I.O.'S ORDER OF THE MINISTER OF NATIONAL ECONOMY OF THE REPUBLIC OF KAZAKHSTAN

of March 30, 2015 No. 280

About approval of Rules of stock exchange trading

According to subitem 2-1) of article 4 of the Law of the Republic of Kazakhstan of May 4, 2009 "About commodity exchanges" PRIKAZYVAYU:

1. Approve the enclosed Rules of stock exchange trading.

2. To provide to department of regulation of trading activity of the Ministry of national economy of the Republic of Kazakhstan:

1) state registration of this order in the Ministry of Justice of the Republic of Kazakhstan;

2) within ten calendar days after state registration of this order in the Ministry of Justice of the Republic of Kazakhstan its direction on official publication in periodic printing editions and in information system of law of Ad_let;

3) publication of this order on official Internet resource of the Ministry of national economy of the Republic of Kazakhstan.

3. I reserve control of execution of this order.

4. This order becomes effective after ten calendar days after day of its first official publication.

Approved by the Order of the acting minister of national economy of the Republic of Kazakhstan of March 30, 2015 No. 280

Rules of stock exchange trading

Chapter 1. General requirements

1. These rules of stock exchange trading (further – Rules) are developed according to subitem 2-1) of article 4 of the Law of the Republic of Kazakhstan "About commodity exchanges" (further – the Law) and determine procedure for activities of participants of stock exchange trading when making stock exchange transactions with exchange goods.

2. The basic concepts and terms which are used in these rules:

1) opening price – the price of the first committed stock exchange transaction on certain exchange goods (group of goods) at certain exchange bidding;

2) the basic price – the price established on exchange goods during the exchange biddings, accepted for calculation of the minimum and maximum level of the change in price during the trading session;

3) stock exchange trading – the business activity on realization (acquisition) of exchange goods and terminal contracts performed at commodity exchange by carrying out the exchange biddings electronically, registration and execution of transactions;

4) the exchange broker (further – the broker) – the legal entity 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;

5) 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;

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

7) the exchange biddings – the process which is carried out within these rules, 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;

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

Exchange goods – the standardized homogeneous goods included in the list of exchange goods and (or) the list of socially important exchange goods which units are identical in every respect similar characteristics have 9) and consist of similar components that allows them to perform the same functions having property of complete interchangeability of batches from different producers;

10) the request for sale (purchase) of exchange goods – the proposal (offer) of the participant of the exchange biddings on sale (purchase) of exchange goods or the notification (acceptance) of the participant of the exchange biddings on adoption of the offer on purchase (sale) of exchange goods containing all conditions necessary for the conclusion of stock exchange transaction according to these rules;

11) exchange collection – the fee charged by commodity exchange from participants of stock exchange trading for registration of stock exchange transaction;

12) the settlement organization – the bank of the second level or the organization performing separate types of banking activities with which the clearing center of commodity exchange signed the agreement on order of interaction when carrying out the exchange biddings and (or) implementing payment under the bargains concluded at the exchange biddings;

13) basis of delivery – the conditions of the exchange trade instrument providing distribution between the seller and the buyer of obligations on delivery of goods, execution of the relevant documents, payments of transportation expenses, and also determining the moment of transition of the property right to goods from the seller to the buyer and risks of accidental damage or loss of goods;

14) closing price – the price of the last committed stock exchange transaction on certain exchange goods (group of goods) at certain exchange bidding;

15) 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;

16) the 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;

17) the 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 exchange goods is established on equilibrium level of the demand and supply;

18) the 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;

19) oil products – separate types of oil products: gasoline, aviation and diesel fuel, fuel oil, road bitumen;

20) the delivery plan of oil products – amount of monthly needs of areas, cities of republican value and the capital in the oil products made in the Republic of Kazakhstan;

21) option transaction – stock exchange transaction which object is the option;

22) weighted average price – the price for specific exchange goods which developed following the results of the exchange biddings during the determined period of time (trading session, trading day, trade month) received by calculation of ratio between money turnover of the specific period of the corresponding period, divided into physical turnover;

23) spot goods – the goods which are in warehouse with immediate delivery or with its delivery in the future;

24) 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;

25) trading day – day of work of commodity exchange during which it holds the exchange auction;

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

27) the trade mode – set of conditions of the announcement of requests and the conclusion of transactions in trade system of commodity exchange;

28) trading session – period of time of trading day during which participants of stock exchange trading expose in trade system of commodity exchange of the purchasing request (sale) of exchange goods and on them stock exchange transactions are concluded;

29) members of commodity exchange are brokers, and also the dealers and market makers accredited by commodity exchange;

30) commodity exchange – the legal entity created in form of business of joint-stock company, performing organizational and technical supply of the biddings by their direct carrying out with use of electronic trading system of commodity exchange;

31) the applicant – the broker, the dealer, the market maker wishing to undergo the procedure of accreditation in commodity exchange as the member of commodity exchange;

32) futures transaction – stock exchange transaction which object is the future;

33) the forward transaction – stock exchange transaction which object is the forward.

3. Stock exchange trading is performed on the basis of equality of participants of stock exchange trading, according to the legislation of the Republic of Kazakhstan on commodity exchanges.

4. Development and approval of own Rules of stock exchange trading by commodity exchanges is not allowed.

5. The commodity exchange provides to all participants of stock exchange trading equal conditions on the conclusion of stock exchange transactions and is guarantor of legality of stock exchange transactions.

6. On the organizational technical issues connected with the organization and the tendering by exchange goods which is not settled by rules of stock exchange trading and requiring additional regulation, the commodity exchange approves the relevant internal regulating documents.

7. The commodity exchange provides integration of Internet resource and electronic trading system of commodity exchange with the information system "Single Window of Purchases".

8. The income of commodity exchange is created at the expense of admission and annual fees of members of commodity exchange, payments for use of property of the exchange, registration and registration of stock exchange transactions and due to other receipts which are not prohibited by the Law.

Chapter 2. Conditions and procedure for accreditation of members of commodity exchange, suspension and termination of their accreditation

9. Accreditation in commodity exchange grants the right to brokers, dealers, market makers to participate at the exchange biddings and to perform stock exchange transactions in compliance the Law and these rules.

10. The broker and (or) the dealer is allowed to be the member of two and more commodity exchanges.

11. The physical person directly or indirectly owning the minimum share in property of the legal entity, and also exercising individual control based on the civil relations which are available for it is not allowed to be the head and (or) the founder (cofounder) of two and more brokers and (or) dealers and (or) market makers.

12. Members of commodity exchange do not allow actions (failure to act) which will entail disclosure of the data which are trade secret at commodity exchange.

13. For passing of accreditation in commodity exchange the following requirements are imposed on the applicant:

1) to have civil legal capacity;

2) to be solvent, not to have tax debt;

3) not to be subject to insolvency proceeding or liquidation, is not seized its property, its financial and economic activities are not suspended;

4) availability at the workers holding executive positions, the higher education;

5) lack of not removed or unspent conviction for making of crimes in the field of economic activity and corruption crimes (for the first head).

14. For accreditation in commodity exchange by the applicant submits to commodity exchange the following documents and data:

1) the application for admission in members of commodity exchange;

2) the copy of the provision and (or) the charter approved in the procedure established by the legislation taking into account the made changes and (or) additions (notarized in case of non-presentation of originals for reconciliation) – in the presence of provision and (or) the charter;

3) Foundation agreement (in the presence);

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