KAZAKHSTAN: KASE Announces Amendments to the Listing Rules

Tuesday December 2 2025

On 1^st December 2025, Kazakhstan Stock Exchange (KASE) announced changes and additions No. 13 (the amendments) to KASE internal document “Listing Rules” were approved.

The amendments were introduced in order to bring the Listing Rules into line with the changes and additions made to the Requirements for issuers and their securities (being) admitted to trading on the stock exchange, as well as to certain categories of the stock exchange list, approved by Resolution No. 54 of the Board of the National Bank of the Republic of Kazakhstan dated March 27, 2017, effective as of September 15, 2025, as well as to update and optimize the listing procedures, investment memorandum and listing requirements.

The amendments provide for the following:

• in the structure of KASE official list, a separate segment, Buffer for debt securities, has been allocated for securities of issuers that have defaulted on the payment of interest (restructuring of obligations) on bonds that are listed on the Main, Alternative, Private Placement, and other markets;
• to admit not only shares and ETF securities, but also depositary receipts to circulation in the KASE Global sector;
• to determine that documents for listing may be submitted on paper only if it is not possible to submit the application and documents due to technical failures in the is2in system;
• to reduce the maximum period for the preparation by an authorized division of KASE of a conclusion on the compliance of the issuer and its securities with the listing criteria and/or requirements in accordance with the full listing procedures and the submission of this conclusion for consideration by the Listing Commission – from 30 to 15 working days from the date following the date of acceptance by KASE for consideration of an application for inclusion of securities in KASE official list;
• to simplify the structure of the investment memorandum provided by the admission initiators as part of the listing of securities by excluding from it information on the breakdown of financial statements;
• to empower KASE’s Management Board to grant a deferment for failure to comply with a requirement to provide any document (any data or information) or the possibility of failure to comply with such a requirement, provided that the listed company has no more than one violation of the terms and conditions of information disclosure (except for financial statements) in the current year.

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