Article 20. State registration of the issue of shares of a mutual investment fund of the Law on Investment and Venture Funds

Home / RLA / Article 20. State registration of the issue of shares of a mutual investment fund of the Law on Investment and Venture Funds

1. The state registration of the issue of shares of a mutual investment fund is carried out by the authorized body on the basis of the following documents submitted by the management company:

1) an application drawn up in any form, with consent to the use of information constituting a legally protected secret contained in information systems, certified by an electronic digital signature of an authorized person of the management company;

2) copies of the decision on the establishment of a mutual investment fund adopted by the Board of directors or the general meeting of shareholders (the sole shareholder holding all voting shares) of the management company in accordance with its articles of association;

3) the rules of the mutual investment fund approved by the Board of Directors of the fund, the Board of Directors or the general meeting of shareholders (the sole shareholder holding all voting shares) of the management company in accordance with its articles of association;

4) excluded by the Law of the Republic of Kazakhstan dated 07/02/2018 No. 166-VI (effective from 01/01/2019);

5) internal documents of the management company regulating the conditions and procedure of its activities, the activities of the structural divisions and employees of the management company for the creation, operation and termination of the mutual investment fund that comply with the requirements established by the legislation of the Republic of Kazakhstan on the securities market, unless these documents were previously agreed with the authorized body.

1-1. The application and the necessary documents are submitted by the management company in electronic form.

1-2. The state registration of the issue of shares of a mutual investment fund is a set of measures related to the registration of the issue of shares, amendments and (or) additions to the rules of the mutual investment fund.

1-3. The state registration of the issue of shares of a mutual investment fund includes:

1) review of the submitted documents for the state registration of the issue of shares of a mutual investment fund for compliance with the legislation of the Republic of Kazakhstan;

2) entering information about the mutual investment fund and securities, including information about the international identification number (ISIN code), into the State Register of Equity Securities;

3) referral to the management company in electronic form:

certificates of state registration of the issue of shares of a mutual investment fund and the rules of the fund;

the rules of the mutual investment fund, subject to amendments and additions, and the certificate of state registration of the issue of shares of the mutual investment fund (when registering amendments and additions to the rules of the mutual investment fund).

1-4. To coordinate amendments and additions to the rules of the mutual investment fund, the management company submits the following documents to the authorized body in electronic form:

1) an application drawn up in any form, with consent to the use of information constituting a legally protected secret contained in information systems, certified by means of an electronic digital signature of an authorized person;

2) the rules of the fund, subject to amendments and additions;

3) a copy of the decision (protocol) or an extract from the minutes of the meeting of the body on the basis of which amendments and additions were made to the rules of the fund.

2. Excluded by the Law of the Republic of Kazakhstan dated 07/02/2018 No. 166-VI (effective from 01/01/2019).

3. The documents submitted for the state registration of the issue of shares of a mutual investment fund are reviewed by the authorized body within fifteen working days from the date of their submission.

4. In the process of state registration of the issue of shares, the authorized body shall coordinate:

1) Mutual fund rules;

2) internal documents of the management company regulating the conditions and procedure of its activities, the activities of structural divisions and employees of the management company for the creation, operation and termination of the mutual investment fund, meeting the requirements established by the legislation of the Republic of Kazakhstan on the securities market, unless these documents were previously agreed with the authorized body.

3) amendments and additions to the rules of the mutual investment fund.

5. In case of compliance of the submitted documents with the requirements established by the legislation of the Republic of Kazakhstan, the authorized body sends to the management company in electronic form:

certificate of state registration of the issue of shares and the rules of the mutual investment fund (in case of state registration of shares of the mutual investment fund);

the rules of the mutual investment fund, subject to amendments and additions (upon approval of amendments and additions);

certificate of state registration of shares of a mutual investment fund (if the management company is changed and appropriate changes are made to the rules of the mutual investment fund).

6. Decisions of the authorized body on refusal of state registration of the issue of shares of a mutual investment fund are made in the following cases::

1) non-compliance of the submitted documents with the requirements established by the legislation of the Republic of Kazakhstan;

2) the presence of contradictory or unreliable information in the rules of the mutual investment fund, amendments and additions to them and other documents submitted for approval;

3) non-compliance of the management company's activities with the requirements established by the legislation of the Republic of Kazakhstan.

7. The procedure for state registration of the issue of units of mutual investment funds is determined by a regulatory legal act of the authorized body.

The Law of the Republic of Kazakhstan dated July 7, 2004 No. 576.

This Law defines the legal status, specifics of the creation, operation, reorganization and liquidation of a joint-stock investment fund, the conditions and procedure for the creation, operation and termination of a mutual investment fund, the specifics of the legal status and activities of venture funds in the Republic of Kazakhstan, regulates relations related to the activities of professional securities market participants to ensure the functioning of investment funds, and It also defines the procedure for state regulation of investment funds.

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