LAW OF THE KYRGYZ REPUBLIC

of July 24, 2009 No. 249

About authorized state body in the sphere of supervision and regulation of the financial market

Accepted by Jogorku Kenesh of the Kyrgyz Republic on June 25, 2009

Chapter 1. General provisions

Article 1. Sphere of regulation of this Law

This Law determines procedure for the organization and activities of authorized state body in the sphere of supervision and regulation of the financial market (further - authorized body) and governs the relations connected with implementation of state regulation and supervision of the non-bank financial market, financial accounting and auditor activities.

Article 2. Legislation on authorized body, state regulation and supervision of the non-bank financial market, financial accounting and auditor activities

2. Voided according to the Law of the Kyrgyz Republic of 11.01.2014 No. 8

Article 3. The basic concepts applied in this Law

The terms and determinations applied in this Law:

the affiliate of the member of Executive council - any physical person or legal entity which can exert directly and (or) indirectly impact on the decision made by the member of Executive council, including owing to the agreement or other transaction. Without fail affiliates of the member of Executive council his close relatives, and also legal entities in whom he either his close relatives, or he together with close relatives owns one and more percent of shares (share), the bonds which are in circulation are recognized;

the affiliated company of other company or group of companies - the company which has the right directly and (or) to indirectly determine decisions and (or) to exert impact on the decisions accepted by other company (group of companies), including owing to the agreement or ownership more than 5 percent of shares (share) in such company. The affiliated company the company concerning which other company (group of companies) has the right directly and (or) to indirectly determine decisions and (or) to exert impact on the decisions made by the affiliated company, including owing to the agreement or ownership more than 5 percent of shares (share) in the affiliated company is also recognized;

group of companies - the group of companies consisting of the professional participant and his subsidiary and/or dependent companies and/or holding company and its subsidiary and/or dependent companies;

sales charge - the fee paid by regulated subjects to authorized body in the amount of and procedure, determined by the Government of the Kyrgyz Republic;

the non-bank financial market - part of the financial market of the Kyrgyz Republic which includes the security market, insurance activity, activities of non-state pension funds, the companies managing pension assets and also lottery activities according to this Law and other laws of the Kyrgyz Republic regulating the specified types of activity of the non-bank financial market;

the member of Executive council who does not have executive powers - the person who is not the official or the employee of authorized body, not earning reward for implementation of powers of the member of Executive council of authorized body which will provide more effective interaction of the state bodies performing regulation of the financial market of the Kyrgyz Republic;

the professional participant - the legal entity or physical person having the license or other allowing document issued by authorized body for implementation of auditor activities and activities in the non-bank financial market according to this Law and other laws of the Kyrgyz Republic regulating the non-bank financial market, auditor activities and licensing;

prudential requirements - requirements imposed to financial condition of the professional participant for the purpose of ensuring its solvency and financial stability;

the public company - the issuer whose securities 50 and more persons, and/or the issuer who performed or performing public offer of securities own. Open joint stock companies are the public companies;

the regulated subject - legal entity or physical person which performs the activities regulated according to this Law and other laws of the Kyrgyz Republic regulating the non-bank financial market, financial accounting and auditor activities. The professional participant treats the regulated subject;

self-regulatory organization - the consolidation of professional participants created as the legal entity according to this Law and other laws of the Kyrgyz Republic;

managing person - the chairman, the board member, the head and the member of executive body of the issuer, and also person recognized by the official according to the legislation of the Kyrgyz Republic regulating activities of legal entities;

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