Document from CIS Legislation database © 2003-2022 SojuzPravoInform LLC

The document ceased to be valid since February 13, 2019 according to Item 3 of the Order of the Government of the Kyrgyz Republic of  December 31, 2018 No. 659

ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of July 24, 2007 No. 288

About Service of supervision and regulation of the financial market of the Kyrgyz Republic

(as amended on 20-04-2009)

1. Approve enclosed:

- regulations on Service of supervision and regulation of the financial market of the Kyrgyz Republic;

- scheme of management of Service of supervision and regulation of the financial market of the Kyrgyz Republic;

2. Establish the extreme number of employees of Service of supervision and regulation of the financial market of the Kyrgyz Republic in number of 92 units, including central office - in number of 82 units (without technical and service personnel).

3. Declare invalid the Order of the Government of the Kyrgyz Republic of December 2, 2005 No. 551 "About the State financial supervisory agency and the reporting under the Government of the Kyrgyz Republic".

Prime Minister

A. Atambayev

Approved by the Order of the Government of the Kyrgyz Republic of July 24, 2007 No. 288

Scheme of management of Service of supervision and regulation of the financial market of the Kyrgyz Republic

 
             +------------------------------------------+
¦Служба надзора и регулирования финансового¦
¦ рынка Кыргызской  еспублики ¦
+------------------------------------------+
+---------------------+
¦ Центральный аппарат ¦
+---------------------+
¦
¦
+--------------------------------+
¦Южное территориальное управление¦
+--------------------------------+

Approved by the Order of the Government of the Kyrgyz Republic of July 24, 2007 No. 288

Regulations on Service of supervision and regulation of the financial market of the Kyrgyz Republic

I. General provisions

1. The service of supervision and regulation of the financial market of the Kyrgyz Republic (further - the Finnadzor) is the authorized state body of the Kyrgyz Republic pursuing single state policy in the field of supervision and regulation of the financial market, financial accounting, the financial reporting and audit.

Financial supervision, along with the functions and powers specified in this Provision has also other powers, stipulated by the legislation the Kyrgyz Republic.

3. Financial supervision is legal entity, has seal with the image of the State Emblem of the Kyrgyz Republic and with the name in the state and official languages, other seals, stamps and forms of the established sample, and also the accounts opened in system of treasury according to the legislation of the Kyrgyz Republic.

4. The decisions of the Finnadzor made within the conferred powers become effective in the procedure established by the legislation of the Kyrgyz Republic and are obligatory for execution by all legal entities and physical persons in the territory of the Kyrgyz Republic.

II. Purposes and main objectives

5. The purposes 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 financial market, system of financial accounting, the financial reporting and audit.

6. The main objectives of the Finnadzor are:

- carrying out single state policy, determination of strategy and priorities of development of the financial market, system of financial accounting, financial reporting and audit;

- enhancement of the regulatory legal base concerning regulation of the financial market, financial accounting, the financial reporting and audit;

- assistance to development of the stock market by means of creation of the favorable investment climate for investment attraction;

- state regulation of the financial market, system of financial accounting, financial reporting and audit;

- assistance to development of the principles of corporate management;

- creation of conditions for integration into the world financial market, and also in the international accounting and auditor community;

- ensuring supervision of subjects of the financial market, auditor activities for compliance with law of the Kyrgyz Republic regulating their activities;

- 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;

- protection of the rights and the consumer interests of financial services protected by the law.

7. In this provision questions of regulation of financial accounting, the financial reporting and audit belong to regulation in private sector.

III. Functions and powers

8. Financial supervision for achievement of effective objectives, and also for the purpose of accomplishment of the assigned tasks performs the following functions:

- develops and realizes state policy on development of the financial market, financial accounting, the financial reporting and audit;

- develops and enhances the regulatory legal base regulating functioning of the financial market and its subjects, and also system of financial accounting, the financial reporting and audit;

- develops and approves single requirements (standards) to issue, placement and security circulation in the territory of the Kyrgyz Republic, including to the admission of securities of foreign issuers;

- develops and approves single rules (standards) and requirements to procedure of activities by subjects of the financial market and audit, and also conducting financial accounting and creation of the financial reporting;

- develops and approves single indicators and forms of accounting of insurance transactions, obligatory for insurance companies, and the reporting under the insurance and other financial and economic activity influencing stability of these transactions;

- develops methodical instructions and recommendations about strengthening of financial stability and solvency of insurance companies, non-state pension funds, founders and organizers of lotteries and gambling institutions;

- considers applications and claims of consumers of financial services to actions of subjects of the financial market;

- determines amount and develops procedure for submission of the reporting of auditing organizations and individual auditors and the financial reporting;

- approves the obligatory standard rates of sufficiency of own means and other indicators limiting risk on transactions with securities for professional participants of the security market;

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

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

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.