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New draft prakas for stock exchange

New draft prakas for stock exchange

THE Securities and Exchange Commission of Cambodia (SECC) issued a draft prakas Thursday regarding requirements for the special financial agents required to run a securities exchange. Under the regulation, securities registrars, transfer agents and paying agents would be required to have commercial companies registered in Cambodia, and deposit minimum capital in Cambodian banks, including 10 percent in the National Bank. A registrar or transfer agent would deposit 200 million riel (US$47,846),and a paying agent would deposit 500 million riel to operate. A securities registrar provides management of securities registries, including the issuing of certificates. A transfer agent is hired by companies with publicly traded securities to keep track of the owners of its stocks and bonds. A paying agent is responsible for calculating dividends and other payments and providing them to securities holders. Officials hope the stock exchange will be up and running by the end of 2010. nguon sovan

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