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The memorandum of understanding between Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations and the Commission on securities of the Republic of Lithuania concerning exchange of information

of October 26, 2009

Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations (further - the Agency) and the Commission on securities of the Republic of Lithuania (further - the Commission), the hereinafter referred to as Parties, recognizing the increasing international activity in the field of the financial market, and also the equivalent need for implementation of cooperation between the relevant authorized bodies, agreed as follows.

Article 1. Parties

1. Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations - the authorized body exercising state regulation and supervision of the financial market and the financial organizations, including regulation and supervision of activities of subjects of the security market.

2. The commission on securities of the Republic of Lithuania - the supervisory authority performing regulation in the field of the security market in the Republic of Lithuania. The commission has powers on implementation of regulation behind observance of rules of fair competition by financial instruments and on taking measures for implementation of effective functioning of the security market and protection of interests of investors. During implementation of the purposes stated above the Commission has powers according to the conclusion of agreements with kontragentamiinostranny authorized bodies concerning cooperation and exchange of information.

Article 2. General provisions

1. For the purposes of this Memorandum the following basic concepts are used:

1) the required Party - the Party requested about rendering assistance and rendering such assistance according to provisions of this Memorandum;

2) the requesting Party - the Party sending inquiry for rendering assistance and receiving such assistance according to provisions of this Memorandum;

3) the laws and rules - the regulatory legal base regulating the financial sector of the Republic of Kazakhstan and the Republic of Lithuania;

4) the concept "securities" - is applied according to national legal systems of the states of the Parties.

2. The purpose of this Memorandum is protection of interests of investors and promotion of integration of the financial markets, by implementation of cooperation in the field of exchange of information, increase in mutual understanding, exchange of supervising and technical information, and also rendering assistance.

3. This Memorandum is basis of cooperation of the Parties, it does not change and does not replace any laws or other regulatory legal acts operating in the Republic of Kazakhstan or in the Republic of Lithuania. This Memorandum does not generate any rights for the third parties, and also does not affect situation, following from other international treaties.

4. Provisions of this Memorandum are carried out according to national legal systems of the states of the Parties and international treaties signed by the relevant states of the Parties and within the information resources which are available to the Parties. Obligation fulfillment according to this Memorandum shall not contradict state interests of the required Party.

5. Within national legal systems of the Republic of Kazakhstan and the Republic of Lithuania, the Party information on suspicion of violation, or expected violation of the laws or instructions by the company issuer in jurisdiction of the state of other Party make all reasonable efforts for provision each other.

6. The parties undertake all reasonable measures for providing each other with information even if required information is not subject of suspicion of violation or the expected violation of the law or governed in jurisdiction of the state of other Party. Such requests are carried out for the purpose of ensuring development and establishment of open, fair and effective functioning of the market.

7. Each Party shall warn about all events which are subject of their competence which can exert adverse impact on the financial market in jurisdiction of other Party, and also consider question of possibility of the notice of the relevant Party of those events.

Article 3. Sphere of cooperation

1. The parties perform cooperation within this Memorandum, with observance of requirements of national legal systems of the states of the Parties. Such interaction shall provide application of the laws or other rules applied in the financial market.

2. Inquiries within this Memorandum are sent in writing in English and addressed to the contact persons specified in appendix A to this Memorandum. Urgent requests about rendering assistance and responses to such requests can be sent by means of information transfer by all means to communication, on condition of the fact that such requests will be confirmed within 10 (ten) working days in writing.

3. For the purpose of contribution to rendering assistance, the requesting Party shall specify:

1) required information;

2) the information request purpose (violation of the laws or rules, including information on expected violations of the laws, rules);

3) information on the expected persons having information or specifying on places where required information can be obtained;

4) communication between certain laws or regulatory requirements and regulatory activities of the required Party;

5) concerning compliance of required information to certain laws or regulatory requirements;

6) information on persons or organizations in relation to which, disclosure of information with indication of the reason of disclosure of such information is necessary;

7) urgency of provision of such requests, and also periods of time of accomplishment of such requests.

4. The parties for the purpose of implementation of supervising functions based on request about rendering assistance provide each other information on the following questions:

1) illegal transactions with securities on the basis of internal information about activities of the company issuer, manipulations in the market, and also other fraudulent and fraudulent activities concerning financial instrument transactions;

2) accomplishment by the company issuer of the laws, rules and instructions, in relation to release, trade, management and consultation concerning financial instruments;

3) evaluating about compliance to requirements of the physical persons and legal entities authorized on management of activities in the field of investment services and observance of standards of fair competition during implementation of these activities;

4) other information necessary for implementation of supervising functions by the Parties which can be provided within this Memorandum.

5. This Memorandum does not affect the right of the Parties concerning receipt of information from persons on voluntary basis, on condition of observance of all procedures in the respective countries. The party which obtained information from the third parties on voluntary basis in details notifies on it other Party taking into account the restrictions and requirements provided by the national legal system of the state.


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