KASE amended Specification of Automatic Repo Market

19.03.09 17:51
/KASE, March 19, 09/ - By the decision of Kazakhstan Stock Exchange (KASE) Board of March 19, 2009 were approved additions # 10 to KASE internal document "Specification of Automatic Repo Market" (the Specification), effective from April 1, 2009, except the norm on adding to the Specification of item 3-1, the effect of which applies to relations, originated before these amendments effect. The mentioned amendments were developed in pursuance of the Exchange Council decision of March 5, 2009 on introduction of the prohibition system to use securities as repo transactions subjects. In compliance with mentioned amendments the Specification was supplemented by the following new three items: "3-1. The Exchange Board is entitled to prohibit using securities mentioned in sub-item 2) of item 2 of this Specification as repo transactions subjects in case of violation of set by this sub-item terms. 3-2. Securities of any denominations mentioned in sub-item 2) of item 2 of this Specification, issued by one and the same issuer of these securities, then the Exchange Board by its decision (decisions) prohibits to use securities as repo transactions subjects, if: 1) these securities issuer untimely paid interest on its bonds, admitted to circulation on the Exchange; and/or 2) these securities issuer untimely paid dividends on its preferred shares, admitted to circulation on the Exchange; and/or 3) these securities admittance initiator did not submit to KASE financial statements of their issuer (including the interim) during three months after established by the listing agreement period; and/or 4) these securities admittance initiator did not submit to KASE significant information on these securities and/or their issuer (the information, which may influence on these securities cost) during ten days after established by the Listing Rules period. 3-3. The prohibition, established in compliance with item 3-1 or 3-2 of this Specification, is cancelled by the Exchange Board decision when securities issuer or an admittance initiator eliminates violations that entailed such prohibition (considering the specific, set by the second paragraphс hereto). If the prohibition to use securities as repo transactions subjects was set in compliance with item 3-2 of this Specification due to untimely payment of an interest on debt securities, such prohibition can be cancelled only after timely payment of the next in turn interest on these securities". In addition, the mentioned amendments have the editorial character. As mentioned amendments have not been given the effect, KASE publishes on its website two version of the Specification: - the effective at address http://www.kase.kz/files/normative_base/sp_repo_old_eng.pdf - the updated (with mentioned amendments) at address http://www.kase.kz/files/normative_base/sp_repo_eng.pdf Previously on this topic was published KASE news of March 10, 2009 "From April 1 KASE prohibits using securities as repo transaction subjects" at address http://www.kase.kz/en/news/show/1068542 [2009-03-19]