Article 19. Representative of the bondholders The Law on the Securities Market
1. When issuing, placing, circulating and redeeming secured, infrastructural or mortgage–backed bonds or bonds within the framework of a securitization transaction, the interests of bondholders are represented before the issuer by a representative of the bondholders (hereinafter referred to as the representative).
The issuer selects a representative independently from among professional participants in the securities market engaged in custodial and/or brokerage and dealer activities in the securities market.
The representative must not be an affiliated person of the issuer.
2. The procedure for a representative to perform his functions and duties, the requirements for the content of an agreement on representing the interests of bondholders concluded between the issuer and the representative, the procedure and cases of early termination of the representative's powers, as well as the time limits for submitting information to the authorized body in accordance with subparagraph 5) of paragraph 1 of Article 20 of this Law shall be established by a regulatory legal act of the authorized body..
3. The requirements of this article do not apply to the issue, placement, circulation and repayment of bonds subject to private placement.
The Law of the Republic of Kazakhstan dated July 2, 2003 No. 461.
This Law regulates public relations arising in the process of issuing, placing, circulating and redeeming equity securities and other financial instruments, the specifics of the creation and operation of securities market entities, defines the procedure for regulating, controlling and supervising the securities market in order to ensure the safe, open and effective functioning of the securities market, and the protection of investors' rights. and holders of securities, fair competition of securities market participants.
President
Republic of Kazakhstan
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