Article 32-7. A representative of holders of Islamic securities. Functions and duties of a representative of holders of Islamic securities The Law on the Securities Market
1. When issuing and circulating Islamic securities, with the exception of shares, the interests of holders of Islamic securities are represented before the issuer and third parties by a representative of holders of Islamic securities.
The issuer selects a representative of the holders of Islamic securities independently from among the professional participants in the securities market engaged in custodial and (or) brokerage and dealer activities in the securities market.
The representative of the holders of Islamic securities should not be an affiliated person of the issuer.
2. The requirements for the content of an agreement on representing the interests of holders of Islamic securities concluded between the issuer and a representative of holders of Islamic securities, as well as the procedure and cases of early termination of the powers of a representative of holders of Islamic securities are established by a regulatory legal act of the authorized body.
3. The representative of the holders of Islamic securities performs the following functions:
1) controls the fulfillment by the issuer of obligations established by the prospectus for the issue of Islamic securities to holders of Islamic securities;
2) monitors the compliance of financing facilities with the conditions for issuing Islamic securities;
3) takes measures aimed at protecting the rights and interests of holders of Islamic securities;
4) monitors property acquired with funds received from the placement of Islamic securities, the financial statements of the issuer regarding the implementation of a financing transaction with funds received from the placement of Islamic securities, as well as legal entities in whose assets these funds were invested;
5) represents the interests of an Islamic special financial company when issuing Islamic certificates of participation, if this is provided for by the terms of their issue.;
6) informs the holders of Islamic securities about their actions in accordance with subparagraphs 1)-4) of this paragraph and the results of such actions.
4. In order to protect the rights and interests of holders of Islamic securities, a representative of holders of Islamic securities must:
1) identify circumstances that may lead to a violation of the rights and interests of holders of Islamic securities, and notify holders of Islamic securities within three calendar days of these circumstances;
2) inform the authorized body and holders of Islamic securities about the condition of the property acquired at the expense of funds received from the placement of Islamic securities;
3) notify the authorized body and holders of Islamic securities of the termination of its powers as a representative within three calendar days from the date of termination of the agreement with the issuer;
4) provide the authorized body and holders of Islamic securities, upon their request, with information and documents related to its activities as a representative of holders of Islamic securities;
5) not to disclose information constituting commercial and other legally protected secrets.
5. The procedure for the representative of holders of Islamic securities to perform the functions and duties specified in paragraphs 3 and 4 of this Article shall be established by a regulatory legal act of the authorized body.
6. This article does not apply to the issue of government Islamic securities.
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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