OREANDA-NEWS. On August 09, 2007 Kazakhstan stock exchange (KASE) had published on its web site at http://www.kase.kz/geninfo/normbase/ texts of laws of Republic of Kazakhstan "About market of securities" dated July 2, 2003 # 461-II and "About regional financial center of Almaty" dated June 5, 2006 # 145-III, reported the press-centre of KASE.

Texts of laws are actualized in accordance with law of Republic of Kazakhstan" About inclusion of changes and additions to some legislative norms of Republic of Kazakhstan concerning questions of development the regional financial center of Almaty" dated July 21, 2007 # 309-III, which was put into effect since August 8, 2007.

Texts of laws were re-formed in accordance to rules of designing the normative documents, accepted on KASE with maximal (including misprints) preservation of original edition.

Further are given the comments by KASE, in which the following abridgements are used:

- RFCA - regional financial center of Almaty;

- ARA RFCA - Agency of Republic of Kazakhstan for regulating the
  activities of regional financial center of Almaty;

- STF RFCA - special trade floor of regional financial center of Almaty.

Main changes in the law of Republic of Kazakhstan "About market of securities" are concerning the principles of management by organizer of trades and first of all are aimed on:

- limitation (excluding the below-mentioned) of stake of one shareholder or group of affiliated entities in total amount of offered shares of organizer of trades with five percents;

- provision of possibility to own with 25% from total amount of voting shares of trades' organizer, rights of possession and user of state shareholding of which belong to ARA RFCA (currently such organization is Regional financial center of Almaty JSC);

- transfer to principle of voting "one share-one voice" on the general meeting of shareholders of trades' organizer;

- inclusion representative of ARA RFCA on the contrary basis with right of voice into staff of directors' board of stock exchange, which is determined as STF RFCA.

KASE stresses that all changes, listed above were put into effect since August 8, 2007 and are concerning, including, KASE (as organizer of trades and operator of STF RFCA) and National Bank of Republic of Kazakhstan (as entity, who owns with 12,1% from total amount of offered shares of KASE).

Main changes in the law of Republic of Kazakhstan "About regional financial center of Almaty" (except changes, concerning organizing of activities of ARA RFCA) are concerning the norms about participants of RFCA and STF RFCA:

- are included two types of participants of RFCA: organization, registered in ARA RFCA as juridical entity, and organization, accredited by ARA RFCA as participant of RFCA;

- in connection to widening of list of potential participants of RFCA is included the limitation, according to which banks, professional participants of securities' market, conducting the activities for investment management with pension assets, accumulative pension funds are not the participants of RFCA;

- participants of RFCA are allowed to conduct other types of activities on securities' market, except earlier competent trade only on STF RFCA;

- participants of RFCA are allowed to deal with financial instruments both on STF RFCA and stock exchanges (including foreign), and also on non-organized market of securities;

- on STF RFCA is allowed to trade for: banks, professional participants of securities' market, conducting the activities for investment management with pension asses, accumulative pension funds on the assumption of that they obtain the licenses for conduction of broker and (or) dealer  activities on market of securities.