Article 22-1. Conditions and procedure for the issue and (or) placement of equity securities on the territory of a foreign state, as well as notification of the results of the placement of securities on the territory of a foreign state The Law on the Securities Market

 1. An organization resident in the Republic of Kazakhstan, simultaneously with the start of the placement of equity securities and (or) derivative securities, the underlying asset of which is these securities in the territory of a foreign state, must offer them for purchase through the organized securities market of the Republic of Kazakhstan and (or) the stock exchange of the "Astana" International Financial Center on those the same conditions of placement as in the territory of a foreign state, to the following extent:

     until January 1, 2026 – at least twenty percent of the total volume planned for placement;

     from January 1, 2026 – at least thirty percent of the total volume planned for placement;

     from January 1, 2028 – at least fifty percent of the total volume planned for placement

  At the same time, at least twenty percent of the total volume planned for placement must be placed on the organized securities market of the Republic of Kazakhstan and (or) the stock exchange of the "Astana" International Financial Center, except in cases where the placement of debt securities on the territory of a foreign state can be carried out on more favorable terms for the issuer and (or) if there is no demand for them on the organized securities market of the Republic of Kazakhstan and (or) the stock exchange of the "Astana" International Financial Center.

The criteria for determining the conditions for the placement of debt securities on the territory of a foreign state that are more favorable for the issuer and the lack of demand for them on the organized securities market of the Republic of Kazakhstan and (or) the stock exchange of the "Astana" International Financial Center are established by a regulatory legal act of the authorized body.

     2. A resident organization of the Republic of Kazakhstan that has placed equity securities and (or) derivative securities, the underlying asset of which is these securities on the territory of a foreign state, shall notify the authorized body of the results of the placement of these securities, subject to the requirements of paragraph 1 of this article, in the form and within the time limits established by a regulatory legal act of the authorized body.

     3. A person planning to sell securities of resident organizations of the Republic of Kazakhstan on the secondary securities market by issuing and placing depositary receipts or other securities, the underlying asset of which is equity securities of these organizations, shall notify the authorized body of the results of the placement of these securities in the form and within the time limits established by the regulatory legal act of the authorized body..

     4. The rules for issuing depositary receipts should contain the procedure for providing information about holders of depositary receipts to the central depository and the authorized body in accordance with its regulatory legal act.

The Law of the Republic of Kazakhstan dated July 2, 2003 No. 461.

The article was amended and supplemented by the Law of the Republic of Kazakhstan dated July 23, 2026, No. 352-VIII SAM. 

    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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