Article 47. Founders and shareholders of the applicant (licensee) The Law on the Securities Market

Home / RLA / Article 47. Founders and shareholders of the applicant (licensee) The Law on the Securities Market

1. The founders and shareholders of the applicant (licensee) may be individuals and legal entities – residents and non-residents of the Republic of Kazakhstan, subject to the restrictions established by paragraph 2 of this Article and other legislation of the Republic of Kazakhstan.

2. Legal entities registered in offshore zones, the list of which is established by the authorized body, may not directly or indirectly own and (or) use and (or) dispose of the applicant's (licensee's) voting shares-a resident of the Republic of Kazakhstan.

This restriction does not apply to applicants (licensees) who are subsidiaries of non-resident organizations of the Republic of Kazakhstan that have the minimum required rating from one of the rating agencies engaged in the type of activity that the applicant intends to carry out (carried out by the licensee).

The list of rating agencies and the minimum required rating are established by a regulatory legal act of the authorized body.

3. An individual in respect of whom there is a court decision that has entered into force on the application of a criminal penalty in the form of deprivation of the right to hold the position of a senior employee of a financial organization and (or) a banking and (or) insurance holding company and to be a major participant (major shareholder) of a financial organization for life may not directly or indirectly own and (or) use and (or) dispose of the applicant's (licensee's) voting shares in the amount of ten percent or more of the voting shares.

4. The provisions of this article do not apply to a branch of a non-resident bank of the Republic of Kazakhstan.

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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