Article 25. Suspension of the placement of equity securities The Law on the Securities Market

Home / Laws / Article 25. Suspension of the placement of equity securities The Law on the Securities Market

1. The authorized body may decide to suspend the placement of equity securities in the following cases::

1) failure by the issuer to submit a report on the results of the placement of shares of the joint-stock company;

2) if, during the review of the report on the results of the placement of equity securities, it is revealed that the information indicated in the report does not correspond to the documents submitted for state registration of the issue of equity securities.;

3) violations of the terms of issue, placement and repayment of equity securities;

4) the existence of facts of late fulfillment or non-fulfillment of obligations to pay remuneration or repay previously issued bonds.

2. The decision to suspend the placement of equity securities is sent by the authorized body to the issuer and the central securities depository.

The Central Securities Depository is obliged to suspend the registration of transactions for the placement of equity securities from the moment of receipt of the decision of the authorized body to suspend the placement of these securities.

3. The Issuer is obliged to take all actions contributing to the elimination of the identified violations within the time period established by the authorized body. The resumption of the placement of equity securities is carried out after the elimination of the identified violations on the basis of a written notification from the authorized body.

No later than the next calendar day after the date of the decision to suspend the placement of equity securities, the authorized body shall post information on the suspension of the placement of equity securities on its Internet resource, as well as on the Internet resource of the financial reporting depository in Kazakh and Russian.

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

 This Law regulates public relations arising in the process of issuance, placement, circulation and repayment of equity securities and other financial instruments, the specifics of the creation and operation of securities market entities, defines the procedure for regulation, control and supervision of the securities market in order to ensure the safe, open and effective functioning of the securities market, protection of investors' rights. and holders of securities, fair competition of securities market participants.

President

Republic of Kazakhstan

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