KASE clarifies basic provisions of non-sponsored listings of securities in own trading venues
OREANDA-NEWS. In reply to questions addressed to Kazakhstan Stock Exchange (KASE) with regard to listing of several Russian companies on KASE the exchange deems it necessary to clarify the basic provisions on non-sponsored listing of securities in its trading venue.
According to Kazakhstan's regulations setting listing requirements , and KASE's Listing Rules, securities can be admitted to listing on KASE not only following the issuer's intention, but also following an initiative of a member of KASE. The latter will act as the initiator of admission of securities to circulation on KASE in case of non-sponsored listing. The non-sponsored listing can be conducted according to both regular and simplified procedure. As a rule, the non-sponsored listing is applied to securities of foreign issuers that underwent the primary (sponsored) listing in other trading venues.
The simplified non-sponsored listing means the:
- consent of the foreign securities issuer is not necessary;
- details of securities and issuer are disclosed via the website of the exchange where the securities underwent initial listing compliant with that exchange's requirements;
- obligation of disclosing on the securities issuer in compliance with rules of the regulator is imposed on the securities admission initiator – a member of KASE;
- the securities issuer will have no additional obligations or responsibility towards KASE or Kazakh regulator with regard to disclosure.