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RESOLUTION OF SERVICE OF SUPERVISION AND REGULATION OF THE FINANCIAL MARKET OF THE KYRGYZ REPUBLIC

of September 4, 2008 No. 101

About approval of the Regulations on procedure for consideration of the administrative offenses encroaching on transactions with securities and also in the sphere of gambling, lottery, insurance activity, activities of non-state pension funds, the companies managing pension assets and imposings of administrative punishments

1. Approve the enclosed Regulations on procedure for consideration of the administrative offenses encroaching on transactions with securities and also in the sphere of gambling, lottery, insurance activity, activities of non-state pension funds, the companies managing pension assets and imposings of administrative punishments.

2. Declare invalid the Regulations on procedure for consideration of the administrative offenses encroaching on transactions with securities, and imposings of administrative punishments, approved by the resolution of State commission under the Government of the Kyrgyz Republic on the security market of November 2, 2001 No. 90.

3. Publish this resolution in mass media.

 

Chairman Yu.Toychubekov

Approved by the Resolution of Executive council of Service of supervision and regulation of the financial market of the Kyrgyz Republic of September 4, 2008 No. 101

Regulations on procedure for consideration of the administrative offenses encroaching on transactions with securities and also in the sphere of gambling, lottery, insurance activity, activities of non-state pension funds, the companies managing pension assets and imposings of administrative punishments

I. General provisions

1. This Provision regulates the legal relationship developing in the course of the application of administrative punishments for violations of the law regulating gambling, lottery, insurance activity, activities of non-state pension funds, the companies managing pension assets and also transactions with securities and is developed according to the Code of the Kyrgyz Republic about the administrative responsibility.

The purpose of this Provision is timely and objective hearing of cases about administrative offenses in the sphere of gambling, lottery, insurance activity, activities of non-state pension funds, the companies managing pension assets and also transactions with securities and their prevention.

3. The concepts used in this Provision:

The administrative offense (administrative offense) encroaching on the state or public order, the rights and freedoms of citizens on established procedure of management, on all patterns of ownership illegal, guilty (intentional or careless) action or failure to act for which the legislation provides the administrative responsibility.

Administrative punishment - the enforcement power of the state impact applied for making of administrative offense for the purpose of involvement of person to responsibility by correction and re-education.

The size of penalty is determined proceeding from the settlement indicator established at the time of making of administrative offense, and in case of the lasting administrative offense - at the time of its detection.

The minimum size of the penalty imposed on officials cannot be less than two settlement indicators. The maximum size of the penalty imposed on officials cannot exceed hundred settlement indicators.

The minimum size of the penalty imposed on the legal entity cannot be less than hundred settlement indicators. The maximum size of the penalty imposed on the legal entity cannot exceed one thousand settlement indicators.

5. Officials are brought to the administrative responsibility when making administrative offense in connection with non-execution or improper execution of service duties by them.

Officials are understood as persons, is permanent, temporary or on special power performing or given in the procedure established by the law administrative authority concerning persons which are not from them in job dependency, and equally in persons performing organizational and administrative or administrative functions in state bodies.

Individual entrepreneurs, and equally in heads and employees of other legal entities (organizations), irrespective of pattern of ownership, the made administrative offenses in connection with accomplishment organizational and administrative or administrative type duties, bear the administrative responsibility as officials.

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