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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.

37. In case of refusal in registration of Rules of closed-end investment fund the authorized state body on regulation of the security market shall notify on it the applicant in writing, no later than one working day from the date of adoption of such decision, with indication of causes of failure.

In case of refusal the authorized state body on regulation of the security market retains in one copy each of the submitted documents or their copy, other documents return to the issuer.

38. The decision on refusal in registration of Rules of closed-end investment fund is appealed according to the procedure, provided by the Law of the Kyrgyz Republic "About bases of administrative activities and ministerial procedures".

39. For registration of the changes and/or amendments in Rules of closed-end investment fund which were reworded as follows on regulation of the security market are represented to authorized state body:

- the registration application of changes and/or amendments in Rules of closed-end investment fund;

- Rules of closed-end investment fund in the new edition, with changes and amendments (two copies);

- the copy of the document confirming decision making of general meeting of unitholders of closed-end investment fund about modification and amendments in Rules of closed-end investment fund.

40. Registration of changes and amendments in Rules of closed-end investment fund is performed by authorized state body on regulation of the security market in time no more than 5 (five) working days from the date of representation of changes and amendments.

41. The authorized state body on regulation of the security market has the right to perform check of reliability of the data containing in the documents submitted for registration of changes and/or amendments to Rules of closed-end investment fund.

The authorized state body on regulation of the security market has the right to request the documents necessary for check of reliability of the data containing in the documents submitted for registration of changes and/or amendments to Rules of closed-end investment fund.

42. In case of decision making about registration of changes and/or amendments in Rules of closed-end investment fund the authorized state body on regulation of the security market within one working day from acceptance date of the relevant decision issues (sends) to managing company:

- the decision of authorized state body on regulation of the security market about registration of changes and/or amendments in Rules of closed-end investment fund;

- two copies of the changes and/or amendments in Rules of closed-end investment fund which were reworded as follows with mark about registration.

In case of decision making about refusal in registration of changes and/or amendments in Rules of closed-end investment fund the authorized state body on regulation of the security market shall within one working day from acceptance date of the relevant decision to issue (to send) to managing company the notification on refusal containing the refusal bases.

43. In case of refusal in Rules of closed-end investment fund the documents submitted for registration of changes and/or amendments do not return to registration of changes and/or amendments.

Results of primary placement of investment shares of closed-end investment fund.

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