of February 19, 2010 No. 05-03-23/293-3177
JSC Central Securities Depository
Almaty, Prospekt Dostyk 291/3a
To the organizations,
on maintaining system of registers
(according to the list)
copy: OYuL "Association of Financiers of Kazakhstan"
Concerning single system of personal accounts
The agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations (further - the Agency) following the results of the meeting held in the Agency on January 21, 2010 with participation of representatives of the Agency, OYuL "Association of Financiers of Kazakhstan", JSC Central Securities Depository (further - the Central depositary) and the organizations, performing activities for maintaining system of registers of security holders (further - registrars), reports the following.
Concerning refusal of the Central depositary in reflection in single system of personal accounts (daleeesls) the transactions registered in systems of maintaining registers of security holders which maintaining is performed by registrars.
According to Items 32 and 33 of the Rules of implementation of activities of the Central depositary approved by the resolution of Board of the Agency of December 29, 2008 No. 238 (further - Rules of depository activity), reflection of security transaction in single system of personal accounts is performed by the Central depositary in day of receipt of the electronic order of the registrar by carrying out the corresponding transactions on personal accounts. The form of the electronic order of the registrar and procedure for its provision are established by the Set of rules of the Central depositary.
All changes entered by the registrar into the system of registers of security holders are subject to entering into single system of personal accounts in day of receipt of the electronic order of the registrar and are provided to the Central depositary according to the procedure, adopted by the Set of rules of the Central depositary.
According to Item 8 of Chapter 5 of the Set of rules of the Central depositary time of the beginning and the end of acceptance of orders of the registrar constitutes at least seven working hours during the day and is established "by Regulations of JSC Central Securities Depository which are provided to registrars for acquaintance in case of the conclusion of the Agreement.
Therefore, time of functioning of the software and hardware of the Central depositary supporting ESLS shall match time of functioning of programs of the registrars supporting systems of maintaining registers of security holders.
Item 35 of Rules of depository activity provides cases in case of which the Central depositary refuses reflection of security transaction and modification of single system of personal accounts. At the same time, the refusal in reflection because of receipt of the electronic order out of time of the acceptance of orders established by regulations of the Central depositary is not the reason for which the Central depositary has the right to refuse to the registrar reflection of the transactions transferred to them in ESLS.
Thus, the Central depositary needs to provide possibility of acceptance and processing of electronic orders of registrars in day of their obtaining taking into account completion dates of the orders provided by the current legislation of the Republic of Kazakhstan.
Concerning registration of transactions with the securities delivered in trust management.
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