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The Legal Basis for the Securities Market in the Republic of Kazakhstan

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For more content, see Review of Socialist Law.

Legal support for the securities market falls within the state's activities in the person of its agencies for the purpose of enacting relevant legislation creating the necessary conditions under which securities can circulate in the most effective and appropriate manner. The state interests can thereby correspond to the needs of the public to the maximum extent, according to the objective economic laws for the development of any market-oriented society. In our case, the term "legislation" (zakonodatel'stvo) includes all the laws of the Republic of Kazakhstan, Presidential Edicts, and decrees of the Kazakhstani Government, as well as any normative legal acts enacted by the National Securities Commission and other national executive bodies within their authorities. When dealing with legal support for the securities market, we first need to specify that such a market is understood by us as a field where certain pecuniary debt obligations, rights of participation in capital and management circulate (i.e., are sold and purchased) with respect to business entities set up in specific organizational and legal forms. The aforementioned types of property rights in the securities market are certified by a special type documents called securities, or by other methods certifying property rights established by law (e.g., non-documentary securities).

As they are basically a form of certain civil law relations, not all types of securities may circulate in the securities market. In particular, mortgage certificates, bills of lading, and other types of commodity instructional documents recognized by Kazakhstani law circulate in the commodity markets, including a commodity exchange. In turn, the securities market, being an element of the financial market, includes the following types:

- the capital market, where stocks and bonds are sold and purchased and where other obligations circulate relating to the attraction of funds for setting up enterprises and developing business activities, as well as for solving national or local (oblast') economic, social and cultural problems; and

- the money market, where short-term monetary obligations (promissory notes, bills of exchange, checks) circulate, performing the function of payment instruments by means of delayed or split (by installments) payments.

In this article, we will research the issue of legal support for the capital and money markets in the Republic of Kazakhstan.

Affiliations: 1: Scientific-Research Center of Private Law, Kazakh State Law University; 2: Coudert Brothers (Central Asia) LLC, Almaty, Kazakhstan


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