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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) Regulations on Fund for management of state-owned property under the Ministry of Economy and Trade of the Kyrgyz Republic according to appendix 6;

7) the scheme of management of Fund for management of state-owned property under the Ministry of Economy and Trade of the Kyrgyz Republic according to appendix 7;

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) Regulations on public institution "Center of public-private partnership" under the Ministry of Economy and Trade of the Kyrgyz Republic according to appendix 13;

14) Regulations on public institution "Auction center" under Fund for management of state-owned property under the Ministry of Economy and Trade of the Kyrgyz Republic according to appendix 14;

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) the Charter of the state company "Bishkek Forming Plant" under the Ministry of Economy and Trade of the Kyrgyz Republic according to appendix 16.

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. Bring in the order of the Government of the Kyrgyz Republic "About questions of subordinated divisions and organizations of the Ministry of Economics and finance of the Kyrgyz Republic" of April 1, 2021 No. 128 the following changes:

1) in Item 2:

- subitems 3, of 4, of 14, of 15, 22-25, 30, 31 to recognize invalid;

- in subitem 32 to replace the word of "finance" with the word "commerce";

1, 2 Items 3 the word of "finance" to replace 2) in subitems with the word "commerce";

3) appendices 3, of 4, of 14, of 15, 22-25, 30, 31 to the above-stated resolution to recognize invalid;

The word of "finance" to replace 4) in appendix 32 to the above-stated resolution in the name with the word "commerce".

5. Declare invalid Item 2 of the resolution of the Cabinet of Ministers of the Kyrgyz Republic "About questions of subordinated divisions of the Ministry of investments of the Kyrgyz Republic" of August 18, 2021 No. 146.

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.

Chairman of the Cabinet of Ministers of the Kyrgyz Republic

A. Zhaparov

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.

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, system of financial accounting and financial reporting;

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

3) state regulation of the non-bank financial market, system 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;

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;

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, system of financial accounting and the financial reporting;

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

- 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 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;

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;

- 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;

- 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;

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

- 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;

3) support functions:

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

- implements the principles of the efficient and transparent financial market 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 and owners of securities;

- provides training and certification of members of the non-bank financial market, 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 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;

- approves the Program of life-long professional education of auditors provided by professional auditor association;

- organizes the translation into state language of audit standards, standards of quality control, the accompanying standards, International Financial Reporting Standards, the International Financial Reporting Standard for subjects of small and medium business, the Code of ethics;

- publishes audit standards, standards of quality control, the accompanying standards, International Financial Reporting Standards, the International Financial Reporting Standard for subjects of small and medium business, the Code of ethics on the official site;

- appropriates professional qualification of the auditor;

- accredits 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;

- publishes financial statements of the subject of public interest, the subject of big business, consolidated financial statements when creation is required according to provisions IFRS and audit opinion by means of Public depositary of the financial reporting;

4) functions of coordination, control and monitoring:

- performs regulated subjects, including their financial and economic activity, according to the legislation of the Kyrgyz Republic on check of subjects of entrepreneurship regarding observance of requirements of the legislation of the Kyrgyz Republic regulating the non-bank financial market;

- directs materials to law enforcement agencies and appeals with claims to court for the questions carried to competence of the Finnadzor;

- exercises regulation, control and supervision in the sphere of investment of means of pension accruals according to the Law of the Kyrgyz Republic "About investment of means for financing of investment part of the state pension on the national social insurance in the Kyrgyz Republic";

- exercises control of observance by auditors, auditing organizations and professional auditor associations of the legislation of the Kyrgyz Republic on auditor activities, audit standards, standards of quality control and the Code of ethics;

- carries out monitoring of life-long professional education of auditors;

- considers the reporting of auditing organizations, professional auditor associations;

- carries out external control of quality of audit and considers its results;

- checks respect for completeness and terms of submission of financial statements of regulated subjects of the non-bank financial market, subjects of public interest, subjects of big business, subjects of medium business and audit opinions.

5. Powers of the Finnadzor concerning regulated subjects

14. For the purpose of realization of the functions the Finnadzor has the right:

1) to issue, renew, stop, stop, to direct materials to judicial authorities for cancellation of the license, permission;

2) to appropriate professional qualification of the auditor, to issue the qualification certificate of the auditor and/or the certificate of competency of the professional participant of the security market, the certificate of competency of the skilled investor of virtual assets;

3) to keep registers of the granted licenses and permissions;

4) to request and receive from regulated subjects of the information about the list of participants/founders, about share in the authorized capital, the reporting, information on their financial and economic activities, running reports on activities and other data for the purpose of implementation of the functions;

5) to perform monitoring of observance by regulated subjects of requirements of the regulatory legal acts of the Kyrgyz Republic regulating the non-bank financial market, questions of financial accounting and the financial reporting;

6) to perform checks of regulated subjects, including their financial and economic activity, according to the legislation of the Kyrgyz Republic on procedure for conducting checks of subjects of entrepreneurship regarding observance by the regulated subject of provisions of the legislation of the Kyrgyz Republic regulating the non-bank financial market;

To send 7) to regulated subjects instructions, obligatory for execution, and the prevention in cases of non-compliance and/or violation of the requirements established by the legislation of the Kyrgyz Republic regulating the non-bank financial market by them;

8) to demand from regulated subjects of elimination of violations according to the procedure and the terms established by the legislation of the Kyrgyz Republic in cases of non-compliance and/or violation of the requirements established by the legislation of the Kyrgyz Republic regulating the non-bank financial market by them;

9) to address to judicial authorities for the purpose of protection of consumer interests of services of subjects of the non-bank financial market and security holders, ensuring with regulated subjects of elimination of violations and observance of the requirements established by the legislation of the Kyrgyz Republic regulating the non-bank financial market;

10) to stop transactions with securities and/or to block movement of securities on personal accounts in system of accounting and storage of security holders in the cases established by the legislation of the Kyrgyz Republic;

11) to address to judicial authorities with the requirement about restriction of the order with assets with the regulated subject concerning which inspection or legal proceedings upon the violation of the law of the Kyrgyz Republic regulating the non-bank financial market is carried out. The same requirement about restriction of the order with assets can be declared in judicial authorities concerning other person who is the asset manager of the regulated subject concerning whom inspection or legal proceedings upon violation by him of the legislation of the Kyrgyz Republic regulating the non-bank financial market is carried out;

12) to address to judicial authorities with the requirement about withdrawal of the income in the government budget at the regulated subject found by court guilty of violation of the law of the Kyrgyz Republic in the sphere of the non-bank financial market, and indemnification to the legal entities and physical persons injured with violation by the specified person of the legislation of the Kyrgyz Republic in the sphere of the non-bank financial market;

13) to address to judicial authorities with the requirement about confiscation of the subject which was the tool of making or direct object of offense;

14) to impose penalties in the cases and procedure established by the legislation of the Kyrgyz Republic;

15) to levy sales and other charges from regulated subjects in the cases and procedure established by the legislation of the Kyrgyz Republic;

16) to take part and represent the interests of the Kyrgyz Republic at the international forums in the field of financial accounting, the financial reporting and audit, regulation and supervision in the non-bank financial market;

17) to cooperate in accordance with the established procedure with foreign regulating authorities of the non-bank financial market, financial accounting and auditor activities for the purpose of exchange of public and other information within joint activities, including when conducting checks of regulated subjects regarding observance of the legislation of the Kyrgyz Republic regulating the non-bank financial market, financial accounting and the financial reporting by them;

18) to participate in project development and signing in accordance with the established procedure in coordination with the Ministry of international treaties and agreements, other documents with foreign states and the international organizations;

19) to request and receive in accordance with the established procedure from state bodies of the data and to render assistance necessary for implementation of the tasks assigned to the Finnadzor;

20) to make in accordance with the established procedure offers on creation and liquidation of territorial authorities of the Finnadzor, and also to determine procedure of their activities;

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