The Kazakhstan Stock Exchange has finalized its “Requirements
for Listing on the Special Trading Floor of the Regional Financial
Centre of Almaty City.”
The new rules were written by London-based Bracewell & Giuliani
associate, Conor D. Funston, in conjunction with the office of the
Chairman of the Agency of the Republic of Kazakhstan on Regulation of
the Regional Financial Centre of Almaty City (RFCA). Conor, prior to
coming to Bracewell & Giuliani, was seconded to the United Kingdom
Listing Authority the government agency that approves prospectus for
listing on the London Stock Exchange.
“Kazakhstan’s
transformation from a managed economy to a free market has been one of
the key global economic developments of the past 15 years,”
said Gregory
J. Vojack, managing partner of Bracewell's Kazakhstan office.
Developed in accordance with Article 6.5 of the Law of the Republic of
Kazakhstan, the new rules describe in full the requirements for listing
securities on the special trading floor at RFCA. Securities eligible for
trading span common shares in foreign and domestic corporations and
investment funds to corporate debt, complex securitized derivatives, and
other financial instruments.
The document also provides specific requirements for businesses seeking
to list securities on the special trading floor, including corporate
governance, the roles of directors and officers, net asset values,
application procedures, documentation and other conditions for listing.
“Kazakhstan is providing reassurance that it
remains a center of opportunity and engagement for corporate America,”
said Mr. Vojack. “The key to success for
foreign investors in Kazakhstan is to understand the cultural, business,
and legal realities of the country, and Bracewell & Giuliani welcomes
the chance to offer insights that will increase that understanding.”
The RFCA is rapidly becoming the leading financial center in the Caspian
region. Established in 2006, the RFCA has as its objectives the
successful integration of the Kazakhstani financial sector into global
capital markets, the attraction of foreign investment capital into the
region, further development of the country’s
equity market, the creation of opportunities for individual investors,
and the export of Kazakhstani capital.
Mr. Funston,
who helped draft the rules, is one of many Bracewell attorneys who have
been instrumental in Kazakhstan’s
metamorphosis. Mr. Funston’s practice focuses
primarily on international capital markets transactions and English law,
and on international financing transactions including syndicated secured
financings, acquisition financings and other corporate financings.
The Government plans to have the new listing rules approved by early
June and Mr. Vojack plans to be announcing the new rules at the
Kazakhstan Growth forum to be held in London July 2 through 4. The rules
will also be available on the Bracewell & Giuliani web site and the RFCA
web site after they are adopted.
The full set of requirements for listing on the special trading floor of
the Regional Financial Centre of Almaty is available upon request.
Bracewell
& Giuliani LLP is a prominent international law firm with more
than 400 lawyers in Texas, New York, Washington D.C., Connecticut,
Dubai, Kazakhstan and London. We serve Fortune 500 companies, major
financial institutions, leading governmental entities and individuals
clients concentrated in the energy and financial services sectors
worldwide. For more information, visit www.bgllp.com
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