NSC of Kazakhstan renewed the broker-dealer license of Kazkommerts Securities OJSC
08.11.00 00:00
/IRBIS, Nov.8, 00/ - Public relations department of the National Securities
Commission of Kazakhstan (NSC) informed today that by the resolution
#713 of the NSC Directorate, dated November 8, 2000, the license
#20030130, issued to Kazkommerts Securities OJSC (Almaty) to conduct
brokerage and dealing activities on the stock market with the right to handle
client accounts as a nominal holder, was renewed.
The license was issued by the NSC on November 6, 97. The license was
suspended by the resolution #703 of the NSC Directorate on November 2,
2000 based on the following reasons:
- violations of the laws regulating the activities on the stock market;
- giving incorrect information in the reports submitted to the National
Securities Commission on the results of brokerage and dealing activities
on the stock market, weekly and monthly reports on the deals made on
unorganized stock market;
- discrepancy of the Kazkommerts Securities OJSC organizational
structure with the requirements of the item 11, points 2 and 4 of the item
12 of the Regulations for conducting the brokerage and dealing activities
on the stock market of Kazakhstan which were approved by the
resolution #20 of the NSC on December 31, 1998, where it is stated that
the organizational structure of the company holding the first category
license with the right to handle client accounts as a nominal holder should
mandatory include trade subdivision and back office.
No reasons for the renewal of the license are given in the news of the NSC
public relations department. Apparently, brokerage company has removed all
inconsistencies and violations that became the grounds for the renewal of
the license by the NSC.
Kazkommerts Securities OJSC is one of the leading brokerage and dealing
companies on the Kazakhstani organized stock market. it is a member of the
Kazakhstan Stock Exchange (KASE), and has a permission to participate at
the trades in government bonds and securities of the KASE official list of
securities and in "Non-listed securities" sector, as well as it has a status of
a market-maker of the following companies' securities: shares and bonds of
Almaty Kus OJSC, shares of KAZKOMMERTSBANK OJSC, UKTMK OJSC,
SHNOS OJSC, Kazakhtelecom, bonds of NOC KAZAKHOIL CJSC, and
NOTC KazTransOil. Besides, the company was a financial advisor at the
major offerings of corporate bonds on the Kazakhstani stock market.
Due to the suspension of the license, from November 3, 2000 Kazkommerts
Securities OJSC was barred from the participation in the securities trades at
the KASE and was not able to work as a market-maker on the trade floor of
the Exchange. Apparently, today the admission of the Kazkommerts
Securities OJSC to the trades will be resumed by corresponding decision of
the KASE Board and the market-maker will resume putting out the quotations
of the securities from tomorrow.