RESOLUTION OF THE CABINET OF MINISTERS OF THE KYRGYZ REPUBLIC

of July 18, 2026 No. 497

About approval of the regulatory legal acts regulating process of investment of means of pension accruals in the Kyrgyz Republic

According to article 19 of 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", Articles 25, 30 Laws of the Kyrgyz Republic "About the accumulation pension funds in the Kyrgyz Republic", 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 requirements to activities of the depositary rendering services to the accumulation pension funds according to appendix 1;

2) Regulations on procedure for the organization and carrying out tender on the conclusion of the service provision agreement of depositary according to appendix 2;

3) Regulations on procedure for carrying out tender on selection of managing companies for the conclusion of the trust management agreement of means of pension accruals according to appendix 3;

4) Rules of investment of means of pension accruals according to appendix 4;

5) the Procedure of payments of the current market value of assets and net assets value in which means of pension accruals, according to appendix 5 are invested;

6) the Standard agreement of trust management of means of pension accruals according to appendix 6;

7) the Standard agreement about rendering services of depositary according to appendix 7.

2. Recognize to invalid:

1) the order of the Government of the Kyrgyz Republic "About approval of the regulatory legal acts regulating process of investment of means of pension accruals in the Kyrgyz Republic" of August 19, 2015 No. 590;

2) the order of the Government of the Kyrgyz Republic "About modification of the order of the Government of the Kyrgyz Republic "About approval of the regulatory legal acts regulating process of investment of means of pension accruals in the Kyrgyz Republic" of August 19, 2015 No. 590" of August 29, 2016 No. 463;

3) the order of the Government of the Kyrgyz Republic "About modification of the order of the Government of the Kyrgyz Republic "About approval of the regulatory legal acts regulating process of investment of means of pension accruals in the Kyrgyz Republic" of August 19, 2015 No. 590" of March 12, 2018 No. 126;

4) the resolution of the Cabinet of Ministers of the Kyrgyz Republic "About modification of the order of the Government of the Kyrgyz Republic "About approval of the regulatory legal acts regulating process of investment of means of pension accruals in the Kyrgyz Republic" of August 19, 2015 No. 590" of February 10, 2023 No. 54.

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

Appendix 1

to the Resolution of the Cabinet of Ministers of the Kyrgyz Republic of July 18, 2026 No. 497

Regulations on requirements to activities of the depositary rendering services to the accumulation pension funds

Chapter 1. General provisions

1. Only the legal entity having the license for implementation of depository professional activity on securities according to the legislation of the Kyrgyz Republic in the field of the security market can be depositary.

2. The depositary cannot use securities of the accumulation pension funds (further - NPF) for other purposes, including credit and currency transactions, and also for payment of the debts and other obligations.

3. The depositary is not affiliate of any of the managing companies exercising trust management of means of pension accruals, or affiliates of the specified managing companies.

4. The depositary shall observe requirements of the legislation of the Kyrgyz Republic in the field of the security market, and also the relevant contracts with NPF and managing companies.

Chapter 2. Functional obligations

5. The depositary performs the functions according to the legislation of the Kyrgyz Republic in the field of the security market.

Chapter 3. Accounting of the rights to securities

6. Accounting of the rights to securities and accounting of transition of the rights to securities in which means of pension accruals are invested according to each trust management agreement are performed on the separate custody account opened by depositary addressed to the relevant managing company. On the specified custody accounts accounting of the rights to the securities acquired at the expense of the property which is at managing company on other bases which are not connected with investment of means of pension accruals is not performed.

Chapter 4. Document storage and document flow

7. The depositary stores:

1) copies of the trust management agreements of means of pension accruals signed by NPF with managing companies, copies of documents with the changes made to the specified agreements, and also copies of the documents confirming the termination of the specified agreements;

2) copies of agreements based on which investment of funds of pension accruals, copies of documents with the changes made to the specified agreements, and also copies of the documents confirming the termination of the specified agreements is performed;

3) copies of the documents confirming prior consent of depositary to the order with means of pension accruals.

8. The depositary performs accounting of the rights to securities and storage of certificates of documentary securities in which means of pension accruals, separately from securities of other clients (depositors), including other investment portfolio of the managing companies which signed trust management agreements of means of pension accruals with NPF are invested.

9. The depositary records documents (their copies) received and transferred to them when implementing the activities with indication of date of their obtaining and (or) date of transfer.

10. Document storage (their copies), stipulated in Item 7, is performed within 5 (five) years after the expiration of their action.

Chapter 5. Internal regulations

11. Internal regulations of depositary shall describe in an exhaustive way the procedure of implementation of functions of depositary and contain:

1) procedures of implementation of depository activity;

2) forms of the documents of primary accounting and reports applied by depositary before clients;

3) the description of order of interaction of structural divisions in the course of implementation of depository activity, and also implementation of control functions;

4) the description of the organization of internal control behind observance of requirements imposed to depository activity;

5) forms of contracts with clients;

6) the description of the internal procedures preventing possibility of conflict of interest.

12. The description of the organization of internal control behind observance of requirements imposed to depository activity shall contain:

1) procedure of implementation of internal control;

2) internal control system and procedure for test of the data entered into accounting system of depositary;

3) methods of preserving electronic data;

4) methods of recovery of data in case of their loss;

5) methods of continuation of activities for accounting of property and to implementation of control functions in case of refusal computer equipment and (or) software.

Chapter 6. Requirements to activities of depositary

13. Notify authorized state body in the field of regulation and supervision of activities of the accumulation pension funds (further - authorized state body) and the relevant managing company on the fundamental breaches revealed during control no later than one working day following behind day of their identification.

14. Represent to subjects of the relations the reporting on accomplishment of transactions, types and cost of the securities considered according to agreements under forms and to the terms established by the Cabinet of Ministers of the Kyrgyz Republic.

15. According to the procedure and the terms established by the service provision agreement of depositary to inform authorized state body on response or on suspension of permission to implementation of depository activity and activities of the depositary of investment funds, mutual investment funds and accumulation pension funds issued according to the legislation of the Kyrgyz Republic in the field of licensing and other changes in constituent documents.

16. According to the procedure and the terms established by the service provision agreement of depositary to provide to authorized state body in the field of regulation of the security market information on the transactions made with means of the pension accruals, and also information on net assets value which are in management according to trust management agreements of means of pension accruals.

17. Provide according to the procedure, established by the Cabinet of Ministers of the Kyrgyz Republic and being integral part of the service provision agreement of depositary, process of transfer of assets from managing company in NPF in case of the termination (termination) of the trust management agreement of means of pension accruals.

18. Insure according to the procedure and on conditions, stipulated by the legislation the Kyrgyz Republic in the field of insurance, risk of civil responsibility of depositary to the accumulation pension fund and managing company for causing losses owing to improper execution of agreement obligations about rendering services of depositary.

Appendix 2

to the Resolution of the Cabinet of Ministers of the Kyrgyz Republic of July 18, 2026 No. 497

Regulations on procedure for the organization and carrying out tender on the conclusion of the service provision agreement of depositary

Chapter 1. General provisions

1. This Provision determines procedure for the organization and carrying out tender by selection of depositary for the conclusion it service provision agreements of depositary with Social fund of the Kyrgyz Republic under the Cabinet of Ministers of the Kyrgyz Republic (further - Sotsfond) or the accumulation pension fund (further - NPF).

2. The organizer of tender on selection of depositary is Sotsfond or NPF (further - the organizer of tender).

3. Competition on selection of depositary for the conclusion of the service provision agreement of depositary is held openly with any number of participants according to the legislation of the Kyrgyz Republic in the field of the accumulation pension funds and this Provision.

4. By results of tender the depositary conforming to the requirements established in Item 10 of this provision with which Sotsfond or NPF signs the service provision agreement of depositary is determined.

Chapter 2. Preparation and carrying out tender on selection of depositary

5. Preparation and carrying out tender are performed by tender committee which structure affirms the organizer of tender in number of at least 5 and no more than 15 people (the number of members of the commission shall make odd number).

Representatives of the interested ministries, the state committees, administrative departments and other state bodies of the Kyrgyz Republic enter into structure of the tender committee created by Sotsfond.

The NPF independently determines structure of tender committee and has the right to include in it representatives of state bodies of the Kyrgyz Republic. Inclusion of representatives of authorized state body in the field of supervision and regulation of the financial market in structure of the tender committee created by NPF, surely.

6. The chairman of tender committee is the representative of the organizer of tender who directs activities of tender committee, will organize its work. During absence of the chairman of tender committee its functions are performed by the vice-chairman of the commission.

7. The tender committee performs the following functions:

1) opens envelopes with the bids registered in the magazine of registration of requests;

2) considers requests and determines their compliance to the requirements established in Item 10 of this provision;

Estimates 3) and compares requests;

4) determines the winner and sums up the tender results.

8. The organizer of tender in 30 (thirty) calendar days prior to carrying out tender publishes information on carrying out tender and requirements to participants of tender in mass media of republican value and on the official site of the organizer of tender.

9. The published information on carrying out tender shall contain the following data:

1) name and address of the organizer of tender;

2) time and venue of tender;

3) terms of the contract about rendering services of depositary, including the duration of the agreement;

4) the requirements to participants of tender established according to Item 10 of this provision;

5) procedure and place of receipt of the tender documentation;

6) procedure, place and submission due dates of bids;

7) closing date of the service provision agreement of depositary.

10. The depositary conforming to the following requirements is allowed to participation in tender:

1) having the license for implementation of depository activity in the security market;

2) not being affiliate of any of the managing companies which signed the trust management agreement of means of pension accruals, or their affiliates;

To which 3) insolvency proceedings or sanctions in the form of suspension of action or cancellation of the license for implementation of depository activity within the last 2 (two) years were not applied;

The term of its activities as depositary estimated from the moment of receipt of the corresponding license shall constitute 4) at least 2 (two) years for date of application for participation in tender;

5) having for date of application for participation in tender at least 3 (three) contracts with clients on rendering services on depositary servicing;

6) answering to the normative indicators of sufficiency of own means established for professional participants of the security market, approved by the Cabinet of Ministers of the Kyrgyz Republic;

7) having in the state for date of application for participation in tender at least 3 (three) salaried employees (specialists) (including person performing functions of sole executive body or the head of the separate structural division which is directly performing depository activity) with the corresponding certificate of competency of the professional participant of the security market;

8) not having penalties for the administrative offenses encroaching on transactions with securities. Similar requirement is imposed to the head of depositary;

9) not having debt to bodies of Tax Service and Sotsfond on subsequent reporting date to date of application for participation in tender.

11. Legal entities cannot sign the service provision agreement of depositary:

1) registered in offshore zones;

2) having as members of shareholders and affiliates:

- the legal entities registered in offshore zones;

- the physical persons living in the territory of offshore zones or being shareholders (participants) of the legal entities registered in offshore zones.

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