RESOLUTION OF THE CABINET OF MINISTERS OF THE KYRGYZ REPUBLIC

of January 13, 2023 No. 9

About some questions in the sphere of the security market

For the purpose of increase in level of financial stability, competitiveness of the financial organizations, according to 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. Establish the following terms of forming of the minimum authorized capital of professional participants of the security market:

1) performing depository activity:

till January 1, 2024 - 10 million som;

till January 1, 2025 - 20 million som;

2) performing activities for the organization of trade in the security market:

till January 1, 2024 - 30 million som;

till January 1, 2025 - 50 million som;

3) performing broker activities:

till January 1, 2024 - 5 million som;

till January 1, 2025 - 8 million som.

2. Bring in the order of the Government of the Kyrgyz Republic "About approval of the Regulations on normative indicators of sufficiency of own means established for professional participants of the security market" of August 15, 2011 No. 467 the following changes:

in the Regulations on normative indicators of sufficiency of own means established for professional participants of the security market, approved by the above-stated resolution:

- in Item 6:

in the paragraph the second to replace figures "50000" with figures "200000";

in paragraph three of figure "250000" to replace with figures "500000";

in paragraph six of figure "35000" to replace with figures "80000".

3. Bring in the order of the Government of the Kyrgyz Republic "About approval of the Regulations on carrying out qualification certification of applicants for the right of receipt of the certificate of competency of the professional participant of the security market" of September 1, 2011 No. 526 the following change:

in Regulations on the carrying out qualification certification of applicants for the right of receipt of the certificate of competency of the professional participant of the security market approved by the above-stated resolution:

- add with Chapter 1-1 of the following content:

"1-1. Qualification requirements to applicants of the professional participant of the security market

Applicants for the right of receipt of the certificate of competency of the professional participant of the security market shall conform to the following qualification requirements:

- have the higher education;

- have faultless goodwill.

The applicant for the right of receipt of the certificate of competency of the professional participant of the security market is considered not having or lost faultless goodwill in the following cases:

- if it has not removed and unspent conviction for crime execution in the sphere of economy;

- if it is recognized as court that its actions or failure to act led to involuntary liquidation, including bankruptcy of the legal entity;

- if he has no right to perform activities in bank, financial, auditor, insurance and investment spheres by a court decision;

- if it lost faultless goodwill in other fields of activity by a court decision;

- in the presence at it the unexecuted judgment on payment of the financial liabilities;

- if it intentionally provided in authorized body on regulation of the security market false information and documents.".

4. This resolution becomes effective after fifteen days from the date of official publication.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info