Article 84. Managing the bidding organizer The Law on the Securities Market
1. The bodies of the organizer of the auction, their functions and powers, the procedure for their formation and decision-making are determined by the legislation of the Republic of Kazakhstan, the charter of the organizer of the auction and its internal documents.
2. The share of each shareholder of the organizer of the auction together with its affiliated persons may not exceed twenty percent of the total number of outstanding shares, except in the case when the shareholder is the National Bank of the Republic of Kazakhstan.
The provision of the first part of this paragraph does not apply to the central securities depository when it performs the function of the organizer of the auction.
3. Each shareholder of the organizer of the auction votes on the principle of "one share - one vote", except in cases established by legislative acts of the Republic of Kazakhstan.
The owner of the "golden share" of the organizer of the auction is the National Bank of the Republic of Kazakhstan, which has the right to veto decisions of the bodies of the organizer of the auction.
4. The board of directors of the bidding organizer on a permanent basis with the right to vote includes one representative from the authorized body and the National Bank of the Republic of Kazakhstan on the basis of written notifications from the National Bank of the Republic of Kazakhstan and the authorized body.
5. Decisions on listing, delisting, changing the category or site of the official list of securities are made by the listing commission of the stock exchange.
The requirement of the first part of this paragraph does not apply to issues of listing, delisting, changing the category or site of the official list of securities under a simplified procedure, decisions on which are made by the executive body of the stock exchange in accordance with the procedure determined by its internal documents.
The requirements for the composition of the listing commission are established by a regulatory legal act of the authorized body. A representative of the authorized body is a member of the listing commission on a permanent basis with the right to vote.
When making decisions on listing, delisting, changing the category or site of the official list of securities, members of the listing commission who are employees and (or) representatives are not allowed to vote.:
1) an issuer whose securities are included in the official list of the stock exchange, are excluded from this list or transferred to another category or site on this list in accordance with the specified decision (hereinafter referred to in this paragraph as the interested issuer);
2) organizations that are subsidiaries or affiliated joint-stock companies in relation to the interested issuer;
3) organizations in relation to which the interested issuer is a subsidiary organization or an affiliated joint-stock company;
4) organizations that, together with the interested issuer, are subsidiaries or affiliated joint-stock companies in relation to a third organization;
5) financial advisor, market maker, underwriter, providing services to the interested issuer;
6) persons affiliated with the persons specified in subitems 1) and 5) of this part.
The requirements of part four of this article do not apply to a member of the listing commission, a representative of the authorized body.
6. The Listing Commission prepares recommendations for the issuer planning to issue bonds, the terms of issue of which will provide for their circulation on the organized market, to include additional restrictions in the terms of issue of the issuer's securities necessary to ensure the protection of the rights and interests of investors. Information on the issuer's acceptance or rejection of the recommendations of the listing commission is posted on the stock exchange's Internet resource.
7. The requirements of this article do not apply to the central securities depository.
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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