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ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of October 29, 2019 No. 580

About questions of regulation of activities of investment funds

For the purpose of implementation of the Law of the Kyrgyz Republic "About modification of some legal acts of the Kyrgyz Republic concerning activities of investment funds", 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. Bring in the order of the Government of the Kyrgyz Republic "About approval of the Regulations on managing companies of mutual investment funds" of May 27, 2011 No. 249 the following changes:

in the Regulations on managing companies of mutual investment funds approved by the above-named resolution:

in Item 11:

- the fourteenth to state the paragraph in the following edition:

"-acquire the securities issued by other investment funds, except for investment funds for skilled investors;";

- the nineteenth to state the paragraph in the following edition:

"-carry out investments more than 20 (twenty) percent of all net assets of Fund to securities of one issuer or to shares of limited liability company, except for investment funds for skilled investors and investment into the government securities and securities guaranteed by the Government of the Kyrgyz Republic;";

- to state paragraphs of the twenty first and twenty second in the following edition:

"-give guarantees of any sort or make mortgage transactions, except for transactions of repo with investment assets;

- create affiliated enterprises of Fund, except for investment funds for skilled investors;";

- add with the paragraph the twenty fourth the following content:

"-make mortgage transactions, except for investment funds for skilled investors.".

2. Bring in the order of the Government of the Kyrgyz Republic "About approval of the Regulations on order of registration of rules of mutual investment fund, the prospectus of the issue of investment shares and the report on results of primary placement of investment shares of mutual investment fund" of May 27, 2011 No. 250 the following changes:

in Regulations on the order of registration of rules of mutual investment fund, the prospectus of the issue of investment shares and the report on results of primary placement of investment shares of mutual investment fund approved by the above-named resolution:

- in Items 4, of 15, of 17, of 21, of 27, of 31, of 33, 34 and in the name of the Section III of the word "state body on the security market", "authorized body on the security market", "state body on regulation of the security market" in different case forms shall be replaced with words "authorized state body on regulation of the security market" in the corresponding cases;

- in Item 5 of the word "The code of the Kyrgyz Republic about the administrative responsibility" shall be replaced with words "The code of the Kyrgyz Republic about violations";

- add with the Section VIII of the following content:

"VIII. The procedure of registration by means of the personal offer of investment shares for skilled investors

35. For registration of release of investment shares for skilled investors the following documents are submitted to authorized state body on regulation of the security market:

- the statement on state registration of Rules of closed-end investment fund;

- the copy of the document confirming adoption by managing company of closed-end investment fund of the decision on approval of Rules of closed-end investment fund;

- Rules of closed-end investment fund (in duplicate);

- the document confirming payment of the registration fee.

36. The authorized state body on regulation of the security market registers Rules of closed-end investment fund for skilled investors or makes the motivated decision on refusal in registration, no later than 5 (five) working days from the date of receipt of the documents specified in Item 35 of this provision.

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