OREANDA-NEWS. On March 05, 2008 Agency of Republic of Kazakhstan for regulating and supervision over financial market and organizations (AFS) had published on its official web site the press-release about stoppage of action of license of PAIMO Bailyk Asset Management JSC (daughter organization of Eurasian bank JSC), reported the press-centre of KASE.

By resolution of Board of Agency of Republic of Kazakhstan for regulating and supervision over financial market and organizations (hereinafter – the Agency) dated February 26, 2008 #23 was accepted the decision about stoppage of license action of PAIMO Bailyk asset management JSC
(hereinafter - the Organization) for 6 months' term.

The given decision was accepted on the basis of subparagraph 4) paragraph 1 of article 51 of Low of Republic of Kazakhstan "About market of securities" (hereinafter - the Low) and subparagraph 4) paragraph 18 of Clause about Agency of Republic of Kazakhstan for regulating and supervision over financial market and organizations, confirmed by Order of President of Republic of Kazakhstan dated December 31, 2003 # 1270, in connection to enclosing by Organization, as broker, of deals with securities by account of pension assets of OAPF named after D.I.Kunayev, accepted to investment management, with abortion of requirements, stated by point 2 of article 64 of Low, subparagraph 1) paragraph 1 of article 55 of Low of Republic "About pension security in Republic of Kazakhstan" and point 12 of Rules of execution of activity for investment management with pension assets, confirmed by resolution of Board of Agency dated October 27, 2006 # 225.

In accordance with point 2 of article 51 Execution of licensing type of activities on securities market after receiving of written notification of authorized body about stoppage of license is illegal and carries the responsibility, stated by Lows of Republic of Kazakhstan.