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of November 15, 2022 unitary enterprise No. 376

About measures for further development of the stock market and exchange activities

Functioning of the stock markets in the world provides the effective mechanism of attraction of investment means for the state-owned and private companies. The stock market became reliable source of financial capital for further development of activities of the companies and the tool for the investments. Development of the world stock market widely is followed by implementation of digital technologies, such as online trade, investment marketpleysa that allows to increase trust, efficiency and convenience to work of his participants.

In the Kyrgyz Republic the stock market remains still insufficiently developed and in it there are no state and private financial instruments, attractive to investors.

It is necessary to stimulate development of the stock market and its digital infrastructure. It is caused by the need for providing the population with wide range of financial instruments and increase in their appeal to the population, institutional investors of the country, skilled foreign investors that will become strong basis of strengthening of the investment market and development of national economy.

The liberalized capital movement and broad access of the population, institutional and foreign investors to domestic financial instruments become key factors of increase in investment activity in the market.

Availability of financial instruments to citizens creates additional sources of the income and basis for population savings. Mobilization of domestic savings and investments will allow to create reliable source of the capital for investment in real production sector.

At the same time entry of business entities into the stock market will allow to diversify sources of financing and to attract "long" investment resources, to strengthen reputation of the issuer, to estimate the current market value of the company.

For the purpose of acceleration of development of the stock market of the Kyrgyz Republic and process of its digitalization, increase in access to financial instruments for citizens and entrepreneurs, creation of the favorable circle for inflow of investments into economy, and also within implementation of the National development program of the Kyrgyz Republic till 2026, being guided by Articles 66, 71 Constitutions of the Kyrgyz Republic, I decide:

1. Consider one of the priority directions in development of the stock market of the Kyrgyz Republic strengthening of institutional infrastructure of the stock market, implementation of digital technologies, expansion of range of financial instruments, creating favorable conditions for investments, integration in the international financial market and increase in level of savings of the population of the country.

2. Determine that private company (further - closed joint stock company) "The Kyrgyz stock exchange" and Central Depositary Ltd are the systemically important national institutes realizing socially significant economic projects, including with participation of the state on start of the sector of precious metals, the commodity and raw sector and sector of government securities for increase in their competitiveness in the international financial market.

3. To the Cabinet of Ministers of the Kyrgyz Republic in accordance with the established procedure:

- staticize the Development strategy of the non-bank financial market of the Kyrgyz Republic for 2021-2025 approved by the order of the Government of the Kyrgyz Republic of May 4, 2021 No. 190, regarding development of the stock market taking into account the designated priority directions and the best international practice;

- finish process of entry of the state into the capital of Kyrgyz Stock Exchange Ltd and Central Depositary Ltd;

- draft the bill providing introduction of amendments to the Law of the Kyrgyz Republic "About the security market" regarding functioning in the financial market of the Kyrgyz Republic of the modern and oriented to international standards Central Securities Depository, and also requirements to procedure for supervision and control of its activities;

- create the favorable regulatory legal base for simplification of the procedure of entry of business entities into the stock market;

- develop the draft of individual investment accounts directed to stimulation of process of investment of the population into development of national economy for the purpose of increase in level of savings;

- consider question of possibility of provision of broker services through network of Kyrgyz of Pochtasa open joint stock company for the purpose of increase in access for investors from regions to financial instruments.

4. To the Cabinet of Ministers of the Kyrgyz Republic to handle the issues directed on:

- transfer of trade in government securities to the platform of Kyrgyz Stock Exchange Ltd and expansion of circle of bidders and investors;

- carrying out initial public offering (IPO) on the platform of Kyrgyz Stock Exchange Ltd and share purchase (at least five percent of shares) of the national companies with the state share the population, institutional and foreign investors through stock exchange;

- release and placement of financial instruments in the stock market for financing of national projects and projects of development;

- expansion of range of the financial instruments traded in the stock market;

- exchange of the public external debt for projects implementation on preserving climate and biodiversity, also issue of securities in the sphere of environmental protection, ecology, "green" economy or development programs in the social sphere;

- creation of conditions for the simplified entry into the stock market perspective startup projects;

- universalization of trading floor Kyrgyz Stock Exchange Ltd due to expansion of range of the turned financial instruments and scope corporate and government securities, goods and raw materials, precious metals;

- rendering assistance in involvement of the international consultants and technical assistance to development and strengthening of infrastructure of Kyrgyz Stock Exchange Ltd and Central Depositary Ltd;

- enhancement of corporate management in joint-stock companies with the state share for increase in appeal and maintenance of liquidity of corporate securities and shares;

- implementation of the digital technologies directed to online trade in financial instruments including on investment marketpleysa;

- integration of the stock market of the country with the international markets of the capitals.

5. Together with National Bank of the Kyrgyz Republic it is permanent to Cabinet of Ministers of the Kyrgyz Republic to carry out work on increase in financial literacy, including stimulation of savings and increase in appeal of national financial instruments.

6. Recommend to the Russian-Kyrgyz Fund of development, Uzbek Kyrgyz Fund of development, Hungarian Kyrgyz Fund developments and to other institutes of development actively to participate in quality of institutional investors in the stock market.

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


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