Article 43. Disclosure of commercial secrets on the securities market The Law on the Securities Market

Home / RLA / Article 43. Disclosure of commercial secrets on the securities market The Law on the Securities Market

1. Information constituting a commercial secret on the securities market is not subject to disclosure, except in the cases established by this article.

The exchange of information, including information constituting a commercial secret on the securities market, between the National Bank of the Republic of Kazakhstan, the authorized body and the Committee of the Astana International Financial Center for Financial Services Regulation is not considered disclosure of a commercial secret on the securities market.

It is not considered disclosure of a commercial secret on the securities market if an official of a government agency or a person performing managerial functions in an organization submits documents and information containing commercial secrets on the securities market as supporting documents and materials when sending a criminal prosecution agency a report on a criminal offense.

2. Excluded by the Law of the Republic of Kazakhstan dated 07/02/2018 No. 166-VI (effective ten calendar days after the date of its first official publication). 2-1. Excluded by the Law of the Republic of Kazakhstan dated 07/02/2018 No. 166-VI (effective ten calendar days after the date of its first official publication).

2-2. Information constituting a commercial secret on the securities market may be provided by the authorized body of the auditing organization in accordance with part five of paragraph 9 of Article 55-1 of this Law.

3. Information constituting a commercial secret on the securities market is provided:

1) bodies of inquiry and preliminary investigation: in criminal cases pending before them with the approval of the prosecutor;

1-1) national security agencies and the State Security Service of the Republic of Kazakhstan with the approval of the prosecutor upon their request to provide information necessary for the prevention, opening and suppression of intelligence and (or) subversive actions;

2) to the courts: in cases pending before them on the basis of a ruling, resolution;

2-1) to the authorized body for the return of assets upon a written request signed by the first head or the person performing his duties, accompanied by an extract from the register approved in accordance with the Law of the Republic of Kazakhstan "On the Return of illegally Acquired Assets to the State";

3) to the prosecutor's office: on the basis of a resolution on the conduct of an inspection within their competence on the material under consideration.;

3-1) to the authorized financial monitoring body: for the purposes and in accordance with the procedure provided for by the Law of the Republic of Kazakhstan "On Countering the Legalization (Laundering) of Proceeds from Crime and the Financing of Terrorism";

4) state and private bailiffs: in cases under their jurisdiction, enforcement proceedings are conducted on the basis of a resolution of the bailiff authorized by the prosecutor, certified by the seal of the judicial authority or the seal of a private bailiff;

5) state revenue authorities solely for the purposes of tax administration:

on issues related to the taxation of the person being audited;

in respect of a person who has a tax debt in the amount of more than 150 times the monthly calculation index established by the law on the republican budget and effective on January 1 of the relevant financial year, which has not been repaid within four months from the date of occurrence.;

in respect of a debtor for whom there is a court decision on declaring bankruptcy that has entered into legal force.;

6) the authorized body or the National Bank of the Republic of Kazakhstan upon their request;

7) notaries: for inheritance cases under their jurisdiction;

8) to foreign consular institutions: on inheritance cases pending in their proceedings;

9) to the holder of an equity security or other financial instrument: with respect to his rights under equity securities or other financial instruments, to any third party on the basis of the holder's consent given in writing or by means of the holder's identification means on a personal account opened for him in the system of registers of securities holders and (or) nominal holding;

10) to the issuer: in relation to the securities issued by it;

11) the licensee's parent organization: for the purposes of calculating prudential standards, as well as the formation of risk management and internal control systems in cases provided for by the legislation of the Republic of Kazakhstan;

12) stock exchange: to the extent determined by its internal documents;

13) an organization specializing in improving the quality of credit portfolios of second-tier banks, to the extent necessary for the implementation of its statutory activities;

14) the person in whose favor the encumbrance of equity securities or other financial instruments, including collateral, has been registered: in respect of his rights under equity securities or other financial instruments.

15) to the financial manager on the basis of a request for a citizen of the Republic of Kazakhstan, against whom a case has been initiated on the application of a solvency restoration procedure or judicial bankruptcy on the basis of a court ruling on the initiation of a case on the application of the procedure and with the approval of the prosecutor;

16) to the authorized body in the field of public administration for the restoration of solvency and bankruptcy of citizens of the Republic of Kazakhstan on the basis of a request for a citizen who has submitted an application for the application of procedures provided for by the Law of the Republic of Kazakhstan "On the restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan", for a period of three years prior to the submission of such a request.

The list of information constituting a commercial secret and the procedure for submitting such information to the persons specified in part one of this paragraph are established by this Law, other legislative acts of the Republic of Kazakhstan and regulatory legal acts of the authorized body.

4. Excluded by the Law of the Republic of Kazakhstan dated 07/02/2018 No. 166-VI (effective ten calendar days after the date of its first official publication)..

5. Information constituting a commercial secret on the securities market in respect of non-resident individuals and legal entities, as well as legal entities whose beneficial owners are non-residents, is submitted to the authorized state body responsible for ensuring tax revenues and other mandatory payments to the budget, in respect of:

1) non-resident individuals and non-resident legal entities, as well as legal entities whose beneficial owners are non-residents;

2) individuals and legal entities specified in the request of the authorized body of a foreign state sent in accordance with an international treaty ratified by the Republic of Kazakhstan.

The procedure, terms and form of submission of the information specified in this paragraph shall be established by the authorized state body responsible for ensuring tax receipts and other mandatory payments to the budget, in coordination with the authorized body.

The Law of the Republic of Kazakhstan dated July 2, 2003 No. 461.

 This Law regulates public relations arising in the process of issuing, placing, circulating and redeeming equity securities and other financial instruments, the specifics of the creation and operation of securities market entities, defines the procedure for regulating, controlling and supervising the securities market in order to ensure the safe, open and effective functioning of the securities market, and the protection of investors' rights. and holders of securities, fair competition of securities market participants.

President

Republic of Kazakhstan

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