Article 5. Licensing of activities in the field of commodity exchanges of the Commodity Exchange Act

Home / RLA / Article 5. Licensing of activities in the field of commodity exchanges of the Commodity Exchange Act

1. Licensing of the activities of commodity exchanges, commodity exchange clearing centers and brokers is carried out in accordance with the procedure established by the legislation of the Republic of Kazakhstan on permits and notifications, subject to the provisions of this Law.

2. The antimonopoly authority has the right to suspend the license of a commodity exchange, broker, clearing center of a commodity exchange for a period of one to six months in the following cases:

1) systematic (two or more times within twelve consecutive calendar months) violations of the requirements stipulated by the legislation of the Republic of Kazakhstan on commodity exchanges, and (or) failure to eliminate violations specified in the order of the antimonopoly authority;

2) non-compliance with the qualification requirements for the activities of commodity exchanges, brokers, clearing centers of commodity exchanges;

3) non-performance of licensing activities by the commodity exchange, broker, clearing center of the commodity exchange for six consecutive calendar months;

4) carrying out activities prohibited by this Law;

5) refusal to provide documents and information requested by the antimonopoly authority within its competence in connection with the verification of the activities of the commodity exchange, broker, clearing center of the commodity exchange;

6) establishing the fact of providing false information in the documents that were the basis for issuing the license;

7) systematic (two or more times within twelve consecutive calendar months) violations of the requirements stipulated by the legislation of the Republic of Kazakhstan on countering the legalization (laundering) of proceeds from crime and the financing of terrorism.

The decision to suspend the license must specify the reasons and the period of suspension.

The license is considered suspended from the date of the decision on suspension with mandatory notification to the commodity exchange, broker, clearing center of the commodity exchange.

The suspension of the license entails a ban on carrying out activities for the period of suspension.

3. The renewal of the license in case of its suspension is carried out by the antimonopoly authority in accordance with the procedure established by paragraphs 3 and 7 of Article 45 of the Law of the Republic of Kazakhstan "On Permits and Notifications".

4. The revocation (revocation) of the license of a commodity exchange, broker, clearing center of a commodity exchange is carried out in court on one of the following grounds:

1) failure to eliminate the reasons for suspension of the license of the commodity exchange, broker, clearing center of the commodity exchange;

2) repeated (twice within the last twelve months) suspension of the license of the commodity exchange, broker, clearing center of the commodity exchange;

3) the existence of a court decision on the prohibition or termination of activities in relation to the commodity exchange, broker, clearing center of the commodity exchange.

Information about the revocation (revocation) of the license is published on the Internet resource of the antimonopoly authority.

The Law of the Republic of Kazakhstan dated May 4, 2009 No. 155-IV.

This Law regulates public relations arising in the course of commodity exchanges and exchange trading, establishes the procedure for regulating and state control over the activities of commodity exchanges in order to ensure their open and effective functioning, protect the rights of participants in exchange trading and fair competition between them.

President

Republic of Kazakhstan

Constitution Law Code Standard Decree Order Decision Resolution Lawyer Almaty Lawyer Legal service Legal advice Civil Criminal Administrative cases Disputes Defense Arbitration Law Company Kazakhstan Law Firm Court Cases