Article 14. The specifics of issuing bonds of a special financial company during securitization The Law on Project Financing and Securitization

Home / Laws / Article 14. The specifics of issuing bonds of a special financial company during securitization The Law on Project Financing and Securitization

The footnote. Title as amended by the Law of the Republic of Kazakhstan dated 12.01.2012 No. 539-IV (effective after ten calendar days after its first official publication).

1. In addition to the requirements of the legislation of the Republic of Kazakhstan on the securities market, the bond issue prospectus or private memorandum, or the bond program prospectus, or the bond issue prospectus or private memorandum within the bond program of a special financial company must contain the following information:

1) the name and location of the originator, the custodian bank, the investment portfolio manager, the special financial company, and the person collecting payments for assigned claims;

2) the subject of the activity, rights and obligations of the originator in the securitization transaction;

3) characteristics of the rights of claim, conditions, procedure and terms of receipt of money for the rights of claim included in the allocated assets, and the procedure for monitoring their execution;

4) the procedure for investing temporarily available income on allocated assets;

5) Excluded by the Law of the Republic of Kazakhstan dated 07/12/2022 No. 138-VII (effective sixty calendar days after the date of its first official publication). 6) Excluded by the Law of the Republic of Kazakhstan dated 07/12/2022 No. 138-VII (effective sixty calendar days after the date of its first official publication). 7) Excluded by the Law of the Republic of Kazakhstan dated 07/12/2022 No. 138-VII (effective sixty calendar days after the date of its first official publication). 8) Excluded by the Law of the Republic of Kazakhstan dated 07/12/2022 No. 138-VII (effective sixty calendar days after the date of its first official publication).

9) about additional security;

10) Excluded by the Law of the Republic of Kazakhstan dated 07/12/2022 No. 138-VII (effective sixty calendar days after the date of its first official publication).

11) criteria for the uniformity of rights of claims;

12) the order and order of payment of remuneration and repayment of bonds of various issues issued within the framework of the same bond program (indicated in the prospectus of the bond program and the prospectus of the bond issue or a private memorandum within the framework of the bond program);

13) excluded by the Law of the Republic of Kazakhstan dated 12.01.2012 No. 539-IV (effective after ten calendar days after its first official publication);

14) the procedure and order of satisfaction of the claims of bondholders of a special financial company in the event of bankruptcy of a special financial company.

2. The prospectus of the bond issue or the private memorandum of the special financial company is accompanied by the auditor's report of the originator for the last financial year, the contract of assignment of the rights of claim under this securitization transaction concluded between the originator and the special financial company.

In the absence of the originator's audit report for the last financial year, the special financial company submits to the authorized body a copy of the originator's financial statements for the last reporting quarter before submitting documents for state registration of the bond issue.

3. Excluded by the Law of the Republic of Kazakhstan dated 07/12/2022 No. 138-VII (effective sixty calendar days after the date of its first official publication).

4. A representative of the bondholders of a special financial company must not be an affiliated person of the originator.

The Law of the Republic of Kazakhstan dated February 20, 2006 No. 126.

This Law establishes the legal basis and conditions for project financing and securitization in the Republic of Kazakhstan, defines the specifics of the assignment of claims and the legal regime of property in project financing and securitization, the legal status of a special financial company, as well as the legal basis and conditions for syndicated financing.

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Republic of Kazakhstan

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