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THE RESOLUTION OF THE NATIONAL COMMISSION ON THE SECURITY MARKET IN CASE OF THE PRESIDENT OF THE KYRGYZ REPUBLIC

of December 1, 1998 No. 48

About approval of the Regulations on procedure for conducting checks and audits of financial and economic activities of issuers and professional participants of the security market concerning compliance with law of the Kyrgyz Republic on transactions with securities

For the purpose of successful realization of the tasks assigned to the National commission on the security market in case of the President of the Kyrgyz Republic by the Law of the Kyrgyz Republic "About the security market", effective regulation of activities of issuers and professional participants of the security market, ensuring tough control of observance of requirements of the legislation of the Kyrgyz Republic by them on securities, the National commission on the security market in case of the President of the Kyrgyz Republic decides:

1. Approve Regulations on procedure for conducting checks and audits of financial and economic activities of issuers and professional participants of the security market concerning compliance with law of the Kyrgyz Republic on transactions with securities.

2. Declare invalid the resolution of the National commission on the security market in case of the President of the Kyrgyz Republic of December 22, 1997 N 37 "About approval of the Regulations on procedure for conducting checks of joint-stock companies and professional participants of the security market concerning compliance with law of the Kyrgyz Republic on transactions with securities".

3. To management of control and regional departments of the National commission on the security market in case of the President of the Kyrgyz Republic in the control activities to be guided by Regulations on procedure for conducting checks and audits of financial and economic activities of issuers and professional participants of the security market concerning compliance with law of the Kyrgyz Republic on transactions with securities.

 

Chairman of the National commission on the security market

in case of the President of the Kyrgyz Republic

A. Sultanov

Approved by the resolution of the National commission on the security market in case of the President of the Kyrgyz Republic of December 1, 1998 No. 48

Regulations on procedure for conducting checks and audits of financial and economic activities of issuers and professional participants of the security market concerning compliance with law of the Kyrgyz Republic on transactions with securities

This Regulations on procedure for conducting checks and audits of financial and economic activities of issuers and professional participants of the security market concerning compliance with law of the Kyrgyz Republic on transactions with securities (further - the Provision), are developed based on the Law of the Kyrgyz Republic "About the security market" and according to the Regulations on the National commission on the security market approved by the Presidential decree of the Kyrgyz Republic of October 1, 1998.

1. General provision

1.1. According to the Law of the Kyrgyz Republic "About the security market" and Regulations on the National commission of the Kyrgyz Republic on the security market in case of the President of the Kyrgyz Republic (dalee-NKRTsB), the approved Presidential decree of the Kyrgyz Republic of October 1, 1998, one of the main functional objectives of NKRTsB are regulation of activities of issuers of securities and professional participants of the security market and control of observance of requirements of the legislation of the republic by them and the regulatory legal acts regulating activities in the security market.

1.2. Control of compliance with law on securities shall promote improvement of financial and economic activities of joint-stock companies and professional participants of the security market, prevention of abuses and omissions in work with securities.

1.3. Features of conducting checks of activities of banks concerning compliance with law of the Kyrgyz Republic on transactions with securities of NKRTsB are established in coordination with National Bank of the KR.

2. Main objectives of checks and audits

2.1. The main objectives of checks of NKRTsB are:

- control of observance by issuers, professional participants of the security market (residents and nonresidents), their associations of the current legislation of the Kyrgyz Republic about the security market;

- control on accomplishment by issuers of conditions of release and security circulation;

- control of compliance of activities of professional participants of the security market, stock exchanges to the licenses obtained by them;

- control of observance by subjects of the security market of procedure for publication of information on their activities in the security market.

2.2. The bases for implementation of checks of organization activity are:

- the plans of checks of NKRTsB constituted based on data analysis of the reporting and information of legal entities;

- statements and appeals of legal entities and physical persons which arrived in NKRTsB;

- appeals of the state, law enforcement and municipal authorities, National Bank of the Kyrgyz Republic.

2.3. Also can be performed in the presence of at least one of the following circumstances:

- the facts of the violations reported in mass media;

- non-presentations in NKRTsB of the reporting and information established by the legislation on securities;

- unreliable information in the documents and the reporting provided to NKRTsB.

3. Types of checks and audits

3.1. Checks and audits can be planned and unplanned, and also complex and joint.

3.2. Scheduled inspection - is performed by Management of control NKRTsB and its regional departments based on plans of the checks constituted by them for every quarter.

3.3. Unscheduled inspection - is performed by NKRTsB and its regional bodies generally for statements, claims and appeals of legal entities and physical persons, and also in cases of receipt of information on gross violations.

3.4. Complex auditing check - is performed with involvement of the corresponding specialists of NKRTsB.

3.5. Joint check - is performed by Management of control NKRTsB together with the state and local authorities or self-regulatory organizations.

3.6. During check several organizations which activities in the security market are interconnected can be checked.

4. Organization of conducting checks

4.1. One of control methods is documentary check which is performed by inspectors of NKRTsB at least once in two years.

4.2. Checks are performed according to the annual plans of works and quarter schedules of checks approved by management of NKRTsB. The plan of checks joins first of all the joint-stock companies with considerable amount of issue of securities and also allowing gross violations of procedure for submission of the reporting following the results of release and distribution of securities.

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