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ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of December 31, 2018 No. 659

About questions of activities of Public service of regulation and supervision of the financial market under the Government of the Kyrgyz Republic

For the purpose of regulation of activities of Public service of regulation and supervision of the financial market under the Government of the Kyrgyz Republic, according to articles 10 and 17 of the constitutional Law of the Kyrgyz Republic "About the Government of the Kyrgyz Republic" the Government of the Kyrgyz Republic decides:

1. Approve:

- Regulations on Public service of regulation and supervision of the financial market under the Government of the Kyrgyz Republic according to appendix 1;

- the scheme of management of Public service of regulation and supervision of the financial market under the Government of the Kyrgyz Republic according to appendix 2;

- sales charge for state registration (re-registration) of issue of securities according to appendix 3.

2. Determine that for issue of the certificate on the right of conducting transactions with securities collection in the amount of fivefold settlement indicator is levied.

3. Recognize invalid:

- the order of the Government of the Kyrgyz Republic "About modification of the order of the Government of the Kyrgyz Republic of July 24, 2007 No. 288 "About Service of supervision and regulation of the financial market of the Kyrgyz Republic" of July 22, 2008 No. 392;

- Item 12 of the order of the Government of the Kyrgyz Republic "About modification of some decisions of the Government of the Kyrgyz Republic" of April 20, 2009 No. 236.

4. To public service of regulation and supervision of the financial market under the Government of the Kyrgyz Republic:

- bring the decisions into accord with this resolution;

- take other measures following from this resolution.

5. This resolution becomes effective after fifteen days from the date of official publication, except for Item 1, which becomes effective after entry into force of the Law of the Kyrgyz Republic "About recognition voided some legal acts of the Kyrgyz Republic in the sphere of supervision and regulation of the financial market".

Prime Minister of the Kyrgyz Republic

M. Abylgaziyev

Appendix 1

to the Order of the Government of the Kyrgyz Republic of December 31, 2018 No. 659

Regulations on Public service of regulation and supervision of the financial market under the Government of the Kyrgyz Republic

Chapter 1. General provisions

1. Public service of regulation and supervision of the financial market under the Government of the Kyrgyz Republic (further - the Gosfinnadzor) is the authorized state body of the executive authority performing functions on development and realization of state policy in the field of supervision and regulation of the non-bank financial market, financial accounting and the financial reporting.

2. State financial supervision in the activities is guided by the Constitution of the Kyrgyz Republic, the laws of the Kyrgyz Republic, presidential decrees of the Kyrgyz Republic, resolutions of Jogorku Kenesh of the Kyrgyz Republic, decisions of the Government of the Kyrgyz Republic which came in the procedure established by the legislation into force international treaties which participant is the Kyrgyz Republic, other regulatory legal acts of the Kyrgyz Republic, and also this Provision.

3. State financial supervision, along with functions, and the powers specified in this Provision has also other powers, stipulated by the legislation the Kyrgyz Republic in the sphere of the non-bank financial market.

4. State financial supervision performs the activities in interaction with state bodies, local government bodies, public associations and other legal entities.

5. State financial supervision is legal entity, has seal with the image of the State Emblem of the Kyrgyz Republic, with the name in the state and official languages, settlement and other accounts in system of the Central Treasury of the Ministry of Finance of the Kyrgyz Republic and in commercial banks.

6. In implementation process of the powers and functions the Gosfinnadzor, if necessary, performs the activities in interaction with other executive bodies, local government bodies, public associations and other organizations.

Chapter 2. Gosfinnadzor purpose

7. The purpose of the Gosfinnadzor is creation of conditions for sustained economic growth of the state, improvement of the investment climate, by means of development of the non-bank financial market, system of financial accounting and the financial reporting.

Chapter 3. Gosfinnadzor tasks

8. Tasks of the Gosfinnadzor are:

- carrying out single state policy, determination of strategy and priorities of development of the non-bank financial market, system of financial accounting and financial reporting.

The non-bank financial market is understood as part of the financial market of the Kyrgyz Republic which includes the security market, insurance activity, auditor activities, activities of non-state pension funds, the companies managing pension assets and also lottery and lombard activities according to the laws of the Kyrgyz Republic regulating the specified types of activity of the non-bank financial market and this Provision;

- development of the regulatory legal base concerning supervision and regulation of the non-bank financial market, financial accounting and the financial reporting;

- state regulation of the non-bank financial market, system of financial accounting and financial reporting;

- assistance to development of the principles of corporate management in the Kyrgyz Republic;

- creation of conditions for integration into the world financial market, and also in the international accounting and auditor community;

- providing in accordance with the established procedure supervision of subjects of the non-bank financial market on compliance with law of the Kyrgyz Republic regulating their activities;

- providing conditions for implementation of international accounting standards, international standards of audit and creation of the mechanism of control of observance of requirements of accounting standards and audit;

- protection of the rights and the consumer interests of financial services of the non-bank financial market of the Kyrgyz Republic protected by the law;

- implementation of licensing in the field of the non-bank financial market.

9. In this Provision questions of regulation of financial accounting, the financial reporting and audit belong to regulation in private sector.

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