities, shall be effectuated in the procedure determined by the Cabinet of Ministers of the Republic Kazakhstan.
Article 7. Operations Whose Performance Requires Preliminary Registration at the National Bank of Republic Kazakhstan
Preliminary registration at NatBank shall be required when performing:
- currency operations connected with the movement of capital. Operations connected with investments abroad shall be regulated by a separate normative act adopted by the Cabinet of Ministers of the Republic Kazakhstan;
- the granting and receipt of loans and credits by residents abroad in foreign currency.
Section III. Exchange Operations in the Republic Kazakhstan
Article 8. Exchange Rate
1. The exchange rate of the currency of the Republic Kazakhstan with monetary units of foreign States shall be determined by the NatBank on the basis of market currency exchange operations and shall be published in the press.
2. Exchange rates for the sale and purchase of foreign currency for the equivalent currency of the Republic Kazakhstan shall be determined by the purchaser and seller autonomously.
Article 9. Exchange Operations
1. With respect to exchange operations which are conducted in regard to own accounts, each empowered bank may freely purchase and sell foreign currency both in the Republic Kazakhstan and abroad, proceeding from their positions with regard to the foreign currency.
2. Operations relating to the purchase-sale of foreign currency shall be effectuated only by empowered banks and exchange points.
3. Operations relating to purchase-sale of foreign currency by empowered banks also may be effectuated through NatBank.
4. The purchase and sale of foreign currency shall, without a license of NatBank, not be permitted while bypassing empowered banks and exchange points.
Article 10. Purchase of Foreign Currency
1. Every resident shall have the right to purchase foreign currency for an equivalent amount of currency of the Republic Kazakhstan on condition that this foreign currency is necessary in order to effectuate current currency operations abroad or in the Republic Kazakhstan in the procedure established by NatBank.
2. A nonresident shall have the right to purchase foreign currency on condition that the assets used when paying for foreign currency in the Republic Kazakhstan are a receipt from a current payment received by him from a resident in the Republic Kazakhstan in accordance with the regime of accounts established by NatBank.
Article 11. Sale Or Foreign Currency
1. Residents and nonresidents shall have the right to sell foreign currency in the Republic Kazakhstan in the procedure determined by NatBank through empowered banks and exchange points in exchange for an equivalent amount of the currency of the Republic Kazakhstan.
2. Every resident-recipient of currency proceeds from abroad or from a nonresident in the Republic Kazakhstan shall sell in the procedure established by NatBank the amounts received in foreign currency from any proceeds of such nature in exchange for an equivalent amount in the currency of the Republic Kazakhstan, except for those instances when the amounts received in foreign currency are placed by the recipient in a currency account of an empowered bank and shall be kept at his disposition for current payments abroad when there is an authorization of NatBank.
Section IV. Procedure for External Payments
Article 12. Current Payments and Transfer of Revenues
1. The effectuation of current currency operations between residents and nonresidents shall be without limitations.
2. Current currency operations and operations connected with the movement of capital must be effectuated in the procedure established by NatBank taking world practice into account.
Article 13. Accounts Abroad
1. Empowered banks may have correspondent accounts in foreign banks for operations conducted with regard to own accounts and the account of residents and nonresidents.
2. NatBank may demand any information which it considers to be necessary in order to defend the interests of the Republic Kazakhstan with respect to payments and proceeds being effectuated through accounts abroad.
Article 14. Conditions for Payment of Contracts for Export of Goods, Services, and Capital
1. Payments for the export of goods, services, and capital from the Republic Kazakhstan shall be effectuated by means of the transfer of an export receipt through one of the empowered banks as the recipient bank.
2. Upon the receipt of foreign currency as an export receipt the recipient must transfer these assets through an empowered bank in accordance with Article 11 of the present Law.
Article 15. Issuance of License
1. NatBank shall, on condition of compliance with the technical and skills requirements, and also where there is an organisational structure, issue a license for the right to perform operations in foreign currency to the following subjects:
(a) any bank as an empowered bank;
(b) any juridical person, as an exchange point.
2. NatBank shall determine the minimum amount of the charter fund necessary for banks to receive the status of an empowered bank.
3. NatBank shall keep a register of empowered banks and publish it in the press.
Article 16. Limitation and Revocation of Licenses
NatBank may limit the right to conduct operations with foreign currency or to annul this right wholly if an empowered bank or exchange point does not fulfil the conditions on which the license was received by them.
Section Vl. Reports. Responsibility for Violation of Currency Legislation
Article 17. Reports on Currency Operations and Submission of Information
1. The procedure and forms for records and reports relating to currency operations shall be established by NatBank by agreement with the State Committee for Statistics and Analysis and by the Ministry of Finances of the Republic Kazakhstan, which shall be binding for execution by all juridical and natural persons in the Republic Kazakhstan.
2. All juridical and natural persons in the Republic Kazakhstan shall be obliged to submit to NatBank and to an empowered bank the information needed by them and documents for the purposes of ensuring compliance with the present Law, which shall not be subject to divulgence.
Article 18. Responsibility for Violation of Currency Legislation
Officials of juridical persons-residents, including empowered banks, and also natural persons guilty of a violation of currency legislation, shall bear responsibility in accordance with the norms of criminal and civil legislation of the Republic Kazakhstan.
Article 19. Fulfilment of International Obligations
For the purposes of the fulfilment of international obligations the President of the Republic Kazakhstan shall have the right to adopt a decision binding for execution by NatBank regarding the limitation or suspension of any currency operations.
Article 20. External Debt
1. The Supreme Soviet of the Republic Kazakhstan annually shall, when confirming the republic budget of the Republic Kazakhstan, determine the maximum ceiling of external indebtedness of the Republic Kazakhstan and the maximum ceiling of guarantees of the Republic Kazakhstan (sovereign guarantees) issued under external loans.
2. Within the framework of the confirmed ceiling the President of the Republic Kazakhstan shall have the right to delegate to the Cabinet of Ministers of the Republic Kazakhstan or other empowered agency the powers to conduct negotiations and to sign international treaties on loans with a guarantee of the Republic Kazakhstan granted to the Republic Kazakhstan or other borrowers in the Republic Kazakhstan by international organizations of which the Republic Kazakhstan is a member.
The same regime shall extend to other loans received under a guarantee of the Republic Kazakhstan.
Article 21. Procedure for Settlement of Disputes
All disputes arising in the domain of currency regulation between the subjects of currency relations shall be settled in a judicial procedure in accordance with legislation of the Republic Kazakhstan and international treaties.
[Adopted by the Kazakh SSR Supreme Soviet, 11 June 1991; as amended 7 April 1993. Vedomosti KazSSR (1991), no. 24, item 286; Sovety Kazakhstana, May 1993]
The present Law determines the general legal and organisational conditions and the procedure for the issuance and circulation of securities and the basic principles for the functioning of the stock exchange. The Law regulates the procedure for the effectuation of entrepreneurship land middleman activity in the sphere of the circulation of securities and is directed towards their activisation under conditions of diversity and equality of the forms of ownership.
Section I. General Provision
Article 1. Concepts Used
In the present Law the following concepts shall be used:
- securities: monetary documents certifying the right of possession or relations of loan which determine the mutual relations between the person which issued these documents and their possessor and providing, as a rule, for the payment of revenue in the form of dividends or interest, and also the possibility of the transfer of monetary and other rights arising from these documents;
- stock: security certifying the making by a juridical or natural person of a specified contribution to the charter fund of the joint-stock society confirming the participation of its possessor in the ownership of the particular society and giving him the right to receive part of the profit in the form of a dividend;
Article 20. External Debt
1. The Supreme Soviet of the Republic Kazakhstan annually shall, when confirming the republic budget of the Republic Kazakhstan, determine the maximum ceiling of external indebtedness of the Republic Kazakhstan and the maximum ceiling of guarantees of the Republic Kazakhstan (sovereign guarantees) issued under external loans.
2. Within the framework of the confirmed ceiling the President of the Republic Kazakhstan shall have the right to delegate to the Cabinet of Ministers of the Republic Kazakhstan or other empowered agency the powers to conduct negotiations and to sign international treaties on loans with a guarantee of the Republic Kazakhstan granted to the Republic Kazakhstan or other borrowers in the Republic Kazakhstan by international organisations of which the Republic Kazakhstan is a member.
The same regime shall extend to other loans received under a guarantee of the Republic Kazakhstan.
Article 21. Procedure for Settlement of Disputes
All disputes arising in the domain of currency regulation between the subjects of currency relations shall be settled in a judicial procedure in accordance with legislation of the Republic Kazakhstan and international treaties.
[Adopted by the Kazakh SSR Supreme Soviet, 11 June 1991; as amended 7 April 1993. Vedomosti KazSSR (1991), no. 24, item 286; Sovety Kazakhstana, May 1993]
The present Law determines the general legal and organisational conditions and the procedure for the issuance and circulation of securities and the basic principles for the functioning of the stock exchange. The Law regulates the procedure for the effectuation of entrepreneurship land middleman activity in the sphere of the circulation of securities and is directed towards their activisation under conditions of diversity and equality of the forms of ownership.
Section 1. General Provisions
Article 1. Concepts Used
In the present Law the following concepts shall be used:
- securities: monetary documents certifying the right of possession or relations of loan which determine the mutual relations between the person which issued these documents and their possessor and providing, as a rule, for the payment of revenue in the form of dividends or interest, and also the possibility of the transfer of monetary and other rights arising from these documents;
- stock: security certifying the making by a juridical or natural person of a specified contribution to the charter fund of the joint-stock society confirming the participation of its possessor in the ownership of the particular society and giving him the right to receive part of the profit in the form of a dividend;
- bond: security certifying the granting by a juridical or natural person of monetary assets to the emittent and confirming the obligation of the last to compensate the par value of this security to its possessor within the period provided therein with the payment of the interest specified;
- treasury obligation of the State: type of bond confirming the deposit of cash assets to the budget by its possessor;
- bank certificate: security certifying the depositing by a juridical or natural person of cash assets in a bank or other credit institution and confirming the right of its possessor to receive the deposit and interest on it upon the expiration of an established period;
- emission: the issuance of securities into circulation;
- emittent: State or juridical person which issues securities in its own name and is obliged to fulfil the obligations provided for in the conditions of the issuance thereof;
- investor: juridical or natural person which has invested assets for the purchase of securities;
- dealer: juridical or natural person engaging in middleman activity on the securities market for his own account;
- broker: juridical or natural person engaging in middleman activity on the securities market at the expense of the assets of a client;
- official broker: official of stock exchange engaging in middleman activity in the person of the stock exchange on behalf of and at the expense of clients;
- stock exchange: organisationally formalised, regularly functioning market in which trade in securities is effectuated according to specified rules.
Article 2. Objects of Securities Market
The objects of transactions in the securities market of the Kazakh SSR shall be:
- stocks, bonds, treasury obligations, bank certificates, bills of exchange, cheques, and other securities issued in accordance with legislation of the Kazakh SSR;
- securities issued in accordance with legislation of the USSR;
- securities issued in accordance with legislation of the union republics and foreign States, the circulation of which is permitted by the Kazakh SSR Ministry of Finances.
Article 3. Subjects of Securities Market
The subjects of the securities market shall be agencies of State administration and juridical and natural persons fulfilling the functions of emittents, dealers, brokers, and investors.
Section II. Circulation of Securities
Article 4. Regulation of Issuance and Circulation of Securities
1. Republic and local agencies of State administration and juridical persons shall possess the right to emit stocks, bonds, treasury obligations, and other securities on the territory of the Kazakh SSR.
2. The conditions and procedure for the issuance, placement, and circulation of State bonds and treasury obligations shall be established by the Kazakh SSR Supreme Soviet.
3. The conditions and procedure for the issuance, placement, and circulation of stocks and bonds of juridical persons (or enterprises) shall be established by the Cabinet of Ministers of the Kazakh SSR. The registration of the said securities shall be effectuated by the Kazakh SSR Ministry of Finances within a period not exceeding 30 calendar days.
A refusal of registration may ensue only in the instances of a violation of the confirmed procedure for registration or in the event of the failure of the documents submitted to conform to the established requirements.
A refusal of registration for reasons of the inadvisability of issuing them shall not be permitted.
4. The conditions and procedure for the issuance and circulation of bank certificates, bills of exchange, cheques, and other payment documents shall be established by the State Bank of the Kazakh SSR.
5. The emittents of securities shall be obliged to provide necessary measures for the protection thereof against forgeries and adulteration.
Article 5. Procedure for Conducting Middleman Operations With Securities
An authorisation (or license) for the right to conduct middleman activity (or fulfil the functions of a dealer or broker) on the securities market of the Kazakh SSR shall be granted to juridical and natural persons by the Kazakh SSR Ministry of Finances in the procedure established by it.
Article 6. Investors on Securities Market
Investors may be any juridical or natural persons, including foreign. The acquisition by foreign investors of securities issued in accordance with legislation of the Kazakh SSR shall be effectuated when there is a license issued by the Ministry of Foreign Economic Relations of the Kazakh SSR by agreement with the Kazakh SSR Ministry of Finances.
Article 7. Responsibility Or Participants of Securities Market
1. Losses incurred by an investor as a consequence of the provision of unreliable information or unlawful activities of emittents, dealers, brokers, or the stock exchange shall be compensated by the guilty party.
2. The workers of State agencies of power and administration who use employment information relating to the activity of the stock exchange in their own interests or in the interests of third persons shall bear responsibility in accordance with legislation of the Kazakh SSR.
Section III. Stock Exchange
Article 8. Creation and Registration of Stock Exchange
1. A stock exchange shall be organised in the form of a joint-stock society and shall be a juridical person according to the legislation of the Kazakh SSR. Its basic task shall be the creation of conditions for the effective effectuation of stock exchange operations relating to the purchase and sale of securities for the purpose of ensuring the redistribution of temporarily free cash assets in order to rationally use them. A stock exchange shall be independent in its activity from the executive and administrative agencies of State power and administration and shall be guided by legislation of the Kazakh SSR and by the Charter of the stock exchange.
2. The founders of a stock exchange may be juridical persons who have an authorisation (or license) for the right to conduct middleman activity on the securities market of the Kazakh SSR.
3. A stock exchange shall be founded with a charter fund of not less than 10 million rubles with the participation of not less than twenty founders who have an equal number of stocks of the stock exchange
4. Juridical and natural persons may be members (or stockholders) of a stock exchange, including foreign, who have acquired stocks of the stock exchange. The decision concerning admission to membership of a stock exchange shall be adopted by the Stock Exchange Council.
5. Attached to a stock exchange there may be created subdivisions which fulfil the functions of goods and currency exchanges and operate according to the respective legislation of the Kazakh SSR.
6. The registration of a stock exchange shall be effectuated by the Kazakh SSR Ministry of Finances. From the moment of registration a stock exchange shall acquire the rights of a juridical person.
Article 9. Charter of Stock Exchange
A stock exchange shall function on the basis of a Charter adopted by the stockholder meeting. The Charter of a stock exchange must contain:
- the name and location of the stock exchange;
- the subject of activity of the stock exchange;
- the rights, duties, and structure of the organs of administration of
the stock exchange, the procedure for forming them, and the functions and
mechanisms for the adoption of decisions by them;
- the composition of the founders, the amount of the Charter Fund, and
a list of other funds being formed by the stock exchange;
- the procedure for admitting members to the stock exchange and the suspension
and termination of membership;
- the procedure for the distribution of profit, compensation of losses,
and also the termination of the activity of the stock exchange.
Article 10. Stock Exchange Revenues and Operations
1. The revenue of a stock exchange shall be formed at the expense of fees from the registration of stock exchange transactions, commissions for mediation in securities operations, and revenues from information and other services provided for by the Charter of the stock exchange.
2. The right to conclude transactions on the stock exchange in its name shall be granted to stock exchange official brokers who have received the authorisation of the Kazakh SSR Ministry of Finances. An official stock exchange broker shall conclude transactions on behalf of and at the expense of the assets of a client and must not have a personal interest in the operations of his clients.
3. Dealers and brokers who are participants of stock exchange operations shall effectuate securities transactions within the limits of the assets in accounts opened by them at the stock exchange or within the limits of amounts secured by guarantees.
4. Securities shall be traded on the stock exchange which are permitted by the Stock Exchange Council for quoting on the stock exchange.
5. The rules of stock exchange trade shall be confirmed by the general stockholder meeting of the stock exchange.
The rules must contain the following provisions:
- the procedure for trade and the types of transactions concluded on
the stock exchange;
- the procedure for forming prices and exchange rates of the stock exchange,
and the means of publishing them;
- the duties of the participants of stock exchange operations relating
to recording and registering transactions;
- the procedure and means of settling accounts;
- the procedure for the settlement of stock exchange disputes;
- the days and time of work of the stock exchange.
6. The maximum level of commission (in percentages of turnover) dealers and brokers for mediation when placing and for securities transactions on the stock exchange shall be regulated by the Stock Exchange Council of the stock exchange.
7. The participants of stock exchange operations shall comply with the established rules for securities transactions and bear material and other responsibility in accordance with legislation of the Kazakh SSR and the Charter of the stock exchange.
Article 11 . Administration of Stock Exchange
1 . The administration of the stock exchange shall be effectuated by the general stockholder meeting, the Stock Exchange Council, and the Board, consisting of the chairman, deputy chairmen, and members. Not less than one member of the Stock Exchange Council must be elected from among the representatives of the investors and emittents quoted on a securities stock exchange. Members of the Stock Exchange Council may be executive workers from not more than one stockholder of the stock exchange or emittent of securities quoted on the stock exchange.
Executive workers of agencies of State power and administration may not be elected to the Council or to the Board of the stock exchange.
The structural subdivisions with regard to major questions of stock exchange activity shall be created by the stock exchange.
2. The stock exchange in the person of the leadership shall bear responsibility for compliance in its activity with legislation of the Kazakh SSR and the Charter of the stock exchange.
3. The chairman of the Board of the stock exchange and its deputies shall represent the stock exchange before third persons, a court, and agencies of power and administration.
Article 12. Termination Or Activity of Stock Exchange
The activity of a stock exchange shall be terminated:
- by decision of the general stockholder meeting;
- on the basis of a decision of juridical agencies.
Section IV. State Regulation of Circulation of Securities
Article 13. Organisation of Control over Securities Operations
1. Control over the issuance and circulation of securities on the territory of the republic shall be effectuated by the Kazakh SSR Ministry of Finances.
Verifications of operations on the securities market shall be effectuated by State financial control agencies [added 7 April 1993].
2. The Kazakh SSR Minister of Finances shall appoint a State commissar as the representative of the Kazakh SSR Ministry of Finances on the stock exchange who is empowered to effectuate supervision over compliance in the course of stock exchange activity with the requirements of legislation and the Charter of the stock exchange and having the right to be present at conferences (or meetings) of the organs of administration of the stock exchange.
3. The Kazakh SSR Ministry of Finances and Committee of State Financial Control shall have the right to request necessary information concerning securities operations from participants of the securities market [as amended 7 April 1993].
4. The Kazakh SSR Ministry of Finances may, in the event of a violation of legislation, the Charter of the stock exchange, or the conditions specified in authorisations (or licenses) issued by it, take the following measures:
- suspend or limit the emission and circulation of securities;
- suspend or annul an authorisation (or license) issued for conducting
middleman activity with securities;
- submit a petition to judicial agencies concerning termination of the
activity of a stock exchange.
Article 14. Claims Against Agencies of State Regulation
Claims of juridical and natural persons against unlawful actions and decisions of the Kazakh SSR Ministry of Finances affecting the issuance and circulation of securities shall be considered by a court or arbitrazh.