Article 6-10. The specifics of issuing bonds of a special financial company for project financing The Law on Project Financing and Securitization

Home / RLA / Article 6-10. The specifics of issuing bonds of a special financial company for project financing The Law on Project Financing and Securitization

1. The issue of bonds of a special financial company is carried out in accordance with the Law of the Republic of Kazakhstan "On the Securities Market" and this Law.

2. A special financial company has the right to issue bonds secured by allocated assets.

3. The bond issue prospectus or private memorandum, or the bond program prospectus, or the bond issue prospectus, or the private memorandum within the bond program of a special financial company, in addition to the information specified in the legislation of the Republic of Kazakhstan on the securities market, must contain:

1) the characteristics of monetary claims, conditions and projected timing of receipt of money for the rights of claim included in the allocated assets;

2) the purpose of the money received by a special financial company as a result of the placement of bonds that meets the requirements of this Law (with the exception of the bond program prospectus);

3) the procedure for providing information to bondholders on the change of ownership of property created under the basic agreement, and the procedure for introducing creditors' representatives to the bodies of a special financial company and establishing their powers;

4) a list of expenses of a special financial company related to servicing a project financing transaction, investment management carried out at the expense of allocated assets;

5) the procedure and order of payment of remuneration and repayment of bonds of various issues issued within the framework of the same bond program (indicated in the prospectus of the bond program and the prospectus of the bond issue or a private memorandum within the framework of the bond program);

6) the procedure and order of satisfaction of the claims of bondholders of a special financial company in the event of bankruptcy of a special financial company.

4. A special financial company is not entitled to carry out subsequent bond issues within the framework of a single project financing transaction, except for the issue of bonds under the bond program.

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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