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LAW OF THE REPUBLIC KYRGYZSTAN

of June 29, 1992 No. 915-XII

About commodity exchange and exchange trade in the Kyrgyz Republic

(as amended on 29-02-2020)

This Law regulates stock exchange trading at commodity exchange and creates legal guarantees for trade and intermediary activities at the exchange.

Article 1. Concept of commodity exchange and its legal status

Commodity exchange - the organization creating conditions for trade in goods on free prices, performing the activities in the form of public (opened and/or closed), the selector and electronic biddings (auctions) for statutory rules (rules of stock exchange trading).

The commodity exchange is legal entity and can perform the any economic activity connected in the organization of stock exchange trading. In the activities it is independent of state governing bodies.

The commodity exchange has no right:

perform the trading, trade and intermediary and other activity which is directly not connected with the organization of stock exchange trading (this prohibition does not extend to founders of legal entities and member citizens of the exchange);

directly or indirectly to acquire shares, shares (shares) of other organizations if these activities are not connected with the organization of the stock exchange trading provided by this Article.

The organization which is not meeting the requirements of this Article has no right to the organization of trade, use in the name of words "commodity exchange" or "exchange" and is not subject to registration under the names including these words in any combinations, except for the stock and currency exchanges, employment exchanges.

The taxation of commodity exchanges is performed according to the procedure, provided by the tax legislation of the Kyrgyz Republic.

Article 2. Legislation on commodity exchange

Activities of commodity exchange are regulated by this Law, other legislation of the Kyrgyz Republic, the charter of commodity exchange and other intra exchange regulations.

Article 3. Main functions of commodity exchange

The main functions of commodity exchange are:

1) creation of conditions for the exchange bidding with participation of exchange intermediaries between business entities;

2) carrying out the exchange biddings (exchange meetings), identification of the demand and supply on exchange goods;

3) the quotation of goods prices, that is identification taking into account the demand and supply of goods prices and their fixation for certain term or date as reference point for sellers and buyers in case of transactions;

The price of exchange goods according to the final protocol by results of the exchange biddings is final. All settlement between the parties of the bargain concluded on trading floor of the commodity and raw exchange according to the final protocol and the purchase and sale agreement is performed only through the settlement clearing account of the commodity and raw exchange;

4) registration of stock exchange transactions;

5) the dispute resolution on operations on the stock exchange;

6) studying, streamlining and simplification of goods turnover and the related trading activities, the publication of the prices in special bulletins.

Article 4. Rights of commodity exchange

The commodity exchange has the right:

1) to accept the charter of commodity exchange, the rule of stock exchange trading and other intra exchange regulations;

To develop 2) according to state standards own exchange standards and standard exchange contracts;

3) to establish the admission and membership fees for members of commodity exchanges, payment for broker and dealer places, and also other charges, service fee rendered by the exchange;

4) to develop and approve penalties and other penalties for violation of the charter and rules of stock exchange trading;

5) to have the representatives at commodity exchanges of foreign states;

6) to publish the exchange bulletin, reference books and other information and advertizing publications.

The commodity exchange has also others, the rights which are not provided by this Law and obligations if they do not contradict the legislation of the Kyrgyz Republic.

To create 7) in the procedure established by the legislation broker offices;

8) to create the settlement (clearing) centers under commodity exchange.

Article 5. Obligations of commodity exchange

The commodity exchange shall observe the legislation of the Kyrgyz Republic, the charter of the exchange and other intra exchange regulations.

Article 6. Foreign economic activity of commodity exchange

Commodity exchanges have the right to independently perform foreign economic activity according to the legislation of the Kyrgyz Republic.

At commodity exchanges transactions on export-import transactions according to the Law of the Kyrgyz Republic "About state regulation of foreign trade activity in the Kyrgyz Republic" can be made.

Article 7. Stock exchange transaction

Stock exchange transaction - the agreement on mutual assignment of rights and obligations concerning exchange goods. The bargain is concluded during the exchange biddings by persons allowed to participation in them, registered and drawn up in the procedure established by the exchange.

The bargains concluded at the exchange which are not conforming to requirements of this Article exchange are not recognized both the guarantees of execution of such transactions and indemnification because of their non-execution established by commodity exchanges do not extend to them.

The commodity exchange establishes penalties and applies other corrective actions to participants of not stock exchange transaction made at commodity exchange.

Stock exchange transactions are not subject to the obligatory notarial certificate, including with real estate if other is not stipulated by the legislation the Kyrgyz Republic.

Article 8. Types of stock exchange transactions

At commodity exchanges the following types of transactions can be made:

purchase and sale of real goods, including the transaction with immediate transfer or delivery of goods or with document transfer (without movement of the goods) on the property right to goods;

forward transactions - transactions of purchase and sale of real goods with the delayed term of its delivery;

futures transactions - transactions of purchase and sale of standard contracts;

option transactions - transactions of purchase and sale of the rights to future purchase and sale on stated price of goods or contracts to deliver goods;

sale of services by the created lot is exchange goods;

sale of investment projects (rights to investment of projects);

and also other transactions of purchase and sales of goods, contracts or the rights established in rules of stock exchange trading.

Article 9. Exchange goods

Exchange goods the property which is not withdrawn by this Law and other laws of the Kyrgyz Republic from turnover, including immovable, allowed by commodity exchange to exchange trade, including property rights is recognized.

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