RESOLUTION OF THE CABINET OF MINISTERS OF THE KYRGYZ REPUBLIC

of December 10, 2021 No. 300

About questions of subordinated divisions and organizations of the Ministry of Economy and Trade of the Kyrgyz Republic

For the purpose of acceptance of organizational measures in connection with reform of executive bodies of the Kyrgyz Republic, according to the Presidential decree of the Kyrgyz Republic "About structure and structure of the Cabinet of Ministers of the Kyrgyz Republic and structure of Administration of the President of the Kyrgyz Republic" of October 12, 2021 425, being guided No. by articles 13, of the 17th constitutional Law of the Kyrgyz Republic "About the Cabinet of Ministers of the Kyrgyz Republic", the Cabinet of Ministers of the Kyrgyz Republic decides:

1. Approve:

1) Regulations on Service of regulation and supervision of the financial market under the Ministry of Economy and Trade of the Kyrgyz Republic according to appendix 1;

2) the scheme of management of Service of regulation and supervision of the financial market under the Ministry of Economy and Trade of the Kyrgyz Republic according to appendix 2;

3) Regulations on Service of anti-monopoly regulation under the Ministry of Economy and Trade of the Kyrgyz Republic according to appendix 3;

4) the scheme of management of Service of anti-monopoly regulation under the Ministry of Economy and Trade of the Kyrgyz Republic according to appendix 4;

5) Regulations on Department for bankruptcy under the Ministry of Economy and Trade of the Kyrgyz Republic according to appendix 5;

6) Ceased to be valid according to the Resolution of the Cabinet of Ministers of the Kyrgyz Republic of 29.05.2023 No. 291

7) Ceased to be valid according to the Resolution of the Cabinet of Ministers of the Kyrgyz Republic of 29.05.2023 No. 291

8) Regulations on the Center of standardization and metrology under the Ministry of Economy and Trade of the Kyrgyz Republic according to appendix 8;

9) the scheme of management of the Center of standardization and metrology under the Ministry of Economy and Trade of the Kyrgyz Republic according to appendix 9;

10) Regulations on the Kyrgyz center of accreditation under the Ministry of Economy and Trade of the Kyrgyz Republic according to appendix 10;

11) the scheme of management of the Kyrgyz center of accreditation under the Ministry of Economy and Trade of the Kyrgyz Republic according to appendix 11;

12) Regulations on public institution "Center for development of halalas industries" under the Ministry of Economy and Trade of the Kyrgyz Republic according to appendix 12;

13) Ceased to be valid according to the Resolution of the Cabinet of Ministers of the Kyrgyz Republic of 07.10.2022 No. 556

14) Ceased to be valid according to the Resolution of the Cabinet of Ministers of the Kyrgyz Republic of 29.05.2023 No. 291

15) the Charter of the state company "The Center of Single Window in the Sphere of Foreign Trade" under the Ministry of Economy and Trade of the Kyrgyz Republic according to appendix 15;

16) Ceased to be valid according to the Resolution of the Cabinet of Ministers of the Kyrgyz Republic of 25.03.2024 No. 136

17) Regulations on Department of tourism under the Ministry of Economy and Trade of the Kyrgyz Republic according to appendix 17.

2. Bring in the order of the Government of the Kyrgyz Republic "About determination of authorized bodies in the public-private partnership sphere" of September 14, 2012 No. 616 the following change:

- in paragraphs one and the second Item 1 the word of "investments" shall be replaced with words "economies and commerce".

3. Bring in the order of the Government of the Kyrgyz Republic "About creation of public institution "Center of public-private partnership" under the Ministry of Economics of the Kyrgyz Republic" of June 28, 2019 No. 333 the following changes:

- in paragraph three of Item 2 and in item 4 the word of "investments" shall be replaced with words "economies and commerce";

- in appendix 2 to the above-stated resolution in the name the word of "investments" shall be replaced with words "economies and commerce".

4. Ceased to be valid according to the Resolution of the Cabinet of Ministers of the Kyrgyz Republic of 13.12.2023 No. 675

5. Ceased to be valid according to the Resolution of the Cabinet of Ministers of the Kyrgyz Republic of 29.08.2022 No. 474

6. To the Ministry of Economy and Trade of the Kyrgyz Republic to take the necessary measures following from this resolution.

7. Determine that the realization of this resolution is enabled within the approved number of staff and provided in the republican budget for the corresponding year and the next years of means to the Ministry of Economy and Trade of the Kyrgyz Republic and the transferred subordinated organizations.

8. To impose control of execution of this resolution on management of control of execution of decisions of the President and the Presidential Administration Cabinet of Ministers of the Kyrgyz Republic.

9. This resolution becomes effective after seven days from the date of official publication.

Appendix 1

to the Resolution of the Cabinet of Ministers of the Kyrgyz Republic of December 10, 2021 No. 300

Regulations on Service of regulation and supervision of the financial market under the Ministry of Economy and Trade of the Kyrgyz Republic

1. General provisions

1. This Provision determines legal and organizational basis of activities of Service of regulation and supervision of the financial market under the Ministry of Economy and Trade of the Kyrgyz Republic (further - the Finnadzor).

2. Financial supervision is legal successor of Public service of regulation and supervision of the financial market under the Ministry of Economics and finance of the Kyrgyz Republic.

3. Financial supervision is the state body of the executive authority of the Kyrgyz Republic functioning in the status of subordinated division of the Ministry of Economy and Trade of the Kyrgyz Republic (further - the Ministry), 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.

The non-bank financial market is understood as part of the financial market of the Kyrgyz Republic which includes the security market, the market of virtual assets; insurance activity; auditor activities; activities of non-state pension funds; activities of the companies managing pension assets; activities of commodity and stock exchanges; stock exchange trading; lottery and lombard activities; gambling activities, including online casino, electronic (virtual) casino, leasing activities (except for leasing activities of legal entities, persons under surveillance to National Bank of the Kyrgyz Republic) according to the legislation of the Kyrgyz Republic.

4. Financial supervision in the activities is guided by the Constitution and the laws of the Kyrgyz Republic, other regulatory legal acts of the Kyrgyz Republic, the conventional principles and rules of international law, international treaties which became effective according to the legislation of the Kyrgyz Republic, decisions of the Ministry and this Provision.

5. Financial supervision performs the activities in interaction with state bodies, local government bodies, public associations and other legal entities and physical persons.

6. Financial supervision is legal entity, has separate balance and the isolated property, seal with the image of the State Emblem of the Kyrgyz Republic and the name in the state and official languages, other seals, stamps, forms of the established sample, settlement and other accounts in system of treasury and in commercial banks according to the legislation of the Kyrgyz Republic.

Form of business of the Finnadzor - the public institution created on the right of operational management.

7. Full trade name of the Finnadzor:

- in state language: "Kyrgyz Respublikasynyn Ekonomika of Jean commerce to the ministrligena to karashtu Finance rynogun zhongo to Jean Cozomoldoo's salu of kyzmata";

- in official language: "Service of regulation and supervision of the financial market under the Ministry of Economy and Trade of the Kyrgyz Republic".

8. The reduced trade name of the Finnadzor:

- in state language: Finkozomol;

- in official language: Finnadzor.

9. Legal address of the Finnadzor: The Kyrgyz Republic, the city of Bishkek, the prospectus Feel 720040,, 114.

2. Finnadzor activities purpose

10. The purpose of activities of the Finnadzor 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, and also protection of the rights and interests of subjects of the non-bank financial market, consumers of services of subjects of the non-bank financial market and security holders.

3. Finnadzor tasks

11. Tasks of the Finnadzor are:

1) carrying out single state policy, determination of strategy and priorities of development of the non-bank financial market, market of virtual assets, systems of financial accounting and financial reporting;

2) development of regulatory framework concerning supervision and regulation of the non-bank financial market, the market of virtual assets, financial accounting and the financial reporting;

3) state regulation of the non-bank financial market, market of virtual assets, systems of financial accounting and financial reporting;

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

5) creation of conditions for integration into the world financial market, and also in the international accounting and auditor community and the market of virtual assets;

6) 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;

7) 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;

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

9) implementation of licensing in the field of the non-bank financial market, the market of virtual assets;

10) providing conditions for creation and functioning of Public depositary of the financial reporting.

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

4. Finnadzor functions

13. Financial supervision performs the following functions:

1) functions of industry policy:

- develops and realizes state policy on development of the non-bank financial market, including determination of policy on risk management in the field of the non-bank financial market, the market of virtual assets, system of financial accounting and the financial reporting;

- develops requirements to conducting financial accounting and the financial reporting for subjects of the financial market, the market of virtual assets;

- develops requirements for disclosure of information by regulated subjects within their activities according to the legislation of the Kyrgyz Republic regulating the non-bank financial market, the market of virtual assets and exercises control of their execution;

- develops requirements to auditing organizations and individual auditors on carrying out financial records audit of the public companies and professional participants;

- develops state policy in the sphere of auditor activities and develops requirements to activities of auditors, auditing organizations, professional auditor associations;

- develops regulatory legal acts in the sphere of auditor activities, external control of quality of audit, assignment of professional qualification of the auditor and life-long professional education of auditors, accreditations of training programs of higher educational institutions and professional auditor associations according to programs of professional qualification of the auditor and life-long professional education of auditors;

- develops the state and other programs of implementation and development of technology of the distributed registers in the sphere of regulation of turnover of virtual assets, renders assistance in their realization;

- performs coordination and interaction with other state bodies, the international institutes and the organizations for development and functioning of the market of virtual assets;

- carries out expertize of projects of the regulatory legal acts regulating turnover of virtual assets;

2) regulation functions:

- considers, registers issue of securities, registers conditions of issue of securities and the prospectus of securities of issuers of the Kyrgyz Republic and foreign issuers according to the legislation of the Kyrgyz Republic;

- considers applications and claims concerning regulated subjects and takes adequate measures according to the legislation of the Kyrgyz Republic;

- grants licenses and/or operating authorities in the non-bank financial market according to the legislation of the Kyrgyz Republic regulating the non-bank financial market, the market of virtual assets;

- agrees to appointment of officials of regulated subjects of the non-bank financial market, to modification of constituent documents in connection with opening of branches and representations of regulated subjects of the non-bank financial market, the market of virtual assets;

- stops, renews, in the procedure established by the legislation of the Kyrgyz Republic cancels action of licenses and/or permissions in cases, stipulated by the legislation the Kyrgyz Republic;

- in accordance with the established procedure keeps the register of self-regulatory organizations of the non-bank financial market;

- keeps the Unified state register of securities of the Kyrgyz Republic;

- keeps the register of the issued, suspended, renewed, stopped and cancelled licenses and allowing documents in the non-bank financial market, the market of virtual assets;

- performs other functions according to the legislation of the Kyrgyz Republic in the sphere of the non-bank financial market, the market of virtual assets;

- keeps the state unified register of auditors, auditing organizations and professional auditor associations, and also provides information containing in the state unified register, according to the procedure, established by the Cabinet of Ministers of the Kyrgyz Republic;

- creates and manages Public depositary of the financial reporting according to the procedure, established by the Cabinet of Ministers of the Kyrgyz Republic;

- establishes the minimum requirements to rules of the game for all subjects of gaming, including online casino, electronic (virtual) casino, and also approves rules of the organization and carrying out gamblings and hazardous online games;

- considers, registers release of virtual assets, registers white paper of release of virtual assets of issuers of the Kyrgyz Republic;

- issues the certificate on implementation of mining according to the legislation of the Kyrgyz Republic regulating the market of virtual assets;

- stops, renews, in the procedure established by the legislation of the Kyrgyz Republic withdraws the certificate of mayner in cases, stipulated by the legislation the Kyrgyz Republic;

- keeps the Unified state register of issues of virtual assets;

- keeps the register of the granted certificates of competency of the skilled investor of virtual assets;

- establishes operational requirements to service providers of virtual assets;

3) support functions:

- performs cooperation with the foreign and international organizations for development and regulation of the non-bank financial market, the market of virtual assets, systems of financial accounting and the financial reporting;

- implements the principles of the efficient and transparent financial market, the market of virtual assets among regulated subjects and investors;

- cooperates with regulated subjects within realization of the functions and powers;

- appeals with claims to court concerning consumer protection of services of regulated subjects of the non-bank financial market, the market of virtual assets and owners of valuable papers / virtual assets;

- provides training and certification of members of the non-bank financial market, the market of virtual assets, certification of applicants for the right of receipt of the qualification certificate of the auditor, the certificate of competency of the professional participant of the security market, the certificate of competency of the skilled investor of virtual assets according to the legislation of the Kyrgyz Republic;

- carries out qualification certification for determination of level of knowledge of persons applying for receipt of the certificate of competency of the skilled investor of virtual assets;

- performs according to the legislation of the Kyrgyz Republic of measure for completing, storage, accounting and use of the archive documents formed in the course of Finnadzor activities;

- will organize carrying out according to the procedure, established by the legislation of the Kyrgyz Republic, tenders and the conclusion of public contracts on order placement on delivery of goods, performance of works, rendering services for needs of the Finnadzor;

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