Article 4. Establishment and operation of a special financial company of the Law on Project Financing and Securitization

Home / RLA / Article 4. Establishment and operation of a special financial company of the Law on Project Financing and Securitization

1. A special financial company may be established by the originator or another person to participate in a project financing or securitization transaction in the organizational and legal form of a joint-stock company or a limited liability partnership.

The authorized capital of a special financial company is formed solely by money.

Legal entities registered in offshore zones or having affiliated persons registered in offshore zones, the list of which is established by the authorized body, are not entitled to directly or indirectly own and (or) use and (or) dispose of voting shares and participation shares in the authorized capital of a special financial company.

2. The name of the special financial company must contain the words "special financial company". It is allowed to shorten the name of a special financial company using the abbreviation "SFK" in the name. In the name of a special financial company, it is prohibited to use words related to the brand name of the originator or the founders of the special financial company.

3. On the basis of an agreement with the investment portfolio manager, a special financial company invests temporarily available proceeds on allocated assets only in financial instruments, the list of which is established by the authorized body.

4. Excluded by the Law of the Republic of Kazakhstan dated 12.01.2012 No. 539-IV (effective after ten calendar days after its first official publication).

The Law of the Republic of Kazakhstan dated February 20, 2006 No. 126.

This Law establishes the legal basis and conditions for project financing and securitization in the Republic of Kazakhstan, defines the specifics of the assignment of claims and the legal regime of property in project financing and securitization, the legal status of a special financial company, as well as the legal basis and conditions for syndicated financing.

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Republic of Kazakhstan

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