Market Link Guide - Kazakhstan
Key features
CSD link as defined under CSDR* | Yes |
Type of link | Indirect link |
*CSD Regulation (EU) No 909/2014, Article 2(29).
Operational arrangements
CSD | Custodian | |
Name | Central Securities Depository Joint Stock Company | Citibank Kazakhstan Joint Stock Company |
FATCA GIIN | MRRRCC.99999.SL.398 | NXUTG8.00233.ME.398 |
LEI | 253400B69B5AY7PVCR49 | 95XXGORQK31JZP82OG22 |
Country of incorporation | Kazakhstan | Kazakhstan |
Account type | Omnibus account under a Nominee structure | |
Legal Account name/holder | Clearstream Banking S.A. | Clearstream Banking S.A. |
Yes/No | Remarks | ||
Settlement free of payment | Yes | ||
Settlement against payment | Yes | ||
Settlement against payment in central bank money | No | ||
Bridge settlement | No | ||
Shaping facility | No | ||
Partial settlement | No | ||
Settlement penalty fees | No | ||
Pre-matching | No | ||
Back-to-back processing | No | ||
Allegements | No | ||
Automatic compensation | No | ||
Registered securities | Yes | In the name of Clearstream Banking S.A. | |
Multi Market Securities | No | ||
Lending and borrowing | No | ||
Proxy voting | No | ||
Investment Funds | No | ||
Liquidity Hub Connect | No | ||
Sale and purchase of rights | No | ||
Repo services | No | ||
Market restrictions | Yes | Holding restriction applies to local Kazakhstani domestic parties in CBL books. | |
FTT | No | ||
Daily reconciliation | Yes | ||
Bilateral cancellation | No | ||
Settlement finality | Transactions settled in the books of the CSD are final and irrevocable | ||
Local legislation
The below section is valid on the date of the legal opinions that were issued and might be subject to change. The information is provided for guidance only and should not be considered in isolation or as constituting a complete or definitive legal advice on any specific matter. The scope of the legal opinions is limited to the local legislation applicable to the relevant CSD (and intermediary, if any). For links using an intermediary located in another jurisdiction, please find a separate Local legislation section for the jurisdiction of the intermediary below. For clients accessing local markets via other Clearstream entities, please also review the Local legislation section in the relevant Market Link Guide for such Clearstream entity.
Local legislation of the CSD/Intermediary | |
Date of legal opinion | 31 March 2025 |
Nature of rights on securities | Substantive law of the jurisdiction will govern the nature of the rights on the securities. Rights on the securities are nominee rights/legal ownership. No differences in conclusions in case of sub-accounts for Clients within the Direct CSD account. |
Recognition of nominee concept | Nominee concept recognised under local law. |
No right of retention to the CSD under local law | CSD does not have a lien or similar encumbrances on the securities under local law. |
No upper-tier attachments | Securities would not be subject to attachment. |
No right of use without prior consent | Laws of the jurisdiction restrict CSD from using securities without Clearstream’s prior consent. |
Segregation of assets at the CSD | CSD is under legal/regulatory obligation to segregate the securities held for each participant. |
Loss of assets | No general restrictions on ability to recover lost assets or on indemnification under local law. |
Ability to recover client assets in the event of insolvency of CSD | Securities would be recoverable. |
Ability to recover client assets in the event of insolvency of Agent | Securities would be recoverable in the event of insolvency of the Subcustodian. Claim to cash as a general creditor in case of insolvency of the Subcustodian. |
Shortfall pro-rated among holders | Shortfall in the securities may be allocated pro rata, but counsel noted certain nuances. |
Settlement finality in case of insolvency | Transfer orders may be revoked in certain circumstances. |