Rules of Electronic Trades in Kazakhstan19 april 2016, 15:31
GRATA Finance & Securities Group has released a legal alert covering important legal developments in the Kazakhstani legislation that occurred in 2015.
Most of the changes were introduced in the legislation pursuant to adoption in May 2015 of a new policy document – the Plan of the Nation: 100 Steps for Implementation of 5 Institutional Reforms – governing the development of Kazakhstan in the short-term perspective.
The legal review covers the following areas:
1. Law on Corruption Countermeasures
2. New Civil Procedure Code
3. Law on Astana International Financial Center
4. Law on Judicial System
5. Law on Supreme Judicial Council
6. Resolution on Application of Bankruptcy and Rehabilitation Legislation by the Courts
7. New Commercial Code
8. PPP Law
9. Law on WTO Accession
10. Law on Special Defensive, Antidumping and Compensational Measures
11. Law on Ownership Right Further Protection
12. Law on Amendments to Electric Power Industry
13. Law on Amendments Related to Non-performing Loans, Financial Services and Financial Organisations
14. Law on Agricultural Cooperatives
15. Privatisation Decree
16. Rules of Electronic Trades
17. New Procurement Law
Each of them is addressed in a separate release on our website, whereas the today’s release deals with the Rules of Electronic Trades.
RULES OF ELECTRONIC TRADES
On 25 November 2015, the Ministry of National Economy of the Republic of Kazakhstan adopted the Rules of Electronic Trades (the “Electronic Trade Rules”) that will enter into force on 2 February 2016. The Electronic Trade Rules were enacted in order to implement the provisions of the Law of the Republic of Kazakhstan “On Regulation of Trading Activity” dated 12 April 2004 no. 544-II to facilitate the procedure of conclusion sale and purchase transactions provided that such transactions are not subject to notarisation and/or state registration.
The Electronic Trade Rules do not apply to state procurement and procurement by the National Bank and its group.
Under the Electronic Trade Rules, the participants of the electronic trades – sellers, purchaser and trades intermediaries (i.e. the persons or legal entities that place electronic messages offering the goods on behalf of the sellers and searching for potential purchasers for the benefit of the sellers under special agreement concluded between such intermediary and the seller). Both individuals and legal entities, either entrepreneurs (i.e. persons regularly involved in business activity) or not (i.e. persons who wish to conclude a single sale and purchase transaction on non-regular basis) can participate in the electronic trades. The sellers –entrepreneurs and intermediaries shall report to the relevant state bodies including tax bodies. The electronic trades are conducted by the exchange of electronic documents certified by digital electronic signature registered in the name of each of the relevant participant or by exchange of electronic messages. The participants use electronic money to settle trade transactions.
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