THE RESOLUTION OF BOARD OF THE AGENCY OF THE REPUBLIC OF KAZAKHSTAN ON REGULATION AND SUPERVISION OF THE FINANCIAL MARKET AND THE FINANCIAL ORGANIZATIONS

of March 27, 2009 No. 56

About requirements to contents of the agreement on representation of interests of holders of Islamic securities signed between the issuer and the representative of holders of Islamic securities and about approval of Rules about establishment of procedure for execution of functions and obligations by the representative of holders of Islamic securities, and also procedure and cases of early termination of its powers

According to article 32-7 of the Law of the Republic of Kazakhstan of July 2, 2003 "About the security market" the Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations (further - the Agency) DECIDES:

1. The agreement on representation of interests of holders of Islamic securities is signed between the issuer of Islamic securities (далееэмитент) and the representative of holders of Islamic securities (daleepredstavitel) before state registration of release of Islamic securities and contains:

1) subject of the agreement;

2) rights and obligations of the Parties;

3) procedure for representation of information to the representative necessary for it for execution of the functions and obligations provided by the Law of the Republic of Kazakhstan of July 2, 2003 "About the security market" and the agreement on representation of interests of holders of Islamic securities;

4) procedure for submission of the reporting of the representative to holders of Islamic securities;

5) responsibility of the issuer and representative for breach of agreement;

6) size and payment procedure of services of the representative;

7) procedure and cases of early termination of powers of the representative;

8) effective period and procedure for agreement cancelation;

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