Article 16-1. Funds of the Commodity Exchange and the clearing center of the Commodity Exchange for ensuring the execution of exchange transactions of the Commodity Exchange Act

Home / Laws / Article 16-1. Funds of the Commodity Exchange and the clearing center of the Commodity Exchange for ensuring the execution of exchange transactions of the Commodity Exchange Act

In order to ensure the execution of transactions concluded on the exchange, the commodity exchange creates a reserve fund, and the clearing center of the commodity exchange creates a guarantee fund.

The minimum size of the reserve fund of the commodity exchange is not less than twenty thousand times the monthly calculation index established for the relevant financial year by the Law of the Republic of Kazakhstan on the republican budget.

The minimum contribution to the guarantee fund is set by the commodity exchange clearing center in consultation with the commodity exchange, depending on the trading sections to which the relevant member of the commodity exchange has access.

Commodity exchanges that trade socially significant exchange-traded goods, within one year from the date of the start of trading in such goods, ensure an increase in the size of the reserve fund to at least one hundred thousand times the monthly calculation index established for the relevant financial year by the Law of the Republic of Kazakhstan on the republican budget.

The rules for the formation and use of reserve and guarantee funds are approved by the authorized body.

The Law of the Republic of Kazakhstan dated May 4, 2009 No. 155-IV.

This Law regulates public relations arising in the course of commodity exchanges and exchange trading, establishes the procedure for regulating and state control over the activities of commodity exchanges in order to ensure their open and effective functioning, protect the rights of participants in exchange trading and fair competition between them.

President

Republic of Kazakhstan

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