RESOLUTION OF THE CABINET OF MINISTERS OF THE KYRGYZ REPUBLIC

of December 16, 2022 No. 700

About realization of precious metals on the platform of Kyrgyz Stock Exchange private company

For the purpose of market development of precious metals and further enhancement of the mechanism of realization of precious metals, according to article 6 of the Law of the Kyrgyz Republic "About precious metals and gemstones", 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 Regulations on procedure for realization of precious metals of the State fund of precious metals and gemstones of the Kyrgyz Republic at the exchange biddings according to appendix.

2. To the Ministry of Finance of the Kyrgyz Republic annually for ensuring production, financial, scientific, welfare requirements and other state interests of the republic when forming the republican budget to provide amounts of budgetary funds for forming and replenishment of the State fund of precious metals and gemstones of the Kyrgyz Republic in the amounts necessary for their realization at the exchange biddings, and also the costs necessary for preparation of precious metals for realization through Kyrgyz Stock Exchange private company.

3. 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 and the Ministry of Finance of the Kyrgyz Republic.

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

Approved by the Resolution of the Cabinet of Ministers of the Kyrgyz Republic of December 16, 2022 No. 700

Regulations on procedure for realization of precious metals of the State fund of precious metals and gemstones of the Kyrgyz Republic at the exchange biddings

Chapter 1. General provisions

1. This Provision is developed according to the Law of the Kyrgyz Republic "About precious metals and gemstones", the Regulations on the State fund of precious metals and gemstones of the Kyrgyz Republic approved by the order of the Government of the Kyrgyz Republic of December 11, 2003 No. 771, the Regulations on Department of precious metals under the Ministry of Finance of the Kyrgyz Republic approved by the resolution of the Cabinet of Ministers of the Kyrgyz Republic of December 10, 2021 No. 302.

This Provision determines procedure and establishes requirements to realization of precious metals of the State fund of precious metals and gemstones of the Kyrgyz Republic on the platform of Kyrgyz Stock Exchange private company Department of precious metals under the Ministry of Finance of the Kyrgyz Republic (further - Department).

Requirements of this provision extend only to precious metals of the State fund of precious metals and gemstones of the Kyrgyz Republic in case of their realization at the exchange biddings.

2. In this Provision the following basic concepts are used:

1) the affined measuring ingots - the made and marked ingots from precious metal (gold, silver or platinum) weighing 1000 grams and less with content of chemically net main metal is at least 99,90 of percent of ligaturny mass of ingot for gold, 99,90 of percent of ligaturny mass of ingot for silver at least 99,95 of percent of ligaturny mass of ingot for platinum suffices;

2) the affined standard ingots - the made and marked ingots from gold or silver conforming to the International standards of quality accepted by the London association of the market of precious metals;

3) the affined precious metals in non-standard form - precious metals of any form (cores, granules, plates, wire and other) and the sizes other than form and the sizes of standard and measuring ingots of the affined precious metals;

4) precious metals are gold, silver, platinum in the affined standard and measuring ingots, and also in non-standard ingots of any form and the sizes (cores, granules, plates, wire and other), other than forms and the sizes of standard and measuring ingots of precious metals;

5) the exchange - Kyrgyz Stock Exchange private company;

6) stock exchange transaction - the concluded bargain registered in system of the biddings of the exchange between bidders about purchase and sale of precious metals according to Rules of trade and Regulations of the exchange;

7) trade instruments - the gold, silver and platinum meeting specifications of trade instruments trade in which is performed in the sector of trade in precious metals at the exchange;

8) settlement and clearing department - the structural division of the exchange providing carrying out clearing and settlement on stock exchange transactions;

9) the sector of trade in precious metals - part of trade system of the exchange which provides order taking for purchase and sale of trade instruments, their data with each other on the established algorithm and registration of the fact of the conclusion of the transaction on trade instruments;

10) fixing of the London association of the market of precious metals - the procedure of determination and the publication of the price of precious metals applied by the London association of the market of precious metals on the basis of the developed demand and supply;

11) bidders - Department, National Bank of the Kyrgyz Republic, the legal entities and individual entrepreneurs admitted to organized trading and corresponding to Rules of the exchange;

12) electronic system of the exchange biddings - software and hardware complex of the exchange by means of which the biddings in the sector of trade in precious metals are performed;

13) authorized storage of precious metals - storage where there will be precious metals according to requirements of the exchange for storage of precious metals. The storage is sensitive site, and movements on it shall be limited;

14) examination of precious metals - determination of quality and (or) quantity characteristics of precious metals.

3. Realization of precious metals at the exchange biddings is made according to decisions of the Cabinet of Ministers of the Kyrgyz Republic and performed by Department.

4. Subject of transactions are the standard and measuring ingots of precious metals conforming to requirements of the London association of the market of precious metals and the National standard of the Kyrgyz Republic, and also precious metals in non-standard form other than form and the sizes of standard and measuring ingots.

5. The department provides preparation for realization at the exchange of the standard, measuring ingots and precious metals in non-standard form conforming to requirements of the specification of trade instruments in the sector of trade in precious metals of the exchange.

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