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LAW OF THE REPUBLIC OF KAZAKHSTAN

of May 4, 2009 No. 155-IV ZRK

About commodity exchanges

(as amended on 19-04-2023)

This Law governs the public relations arising in the course of activities of commodity exchanges and implementation of stock exchange trading, establishes procedure for regulation and state control of activities of commodity exchanges for the purpose of ensuring open and their effective functioning, protection of the rights of participants of stock exchange trading and fair competition between them.

Chapter 1. General provisions

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

1)  No. 241-VI ZRK is excluded according to the Law of the Republic of Kazakhstan of 02.04.2019;

1-1) exchange brokers (further - the broker) - the subject of entrepreneurship performing the activities at commodity exchange and making transactions with exchange goods on the order, for the account and for the benefit of the client;

2) the stock dealer (further - the dealer) - the subject of entrepreneurship performing the activities at commodity exchange and making transactions with exchange goods in the interests and at own expense;

2-1) exchange providing - the cash cover brought on returnable basis by participants of stock exchange trading in commodity exchange or clearing center of commodity exchange for participation in the exchange biddings as ensuring execution of the obligations on the concluded stock exchange transactions;

3) stock exchange trading - the business activity on realization of exchange goods performed at commodity exchange by carrying out the exchange biddings electronically, registration and execution of transactions according to the legislation of the Republic of Kazakhstan on commodity exchanges;

4) No. 96-VIІ ZRK is excluded according to the Law of the Republic of Kazakhstan of 30.12.2021

5) the exchange biddings - the process which is carried out within rules of stock exchange trading, directed to transactions on exchange goods on the basis of the electronic applications submitted to the electronic trading system of commodity exchange providing automation of process of the conclusion of stock exchange transactions;

6) participants of stock exchange trading are the clients, brokers, dealers and market makers interacting at commodity exchange on statutory rules of stock exchange trading;

7) exchange goods - the standardized or not standardized goods allowed by commodity exchange to exchange trade taking into account the restrictions established by this Law;

8) the quotation of exchange goods - the price of demand and (or) the offer announced on exchange goods at a given time at commodity exchange;

9) the order - the document submitted by the client to the broker with indication of implementation of certain action at commodity exchange concerning specific exchange goods;

9-1) guarantee fund - the cash fund created by the exchange at the expense of own means for the purpose of ensuring execution of the bargains concluded at the exchange;

9-2)  No. 241-VI ZRK is excluded according to the Law of the Republic of Kazakhstan of 02.04.2019;

10) the client - the physical person including registered as the individual entrepreneur, or the legal entity using services of the broker for transactions with exchange goods according to the procedure, established by this Law;

11)  No. 364-V ZRK is excluded according to the Law of the Republic of Kazakhstan of 27.10.2015

11-1) cross-transaction - stock exchange transaction in case of which the broker, being effective at the request of two different clients, acts both from the seller, and from the buyer;

11-2) mode of double counter auction - the trade mode in case of which stock exchange transactions are concluded anonymously as a result of sales contest and buyers and the price of the standardized goods are established on equilibrium level of the demand and supply;

11-3) market maker - the legal entity creating and maintaining liquidity of the stock exchange market by drawing of quotations and adoption of obligations on purchase and sale of terminal contracts;

12) the terminal contract - the contract for unconditional or conditional purchase and sale of underlying asset with delayed execution, the future, the option concern to him;

13) No. 36-V ZRK is excluded according to the Law of the Republic of Kazakhstan of 10.07.2012

14) option transaction - stock exchange transaction which object is the option;

14-1) self-regulatory organization - the non-profit organization in the form of association (union) based on voluntary participation of commodity exchanges, brokers or dealers and included in the register of self-regulatory organizations in the field of commodity exchanges;

14-2) insurance fund - the cash fund created by the exchange and (or) its clearing center at the expense of compulsory contributions of members of the exchange for the purpose of ensuring execution of the bargains concluded at the exchange;

14-3) trade lot - quantity of exchange goods, multiple to which there shall be quantity of exchange goods specified in the request for sale (purchase) of exchange goods;

15) authorized body in the field of regulation of trading activity (further - authorized body) - the central executive body performing state regulation and coordination in the field of trading activity;

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