of July 5, 2011 No. 363
About some questions in the sphere of the national social insurance
According to article 36 of the Law of the Kyrgyz Republic "About regulatory legal acts of the Kyrgyz Republic", for the purpose of settlement of the public relations which are earlier regulated by acts of Social fund of the Kyrgyz Republic, the Government of the Kyrgyz Republic decides:
1. Approve enclosed:
- The paragraph third ceased to be valid according to the Order of the Government of the Kyrgyz Republic of 17.07.2020 No. 385
2. This resolution becomes effective since January 1, 2011.
3. Publish this resolution in official mass media.
Prime Minister
A. Atambayev
Approved by the Order of the Government of the Kyrgyz Republic of July 5, 2011 No. 363
This Regulations on procedure for placement of free money of Social fund of the Kyrgyz Republic in government securities and securities issued by National Bank of the Kyrgyz Republic (further - the Provision), are developed according to the laws of the Kyrgyz Republic "About Social fund of the Kyrgyz Republic", "About the security market", the Regulations on release, placement, the address and repayment of government securities of the Kyrgyz Republic approved by the order of the Government of the Kyrgyz Republic "About approval of the Regulations on release, placement, the address and repayment of government securities of the Kyrgyz Republic" of October 2, 2008 No. 556, and regulate conditions of placement of free money of Social fund of the Kyrgyz Republic in the above-stated securities.
1. According to the Law of the Kyrgyz Republic "About Social fund of the Kyrgyz Republic" the Social fund of the Kyrgyz Republic (further - Social fund) has the right to perform transactions with government securities of the Kyrgyz Republic, to buy and sell the securities issued by National Bank of the Kyrgyz Republic (further - securities).
2. Placement of free money by Social fund in securities is performed through bidders of the security market or direct participation of Social fund on primary and the secondary security market.
3. Main objective of contribution of temporarily free money of Social fund to securities is commercialization.
4. Income gained from placement of temporarily available funds is means of Social fund and is not assessed with taxes according to the Law "About Social Fund of the Kyrgyz Republic".
5. The method of placement of money of Social fund in securities is determined by board decision of Social fund.
6. The organization of work on placement of temporarily free money in securities is assigned to the structural division of Social fund exercising asset management of Social fund.
The main criteria by which the structural division of Social fund determines the quantity of the bought securities are:
- the interest rates for security yield established at the last trading sessions of professional organizers of the biddings in the security market and auctions of National Bank of the Kyrgyz Republic (further - NBKR);
- recoverability of made money of Social fund (repayment periods of securities);
- direct participation of Social fund in the biddings for placement of securities where security yield is determined on auction basis.
7. The board of Social fund determines type of securities in which assumes to place temporarily free money of Social fund.
8. For security purchase to the structural division of Social fund exercising asset management of Social fund money is allocated. The size of the means intended under transactions with securities is established by Board of Social fund and during the accounting period if necessary can be increased or reduced.
9. The social fund according to the Standard agreement signed with organizers of the biddings in the security market performs purchase and security sale independently, or on contractual basis will use services of broker dealers (bank or the professional participant in the security market) on security purchase. According to the agreement, broker dealers will participate in trading sessions and auctions for security purchase to Social fund. Financing of payment of brokers and dealers is performed for the reserve fund account of Social fund.
10. For accomplishment of orders of Social fund broker dealers shall:
- at the request of Social fund to participate in trading sessions of professional organizers of the biddings in the security market and the NBKR auctions;
- at the request of Social fund to buy securities;
- open for Social fund in the Subdepositary the account of "depot" for accounting of the securities acquired to it and storage of securities;
- perform transfer in this respect of securities;
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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